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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, 2015 through April 30, 2016
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, 2016
--------------------------------------------------------------------------------
Ticker Symbols:
Class A TAHYX
Class C PYICX
Class R TYHRX
Class Y TYHYX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 15
Schedule of Investments 17
Financial Statements 44
Notes to Financial Statements 52
Trustees, Officers and Service Providers 67
Pioneer High Yield Fund | Semiannual Report | 4/30/16 1
President's Letter
Dear Shareowner,
Global financial markets began 2016 on shaky footing, delivering the kind of
volatility that challenged investors in 2015. US equities fell by 10% through
the first six weeks of the year, only to recover the losses by the end of the
first quarter. Fixed-income markets were also acutely affected, with concerns
about falling oil prices and a weak global economy leading to a sell-off in
credit-sensitive sectors, especially high-yield bonds, as investors fled to the
perceived safety of government bonds. Like equities, credit markets recovered
much of their lost ground by the end of the first quarter.
Midway through the first quarter, market sentiment shifted, as expectations grew
that major central banks would extend their accommodative monetary policies in
the hopes of driving economic growth. The US Federal Reserve (the Fed) backed
off plans to raise interest rates four times in 2016, and the European Central
Bank announced a more comprehensive asset-purchasing program in the hopes of
encouraging lending, and boosting both inflation and economic growth. The Bank
of Japan also followed a monetary easing path, announcing negative interest
rates in January.
As 2016 moves along, we continue to see central bank policies as generally
supportive of the US economy - for which we maintain an expectation of modest
growth this year - against an overall global economic backdrop that remains
unsettled and points towards generally lower growth. Economies around the world
in both developed and emerging markets are experiencing deep structural changes.
Current challenges include incomplete debt deleveraging in both emerging and
developed markets, where debt levels continue to grow, the transition of many
emerging markets economies from export/investment-driven models to more domestic
demand-driven models, and aging populations, which are reducing productivity and
limiting economic growth potential (primarily in the developed markets but also
in emerging markets such as China). Geopolitical instability on many fronts, the
rising risk of policy mistakes, and market liquidity issues combine to increase
the possibility of sharp swings in asset values. Meanwhile, in the US, as always
in a presidential election year, the political rhetoric of 2016 has the
potential to impact domestic sectors such as health care.
Throughout Pioneer's history, we have believed in the importance of active
management. During periods of market volatility, we view the value of active
management as even more compelling. Our experienced and tenured investment teams
focus on identifying value across global markets using proprietary research,
careful risk management, and a long-term perspective. We believe our shareowners
can benefit from the experience and tenure of our investment teams as well as
the insights generated from our extensive research process.
2 Pioneer High Yield Fund | Semiannual Report | 4/30/16
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA Inc.
April 30, 2016
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer High Yield Fund | Semiannual Report | 4/30/16 3
Portfolio Management Discussion | 4/30/16
In the following discussion, portfolio managers Tracy Wright and Andrew Feltus
discuss the factors that affected the performance of Pioneer High Yield Fund
during the six-month period ended April 30, 2016. Ms. Wright, lead portfolio
manager of the Fund, a senior vice president and a portfolio manager at Pioneer,
and Mr. Feltus, Director of High Yield and Bank Loans, a senior vice president
and a portfolio manager at Pioneer, are responsible for the day-to-day
management of the Fund.
Q How did the Fund perform during the six-month period ended April 30, 2016?
A Pioneer High Yield Fund's Class A shares returned 0.47% at net asset value
during the six-month period ended April 30, 2016, while the Fund's
benchmarks, the Bank of America Merrill Lynch (BofA ML) US High Yield
Index and the BofA ML All-Convertibles Speculative Quality Index, returned
2.25% and -2.10% respectively. During the same period, the average return
of the 684 mutual funds in Lipper's High Yield Funds category was 0.83%,
and the average return of the 791 mutual funds in Morningstar's High Yield
Bond Funds category was 0.68%.
Q How you describe the market environment for high-yield bonds during the
six-month period ended April 30, 2016?
A While high-yield bonds in aggregate produced modest positive returns over
the six months, the period saw extraordinary swings in credit sentiment
and in prices for the asset class. As the period opened, declining prices
of oil and other commodities was one of the factors reflecting the
market's unease over the implications that slowing economic growth in
China might have for the global economy. In the US, with wages finally
beginning to show signs of a meaningful rise, markets had settled on the
US Federal Reserve's (the Fed's) December 16 Open Market Committee meeting
as the likely occasion for the start of a rate-hiking cycle. While
certainly not a positive for bonds overall, or for high-yield issues in
particular, the anticipated 0.25% increase in the Federal funds rate was
met with relative equanimity, as the Fed's indications were that future
hikes would be implemented at a gradual pace.
In December, the high-yield market came under pressure from the forced
liquidation of distressed credit funds. Many of those vehicles had placed
bets on illiquid securities as well as beaten-down Puerto Rico and
energy-related issues. January 2016 saw "risk" assets punished due to a
resurgence of market concerns about the slowing Chinese economic growth
rate as well as a further slide in energy prices. High-yield bonds would
remain under
4 Pioneer High Yield Fund | Semiannual Report | 4/30/16
pressure through the early part of February 2016. However, credit
sentiment rebounded strongly over the last several weeks of the period as
the Fed signaled that it was prepared to push back the timetable for
further rate hikes, and central banks overseas engaged in unprecedented
fiscal easing measures designed to stimulate growth. A meaningful recovery
in oil prices from their January lows also helped to boost market
sentiment as the period drew to a close.
Q Can you review your principal strategies in managing the Fund during the
six-month period ended April 30, 2016, and the degree to which they added
to or detracted from benchmark-relative returns?
A With respect to the Fund's core allocation to high-yield bonds, benchmark-
relative performance was constrained by security selection within energy,
in particular the portfolio's tilt toward exploration & production
companies whose fortunes are closely tied to the price of oil, and a
corresponding underweighting of pipeline companies with more stable
revenues. The negative effects within energy were offset, somewhat, by the
Fund's underweight exposure to the sector. An underweight to the basic
materials sector, which includes such industries as metals & mining,
forestry, and chemicals, also detracted from benchmark-relative results
over the six-month periods, as metals & mining companies benefited from a
strengthening in commodity prices. On the positive side within high yield,
the Fund's positioning in both the telecommunication services and
utilities sectors contributed positively to benchmark-relative results.
In other asset classes, we maintained a non-benchmark allocation to
convertible bonds and equities in the portfolio, with a focus on sectors
not well represented within high yield, or where we saw better valuations
than those available in the high-yield market. Those positions had an
essentially neutral impact on the Fund's benchmark-relative performance
during the period, as the weaker returns of convertibles and equities
versus high-yield corporates canceled out strong security selection
results. Within the convertibles/equities allocation, we are attracted to
health care issuers, as we view the sector as positioned to benefit from
both increased utilization rates in the wake of the Affordable Care Act,
and secular growth based on favorable demographic trends. We continue to
believe the portfolio's modest exposure to convertibles and equities helps
to improve the Fund's total return profile over the long term.
We also maintained a portfolio position in catastrophe bonds (or "cat
bonds"), which are issued by insurers seeking to mitigate the risk of
having to pay claims based on a specified triggering event, normally a
natural disaster of some kind such as an earthquake or a hurricane. In
addition to providing attractive income, cat bonds are uncorrelated to the
broader
Pioneer High Yield Fund | Semiannual Report | 4/30/16 5
high-yield market and thus can be a valuable source of diversification*.
The Fund's position in cat bonds aided benchmark-relative performance over
the six-month period. (Correlation is expressed by a coefficient that
ranges from -1, which means the assets always move in opposite directions,
through 0, which means they are absolutely independent of one another, to
1, which means they always move together.)
Finally, with regard to portfolio quality, the Fund's relative returns
benefited from below-benchmark exposure to lower-quality, CCC-rated issues,
which were most negatively affected by the extreme "risk-off" market
environment in the first several weeks of 2016. That positive effect was
offset, to a minor degree, by the Fund's underweight to higher-quality
BB-rated issues, which was the top-performing quality tier within the
overall high-yield market during the period.
Q Can you discuss the factors that affected the Fund's income generation (or
yield), either positively or negatively, during the six-month period ended
April 30, 2016?
A The Fund's income generation and yield provided to shareholders was
relatively stable over the six-month period. The portfolio's position in
convertible securities and common stocks resulted in a lower yield compared
with a portfolio comprised entirely of high-yield bonds; however, as we
noted earlier, we believe the Fund's allocation to convertibles/equities
helps to improve the Fund's long-term total return profile.
Q What role did derivatives play in the Fund's investment process and results
during the six-month period ended April 30, 2016?
A During the period, we utilized credit-default-swap indices in an attempt to
maintain the desired level of Fund exposure to the high-yield market, while
also seeking to maintain sufficient liquidity to make opportunistic
purchases, and to help meet any unanticipated shareholder redemptions. The
strategy had a neutral effect on the Fund's benchmark-relative performance.
Q What is your assessment of the current climate for fixed-income investing?
A Despite the extraordinary swings in market sentiment experienced over the
last six months amid muted economic activity overseas and persistent
geopolitical uncertainties, we maintain a constructive outlook with respect
to the US economy and overall corporate credit fundamentals. The average
default rate for high-yield bonds has remained below historical averages,
though it seems likely that defaults will pick up to some degree in coming
quarters, especially with respect to issuers in the
* Diversification does not assure a profit nor protect against loss.
6 Pioneer High Yield Fund | Semiannual Report | 4/30/16
energy and metals & mining areas. We continue to monitor closely certain
factors that have the potential to influence the direction of oil prices,
and have modestly increased the Fund's energy exposure while remaining
underweight in the sector.
The expectation is that the Fed's rate-hiking cycle will now be even more
gradual and measured in nature than initially thought at the outset of
2016. On balance, we believe conditions are supportive of the high-yield
asset class, and we feel the Fund's positioning reflects that sentiment.
Pioneer High Yield Fund | Semiannual Report | 4/30/16 7
Please refer to the Schedule of Investments on pages 17-43 for a full listing of
Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
Investments in high-yield or lower-rated securities are subject to greater-than-
average price volatility, illiquidity and possibility of default.
When interest rates rise, the prices of fixed-income securities in the Fund will
generally fall. Conversely, when interest rates fall, the prices of fixed-income
securities in the Fund will generally rise.
Investments in the Fund are subject to possible loss due to the financial
failure of issuers of underlying securities and their inability to meet their
debt obligations.
Prepayment risk is the chance that an issuer may exercise its right to prepay
its security, if falling interest rates prompt the issuer to do so. Forced to
reinvest the unanticipated proceeds at lower interest rates, the Fund would
experience a decline in income and lose the opportunity for additional price
appreciation.
The portfolio may invest in mortgage-backed securities, which during times of
fluctuating interest rates may increase or decrease more than other fixed-income
securities. Mortgage-backed securities are also subject to prepayments.
The Fund may use derivatives, such as options, futures, inverse floating rate
obligations, swaps, and others, which can be illiquid, may disproportionately
increase losses, and have a potentially large impact on Fund performance.
Derivatives may have a leveraging effect on the Fund.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors.
These risks may increase share price volatility.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Pioneer Investments for a prospectus or
summary prospectus containing this information. Read it carefully.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
8 Pioneer High Yield Fund | Semiannual Report | 4/30/16
Portfolio Summary | 4/30/16
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 57.5%
Convertible Corporate Bonds 12.8%
International Corporate Bonds 9.2%
Senior Secured Loans 6.7%
U.S. Common Stocks 5.6%
Collateralized Mortgage Obligations 2.6%
Convertible Preferred Stocks 2.4%
U.S. Government Securities 1.3%
U.S. Preferred Stocks 0.8%
Asset Backed Securities 0.7%
International Common Stocks 0.3%
International Preferred Stocks 0.1%
* Includes investments in insurance-linked securities totaling 4.4% of total
investment portfolio.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)**
1. Sprint Corp., 7.25%, 9/15/21 1.50%
--------------------------------------------------------------------------------
2. Crown Cork & Seal Co., Inc., 7.375%, 12/15/26 1.32
--------------------------------------------------------------------------------
3. HCA, Inc., 5.375%, 2/1/25 1.30
--------------------------------------------------------------------------------
4. Sealy Corp., 8.0%, 7/15/16 (PIK) 1.20
--------------------------------------------------------------------------------
5. Scientific Games International, Inc., 10.0%, 12/1/22 1.08
--------------------------------------------------------------------------------
6. Valeant Pharmaceuticals International, Inc., 5.875%, 5/15/23 (144A) 0.94
--------------------------------------------------------------------------------
7. Frontier Communications Corp., 8.5%, 4/15/20 0.91
--------------------------------------------------------------------------------
8. CCO Holdings LLC, 6.5%, 4/30/21 0.88
--------------------------------------------------------------------------------
9. Videotron, Ltd., 5.375%, 6/15/24 (144A) 0.87
--------------------------------------------------------------------------------
10. GMAC Capital Trust I, Floating Rate Note, 2/15/40 0.82
--------------------------------------------------------------------------------
** 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.
Pioneer High Yield Fund | Semiannual Report | 4/30/16 9
Prices and Distributions | 4/30/16
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 4/30/16 10/31/15
--------------------------------------------------------------------------------
A $ 9.04 $ 9.33
--------------------------------------------------------------------------------
C $ 9.23 $ 9.52
--------------------------------------------------------------------------------
R $10.23 $10.53
--------------------------------------------------------------------------------
Y $ 9.05 $ 9.34
--------------------------------------------------------------------------------
Distributions per Share: 11/1/15-4/30/16
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.2561 $-- $0.0655
--------------------------------------------------------------------------------
C $0.2282 $-- $0.0655
--------------------------------------------------------------------------------
R $0.2646 $-- $0.0655
--------------------------------------------------------------------------------
Y $0.2705 $-- $0.0655
--------------------------------------------------------------------------------
Index Definitions
--------------------------------------------------------------------------------
The Bank of America (BofA) Merrill Lynch (ML) US High Yield Index is an
unmanaged, commonly accepted measure of the performance of high-yield
securities. The Bank of America (BofA) Merrill Lynch (ML) All-Convertibles
Speculative Quality Index is an unmanaged index of high-yield U.S. convertible
securities. Index returns are calculated monthly, assume reinvestment of
dividends and, unlike fund returns, do not reflect any fees, expense or sales
charges. It is not possible to invest directly in an index.
The indices defined here pertain to the "Value of $10,000 Investment" and the
"Value of $5 Million Investment" charts on pages 11-14.
10 Pioneer High Yield Fund | Semiannual Report | 4/30/16
Performance Update | 4/30/16 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) US High Yield Index and the Bank of America (BofA) Merrill
Lynch (ML) All-Convertibles Speculative Quality Index.
Average Annual Total Returns
(As of April 30, 2016)
--------------------------------------------------------------------------------
Net Public BofA ML BofA ML All-
Asset Offering US High Convertibles
Value Price Yield Speculative
Period (NAV) (POP) Index Quality Index
--------------------------------------------------------------------------------
10 years 5.54% 5.06% 7.20% 5.71%
5 years 3.17 2.23 5.22 3.91
1 year -4.57 -8.84 -1.34 -8.61
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2016)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.17%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer High BofA ML US BofA ML All-Convertibles
Yield Fund High Yield Index Speculative Quality Index
4/06 $ 9,550 $10,000 $10,000
4/07 $10,696 $11,241 $11,385
4/08 $10,758 $11,148 $11,050
4/09 $ 7,838 $ 9,511 $ 7,643
4/10 $11,885 $13,715 $12,209
4/11 $14,010 $15,545 $14,387
4/12 $13,776 $16,345 $13,452
4/13 $15,650 $18,640 $15,950
4/14 $16,907 $19,814 $18,630
4/15 $17,161 $20,322 $19,066
4/16 $16,377 $20,051 $17,425
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.
