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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, 2013 through April 30, 2014
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer High
Yield Fund
--------------------------------------------------------------------------------
Semiannual Report | April 30, 2014
--------------------------------------------------------------------------------
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: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 8
Prices and Distributions 9
Performance Update 10
Comparing Ongoing Fund Expenses 16
Schedule of Investments 18
Consolidated Financial Statements 54
Notes to Financial Statements 64
Approval of Investment Advisory Agreement 75
Trustees, Officers and Service Providers 79
Pioneer High Yield Fund | Semiannual Report | 4/30/14 1
President's Letter
Dear Shareowner,
A few months into 2014, we still expect U.S. economic growth for the year to be
in the 2.5% to 3% range, despite some weaker economic data releases during the
winter months driven in large part by harsh weather across much of the
continental U.S. While unemployment remains high, employment has been rising
steadily. Consumer incomes, savings, wealth, and debt-servicing capacity have
been solid buttresses for the recovering housing and auto industries. Industrial
activity is growing only moderately, but current corporate profits are generally
solid and balance sheets appear able to support needed capital spending and
dividend* payouts. A modestly improving European economy and continuing economic
improvement in Japan appear likely to result in improving global growth in 2014,
further supporting the U.S. economy. In addition, we feel that continuing slack
in labor markets and capacity utilization offer the potential for continuing
growth without bottlenecks and rising inflation.
After observing the strengthening economic trends, the Federal Reserve System
(the Fed) has begun scaling back its QE (quantitative easing) program, but
short-term interest rates remain near zero, and while Fed Chair Janet Yellen has
suggested that rates may be raised roughly six months after the QE program is
fully tapered, that would still place the potential rate hike sometime in 2015.
There are certainly risks and uncertainties still facing the global economy as
2014 moves along. The European economy, while improving, remains weak, the
Japanese economy faced a tax hike this spring, and a number of emerging market
countries are experiencing difficulties. There are also geopolitical worries
abroad, such as Russia's aggressive move against the Ukraine, and more potential
political fights at home, especially during a mid-term election year. While most
of the widely recognized risks we have outlined may already be "priced into" the
market, we believe investors should continue to expect market volatility.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. And while diversification does not assure a profit
or protect against loss in a declining market, we believe there are still
opportunities for prudent investors to earn attractive returns. 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, keeping in mind that there is no single best strategy that
works for every investor.
* Dividends are not guaranteed.
2 Pioneer High Yield Fund | Semiannual Report | 4/30/14
Pioneer's investment teams have, since 1928, sought out attractive opportunities
in equity and bond markets, using in-depth research to identify undervalued
individual securities, and using thoughtful risk management to construct
portfolios which seek to balance potential risks and rewards in an ever-changing
world.
We encourage you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.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 opinion 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 | Semiannual Report | 4/30/14 3
Portfolio Management Discussion | 4/30/14
High-yield bonds continued to post solid gains during the six-month period ended
April 30, 2014, sustaining a multi-year rally in the asset class. In the
following discussion, portfolio managers Tracy Wright and Andrew Feltus discuss
the factors that helped the market continue its run, and why Pioneer High Yield
Fund underperformed its benchmarks during the six-month period. Ms. Wright, lead
portfolio manager of the Fund, a senior vice president and portfolio manager at
Pioneer, and Mr. Feltus, a senior vice president and portfolio manager at
Pioneer, are responsible for the day-to-day management of the Fund.
Q How did the Fund perform during the six-month period ended April 30, 2014?
A The Fund's Class A shares returned 3.88% at net asset value during the
six-month period ended April 30, 2014, while the Fund's benchmarks, the
Bank of America Merrill Lynch (BofA ML) High Yield Master II Index and the
BofA ML All-Convertibles Speculative Quality Index, returned 4.76% and
8.77%, respectively. During the same six-month period, the average return
of the 609 mutual funds in Lipper's High Yield Funds category was 4.09%,
and the average return of the 700 mutual funds in Morningstar's High Yield
Bond Funds category was 4.12%.
Q How would you describe the investment backdrop for high-yield securities
during the six-month period ended April 30, 2014?
A The environment for high-yield investments was very good, steady and
uneventful, as returns were positive during each month of the six-month
period. The U.S. economy continued to improve despite harsh winter weather.
The U.S. Federal Reserve (the Fed) began tapering its stimulative
quantitative easing program by reducing its monthly bond purchases at the
beginning of 2014, and continued to do so through the end of the period. At
the same time, Fed officials made it quite clear that they didn't intend to
raise the benchmark Federal funds target interest rate from its
historically low range of zero to 0.25% until roughly the second half of
2015. Corporate profits remained strong and default rates continued to
decline--and were expected to remain well below long-term averages.
High-yield bonds benefited from this backdrop, as yield spreads - the yield
advantage of high-yield bonds over comparable-maturity U.S. Treasuries -
tightened. Increased tensions between Russia and the Ukraine, coupled with
concern that the winter weather was likely to dampen economic growth in the
first quarter, produced some short-lived volatility at times during the
period, but at each juncture the market quickly recovered.
4 Pioneer High Yield Fund | Semiannual Report | 4/30/14
Q What were your primary investment strategies for the Fund during the
six-month period ended April 30, 2014?
A The portfolio's asset allocations remained largely unchanged during the
period, as we maintained out-of-benchmark investments in convertible bonds
and equities--neither asset class is a component of the Fund's primary
benchmark, the BofA ML High Yield Master II Index (the BofA ML Index). We
believed continued economic growth would likely accrue to equity holders to
a greater degree than bond holders going forward, and convertible
securities generally move in concert with the prices of their underlying
equities. We slightly reduced the Fund's stake in bank loans during the
period, which we used to mitigate the risk of rising interest rates. At the
industry level, we increased the portfolio's exposure to energy because we
believe the sector offers superior asset coverage over time. We also added
to the portfolio's stake in health care, feeling that many names in the
industry stand to benefit from the Affordable Care Act as well as
attractive product pipelines.
Q What were the primary reasons for the Fund's underperformance of the
benchmark BofA ML Index during the six-month period ended April 30, 2014?
A Security selection within convertibles - which, as noted previously, are
not part of the benchmark - was the primary driver of the Fund's benchmark-
relative underperformance during the period, while the portfolio's
allocation to floating-rate bank debt also was a negative factor, as that
out-of-benchmark asset class underperformed the overall high-yield market.
At the industry level, the portfolio's underweights in the banking and
media sectors also hurt performance, as did security selection results in
basic industries--specifically, a portfolio position in Midwest Vanadium,
an Australian mining company, which underperformed after a flood, and then
a fire shut down production. Additionally, the Fund's investment in James
River Coal detracted from performance, as the company filed for bankruptcy
in March 2014.
On the plus side, the Fund saw positive security selection results within
its high-yield bond allocation, mostly within the health care and services
groups. A small allocation to preferred shares also contributed to the
Fund's performance.
Q Which other individual holdings hurt the Fund's performance the most
relative to the BofA ML Index during the six-month period ended April 30,
2014, and which holdings contributed to relative performance?
A Securities held in the portfolio that detracted from the Fund's performance
included the stocks and convertible securities issued by General Cable,
which suffered after the firm missed its financial expectations by a wide
Pioneer High Yield Fund | Semiannual Report | 4/30/14 5
margin, and the convertible bonds of biopharmaceutical company Theravance,
which underperformed because one of the company's main products, a
respiratory drug, wasn't being prescribed as much as initially expected. In
addition, the convertible bonds of Ford Motor hurt performance as the U.S.
auto maker issued earnings guidance that came in lower than anticipated;
holdings of Cobalt International Energy, an independent oil and gas
company, also detracted from Fund performance as the wells the company
operates failed to meet production expectations; and finally, the common
stock of electronic metering manufacturer Itron declined in value during
the period because the company's fourth quarter 2013 results were lower
than predicted.
Positive contributions to the Fund's benchmark-relative returns came from
the portfolio's common stock investment in chemical company LyondellBasell
Industries. The company continued to top earnings targets due to the cheap
price of natural gas, which it uses in production. Thermo Fisher Scientific
was another holding that helped performance, as the company benefited from
the integration of an acquisition and gained during the period due to the
generally improving business fundamentals within the life sciences field.
The convertible bonds of Auxilium Pharmaceuticals were another strong
performer for the Fund, while the portfolio's position in ON Semiconductor
also aided performance. Auxilium performed well during the period after the
company received FDA approval for its urology drug and launched a
new-generation erectile dysfunction medicine. ON Semiconductor enjoyed
increased orders and rectified many of its operational issues, leading to
considerably improved profit margins. Of final note, the Fund's position in
Salix Pharmaceuticals rose on the strength of a promising drug pipeline and
synergies from a recent acquisition.
Q What is your outlook?
A We remain positive about the prospects for the high-yield market, despite
low overall yields in the market and credit spreads that also are below
historical averages. We believe steady growth in the U.S. economy will
continue to support high-yield bonds by keeping default rates well below
average through at least 2015. Employment growth has been steady, which
should lead to continued economic expansion, helped by the Fed's still-
accommodative monetary policy. While most of this positive outlook is
already reflected in high-yield bond prices, we feel that strong corporate
business fundamentals should continue to support asset values.
6 Pioneer High Yield Fund | Semiannual Report | 4/30/14
Please refer to the Schedule of Investments on pages 18-53 for a full listing of
Fund securities.
Investments in high-yield or lower-rated securities are subject to greater-than-
average price volatility, illiquidity and possibility of default.
When interest rates rise, the prices of fixed income securities in the Fund will
generally fall. Conversely, when interest rates fall, the prices of fixed income
securities in the Fund will generally rise.
Investments in the Fund are subject to possible loss due to the financial
failure of issuers of underlying securities and their inability to meet their
debt obligations.
Prepayment risk is the chance that an issuer may exercise its right to prepay
its security, if falling interest rates prompt the issuer to do so. Forced to
reinvest the unanticipated proceeds at lower interest rates, the Fund would
experience a decline in income and lose the opportunity for additional price
appreciation.
The portfolio may invest in mortgage-backed securities, which during times of
fluctuating interest rates may increase or decrease more than other fixed-income
securities. Mortgage-backed securities are also subject to pre-payments.
The Fund may use derivatives, such as options, futures, inverse floating rate
obligations, swaps, and others, which can be illiquid, may disproportionately
increase losses, and have a potentially large impact on Fund performance.
Derivatives may have a leveraging effect on the Fund.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors.
These risks may increase share price volatility.
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 opinion as of the date of this report. These statements should not
be relied upon for any other purposes.
Pioneer High Yield Fund | Semiannual Report | 4/30/14 7
Portfolio Summary | 4/30/14
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 50.7%
Convertible Corporate Bonds 17.4%
International Corporate Bonds 10.0%
U.S. Common Stocks 8.2%
Senior Secured Loans 5.6%
Convertible Preferred Stocks 2.9%
U.S. Preferred Stocks 2.7%
International Common Stocks 1.0%
International Preferred Stocks 0.7%
Warrants 0.4%
Asset Backed Securities 0.2%
Collateralized Mortgage Obligations 0.2%
Quality Distribution
--------------------------------------------------------------------------------
(As a percentage of long-term securities; based on Standard & Poor's ratings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
BBB 3.2%
BB 24.7%
B 41.0%
CCC 14.0%
Not Rated 13.5%
Cash Equivalents 3.6%
Bond ratings are ordered highest to lowest in portfolio. Based on Standard &
Poor's measures, AAA (highest possible rating) through BBB are considered
investment grade; BB or lower ratings are considered non-investment grade. Cash
equivalents and some bonds may not be rated.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. Alere, Inc., 3.0% (Perpetual) 1.34%
--------------------------------------------------------------------------------
2. Novellus Systems, Inc., 2.625%, 5/15/41 1.15
--------------------------------------------------------------------------------
3. ON Semiconductor Corp., 2.625%, 12/15/26 1.05
--------------------------------------------------------------------------------
4. Nuance Communications, Inc., 2.75%, 11/1/31 1.02
--------------------------------------------------------------------------------
5. CHS, Inc., 8.0%, 11/15/19 0.91
--------------------------------------------------------------------------------
6. Ford Motor Co., 4.25%, 11/15/16 0.90
--------------------------------------------------------------------------------
7. General Cable Corp. 0.87
--------------------------------------------------------------------------------
8. Freeport-McMoRan Copper & Gold, Inc. 0.85
--------------------------------------------------------------------------------
9. Linn Energy LLC, 7.0%, 11/1/19 (144A) 0.79
--------------------------------------------------------------------------------
10. EP Energy LLC, 9.375%, 5/1/20 0.76
--------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed, and current holdings may be different.
The holdings listed should not be considered recommendations to buy or sell
any security listed.
8 Pioneer High Yield Fund | Semiannual Report | 4/30/14
Prices and Distributions | 4/30/14
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 4/30/14 10/31/13
--------------------------------------------------------------------------------
A $10.82 $11.07
--------------------------------------------------------------------------------
B $10.93 $11.18
--------------------------------------------------------------------------------
C $11.03 $11.28
--------------------------------------------------------------------------------
R $12.16 $12.39
--------------------------------------------------------------------------------
Y $10.83 $11.08
--------------------------------------------------------------------------------
Z $10.09 $10.34
--------------------------------------------------------------------------------
Distributions per Share: 11/1/13-4/30/14
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.2721 $-- $0.3872
--------------------------------------------------------------------------------
B $0.2205 $-- $0.3872
--------------------------------------------------------------------------------
C $0.2361 $-- $0.3872
--------------------------------------------------------------------------------
R $0.2802 $-- $0.3872
--------------------------------------------------------------------------------
Y $0.2892 $-- $0.3872
--------------------------------------------------------------------------------
Z $0.2682 $-- $0.3872
--------------------------------------------------------------------------------
Index Definitions
--------------------------------------------------------------------------------
The Bank of America (BofA) Merrill Lynch (ML) High Yield Master II Index is an
unmanaged, commonly accepted measure of the performance of high-yield
securities. The Bank of America (BofA) Merrill Lynch (ML) All-Convertibles
Speculative Quality Index is an unmanaged index of high-yield U.S. convertible
securities. Index returns are calculated monthly, assume reinvestment of
dividends and, unlike fund returns, do not reflect any fees, expense or sales
charges. It is not possible to invest directly in an index.
The indices defined here pertain to the "Value of $10,000 Investment" and the
"Value of $5 Million Investment" charts on pages 10-15.
Pioneer High Yield Fund | Semiannual Report | 4/30/14 9
Performance Update | 4/30/14 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer High Yield Fund at public offering
price during the periods shown, compared to that of the Bank of America (BofA)
Merrill Lynch (ML) High Yield Master II Index and the Bank of America (BofA)
Merrill Lynch (ML) All-Convertibles Speculative Quality Index.
Average Annual Total Returns
(As of April 30, 2014)
--------------------------------------------------------------------------------
Net Public BofA ML BofA ML All-
Asset Offering High Yield Convertibles
Value Price Master II Speculative
Period (NAV) (POP) Index Quality Index
--------------------------------------------------------------------------------
10 Years 7.28% 6.79% 8.69% 8.32%
5 Years 16.62 15.55 15.81 19.51
1 Year 8.03 3.20 6.30 16.80
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.14%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer High BofA ML High Yield BofA ML All-Convertibles
Yield Fund Master II Index Speculative Quality Index
4/30/2004 $ 9,550 $10,000 $10,000
4/30/2005 $ 9,770 $10,647 $ 9,899
4/30/2006 $10,896 $11,612 $11,938
4/30/2007 $12,203 $13,054 $13,591
4/30/2008 $12,273 $12,946 $13,192
4/30/2009 $ 8,942 $11,044 $ 9,124
4/30/2010 $13,560 $15,926 $14,575
4/30/2011 $15,984 $18,051 $17,175
4/30/2012 $15,717 $18,980 $16,058
4/30/2013 $17,854 $21,645 $19,041
4/30/2014 $19,288 $23,008 $22,239
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. POP
returns reflect deduction of maximum 4.50% sales charge. NAV returns would have
been lower had sales charges been reflected. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
10 Pioneer High Yield Fund | Semiannual Report | 4/30/14
Performance Update | 4/30/14 Class B Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class B shares of Pioneer High Yield Fund during the periods
shown, compared to that of the Bank of America (BofA) Merrill Lynch (ML) High
Yield Master II Index and the Bank of America (BofA) Merrill Lynch (ML)
All-Convertibles Speculative Quality Index.
Average Annual Total Returns
(As of April 30, 2014)
--------------------------------------------------------------------------------
BofA ML BofA ML All-
High Yield Convertibles
If If Master II Speculative
Period Held Redeemed Index Quality Index
--------------------------------------------------------------------------------
10 Years 6.44% 6.44% 8.69% 8.32%
5 Years 15.62 15.62 15.81 19.51
1 Year 7.08 3.10 6.30 16.80
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.18%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer High BofA ML High Yield BofA ML All-Convertibles
Yield Fund Master II Index Speculative Quality Index
4/30/2004 $10,000 $10,000 $10,000
4/30/2005 $10,151 $10,647 $ 9,899
4/30/2006 $11,233 $11,612 $11,938
4/30/2007 $12,498 $13,054 $13,591
4/30/2008 $12,478 $12,946 $13,192
4/30/2009 $ 9,036 $11,044 $ 9,124
4/30/2010 $13,589 $15,926 $14,575
4/30/2011 $15,919 $18,051 $17,175
4/30/2012 $15,510 $18,980 $16,058
4/30/2013 $17,434 $21,645 $19,041
4/30/2014 $18,669 $23,008 $22,239
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"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). The maximum CDSC for Class B shares is 4% and declines over five years.
For more complete information, please see the prospectus.
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 | Semiannual Report | 4/30/14 11
Performance Update | 4/30/14 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer High Yield Fund during the periods
shown, compared to that of the Bank of America (BofA) Merrill Lynch (ML) High
Yield Master II Index and the Bank of America (BofA) Merrill Lynch (ML)
All-Convertibles Speculative Quality Index.
Average Annual Total Returns
(As of April 30, 2014)
--------------------------------------------------------------------------------
BofA ML BofA ML All-
High Yield Convertibles
If If Master II Speculative
Period Held Redeemed Index Quality Index
--------------------------------------------------------------------------------
10 Years 6.55% 6.55% 8.69% 8.32%
5 Years 15.84 15.84 15.81 19.51
1 Year 7.28 7.28 6.30 16.80
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.86%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer High BofA ML High Yield BofA ML All-Convertibles
Yield Fund Master II Index Speculative Quality Index
4/30/2004 $10,000 $10,000 $10,000
4/30/2005 $10,148 $10,647 $ 9,899
4/30/2006 $11,236 $11,612 $11,938
4/30/2007 $12,495 $13,054 $13,591
4/30/2008 $12,470 $12,946 $13,192
4/30/2009 $ 9,037 $11,044 $ 9,124
4/30/2010 $13,602 $15,926 $14,575
4/30/2011 $15,935 $18,051 $17,175
4/30/2012 $15,573 $18,980 $16,058
4/30/2013 $17,575 $21,645 $19,041
4/30/2014 $18,854 $23,008 $22,239
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer High Yield Fund | Semiannual Report | 4/30/14
Performance Update | 4/30/14 Class R Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class R shares of Pioneer High Yield Fund during the periods
shown, compared to that of the Bank of America (BofA) Merrill Lynch (ML) High
Yield Master II Index and the Bank of America (BofA) Merrill Lynch (ML)
All-Convertibles Speculative Quality Index.
