| Highlights |
- Total return approach to high yield investing versus a primary focus on current income
- Flexible investment strategy which allocates across high yield and equity-related securities, seeking those which are most attractively valued and offer strong capital appreciation potential
- Fund has outpaced the Lipper High Current Yield Funds Average since inception in February 1998*
- Managed by Andrew Feltus, CFA who brings over 15 years of industry experience and Tracy Wright who brings over 10 years of industry experience
- * Past performance cannot guarantee future results
| Strategy |
|
FUND STRATEGY The Fund seeks to maximize total return by investing in below-investment-grade debt securities and preferred securities. It seeks to invest in industries with the best valuations and growth prospects. The Fund uses a research-intensive credit and issue selection process by one of the industry's most experienced fixed-income management teams. |  |
MANAGER'S PERSPECTIVE
"We believe that a value approach to high-yield investing which combines U.S. high yield bonds and equity-linked securities may provide a better opportunity to maximize total return than a strategy which is focused solely on seeking high current income. We employ a non-indexed approach seeking those securities that offer the most attractive risk/reward ratios."
Andrew Feltus, Portfolio Manager
Tracy Wright, Portfolio Manager
A WORD ABOUT RISK
Investments in high yield or lower-rated securities are subject to greater-than-average risk. When interest rates rise, the prices of fixed-income securities in the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed-income securities in the Fund will generally rise. Investments in the Fund are subject to possible loss due to the financial failure of underlying securities and their inability to meet their debt obligations. Prepayment risk is the chance that mortgage-backed bonds will be paid off early if falling interest rates prompt homeowners to refinance their mortgages. Forced to reinvest the unanticipated proceeds at lower interest rates, the Fund would experience a decline in income and lose the opportunity for additional price appreciation associated with falling interest rates. At times, the Fund's investments may represent industries or industry sectors that are interrelated or have common risks, making it more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. These risks may increase share price volatility.
| Fund Facts |
As of June 30, 2010
| Class | A Shares | B Shares | C Shares | R Shares | Y Shares* |
| CUSIP | 72369B109 | 72369B208 | 72369B307 | 72369B505 | 72369B406 |
| Nasdaq Symbol | TAHYX | TBHYX | PYICX | TYHRX | TYHYX |
| Inception Date | 2/12/1998 | 2/12/1998 | 2/12/1998 | 2/12/1998 | 2/12/1998 |
| Total Net Assets (millions) | $1,219.0 | $252.4 | $531.0 | $91.5 | $356.9 |
| Initial Minimum Investment | $1,000 | $1,000 | $1,000 | $0 | $5,000,000 |
| Management Fee | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Total Expense Ratio (Gross) | 1.25% | 2.04% | 1.98% | 1.47% | 0.78% |
| Total Expense Ratio (Net) | 1.25% | 2.04% | 1.98% | 1.47% | 0.78% |
|
Initial minimum investment amounts for retirement plans are lower. |
| Portfolio Characteristics |
As of June 30, 2010
|
30-day SEC yield is based on the hypothetical annualized earning power (investment income only) of the Fund's portfolio securities during period indicated.
The Average Maturity of certain funds might not be a useful measure if they contain securities with principal paydowns, such as mortgage passthroughs. Instead, market participants calculate Average Life, which reflects the average time to receipt of principal payments (scheduled principal payments and projected prepayments).
| Portfolio Management |
Andrew Feltus, CFA, Portfolio Manager
Mr. Feltus is responsible for day-to-day management of the Fund's portfolio and is supported by the fixed-income team. He is a senior vice president and joined Pioneer in 1994. He has been an investment professional since 1991.
Tracy Wright, Portfolio Manager
Tracy Wright is responsible for day-to-day management of the Fund's portfolio and is supported by the fixed-income team. Ms. Wright is a vice president and joined Pioneer in 2004. Prior to Pioneer, she worked at State Street Global Advisors as a senior high yield analyst covering basic materials, industrials and energy, among other sectors. Ms. Wright has been an investment professional since 1996.
| Not FDIC insured | May lose value | No bank guarantee |
Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus containing this information. Read it carefully. To obtain a free prospectus and for information on any Pioneer fund, please download from our web site.