Pioneer High Yield Fund | Semiannual Report | 4/30/16 11
Performance Update | 4/30/16 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) US High
Yield Index and the Bank of America (BofA) Merrill Lynch (ML) All-Convertibles
Speculative Quality Index.
Average Annual Total Returns
(As of April 30, 2016)
--------------------------------------------------------------------------------
BofA ML BofA ML All-
US High Convertibles
If If Yield Speculative
Period Held Redeemed Index Quality Index
--------------------------------------------------------------------------------
10 years 4.83% 4.83% 7.20% 5.71%
5 years 2.48 2.48 5.22 3.91
1 year -5.19 -5.19 -1.34 -8.61
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2016)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.89%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer High BofA ML US BofA ML All-Convertibles
Yield Fund High Yield Index Speculative Quality Index
4/06 $10,000 $10,000 $10,000
4/07 $11,120 $11,241 $11,385
4/08 $11,098 $11,148 $11,050
4/09 $ 8,043 $ 9,511 $ 7,643
4/10 $12,105 $13,715 $12,209
4/11 $14,183 $15,545 $14,387
4/12 $13,860 $16,345 $13,452
4/13 $15,641 $18,640 $15,950
4/14 $16,780 $19,814 $18,630
4/15 $16,905 $20,322 $19,066
4/16 $16,028 $20,051 $17,425
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 | 4/30/16
Performance Update | 4/30/16 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) US High
Yield Index and the Bank of America (BofA) Merrill Lynch (ML) All-Convertibles
Speculative Quality Index.
Average Annual Total Returns
(As of April 30, 2016)
--------------------------------------------------------------------------------
Net BofA ML BofA ML All-
Asset US High Convertibles
Value Yield Speculative
Period (NAV) Index Quality Index
--------------------------------------------------------------------------------
10 years 5.26% 7.20% 5.71%
5 years 2.84 5.22 3.91
1 year -4.87 -1.34 -8.61
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2016)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.51%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer High BofA ML US BofA ML All-Convertibles
Yield Fund High Yield Index Speculative Quality Index
4/06 $10,000 $10,000 $10,000
4/07 $11,162 $11,241 $11,385
4/08 $11,198 $11,148 $11,050
4/09 $ 8,163 $ 9,511 $ 7,643
4/10 $12,345 $13,715 $12,209
4/11 $14,519 $15,545 $14,387
4/12 $14,242 $16,345 $13,452
4/13 $16,119 $18,640 $15,950
4/14 $17,353 $19,814 $18,630
4/15 $17,553 $20,322 $19,066
4/16 $16,698 $20,051 $17,425
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 | 4/30/16 13
Performance Update | 4/30/16 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) US High
Index and the Bank of America (BofA) Merrill Lynch (ML) All-Convertibles
Speculative Quality Index.
Average Annual Total Returns
(As of April 30, 2016)
--------------------------------------------------------------------------------
Net BofA ML BofA ML All-
Asset US High Convertibles
Value Yield Speculative
Period (NAV) Index Quality Index
--------------------------------------------------------------------------------
10 years 5.97% 7.20% 5.71%
5 years 3.51 5.22 3.91
1 year -4.17 -1.34 -8.61
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2016)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.88%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer High BofA ML US BofA ML All-Convertibles
Yield Fund High Yield Index Speculative Quality Index
4/06 $5,000,000 $ 5,000,000 $5,000,000
4/07 $5,624,388 $ 5,620,626 $5,692,647
4/08 $5,678,580 $ 5,574,105 $5,525,232
4/09 $4,167,975 $ 4,755,299 $3,821,582
4/10 $6,343,893 $ 6,857,329 $6,104,579
4/11 $7,513,808 $ 7,772,435 $7,193,433
4/12 $7,413,277 $ 8,172,622 $6,725,769
4/13 $8,447,625 $ 9,320,033 $7,975,219
4/14 $9,163,209 $ 9,906,834 $9,314,834
4/15 $9,319,529 $10,161,059 $9,532,764
4/16 $8,930,318 $10,025,271 $8,712,427
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 | 4/30/16
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, 2015, through April 30, 2016.
----------------------------------------------------------------------------------
Share Class A C R Y
----------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 11/1/15
----------------------------------------------------------------------------------
Ending Account $1,004.70 $1,001.50 $1,004.00 $1,006.30
Value (after expenses)
on 4/30/16
----------------------------------------------------------------------------------
Expenses Paid $ 5.78 $ 9.21 $ 7.67 $ 4.29
During Period*
----------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.16%,
1.85%, 1.54%, and 0.86% for Class A, Class C, Class R and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 182/366 (to reflect the partial year period).
Pioneer High Yield Fund | Semiannual Report | 4/30/16 15
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer High Yield Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from November 1, 2015, through April 30, 2016.
----------------------------------------------------------------------------------
Share Class A C R Y
----------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 11/1/15
----------------------------------------------------------------------------------
Ending Account $1,019.10 $1,015.66 $1,017.21 $1,020.59
Value (after expenses)
on 4/30/16
----------------------------------------------------------------------------------
Expenses Paid $ 5.82 $ 9.27 $ 7.72 $ 4.32
During Period*
----------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.16%,
1.85%, 1.54%, and 0.86% for Class A, Class C, Class R and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 182/366 (to reflect the partial year period).
16 Pioneer High Yield Fund | Semiannual Report | 4/30/16
Schedule of Investments | 4/30/16 (unaudited)
----------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 12.5%
ENERGY -- 0.8%
Oil & Gas Equipment & Services -- 0.1%
2,170,000 SEACOR Holdings, Inc., 3.0%, 11/15/28 $ 1,829,581
----------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.7%
6,440,000 Cobalt International Energy, Inc., 2.625%,
12/1/19 $ 3,240,125
5,930,000 Whiting Petroleum Corp., 1.25%, 4/1/20 (144A) 4,477,150
---------------
$ 7,717,275
----------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.0%+
4,705,000 Alpha Natural Resources, Inc., 3.75%,
12/15/17 (e) $ 35,288
---------------
Total Energy $ 9,582,144
----------------------------------------------------------------------------------------------------
MATERIALS -- 0.1%
Diversified Metals & Mining -- 0.1%
1,075,000 RTI International Metals, Inc., 1.625%, 10/15/19 $ 1,230,875
---------------
Total Materials $ 1,230,875
----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.3%
Aerospace & Defense -- 0.1%
1,150,000 The KEYW Holding Corp., 2.5%, 7/15/19 $ 922,875
----------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.3%
3,830,000 Dycom Industries, Inc., 0.75%, 9/15/21 (144A) $ 3,935,325
----------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.9%
10,874,000 General Cable Corp., 4.5%, 11/15/29 (Step) $ 7,190,432
3,725,000 SolarCity Corp., 1.625%, 11/1/19 2,423,578
---------------
$ 9,614,010
---------------
Total Capital Goods $ 14,472,210
----------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.5%
Homebuilding -- 0.5%
6,160,000 KB Home, 1.375%, 2/1/19 $ 5,909,750
---------------
Total Consumer Durables & Apparel $ 5,909,750
----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.4%
Specialized Consumer Services -- 0.4%
2,710,000 Ascent Capital Group, Inc., 4.0%, 7/15/20 $ 1,722,544
2,195,000 Carriage Services, Inc., 2.75%, 3/15/21 2,625,769
---------------
$ 4,348,313
---------------
Total Consumer Services $ 4,348,313
----------------------------------------------------------------------------------------------------
MEDIA -- 0.3%
Cable & Satellite -- 0.3%
3,425,000 Liberty Media Corp., 1.375%, 10/15/23 $ 3,442,125
---------------
Total Media $ 3,442,125
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/16 17
Schedule of Investments | 4/30/16 (unaudited)(continued)
----------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------
RETAILING -- 0.4%
Internet Retail -- 0.4%
4,455,000 Shutterfly, Inc., 0.25%, 5/15/18 $ 4,441,078
---------------
Total Retailing $ 4,441,078
----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 2.0%
Health Care Equipment -- 1.1%
3,985,000 Insulet Corp., 2.0%, 6/15/19 $ 3,932,697
3,620,000 NuVasive, Inc., 2.25%, 3/15/21 (144A) 4,074,762
4,866,000 Wright Medical Group, Inc., 2.0%, 2/15/20 4,625,741
---------------
$ 12,633,200
----------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.6%
2,500,000 Alere, Inc., 3.0%, 5/15/16 $ 2,506,250
2,015,000 Endologix, Inc., 2.25%, 12/15/18 1,756,828
1,390,000 Endologix, Inc., 3.25%, 11/1/20 1,632,381
935,000 Quidel Corp., 3.25%, 12/15/20 849,097
---------------
$ 6,744,556
----------------------------------------------------------------------------------------------------
Managed Health Care -- 0.3%
1,900,000 Molina Healthcare, Inc. $ 2,641,000
---------------
Total Health Care Equipment & Services $ 22,018,756
----------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 3.5%
Biotechnology -- 2.0%
1,625,000 Anacor Pharmaceuticals, Inc., 2.0%,
4/15/23 (144A) $ 1,864,688
1,920,000 BioMarin Pharmaceutical, Inc., 1.5%, 10/15/20 2,328,000
4,430,000 Cepheid, 1.25%, 2/1/21 3,798,725
4,365,000 Emergent BioSolutions, Inc., 2.875%, 1/15/21 5,960,953
1,065,000 Immunomedics, Inc., 4.75%, 2/15/20 913,903
4,270,000 Ironwood Pharmaceuticals, Inc., 2.25%,
6/15/22 (144A) 3,872,356
4,538,000 PDL BioPharma, Inc., 4.0%, 2/1/18 4,223,176
---------------
$ 22,961,801
----------------------------------------------------------------------------------------------------
Pharmaceuticals -- 1.5%
3,725,000 Impax Laboratories, Inc., 2.0%, 6/15/22 (144A) $ 3,447,953
7,215,000 Innoviva, Inc., 2.125%, 1/15/23 5,911,791
3,570,000 Jazz Investments I, Ltd., 1.875%, 8/15/21 3,971,625
2,455,000 The Medicines Co., 2.5%, 1/15/22 2,998,169
---------------
$ 16,329,538
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 39,291,339
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer High Yield Fund | Semiannual Report | 4/30/16
----------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 2.5%
Internet Software & Services -- 0.8%
2,335,000 Twitter, Inc., 0.25%, 9/15/19 $ 2,028,531
5,995,000 WebMD Health Corp., 2.5%, 1/31/18 6,856,781
---------------
$ 8,885,312
----------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.5%
6,345,000 Cardtronics, Inc., 1.0%, 12/1/20 $ 6,345,000
----------------------------------------------------------------------------------------------------
Application Software -- 1.1%
2,335,000 Citrix Systems, Inc., 0.5%, 4/15/19 $ 2,637,091
5,130,000 Mentor Graphics Corp., 4.0%, 4/1/31 5,389,706
1,700,000 Nuance Communications, Inc., 1.0%,
12/15/35 (144A) 1,536,375
2,785,000 Synchronoss Technologies, Inc., 0.75%, 8/15/19 2,708,412
---------------
$ 12,271,584
----------------------------------------------------------------------------------------------------
Systems Software -- 0.1%
595,000 FireEye, Inc., 1.0%, 6/1/35 (144A) $ 514,303
595,000 FireEye, Inc., 1.625%, 6/1/35 (144A) 490,875
---------------
$ 1,005,178
---------------
Total Software & Services $ 28,507,074
----------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.3%
Communications Equipment -- 0.3%
2,595,000 Brocade Communications Systems, Inc.,
1.375%, 1/1/20 $ 2,512,284
1,300,000 Finisar Corp., 0.5%, 12/15/33 1,239,062
---------------
$ 3,751,346
---------------
Total Technology Hardware & Equipment $ 3,751,346
----------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.4%
Semiconductors -- 0.4%
4,480,000 ON Semiconductor Corp., 1.0%, 12/1/20 (144A) $ 4,062,800
---------------
Total Semiconductors & Semiconductor
Equipment $ 4,062,800
----------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $153,261,610) $ 141,057,810
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Shares
----------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 1.0%
TRANSPORTATION -- 0.2%
Air Freight & Logistics -- 0.2%
4,940 CEVA Group Plc, 12/31/14 (g)* $ 1,729,018
---------------
Total Transportation $ 1,729,018
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/16 19
Schedule of Investments | 4/30/16 (unaudited)(continued)
----------------------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.8%
Consumer Finance -- 0.8%
358,975 6.40 GMAC Capital Trust I, Floating Rate Note, 2/15/40 $ 8,999,503
---------------
Total Diversified Financials $ 8,999,503
----------------------------------------------------------------------------------------------------
INSURANCE -- 0.0%+
Reinsurance -- 0.0%+
33,500 Lorenz Re, Ltd., Variable Rate Notes,
(Perpetual)* (d)(f) $ 83,750
---------------
Total Insurance $ 83,750
----------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $13,799,491) $ 10,812,271
----------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS -- 2.4%
ENERGY -- 0.0%+
Oil & Gas Exploration & Production -- 0.0%+
715 Halcon Resources Corp., 5.75% (Perpetual) $ 28,600
---------------
Total Energy $ 28,600
----------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 1.2%
Home Furnishings -- 1.2%
143,000 Sealy Corp., 8.0%, 7/15/16 (4.0% cash,
4.0% PIK) (PIK) $ 13,048,750
---------------
Total Consumer Durables & Apparel $ 13,048,750
----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.3%
Health Care Supplies -- 0.2%
7,708 Alere, Inc., 3.0% (Perpetual) $ 2,425,476
----------------------------------------------------------------------------------------------------
Health Care Services -- 0.0%+
742 BioScrip, Inc., (Perpetual) (c)(g) $ 67,572
----------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.1%
1,725 Kindred Healthcare, Inc., 7.5%, 12/1/17 $ 1,302,496
---------------
Total Health Care Equipment & Services $ 3,795,544
----------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.3%
Pharmaceuticals -- 0.3%
2,700 Allergan Plc, 5.5%, 3/1/18 $ 2,191,023
1,000 Teva Pharmaceutical Industries, Ltd., 7.0%,
12/15/18 901,000
---------------
$ 3,092,023
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 3,092,023