Average Annual Total Returns
(As of April 30, 2014)
--------------------------------------------------------------------------------
BofA ML BofA ML All-
High Yield Convertibles
If If Master II Speculative
Period Held Redeemed Index Quality Index
--------------------------------------------------------------------------------
10 Years 7.00% 7.00% 8.69% 8.32%
5 Years 16.28 16.28 15.81 19.51
1 Year 7.66 7.66 6.30 16.80
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.47%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer High BofA ML High Yield BofA ML All-Convertibles
Yield Fund Master II Index Speculative Quality Index
4/30/2004 $10,000 $10,000 $10,000
4/30/2005 $10,187 $10,647 $ 9,899
4/30/2006 $11,332 $11,612 $11,938
4/30/2007 $12,649 $13,054 $13,591
4/30/2008 $12,690 $12,946 $13,192
4/30/2009 $ 9,251 $11,044 $ 9,124
4/30/2010 $13,989 $15,926 $14,575
4/30/2011 $16,454 $18,051 $17,175
4/30/2012 $16,139 $18,980 $16,058
4/30/2013 $18,266 $21,645 $19,041
4/30/2014 $19,664 $23,008 $22,239
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class R shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer High Yield Fund | Semiannual Report | 4/30/14 13
Performance Update | 4/30/14 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer High Yield Fund, during the periods
shown, compared to that of the Bank of America (BofA) Merrill Lynch (ML) High
Yield Master II Index and the Bank of America (BofA) Merrill Lynch (ML)
All-Convertibles Speculative Quality Index.
Average Annual Total Returns
(As of April 30, 2014)
--------------------------------------------------------------------------------
BofA ML BofA ML All-
High Yield Convertibles
If If Master II Speculative
Period Held Redeemed Index Quality Index
--------------------------------------------------------------------------------
10 Years 7.74% 7.74% 8.69% 8.32%
5 Years 17.06 17.06 15.81 19.51
1 Year 8.47 8.47 6.30 16.80
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.82%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer High BofA ML High Yield BofA ML All-Convertibles
Yield Fund Master II Index Speculative Quality Index
4/30/2004 $ 5,000,000 $ 5,000,000 $ 5,000,000
4/30/2005 $ 5,131,356 $ 5,323,482 $ 4,949,489
4/30/2006 $ 5,749,602 $ 5,806,108 $ 5,968,834
4/30/2007 $ 6,467,599 $ 6,526,794 $ 6,795,693
4/30/2008 $ 6,529,915 $ 6,472,774 $ 6,595,838
4/30/2009 $ 4,792,840 $ 5,521,960 $ 4,562,078
4/30/2010 $ 7,294,972 $ 7,962,884 $ 7,287,443
4/30/2011 $ 8,640,281 $ 9,025,526 $ 8,587,280
4/30/2012 $ 8,524,679 $ 9,490,233 $ 8,029,000
4/30/2013 $ 9,714,097 $10,822,631 $ 9,520,551
4/30/2014 $10,536,962 $11,504,038 $11,119,739
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
14 Pioneer High Yield Fund | Semiannual Report | 4/30/14
Performance Update | 4/30/14 Class Z Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class Z shares of Pioneer High Yield Fund, during the periods
shown, compared to that of the Bank of America (BofA) Merrill Lynch (ML) High
Yield Master II Index and the Bank of America (BofA) Merrill Lynch (ML)
All-Convertibles Speculative Quality Index.
Average Annual Total Returns
(As of April 30, 2014)
--------------------------------------------------------------------------------
BofA ML BofA ML All-
High Yield Convertibles
If If Master II Speculative
Period Held Redeemed Index Quality Index
--------------------------------------------------------------------------------
10 Years 6.82% 6.82% 8.69% 8.32%
5 Years 15.33 15.33 15.81 19.51
1 Year 5.39 5.39 6.30 16.80
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2014)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.90% 0.85%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer High BofA ML High Yield BofA ML All-Convertibles
Yield Fund Master II Index Speculative Quality Index
4/30/2004 $10,000 $10,000 $10,000
4/30/2005 $10,228 $10,647 $ 9,899
4/30/2006 $11,407 $11,612 $11,938
4/30/2007 $12,775 $13,054 $13,591
4/30/2008 $12,915 $12,946 $13,192
4/30/2009 $ 9,484 $11,044 $ 9,124
4/30/2010 $14,287 $15,926 $14,575
4/30/2011 $16,996 $18,051 $17,175
4/30/2012 $16,114 $18,980 $16,058
4/30/2013 $18,362 $21,645 $19,041
4/30/2014 $19,352 $23,008 $22,239
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for Class Z shares for periods prior to the inception of Class
Z shares on July 6, 2007, is the net asset value 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. For the period beginning July 6, 2007, the
actual performance of Class Z shares is reflected. 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 the contractual expense limitation currently in
effect through March 1, 2015, for Class Z shares. There can be no assurance that
Pioneer will extend the expense limitation 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 | Semiannual Report | 4/30/14 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 November 1, 2013, through April 30, 2014.
-----------------------------------------------------------------------------------------
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 11/1/13
-----------------------------------------------------------------------------------------
Ending Account $1,038.80 $1,033.50 $1,034.60 $1,036.80 $1,040.40 $1,041.30
Value (after expenses)
on 4/30/13
-----------------------------------------------------------------------------------------
Expenses Paid $ 5.76 $ 10.64 $ 9.28 $ 7.32 $ 4.25 $ 4.30
During Period*
-----------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.14%, 2.11%,
1.84%, 1.45%, 0.84% 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 181/365 (to reflect the one-half year period).
16 Pioneer High Yield Fund | Semiannual Report | 4/30/14
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer High Yield Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from November 1, 2013 through April 30, 2014.
-----------------------------------------------------------------------------------------
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 11/1/13
-----------------------------------------------------------------------------------------
Ending Account $1,019.14 $1,014.33 $1,015.67 $1,017.60 $1,020.63 $1,020.58
Value (after expenses)
on 4/30/13
-----------------------------------------------------------------------------------------
Expenses Paid $ 5.71 $ 10.54 $ 9.20 $ 7.25 $ 4.21 $ 4.26
During Period*
-----------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.14%, 2.11%,
1.84%, 1.45%, 0.84% 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 181/365 (to reflect the one-half year period).
Pioneer High Yield Fund | Semiannual Report | 4/30/14 17
Schedule of Investments | 4/30/14 (unaudited)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE
BONDS -- 16.7%
ENERGY -- 0.9%
Oil & Gas Equipment &
Services -- 0.1%
2,170,000 NR/NR SEACOR Holdings, Inc., 3.0%,
11/15/28 (144A) $ 2,142,875
------------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- 0.5%
11,795,000 NR/NR Cobalt International Energy, Inc.,
2.625%, 12/1/19 $ 11,079,928
------------------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.3%
1,895,000 CCC+/NR Alpha Appalachia Holdings, Inc.,
3.25%, 8/1/15 $ 1,866,575
4,705,000 B-/NR Alpha Natural Resources, Inc., 3.75%,
12/15/17 3,943,378
-----------------
$ 5,809,953
-----------------
Total Energy $ 19,032,756
------------------------------------------------------------------------------------------------------------------
MATERIALS -- 0.6%
Diversified Metals & Mining -- 0.2%
3,805,000 NR/NR RTI International Metals, Inc., 1.625%,
10/15/19 $ 3,826,403
------------------------------------------------------------------------------------------------------------------
Steel -- 0.4%
4,830,000 BB+/NR Steel Dynamics, Inc., 5.125%,
6/15/14 $ 5,231,494
2,475,000 BB-/B1 United States Steel Corp., 2.75%,
4/1/19 3,113,859
-----------------
$ 8,345,353
-----------------
Total Materials $ 12,171,756
------------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.5%
Electrical Components &
Equipment -- 0.5%
10,874,000 B/B3 General Cable Corp., 4.5%,
11/15/29 (Step) $ 10,887,592
-----------------
Total Capital Goods $ 10,887,592
------------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.3%
Airlines -- 0.3%
2,575,000 B/B2 United Airlines, Inc., 4.5%, 1/15/15 $ 5,623,156
------------------------------------------------------------------------------------------------------------------
Marine -- 0.0%+
500,000 NR/NR DryShips, Inc., 5.0%, 12/1/14 $ 491,875
-----------------
Total Transportation $ 6,115,031
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer High Yield Fund | Semiannual Report | 4/30/14
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.9%
Automobile Manufacturers -- 0.9%
9,341,000 BBB-/Baa3 Ford Motor Co., 4.25%, 11/15/16 $ 17,619,461
-----------------
Total Automobiles & Components $ 17,619,461
------------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES &
APPAREL -- 1.1%
Homebuilding -- 0.9%
11,400,000 B/B2 KB Home, 1.375%, 2/1/19 $ 11,229,000
3,015,000 BB-/Ba3 Lennar Corp., 2.75%, 12/15/20
(144A) 5,374,238
2,870,000 BB-/B1 The Ryland Group, Inc., 0.25%, 6/1/19 2,669,100
-----------------
$ 19,272,338
------------------------------------------------------------------------------------------------------------------
Housewares & Specialties -- 0.2%
4,280,000 BB-/NR Jarden Corp., 1.125%, 3/15/34
(144A) $ 4,261,275
-----------------
Total Consumer Durables & Apparel $ 23,533,613
------------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.2%
Specialized Consumer Services -- 0.2%
2,710,000 NR/NR Ascent Capital Group, Inc., 4.0%,
7/15/20 $ 2,588,050
2,195,000 NR/NR Carriage Services, Inc., 2.75%,
3/15/21 (144A) 2,223,809
-----------------
$ 4,811,859
-----------------
Total Consumer Services $ 4,811,859
------------------------------------------------------------------------------------------------------------------
MEDIA -- 0.2%
Broadcasting -- 0.2%
4,425,000 NR/NR Liberty Media Corp., 1.375%,
10/15/23 (144A) $ 4,270,125
-----------------
Total Media $ 4,270,125
------------------------------------------------------------------------------------------------------------------
RETAILING -- 0.4%
Internet Retail -- 0.4%
7,455,000 NR/NR Shutterfly, Inc., 0.25%, 5/15/18
(144A) $ 7,333,856
-----------------
Total Retailing $ 7,333,856
------------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 1.3%
Health Care Equipment -- 0.4%
2,505,000 B+/NR Hologic, Inc., 2.0%, 12/15/37 (Step) $ 2,819,691
3,450,000 B+/NR Hologic, Inc., 2.0%, 3/1/42 (Step) 3,551,344
459,000 NR/NR NuVasive, Inc., 2.75%, 7/1/17 515,801
-----------------
$ 6,886,836
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/14 19
Schedule of Investments | 4/30/14 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.7%
9,460,000 CCC+/NR Alere, Inc., 3.0%, 5/15/16 $ 10,222,712
1,905,000 NR/NR Cepheid, Inc., 1.25%, 2/1/21 (144A) 1,925,241
3,015,000 NR/NR Endologix, Inc., 2.25%, 12/15/18 2,898,169
-----------------
$ 15,046,122
------------------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.2%
4,225,000 NR/NR Molina Healthcare, Inc., 1.125%,
1/15/20 $ 4,771,609
-----------------
Total Health Care Equipment
& Services $ 26,704,567
------------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS,
BIOTECHNOLOGY & LIFE
SCIENCES -- 3.4%
Biotechnology -- 2.1%
1,920,000 NR/NR BioMarin Pharmaceutical, Inc., 0.75%,
10/15/18 $ 1,966,800
1,920,000 NR/NR BioMarin Pharmaceutical, Inc., 1.5%,
10/15/20 1,977,600
4,815,000 NR/NR Corsicanto, Ltd., 3.5%, 1/15/32 3,472,819
4,900,000 NR/NR Cubist Pharmaceuticals, Inc., 1.125%,
9/1/18 (144A) 5,582,938
6,805,000 NR/NR Cubist Pharmaceuticals, Inc., 1.875%,
9/1/20 (144A) 7,864,028
4,130,000 NR/NR Emergent Biosolutions, Inc., 2.875%,
1/15/21 (144A) 4,584,300
5,375,000 NR/NR PDL BioPharma, Inc., 4.0%, 2/1/18 5,744,531
9,215,000 NR/NR Theravance, Inc., 2.125%, 1/15/23 10,793,069
-----------------
$ 41,986,085
------------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 1.1%
9,520,000 NR/NR Auxilium Pharmaceuticals, Inc., 1.5%,
7/15/18 $ 11,316,900
770,000 NR/NR Pacira Pharmaceuticals, Inc. Delaware,
3.25%, 2/1/19 2,178,619
5,270,000 NR/NR Salix Pharmaceuticals, Ltd., 1.5%,
3/15/19 9,347,662
-----------------
$ 22,843,181
------------------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.2%
3,755,000 NR/NR Albany Molecular Research, Inc.,
2.25%, 11/15/18 (144A) $ 4,597,528
-----------------
Total Pharmaceuticals,
Biotechnology & Life Sciences $ 69,426,794
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer High Yield Fund | Semiannual Report | 4/30/14
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.3%
Consumer Finance -- 0.3%
4,150,000 NR/NR DFC Global Corp., 2.875%, 6/30/27 $ 4,046,250
1,200,000 B/NR DFC Global Corp., 3.25%, 4/15/17 1,153,500
-----------------
$ 5,199,750
-----------------
Total Diversified Financials $ 5,199,750
------------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.2%
Real Estate Operating
Companies -- 0.2%
4,885,000 NR/NR Forest City Enterprises, Inc., 3.625%,
8/15/20 (144A) $ 5,065,134
-----------------
Total Real Estate $ 5,065,134
------------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 2.8%
Internet Software & Services -- 0.8%
4,555,000 NR/NR Akamai Technologies, Inc., 2/15/19
(144A) (c) $ 4,406,962
5,145,000 NR/NR WebMD Health Corp., 1.5%, 12/1/20
(144A) 5,453,700
6,420,000 NR/NR WebMD Health Corp., 2.5%, 1/31/18 6,564,450
-----------------
$ 16,425,112
------------------------------------------------------------------------------------------------------------------
Data Processing & Outsourced
Services -- 0.2%
3,045,000 NR/NR Cardtronics, Inc., 1.0%, 12/1/20
(144A) $ 2,820,431
------------------------------------------------------------------------------------------------------------------
Application Software -- 1.6%
2,470,000 NR/NR Citrix Systems, Inc., 0.5%, 4/15/19
(144A) $ 2,466,912
5,815,000 NR/NR Mentor Graphics Corp., 4.0%, 4/1/31 6,985,269
19,972,000 BB-/NR Nuance Communications, Inc., 2.75%,
11/1/31 20,071,860
3,900,000 NR/NR TIBCO Software, Inc., 2.25%, 5/1/32 3,907,312
-----------------
$ 33,431,353
------------------------------------------------------------------------------------------------------------------
Systems Software -- 0.2%
4,335,000 NR/NR ServiceNow, Inc., 11/1/18 (144A) (c) $ 4,340,419
-----------------
Total Software & Services $ 57,017,315
------------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 0.7%
Communications Equipment -- 0.2%
3,310,000 NR/NR Finisar Corp., 0.5%, 12/55/33 (144A) $ 3,787,881
------------------------------------------------------------------------------------------------------------------
Computer Storage &
Peripherals -- 0.3%
6,535,000 BB/NR SanDisk Corp., 0.5%, 10/15/20
(144A) $ 7,409,056
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/14 21
Schedule of Investments | 4/30/14 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Electronic Components -- 0.2%
3,755,000 BB+/NR Vishay Intertechnology, Inc., 2.25%,
5/15/41 (144A) $ 3,431,131
-----------------
Total Technology Hardware
& Equipment $ 14,628,068
------------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 2.5%
Semiconductor Equipment -- 1.5%
5,491,000 BBB/Baa1 Lam Research Corp., 1.25%, 5/15/18 $ 7,004,457
12,760,000 BBB/NR Novellus Systems, Inc., 2.625%,
5/15/41 22,633,050
-----------------
$ 29,637,507
------------------------------------------------------------------------------------------------------------------
Semiconductors -- 1.0%
16,914,000 BB+/NR ON Semiconductor Corp., 2.625%,
12/15/26 $ 20,592,795
-----------------
Total Semiconductors &
Semiconductor Equipment $ 50,230,302
------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION
SERVICES -- 0.4%
Integrated Telecommunication
Services -- 0.4%
9,000,000 B/NR Ciena Corp., 0.875%, 6/15/17 $ 8,876,250
-----------------
Total Telecommunication Services $ 8,876,250
------------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE
CORPORATE BONDS
(Cost $297,048,607) $ 342,924,229
------------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 3.5%
ENERGY -- 0.2%
Oil & Gas Storage &
Transportation -- 0.2%
130,000 7.62 B+/Ba2 NuStar Logistics LP, Floating Rate
Note, 1/15/43 $ 3,459,300
-----------------
Total Energy $ 3,459,300