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer High Yield Fund | Semiannual Report | 4/30/16
----------------------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------------------
BANKS -- 0.6%
Diversified Banks -- 0.6%
5,265 Wells Fargo & Co., 7.5% (Perpetual) $ 6,560,190
---------------
Total Banks $ 6,560,190
----------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $24,105,949) $ 26,525,107
----------------------------------------------------------------------------------------------------
COMMON STOCKS -- 5.9%
ENERGY -- 0.2%
Oil & Gas Exploration & Production -- 0.0%+
12,450 Swift Energy Co. $ 264,562
----------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.2%
39,932 Marathon Petroleum Corp.* $ 1,560,543
---------------
Total Energy $ 1,825,105
----------------------------------------------------------------------------------------------------
MATERIALS -- 0.4%
Commodity Chemicals -- 0.4%
1,462 Axiall Corp. $ 34,430
51,171 LyondellBasell Industries NV 4,230,307
---------------
$ 4,264,737
---------------
Total Materials $ 4,264,737
----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.2%
Aerospace & Defense -- 0.1%
12,090 Orbital ATK, Inc. $ 1,051,830
----------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.1%
482,433 Commercial Vehicle Group, Inc.* $ 1,239,853
----------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.0%+
73,714 Liberty Tire Recycling LLC (c) $ 737
---------------
Total Capital Goods $ 2,292,420
----------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.0%+
Diversified Support Services -- 0.0%+
53 IAP Worldwide Services, Inc. $ 71,570
---------------
Total Commercial Services & Supplies $ 71,570
----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.3%
Air Freight & Logistics -- 0.1%
2,282 CEVA Group Plc* $ 798,721
----------------------------------------------------------------------------------------------------
Airlines -- 0.2%
60,954 United Continental Holdings, Inc.* $ 2,792,303
---------------
Total Transportation $ 3,591,024
----------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.8%
Automobile Manufacturers -- 0.8%
640,791 Ford Motor Co. $ 8,689,126
---------------
Total Automobiles & Components $ 8,689,126
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/16 21
Schedule of Investments | 4/30/16 (unaudited)(continued)
----------------------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.0%+
Housewares & Specialties -- 0.0%+
4,857 Newell Brands, Inc. $ 221,188
---------------
Total Consumer Durables & Apparel $ 221,188
----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.3%
Restaurants -- 0.3%
58,543 Starbucks Corp. $ 3,291,873
----------------------------------------------------------------------------------------------------
Education Services -- 0.0%+
13,966 Cengage Learning Holdings II, Inc. $ 268,846
---------------
Total Consumer Services $ 3,560,719
----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.6%
Health Care Services -- 0.1%
255,259 BioScrip, Inc.* $ 673,884
----------------------------------------------------------------------------------------------------
Managed Health Care -- 0.5%
29,704 Aetna, Inc. $ 3,334,868
16,643 Cigna Corp. 2,305,721
---------------
$ 5,640,589
---------------
Total Health Care Equipment & Services $ 6,314,473
----------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.8%
Pharmaceuticals -- 0.2%
47,724 Mylan NV $ 1,990,568
----------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.6%
14,198 Bio-Rad Laboratories, Inc.* $ 2,013,986
36,436 Thermo Fisher Scientific, Inc. 5,255,893
---------------
$ 7,269,879
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 9,260,447
----------------------------------------------------------------------------------------------------
BANKS -- 0.2%
Diversified Banks -- 0.2%
29,608 JPMorgan Chase & Co. $ 1,871,226
---------------
Total Banks $ 1,871,226
----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Consumer Finance -- 0.1%
24,013 Capital One Financial Corp. $ 1,738,301
---------------
Total Diversified Financials $ 1,738,301
----------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.9%
Diversified REIT -- 0.7%
378,545 Forest City Enterprises LP* $ 7,866,165
----------------------------------------------------------------------------------------------------
Specialized REIT -- 0.2%
117,160 Communications Sales & Leasing, Inc. $ 2,721,627
---------------
Total Real Estate $ 10,587,792
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer High Yield Fund | Semiannual Report | 4/30/16
----------------------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 1.0%
Computer Storage & Peripherals -- 0.2%
103,800 EMC Corp. $ 2,710,218
----------------------------------------------------------------------------------------------------
Computer Hardware Storage &
Peripherals -- 0.5%
171,011 NCR Corp.* $ 4,974,710
----------------------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 0.3%
54,309 TE Connectivity, Ltd. $ 3,230,299
---------------
Total Technology Hardware & Equipment $ 10,915,227
----------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.1%
Integrated Telecommunication Services -- 0.1%
87,633 Windstream Holdings, Inc. $ 760,654
---------------
Total Telecommunication Services $ 760,654
----------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $56,595,772) $ 65,964,009
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b)
----------------------------------------------------------------------------------------------------
ASSET BACKED SECURITY -- 0.1%
BANKS -- 0.1%
Thrifts & Mortgage Finance -- 0.1%
999,619 VOLT XXV LLC, 4.5%, 6/26/45 (Step) (144A) $ 939,997
----------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITY
(Cost $981,016) $ 939,997
----------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 2.6%
BANKS -- 2.6%
Thrifts & Mortgage Finance -- 2.6%
1,000,000 6.17 Banc of America Commercial Mortgage Trust
2007-5, Floating Rate Note, 2/10/51 $ 920,469
1,150,000 5.72 Bear Stearns Commercial Mortgage Securities
Trust 2007-PWR16, Floating Rate Note,
6/11/40 (144A) 1,088,981
1,475,000 5.03 CFCRE 2015-RUM Mortgage Trust, Floating Rate
Note, 7/15/30 (144A) 1,437,590
2,500,000 3.21 Citigroup Commercial Mortgage Trust 2014-GC23
REMICS, Floating Rate Note, 7/12/47 (144A) 1,467,781
2,750,000 5.96 COBALT CMBS Commercial Mortgage Trust
2007-C3, Floating Rate Note, 5/15/46 2,584,366
1,200,000 5.96 COBALT CMBS Commercial Mortgage Trust
2007-C3, Floating Rate Note, 5/15/46 1,072,052
2,650,000 3.94 COMM 2014-KYO Mortgage Trust, Floating Rate
Note, 6/11/27 (144A) 2,623,983
3,000,000 5.13 CSMC Trust 2015-SAND, Floating Rate Note,
8/15/30 (144A) 2,783,411
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/16 23
Schedule of Investments | 4/30/16 (unaudited)(continued)
----------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
559,445 Global Mortgage Securitization, Ltd., 5.25%,
11/25/32 (144A) $ 439,856
2,513,900 5.00 GMAT 2013-1 Trust, Floating Rate Note, 8/25/53 2,416,918
1,860,992 4.94 GS Mortgage Securities Corp., II Series 2005-GG4,
Floating Rate Note, 7/10/39 1,800,345
712,640 Homeowner Assistance Program Reverse Mortgage
Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 703,732
3,000,000 4.10 JPMBB Commercial Mortgage Securities Trust
2014-C25 REMICS, Floating Rate Note,
11/18/47 (144A) 2,240,661
1,350,000 4.19 JPMorgan Chase Commercial Mortgage Securities
Trust 2013-C13 REMICS, Floating Rate Note,
1/18/46 (144A) 1,187,813
4,270,000 4.03 JPMorgan Chase Commercial Mortgage Securities
Trust 2014-INN, Floating Rate Note,
6/15/29 (144A) 4,133,337
2,171,000 5.03 PFP 2015-2, Ltd., Floating Rate Note,
7/14/34 (144A) 2,134,666
400,000 5.58 Springleaf Mortgage Loan Trust 2013-1, Floating
Rate Note, 6/25/58 (144A) 400,023
---------------
$ 29,435,984
---------------
Total Banks $ 29,435,984
----------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost $30,670,903) $ 29,435,984
----------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 65.0%
ENERGY -- 10.8%
Oil & Gas Drilling -- 0.3%
780,000 Rowan Companies, Inc., 4.875%, 6/1/22 $ 634,648
3,604,000 Rowan Companies, Inc., 5.4%, 12/1/42 2,360,620
375,000 Rowan Companies, Inc., 5.85%, 1/15/44 255,938
---------------
$ 3,251,206
----------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.4%
4,500,000 Archrock Partners LP, 6.0%, 10/1/22 $ 3,532,500
1,850,000 Archrock Partners LP, 6.0%, 4/1/21 1,452,250
---------------
$ 4,984,750
----------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 5.4%
2,360,000 Antero Resources Corp., 6.0%, 12/1/20 $ 2,364,932
3,309,652 Ascent Resources -- Utica LLC, 3.5%, 3/1/21
(144A) (PIK) 66,193
3,020,000 Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 3,035,100
3,756,000 Chesapeake Energy Corp., 8.0%,
12/15/22 (144A) 2,554,080
488,000 Comstock Resources, Inc., 9.5%, 6/15/20 68,320
The accompanying notes are an integral part of these financial statements.
24 Pioneer High Yield Fund | Semiannual Report | 4/30/16
----------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- (continued)
3,675,000 Concho Resources, Inc., 5.5%, 4/1/23 $ 3,702,562
2,055,000 Continental Resources, Inc., 3.8%, 6/1/24 1,751,888
4,545,000 Denbury Resources, Inc., 5.5%, 5/1/22 2,920,162
5,205,000 EPL Oil & Gas, Inc., 8.25%, 2/15/18 364,350
7,615,000 Gulfport Energy Corp., 7.75%, 11/1/20 7,691,150
2,185,000 Halcon Resources Corp., 12.0%, 2/15/22 (144A) 1,556,812
2,943,000 Hilcorp Energy I LP, 5.75%, 10/1/25 (144A) 2,773,778
4,975,000 Legacy Reserves LP, 6.625%, 12/1/21 1,623,094
3,610,000 Memorial Resource Development Corp.,
5.875%, 7/1/22 3,285,100
2,190,000 Midstates Petroleum Co., Inc., 9.25%, 6/1/21 (e) 32,850
2,240,000 Northern Oil and Gas, Inc., 8.0%, 6/1/20 1,713,600
6,455,000 Oasis Petroleum, Inc., 6.875%, 3/15/22 5,761,088
4,860,000 PDC Energy, Inc., 7.75%, 10/15/22 5,030,100
2,688,000 QEP Resources, Inc., 5.375%, 10/1/22 2,546,880
2,890,000 Range Resources Corp., 5.75%, 6/1/21 2,788,850
1,200,000 Rice Energy Inc., 6.25%, 5/1/22 1,188,000
1,475,000 Rice Energy, Inc., 7.25%, 5/1/23 1,489,750
800,000 Sanchez Energy Corp., 6.125%, 1/15/23 598,000
2,375,000 Sanchez Energy Corp., 7.75%, 6/15/21 1,953,438
2,005,000 Whiting Petroleum Corp., 6.25%, 4/1/23 1,669,162
1,850,000 WPX Energy, Inc., 7.5%, 8/1/20 1,762,125
670,000 WPX Energy, Inc., 8.25%, 8/1/23 629,800
---------------
$ 60,921,164
----------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 1.0%
6,525,000 Calumet Specialty Products Partners LP, 6.5%,
4/15/21 $ 4,502,250
685,000 EnLink Midstream Partners LP, 5.05%, 4/1/45 514,842
1,973,000 EnLink Midstream Partners LP, 5.6%, 4/1/44 1,502,550
4,695,000 Tesoro Corp., 5.375%, 10/1/22 4,706,738
---------------
$ 11,226,380
----------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 3.5%
3,150,000 Blue Racer Midstream LLC, 6.125%,
11/15/22 (144A) $ 2,787,750
4,810,000 Crestwood Midstream Partners LP, 6.125%,
3/1/22 4,389,125
2,200,000 Crestwood Midstream Partners LP, 6.25%,
4/1/23 (144A) 2,007,500
3,655,000 Genesis Energy LP, 5.75%, 2/15/21 3,435,700
3,220,000 Global Partners LP, 7.0%, 6/15/23 2,706,796
3,800,000 ONEOK, Inc., 7.5%, 9/1/23 3,847,500
6,775,000 Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 6,732,656
1,800,000 Sabine Pass Liquefaction LLC, 5.75%, 5/15/24 1,741,500
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/16 25
Schedule of Investments | 4/30/16 (unaudited)(continued)
----------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- (continued)
490,000 Targa Resources Partners LP, 4.125%, 11/15/19 $ 475,300
2,900,000 Targa Resources Partners LP, 4.25%, 11/15/23 2,673,452
2,491,000 Targa Resources Partners LP, 5.25%, 5/1/23 2,391,360
8,105,000 The Williams Companies, Inc., 5.75%, 6/24/44 6,321,900
---------------
$ 39,510,539
----------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.2%
2,250,000 SunCoke Energy Partners LP, 7.375%,
2/1/20 (144A) $ 1,721,250
---------------
Total Energy $ 121,615,289
----------------------------------------------------------------------------------------------------
MATERIALS -- 5.5%
Commodity Chemicals -- 1.0%
1,220,000 Hexion, Inc., 6.625%, 4/15/20 $ 1,021,750
1,567,000 Hexion, Inc., 8.875%, 2/1/18 1,214,425
2,445,000 Hexion, Inc., 9.0%, 11/15/20 1,112,475
1,750,000 Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 1,505,000
2,420,000 Tronox Finance LLC, 6.375%, 8/15/20 2,058,512
4,560,000 Tronox Finance LLC, 7.5%, 3/15/22 (144A) 3,784,800
---------------
$ 10,696,962
----------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 3.6%
3,975,357 Ardagh Finance Holdings SA, 8.625%,
(0.00% Cash, 8.625% PIK) 6/15/19
(144A) (PIK) $ 4,094,618
3,350,000 Ardagh Packaging Finance Plc, 6.75%,
1/31/21 (144A) 3,358,375
758,824 Ardagh Packaging Finance Plc, 7.0%,
11/15/20 (144A) 717,088
7,100,000 Ball Corp., 5.25%, 7/1/25 7,468,348
13,120,000 Crown Cork & Seal Co., Inc., 7.375%, 12/15/26 14,432,000
7,495,000 Reynolds Group Issuer, Inc., 8.5%, 5/15/18 7,503,994
2,565,000 Reynolds Group Issuer, Inc., 9.875%, 8/15/19 2,651,569
---------------
$ 40,225,992
----------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.1%
1,345,000 Prince Mineral Holding Corp., 11.5%,
12/15/19 (144A) $ 1,173,512
----------------------------------------------------------------------------------------------------
Gold -- 0.4%
5,580,000 IAMGOLD Corp., 6.75%, 10/1/20 (144A) $ 4,503,060
----------------------------------------------------------------------------------------------------
Steel -- 0.2%
2,855,000 JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) $ 2,740,800
----------------------------------------------------------------------------------------------------
Paper Products -- 0.2%
2,845,000 Resolute Forest Products, Inc., 5.875%, 5/15/23 $ 2,140,862
---------------
Total Materials $ 61,481,188
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer High Yield Fund | Semiannual Report | 4/30/16
----------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 3.1%
Aerospace & Defense -- 0.3%
3,880,000 DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) $ 3,506,550
----------------------------------------------------------------------------------------------------
Building Products -- 0.2%
2,000,000 Griffon Corp., 5.25%, 3/1/22 $ 2,010,000
----------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.8%
3,210,000 AECOM, 5.875%, 10/15/24 $ 3,370,500
5,645,000 Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 5,630,888
---------------
$ 9,001,388
----------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.4%
4,030,000 JB Poindexter & Co., Inc., 9.0%, 4/1/22 (144A) $ 4,241,575
----------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.5%
4,901,000 Apex Tool Group LLC, 7.0%, 2/1/21 (144A) $ 4,410,900
1,635,521 Liberty Tire Recycling LLC, 11.0%, 3/31/21
(0.0% cash, 11.0% PIK) (144A) (PIK) (c) 1,210,286
945,000 Xerium Technologies, Inc., 8.875%, 6/15/18 833,962
---------------
$ 6,455,148
----------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.9%
5,200,000 Rexel SA, 5.25%, 6/15/20 (144A) $ 5,369,000
2,000,000 United Rentals North America, Inc., 5.75%,
11/15/24 2,027,500
2,695,000 WESCO Distribution, Inc., 5.375%, 12/15/21 2,735,425
---------------
$ 10,131,925
---------------
Total Capital Goods $ 35,346,586
----------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.8%
Environmental & Facilities Services -- 0.2%
2,000,000 Safway Group Holding LLC, 7.0%,
5/15/18 (144A) $ 2,000,000
----------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.6%
1,800,000 NANA Development Corp., 9.5%, 3/15/19 (144A) $ 1,552,500
3,695,000 The GEO Group, Inc., 5.875%, 10/15/24 3,768,900
2,165,000 TMS International Corp., 7.625%,
10/15/21 (144A) 1,515,500
---------------
$ 6,836,900
---------------
Total Commercial Services & Supplies $ 8,836,900
----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.2%
Airlines -- 0.4%
1,920,000 Air Canada, 5.00%, 3/15/20 (144A) $ 1,804,800
2,950,000 Intrepid Aviation Group Holdings LLC, 6.875%,
2/15/19 (144A) 2,684,500
---------------
$ 4,489,300
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/16 27
Schedule of Investments | 4/30/16 (unaudited)(continued)
----------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------
Railroads -- 0.4%
4,250,000 Florida East Coast Holdings Corp., 6.75%,
5/1/19 (144A) $ 4,292,500
----------------------------------------------------------------------------------------------------
Trucking -- 0.4%
3,147,000 Jack Cooper Holdings Corp., 9.25%,
6/1/20 (144A) $ 1,982,610
3,500,000 syncreon Group BV, 8.625%, 11/1/21 (144A) 2,695,000
---------------
$ 4,677,610
---------------
Total Transportation $ 13,459,410
----------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.4%
Auto Parts & Equipment -- 0.1%
909,000 International Automotive Components Group SA,
9.125%, 6/1/18 (144A) $ 815,828
----------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.3%
4,135,000 TI Group Automotive Systems LLC, 8.75%,
7/15/23 (144A) $ 4,052,300
---------------
Total Automobiles & Components $ 4,868,128
----------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 4.3%
Homebuilding -- 4.0%
2,540,000 CalAtlantic Group, Inc., 5.375%, 10/1/22 $ 2,616,708
6,975,000 CalAtlantic Group, Inc., 6.25%, 12/15/21 7,480,688
4,345,000 DR Horton, Inc., 5.75%, 8/15/23 4,757,775
8,375,000 KB Home, 7.0%, 12/15/21 8,542,500
4,150,000 Lennar Corp., 4.5%, 6/15/19 4,292,656
7,930,000 Lennar Corp., 4.75%, 11/15/22 8,048,950
3,660,000 Meritage Homes Corp., 7.0%, 4/1/22 3,925,350
1,500,000 Rialto Holdings LLC, 7.0%, 12/1/18 (144A) 1,470,000
3,990,000 Taylor Morrison Communities, Inc., 5.875%,
4/15/23 (144A) 3,980,025
---------------
$ 45,114,652
----------------------------------------------------------------------------------------------------
Textiles -- 0.3%
2,920,000 Springs Industries, Inc., 6.25%, 6/1/21 $ 2,971,100
---------------
Total Consumer Durables & Apparel $ 48,085,752
----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 2.3%
Casinos & Gaming -- 1.1%
472,340 Mashantucket Western Pequot Tribe, 6.5%,
7/1/36 (1.0% cash, 5.50% PIK) (PIK) (e) $ 2,362
14,265,000 Scientific Games International, Inc., 10.0%,
12/1/22 11,790,022
700,000 Scientific Games International, Inc., 6.25%,
9/1/20 449,750
---------------
$ 12,242,134
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer High Yield Fund | Semiannual Report | 4/30/16
----------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.9%
1,480,000 NCL Corp, Ltd., 4.625%, 11/15/20 (144A) $ 1,504,050
2,750,000 NCL Corp., Ltd., 5.25%, 11/15/19 (144A) 2,825,625
1,680,000 Viking Cruises, Ltd., 6.25%, 5/15/25 (144A) 1,344,000
4,290,000 Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 4,032,600
---------------
$ 9,706,275
----------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.3%
3,475,000 Constellis Holdings LLC, 9.75%, 5/15/20 (144A) $ 3,144,875
435,000 Sotheby's, 5.25%, 10/1/22 (144A) 409,988
---------------
$ 3,554,863
---------------
Total Consumer Services $ 25,503,272
----------------------------------------------------------------------------------------------------
MEDIA -- 3.2%
Advertising -- 0.1%
1,605,000 MDC Partners, Inc., 6.5%, 5/1/24 (144A) $ 1,662,138
----------------------------------------------------------------------------------------------------
Broadcasting -- 0.6%
6,170,000 Gannett Co., Inc., 6.375%, 10/15/23 $ 6,663,600
----------------------------------------------------------------------------------------------------
Cable & Satellite -- 2.0%
9,250,000 CCO Holdings LLC, 6.5%, 4/30/21 $ 9,571,900
1,670,000 Neptune Finco Corp., 6.625%, 10/15/25 (144A) 1,795,250
1,575,000 Numericable-SFR SA, 6.0%, 5/15/22 (144A) 1,577,048
9,050,000 Videotron, Ltd., 5.375%, 6/15/24 (144A) 9,445,938
---------------
$ 22,390,136
----------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.3%
425,000 Regal Entertainment Group, 5.75%, 3/15/22 $ 442,531
2,895,000 Regal Entertainment Group, Inc., 5.75%, 2/1/25 2,931,188
---------------
$ 3,373,719
----------------------------------------------------------------------------------------------------
Publishing -- 0.2%
1,675,000 Trader Corp., 9.875%, 8/15/18 (144A) $ 1,737,812
---------------
Total Media $ 35,827,405
----------------------------------------------------------------------------------------------------
RETAILING -- 0.9%
Department Stores -- 0.2%
2,710,000 Argos Merger Sub, Inc., 7.125%, 3/15/23 (144A) $ 2,770,975
----------------------------------------------------------------------------------------------------
Computer & Electronics Retail -- 0.1%
1,340,000 Rent-A-Center, Inc., 6.625%, 11/15/20 $ 1,189,250
----------------------------------------------------------------------------------------------------
Specialty Stores -- 0.3%
4,010,000 Outerwall, Inc., 5.875%, 6/15/21 $ 3,228,050
----------------------------------------------------------------------------------------------------
Automotive Retail -- 0.3%
2,900,000 Asbury Automotive Group, Inc., 6.0%, 12/15/24 $ 2,994,250
---------------
Total Retailing $ 10,182,525
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/16 29
Schedule of Investments | 4/30/16 (unaudited)(continued)
----------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 2.6%
Distillers & Vintners -- 0.4%
3,900,000 Constellation Brands, Inc., 3.75%, 5/1/21 $ 4,046,250
----------------------------------------------------------------------------------------------------
Agricultural Products -- 0.2%
4,460,000 Southern States Cooperative, Inc., 10.0%,
8/15/21 (144A) $ 2,809,800
----------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 1.4%
1,710,000 Dole Food Co., Inc., 7.25%, 5/1/19 (144A) $ 1,718,550
2,425,000 Pilgrim's Pride Corp., 5.75%, 3/15/25 (144A) 2,467,438
7,600,000 Post Holdings, Inc., 6.0%, 12/15/22 (144A) 7,804,250
1,775,000 Post Holdings, Inc., 6.75%, 12/1/21 (144A) 1,860,431
1,940,000 Post Holdings, Inc., 8.0%, 7/15/25 (144A) 2,150,975
---------------
$ 16,001,644
----------------------------------------------------------------------------------------------------
Tobacco -- 0.6%
7,560,000 Alliance One International, Inc., 9.875%,
7/15/21 $ 6,293,700
---------------
Total Food, Beverage & Tobacco $ 29,151,394
----------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.2%
Personal Products -- 0.1%
1,245,000 Revlon Consumer Products Corp., 5.75%,
2/15/21 $ 1,265,231
----------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.1%
1,325,000 Centene Escrow Corp., 6.125%, 2/15/24 (144A) $ 1,397,875
---------------
Total Household & Personal Products $ 2,663,106
----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 4.1%
Health Care Services -- 0.4%
3,675,000 BioScrip, Inc., 8.875%, 2/15/21 $ 3,123,750
1,795,000 RegionalCare Hospital Partners Holdings, Inc.,
8.25%, 5/1/23 (144A) 1,866,800
---------------
$ 4,990,550
----------------------------------------------------------------------------------------------------
Health Care Facilities -- 3.1%
2,000,000 Centene Escrow Corp., 5.625%, 2/15/21 (144A) $ 2,105,000
850,000 CHS, 6.875%, 2/1/22 769,250
8,900,000 CHS, Inc., 8.0%, 11/15/19 8,955,625
13,850,000 HCA, Inc., 5.375%, 2/1/25 14,161,625
7,975,000 Kindred Healthcare Inc., 6.375%, 4/15/22 7,297,125
1,265,000 Universal Hospital Services, Inc., 7.625%,
8/15/20 1,181,257
---------------
$ 34,469,882
----------------------------------------------------------------------------------------------------
Managed Health Care -- 0.6%
6,765,000 WellCare Health Plans, Inc., 5.75%, 11/15/20 $ 7,044,056
---------------
Total Health Care Equipment & Services $ 46,504,488
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer High Yield Fund | Semiannual Report | 4/30/16
----------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 1.8%
Pharmaceuticals -- 1.8%
5,610,000 DPx Holdings BV, 7.5%, 2/1/22 (144A) $ 5,680,125
4,160,000 Endo Finance LLC, 5.75%, 1/15/22 (144A) 4,076,800
12,195,000 Valeant Pharmaceuticals International, Inc.,
5.875%, 5/15/23 (144A) 10,213,312
---------------
$ 19,970,237
----------------------------------------------------------------------------------------------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 19,970,237
----------------------------------------------------------------------------------------------------
BANKS -- 2.5%
Diversified Banks -- 2.3%
1,375,000 6.30 Bank of America Corp., Floating Rate Note
(Perpetual) $ 1,440,312
3,175,000 6.10 Bank of America Corp., Floating Rate Note
(Perpetual) 3,176,984
475,000 6.50 Bank of America Corp., Floating Rate Note,
10/23/49 499,938
3,225,000 6.25 Citigroup, Inc., Floating Rate Note (Perpetual) 3,317,719
5,755,000 5.90 Citigroup, Inc., Floating Rate Note (Perpetual) 5,740,612
5,680,000 8.12 Credit Agricole SA, Floating Rate Note
(Perpetual) (144A) 5,864,600
6,000,000 8.00 Royal Bank of Scotland Group Plc, Floating Rate
Note (Perpetual) 5,750,622
---------------
$ 25,790,787
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.2%
2,920,000 Provident Funding Associates LP, 6.75%,
6/15/21 (144A) $ 2,766,700
---------------
Total Banks $ 28,557,487
----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 3.3%
Specialized Finance -- 1.8%
5,825,000 Fly Leasing, Ltd., 6.375%, 10/15/21 $ 5,708,500
1,310,000 Nationstar Mortgage LLC, 6.5%, 6/1/22 1,123,325
10,220,000 Nationstar Mortgage LLC, 6.5%, 7/1/21 8,968,050
1,820,000 Nationstar Mortgage LLC, 6.5%, 8/1/18 1,774,500
3,100,000 Oxford Finance LLC, 7.25%, 1/15/18 (144A) 3,084,500
---------------
$ 20,658,875
----------------------------------------------------------------------------------------------------
Consumer Finance -- 1.1%
1,870,000 Ally Financial, Inc., 4.625%, 3/30/25 $ 1,888,700
1,250,000 Ally Financial, Inc., 4.625%, 5/19/22 1,281,250
3,150,000 Ally Financial, Inc., 5.75%, 11/20/25 3,189,375
3,875,000 5.55 Capital One Financial Corp., Floating Rate Note
(Perpetual) 3,867,250
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/16 31
Schedule of Investments | 4/30/16 (unaudited)(continued)
----------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
3,265,000 TMX Finance LLC, 8.5%, 9/15/18 (144A) $ 2,546,700
---------------
$ 12,773,275
----------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.4%
4,325,000 5.55 Morgan Stanley, Floating Rate Note (Perpetual) $ 4,281,750
---------------
Total Diversified Financials $ 37,713,900
----------------------------------------------------------------------------------------------------
INSURANCE -- 4.6%
Life & Health Insurance -- 0.4%
4,200,000 5.65 Voya Financial, Inc., Floating Rate Note, 5/15/53 $ 3,933,300
----------------------------------------------------------------------------------------------------
Reinsurance -- 4.2%
500,000 6.20 Alamo Re, Ltd., Floating Rate Note, 6/7/18
(Cat Bond) (144A) $ 513,650
1,948,129 Altair Re, Variable Rate Notes, 6/30/17 (d)(f) 316,961
1,000,000 Arlington Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 8/31/16 (d)(f) 1,138,800
1,200,000 Berwick 2016-1 Segregated Account (Kane SAC
Ltd.), Variable Rate Notes, 2/1/18 (d)(f) 1,220,760
1,000,000 Berwick Segregated Account (Kane SAC Ltd.),
Variable Rate Note, 1/22/16 (d)(f) 30,000
3,600,000 Carnoustie 2016-N,Segregated Account (Kane
SAC Ltd.), Variable Rate Notes, 11/30/20 (d)(f) 3,672,360
4,500,000 Carnoustie Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 2/19/16 (d)(f) 91,800
1,200,000 Clarendon Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 6/15/16 (d)(f) 1,199,880
1,100,000 Eden Re II, Ltd., Variable Rate Notes, 4/23/19
(144A) (d)(f) 1,118,480
2,400,000 Gleneagles Segregated Account (Kane SAC Ltd),
Variable Rate Notes, 11/30/20 (d)(f) 2,469,120
4,500,000 Gullane Segregated Account (Kane SAC Ltd.),
Variable Rate Note 11/30/20 (d)(f) 4,767,300
500,000 3.98 Kilimanjaro Re, Ltd., Floating Rate Note,
11/25/19 (Cat Bond) (144A) 498,800
1,000,000 6.96 Kilimanjaro Re, Ltd., Floating Rate Note,
12/6/19 (Cat Bond) (144A) 1,004,400
1,250,000 9.46 Kilimanjaro Re, Ltd., Floating Rate Note,
12/6/19 (Cat Bond) (144A) 1,263,625
500,000 Lahinch Re, Ltd., Variable Rate Notes,
5/10/21 (d)(f) 481,365
500,000 Lahinch Re, Variable Rate Notes, 6/15/16 (d)(f) 505,350
2,600,000 Lorenz Re, Ltd., Variable Rate Notes,
3/31/18 (d)(f) 182,000
2,600,000 Lorenz Re, Ltd., Variable Rate Notes,
3/31/19 (d)(f) 2,604,160
The accompanying notes are an integral part of these financial statements.