------------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.3%
Air Freight & Logistics -- 0.3%
4,940 NR/NR CEVA Group Plc, 12/31/14* (c) $ 6,249,163
-----------------
Total Transportation $ 6,249,163
------------------------------------------------------------------------------------------------------------------
BANKS -- 0.2%
Regional Banks -- 0.2%
151,950 6.62 BBB-/Ba1 Fifth Third Bancorp, Floating Rate
Note (Perpetual) $ 4,035,792
-----------------
Total Banks $ 4,035,792
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer High Yield Fund | Semiannual Report | 4/30/14
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.6%
Other Diversified Financial
Services -- 1.0%
411,000 7.12 BB+/B1 Citigroup, Inc., Floating Rate Note
(Perpetual) $ 11,158,650
358,975 8.12 B/B3 GMAC Capital Trust I, Floating Rate
Note, 2/15/40 9,868,223
-----------------
$ 21,026,873
------------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.3%
6,450 B/B3 Ally Financial, Inc., 7.0% (Perpetual)
(144A) $ 6,420,169
------------------------------------------------------------------------------------------------------------------
Investment Banking &
Brokerage -- 0.3%
189,000 7.12 BB+/Ba3 Morgan Stanley, Floating Rate Note
(Perpetual) $ 5,159,700
-----------------
Total Diversified Financials $ 32,606,742
------------------------------------------------------------------------------------------------------------------
INSURANCE -- 1.0%
Reinsurance -- 1.0%
1,515,236 0.00 NR/NR Altair Re, Floating Rate Note,
4/30/16 (Cat Bond) $ 1,827,374
6,500,000 N/A NR/NR Altair Re, Floating Rate Note,
6/30/16 (Cat Bond) 6,651,450
4,010,500 0.00 NR/NR Kane SAC Ltd., Series B, Floating Rate
Note, 7/18/16 4,108,757
33,500 NR/NR Lorenzo Re, Ltd., (Cat Bond)
(Perpetual)* (c) 4,049,480
3,650,000 NR/NR Pangaea Re, 10/1/15 (Cat Bond) (c) 4,060,296
-----------------
$ 20,697,357
-----------------
Total Insurance $ 20,697,357
------------------------------------------------------------------------------------------------------------------
UTILITIES -- 0.2%
Electric Utilities -- 0.2%
214,000 BB+/Ba1 PPL Capital Funding, Inc., 5.9%,
4/30/73 $ 5,157,400
-----------------
Total Utilities $ 5,157,400
------------------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $66,269,351) $ 72,205,754
------------------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED
STOCKS -- 2.8%
ENERGY -- 0.3%
Oil & Gas Exploration &
Production -- 0.3%
715 NR/NR Halcon Resources Corp., 5.75%
(Perpetual) $ 684,344
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/14 23
Schedule of Investments | 4/30/14 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- (continued)
59,180 NR/NR PetroQuest Energy, Inc., 6.875%
(Perpetual) $ 2,156,371
33,162 CCC/NR SandRidge Energy, Inc., 7.0%
(Perpetual) 3,540,044
-----------------
$ 6,380,759
-----------------
Total Energy $ 6,380,759
------------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES &
APPAREL -- 0.6%
Home Furnishings -- 0.6%
143,000 NR/NR Sealy Corp., 8.0% (0.0% PIK, 8.0% cash),
7/15/16 (PIK) $ 11,332,750
-----------------
Total Consumer Durables & Apparel $ 11,332,750
------------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.4%
Packaged Foods & Meats -- 0.4%
73,300 NR/NR Post Holdings, Inc., 2.5% (Perpetual)
(144A) $ 7,696,500
-----------------
Total Food, Beverage & Tobacco $ 7,696,500
------------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 1.3%
Health Care Supplies -- 1.3%
89,308 CCC/NR Alere, Inc., 3.0% (Perpetual) $ 26,256,556
-----------------
Total Health Care
Equipment & Services $ 26,256,556
------------------------------------------------------------------------------------------------------------------
BANKS -- 0.1%
Diversified Banks -- 0.1%
2,000 BBB+/Baa3 Wells Fargo & Co., 7.5% (Perpetual) $ 2,388,970
-----------------
Total Banks $ 2,388,970
------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Asset Management &
Custody Banks -- 0.1%
48,000 BB+/NR AMG Capital Trust II, 5.15%,
10/15/37 $ 3,057,000
-----------------
Total Diversified Financials $ 3,057,000
------------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE
PREFERRED STOCKS
(Cost $50,373,475) $ 57,112,535
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Shares
------------------------------------------------------------------------------------------------------------------
COMMON STOCKS -- 8.9%
ENERGY -- 0.6%
Oil & Gas Drilling -- 0.0%+
127,237 Hercules Offshore, Inc.* $ 568,749
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer High Yield Fund | Semiannual Report | 4/30/14
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- 0.3%
5,353 Halcon Resources Corp.* $ 29,549
147,800 Marathon Oil Corp. 5,342,970
-----------------
$ 5,372,519
------------------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.3%
73,900 Marathon Petroleum Corp.* $ 6,869,005
-----------------
Total Energy $ 12,810,273
------------------------------------------------------------------------------------------------------------------
MATERIALS -- 1.9%
Commodity Chemicals -- 0.9%
186,606 Axiall Corp. $ 8,695,840
111,405 LyondellBasell Industries NV 10,304,962
-----------------
$ 19,000,802
------------------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 1.0%
4,128,459 Blaze Recycling & Metals LLC* (e) $ 247,708
483,460 Freeport-McMoRan Copper &
Gold, Inc. 16,616,520
1,956,254 Polymet Mining Corp.* 2,406,192
-----------------
$ 19,270,420
-----------------
Total Materials $ 38,271,222
------------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 2.0%
Aerospace & Defense -- 0.2%
175,560 Orbital Sciences Corp.* $ 5,161,464
------------------------------------------------------------------------------------------------------------------
Electrical Components &
Equipment -- 0.8%
667,230 General Cable Corp. $ 17,094,433
------------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery
& Heavy Trucks -- 0.6%
565,602 Commercial Vehicle Group, Inc.* $ 5,491,995
109,200 Joy Global, Inc. 6,593,496
-----------------
$ 12,085,491
------------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.4%
28,022 ESCO Technologies, Inc. $ 936,495
139,920 Kennametal, Inc. 6,538,462
-----------------
$ 7,474,957
-----------------
Total Capital Goods $ 41,816,345
------------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.3%
Air Freight & Logistics -- 0.2%
2,282 CEVA Group Plc* $ 2,886,806
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/14 25
Schedule of Investments | 4/30/14 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Marine -- 0.1%
4,099,666 Horizon Lines, Inc.* $ 2,849,473
-----------------
Total Transportation $ 5,736,279
------------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.2%
Restaurants -- 0.2%
59,425 Starbucks Corp. $ 4,196,594
------------------------------------------------------------------------------------------------------------------
Education Services -- 0.0%+
13,966 Cengage Learning Holdings II LP $ 510,339
-----------------
Total Consumer Services $ 4,706,933
------------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL
PRODUCTS -- 0.2%
Personal Products -- 0.2%
43,613 Nu Skin Enterprises, Inc. $ 3,794,331
-----------------
Total Household & Personal Products $ 3,794,331
------------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 0.7%
Health Care Services -- 0.1%
255,259 BioScrip, Inc.* $ 1,766,392
------------------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.6%
108,880 Aetna, Inc. $ 7,779,476
67,800 Cigna Corp. 5,426,712
-----------------
$ 13,206,188
-----------------
Total Health Care
Equipment & Services $ 14,972,580
------------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS,
BIOTECHNOLOGY & LIFE
SCIENCES -- 1.5%
Biotechnology -- 0.6%
104,790 Cubist Pharmaceuticals, Inc.* $ 7,341,587
65,462 Vertex Pharmaceuticals, Inc.* 4,431,777
-----------------
$ 11,773,364
------------------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.9%
46,569 Bio-Rad Laboratories, Inc.* $ 5,737,766
95,749 Thermo Fisher Scientific, Inc. 10,915,386
17,606 Waters Corp.* 1,734,895
-----------------
$ 18,388,047
-----------------
Total Pharmaceuticals,
Biotechnology & Life Sciences $ 30,161,411
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer High Yield Fund | Semiannual Report | 4/30/14
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.6%
Real Estate Operating
Companies -- 0.6%
596,889 Forest City Enterprises, Inc.* $ 11,287,171
-----------------
Total Real Estate $ 11,287,171
------------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE
& EQUIPMENT -- 0.6%
Computer Hardware -- 0.0%+
31,411 NCR Corp.* $ 958,350
------------------------------------------------------------------------------------------------------------------
Computer Storage &
Peripherals -- 0.1%
103,800 EMC Corp. $ 2,678,040
------------------------------------------------------------------------------------------------------------------
Electronic Equipment
Manufacturers -- 0.3%
136,843 Itron, Inc.* $ 5,200,034
------------------------------------------------------------------------------------------------------------------
Electronic Manufacturing
Services -- 0.2%
70,917 TE Connectivity, Ltd. $ 4,182,685
-----------------
Total Technology Hardware
& Equipment $ 13,019,109
------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION
SERVICES -- 0.3%
Integrated Telecommunication
Services -- 0.3%
585,800 Windstream Holdings, Inc. $ 5,313,206
-----------------
Total Telecommunication Services $ 5,313,206
------------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $130,236,886) $ 181,888,860
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Principal
Amount ($)
------------------------------------------------------------------------------------------------------------------
ASSET BACKED
SECURITIES -- 0.3%
CONSUMER SERVICES -- 0.0%+
Hotels, Resorts & Cruise
Lines -- 0.0%+
490,953 NR/NR Westgate Resorts 2012-A LLC, 3.75%,
8/20/25 (144A) $ 494,880
-----------------
Total Consumer Services $ 494,880
------------------------------------------------------------------------------------------------------------------
BANKS -- 0.3%
Thrifts & Mortgage Finance -- 0.3%
1,000,000 NR/NR Bayview Opportunity Master Fund Trust
2013-3RPL, 4.0%, 4/28/18 (Step)
(144A) $ 990,175
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/14 27
Schedule of Investments | 4/30/14 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
1,560,000 CCC/C Citicorp Residential Mortgage Trust
Series 2006-2, 5.918%, 9/25/36
(Step) $ 1,413,007
2,513,900 5.00 NR/NR GMAT 2013-1 Trust, Floating Rate
Note, 8/25/53 2,407,427
-----------------
$ 4,810,609
-----------------
Total Banks $ 4,810,609
------------------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $5,317,578) $ 5,305,489
------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 0.2%
BANKS -- 0.2%
Thrifts & Mortgage Finance -- 0.2%
642,130 NR/NR Extended Stay America Trust 2013-ESH
MZ, 7.625%, 12/5/19 (144A) $ 643,484
1,018,288 B-/Ba3 Global Mortgage Securitization, Ltd.,
5.25%, 11/25/32 978,540
1,000,000 6.04 BB+/Ba2 GS Mortgage Securities Corp. II
Commercial Mortgage Pass Through
Certificates Series 2004-GG2, Floating
Rate Note, 8/10/38 999,484
1,141,261 NR/NR Homeowner Assistance Program Reverse
Mortgage Loan Trust 2013-RM1, 4.0%,
5/26/53 (144A) 1,116,723
400,000 5.58 BB/NR Springleaf Mortgage Loan Trust, Floating
Rate Note, 6/25/58 (144A) 399,975
-----------------
$ 4,138,206
-----------------
Total Banks $ 4,138,206
------------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS
(Cost $4,122,428) $ 4,138,206
------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 58.0%
ENERGY -- 16.8%
Oil & Gas Drilling -- 1.5%
5,000,000 NR/NR North Atlantic Drilling, Ltd., 6.25%,
2/1/19 (144A) $ 4,787,500
4,000,000 B-/B3 Offshore Group Investment, Ltd.,
7.125%, 4/1/23 3,940,000
3,650,000 B-/B3 Offshore Group Investment, Ltd., 7.5%,
11/1/19 3,796,000
3,450,000 B+/B1 Pacific Drilling SA, 5.375%, 6/1/20
(144A) 3,355,125
2,995,000 B+/B1 Parker Drilling Co., 7.5%, 8/1/20 3,204,650
The accompanying notes are an integral part of these financial statements.
28 Pioneer High Yield Fund | Semiannual Report | 4/30/14
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Oil & Gas Drilling -- (continued)
6,910,000 B+/B1 Shelf Drilling Holdings, Ltd., 8.625%,
11/1/18 (144A) $ 7,445,525
3,425,000 BB-/B1 Unit Corp., 6.625%, 5/15/21 3,630,500
-----------------
$ 30,159,300
------------------------------------------------------------------------------------------------------------------
Oil & Gas Equipment &
Services -- 1.7%
9,355,000 B+/B2 Basic Energy Services, Inc., 7.75%,
10/15/22 $ 10,255,419
4,245,000 BB-/Ba3 Bristow Group, Inc., 6.25%, 10/15/22 4,552,762
2,435,000 BB-/B1 Calfrac Holdings LP, 7.5%, 12/1/20
(144A) 2,575,012
1,725,000 BB/Ba3 Exterran Holdings, Inc., 7.25%,
12/1/18 1,826,344
5,175,000 B/B1 Exterran Partners LP, 6.0%, 10/1/22 5,149,125
2,750,000 B/B1 Exterran Partners LP, 6.0%, 4/1/21 2,750,000
1,275,000 B-/B2 FTS International, Inc., 6.25%, 5/1/22
(144A) 1,290,938
54,000 NR/NR Green Field Energy Services, Inc.,
11/15/16 (144A) (c) (d) 4,050
2,555,000 BB-/B1 Key Energy Services, Inc., 6.75%,
3/1/21 2,695,525
2,955,000 B/B3 Seitel, Inc., 9.5%, 4/15/19 3,073,200
-----------------
$ 34,172,375
------------------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.4%
3,365,000 NR/NR American Energy - Utica LLC, 3.5%
(0.0% PIK, 3.5% cash), 3/1/21
(144A) (PIK) $ 3,482,775
3,095,000 CCC+/B3 Athlon Holdings LP, 6.0%, 5/1/22
(144A) 3,129,819
1,300,000 B-/B3 Jones Energy Holdings LLC, 6.75%,
4/1/22 (144A) 1,348,750
-----------------
$ 7,961,344
------------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- 11.4%
2,500,000 BB-/B1 Antero Resources Finance Corp.,
5.375%, 11/1/21 (144A) $ 2,556,250
3,360,000 BB-/B1 Antero Resources Finance Corp.,
6.0%, 12/1/20 3,595,200
4,105,000 B-/B3 Approach Resources, Inc., 7.0%,
6/15/21 4,258,938
2,150,000 B-/B3 Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 2,354,250
10,236,000 B-/B3 Carrizo Oil & Gas, Inc., 8.625%,
10/15/18 10,952,520
3,310,000 B-/B3 Chaparral Energy, Inc., 8.25%, 9/1/21 3,616,175
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/14 29
Schedule of Investments | 4/30/14 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- (continued)
8,435,000 BB-/Ba3 Chesapeake Energy Corp., 5.375%,
6/15/21 $ 8,835,662
3,110,000 BB+/Ba1 Cimarex Energy Co., 5.875%, 5/1/22 3,382,125
3,832,000 B-/B3 Comstock Resources, Inc., 7.75%,
4/1/19 4,100,240
3,675,000 BB+/Ba3 Concho Resources, Inc., 5.5%, 4/1/23 3,826,594
2,925,000 BB+/Ba3 Concho Resources, Inc., 6.5%,
1/15/22 3,202,875
5,520,000 BB/B1 Denbury Resources, Inc., 4.625%,
7/15/23 5,250,900
4,670,000 BB/B1 Denbury Resources, Inc., 5.5%,
5/1/22 4,722,538
3,865,000 B+/B3 Energy XXI Gulf Coast, Inc., 7.5%,
12/15/21 (144A) 4,087,238
13,000,000 B/B2 EP Energy LLC, 9.375%, 5/1/20 14,982,500
5,205,000 B-/B3 EPL Oil & Gas, Inc., 8.25%, 2/15/18 5,621,400
7,615,000 B-/B3 Gulfport Energy Corp., 7.75%, 11/1/20 8,262,275
7,255,000 CCC+/Caa1 Halcon Resources Corp., 8.875%,
5/15/21 7,517,994
3,225,000 CCC+/Caa1 Halcon Resources Corp., 9.25%,
2/15/22 (144A) 3,386,250
1,400,000 B/B3 Kodiak Oil & Gas Corp., 5.5%,
1/15/21 1,442,000
3,000,000 B/B3 Kodiak Oil & Gas Corp., 5.5%, 2/1/22 3,075,000
5,200,000 B/B3 Kodiak Oil & Gas Corp., 8.125%,
12/1/19 5,772,000
3,350,000 B-/NR Legacy Reserves LP, 6.625%, 12/1/21 3,333,250
3,860,000 B-/Caa1 Lightstream Resources, Ltd., 8.625%,
2/1/20 (144A) 3,942,025
14,935,000 B+/B1 Linn Energy LLC, 7.0%, 11/1/19
(144A) 15,439,056
3,350,000 B-/Caa1 Memorial Production Partners LP,
7.625%, 5/1/21 3,530,062
4,155,000 CCC+/Caa1 Midstates Petroleum Co., Inc., 10.75%,
10/1/20 4,482,206
2,800,000 CCC+/Caa1 Midstates Petroleum Co., Inc., 9.25%,
6/1/21 2,863,000
4,125,000 B-/Caa1 Northern Oil and Gas, Inc., 8.0%,
6/1/20 4,382,812
2,820,000 B+/B2 Oasis Petroleum, Inc., 6.5%, 11/1/21 3,017,400
4,960,000 B-/B3 PDC Energy, Inc., 7.75%, 10/15/22 5,443,600
5,845,000 B-/Caa1 Penn Virginia Corp., 7.25%, 4/15/19 6,137,250
4,995,000 B-/Caa1 Penn Virginia Corp., 8.5%, 5/1/20 5,544,450
3,075,000 B-/Caa1 QR Energy LP, 9.25%, 8/1/20 3,290,250
The accompanying notes are an integral part of these financial statements.
30 Pioneer High Yield Fund | Semiannual Report | 4/30/14
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- (continued)
5,000,000 BB/Ba2 Range Resources Corp., 5.0%,
3/15/23 $ 5,100,000
3,295,000 CCC+/B3 Rice Energy, Inc., 6.25%, 5/1/22
(144A) 3,299,119
7,285,000 B-/B3 RKI Exploration & Production LLC,
8.5%, 8/1/21 (144A) 7,904,225
8,170,000 BB-/B2 Rosetta Resources, Inc., 5.875%,
6/1/22 8,333,400
5,075,000 B-/B3 Sanchez Energy Corp., 7.75%,
6/15/21 (144A) 5,430,250
3,085,000 BB/Ba3 SM Energy Co., 6.5%, 11/15/21 3,316,375
1,945,000 B-/B3 Stone Energy Corp., 7.5%, 11/15/22 2,110,325
14,720,000 B+/B3 Swift Energy Co., 7.875%, 3/1/22 14,646,400
3,000,000 CCC+/Caa1 Talos Production LLC, 9.75%,
2/15/18 (144A) 3,157,500
4,700,000 B/B3 Vanguard Natural Resources LLC,
7.875%, 4/1/20 5,064,250
-----------------
$ 234,568,129
------------------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.6%
6,525,000 B+/B2 Calumet Specialty Products Partners
LP, 6.5%, 4/15/21 (144A) $ 6,508,688
5,445,000 BB+/Ba2 Tesoro Corp., 5.375%, 10/1/22 5,649,188
-----------------
$ 12,157,876
------------------------------------------------------------------------------------------------------------------
Oil & Gas Storage &
Transportation -- 1.0%
4,810,000 BB/B1 Crestwood Midstream Partners LP,
6.125%, 3/1/22 (144A) $ 5,026,450
9,380,000 BB+/Ba3 Sabine Pass Liquefaction LLC,
5.625%, 2/1/21 9,684,850
5,985,000 BB/Ba3 Targa Resources Partners LP, 4.25%,
11/15/23 (144A) 5,595,975
-----------------
$ 20,307,275
------------------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.2%
4,170,000 D/NR James River Coal Co., 7.875%,
4/1/19 (d) $ 479,550
1,900,000 B-/Caa1 Murray Energy Corp., 8.625%,
6/15/21 (144A) 2,061,500
2,250,000 B+/B1 SunCoke Energy Partners LP, 7.375%,
2/1/20 (144A) 2,385,000
-----------------
$ 4,926,050
-----------------
Total Energy $ 344,252,349
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/14 31
Schedule of Investments | 4/30/14 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
MATERIALS -- 4.6%
Commodity Chemicals -- 0.6%
2,756,000 CCC+/B3 Hexion US Finance Corp., 8.875%,
2/1/18 $ 2,869,685
2,445,000 CCC+/Caa1 Hexion US Finance Corp., 9.0%,
11/15/20 2,368,594
1,750,000 BB-/B2 Rain CII Carbon LLC, 8.0%,
12/1/18 (144A) 1,833,125
5,195,000 BB-/B2 Tronox Finance LLC, 6.375%, 8/15/20 5,298,900
-----------------
$ 12,370,304
------------------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.2%
2,725,000 BB-/B1 Chemtura Corp., 5.75%, 7/15/21 $ 2,827,188
2,050,000 B-/B3 INEOS Group Holdings SA, 5.875%,
2/15/19 2,091,000
-----------------
$ 4,918,188
------------------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 2.1%
5,000,000 CCC+/Caa1 Ardagh Packaging Finance Plc, 6.75%,
1/31/21 (144A) $ 5,212,500
758,824 NR/Caa1 Ardagh Packaging Finance Plc, 7.0%,
11/15/20 (144A) 791,074
13,120,000 BB-/Ba3 Crown Cork & Seal Co., Inc., 7.375%,
12/15/26 14,563,200
6,700,000 CCC+/Caa2 Reynolds Group Issuer, Inc., 8.25%,
2/15/21 7,244,375
7,495,000 CCC+/Caa2 Reynolds Group Issuer, Inc., 8.5%,
5/15/18 7,832,275
800,000 CCC+/Caa2 Reynolds Group Issuer, Inc., 9.0%,
4/15/19 854,000
5,675,000 CCC+/Caa2 Reynolds Group Issuer, Inc., 9.875%,
8/15/19 6,299,250
-----------------
$ 42,796,674
------------------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.1%
1,915,000 B/B3 Packaging Dynamics Corp., 8.75%,
2/1/16 (144A) $ 1,972,450
------------------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.5%
3,790,000 BB/Ba3 Amsted Industries, Inc., 5.0%,
3/15/22 (144A) $ 3,780,525
8,775,000 D/NR Midwest Vanadium Pty, Ltd., 11.5%,
2/15/18 (144A) (d) 4,650,750
1,595,000 B/Caa1 Prince Mineral Holding Corp., 11.5%,
12/15/19 (144A) 1,790,388
-----------------
$ 10,221,663
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer High Yield Fund | Semiannual Report | 4/30/14
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Gold -- 0.3%
6,445,000 BB-/B1 IAMGOLD Corp., 6.75%, 10/1/20
(144A) $ 5,736,050
------------------------------------------------------------------------------------------------------------------
Steel -- 0.5%
2,615,000 B+/B3 APERAM, 7.375%, 4/1/16 (144A) $ 2,693,450
7,655,000 CCC/Caa2 Essar Steel Algoma, Inc., 9.875%,
6/15/15 (144A) 4,401,625
2,855,000 B-/Caa1 JMC Steel Group, Inc., 8.25%,
3/15/18 (144A) 2,883,550
-----------------
$ 9,978,625
------------------------------------------------------------------------------------------------------------------
Paper Products -- 0.3%
2,050,000 BB/Ba2 Clearwater Paper Corp., 4.5%, 2/1/23 $ 1,983,375
5,570,000 BB-/Ba3 Resolute Forest Products, Inc.,
5.875%, 5/15/23 (144A) 5,416,825
-----------------
$ 7,400,200
-----------------
Total Materials $ 95,394,154
------------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 3.9%
Aerospace & Defense -- 1.1%
4,550,000 CCC+/Caa1 Accudyne Industries Borrower, 7.75%,
12/15/20 (144A) $ 4,936,750
2,650,000 BB-/Ba3 Bombardier, Inc., 4.75%, 4/15/19 2,696,375
6,275,000 BB-/Ba3 Bombardier, Inc., 6.0%, 10/15/22 6,384,812
4,350,000 BB/B1 DigitalGlobe, Inc., 5.25%, 2/1/21
(144A) 4,241,250
3,953,000 B-/B2 DynCorp International, Inc., 10.375%,
7/1/17 4,180,298
-----------------
$ 22,439,485
------------------------------------------------------------------------------------------------------------------
Building Products -- 0.1%
2,750,000 BB-/NR Gibraltar Industries, Inc., 6.25%,
2/1/21 $ 2,915,000
------------------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.2%
3,000,000 BB-/Ba3 Dycom Investments, Inc., 7.125%,
1/15/21 $ 3,247,500
------------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.2%
4,030,000 B+/B2 JB Poindexter & Co., Inc., 9.0%,
4/1/22 (144A) $ 4,422,925
------------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery
& Heavy Trucks -- 0.3%
6,850,000 CCC-/B3 Navistar International Corp., 8.25%,
11/1/21 $ 6,969,875
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/14 33
Schedule of Investments | 4/30/14 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 1.3%
7,901,000 B-/Caa1 BC Mountain LLC, 7.0%, 2/1/21
(144A) $ 7,683,722
2,755,000 B/B2 Boart Longyear Management Pty, Ltd.,
10.0%, 10/1/18 (144A) 2,878,975
4,765,000 B-/Caa1 Gardner Denver, Inc., 6.875%,
8/15/21 (144A) 4,890,081
7,076,000 B/Caa1 Mueller Water Products, Inc., 7.375%,
6/1/17 7,182,140
2,660,000 B/B3 Xerium Technologies, Inc., 8.875%,
6/15/18 2,846,200
-----------------
$ 25,481,118
------------------------------------------------------------------------------------------------------------------
Trading Companies &
Distributors -- 0.7%
5,200,000 BB/Ba3 Rexel SA, 5.25%, 6/15/20 (144A) $ 5,356,000
3,120,000 BB-/B2 United Rentals North America, Inc.,
5.75%, 11/15/24 3,237,000
5,145,000 B+/B1 WESCO Distribution, Inc., 5.375%,
12/15/21 (144A) 5,235,038
-----------------
$ 13,828,038
-----------------
Total Capital Goods $ 79,303,941
------------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES &
SUPPLIES -- 0.7%
Environmental & Facilities
Services -- 0.2%
2,400,000 B-/Caa2 Liberty Tire Recycling LLC, 11.0%,
10/1/16 (144A) $ 2,328,000
2,000,000 B/B3 Safway Group Holding LLC, 7.0%,
5/15/18 (144A) 2,120,000
-----------------
$ 4,448,000
------------------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.5%
4,725,000 BB-/Ba1 Iron Mountain, Inc., 6.0%, 8/15/23 $ 5,020,312
1,800,000 B/Caa2 NANA Development Corp., 9.5%,
3/15/19 (144A) 1,827,000
2,165,000 B-/B3 TMS International Corp., 7.625%,
10/15/21 (144A) 2,311,138
-----------------
$ 9,158,450
-----------------
Total Commercial Services & Supplies $ 13,606,450
------------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.2%
Airlines -- 0.6%
2,037,841 A-/NR American Airlines 2013-2 Class A
Pass Through Trust, 4.95%, 7/15/24
(144A) $ 2,185,584
The accompanying notes are an integral part of these financial statements.
34 Pioneer High Yield Fund | Semiannual Report | 4/30/14
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Airlines -- (continued)
2,950,000 NR/NR Intrepid Aviation Group Holdings LLC,
6.875%, 2/15/19 (144A) $ 3,060,625
2,525,000 BB+/NR United Airlines 2013-1 Class B Pass
Through Trust, 5.375%, 8/15/21 2,607,062
2,690,000 B/B2 United Continental Holdings, Inc.,
6.0%, 12/1/20 2,790,875
3,200,000 B/B2 United Continental Holdings, Inc.,
6.0%, 7/15/26 3,064,000
-----------------
$ 13,708,146
------------------------------------------------------------------------------------------------------------------
Railroads -- 0.2%
4,250,000 B/B3 Florida East Coast Holdings Corp.,
6.75%, 5/1/19 (144A) $ 4,366,875
------------------------------------------------------------------------------------------------------------------
Trucking -- 0.3%
1,990,000 B-/B2 Jack Cooper Holdings Corp., 9.25%,
6/1/20 (144A) $ 2,198,950
3,500,000 CCC+/Caa1 syncreon Group BV, 8.625%, 11/1/21
(144A) 3,626,875
-----------------
$ 5,825,825
------------------------------------------------------------------------------------------------------------------
Airport Services -- 0.1%
1,700,000 B/B2 Aguila 3 SA, 7.875%, 1/31/18 (144A) $ 1,799,875
-----------------
Total Transportation $ 25,700,721
------------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.2%
Auto Parts & Equipment -- 0.6%
4,650,000 BB+/B2 Dana Holding Corp., 6.0%, 9/15/23 $ 4,894,125
3,240,000 B-/B3 Meritor, Inc., 6.75%, 6/15/21 3,426,300
1,600,000 B/B3 Pittsburgh Glass Works LLC, 8.0%,
11/15/18 (144A) 1,744,000
2,690,000 B/B1 Schaeffler Holding Finance BV, 6.875%
(0.0% PIK, 6.875% cash), 8/15/18
(144A) (PIK) 2,854,762
-----------------
$ 12,919,187
------------------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.2%
2,765,000 B+/B1 The Goodyear Tire & Rubber Co., 7.0%,
5/15/22 $ 3,048,412
------------------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.4%
7,905,000 B/B1 Chrysler Group LLC, 8.25%, 6/15/21 $ 8,883,244
-----------------
Total Automobiles & Components $ 24,850,843
------------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES
& APPAREL -- 2.2%
Homebuilding -- 2.2%
2,100,000 BB-/B2 Brookfield Residential Properties, Inc.,
6.5%, 12/15/20 (144A) $ 2,210,250
5,045,000 BB/Ba1 DR Horton, Inc., 5.75%, 8/15/23 5,360,312
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/14 35
Schedule of Investments | 4/30/14 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Homebuilding -- (continued)
8,375,000 B/B2 KB Home, 7.0%, 12/15/21 $ 8,982,188
4,150,000 BB-/Ba3 Lennar Corp., 4.5%, 6/15/19 4,196,688
8,730,000 BB-/Ba3 Lennar Corp., 4.75%, 11/15/22 8,511,750
3,660,000 B+/Ba3 Meritage Homes Corp., 7.0%, 4/1/22 4,012,275
1,800,000 B/B2 Rialto Holdings LLC, 7.0%, 12/1/18
(144A) 1,876,500
6,975,000 B+/B2 Standard Pacific Corp., 6.25%,
12/15/21 7,463,250
2,540,000 BB-/B1 The Ryland Group, Inc., 5.375%,
10/1/22 2,514,600
-----------------
$ 45,127,813
-----------------
Total Consumer Durables & Apparel $ 45,127,813
------------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 1.7%
Casinos & Gaming -- 0.8%
2,075,000 BBB-/Ba1 GLP Capital LP, 4.375%, 11/1/18
(144A) $ 2,147,625
5,750,000 BBB-/Ba1 GLP Capital LP, 4.875%, 11/1/20
(144A) 5,936,875
15,296,505 NR/NR Mashantucket Western Pequot Tribe,
6.5% (5.5% PIK, 1.0% cash), 7/1/36 (PIK) 2,294,476
3,000,000 B+/B3 MGM Resorts International, Inc.,
6.75%, 10/1/20 3,315,300
3,218,000 B/B2 Scientific Games International, Inc.,
9.25%, 6/15/19 3,386,945
-----------------
$ 17,081,221
------------------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.5%
4,815,000 B-/B3 MISA Investments, Ltd., 8.625% (0.0% PIK,
8.625% cash), 8/15/18 (144A) (PIK) $ 4,947,412
4,290,000 B+/B3 Viking Cruises, Ltd., 8.5%, 10/15/22
(144A) 4,847,700
-----------------
$ 9,795,112
------------------------------------------------------------------------------------------------------------------
Restaurants -- 0.1%
3,240,000 B-/Caa1 Burger King Capital Holdings LLC,
4/15/19 (Step) (144A) (c) $ 2,972,700
------------------------------------------------------------------------------------------------------------------
Education Services -- 0.2%
3,695,000 CCC+/Caa1 Cambium Learning Group, Inc., 9.75%,
2/15/17 $ 3,750,425
------------------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.1%
1,425,000 BB-/Ba3 Sotheby's, 5.25%, 10/1/22 (144A) $ 1,382,250
-----------------
Total Consumer Services $ 34,981,708
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer High Yield Fund | Semiannual Report | 4/30/14
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
MEDIA -- 3.4%
Advertising -- 0.2%
5,360,000 B-/B3 MDC Partners, Inc., 6.75%, 4/1/20
(144A) $ 5,668,200
------------------------------------------------------------------------------------------------------------------
Broadcasting -- 0.9%
3,900,000 B-/Caa2 Intelsat Luxembourg SA, 7.75%,
6/1/21 $ 4,065,750
5,975,000 B+/B2 Quebecor Media, Inc., 5.75%,
1/15/23 6,004,875
7,415,000 B+/B2 Univision Communications, Inc.,
6.875%, 5/15/19 (144A) 7,924,781
-----------------
$ 17,995,406
------------------------------------------------------------------------------------------------------------------
Cable & Satellite -- 1.1%
9,250,000 BB-/B1 CCO Holdings LLC, 6.5%, 4/30/21 $ 9,874,375
1,150,000 B-/Caa1 Intelsat Jackson Holdings SA, 6.625%,
12/15/22 (144A) 1,181,625
1,575,000 B+/Ba3 Numericable Group SA, 6.0%,
5/15/22 (144A) 1,612,406
9,550,000 BB/Ba2 Videotron, Ltd., 5.375%, 6/15/24
(144A) 9,621,625
-----------------
$ 22,290,031
------------------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.8%
3,050,000 B+/B3 Live Nation Entertainment, Inc., 7.0%,
9/1/20 (144A) $ 3,324,500
2,325,000 B-/B3 Regal Entertainment Group, 5.75%,
3/15/22 2,394,750
4,895,000 B-/B3 Regal Entertainment Group, Inc.,
5.75%, 2/1/25 4,846,050
5,475,000 B/Caa1 WMG Acquisition Corp., 6.75%,
4/15/22 (144A) 5,516,062
-----------------
$ 16,081,362
------------------------------------------------------------------------------------------------------------------
Publishing -- 0.4%
6,170,000 BB/Ba1 Gannett Co., Inc., 6.375%, 10/15/23
(144A) $ 6,540,200
1,675,000 B-/B3 MPL 2 Acquisition Canco, Inc., 9.875%,
8/15/18 (144A) 1,804,812
-----------------
$ 8,345,012
-----------------
Total Media $ 70,380,011
------------------------------------------------------------------------------------------------------------------
RETAILING -- 0.5%
Department Stores -- 0.1%
1,684,000 CCC+/Caa2 Neiman Marcus Group, Ltd. LLC, 8.0%,
10/15/21 (144A) $ 1,843,980
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/14 37
Schedule of Investments | 4/30/14 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Apparel Retail -- 0.1%
2,350,000 B+/B3 Brown Shoe Co., Inc., 7.125%,
5/15/19 $ 2,485,148
------------------------------------------------------------------------------------------------------------------
Computer & Electronics Retail -- 0.1%
2,590,000 B+/B1 Rent-A-Center, Inc., 4.75%, 5/1/21 $ 2,428,125
------------------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.2%
2,805,000 CCC+/Caa2 PC Nextco Holdings LLC, 8.75% (0.0% PIK,
8.75% cash), 8/15/19 (144A) (PIK) $ 2,896,162
-----------------
Total Retailing $ 9,653,415
------------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.2%
Food Distributors -- 0.2%
3,635,000 B/B3 KeHE Distributors LLC, 7.625%,
8/15/21 (144A) $ 3,934,888
-----------------
Total Food & Staples Retailing $ 3,934,888
------------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.3%
Distillers & Vintners -- 0.4%
4,100,000 BB+/Ba1 Constellation Brands, Inc., 3.75%,
5/1/21 $ 4,007,750
3,235,000 BB+/Ba1 Constellation Brands, Inc., 4.25%,
5/1/23 3,178,388
-----------------
$ 7,186,138
------------------------------------------------------------------------------------------------------------------
Agricultural Products -- 0.2%
4,460,000 B/B2 Southern States Cooperative, Inc.,
10.0%, 8/15/21 (144A) $ 4,482,300
------------------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.2%
1,775,000 B/B1 Post Holdings, Inc., 6.75%, 12/1/21
(144A) $ 1,859,312
2,100,000 B/B1 Post Holdings, Inc., 7.375%, 2/15/22 2,247,000
-----------------
$ 4,106,312
------------------------------------------------------------------------------------------------------------------
Tobacco -- 0.5%
10,105,000 B-/Caa1 Alliance One International, Inc.,
9.875%, 7/15/21 $ 10,206,050
-----------------
Total Food, Beverage & Tobacco $ 25,980,800
------------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL
PRODUCTS -- 0.2%
Personal Products -- 0.2%
2,400,000 CCC+/Caa1 Monitronics International, Inc.,
9.125%, 4/1/20 $ 2,553,000
2,495,000 B/B2 Revlon Consumer Products Corp.,
5.75%, 2/15/21 2,513,712
-----------------
$ 5,066,712
-----------------
Total Household & Personal Products $ 5,066,712
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
38 Pioneer High Yield Fund | Semiannual Report | 4/30/14
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT
& SERVICES -- 2.5%
Health Care Services -- 0.3%
3,675,000 CCC+/Caa2 BioScrip, Inc., 8.875%, 2/15/21
(144A) $ 3,822,000
1,404,000 CCC+/Caa2 Gentiva Health Services, Inc., 11.5%,
9/1/18 1,467,180
-----------------
$ 5,289,180
------------------------------------------------------------------------------------------------------------------
Health Care Facilities -- 1.6%
1,270,000 B-/B3 CHS, 6.875%, 2/1/22 (144A) $ 1,316,038
16,400,000 B-/B3 CHS, Inc., 8.0%, 11/15/19 17,937,500
3,200,000 B-/B3 Kindred Healthcare, Inc., 6.375%,
4/15/22 (144A) 3,240,000
5,700,000 B-/B3 Kindred Healthcare, Inc., 8.25%,
6/1/19 6,099,000
2,850,000 B+/Ba3 Tenet Healthcare Corp., 4.375%,
10/1/21 2,732,438
1,265,000 B/B3 Universal Hospital Services, Inc.,
7.625%, 8/15/20 1,353,550
-----------------
$ 32,678,526
------------------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.3%
5,970,000 BB/Ba2 WellCare Health Plans, Inc., 5.75%,
11/15/20 $ 6,372,975
------------------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.3%
3,315,000 CCC+/Caa1 Emdeon, Inc., 11.0%, 12/31/19 $ 3,828,825
1,400,000 B/B3 MedAssets, Inc., 8.0%, 11/15/18 1,487,500
-----------------
$ 5,316,325
-----------------
Total Health Care
Equipment & Services $ 49,657,006
------------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS,
BIOTECHNOLOGY & LIFE
SCIENCES -- 1.2%
Biotechnology -- 0.5%
9,859,000 B-/Caa2 Lantheus Medical Imaging, Inc.,
9.75%, 5/15/17 $ 9,809,705
------------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.7%
2,625,000 BB+/Ba1 Forest Laboratories, Inc., 4.375%,
2/1/19 (144A) $ 2,792,344
5,610,000 CCC+/Caa2 JLL, 7.5%, 2/1/22 (144A) 5,750,250
6,090,000 B/B1 Valeant Pharmaceuticals International,
6.375%, 10/15/20 (144A) 6,546,750
-----------------
$ 15,089,344
-----------------
Total Pharmaceuticals,
Biotechnology & Life Sciences $ 24,899,049
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/14 39
Schedule of Investments | 4/30/14 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.6%
Other Diversified Financial
Services -- 0.3%
2,490,000 5.35 BB+/Ba3 Citigroup, Inc., Floating Rate Note
(Perpetual) $ 2,321,925
4,200,000 5.65 BB/Ba1 Voya Financial, Inc., Floating Rate Note,
5/15/53 4,199,580
-----------------
$ 6,521,505
------------------------------------------------------------------------------------------------------------------
Specialized Finance -- 1.1%
7,066,000 B/B2 National Money Mart Co., 10.375%,
12/15/16 $ 7,436,965
5,015,000 B+/B2 Nationstar Mortgage LLC, 6.5%,
6/1/22 4,739,175
6,275,000 B+/B2 Nationstar Mortgage LLC, 6.5%,
7/1/21 5,984,781
1,820,000 B+/B2 Nationstar Mortgage LLC, 6.5%,
8/1/18 1,833,650
3,100,000 B/B1 Oxford Finance LLC, 7.25%,
1/15/18 (144A) 3,293,750
-----------------
$ 23,288,321
------------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.2%
3,265,000 B/B3 TMX Finance LLC, 8.5%, 9/15/18
(144A) $ 3,477,225
-----------------
Total Diversified Financials $ 34,537,051
------------------------------------------------------------------------------------------------------------------
INSURANCE -- 3.4%
Insurance Brokers -- 0.2%
4,900,000 CCC+/Caa2 USI, Inc. New York, 7.75%, 1/15/21
(144A) $ 5,059,250
------------------------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.3%
5,400,000 BB-/B1 Fidelity & Guaranty Life Holdings, Inc.,
6.375%, 4/1/21 (144A) $ 5,751,000
------------------------------------------------------------------------------------------------------------------
Reinsurance -- 2.9%
450,000 8.10 BB-/NR Atlas Reinsurance VII, Ltd., Floating
Rate Note, 1/7/16 (Cat Bond) (144A) $ 471,150
1,500,000 4.30 BB+/NR Blue Danube II, Ltd., Floating Rate
Note, 5/23/16 (Cat Bond) (144A) 1,523,400
250,000 6.23 BB+/NR Blue Danube, Ltd., Floating Rate Note,
4/10/15 (Cat Bond) (144A) 256,400
1,325,000 5.29 BB-/NR Caelus Re, Ltd., Floating Rate Note,
3/7/16 (Cat Bond) (144A) 1,344,610
1,500,000 6.89 NR/NR Caelus Re, Ltd., Floating Rate Note,
4/7/17 (Cat Bond) (144A) 1,571,250
1,250,000 17.98 NR/NR Combine Re, Ltd., Floating Rate Note,
1/7/15 (Cat Bond) (144A) 1,331,500
The accompanying notes are an integral part of these financial statements.