32 Pioneer High Yield Fund | Semiannual Report | 4/30/16
----------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
1,000,000 Madison Re, Ltd., Variable Rate Notes,
3/31/19 (d)(f) $ 1,000,000
4,500,000 Pangaea Re, Series 2015-1, Principal at Risk
Notes, 2/1/19 (d)(f) 134,550
5,800,000 Pangaea Re, Series 2015-2, Principal at Risk
Notes, 11/30/19 (d)(f) 6,670,580
4,200,000 Pangaea Re, Variable Rate Notes, 2/1/20 (d)(f) 4,255,020
5,120,000 Pangaea Re, Variable Rate Notes, 7/1/18 (d)(f) 92,160
1,500,000 Prestwick Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 7/1/16 (d)(f) 112,350
1,200,000 4.50 Resilience Re, Ltd., Floating Rate Note, 1/9/17
(Cat Bond) (d)(f) 1,200,000
8,310 Sector Re V, Ltd., Variable Rate Notes, 12/1/19
(144A) (d)(f) 58,448
1,550,000 Sector Re V, Ltd., Variable Rate Notes, 12/1/20
(144A) (d)(f) 1,585,340
2,000,000 Silverton Re, Ltd., Variable Rate Notes, 9/16/16
(144A) (d)(f) 9,200
2,700,000 Silverton Re, Ltd., Variable Rate Notes, 9/18/18
(144A) (d)(f) 2,810,430
3,000,000 St. Andrews Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/22/16 (d)(f) 59,100
2,450,000 St. Andrews Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 2/1/18 (d)(f) 2,515,415
4,000,000 Versutus 2016, Class A-1, Variable Rate Notes,
11/30/20 (d)(f) 4,099,600
4,400,000 Versutus, Ltd., Series 2015-A, Variable Rate Notes,
12/31/17 (d)(f) 64,240
---------------
$ 47,745,244
---------------
Total Insurance $ 51,678,544
----------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.8%
Specialized REIT -- 0.7%
3,356,544 AAF Holdings LLC, 12.0%, 7/1/19 (144A)
(12.0% cash, 0.0% PIK) (PIK) $ 3,306,196
2,465,000 Equinix, Inc., 5.375%, 4/1/23 2,575,925
1,410,000 Iron Mountain, Inc., 5.75%, 8/15/24 1,448,775
---------------
$ 7,330,896
----------------------------------------------------------------------------------------------------
Real Estate Services -- 0.1%
1,480,000 Kennedy-Wilson, Inc., 5.875%, 4/1/24 $ 1,446,700
---------------
Total Real Estate $ 8,777,596
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/16 33
Schedule of Investments | 4/30/16 (unaudited)(continued)
----------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 2.0%
Internet Software & Services -- 0.9%
3,225,000 Cimpress NV, 7.0%, 4/1/22 (144A) $ 3,257,250
6,085,000 j2 Cloud Services, Inc., 8.0%, 8/1/20 6,351,219
---------------
$ 9,608,469
----------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 1.1%
2,750,000 First Data Corp., 5.0%, 1/15/24 (144A) $ 2,777,500
5,000,000 First Data Corp., 5.75%, 1/15/24 (144A) 5,075,000
1,830,000 First Data Corp., 7.0%, 12/1/23 (144A) 1,880,325
3,688,000 NeuStar, Inc., 4.5%, 1/15/23 3,024,160
---------------
$ 12,756,985
---------------
Total Software & Services $ 22,365,454
----------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.2%
Communications Equipment -- 0.2%
1,890,000 CommScope Technologies Finance LLC, 6.0%,
6/15/25 (144A) $ 1,937,250
---------------
Total Technology Hardware & Equipment $ 1,937,250
----------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.8%
Semiconductor Equipment -- 0.4%
4,250,000 Entegris, Inc., 6.0%, 4/1/22 (144A) $ 4,377,500
----------------------------------------------------------------------------------------------------
Semiconductors -- 0.4%
430,000 Advanced Micro Devices, Inc., 7.0%, 7/1/24 $ 323,575
2,355,000 Micron Technology, Inc., 5.25%, 8/1/23 (144A) 1,902,864
2,350,000 Micron Technology, Inc., 5.875%, 2/15/22 2,073,875
---------------
$ 4,300,314
---------------
Total Semiconductors & Semiconductor
Equipment $ 8,677,814
----------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 6.7%
Integrated Telecommunication Services -- 3.6%
3,625,000 CenturyLink, Inc., 5.8%, 3/15/22 $ 3,579,688
3,300,000 CenturyLink, Inc., 6.45%, 6/15/21 3,366,000
300,000 CenturyLink, Inc., 7.5%, 4/1/24 300,750
8,553,000 Cincinnati Bell, Inc., 8.375%, 10/15/20 8,766,825
9,401,000 Frontier Communications Corp., 8.5%, 4/15/20 9,941,558
3,100,000 Frontier Communications Corp., 8.75%, 4/15/22 3,061,250
530,000 Frontier Communications Corp., 8.875%,
9/15/20 (144A) 561,138
7,030,000 Windstream Corp., 7.5%, 6/1/22 5,764,600
2,975,000 Windstream Services LLC, 6.375%, 8/1/23 2,268,438
3,460,000 Windstream Services LLC, 7.75%, 10/15/20 3,129,535
---------------
$ 40,739,782
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer High Yield Fund | Semiannual Report | 4/30/16
----------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 3.1%
1,840,000 Altice Financing SA, 6.625%, 2/15/23 (144A) $ 1,819,392
1,375,000 Altice US Finance I Corp., 5.375%,
7/15/23 (144A) 1,403,944
1,055,000 Altice US Finance I Corp., 5.5%, 5/15/26 (144A) 1,065,550
20,345,000 Sprint Corp., 7.25%, 9/15/21 16,428,582
700,000 T-Mobile USA, Inc., 6.0%, 4/15/24 732,375
860,000 T-Mobile USA, Inc., 6.5%, 1/15/26 911,600
4,300,000 T-Mobile USA, Inc., 6.542%, 4/28/20 4,434,375
1,635,000 T-Mobile USA, Inc., 6.633%, 4/28/21 1,722,881
2,000,000 T-Mobile USA, Inc., 6.731%, 4/28/22 2,105,000
3,350,000 WCP Issuer LLC, 6.657%, 8/15/20 (144A) 3,462,996
---------------
$ 34,086,695
---------------
Total Telecommunication Services $ 74,826,477
----------------------------------------------------------------------------------------------------
UTILITIES -- 2.9%
Electric Utilities -- 1.2%
3,415,000 ContourGlobal Power Holdings SA, 7.125%,
6/1/19 (144A) $ 3,380,850
7,360,000 Talen Energy Supply LLC, 4.625%,
7/15/19 (144A) 6,844,800
3,975,000 Talen Energy Supply LLC, 6.5%, 6/1/25 3,528,130
---------------
$ 13,753,780
----------------------------------------------------------------------------------------------------
Gas Utilities -- 0.9%
1,065,000 DCP Midstream Operating LP, 2.7%, 4/1/19 $ 999,081
1,785,000 DCP Midstream Operating LP, 3.875%, 3/15/23 1,575,262
2,375,000 DCP Midstream Operating LP, 5.6%, 4/1/44 1,911,875
1,850,000 Ferrellgas LP, 6.5%, 5/1/21 1,762,125
3,585,000 Ferrellgas LP, 6.75%, 1/15/22 3,432,638
---------------
$ 9,680,981
----------------------------------------------------------------------------------------------------
Independent Power Producers & Energy
Traders -- 0.8%
1,650,000 AES Corp., Virginia, 5.5%, 3/15/24 $ 1,670,625
2,850,000 NRG Energy, Inc., 6.25%, 5/1/24 2,778,750
2,815,000 NRG Energy, Inc., 7.875%, 5/15/21 2,926,474
1,650,000 TerraForm Power Operating LLC, 5.875%,
2/1/23 (144A) 1,439,625
---------------
$ 8,815,474
---------------
Total Utilities $ 32,250,235
----------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $760,203,799) $ 730,280,437
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/16 35
Schedule of Investments | 4/30/16 (unaudited)(continued)
----------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 1.3%
5,000,000 0.30 U.S. Treasury Note, Floating Rate Note, 10/31/16 $ 4,999,995
5,000,000 0.32 U.S. Treasury Note, Floating Rate Note, 7/31/16 5,000,625
5,000,000 0.52 U.S. Treasury Note, Floating Rate Note, 1/31/18 5,010,345
---------------
$ 15,010,965
----------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY
OBLIGATIONS
(Cost $15,001,831) $ 15,010,965
----------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 6.4%**
ENERGY -- 0.2%
Oil & Gas Drilling -- 0.2%
3,863,910 7.50 Jonah Energy LLC, Term Loan (Second Lien),
5/8/21 $ 2,675,758
----------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.0%+
174,291 8.02 Ascent Resources -- Utica, LLC (f.k.a. American
Energy Utica LLC) Term Loan (Second Lien),
7/1/19 $ 44,009
---------------
Total Energy $ 2,719,767
----------------------------------------------------------------------------------------------------
MATERIALS -- 0.2%
Specialty Chemicals -- 0.1%
1,335,638 3.75 Axalta Coating Systems US Holdings, Inc.,
Refinanced Term B Loan, 2/1/20 $ 1,335,743
----------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.1%
388,632 4.25 Fortescue Metals Group, Ltd., Bank Loan,
6/30/19 $ 367,792
---------------
Total Materials $ 1,703,535
----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.3%
Building Products -- 0.3%
2,808,534 6.00 Builders FirstSource, Inc., Initial Term
Loan, 7/24/22 $ 2,809,851
---------------
Total Capital Goods $ 2,809,851
----------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.3%
Environmental & Facilities Services -- 0.1%
609,600 4.00 WCA Waste Corp., Term Loan, 3/23/18 $ 609,219
----------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.0%+
416,698 8.02 IAP Worldwide Services, Inc., Term Loan,
7/18/19 $ 414,094
----------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.2%
2,673,469 4.25 Monitronics International, Inc., Term B Loan,
3/23/18 $ 2,566,531
---------------
Total Commercial Services & Supplies $ 3,589,844
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer High Yield Fund | Semiannual Report | 4/30/16
----------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.8%
Auto Parts & Equipment -- 0.8%
7,330 3.50 Allison Transmission, Inc., Term B-3 Loan,
8/23/19 $ 7,353
1,930,648 4.50 TI Group Automotive Systems LLC, Initial US Term
Loan, 6/25/22 1,930,648
6,937,050 4.00 Tower Automotive Holdings USA LLC, Initial Term
Loan (2014), 4/23/20 6,937,050
---------------
$ 8,875,051
---------------
Total Automobiles & Components $ 8,875,051
----------------------------------------------------------------------------------------------------
MEDIA -- 0.3%
Advertising -- 0.2%
1,958,096 6.75 Affinion Group, Inc., Tranche B Term Loan,
4/30/18 $ 1,729,857
----------------------------------------------------------------------------------------------------
Broadcasting -- 0.1%
1,395,287 4.00 Univision Communications, Inc., Replacement
First-Lien Term Loan (C-4), 3/1/20 $ 1,396,781
----------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.0%+
427,699 3.75 Cinedigm Digital Funding 1 LLC, Term Loan,
2/28/18 $ 424,491
---------------
Total Media $ 3,551,129
----------------------------------------------------------------------------------------------------
RETAILING -- 0.6%
Automotive Retail -- 0.6%
6,565,438 5.75 CWGS Group LLC, Term Loan, 2/20/20 $ 6,557,231
---------------
Total Retailing $ 6,557,231
----------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.0%+
Food Distributors -- 0.0%+
8,263 5.75 AdvancePierre Foods, Inc., Term Loan (First
Lien), 7/10/17 $ 8,282
---------------
Total Food & Staples Retailing $ 8,282
----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.1%
Health Care Equipment -- 0.2%
2,361,623 4.50 Kinetic Concepts, Inc., Term DTL-E1 loan, 5/4/18 $ 2,363,689
----------------------------------------------------------------------------------------------------
Health Care Services -- 0.8%
1,153,824 4.25 Alliance HealthCare Services, Inc., Initial Term
Loan, 6/3/19 $ 1,104,787
717,218 6.50 Ardent Legacy Acquisitions, Inc., Term Loan,
7/31/21 720,804
2,024,619 6.50 BioScrip, Inc., Initial Term B Loan, 7/31/20 1,862,650
1,214,771 6.50 BioScrip, Inc., Term Loan, 7/31/20 1,117,590
2,538,200 4.25 National Mentor Holdings, Inc., Tranche B Term
Loan, 1/31/21 2,535,822
1,345,389 4.50 National Surgical Hospitals, Inc., Term Loan
(First Lien), 5/15/22 1,326,016
---------------
$ 8,667,669
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/16 37
Schedule of Investments | 4/30/16 (unaudited)(continued)
----------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.1%
697,395 9.75 MMM Holdings, Inc., Term Loan, 10/9/17 (e) $ 455,050
----------------------------------------------------------------------------------------------------
Managed Health Care -- 0.0%+
507,002 9.75 MSO of Puerto Rico, Inc., MSO Term Loan,
12/12/17 (e) $ 330,819
---------------
Total Health Care Equipment & Services $ 11,817,227
----------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.4%
Biotechnology -- 0.4%
5,113,702 7.00 Lantheus Medical Imaging, Inc., Initial Term
Loan, 6/25/22 $ 4,576,763
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 4,576,763
----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.3%
Investment Banking & Brokerage -- 0.3%
3,430,000 8.63 Concentra, Inc., Initial Term Loan (Second
Lien), 4/8/23 $ 3,362,429
---------------
Total Diversified Financials $ 3,362,429
----------------------------------------------------------------------------------------------------
INSURANCE -- 0.0%+
Multi-line Insurance -- 0.0%+
366,912 4.50 Alliant Holdings I LLC, Initial Term Loan, 7/28/22 $ 364,390
---------------
Total Insurance $ 364,390
----------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.6%
IT Consulting & Other Services -- 0.1%
1,965,000 5.75 Evergreen Skills Lux Sarl, Initial Term Loan
(First Lien), 4/23/21 $ 1,729,200
----------------------------------------------------------------------------------------------------
Application Software -- 0.5%
4,813,691 8.50 Expert Global Solutions, Inc., Term B Advance
(First Lien), 4/3/18 $ 4,729,451
668,841 4.25 Vertafore, Inc., Term Loan 2013, 10/3/19 671,001
---------------
$ 5,400,452
---------------
Total Software & Services $ 7,129,652
----------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.4%
Semiconductors -- 0.4%
4,450,000 5.25 ON Semiconductor Corp., Term Loan (First Lien),
3/31/23 $ 4,479,481
---------------
Total Semiconductors & Semiconductor
Equipment $ 4,479,481
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
38 Pioneer High Yield Fund | Semiannual Report | 4/30/16
----------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.9%
Integrated Telecommunication Services -- 0.9%
5,000,000 0.00 Level 3 Financing, Inc., Tranche B-II 2022
Term Loan, 5/31/22 $ 5,015,107
5,100,408 3.65 Virgin Media Investment Holdings, Ltd.,
F Facility, 6/30/23 5,098,016
---------------
$ 10,113,123
---------------
Total Telecommunication Services $ 10,113,123
----------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
(Cost $74,185,048) $ 71,657,755
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Shares
----------------------------------------------------------------------------------------------------
RIGHTS / WARRANTS -- 0.0%+
HEALTH CARE EQUIPMENT & SERVICES -- 0.0%+
Health Care Services -- 0.0%+
2,136 Bioscrip Warrants, Class A, 9/9/25 $ --
2,136 Bioscrip Warrants, Class B, 9/9/25 --
---------------
$ --
---------------
Total Health Care Equipment & Services $ --
----------------------------------------------------------------------------------------------------
TOTAL RIGHTS / WARRANTS
(Cost $0) $ --
----------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 97.2%
(Cost $1,128,805,419) (a) $ 1,091,684,335
----------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 2.8% $ 31,429,780
----------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 1,123,114,115
====================================================================================================
* Non-income producing security.
+ Amount rounds to less than 0.1%.
(Cat Bond) Catastrophe or Event Linked Bond. At April 30, 2016, the value of
these securities amounted to $4,480,475, or 0.4% of total net
assets. See Notes to Financial Statements -- Note 1G.
(Perpetual) Security with no stated maturity date.
(PIK) Represents a pay-in-kind security.
(Step) Bond issued with an initial coupon rate which converts to a higher
rate at a later date.
REIT Real Estate Investment Trust.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At April 30, 2016, the value of these securities
amounted to $282,436,504 or 25.2% of total net assets.
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/16 39
Schedule of Investments | 4/30/16 (unaudited)(continued)
** 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.
(a) At April 30, 2016, the net unrealized depreciation on investments
based on cost for federal income tax purposes of $1,134,335,931 was
as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 50,805,705
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (93,457,301)
------------
Net unrealized depreciation $(42,651,596)
============
(b) Debt obligation with a variable interest rate. Rate shown is rate
at end of period.
(c) Security is valued using fair value methods (other than prices
supplied by independent pricing services or broker-dealers). See
Notes to Financial Statements -- Note 1A.
(d) Rate to be determined.
(e) Security is in default.
(f) Structured reinsurance investment. At April 30, 2016, the value of
these securities amounted to $43,348,519 or 3.9% of total net
assets. See Notes to Financial Statements -- Note 1G.
(g) Security issued with a zero coupon. Income is recognized through
accretion of discount.