40 Pioneer High Yield Fund | Semiannual Report | 4/30/14
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
1,400,000 10.26 BB-/NR Compass Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) $ 1,429,260
400,000 9.05 BB/NR East Lane Re V, Ltd., Floating Rate Note,
3/16/16 (Cat Bond) (144A) 430,200
1,500,000 6.70 BB/NR East Lane Re, Ltd., Floating Rate Note,
3/13/15 (Cat Bond) (144A) 1,549,650
500,000 7.39 BB-/NR Embarcadero Reinsurance, Ltd.,
Floating Rate Note, 2/13/15 (Cat
Bond) (144A) 511,600
1,500,000 5.03 BB+/NR Foundation Re III, Ltd., Floating Rate
Note, 2/25/15 (Cat Bond) (144A) 1,519,350
1,800,000 7.43 NR/NR Galileo Re, Ltd., Floating Rate Note,
1/9/19 (Cat Bond) (144A) 1,867,860
1,500,000 13.55 B-/NR Ibis Re II, Ltd., Floating Rate Note,
2/5/15 (Cat Bond) (144A) 1,546,200
1,200,000 8.40 BB-/NR Ibis Re II, Ltd., Floating Rate Note,
2/5/15 (Cat Bond) (144A) 1,227,240
1,255,400 4.84 NR/NR Kane SAC Ltd., PI-3, Series A-2014,
Floating Rate Note, 4/7/15 1,245,231
850,000 0.00 BB-/NR Kilimanjaro Re, Ltd., Floating Rate
Note, 4/30/18 (Cat Bond) (144A) 852,295
350,000 0.00 BB-/NR Kilimanjaro Re, Ltd., Floating Rate
Note, 4/30/18 (Cat Bond) (144A) 351,050
1,500,000 4.05 BB/NR Longpoint Re, Ltd. III, Floating Rate
Note, 5/18/16 (Cat Bond) (144A) 1,523,250
2,750,000 12.03 B/NR Mystic Re, Ltd., Floating Rate Note,
3/12/15 (Cat Bond) (144A) 2,891,625
1,325,000 8.55 B+/NR Mythen Re, Ltd., Series 2012-2 Class A,
Floating Rate Note, 1/5/17 (Cat Bond)
(144A) 1,405,560
675,000 11.78 B-/NR Mythen Re, Ltd., Series 2012-2 Class A,
Floating Rate Note, 11/10/16 (Cat
Bond) (144A) 716,648
500,000 8.03 NR/NR Mythen Re, Ltd., Series 2013-1 Class B,
Floating Rate Note, 7/9/15 (Cat Bond)
(144A) 514,700
2,000,000 7.56 BB-/NR Queen Street IV Capital, Ltd., Floating
Rate Note, 4/9/15 (Cat Bond) (144A) 2,052,200
1,150,000 8.56 BB-/NR Queen Street V Re, Ltd., Floating Rate
Note, 4/9/15 (Cat Bond) (144A) 1,186,915
250,000 10.58 B/NR Queen Street VI Re, Ltd., Floating Rate
Note, 4/9/15 (Cat Bond) (144A) 261,900
1,450,000 8.65 B/NR Queen Street VII Re, Ltd., Floating Rate
Note, 4/8/16 (Cat Bond) (144A) 1,538,885
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/14 41
Schedule of Investments | 4/30/14 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
2,000,000 13.30 NR/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 12/6/15 (Cat
Bond) (144A) $ 2,111,200
800,000 8.80 B+/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 12/6/16 (Cat
Bond) (144A) 844,560
3,450,000 12.06 B-/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 6/6/15 (Cat Bond)
(144A) 3,619,740
1,750,000 8.96 NR/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 6/6/17 (Cat
Bond) (144A) 1,836,275
2,100,000 12.80 NR/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 12/6/16 (Cat
Bond) (144A) 2,290,260
950,000 19.05 NR/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 12/6/16 (Cat
Bond) (144A) 1,052,505
250,000 5.80 BB/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 12/6/16 (Cat
Bond) (144A) 261,600
1,750,000 22.05 NR/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16 (Cat
Bond) (144A) 2,079,525
500,000 8.05 BB/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16 (Cat
Bond) (144A) 551,550
1,100,000 10.05 BB-/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16 (Cat
Bond) (144A) 1,221,440
250,000 20.05 NR/NR Residential Reinsurance 2013, Ltd.,
Floating Rate Note, 12/6/17 (Cat
Bond) (144A) 251,350
800,000 9.30 B-/NR Residential Reinsurance 2013, Ltd.,
Floating Rate Note, 6/6/17 (Cat
Bond) (144A) 837,120
1,600,000 4.03 BB/NR Sanders Re, Ltd., Floating Rate Note,
5/5/17 (Cat Bond) (144A) 1,614,720
13,799 NR/NR Sector Re V, Ltd., 12/1/17 (Cat Bond)
(144A) (c) --
1,250,000 NR/NR Sector Re V, Ltd., 3/30/19 (Cat Bond)
(144A) (c) 1,250,000
2,150,000 NR/NR Sector Re V, Ltd., 12/1/18 (Cat Bond)
(144A) (c) 2,207,620
3,587 NR/NR Sector Re V, Ltd., 3/1/18 (Cat Bond)
(144A) (c) 912,595
2,000,000 NR/NR Silverton Re, Ltd., 9/16/16 (Cat Bond)
(144A) (c) 2,113,200
The accompanying notes are an integral part of these financial statements.
42 Pioneer High Yield Fund | Semiannual Report | 4/30/14
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
875,000 16.51 NR/NR Successor X, Ltd., Floating Rate Note,
1/27/15 (Cat Bond) (144A) $ 913,238
1,200,000 16.30 NR/NR Successor X, Ltd., Floating Rate Note,
11/10/15 (Cat Bond) (144A) 1,231,800
375,000 11.28 B-/NR Successor X, Ltd., Floating Rate Note,
11/10/15 (Cat Bond) (144A) 398,625
1,000,000 8.53 B+/NR Tar Heel Re, Ltd., Floating Rate Note,
5/9/16 (Cat Bond) (144A) 1,068,100
250,000 6.28 NR/NR Tradewynd Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) 250,700
-----------------
$ 60,037,652
-----------------
Total Insurance $ 70,847,902
------------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.1%
Diversified REIT -- 0.5%
9,550,000 B/Ba3 CNL Lifestyle Properties, Inc., 7.25%,
4/15/19 $ 10,027,500
------------------------------------------------------------------------------------------------------------------
Mortgage REIT -- 0.2%
4,550,000 NR/NR NorthStar Realty Finance Corp., 3.0%,
9/30/14 $ 4,544,262
------------------------------------------------------------------------------------------------------------------
Office REIT -- 0.1%
1,000,000 BB/Ba1 DuPont Fabros Technology LP, 5.875%,
9/15/21 $ 1,042,500
------------------------------------------------------------------------------------------------------------------
Specialized REIT -- 0.1%
2,675,000 BB/Ba3 Aviv Healthcare Properties LP, 7.75%,
2/15/19 $ 2,868,938
------------------------------------------------------------------------------------------------------------------
Real Estate Development -- 0.1%
2,840,000 B/Ba3 The Howard Hughes Corp., 6.875%,
10/1/21 (144A) $ 3,053,000
------------------------------------------------------------------------------------------------------------------
Real Estate Services -- 0.1%
1,480,000 BB-/B2 Kennedy-Wilson, Inc., 5.875%,
4/1/24 $ 1,478,150
-----------------
Total Real Estate $ 23,014,350
------------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 2.4%
Internet Software & Services -- 0.8%
3,400,000 BB-/B2 Bankrate, Inc., 6.125%, 8/15/18
(144A) $ 3,612,500
5,465,000 BB/Ba3 Equinix, Inc., 5.375%, 4/1/23 5,560,638
6,085,000 BB/B1 j2 Global, Inc., 8.0%, 8/1/20 6,617,438
-----------------
$ 15,790,576
------------------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.2%
5,100,000 BB-/B3 Entegris, Inc., 6.0%, 4/1/22 (144A) $ 5,163,750
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/14 43
Schedule of Investments | 4/30/14 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Data Processing & Outsourced
Services -- 1.1%
2,350,000 BB-/Ba2 Audatex North America, Inc., 6.0%,
6/15/21 (144A) $ 2,520,375
6,047,000 B-/Caa1 First Data Corp., 12.625%, 1/15/21 7,256,400
4,722,000 B-/Caa1 First Data Corp., 8.25%, 1/15/21
(144A) 5,087,955
5,048,000 BB-/Ba3 NeuStar, Inc., 4.5%, 1/15/23 4,391,760
2,950,000 BB/Ba3 WEX, Inc., 4.75%, 2/1/23 (144A) 2,795,125
-----------------
$ 22,051,615
------------------------------------------------------------------------------------------------------------------
Home Entertainment Software -- 0.3%
1,725,000 BB+/Ba2 Activision Blizzard, Inc., 5.625%,
9/15/21 (144A) $ 1,839,281
3,285,000 BB+/Ba2 Activision Blizzard, Inc., 6.125%,
9/15/23 (144A) 3,572,438
-----------------
$ 5,411,719
-----------------
Total Software & Services $ 48,417,660
------------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE
& EQUIPMENT -- 1.2%
Communications Equipment -- 0.5%
3,865,000 BB+/Ba3 Brocade Communications Systems,
Inc., 4.625%, 1/15/23 $ 3,700,738
3,295,000 NR/NR Emulex Corp., 1.75%, 11/15/18
(144A) 3,274,406
3,000,000 B-/B2 ViaSat, Inc., 6.875%, 6/15/20 3,213,750
-----------------
$ 10,188,894
------------------------------------------------------------------------------------------------------------------
Computer Storage &
Peripherals -- 0.2%
4,300,000 BBB-/Ba1 Seagate HDD Cayman, 4.75%,
6/1/23 (144A) $ 4,305,375
------------------------------------------------------------------------------------------------------------------
Electronic Equipment
Manufacturers -- 0.3%
5,300,000 B+/B1 Viasystems, Inc., 7.875%, 5/1/19
(144A) $ 5,644,500
------------------------------------------------------------------------------------------------------------------
Electronic Manufacturing
Services -- 0.2%
1,380,000 BB+/Ba1 Flextronics International, Ltd., 4.625%,
2/15/20 $ 1,386,900
2,295,000 BB+/Ba1 Flextronics International, Ltd., 5.0%,
2/15/23 2,306,475
-----------------
$ 3,693,375
-----------------
Total Technology
Hardware & Equipment $ 23,832,144
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
44 Pioneer High Yield Fund | Semiannual Report | 4/30/14
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 0.4%
Semiconductors -- 0.4%
6,205,000 B/B2 Advanced Micro Devices, Inc., 6.75%,
3/1/19 (144A) $ 6,437,688
1,825,000 BB-/Ba3 Micron Technology, Inc., 5.875%,
2/15/22 (144A) 1,925,375
-----------------
$ 8,363,063
-----------------
Total Semiconductors &
Semiconductor Equipment $ 8,363,063
------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION
SERVICES -- 4.4%
Integrated Telecommunication
Services -- 3.4%
3,625,000 BB/Ba2 CenturyLink, Inc., 5.8%, 3/15/22 $ 3,715,625
3,300,000 BB/Ba2 CenturyLink, Inc., 6.45%, 6/15/21 3,555,750
13,358,000 B/B3 Cincinnati Bell, Inc., 8.375%,
10/15/20 14,693,800
4,750,000 BB-/Ba2 Frontier Communications Corp.,
7.125%, 1/15/23 4,904,375
9,705,000 BB-/Ba2 Frontier Communications Corp., 8.5%,
4/15/20 11,300,259
3,100,000 BB-/Ba2 Frontier Communications Corp.,
8.75%, 4/15/22 3,534,000
2,840,000 BB-/B1 tw telecom holdings inc, 5.375%,
10/1/22 2,882,600
5,275,000 B/B1 Windstream Corp., 6.375%, 8/1/23 5,129,938
11,030,000 B/B1 Windstream Corp., 7.5%, 6/1/22 11,774,525
8,460,000 B/B1 Windstream Corp., 7.75%, 10/15/20 9,136,800
-----------------
$ 70,627,672
------------------------------------------------------------------------------------------------------------------
Wireless Telecommunication
Services -- 1.0%
2,300,000 NR/NR Richland Towers Funding LLC, 7.87%,
3/15/16 (144A) $ 2,423,641
2,490,000 BB-/B1 Sprint Corp., 7.25%, 9/15/21 (144A) 2,714,100
965,000 BB/Ba3 T-Mobile USA, Inc., 6.125%, 1/15/22 1,014,456
1,200,000 BB/Ba3 T-Mobile USA, Inc., 6.5%, 1/15/24 1,258,500
4,300,000 BB/Ba3 T-Mobile USA, Inc., 6.542%, 4/28/20 4,622,500
2,865,000 BB/Ba3 T-Mobile USA, Inc., 6.633%, 4/28/21 3,094,200
2,000,000 BB/Ba3 T-Mobile USA, Inc., 6.731%, 4/28/22 2,157,500
3,350,000 NR/NR WCP Issuer llc, 6.657%, 8/15/20
(144A) 3,488,154
-----------------
$ 20,773,051
-----------------
Total Telecommunication Services $ 91,400,723
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/14 45
Schedule of Investments | 4/30/14 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
UTILITIES -- 1.9%
Gas Utilities -- 0.6%
7,450,000 NR/Ba2 AmeriGas Finance LLC, 7.0%, 5/20/22 $ 8,195,000
1,850,000 B/B2 Ferrellgas LP, 6.5%, 5/1/21 1,942,500
1,320,000 B/B2 Ferrellgas LP, 6.75%, 1/15/22 (144A) 1,389,300
-----------------
$ 11,526,800
------------------------------------------------------------------------------------------------------------------
Independent Power Producers
& Energy Traders -- 1.3%
1,650,000 BB-/Ba3 AES Corp. Virginia, 5.5%, 3/15/24 $ 1,650,000
2,030,000 BB-/B1 Calpine Corp., 5.875%, 1/15/24
(144A) 2,083,288
2,360,000 BB-/B1 Calpine Corp., 6.0%, 1/15/22 (144A) 2,507,500
1,450,000 BB-/B1 NRG Energy, Inc., 6.25%, 5/1/24
(144A) 1,455,438
4,700,000 BB-/B1 NRG Energy, Inc., 7.625%, 1/15/18 5,322,750
4,700,000 BB-/B1 NRG Energy, Inc., 7.875%, 5/15/21 5,211,125
7,850,000 BB-/B1 NRG Energy, Inc., 8.25%, 9/1/20 8,664,438
-----------------
$ 26,894,539
-----------------
Total Utilities $ 38,421,339
------------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $1,146,262,081) $ 1,190,374,092
------------------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE
LOAN INTERESTS -- 5.3%**
ENERGY -- 0.5%
Oil & Gas Drilling -- 0.1%
2,326,500 5.75 B-/B3 Offshore Group Investment, Ltd., Term
Loan, 3/28/19 $ 2,331,346
------------------------------------------------------------------------------------------------------------------
Oil & Gas Equipment
& Services -- 0.1%
1,905,000 0.00 B-/B2 FTS International, Inc.,, Term Loan
(First Lien), 4/1/21 $ 1,916,013
------------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- 0.3%
5,168,665 8.38 B-/B2 Fieldwood Energy LLC, Term Loan,
9/30/20 $ 5,344,400
-----------------
Total Energy $ 9,591,759
------------------------------------------------------------------------------------------------------------------
MATERIALS -- 0.1%
Specialty Chemicals -- 0.1%
1,574,250 3.24 BB-/B1 Axalta Coating Systems US Holdings,
Inc., Term Loan, 2/1/20 $ 1,572,174
-----------------
Total Materials $ 1,572,174
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
46 Pioneer High Yield Fund | Semiannual Report | 4/30/14
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.4%
Aerospace & Defense -- 0.2%
1,931,898 4.23 B/B2 DAE Aviation Holdings, Inc., Term Loan,
11/2/18 $ 1,960,877
1,703,182 3.49 B-/Caa1 Hunter Defense Technologies, Inc., Term
Loan, 8/22/14 1,618,023
875,796 5.00 B/NR Standard Aero, Ltd., Term Loan,
11/2/18 889,207
-----------------
$ 4,468,107
------------------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.2%
2,987,188 6.76 B+/B2 International Equipment Solutions LLC,
Term Loan, 8/16/19 $ 2,992,788
-----------------
Total Capital Goods $ 7,460,895
------------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES
& SUPPLIES -- 0.3%
Environmental & Facilities
Services -- 0.0%+
622,300 4.00 B+/B1 WCA Waste Corp., Term Loan, 3/23/18 $ 622,495
------------------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.0%+
1,622,731 10.00 NR/NR IAP Worldwide Services, Inc., Term
Loan, 12/31/15 (d) $ 508,455
------------------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.3%
5,993,191 4.25 B/Ba3 Monitronics International, Inc., Term B
Loan, 3/23/18 $ 6,006,305
-----------------
Total Commercial Services & Supplies $ 7,137,255
------------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.6%
Auto Parts & Equipment -- 0.6%
7,480 3.75 B+/Ba3 Allison Transmission, Inc., Term Loan,
8/23/19 $ 7,469
3,026,331 5.50 NR/NR TI Group Automotive Systems LLC,
Additional Term Loan, 3/27/19 3,044,301
8,534,069 3.23 BB-/B1 Tower Automotive Holdings USA LLC,
Term Loan, 4/23/20 8,518,068
-----------------
$ 11,569,838
-----------------
Total Automobiles & Components $ 11,569,838
------------------------------------------------------------------------------------------------------------------
MEDIA -- 0.6%
Advertising -- 0.1%
1,998,057 6.75 B/NR Affinion Group, Inc., Term Loan,
10/9/16 $ 2,005,550
------------------------------------------------------------------------------------------------------------------
Broadcasting -- 0.1%
1,424,654 4.00 B+/NR Univision Communications, Inc., Term
Loan, 3/1/20 $ 1,419,438
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/14 47
Schedule of Investments | 4/30/14 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.4%
7,575,000 3.50 BB-/Ba3 Virgin Media Investment Holdings, Ltd.,
New Term B Loan, 2/6/20 $ 7,521,566
------------------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.0%+
1,359,896 3.75 NR/Baa3 Cinedigm Digital Funding I LLC, Term
Loan, 2/28/18 $ 1,361,596
-----------------
Total Media $ 12,308,150
------------------------------------------------------------------------------------------------------------------
RETAILING -- 0.7%
Distributors -- 0.3%
5,950,000 0.00 NR/NR Industrial Packaging Group, Term Loan,
3/10/15 $ 5,950,000
------------------------------------------------------------------------------------------------------------------
Department Stores -- 0.1%
1,630,913 4.25 B/B2 Neiman Marcus Group, Ltd. LLC, Term
Loan, 10/25/20 $ 1,629,554
------------------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.3%
7,150,031 5.75 B+/B2 CWGS Group LLC, Term Loan, 2/20/20 $ 7,203,656
-----------------
Total Retailing $ 14,783,210
------------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.0%+
Food Distributors -- 0.0%+
8,563 5.75 B/B1 AdvancePierre Foods, Inc., Term Loan,
7/10/17 $ 8,581
-----------------
Total Food & Staples Retailing $ 8,581
------------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT
& SERVICES -- 1.2%
Health Care Equipment -- 0.1%
2,409,942 4.00 BB-/Ba3 Kinetic Concepts, Inc., Term DTL-E1
loan, 5/4/18 $ 2,413,386
------------------------------------------------------------------------------------------------------------------
Health Care Services -- 1.0%
1,191,002 4.25 B+/B1 Alliance HealthCare Services, Inc.,