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended April 30, 2016 were as follows:
--------------------------------------------------------------------------------------------------------
Purchases Sales
--------------------------------------------------------------------------------------------------------
Long-Term U.S. Government Securities $ 5,002,720 $ 5,000,000
Other Long-Term Securities $221,618,280 $245,666,157
CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION
-------------------------------------------------------------------------------------------------------------
Notional Obligation Credit Expiration Premiums Unrealized
Principal ($)(1) Counterparty Entity/Index Coupon Rating(2) Date Paid Appreciation
-------------------------------------------------------------------------------------------------------------
27,629,015 Chicago Markit CDX 5.00% BBB+ 12/20/19 $1,879,644 $22,571
Mercantile North America
Exchange High Yield
Index
6,040,000 Chicago Markit CDX 5.00% BBB+ 12/20/20 139,524 61,589
Mercantile North America
Exchange High Yield
Index
-------------------------------------------------------------------------------------------------------------
$2,019,168 $84,160
=============================================================================================================
(1) The notional amount is the maximum amount that a seller of credit
protection would be obligated to pay upon occurrence of a credit event.
(2) Based on Standard & Poor's rating of the issuer or the weighted average of
all the underlying securities in the index.
The accompanying notes are an integral part of these financial statements.
40 Pioneer High Yield Fund | Semiannual Report | 4/30/16
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of April 30, 2016, in valuing
the Fund's assets:
-------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $141,057,810 $ -- $ 141,057,810
Preferred Stocks
Transportation
Air Freight & Logistics -- 1,729,018 -- 1,729,018
Diversified Financials
Consumer Finance 8,999,503 -- -- 8,999,503
Insurance
Reinsurance -- -- 83,750 83,750
Convertible Preferred Stocks
Energy
Oil & Gas Exploration &
Production -- 28,600 -- 28,600
Consumer Durables
& Apparel
Home Furnishings -- 13,048,750 -- 13,048,750
Health Care Equipment &
Services
Health Care Services -- -- 67,572 67,572
Health Care Facilities -- 1,302,496 -- 1,302,496
All Other Convertible
Preferred Stocks 12,077,689 -- -- 12,077,689
Common Stock
Capital Goods
Industrial Machinery -- -- 737 737
Commercial Services & Supplies
Diversified Support Services -- 71,570 -- 71,570
Transportation
Air Freight & Logistics -- 798,721 -- 798,721
Consumer Services
Education Services -- 268,846 -- 268,846
All Other Common Stocks 64,824,135 -- -- 64,824,135
Asset Backed Securities -- 939,997 -- 939,997
Collateralized Mortgage
Obligations -- 29,435,984 -- 29,435,984
Corporate Bonds
Capital Goods
Industrial Machinery -- 5,244,862 1,210,286 6,455,148
Insurance
Reinsurance -- 3,280,475 44,464,769 47,745,244
All Other Corporate Bonds -- 676,080,045 -- 676,080,045
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/16 41
Schedule of Investments | 4/30/16 (unaudited)(continued)
-------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------------------------
U.S. Government Agency
Obligations $ -- $ 15,010,965 $ -- $ 15,010,965
Senior Floating Rate Loan
Interests -- 71,657,755 -- 71,657,755
-------------------------------------------------------------------------------------------------
Total $ 85,901,327 $959,955,894 $ 45,827,114 $1,091,684,335
=================================================================================================
Other Financial Instruments
Unrealized depreciation on
futures contracts $ (530,535) $ -- $ -- $ (530,535)
Unrealized appreciation
on swap contracts -- 84,160 -- 84,160
-------------------------------------------------------------------------------------------------
Total Other Financial
Instruments $ (530,535) $ 84,160 $ -- $ (446,375)
=================================================================================================
The following is a summary of the fair valuation of certain Fund's assets and
liabilities as of April 30, 2016:
-------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------------------------
Assets:
Restricted cash $ -- $ 652,247 $ -- $ 652,247
Variation margin for
futures contracts 140,315 -- -- 140,315
Liabilities:
Variation margin for centrally
cleared swap contracts -- (49,742) -- (49,742)
-------------------------------------------------------------------------------------------------
Total: $ 140,315 $ 602,505 $ -- $ 742,820
=================================================================================================
The following is a reconciliation of assets valued using significant observable
inputs (Level 3):
----------------------------------------------------------------------------------------------------
Convertible
Preferred Preferred Common Corporate
Stocks Stocks Stocks Bonds Total
----------------------------------------------------------------------------------------------------
Balance as of 10/31/15 $58,827 $83,750 $737 $ 57,024,299 $ 57,167,613
Realized gain (loss)(1) -- -- -- 14,701 14,701
Change in unrealized
appreciation (depreciation)(2) 8,745 -- -- (24,229,884) (24,221,139)
Purchases -- -- -- 32,068,429 32,068,429
Sales -- -- -- (19,202,490) (19,202,490)
Transfers in to Level 3* -- -- -- -- --
Transfers out of Level 3* -- -- -- -- --
----------------------------------------------------------------------------------------------------
Balance as of 4/30/16 $67,572 $83,750 $737 $ 45,675,055 $ 45,827,114
----------------------------------------------------------------------------------------------------
(1) Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) on investments in the
Statement of Operations.
The accompanying notes are an integral part of these financial statements.
42 Pioneer High Yield Fund | Semiannual Report | 4/30/16
* Transfers are calculated on the beginning of period values. During the six
months ended April 30, 2016, there were no transfers between Levels 1, 2
and 3.
Net change in unrealized appreciation (depreciation) of investments
still held as of 4/30/16 $(22,370,083)
------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/16 43
Statement of Assets and Liabilities | 4/30/16 (unaudited)
ASSETS:
Investment in securities (cost $1,128,805,419) $1,091,684,335
Cash 2,195,949
Restricted cash * 652,247
Receivables --
Investment securities sold 26,766,702
Fund shares sold 1,054,819
Interest 14,956,561
Dividends 110,714
Swap contracts, premiums paid 2,019,166
Variation margin for futures contracts 140,315
Other assets 61,536
----------------------------------------------------------------------------------------
Total assets $1,139,642,344
========================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 12,045,358
Fund shares repurchased 3,216,079
Distributions 636,162
Variation margin for centrally cleared swap contracts 49,742
Due to affiliates 408,835
Accrued expenses 172,053
----------------------------------------------------------------------------------------
Total liabilities $ 16,528,229
========================================================================================
NET ASSETS:
Paid-in capital $1,209,297,292
Distributions in excess of net investment income (2,899,545)
Accumulated net realized loss on investments, futures contracts
and swap contracts (45,716,173)
Net unrealized depreciation on investments (37,121,084)
Unrealized depreciation on futures contracts (530,535)
Unrealized appreciation on swap contracts 84,160
----------------------------------------------------------------------------------------
Total net assets $1,123,114,115
========================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $588,477,106/65,077,944 shares) $ 9.04
Class C (based on $269,137,360/29,146,422 shares) $ 9.23
Class R (based on $30,235,669/2,955,363 shares) $ 10.23
Class Y (based on $235,263,980/25,992,421 shares) $ 9.05
MAXIMUM OFFERING PRICE:
Class A ($9.04 / 95.5%) $ 9.47
========================================================================================
* Represents restricted cash deposited at the counterparty for derivative
contracts
The accompanying notes are an integral part of these financial statements.
44 Pioneer High Yield Fund | Semiannual Report | 4/30/16
Statement of Operations (unaudited)
For the Six Months Ended 4/30/16
INVESTMENT INCOME:
Interest $ 35,973,388
Dividend 1,953,318
--------------------------------------------------------------------------------------------
Total investment income $ 37,926,706
--------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 3,730,631
Transfer agent fees
Class A 52,712
Class C 11,258
Class R 1,796
Class Y 7,618
Distribution fees
Class A 727,208
Class C 1,367,798
Class R 75,638
Shareholder communications expense 717,610
Administrative expense 206,760
Custodian fees 33,628
Registration fees 35,347
Professional fees 66,950
Printing expense 15,866
Fees and expenses of nonaffiliated Trustees 25,016
Miscellaneous 56,924
--------------------------------------------------------------------------------------------
Total expenses $ 7,132,760
--------------------------------------------------------------------------------------------
Net investment income $ 30,793,946
--------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
CLASS ACTIONS, FUTURES CONTRACTS AND SWAP CONTRACTS:
Net realized gain (loss) on:
Investments $ (49,567,788)
Class actions 285,569
Futures contracts 20,605
Swap contracts 816,154 $ (48,445,460)
--------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ 16,899,107
Futures contracts 2,425,905
Swap contracts (1,048,919) $ 18,276,093
--------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments,
class actions, futures contracts and swap contracts $ (30,169,367)
--------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 624,579
============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/16 45
Statements of Changes in Net Assets
-----------------------------------------------------------------------------------------------
Six Months
Ended
4/30/16 Year Ended
(unaudited) 10/31/15
-----------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 30,793,946 $ 62,054,169
Net realized gain (loss) on investments, class actions,
futures contracts and swap contracts (48,445,460) 12,806,465
Change in net unrealized appreciation (depreciation)
on investments, futures contracts and swap contracts 18,276,093 (119,260,414)
-----------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ 624,579 $ (44,399,780)
-----------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.26 and $0.45 per share, respectively) $ (17,011,209) $ (36,251,392)
Class B* ($0.00 and $0.01 per share, respectively) -- (13,339)
Class C ($0.23 and $0.38 per share, respectively) (7,001,042) (13,606,421)
Class R ($0.26 and $0.47 per share, respectively) (806,199) (1,834,583)
Class Y ($0.27 and $0.48 per share, respectively) (7,185,253) (11,161,976)
Class Z** ($0.00 and $0.33 per share, respectively) -- (169,975)
Net realized gain:
Class A ($0.07 and $0.47 per share, respectively) (4,544,310) (39,952,753)
Class B* ($0.00 and $0.47 per share, respectively) -- --
Class C ($0.07 and $0.47 per share, respectively) (2,101,774) (17,243,465)
Class R ($0.07 and $0.47 per share, respectively) (210,950) (1,986,479)
Class Y ($0.07 and $0.47 per share, respectively) (1,776,087) (10,891,583)
Class Z** ($0.00 and $0.47 per share, respectively) -- (204,761)
-----------------------------------------------------------------------------------------------
Total distributions to shareowners $ (40,636,824) $ (133,316,727)
-----------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 90,668,911 $ 349,181,937
Reinvestment of distributions 35,364,049 114,304,411
Cost of shares repurchased (227,050,721) (639,420,837)
-----------------------------------------------------------------------------------------------
Net decrease in net assets resulting from Fund
share transactions $ (101,017,761) $ (175,934,489)
-----------------------------------------------------------------------------------------------
Net decrease in net assets $ (141,030,006) $ (353,650,996)
NET ASSETS:
Beginning of period $1,264,144,121 $1,617,795,117
-----------------------------------------------------------------------------------------------
End of period $1,123,114,115 $1,264,144,121
-----------------------------------------------------------------------------------------------
Distributions in excess of net investment income $ (2,899,545) $ (1,689,788)
===============================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
** Class Z shares converted to Class Y shares on August 7, 2015.
The accompanying notes are an integral part of these financial statements.
46 Pioneer High Yield Fund | Semiannual Report | 4/30/16
----------------------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
4/30/16 4/30/16 Year Ended Year Ended
Shares Amount 10/31/15 10/31/15
(unaudited) (unaudited) Shares Amount
----------------------------------------------------------------------------------------------------
Class A
Shares sold 4,853,708 $ 42,650,553 15,132,051 $ 149,632,637
Reinvestment of
distributions 2,208,976 19,545,034 6,983,820 69,075,879
Less shares repurchased (11,860,731) (104,635,806) (37,230,097) (361,942,117)
----------------------------------------------------------------------------------------------------
Net decrease (4,798,047) $ (42,440,219) (15,114,226) $(143,233,601)
====================================================================================================
Class B*
Shares sold or exchanged -- $ -- 1,587 $ 16,884
Reinvestment of
distributions -- -- -- --
Less shares repurchased -- -- (1,349,985) (14,282,939)
----------------------------------------------------------------------------------------------------
Net decrease -- $ -- (1,348,398) $ (14,266,055)
====================================================================================================
Class C
Shares sold 746,011 $ 6,706,665 2,156,459 $ 21,705,372
Reinvestment of
distributions 773,197 6,988,265 2,299,470 23,227,333
Less shares repurchased (5,030,592) (45,300,886) (8,763,104) (87,499,120)
----------------------------------------------------------------------------------------------------
Net decrease (3,511,384) $ (31,605,956) (4,307,175) $ (42,566,415)
====================================================================================================
Class R
Shares sold 474,872 $ 4,665,498 958,719 $ 10,518,554
Reinvestment of
distributions 92,276 923,274 323,874 3,618,079
Less shares repurchased (1,118,266) (11,257,383) (2,096,080) (23,179,692)
----------------------------------------------------------------------------------------------------
Net decrease (551,118) $ (5,668,611) (813,487) $ (9,043,059)
====================================================================================================
Class Y
Shares sold 4,146,859 $ 36,646,195 17,113,943 $ 163,871,492
Reinvestment of
distributions 893,192 7,907,476 1,823,872 18,015,138
Less shares repurchased (7,409,829) (65,856,646) (14,704,582) (144,264,313)
----------------------------------------------------------------------------------------------------
Net increase
(decrease) (2,369,778) $ (21,302,975) 4,233,233 $ 37,622,317
====================================================================================================
Class Z **
Shares sold or exchanged -- $ -- 376,250 $ 3,436,998
Reinvestment of
distributions -- -- 39,754 367,982
Less shares repurchased -- -- (905,767) (8,252,656)
----------------------------------------------------------------------------------------------------
Net decrease -- $ -- (489,763) $ (4,447,676)
====================================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
** Class Z shares converted to Class Y shares on August 7, 2015.
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/16 47
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months Year Year Year
Ended Year Year Ended Ended Ended
4/30/16 Ended Ended 10/31/13 10/31/12 10/31/11
(unaudited) 10/31/15 10/31/14 (Consolidated) (Consolidated) (Consolidated)
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.33 $ 10.54 $ 11.07 $ 10.25 $ 9.67 $ 9.88
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.25(b) $ 0.44(b) $ 0.46 $ 0.51 $ 0.51 $ 0.51
Net realized and unrealized gain (loss)
on investments (0.21) (0.73) (0.11) 0.84 0.59 (0.18)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.04 $ (0.29) $ 0.35 $ 1.35 $ 1.10 $ 0.33
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.26) $ (0.45) $ (0.49) $ (0.53) $ (0.52) $ (0.54)
Net realized gain (0.07) (0.47) (0.39) -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.33) $ (0.92) $ (0.88) $ (0.53) $ (0.52) $ (0.54)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.29) $ (1.21) $ (0.53) $ 0.82 $ 0.58 $ (0.21)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.04 $ 9.33 $ 10.54 $ 11.07 $ 10.25 $ 9.67
====================================================================================================================================
Total return* 0.47% (2.97)% 3.22% 13.52%(a) 11.66% 3.20%
Ratio of net expenses to average net assets 1.16%** 1.17% 1.15% 1.14% 1.16% 1.16%
Ratio of net investment income (loss) to average
net assets 5.62%** 4.51% 4.34% 4.82% 5.18% 4.99%
Portfolio turnover rate 42%** 32% 28% 46% 33% 47%
Net assets, end of period (in thousands) $588,477 $651,646 $895,795 $1,206,497 $1,263,707 $1,467,120
====================================================================================================================================
* 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%.
(b) The per share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
48 Pioneer High Yield Fund | Semiannual Report | 4/30/16
------------------------------------------------------------------------------------------------------------------------------------
Six Months Year Year Year
Ended Year Year Ended Ended Ended
4/30/16 Ended Ended 10/31/13 10/31/12 10/31/11
(unaudited) 10/31/15 10/31/14 (Consolidated) (Consolidated) (Consolidated)
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.52 $ 10.74 $ 11.28 $ 10.43 $ 9.84 $ 10.04
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.22(b) $ 0.38(b) $ 0.40 $ 0.44 $ 0.45 $ 0.44
Net realized and unrealized gain (loss)
on investments (0.21) (0.75) (0.13) 0.87 0.59 (0.17)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.01 $ (0.37) $ 0.27 $ 1.31 $ 1.04 $ 0.27
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.23) $ (0.38) $ (0.42) $ (0.46) $ (0.45) $ (0.47)
Net realized gain (0.07) (0.47) (0.39) -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.30) $ (0.85) $ (0.81) $ (0.46) $ (0.45) $ (0.47)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.29) $ (1.22) $ (0.54) $ 0.85 $ 0.59 $ (0.20)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.23 $ 9.52 $ 10.74 $ 11.28 $ 10.43 $ 9.84
====================================================================================================================================
Total return* 0.15% (3.64)% 2.41% 12.87%(a) 10.85% 2.59%
Ratio of net expenses to average net assets 1.85%** 1.89% 1.83% 1.86% 1.85% 1.87%
Ratio of net investment income (loss) to average
net assets 4.94%** 3.79% 3.65% 4.11% 4.50% 4.32%
Portfolio turnover rate 42%** 32% 28% 46% 33% 47%
Net assets, end of period (in thousands) $269,137 $310,805 $397,186 $443,442 $467,377 $527,822
====================================================================================================================================
* 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%.
(b) The per share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/16 49
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months Year Year Year
Ended Year Year Ended Ended Ended
4/30/16 Ended Ended 10/31/13 10/31/12 10/31/11
(unaudited) 10/31/15 10/31/14 (Consolidated) (Consolidated) (Consolidated)
------------------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 10.53 $ 11.84 $ 12.39 $ 11.46 $ 10.82 $ 11.03
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.26(b) $ 0.46(b) $ 0.48 $ 0.53 $ 0.53 $ 0.54
Net realized and unrealized gain (loss)
on investments (0.23) (0.83) (0.14) 0.95 0.64 (0.19)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.03 $ (0.37) $ 0.34 $ 1.48 $ 1.17 $ 0.35
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.26) $ (0.47) $ (0.50) $ (0.55) $ (0.53) $ (0.56)
Net realized gain (0.07) (0.47) (0.39) -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.33) $ (0.94) $ (0.89) $ (0.55) $ (0.53) $ (0.56)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.30) $ (1.31) $ (0.55) $ 0.93 $ 0.64 $ (0.21)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.23 $ 10.53 $ 11.84 $ 12.39 $ 11.46 $ 10.82
====================================================================================================================================
Total return* 0.40% (3.36)% 2.82% 13.24%(a) 11.11% 3.03%
Ratio of net expenses to average net assets 1.54%** 1.51% 1.49% 1.47% 1.56% 1.46%
Ratio of net investment income (loss) to average
net assets 5.21%** 4.16% 3.99% 4.50% 4.79% 4.73%
Portfolio turnover rate 42%** 32% 28% 46% 33% 47%
Net assets, end of period (in thousands) $30,236 $36,931 $51,146 $56,248 $69,207 $78,187
====================================================================================================================================
* 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%.
(b) The per share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
50 Pioneer High Yield Fund | Semiannual Report | 4/30/16
------------------------------------------------------------------------------------------------------------------------------------
Six Months Year Year Year
Ended Year Year Ended Ended Ended
4/30/16 Ended Ended 10/31/13 10/31/12 10/31/11
(unaudited) 10/31/15 10/31/14 (Consolidated) (Consolidated) (Consolidated)
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.34 $ 10.55 $ 11.08 $ 10.25 $ 9.67 $ 9.88
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.26(b) $ 0.47(b) $ 0.50 $ 0.55 $ 0.54 $ 0.55
Net realized and unrealized gain (loss)
on investments (0.21) (0.73) (0.12) 0.85 0.59 (0.19)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.05 $ (0.26) $ 0.38 $ 1.40 $ 1.13 $ 0.36
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.27) $ (0.48) $ (0.52) $ (0.57) $ (0.55) $ (0.57)
Net realized gain (0.07) (0.47) (0.39) -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.34) $ (0.95) $ (0.91) $ (0.57) $ (0.55) $ (0.57)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.29) $ (1.21) $ (0.53) $ 0.83 $ 0.58 $ (0.21)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.05 $ 9.34 $ 10.55 $ 11.08 $ 10.25 $ 9.67
====================================================================================================================================
Total return* 0.63% (2.69)% 3.55% 13.98%(a) 12.02% 3.55%
Ratio of net expenses to average net assets 0.86%** 0.88% 0.84% 0.82% 0.82% 0.81%
Ratio of net investment income (loss) to average
net assets 5.90%** 4.77% 4.64% 5.12% 5.51% 5.33%
Portfolio turnover rate 42%** 32% 28% 46% 33% 47%
Net assets, end of period (in thousands) $235,264 $264,761 $254,504 $330,398 $287,901 $372,280
====================================================================================================================================
* 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%.
(b) The per share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/16 51
Notes to Financial Statements | 4/30/16 (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 offered four classes of shares designated as Class A, Class C, Class R
and Class Y shares. Class B shares converted to Class A shares as of the close
of business on November 10, 2014. Class Z shares converted to Class Y shares as
of the close of business on August 7, 2015. Each class of shares represents an
interest in the same portfolio of investments of the Fund and has identical
rights (based on relative net asset values) to assets and liquidation proceeds.
Share classes can bear different rates of class-specific fees and expenses such
as transfer agent and distribution fees. Differences in class-specific fees and
expenses will result in differences in net investment income and, therefore, the
payment of different dividends from net investment income earned by each class.
The Amended and Restated Declaration of Trust of the Fund gives the Board the
flexibility to specify either per-share voting or dollar-weighted voting when
submitting matters for shareholder approval. Under per-share voting, each share
of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles 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:
52 Pioneer High Yield Fund | Semiannual Report | 4/30/16
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the
New York Stock Exchange (NYSE) is open, as of the close of regular trading
on the NYSE.
Fixed income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed income securities and/or other
factors. Valuations may be supplemented by dealers and other sources, as
required. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service.
Loan interests are valued in accordance with guidelines established by the
Board of Trustees at the mean between the last available bid and asked
prices from one or more brokers or dealers as obtained from Loan Pricing
Corporation, an independent third party pricing service. If price
information is not available from Loan Pricing Corporation, or if the
price information is deemed to be unreliable, price information will be
obtained from an alternative loan interest pricing service. If no reliable
price quotes are available from either the primary or alternative pricing
service, broker quotes will be solicited.
Event-linked bonds or catastrophe bonds are valued at the bid price
obtained from an independent third party pricing service. Other insurance
linked securities (including sidecars, collateralized reinsurance and
industry loss warranties) may be valued at the bid price obtained from an
independent pricing service, or through a third party using a pricing
matrix, insurance industry valuation models, or other fair value methods
or techniques to provide an estimated value of the instrument.
Equity securities that have traded on an exchange are valued by using the
last sale price on the principal exchange where they are traded. Equity
securities that have not traded on the date of valuation, or securities
for which sale prices are not available, generally are valued using the
mean between the last bid and asked prices or, if both last bid and asked
prices are not available, at the last quoted bid price. Last sale and bid
and asked prices are provided by independent third party pricing services.
In the case of equity securities not traded on an exchange, prices are
typically determined by independent third party pricing services using a
variety of techniques and methods.
Pioneer High Yield Fund | Semiannual Report | 4/30/16 53
Swap contracts, including interest rate swaps, caps and floors (other than
centrally cleared swap contracts) are valued at the dealer quotations
obtained from reputable International Swap Dealer association members.
Centrally cleared swaps are valued at the daily settlement price provided
by the central clearing counterparty.
Futures contracts are generally valued at the closing settlement price
established by the exchange on which they are traded.
Securities or loan interests for which independent pricing services are
unable to supply prices or for which market prices and/or quotations are
not readily available or are considered to be unreliable are valued by a
fair valuation team comprised of certain personnel of Pioneer Investment
Management, Inc. (PIM), the Fund's investment adviser, pursuant to
procedures adopted by the Fund's Board of Trustees. PIM's fair valuation
team uses fair value methods approved by the Valuation Committee of the
Board of Trustees. PIM's fair valuation team is responsible for monitoring
developments that may impact fair valued securities and for discussing and
assessing fair values on an ongoing basis, and at least quarterly, with
the Valuation Committee of the Board of Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after
the close of the exchange or market on which the security trades and prior
to the determination of the Fund's net asset value. Examples of a
significant event might include political or economic news, corporate
restructurings, natural disasters, terrorist activity or trading halts.
Thus, the valuation of the Fund's securities may differ significantly from
exchange prices and such differences could be material.
At April 30, 2016, three securities were valued using fair value methods
(in addition to securities valued using prices supplied by independent
pricing services, broker-dealers or using a third party insurance industry
pricing model) representing 0.1% of net assets.
B. Investment Income and Transactions
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly
paydowns. All discounts/premiums on purchase prices of debt securities are
accreted/amortized for financial reporting purposes over the life of the
respective securities, and such accretion/amortization is included in
interest income.
54 Pioneer High Yield Fund | Semiannual Report | 4/30/16
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence. Interest income, including
interest on income-bearing cash accounts, is recorded on the accrual
basis, net of unrecoverable foreign taxes withheld at the applicable
country rates.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
C. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to
distribute all of its net taxable income and net realized capital gains,
if any, to its shareowners. Therefore, no federal income tax provision is
required. As of October 31, 2015, 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.
The tax character of 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, 2015, was as follows:
---------------------------------------------------------------------------
2015
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 72,847,189
Long term capital gain 60,469,538
---------------------------------------------------------------------------
Total $133,316,727
===========================================================================
Pioneer High Yield Fund | Semiannual Report | 4/30/16 55
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2015:
---------------------------------------------------------------------------
2015
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 5,188,849
Undistributed long term capital gain 8,629,844
Dividend payable (716,374)
Net unrealized depreciation (59,273,251)
---------------------------------------------------------------------------
Total $(46,170,932)
===========================================================================
The difference between book basis and tax basis unrealized depreciation is
attributable to the tax deferral of losses on wash sales, the
mark-to-market on swaps and futures contracts, adjustments relating to
catastrophe bonds, interest on defaulted bonds, and interest accruals on
preferred stock and other holdings.
D. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A.
(UniCredit), earned $8,998 in underwriting commissions on the sale of
Class A shares during the six months ended April 30, 2016.
E. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset
value attributable to Class A, Class C and Class R shares of the Fund,
respectively (see Note 4). Class Y shares do not pay distribution fees.
All expenses and fees paid to the Fund's transfer agent, for its services
are allocated among the classes of shares based on the number of accounts
in each class and the ratable allocation of related out-of-pocket expenses
(see Note 3).
The Fund declares as daily dividends substantially all of its net
investment income. All dividends are paid on a monthly basis. Short-term
capital gain distributions, if any, may be declared with the daily
dividends. Distributions to shareowners are recorded as of the ex-dividend
date. Distributions paid by the Fund with respect to each class of shares
are calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C, Class R and Class Y
shares can reflect different transfer agent and distribution expense rates.
56 Pioneer High Yield Fund | Semiannual Report | 4/30/16
F. Risks
The value of securities held by the fund may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real
or perceived adverse economic, political or regulatory conditions,
inflation, changes in interest rates, lack of liquidity in the bond
markets or adverse investor sentiment. In the past several years,
financial markets have experienced increased volatility, depressed
valuations, decreased liquidity and heightened uncertainty. These
conditions may continue, recur, worsen or spread. At times, the Fund's
investments may represent industries or industry sectors that are
interrelated or have common risks, making the Fund more susceptible to any
economic, political, or regulatory developments or other risks affecting
those industries and sectors. The Fund invests in below investment grade
(high yield) debt securities and preferred stocks. Some of these high
yield securities may be convertible into equity securities of the issuer.
Debt securities rated below investment grade are commonly referred to as
"junk bonds" and are considered speculative. These securities involve
greater risk of loss, are subject to greater price volatility, and are
less liquid, especially during periods of economic uncertainty or change,
than higher rated debt securities. The Fund's prospectus contains
unaudited information regarding the Fund's principal risks. Please refer
to that document when considering the Fund's principal risks.
Interest rates in the U.S. recently have been historically low, so the
Fund faces a heightened risk that interest rates may rise. A general rise
in interest rates may cause investors to move out of fixed income
securities on a large scale, which could adversely affect the price and
liquidity of fixed income securities and could also result in increased
redemptions from the Fund.
Certain securities in which the Fund invests, including floating rate
loans, once sold, may not settle for an extended period (for example,
several weeks or even longer). The Fund will not receive its sale proceeds
until that time, which may constrain the Fund's ability to meet its
obligations (including obligations to redeeming shareholders).
G. Insurance linked securities (ILS)
The Fund invests in event-linked bonds. Event-linked bonds are floating
rate debt obligations for which the return of principal and the payment of
interest are contingent on the non-occurrence of a pre-defined "trigger"
event, such as a hurricane or an earthquake of a specific magnitude. The
trigger event's magnitude may be based on losses to a company or industry,
industry indexes or readings of scientific instruments, or may be based on
specified actual losses. If a trigger event, as defined within the terms
of an event-linked bond occurs, the Fund may lose a portion or all of its
accrued interest and/or principal invested in such event-linked bond. The
Fund is entitled to receive
Pioneer High Yield Fund | Semiannual Report | 4/30/16 57
principal and interest payments so long as no trigger event occurs of the
description and magnitude specified by the instrument. In addition to the
specified trigger events, event-linked bonds may expose the Fund to other
risks, including but not limited to issuer (credit) default, adverse
regulatory or jurisdictional interpretations and adverse tax consequences.
The Fund's investments in ILS may include special purpose vehicles
("SPVs") or similar instruments structured to comprise a portion of a
reinsurer's catastrophe-oriented business, known as quota share
instruments (sometimes referred to as reinsurance sidecars), or to provide
reinsurance relating to specific risks to insurance or reinsurance
companies through a collateralized instrument, known as collateralized
reinsurance. Structured reinsurance investments also may include industry
loss warranties ("ILWs"). A traditional ILW takes the form of a bilateral
reinsurance contract, but there are also products that take the form of
derivatives, collateralized structures, or exchange traded instruments.
Structured reinsurance investments, including quota share instruments,
collateralized reinsurance investments and ILWs, are generally subject to
the same risks as event-linked bonds. In addition, where the instruments
are based on the performance of underlying reinsurance contracts, the Fund
has limited transparency into the individual underlying contracts and
therefore must rely upon the risk assessment and sound underwriting
practices of the issuer. Accordingly, it may be more difficult for PIM to
fully evaluate the underlying risk profile of the Fund's structured
reinsurance investments and therefore the Fund's assets are placed at
greater risk of loss than if PIM had more complete information.
Quota share instruments and other structured reinsurance instruments
generally will be considered illiquid securities by the Fund. These
securities may be difficult to purchase, sell or unwind. Illiquid
securities also may be difficult to value. If the Fund is forced to sell
an illiquid asset, the Fund may be forced to sell at a loss.
H. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge
against changes in interest rates, securities prices and currency exchange
rates or to seek to increase total return. Futures contracts are types of
derivatives. All futures contracts entered into by the Fund are traded on
a futures exchange. Upon entering into a futures contract, the Fund is
required to deposit with a broker an amount of cash or securities equal to
the minimum "initial margin" requirements of the associated futures
exchange. The amount of cash deposited with the broker as collateral at
April 30, 2016, was $989,000. Subsequent payments for futures contracts
("variation margin") are paid or received by the Fund, depending on the
daily fluctuation in the value of the
58 Pioneer High Yield Fund | Semiannual Report | 4/30/16
contracts, and are recorded by the Fund as unrealized gains or losses.
When the contract is closed, the Fund realizes a gain or loss equal to the
difference between the opening and closing value of the contract as well
as any fluctuation in foreign currency exchange rates where applicable.