Term Loan, 6/3/19 $ 1,191,932
2,114,489 6.75 B+/B1 Ardent Medical Services, Inc., 1st Lien
Term Loan, 5/2/18 2,093,344
1,232,125 6.50 NR/B1 BioScrip, Inc., Term Loan, 7/31/20 1,240,852
2,053,542 6.50 BB-/B1 BioScrip, Inc., Term Loan, 7/31/20 2,066,377
7,433,300 6.50 B+/B2 Gentiva Health Services, Inc., Term
Loan, 10/10/19 7,365,939
2,590,000 4.75 B/B1 National Mentor Holdings, Inc., Term
Loan, 1/31/21 2,598,094
1,517,375 5.75 B/B2 National Surgical Hospitals, Inc., Term
Loan, 8/1/19 1,525,910
1,925,700 6.00 B/B1 Surgery Center Holdings, Inc., Term
Loan, 4/11/19 1,935,328
1,475,438 7.25 NR/NR Virtual Radiologic Corp., Term
Loan, 12/22/16 914,771
-----------------
$ 20,932,547
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
48 Pioneer High Yield Fund | Semiannual Report | 4/30/14
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.1%
1,047,466 9.75 B+/B2 MMM Holdings, Inc., Term Loan,
10/9/17 $ 1,055,322
761,543 9.75 B+/B2 MSO of Puerto Rico, Inc., Term Loan,
12/12/17 766,303
-----------------
$ 1,821,625
-----------------
Total Health Care Equipment
& Services $ 25,167,558
------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Other Diversified Financial
Services -- 0.1%
2,469,527 5.25 BB/Ba3 WorldPay, Facility B2A Term Loan,
8/6/17 $ 2,492,679
-----------------
Total Diversified Financials $ 2,492,679
------------------------------------------------------------------------------------------------------------------
INSURANCE -- 0.1%
Multi-line Insurance -- 0.1%
1,244,093 4.25 B/B1 Alliant Holdings I, Inc., Term Loan,
12/20/19 $ 1,245,244
-----------------
Total Insurance $ 1,245,244
------------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.7%
Application Software -- 0.7%
13,999,413 8.50 B-/B1 Expert Global Solutions, Inc., Term
Loan, 4/3/18 $ 13,386,939
668,841 4.25 B+/B1 Vertafore, Inc., Term Loan, 10/3/19 669,398
-----------------
$ 14,056,337
-----------------
Total Software & Services $ 14,056,337
------------------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING
RATE LOAN INTERESTS
(Cost $108,407,231) $ 107,393,680
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Shares
------------------------------------------------------------------------------------------------------------------
RIGHTS / WARRANTS -- 0.0%+
ENERGY -- 0.0%+
Oil & Gas Equipment &
Services -- 0.0%+
2,275 Green Field Energy Services, Inc.,
11/15/21 (144A) $ 2,298
-----------------
Total Energy $ 2,298
------------------------------------------------------------------------------------------------------------------
AUTOMOBILES &
COMPONENTS -- 0.0%+
Auto Parts & Equipment -- 0.0%+
2,230 Lear Corp., 11/9/14 $ 368,028
-----------------
Total Automobiles & Components $ 368,028
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/14 49
Schedule of Investments | 4/30/14 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
TOTAL RIGHTS / WARRANTS
(Cost $211,433) $ 370,326
------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN
SECURITIES -- 95.7%
(Cost $1,808,249,070) (a) $ 1,961,713,171
------------------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 4.3% $ 89,492,350
------------------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 2,051,205,521
==================================================================================================================
+ Amount rounds to less than 0.1%.
* Non-income producing security.
NR Not rated by either S&P or Moody's.
PIK Represents a pay-in-kind security.
(Step) Bond issued with an initial coupon rate which converts to a higher
rate at a later date.
REIT Real Estate Investment Trust.
(Perpetual) Security with no stated maturity date.
(Cat Bond) Catastrophe bond is a high-yield debt instrument that is usually
insurance linked and meant to raise money in case of a
catastrophe.
** 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 rate of a certificate of deposit or (iv)
other base lending rates used by commercial lenders. The rate
shown is the coupon rate at period end.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At April 30, 2014, the value of these securities
amounted to $566,202,182 or 27.6% of total net assets.
(a) At April 30, 2014, the net unrealized appreciation on investments
based on cost for federal income tax purposes of $1,813,765,671
was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 189,985,161
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (42,037,661)
-------------
Net unrealized appreciation $ 147,947,500
=============
(b) Debt obligation with a variable interest rate. Rate shown is
rate at end of period.
(c) Security issued with a zero coupon. Income is recognized through
accretion of discount.
(d) Security is in default and is non-income producing.
(e) Security is valued using fair value methods (other than prices
supplies by Independent Pricing Services or broker-dealers).
See Notes to Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
50 Pioneer High Yield Fund | Semiannual Report | 4/30/14
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended April 30, 2014 aggregated $339,226,084 and $320,408,241,
respectively.
-----------------------------------------------------------------------------------------------------------
CREDIT DEFAULT SWAP AGREEMENTS -- SELL PROTECTION
Net
Premiums Unrealized
Notional Obligation Expiration Received Appreciation
Principal ($)(1) Counterparty Entity/Index Coupon Date (Paid) (Depreciation)
-----------------------------------------------------------------------------------------------------------
5,295,000 J.P. Morgan Advanced Micro 5.00% 12/20/15 269,370 $92,035
Securities LLC Devices, Inc.
-----------------------------------------------------------------------------------------------------------
(1) The notional amount is the maximum amount that a seller of credit
protection would be obligated to pay upon occurrence of a credit event.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 -- quoted prices in active markets for identical securities.
Level 2 -- other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Note 1A.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services or broker-dealers)
as Level 3. See Notes to Financial Statements -- Note 1A.
Pioneer High Yield Fund | Semiannual Report | 4/30/14 51
Schedule of Investments | 4/30/14 (unaudited) (continued)
The following is a summary of the inputs used as of April 30, 2014, in valuing
the Fund's investments:
------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
------------------------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $ 342,924,229 $ -- $ 342,924,229
Preferred Stocks -- -- -- --
Transportation
Air Freight & Logistics -- 6,249,163 -- 6,249,163
Diversified Financials
Consumer Finance -- 6,420,169 -- 6,420,169
Insurance
Reinsurance -- -- 20,697,357 20,697,357
All Other Preferred Stocks 38,839,065 -- -- 38,839,065
Convertible Preferred Stocks
Energy
Oil & Gas Exploration & Production -- 6,380,759 -- 6,380,759
Consumer Durables & Apparel
Home Furnishings 11,332,750 11,332,750
Food, Beverage & Tobacco
Packaged Foods & Meats 7,696,500 7,696,500
Diversified Financials
Asset Management & Custody Banks 3,057,000 3,057,000
All Other Convertible Preferred Stocks 28,645,526 -- -- 28,645,526
Common Stocks
Materials
Diversified Metals & Mining -- -- 247,708 247,708
Transportation
Air Freight & Logistics -- 2,886,806 -- 2,886,806
Consumer Services
Education Services -- 510,339 -- 510,339
All Other Common Stocks 178,244,007 -- -- 178,244,007
Asset Backed Securities 5,305,489
Collateralized Mortgage Obligations -- 4,138,206 -- 4,138,206
Corporate Bonds -- -- -- --
Insurance
Reinsurance -- -- 7,728,646 7,728,646
All Other Corporate Bonds -- 1,182,645,446 -- 1,182,645,446
Senior Floating Rate Loan Interests -- 107,393,680 -- 107,393,680
Warrants
Energy
Oil & Gas Equipment & Services -- 2,298 -- 2,298
Automobiles & Components
Auto Parts & Equipment 368,028 -- -- 368,028
------------------------------------------------------------------------------------------------------
Total $246,096,626 $1,686,942,834 $28,673,711 $1,961,713,171
======================================================================================================
Other Financial Instruments
Unrealized appreciation
on credit default swaps $ -- $ 92,035 $ -- $ 92,035
------------------------------------------------------------------------------------------------------
Total Other Financial Instruments $ -- $ 92,035 $ -- $ 92,035
======================================================================================================
The accompanying notes are an integral part of these financial statements.
52 Pioneer High Yield Fund | Semiannual Report | 4/30/14
Following is a reconciliation of assets using significant unobservable inputs
(Level 3):
-----------------------------------------------------------------------------------------------------
Preferred Common Corporate
Stocks Stocks Bonds Total
-----------------------------------------------------------------------------------------------------
Balance as of 10/31/13 $12,274,480 $ 454,130 $ 6,645,930 $19,374,540
Realized gain (loss)1 -- -- 17,386 17,386
Change in unrealized
appreciation (depreciation)2 897,140 (206,422) (7,456) 683,262
Purchases 10,510,500 -- 6,655,400 17,165,900
Sales (2,984,763) -- (5,582,614) (8,567,377)
Transfers in and out of Level 3** -- -- -- --
-----------------------------------------------------------------------------------------------------
Balance as of 4/30/14 $20,697,357 $ 247,708 $ 7,728,646 $28,673,711
=====================================================================================================
(1) Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in net unrealized appreciation (depreciation) on investments in
the Statement of Operations.
The net change in unrealized appreciation (depreciation) on Level 3
securities still held at year end is $683,262.
** Transfers are calculated on the beginning of period values.
During the six months ended April 30, 2014 there were no transfers between
Levels 1, 2 and 3.
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/14 53
Statement of Assets and Liabilities | 4/30/14 (Consolidated) (unaudited)
ASSETS:
Investment in securities (cost $1,808,249,070) $1,961,713,171
Cash 55,264,604
Receivables --
Investment securities sold 25,587,516
Fund shares sold 3,032,786
Dividends and interest 25,035,702
Credit default swaps, premiums received 269,370
Unrealized appreciation on credit default swaps 92,035
---------------------------------------------------------------------------------------------------
Total assets $2,070,995,184
---------------------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 13,474,333
Fund shares repurchased 4,372,978
Dividends 944,523
Trustee fees 5,344
Due to affiliates 710,307
Due from Pioneer Investment Management, Inc. 479
Accrued expenses 281,699
---------------------------------------------------------------------------------------------------
Total liabilities $ 19,789,663
---------------------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $1,873,179,381
Distributions in excess of net investment income (5,890,586)
Accumulated net realized gain on investments 30,360,590
Net unrealized appreciation on investments 153,464,101
Net unrealized appreciation on credit default swaps 92,035
---------------------------------------------------------------------------------------------------
Total net assets $2,051,205,521
===================================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $1,216,751,154/112,405,816 shares) $ 10.82
Class B (based on $18,737,243/1,714,106 shares) $ 10.93
Class C (based on $435,433,162/39,462,977 shares) $ 11.03
Class R (based on $57,083,830/4,693,667 shares) $ 12.16
Class Y (based on $312,517,331/28,856,784 shares) $ 10.83
Class Z (based on $10,682,801/1,058,620 shares) $ 10.09
MAXIMUM OFFERING PRICE:
Class A ($10.82/95.5%) $ 11.33
===================================================================================================
The accompanying notes are an integral part of these financial statements.
54 Pioneer High Yield Fund | Semiannual Report | 4/30/14
Statement of Operations (Consolidated) (unaudited)
For the Six Months Ended 4/30/14
INVESTMENT INCOME:
Interest $52,427,472
Dividends (net of foreign taxes withheld of $11,698) 4,051,171
---------------------------------------------------------------------------------------------------
Total investment income $56,478,643
---------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 6,480,925
Transfer agent fees and expenses
Class A 308,473
Class B 28,462
Class C 62,388
Class R 4,844
Class Y 24,873
Class Z 395
Distribution fees
Class A 1,488,078
Class B 104,694
Class C 2,171,212
Class R 138,798
Shareholder communications expense 1,302,620
Administrative reimbursement 342,115
Custodian fees 19,905
Registration fees 65,774
Professional fees 155,642
Printing expense 16,574
Fees and expenses of nonaffiliated Trustees 41,103
Miscellaneous 67,958
---------------------------------------------------------------------------------------------------
Total expenses $12,824,833
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (38)
---------------------------------------------------------------------------------------------------
Net expenses $12,824,795
---------------------------------------------------------------------------------------------------
Net investment income $43,653,848
---------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND CREDIT DEFAULT SWAPS:
Net realized gain on:
Investments $30,441,878
Credit default swaps 133,110 $30,574,988
---------------------------------------------------------------------------------------------------
Change in net unrealized appreciation on:
Investments $ 2,517,954
Credit default swaps 59,813 $ 2,577,767
---------------------------------------------------------------------------------------------------
Net gain on investments $33,152,755
---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $76,806,603
===================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/14 55
Statements of Changes in Net Assets (Consolidated)
---------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/14 Year Ended
(unaudited) 10/31/13
---------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 43,653,848 $ 96,886,491
Net realized gain on investments and credit
default swaps 30,574,988 118,301,654
Change in net unrealized appreciation on investments and
credit default swaps and other assets 2,577,767 44,745,066
---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 76,806,603 $ 259,933,211
---------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.27 and $0.53 per share, respectively) $ (30,190,993) $ (61,625,784)
Class B ($0.22 and $0.42 per share, respectively) (431,146) (1,152,943)
Class C ($0.24 and $0.46 per share, respectively) (9,402,630) (19,544,635)
Class R ($0.28 and $0.55 per share, respectively) (1,291,783) (2,848,158)
Class Y ($0.29 and $0.57 per share, respectively) (8,850,652) (15,188,332)
Class Z ($0.27 and $0.54 per share, respectively) (206,476) (453,844)
Net realized gain:
Class A ($0.39 and $0.00 per share, respectively) (41,922,595) --
Class B ($0.39 and $0.00 per share, respectively) (789,847) --
Class C ($0.39 and $0.00 per share, respectively) (15,125,505) --
Class R ($0.39 and $0.00 per share, respectively) (1,740,430) --
Class Y ($0.39 and $0.00 per share, respectively) (11,661,682) --
Class Z ($0.39 and $0.00 per share, respectively) (226,380) --
---------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (121,840,119) $ (100,813,696)
---------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 287,196,800 $ 529,673,571
Reinvestment of distributions 104,341,042 85,100,834
Cost of shares repurchased (361,381,789) (838,564,983)
---------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from
Fund share transactions $ 30,156,053 $ (223,790,578)
---------------------------------------------------------------------------------------------------
Net decrease in net assets $ (14,877,463) $ (64,671,063)
NET ASSETS:
Beginning of year 2,066,082,984 2,130,754,047
---------------------------------------------------------------------------------------------------
End of year $2,051,205,521 $2,066,082,984
---------------------------------------------------------------------------------------------------
Undistributed (distributions in excess of) net
investment income $ (5,890,586) $ 829,246
===================================================================================================
The accompanying notes are an integral part of these financial statements.
56 Pioneer High Yield Fund | Semiannual Report | 4/30/14
Statements of Changes in Net Assets (Consolidated) (continued)
---------------------------------------------------------------------------------------------------
'14 Shares '14 Amount
(unaudited) (unaudited) '13 Shares '13 Amount
---------------------------------------------------------------------------------------------------
Class A
Shares sold 15,534,088 $ 167,709,196 27,254,736 $ 292,739,310
Reinvestment of
distributions 6,217,709 66,581,850 5,290,053 56,344,936
Less shares repurchased (18,295,041) (197,429,454) (46,907,652) (500,635,153)
---------------------------------------------------------------------------------------------------
Net increase
(decrease) 3,456,756 $ 36,861,592 (14,362,863) $ (151,550,907)
===================================================================================================
Class B
Shares sold or exchanged 31,960 $ 347,744 55,475 $ 593,248
Reinvestment of
distributions 96,336 1,040,802 91,408 978,379
Less shares repurchased (518,091) (5,644,697) (1,547,103) (16,572,914)
---------------------------------------------------------------------------------------------------
Net decrease (389,795) $ (4,256,151) (1,400,220) $ (15,001,287)
===================================================================================================
Class C
Shares sold 1,753,500 $ 19,214,954 2,119,525 $ 23,033,581
Reinvestment of
distributions 1,687,374 18,405,528 1,361,430 14,747,881
Less shares repurchased (3,307,620) (36,346,373) (8,957,460) (97,320,368)
---------------------------------------------------------------------------------------------------
Net increase
(decrease) 133,254 $ 1,274,109 (5,476,505) $ (59,538,906)
===================================================================================================
Class R
Shares sold 637,256 $ 7,712,447 1,158,375 $ 13,856,701
Reinvestment of
distributions 239,586 2,881,488 229,768 2,737,176
Less shares repurchased (724,858) (8,780,560) (2,884,752) (34,344,406)
---------------------------------------------------------------------------------------------------
Net increase
(decrease) 151,984 $ 1,813,375 (1,496,609) $ (17,750,529)
===================================================================================================
Class Y
Shares sold 8,013,087 $ 86,492,504 15,662,410 $ 168,811,947
Reinvestment of
distributions 1,400,123 14,998,518 922,529 9,841,608
Less shares repurchased (10,380,337) (111,843,713) (14,849,543) (158,105,821)
---------------------------------------------------------------------------------------------------
Net increase
(decrease) (967,127) $ (10,352,691) 1,735,396 $ 20,547,734
===================================================================================================
Class Z
Shares sold 569,155 $ 5,719,955 2,958,118 $ 30,638,784
Reinvestment of
distributions 43,373 432,856 44,314 450,854
Less shares repurchased (132,695) (1,336,992) (3,068,648) (31,586,321)
---------------------------------------------------------------------------------------------------
Net increase
(decrease) 479,833 $ 4,815,819 (66,216) $ (496,683)
===================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/14 57
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year
4/30/14 Ended Ended Ended Year Year
(Consolidated) 10/31/13 10/31/12 10/31/11 Ended Ended
(unaudited) (Consolidated) (Consolidated) (Consolidated) 10/31/10 10/31/09
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 11.07 $ 10.25 $ 9.67 $ 9.88 $ 8.69 $ 6.99
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment
operations:
Net investment income $ 0.24 $ 0.51 $ 0.51 $ 0.51 $ 0.49 $ 0.54
Net realized and unrealized gain
(loss) on investments 0.17 0.84 0.59 (0.18) 1.17 1.87
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment
operations $ 0.41 $ 1.35 $ 1.10 $ 0.33 $ 1.66 $ 2.41
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.27) $ (0.53) $ (0.52) $ (0.54) $ (0.47) $ (0.61)
Net realized gain (0.39) -- -- -- -- (0.09)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.66) $ (0.53) $ (0.52) $ (0.54) $ (0.47) $ (0.70)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.25) $ 0.82 $ 0.58 $ (0.21) $ 1.19 $ 1.70
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.82 $ 11.07 $ 10.25 $ 9.67 $ 9.88 $ 8.69
====================================================================================================================================
Total return* 3.88% 13.52%(a) 11.66% 3.20% 19.66% 37.79%
Ratio of net expenses to average
net assets 1.14%** 1.14% 1.16% 1.16% 1.18% 1.25%
Ratio of net investment income to
average net assets 4.40%** 4.82% 5.18% 4.99% 5.28% 7.41%
Portfolio turnover rate 33%** 46% 33% 47% 20% 45%
Net assets, end of period (in thousands) $1,216,751 $1,206,497 $1,263,707 $1,467,120 $1,584,198 $1,398,692
Ratios with no waiver of fees by the Adviser
and no reduction for fees paid indirectly:
Total expenses 1.14%** 1.14% 1.16% 1.16% 1.18% 1.25%
Net investment income 4.40%** 4.82% 5.18% 4.99% 5.28% 7.41%
====================================================================================================================================
* 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.
** Annualized.
(a) If the Fund had not recognized gains in the settlement of class action
lawsuits during the year ended October 31, 2013, the total return would
have been 13.49%.
The accompanying notes are an integral part of these financial statements.
58 Pioneer High Yield Fund | Semiannual Report | 4/30/14
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year
4/30/14 Ended Ended Ended Year Year
(Consolidated) 10/31/13 10/31/12 10/31/11 Ended Ended
(unaudited) (Consolidated) (Consolidated) (Consolidated) 10/31/10 10/31/09
------------------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 11.18 $ 10.33 $ 9.75 $ 9.95 $ 8.74 $ 7.03
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment
operations:
Net investment income $ 0.18 $ 0.39 $ 0.39 $ 0.39 $ 0.40 $ 0.48
Net realized and unrealized gain
(loss) on investments 0.18 0.88 0.60 (0.14) 1.21 1.89
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment
operations $ 0.36 $ 1.27 $ 0.99 $ 0.25 $ 1.61 $ 2.37
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.22) $ (0.42) $ (0.41) $ (0.45) $ (0.40) $ (0.56)
Net realized gain (0.39) -- -- -- -- (0.09)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.61) $ (0.42) $ (0.41) $ (0.45) $ (0.40) $ (0.66)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
asset value $ (0.25) $ 0.85 $ 0.58 $ (0.20) $ 1.21 $ 1.71
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.93 $ 11.18 $ 10.33 $ 9.75 $ 9.95 $ 8.74
====================================================================================================================================
Total return* 3.35% 12.53%(a) 10.42% 2.41% 18.83% 36.89%
Ratio of net expenses to average
net assets 2.11%** 2.18% 2.17% 2.04% 1.96% 2.04%
Ratio of net investment income to
average net assets 3.44%** 3.80% 4.18% 4.13% 4.52% 6.84%
Portfolio turnover 33%** 46% 33% 47% 20% 45%
Net assets, end of period (in thousands) $18,737 $23,512 $36,207 $82,879 $240,993 $376,790
Ratios with no waiver of fees by the Adviser
and no reduction for fees paid indirectly:
Total expenses 2.11%** 2.18% 2.17% 2.04% 1.96% 2.04%
Net investment income 3.44%** 3.80% 4.18% 4.13% 4.52% 6.84%
====================================================================================================================================
* 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.
** Annualized.
(a) If the Fund had not recognized gains in the settlement of class action
lawsuits during the year ended October 31, 2013, the total return would
have been 12.42%.
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/14 59
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year
4/30/14 Ended Ended Ended Year Year
(Consolidated) 10/31/13 10/31/12 10/31/11 Ended Ended
(unaudited) (Consolidated) (Consolidated) (Consolidated) 10/31/10 10/31/09
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 11.28 $ 10.43 $ 9.84 $ 10.04 $ 8.83 $ 7.10
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.20 $ 0.44 $ 0.45 $ 0.44 $ 0.42 $ 0.49
Net realized and unrealized gain (loss) on
investments 0.18 0.87 0.59 (0.17) 1.20 1.91
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment
operations $ 0.38 $ 1.31 $ 1.04 $ 0.27 $ 1.62 $ 2.40
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.24) $ (0.46) $ (0.45) $ (0.47) $ (0.41) $ (0.58)
Net realized gain (0.39) -- -- -- -- (0.09)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.63) $ (0.46) $ (0.45) $ (0.47) $ (0.41) $ (0.67)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.25) $ 0.85 $ 0.59 $ (0.20) $ 1.21 $ 1.73
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.03 $ 11.28 $ 10.43 $ 9.84 $ 10.04 $ 8.83
====================================================================================================================================
Total return* 3.46% 12.87%(a) 10.85% 2.59% 18.79% 37.01%
Ratio of net expenses to average net assets 1.84%** 1.86% 1.85% 1.87% 1.88% 1.98%
Ratio of net investment income to average
net assets 3.71%** 4.11% 4.50% 4.32% 4.60% 6.78%
Portfolio turnover rate 33%** 46% 33% 47% 20% 45%
Net assets, end of period (in thousands) $435,433 $443,442 $467,377 $527,822 $599,656 $624,726
Ratios with no waiver of fees by the Adviser and
no reduction for fees paid indirectly:
Total expenses 1.84%** 1.86% 1.85% 1.87% 1.88% 1.98%
Net investment income 3.71%** 4.11% 4.50% 4.32% 4.60% 6.78%
====================================================================================================================================
* 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.
** Annualized.
(a) If the Fund had not recognized gains in the settlement of class action
lawsuits during the year ended October 31, 2013, the total return would
have been 12.75%.
The accompanying notes are an integral part of these financial statements.
60 Pioneer High Yield Fund | Semiannual Report | 4/30/14
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year
4/30/14 Ended Ended Ended Year Year
(Consolidated) 10/31/13 10/31/12 10/31/11 Ended Ended
(unaudited) (Consolidated) (Consolidated) (Consolidated) 10/31/10 10/31/09
------------------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 12.39 $ 11.46 $ 10.82 $ 11.03 $ 9.70 $ 7.79
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.25 $ 0.53 $ 0.53 $ 0.54 $ 0.49 $ 0.58
Net realized and unrealized gain (loss) on
investments 0.19 0.95 0.64 (0.19) 1.34 2.09
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment
operations $ 0.44 $ 1.48 $ 1.17 $ 0.35 $ 1.83 $ 2.68
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.28) $ (0.55) $ (0.53) $ (0.56) $ (0.50) $ (0.67)
Net realized gain (0.39) -- -- -- -- (0.09)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.67) $ (0.55) $ (0.53) $ (0.56) $ (0.50) $ (0.77)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.23) $ 0.93 $ 0.64 $ (0.21) $ 1.33 $ 1.91
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.16 $ 12.39 $ 11.46 $ 10.82 $ 11.03 $ 9.70
====================================================================================================================================
Total return* 3.68% 13.24%(a) 11.11% 3.03% 19.32% 37.73%
Ratio of net expenses to average net assets 1.45%** 1.47% 1.56% 1.46% 1.49% 1.47%
Ratio of net investment income to average
net assets 4.10%** 4.50% 4.79% 4.73% 5.00% 7.23%
Portfolio turnover rate 33%** 46% 33% 47% 20% 45%
Net assets, end of period (in thousands) $57,084 $56,248 $69,207 $78,187 $95,303 $119,846
Ratios with no waiver of fees by the Adviser
and no reduction for fees paid indirectly:
Total expenses 1.45%** 1.47% 1.56% 1.46% 1.19% 1.47%
Net investment income 4.10%** 4.50% 4.79% 4.73% 5.00% 7.23%
====================================================================================================================================
* 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.
(a) If the Fund had not recognized gains in the settlement of class action
lawsuits during the year ended October 31, 2013, the total return would
have been 13.13%.
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/14 61
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year
4/30/14 Ended Ended Ended Year Year
(Consolidated) 10/31/13 10/31/12 10/31/11 Ended Ended
(unaudited) (Consolidated) (Consolidated) (Consolidated) 10/31/10 10/31/09
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 11.08 $ 10.25 $ 9.67 $ 9.88 $ 8.69 $ 6.99
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.25 $ 0.55 $ 0.54 $ 0.55 $ 0.51 $ 0.57
Net realized and unrealized gain (loss)
on investments 0.18 0.85 0.59 (0.19) 1.19 1.87
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment
operations $ 0.43 $ 1.40 $ 1.13 $ 0.36 $ 1.70 $ 2.44
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.29) $ (0.57) $ (0.55) $ (0.57) $ (0.51) $ (0.65)
Net realized gain (0.39) -- -- -- -- (0.09)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.68) $ (0.57) $ (0.55) $ (0.57) $ (0.51) $ (0.74)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.25) $ 0.83 $ 0.58 $ (0.21) $ 1.19 $ 1.70
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.83 $ 11.08 $ 10.25 $ 9.67 $ 9.88 $ 8.69
====================================================================================================================================
Total return* 4.04% 13.98%(a) 12.02% 3.55% 20.16% 38.59%
Ratio of net expenses to average net assets 0.84%** 0.82% 0.82% 0.81% 0.79% 0.78%
Ratio of net investment income to average
net assets 4.71%** 5.12% 5.51% 5.33% 5.67% 7.95%
Portfolio turnover rate 33%** 46% 33% 47% 20% 45%
Net assets, end of period (in thousands) $312,517 $330,398 $287,901 $372,280 $300,881 $367,933
Ratios with no waiver of fees by the Adviser
and no reduction for fees paid indirectly:
Total expenses 0.84%** 0.82% 0.82% 0.81% 0.79% 0.78%
Net investment income 4.71%** 5.12% 5.51% 5.33% 5.67% 7.95%
====================================================================================================================================
* 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.
(a) If the Fund had not recognized gains in the settlement of class action
lawsuits during the year ended October 31, 2013, the total return would
have been 13.89%.
The accompanying notes are an integral part of these financial statements.
62 Pioneer High Yield Fund | Semiannual Report | 4/30/14
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year
4/30/14 Ended Ended Ended Year Year
(Consolidated) 10/31/13 10/31/12 10/31/11 Ended Ended
(unaudited) (Consolidated) (Consolidated) (Consolidated) 10/31/10 10/31/09
------------------------------------------------------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $ 10.34 $ 9.85 $ 9.33 $ 9.86 $ 8.65 $ 7.01
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.25 $ 0.53 $ 0.54 $ 0.53 $ 0.53 $ 0.58
Net realized and unrealized gain (loss)
on investments 0.16 0.50 0.50 (0.50) 1.18 1.80
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment
operations $ 0.41 $ 1.03 $ 1.04 $ 0.03 $ 1.71 $ 2.38
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.27) $ (0.54) $ (0.52) $ (0.56) $ (0.50) $ (0.65)
Net realized gain (0.39) -- -- -- -- (0.09)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.66) $ (0.54) $ (0.52) $ (0.56) $ (0.50) $ (0.74)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.25) $ 0.49 $ 0.52 $ (0.53) $ 1.21 $ 1.64
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.09 $ 10.34 $ 9.85 $ 9.33 $ 9.86 $ 8.65
====================================================================================================================================
Total return* 4.13% 10.70%(a) 11.54% 0.06% 20.35% 37.48%
Ratio of net expenses to average net assets 0.85%** 0.85% 0.85% 0.85% 0.85% 0.85%
Ratio of net investment income to average
net assets 4.68%** 5.09% 5.42% 5.15% 5.60% 7.49%
Portfolio turnover rate 33%** 46% 33% 47% 20% 45%
Net assets, end of period (in thousands) $10,683 $ 5,985 $ 6,353 $ 4,296 $ 2,499 $ 1,300
Ratios with no waiver of fees by the Adviser
and no reduction for fees paid indirectly:
Total expenses 0.85%** 0.90% 1.08% 0.97% 0.98% 0.98%
Net investment income 4.68%** 5.04% 5.19% 5.03% 5.47% 7.36%
====================================================================================================================================
* 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.
(a) If the Fund had not recognized gains in the settlement of class action
lawsuits during the year ended October 31, 2013, the total return would
have been 10.64%.
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/14 63
Notes to Financial Statements | 4/30/14 (Consolidated) (unaudited)
1. Organization and Significant Accounting Policies
Pioneer High Yield Fund (the Fund) is a Delaware statutory trust. The Fund is
registered under the Investment Company Act of 1940 as a diversified, open-end
management investment company. The investment objective of the Fund is to
maximize total return through a combination of income and capital appreciation.
The Fund offers six classes of shares designated as Class A, Class B, Class C,
Class R, Class Y and Class Z shares. 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 or Class Z shares. Class B shares convert to Class
A shares approximately eight years after the date of purchase.
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:
64 Pioneer High Yield Fund | Semiannual Report | 4/30/14
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, an independent pricing service. If
price information is not available from Loan Pricing Corporation, or if the
price information is deemed to be unreliable, price information will be
obtained from an alternative loan interest pricing service. If no reliable
price quotes are available from either the primary or alternative pricing
service, broker quotes will be solicited. 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. Short-term fixed income securities with remaining maturities
of sixty days or less generally are valued at amortized cost. Shares of
money market mutual funds are valued at such funds' net asset value.
Securities or senior loans interests 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 by
a fair valuation team comprised of certain personnel of Pioneer Investment
Management, Inc. (PIM), the Fund's investment advisor, pursuant to
procedures adopted by the Fund's Board of Trustees. PIMs fair valuation
team uses fair value methods approved by the Valuation Committee of the
Board of Trustees. PIM's fair valuation team is responsible for monitoring
developments that may impact fair valued securities and for discussing and
assessing fair values on an ongoing basis, and at least quarterly, with the
Valuation Committee of the Board of Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company,
current market conditions and comparable securities. The Fund may
use fair value methods if it is determined that a significant event has
occurred after the close of the exchange or market on which the security
trades and prior to
Pioneer High Yield Fund | Semiannual Report | 4/30/14 65
the determination of the Fund's net asset value. Examples of
a significant event might include political or economic news,
corporate restructurings, natural disasters, terrorist activity or trading
halts. Thus, the valuation of the Fund's securities may differ
significantly from exchange prices and such differences could be material.
At April 30, 2014, one security was valued using fair value methods (in
addition to securities valued using prices supplied by independent pricing
services or broker-dealers) representing 0.01% of net assets.
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.
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
shareowners. Therefore, no federal income tax provision is required. As of
April 30, 2014, the Fund did not accrue any interest or penalties with
respect to uncertain tax positions, which, if applicable, would be recorded
as an income tax expense in the Statement of Operations. Tax returns filed
within the prior three years remain subject to examination by federal and
state tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax character, but are not adjusted for temporary differences.
66 Pioneer High Yield Fund | Semiannual Report | 4/30/14
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the year ended October 31, 2013 was as follows:
---------------------------------------------------------------------------
2013
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $100,813,696
---------------------------------------------------------------------------
Total $100,813,696
===========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2013:
---------------------------------------------------------------------------
2013
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 7,279,041
Undistributed long term capital gain 71,462,921
Dividend payable (1,111,853)
Net unrealized appreciation 145,429,547
---------------------------------------------------------------------------
Total $223,059,656
===========================================================================
The difference between book basis and tax basis unrealized appreciation is
attributable to the tax deferral of losses on wash sales, adjustments
relating to catastrophe bonds, the tax treatment of premium and
amortization, the mark to market of forward and futures contracts, tax
basis adjustments on Real Estate Investment Trust (REIT) holdings, interest
accruals on preferred stock, partnerships and other holdings.
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.
(UniCredit), earned $29,491 in underwriting commissions on the sale of
Class A shares during the six months ended April 30, 2014.
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,
respectively (see Note 5). 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).
Pioneer High Yield Fund | Semiannual Report | 4/30/14 67
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. Risks
At times, the Fund's investments may represent industries or industry
sectors that are interrelated or have common risks, making the Fund more
susceptible to any economic, political, or regulatory developments or other
risks affecting those industries and sectors. The Fund invests in below
investment grade (high yield) debt securities and preferred stocks. Some of
these high yield securities may be convertible into equity securities of
the issuer. Debt securities rated below investment grade are commonly
referred to as "junk bonds" and are considered speculative. These
securities involve greater risk of loss, are subject to greater price
volatility, and are less liquid, especially during periods of economic
uncertainty or change, than higher rated debt securities. The Fund's
prospectus contains unaudited information regarding the Fund's principal
risks. Please refer to that document when considering the Fund's principal
risks.
F. 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. PIM is responsible for determining that the value of the collateral
remains at least equal to the repurchase price.