Futures contracts are subject to market risk, interest rate risk and
currency exchange rate risk. Changes in value of the contracts may not
directly correlate to the changes in value of the underlying securities.
With futures, there is minimal counterparty credit risk to the Fund since
futures are exchange-traded and the exchange's clearinghouse, as
counterparty to all exchange-traded futures, guarantees the futures
against default. The average value of contracts open during the six months
ended April 30, 2016, was $(30,688,586).
At April 30, 2016, open futures contracts were as follows:
-------------------------------------------------------------------------------------------
Number of
Contracts Settlement Unrealized
Type Counterparty Long/(Short) Month Value Depreciation
-------------------------------------------------------------------------------------------
S&P 500 Citibank NA (211) 6/16 $(21,723,505) $(530,535)
-------------------------------------------------------------------------------------------
Total (211) $(21,723,505) $(530,535)
===========================================================================================
I. Credit Default Swap Agreements
A credit default swap is a contract between a buyer of protection and a
seller of protection against a pre-defined credit event. The Fund may sell
or buy credit default swap contracts to seek to increase the Fund's
income, or to attempt to hedge the risk of default on portfolio
securities. A credit default swap index is used to hedge risk or take a
position on a basket of credit entities or indices. As a seller of
protection, the Fund would be required to pay the notional (or other
agreed-upon) value of the referenced debt obligation to the counterparty
in the event of a default by a U.S. or foreign corporate issuer of a debt
obligation, which would likely result in a loss to the Fund. In return,
the Fund would receive from the counterparty a periodic stream of payments
during the term of the contract provided that no event of default
occurred. The maximum exposure of loss to the seller would be the notional
value of the credit default swaps outstanding. If no default occurs, the
Fund would keep the stream of payments and would have no payment
obligation. The Fund may also buy credit default swap contracts in order
to hedge against the risk of default of debt securities, in which case the
Fund would function as the counterparty referenced above.
When the Fund enters into a credit default swap contract, the protection
buyer makes an upfront or periodic payment to the protection seller in
exchange for the right to receive a contingent payment. An upfront payment
made by the Fund, as the protection buyer, is recorded as an asset in the
Statement of Assets and Liabilities. Periodic payments received or paid by
the Fund are recorded as realized gains or losses in the Statement of
Operations.
Pioneer High Yield Fund | Semiannual Report | 4/30/16 59
Credit default swap contracts are marked-to-market daily using valuations
supplied by independent sources and the change in value, if any, is
recorded as unrealized appreciation or depreciation in the Statement of
Assets and Liabilities. Payments received or made as a result of a credit
event or upon termination of the contract are recognized, net of the
appropriate amount of the upfront payment, as realized gains or losses in
the Statement of Operations.
Credit default swap contracts involving the sale of protection may involve
greater risks than if the Fund had invested in the referenced debt
instrument directly. Credit default swap contracts are subject to general
market risk, liquidity risk, counterparty risk and credit risk. If the
Fund is a protection buyer and no credit event occurs, it will lose its
investment. If the Fund is a protection seller and a credit event occurs,
the value of the referenced debt instrument received by the Fund, together
with the periodic payments received, may be less than the amount the Fund
pays to the protection buyer, resulting in a loss to the Fund.
Certain swap contracts that are cleared through a central clearinghouse
are referred to as centrally cleared swaps. All payments made or received
by the Fund are pursuant to a centrally cleared swap contract with the
central clearing party rather than the original counterparty. Upon
entering into a centrally cleared swap contract, the Fund is required to
make an initial margin deposit, either in cash or in securities. The daily
change in value on open centrally cleared contracts is recorded as
variation margin on centrally cleared swaps on the Statement of Assets and
Liabilities.
The amount of cash deposited with a broker as collateral at April 30, 2016
was $1,696,000 and is recorded within "Restricted Cash" on the Statement
of Assets and Liabilities.
Open credit default swap contracts at April 30, 2016, are listed in the
Schedule of Investments. The average value of credit default swap
contracts open during the period ended April 30, 2016, was $1,796,015.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.70% of
the Fund's average daily net assets up to $500 million, 0.65% of the next $500
million, 0.60% of the next $4 billion, 0.55% of the next $1 billion, 0.50% of
the next $1 billion, 0.45% of the next $1 billion, 0.40% of the next $1 billion,
0.35% of the next $1 billion, and 0.30% on assets over $10 billion. For the six
months ended April 30, 2016, the effective management fee (excluding waivers
and/or assumption of expenses) was equivalent to 0.67% of the Fund's average
daily net assets.
60 Pioneer High Yield Fund | Semiannual Report | 4/30/16
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
$107,077 in management fees, administrative costs and certain other
reimbursements payable to PIM at April 30, 2016.
3. Transfer Agent
Prior to November 2, 2015, Pioneer Investment Management Shareholder Services,
Inc. (PIMSS), a wholly owned indirect subsidiary of UniCredit, provided
substantially all transfer agent and shareowner services to the Fund at
negotiated rates.
Effective November 2, 2015, Boston Financial Data Services serves as the
transfer agent to the Fund at negotiated rates.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareholder communications activities
such as proxy and statement mailings, outgoing phone calls and omnibus
relationship contracts. For the six months ended April 30, 2016, such
out-of-pocket expenses by class of shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $414,930
Class C 135,062
Class R 42,808
Class Y 124,810
--------------------------------------------------------------------------------
Total $717,610
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $266,389 in transfer agent fees and out-of-pocket reimbursements
payable to the transfer agent at April 30, 2016.
4. Distribution and Service Plans
The Fund has adopted a distribution plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class C and Class R
shares (the Plan). Pursuant to the Plan, the Fund pays PFD 0.25% of the average
daily net assets attributable to Class A shares as compensation for personal
services and/or account maintenance services or distribution services with
regard to Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of
the average daily net assets attributable to Class C shares. The fee for Class C
shares consists of a 0.25% service fee and a 0.75% distribution fee paid as
compensation for personal services and/or account maintenance services or
distribution services with regard to Class C shares. Pursuant to the Plan, the
Fund further pays PFD 0.50% of the average daily net assets attributable to
Pioneer High Yield Fund | Semiannual Report | 4/30/16 61
Class R shares for distribution services. Included in "Due to affiliates"
reflected on the Statement of Assets and Liabilities is $35,369 in distribution
fees payable to PFD April 30, 2016.
The Fund also has adopted a separate service plan for Class R shares (Service
Plan). The Service Plan authorizes the Fund to pay securities dealers, plan
administrators or other service organizations that agree to provide certain
services to retirement plans or plan participants holding shares of the Fund a
service fee of up to 0.25% of the Fund's average daily net assets attributable
to Class R shares held by such plans.
In addition, redemptions of each class of shares (except Class R and Class Y
shares) may be subject to a contingent deferred sales charge (CDSC). A CDSC of
1.00% may be imposed on redemptions of certain net asset value purchases of
Class A shares within 12 months of purchase. Redemptions of Class C shares
within 12 months of purchase are subject to a CDSC of 1.00% based on the lower
of cost or market value of shares being redeemed. Shares purchased as part of an
exchange remain subject to any CDSC that applied to the original purchase of
those shares. There is no CDSC for Class R or Class Y shares. Proceeds from the
CDSCs are paid to PFD. For the six months ended April 30, 2016, CDSCs in the
amount of $11,763 were paid to PFD.
5. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect until February 10, 2016, was in the amount of $240
million. As of February 10, 2016, the facility is in the amount of $220 million.
Under such facility, depending on the type of loan, interest on borrowings is
payable at the London Interbank Offered Rate (LIBOR) plus 0.85% on an annualized
basis, or the Alternate Base Rate, which is the greater of (a) the facility's
administrative agent's daily announced prime rate on the borrowing date, (b) 2%
plus the Federal Funds Rate on the borrowing date and (c) 2% plus the overnight
Eurodollar rate on the borrowing date. The Funds pay an annual commitment fee to
participate in a credit facility. The commitment fee is allocated among
participating Funds based on an allocation schedule set forth in the credit
agreement. For the six months ended April 30, 2016, the Fund had no borrowings
under the credit facility.
62 Pioneer High Yield Fund | Semiannual Report | 4/30/16
6. Bridge Loan Commitments
Bridge loans are designed to provide temporary or "bridge" financing to a
borrower pending the sale of identified assets or the arrangement of longer-term
loans or the issuance and sale of debt obligations.
As of April 30, 2016, the Fund had two bridge loan commitments of $2,074,276,
which could be extended at the option of the borrower, pursuant to the following
loan agreements:
-----------------------------------------------------------------------------------
Unrealized
Appreciation/
Loan Principal Cost Value (Depreciation)
-----------------------------------------------------------------------------------
Charter
Communications
Operating Co.,
Bridge Loan $ 290,399 $ 290,399 $ 290,399 $--
CCO Holding Co.,
Bridge Loan 1,783,877 1,783,877 1,783,877 $--
-----------------------------------------------------------------------------------
Total $2,074,276 $2,074,276 $2,076,276 $--
===================================================================================
7. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund's use of derivatives subjects it to the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing
securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to
make further principal or interest payments on an obligation or commitment that
it has to the Fund.
Foreign exchange rate risk relates to fluctuations in the value of an asset or
liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments as
a result of changes in market prices (other than those arising from interest
rate risk or foreign exchange risk), whether caused by factors specific to an
individual investment, its issuer, or all factors affecting all instruments
traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity
index will fluctuate based on increases or decreases in the commodities market
and factors specific to a particular industry or commodity.
Pioneer High Yield Fund | Semiannual Report | 4/30/16 63
The fair value of open derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) by risk exposure at April 30,
2016, was as follows:
--------------------------------------------------------------------------------------------
Statement of Assets and Liabilities
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Rate Risk Risk Risk
--------------------------------------------------------------------------------------------
Assets
Unrealized appreciation
on swap contracts $-- $ 84,160 $-- $-- $--
--------------------------------------------------------------------------------------------
Total Value $-- $ 84,160 $-- $-- $--
============================================================================================
Liabilities
Unrealized depreciation
of futures contracts $-- $(530,535) $-- $-- $--
--------------------------------------------------------------------------------------------
Total Value $-- $(530,535) $-- $-- $--
============================================================================================
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Operations by risk
exposure at April 30, 2016 was as follows:
--------------------------------------------------------------------------------------------
Statement of Operations
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Rate Risk Risk Risk
--------------------------------------------------------------------------------------------
Net realized gain (loss) on
Swap contracts $-- $ 816,154 $-- $-- $--
Futures contracts -- 20,605 -- -- --
--------------------------------------------------------------------------------------------
Total Value $-- $ 836,759 $-- $-- $--
============================================================================================
Change in net unrealized
appreciation
(depreciation) on
Swap contracts $-- $ 2,425,905 $-- $-- $--
Futures contracts -- (1,048,919) -- -- --
--------------------------------------------------------------------------------------------
Total Value $-- $ 1,376,986 $-- $-- $--
============================================================================================
8. Conversion of Class B Shares and Class Z Shares
As of the close of business on November 10, 2014 (the "Conversion Date"), all
outstanding Class B shares of the Fund were converted to Class A shares.
As of the close of business on August 7, 2015 (the "Conversion Date"), all
outstanding Class Z shares of the Fund were converted to Class Y shares.
64 Pioneer High Yield Fund | Semiannual Report | 4/30/16
9. Pending Litigation
The Fund is currently involved in a litigation matter relating to Fund
investments. The plaintiff in the matter seeks to recover approximately $73
million in principal from the Fund, together with interest. The 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. The plaintiff filed a third amended complaint on April 18, 2014.
Defendants filed a renewed motion to dismiss on July 30, 2014. On November 18,
2015, Judge Gerber granted the renewed motion to dismiss the count of the
complaint for fraudulent transfers made with actual intent. The renewed motion
to dismiss the constructive fraudulent transfer count was denied. The Fund
subsequently moved for reconsideration of the decision on the constructive
fraudulent transfer count; this motion was denied on December 7, 2015. On May 4,
2016, the Fund filed a renewed motion to dismiss arguing that a recent decision
from the Second Circuit Court of Appeals required dismissal of the remaining
constructive fraudulent transfer count of the complaint. Oral argument on the
motion is scheduled for July 11, 2016. The period for factual discovery runs
through early August 2016; however, at this time neither side is conducting
discovery and the Fund does not anticipate activity during this time frame. It
is reasonably possible that an adverse outcome may result. Currently, the amount
of a judgment cannot be reasonably estimated. On December 4, 2014, the plaintiff
made a settlement offer to all defendants in the Fund litigation. The plaintiff
offered full settlement for 10% of the face amount of the claims. A limited
group of small holders accepted the settlement offer. On April 24, 2015, the
plaintiff renewed its settlement offer, offering full settlement for 8.5% of the
face amount of the claims. The renewed settlement offer was not accepted. On May
27, 2016, the plaintiff renewed its settlement offer, offering full settlement
for 3% of the face amount of the claims. The plaintiff has not set a date by
which defendants must accept the renewed settlement offer.
Pioneer High Yield Fund | Semiannual Report | 4/30/16 65
Additional Information
PIM, the Fund's investment adviser, is currently an indirect, wholly owned
subsidiary of UniCredit. On November 11, 2015, UniCredit announced that it
signed a binding master agreement with Banco Santander and affiliates of Warburg
Pincus and General Atlantic (the "Private Equity Firms") with respect to Pioneer
Investments ("Pioneer") and Santander Asset Management ("SAM") (the
"Transaction").
The Transaction, as previously announced by UniCredit, will establish a holding
company, with the name Pioneer Investments, to be owned by UniCredit (50%) and
the Private Equity Firms (50% between them). The holding company will control
Pioneer's U.S. operations, including the Adviser. The holding company also will
own 66.7% of Pioneer's and SAM's combined operations outside the U.S., while
Banco Santander will own directly the remaining 33.3% stake. The closing of the
Transaction is expected to happen in 2016, subject to certain regulatory and
other approvals.
Under the Investment Company Act of 1940, completion of the Transaction will
cause the Fund's current investment advisory agreement with PIM to terminate.
Accordingly, the Fund's Board of Trustees will be asked to approve a new
investment advisory agreement. If approved by the Board, the Fund's new
investment advisory agreement will be submitted to the shareholders of the Fund
for their approval.
66 Pioneer High Yield Fund | Semiannual Report | 4/30/16
Trustees, Officers and Service Providers
Trustees Advisory Trustee
Thomas J. Perna, Chairman Lorraine H. Monchak*
David R. Bock
Benjamin M. Friedman Officers
Margaret B.W. Graham Lisa M. Jones, President and Chief
Marguerite A. Piret Executive Officer
Fred J. Ricciardi Mark E. Bradley, Treasurer and
Kenneth J. Taubes Chief Financial Officer
Christopher J. Kelley, Secretary and
Chief Legal Officer
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Boston Financial Data Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
* Ms. Monchak is a non-voting Advisory Trustee.
Pioneer High Yield Fund | Semiannual Report | 4/30/16 67
This page for your notes.
68 Pioneer High Yield Fund | Semiannual Report | 4/30/16
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
Pioneer Funds
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at www.sec.gov. The filed form may also be viewed and copied at the
Commission's Public Reference Room in Washington, DC. Information regarding the
operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2016 Pioneer Investments 19383-10-0616
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 12(a)(1), a copy of
its code of ethics that applies to the registrant's principal
executive officer,principal financial officer, principal accounting
officer or controller, or persons performing similar functions,
as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees
has considered whether the provision of non-audit
services that were rendered to the Affiliates (as
defined) that were not pre- approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal accountant's
independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's business experience during the past 5 years.
Not applicable to open-end management investment companies.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
Not applicable to open-end management investment companies.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer High Yield Fund
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date June 28, 2016
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date June 28, 2016
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date June 28, 2016
* Print the name and title of each signing officer under his or her signature.