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 seek to increase the Fund's
income, or to attempt to hedge the risk of default on portfolio securities.
A credit default swap index is used to hedge risk or take a position on a
basket of credit entities or indices. As a seller of protection, the Fund
would be required to pay the notional (or other agreed-upon) value of the
referenced debt obligation to the counterparty in the event of a default by
a U.S. or foreign corporate issuer of a debt obligation, which would likely
result in a loss to the Fund. In return, the Fund would receive from the
counterparty a periodic
68 Pioneer High Yield Fund | Semiannual Report | 4/30/14
stream of payments during the term of the contract provided that no event
of default occurred. The maximum exposure of loss to the seller would be
the notional value of the credit default swaps outstanding. If no default
occurs, the Fund would keep the stream of payments and would have no
payment obligation. The Fund may also buy credit default swap contracts in
order to hedge against the risk of default of debt securities, in which
case the Fund would function as the counterparty referenced above.
When the Fund enters into a credit default swap contract, the protection
buyer makes an upfront or periodic payment to the protection seller in
exchange for the right to receive a contingent payment. An upfront payment
made by the Fund, as the protection buyer, is recorded as an asset in the
Statement of Assets and Liabilities. Periodic payments received or paid by
the Fund are recorded as realized gains or losses in the Statement of
Operations.
Credit default swap contracts are marked-to-market daily using valuations
supplied by independent sources and the change in value, if any, is
recorded as unrealized appreciation or depreciation in the Statement of
Assets and Liabilities. Payments received or made as a result of a credit
event or upon termination of the contract are recognized, net of the
appropriate amount of the upfront payment, as realized gains or losses in
the Statement of Operations.
Credit default swap contracts involving the sale of protection may involve
greater risks than if the Fund had invested in the referenced debt
instrument directly. Credit default swap contracts are subject to general
market risk, liquidity risk, counterparty risk and credit risk. If the Fund
is a protection buyer and no credit event occurs, it will lose its
investment. If the Fund is a protection seller and a credit event occurs,
the value of the referenced debt instrument received by the Fund, together
with the periodic payments received, may be less than the amount the Fund
pays to the protection buyer, resulting in a loss to the Fund.
Open credit default swap contract at April 30, 2014 is listed in the
Schedule of Investments. The average value of swap contracts open during
the six months ended April 30, 2014 was $5,600,738.
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%
Pioneer High Yield Fund | Semiannual Report | 4/30/14 69
of the next $1 billion, and 0.30% on assets over $10 billion. For the six months
ended April 30, 2014, the effective management fee (excluding waivers and/or
assumption of expenses) was equivalent to 0.64% 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. Fees waived and expenses reimbursed during the
six months ended April 30, 2014 are reflected on the Statement of Operations.
This expense limitation is in effect through March 1, 2015 for Class Z shares.
There can be no assurance that PIM will extend the expense limitation agreement
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
$92,762 in management fees, administrative costs and certain other
reimbursements payable to PIM at April 30, 2014.
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 six months ended April 30, 2014, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 805,064
Class B 13,918
Class C 220,312
Class R 61,971
Class Y 196,226
Class Z 5,129
--------------------------------------------------------------------------------
Total $1,302,620
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $531,012 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at April 30, 2014.
70 Pioneer High Yield Fund | Semiannual Report | 4/30/14
4. Basis for Consolidation of the Financial Statements
The consolidated financial statements of the Fund include the accounts of Blaze
Holding HYDF, Inc. (the "Subsidiary"). All intercompany accounts and
transactions have been eliminated in consolidation. The Subsidiary, a Delaware
corporation, was incorporated on February 10, 2011 and is wholly-owned and
controlled by the Fund. It is intended that the Fund will remain the sole
shareholder of, and will continue to control, the Subsidiary. The Subsidiary
acts as an investment vehicle for the Fund's interest in Blaze Recycling and
Metals LLC, Class A Units. As of April 30, 2014, the Subsidiary represented
$247,707 or approximately 0.01% of the net assets of the Fund.
5. 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 further pays PFD 0.50% of the average
daily net assets attributable to Class R shares for distribution services.
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $86,533 in distribution fees payable to PFD April 30, 2014.
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 12 months of purchase. 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 12 months of purchase are subject to a CDSC
of 1.00% based on the lower of cost or market value of
Pioneer High Yield Fund | Semiannual Report | 4/30/14 71
shares being redeemed. Shares purchased as part of an exchange remain subject to
any CDSC that applied to the original purchase of those shares. There is no CDSC
for Class R, Class Y or Class Z shares. Proceeds from the CDSCs are paid to PFD.
For the six months ended April 30, 2014, CDSCs in the amount of $14,884 were
paid to PFD.
6. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses, due to interest earned
on cash held by PIMSS. For the six months ended April 30, 2014, the Fund's
expenses were not reduced under such arrangements.
7. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect until February 12, 2014 was in the amount of $215
million. As of February 12, 2014, the facility is in the amount of $240 million.
Under such facility, depending on the type of loan, interest on borrowings is
payable at the London Interbank Offered Rate (LIBOR) plus 0.90% (0.85% as of
February 12, 2014) on an annualized basis, or the Alternate Base Rate, which is
the greater of (a) the facility's administrative agent's daily announced prime
rate on the borrowing date, (b) 2% plus the Federal Funds Rate on the borrowing
date and (c) 2% plus the overnight Euro dollar rate on the borrowing date. The
Funds pay an annual commitment fee to participate in the credit facility. The
commitment fee is allocated among participating Funds based on an allocation
schedule set forth in the credit agreement. For the six months ended April 30,
2014, the Fund had no borrowings under the credit facility.
8. Bridge Loan Commitments
As of April 30, 2014, the Fund had no outstanding unfunded loan commitments. The
Fund had the following bridge loan commitment outstanding as of April 30, 2014:
--------------------------------------------------------------------------------
Net Unrealized
Loan Shares Cost Value Appreciation
--------------------------------------------------------------------------------
Hearthside Food
Solutions LLC,
Bridge Loan 2,945,000 $2,945,000 $2,945,000 $ --
================================================================================
Total $ --
================================================================================
72 Pioneer High Yield Fund | Semiannual Report | 4/30/14
9. Additional Disclosures about Derivative Instruments and Hedging Activities:
Values of derivative instruments as of April 30, 2014 were as follows:
----------------------------------------------------------------------------------------
Derivatives Not
Accounted for as Asset Derivatives 2014 Liabilities Derivatives 2014
Hedging Instruments ---------------------------- ----------------------------
Under Accounting Statement of Assets Statement of Assets
Standards Codification and Liabilities and Liabilities
(ASC) 815 Location Value Location Value
----------------------------------------------------------------------------------------
Credit Default Swaps Net unrealized $92,035 Net unrealized $ --
appreciation on depreciation on
credit default credit default
swap contracts swap contracts
----------------------------------------------------------------------------------------
Total $92,035 $ --
----------------------------------------------------------------------------------------
The effect of derivative instruments on the Statement of Operations for the six
months ended April 30, 2014 was as follows:
----------------------------------------------------------------------------------------
Change in
Derivatives Not Unrealized
Accounted for as Realized Gain Appreciation or
Hedging Instruments Location of Gain or (Loss) on (Depreciation)
Under Accounting or (Loss) on Derivatives on Derivatives
Standards Codification Derivatives Recognized Recognized Recognized
(ASC) 815 in Income in Income in Income
----------------------------------------------------------------------------------------
Credit Default Swaps Net realized loss on $133,110
credit default swaps
Credit Default Swaps Change in unrealized $59,813
appreciation on credit
default swaps
10. Assets and Liabilities Offsetting
Financial instruments subject to an enforceable master netting agreement have
been offset on the Statement of Assets and Liabilities. The following charts
show gross assets and liabilities of the Fund as of April 30, 2014.
----------------------------------------------------------------------------------------
Assets:
Net
Gross Amounts Gross Amounts
Amounts of Assets Not Offset in
Offset Presented the Statement of
in the in the Assets and Liabilities
Gross Statement Statement ------------------------
Amounts of of Assets of Assets Cash
Recognized and and Financial Collateral Net
Description Assets Liabilities Liabilities Instruments Received Amount
----------------------------------------------------------------------------------------
Credit Default
Swaps $92,035 $ -- $ 92,035 $ -- $ -- $92,035
----------------------------------------------------------------------------------------
$92,035 $ -- $ 92,035 $ -- $ -- $92,035
========================================================================================
Pioneer High Yield Fund | Semiannual Report | 4/30/14 73
----------------------------------------------------------------------------------------
Liabilities:
Net
Gross Amounts Gross Amounts
Amounts of Assets Not Offset in
Offset Presented the Statement of
in the in the Assets and Liabilities
Gross Statement Statement ------------------------
Amounts of of Assets of Assets Cash
Recognized and and Financial Collateral Net
Description Assets Liabilities Liabilities Instruments Received Amount
----------------------------------------------------------------------------------------
Credit Default
Swaps $ -- $ -- $ -- $ -- $ -- $ --
----------------------------------------------------------------------------------------
$ -- $ -- $ -- $ -- $ -- $ --
========================================================================================
11. Pending Litigation
The Fund is currently involved in a litigation matter relating to Fund
investments. The Fund believes the claim is without merit and is defending the
matter vigorously. On January 14, 2014, Judge Gerber of the United States
Bankruptcy Court for the Southern District of New York issued a Decision and
Order on Motions to Dismiss in the litigation. Judge Gerber denied in part and
granted in part the motions to dismiss. At a status conference held on May 29,
Judge Gerber ordered a briefing schedule for a renewed motion to dismiss and the
plaintiff's motion for certification of a defendant class. Briefing on these
issues is on-going and will run through the end of the year. No discovery is
taking place at this time. At April 30, 2014, it is reasonably possible that an
adverse outcome may result. Currently, the amount of a judgment cannot be
reasonably estimated.
12. Subsequent Events
Change in Independent Registered Public Accounting Firm
The Board of Trustees of the Fund, with the approval and recommendation of the
Audit Committee, appointed Deloitte & Touche LLP to serve as the Fund's
independent registered public accounting firm for the fiscal year ending October
31, 2014. Deloitte & Touche LLP replaces Ernst & Young LLP, which resigned as
the Fund's independent registered public accounting firm, effective upon
completion of the audit of the Fund's financial statements for the fiscal year
ended October 31, 2013.
During the periods that Ernst & Young LLP served as the Fund's independent
registered public accounting firm, including the Fund's two most recent fiscal
year, Ernst & Young LLP's reports on the financial statements of the Fund have
not contained an adverse opinion or disclaimer of opinion and have not been
qualified or modified as to uncertainty, audit scope or accounting principles or
practices, financial statement disclosure, or auditing scope or procedure,
which, if not resolved to the satisfaction of Ernst & Young LLP would have
caused Ernst & Young LLP to make reference to the subject matter of the
disagreement in connection with its report on the financial statements. In
addition, there have been no reportable events to the kind described in Item
304(a)(i)(v)of Regulation S-K under the Securities and Exchange Act of 1934.
74 Pioneer High Yield Fund | Semiannual Report | 4/30/14
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer High Yield Fund (the Fund) pursuant to an investment advisory agreement
between PIM and the Fund. In order for PIM to remain the investment adviser of
the Fund, the Trustees of the Fund must determine annually whether to renew the
investment advisory agreement for the Fund.
The contract review process began in March 2013 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
In July 2013, the Trustees approved the format of the contract review materials
and submitted their formal request to PIM to furnish information necessary to
evaluate the terms of the investment advisory agreement. The contract review
materials were provided to the Trustees in July 2013 and September 2013. After
reviewing and discussing the materials, the Trustees submitted a request for
additional information to PIM, and materials were provided in response to this
request. Meetings of the Independent Trustees of the Fund were held in July,
September, and November, 2013 to review and discuss the contract review
materials. In addition, the Trustees took into account the information related
to the Fund provided to the Trustees at regularly scheduled meetings.
At a meeting held on November 12, 2013, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. In all quintile rankings referred to throughout this
disclosure, first quintile is most favorable to the Fund's shareowners. Thus,
highest relative performance would be first quintile and lowest relative
expenses would also be first quintile. The Trustees did not identify any single
factor as the controlling factor in determining to approve the renewal of the
agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for the
Fund and its research process. The Trustees considered the resources of PIM and
the personnel of PIM who provide investment management services to the Fund.
They also reviewed the amount of non-Fund assets managed by the portfolio
managers of the Fund. The Trustees considered the non-investment resources and
personnel of PIM involved in
Pioneer High Yield Fund | Semiannual Report | 4/30/14 75
PIM's services to the Fund, including PIM's compliance and legal resources and
personnel. The Trustees noted the substantial attention and high priority given
by PIM's senior management to the Pioneer fund complex.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory agreement.
Performance of the Fund
The Trustees review the Fund's performance on a regular basis, based on analysis
and data prepared by PIM for this purpose and discuss performance issues with
PIM on an ongoing basis. For purposes of their contract renewal deliberations,
the Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the first quintile of its Morningstar
category for the one and three year periods ended June 30, 2013, in the fourth
quintile of its Morningstar category for the five year period ended June 30,
2013, and in the third quintile of its Morningstar category for the ten year
period ended June 30, 2013. The Trustees noted the discussions held throughout
the year regarding the Fund's performance and confirmed that those discussions
were factored into the Trustees' deliberations concerning the renewal of the
advisory agreement. The Trustees indicated that they were satisfied with the
discussions with PIM with respect to the Fund's performance.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the Independent Trustees
for this purpose using data provided by Strategic Insight Mutual Fund Research
and Consulting, LLC (Strategic Insight), an independent third party.
76 Pioneer High Yield Fund | Semiannual Report | 4/30/14
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2013 was in the third quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period. The
Trustees also considered the breakpoints in the management fee schedule and the
reduced fee rates above certain asset levels.
The Trustees considered that the Fund's expense ratio for the twelve months
ended June 30, 2013 was in the fifth quintile relative to its Strategic Insight
peer group and in the fourth quintile relative to its Morningstar peer group, in
each case for the comparable period. The Trustees considered the impact of
transfer agency, sub-transfer agency, and other non-management fee expenses on
the expense ratios of the Fund, and noted the impact of expenses relating to
small accounts and omnibus accounts on transfer and sub-transfer agency expenses
generally. The Trustees noted that they separately review the Fund's transfer
agency, sub-transfer agency and intermediary arrangements.
The Trustees reviewed management fees charged by PIM and PIM's affiliate,
Pioneer Institutional Asset Management, Inc. (together with PIM, "Pioneer") to
institutional and other clients, including publicly offered European funds
sponsored by affiliates of Pioneer, unaffiliated U.S. registered investment
companies (in a sub-advisory capacity), and unaffiliated foreign and domestic
separate accounts. The Trustees also considered PIM's costs in providing
services to the Fund and Pioneer's costs in providing services to the other
clients and considered the differences in management fees and profit margins for
Fund and non-Fund services. In evaluating the fees associated with Pioneer's
client accounts, the Trustees took into account the respective demands,
resources and complexity associated with the Fund and client accounts. The
Trustees noted that, in some instances, the fee rates for those clients were
lower than the management fee for the Fund and considered that, under the
investment advisory agreement with the Fund, PIM performs additional services
for the Fund that it does not provide to those other clients or services that
are broader in scope, including oversight of the Fund's other service providers
and activities related to compliance and the extensive regulatory and tax
regimes to which the Fund is subject. The Trustees also considered the different
entrepreneurial risks associated with PIM's management of the Fund and Pioneer's
management of the other client accounts. The Trustees concluded that the
management fee payable by the Fund to PIM was reasonable in relation to the
nature and quality of the services provided by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's
Pioneer High Yield Fund | Semiannual Report | 4/30/14 77
profit margin in connection with the overall operation of the Fund. They further
reviewed the financial results realized by PIM and its affiliates from non-fund
businesses. The Trustees considered PIM's profit margins with respect to the
Fund in comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
noted the breakpoints in the management fee schedule. The Trustees recognize
that economies of scale are difficult to identify and quantify, rarely
identifiable on a fund-by-fund basis, and that, among other factors that may be
relevant, are the following: fee levels, expense subsidization, investment by
PIM in research and analytical capabilities and PIM's commitment and resource
allocation to the Fund. The Trustees noted that profitability also may be an
indicator of the availability of any economies of scale, although profitability
may vary for other reasons particularly, for example during the recent difficult
periods for financial markets, as the level of services was maintained
notwithstanding a significant decline in PIM's fee revenues from the Fund.
Accordingly, the Trustees concluded that economies of scale, if any, were being
appropriately shared with the Fund.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with the
Fund. The Trustees considered the character and amount of fees paid by the Fund,
other than under the investment advisory agreement, for services provided by PIM
and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
considered the intangible benefits to PIM by virtue of its relationship with the
Fund and the other Pioneer funds. The Trustees concluded that the receipt of
these benefits was reasonable in the context of the overall relationship between
PIM and the Fund.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
78 Pioneer High Yield Fund | Semiannual Report | 4/30/14
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Daniel K. Kingsbury, President*
David R. Bock Mark D. Goodwin, Executive
Benjamin M. Friedman Vice President
Margaret B.W. Graham Mark E. Bradley, Treasurer**
Daniel K. Kingsbury Christopher J. Kelley, Secretary
Marc O. Mayer***
Marguerite A. Piret
Kenneth J. Taubes
Stephen K. West
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
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 us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
* Chief Executive Officer of the Fund.
** Chief Financial and Accounting Officer of the Fund.
*** Mr. Mayer resigned as a Trustee of the Pioneer Funds effective May 6, 2014.
Pioneer High Yield Fund | Semiannual Report | 4/30/14 79
This page for your notes.
80 Pioneer High Yield Fund | Semiannual Report | 4/30/14
This page for your notes.
Pioneer High Yield Fund | Semiannual Report | 4/30/14 81
This page for your notes.
82 Pioneer High Yield Fund | Semiannual Report | 4/30/14
This page for your notes.
Pioneer High Yield Fund | Semiannual Report | 4/30/14 83
This page for your notes.
84 Pioneer High Yield Fund | Semiannual Report | 4/30/14
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: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at www.sec.gov. The filed form may also be viewed and copied at the
Commission's Public Reference Room in Washington, DC. Information regarding the
operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2014 Pioneer Investments 19383-08-0614
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 12(a)(1), a copy of
its code of ethics that applies to the registrant's principal
executive officer,principal financial officer, principal accounting
officer or controller, or persons performing similar functions,
as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
Not applicable.
(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.
Not applicable.
(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.
Not applicable.
(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.
Not applicable.
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Not applicable.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
Not applicable.
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
Not applicable.
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees
has considered whether the provision of non-audit
services that were rendered to the Affiliates (as
defined) that were not pre- approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal accountant's
independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's business experience during the past 5 years.
Not applicable to open-end management investment companies.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
Not applicable to open-end management investment companies.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer High Yield Fund
By (Signature and Title)* /s/ Daniel K. Kingsbury
Daniel K. Kingsbury, President
Date June 27, 2014
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/ Daniel K. Kingsbury
Daniel K. Kingsbury, President
Date June 27, 2014
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date June 27, 2014
* Print the name and title of each signing officer under his or her signature.