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Pioneer High Yield Fund

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 Funds Average since inception in February 1998*

  • Managed by Andrew Feltus, CFA who brings over 20 years of industry experience and Tracy Wright who brings over 15 years of industry experience

  • * Past performance cannot guarantee future results

Pioneer High Yield Fund manager's commentary


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.


PORTFOLIO MANAGEMENT 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."

A WORD ABOUT RISK

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. 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 September 30, 2014

ClassA SharesB SharesC SharesR SharesY Shares*
CUSIP72369B10972369B20872369B30772369B50572369B406
Nasdaq SymbolTAHYXTBHYXPYICXTYHRXTYHYX
Inception Date/
Performance Inception Date
2/12/19982/12/19982/12/19982/12/19982/12/1998
Total Net Assets (millions)$950.8$15.1$404.3$52.3$290.0
Initial Minimum Investment$1,000$1,000$1,000$0$5,000,000
Management Fee0.64%0.64%0.64%0.64%0.64%
Gross Expense Ratio1.14%2.18%1.86%1.47%0.82%

Initial minimum investment amounts for retirement plans are lower.
*Class Y shares are not subject to sales charges and are available for limited groups of investors, including institutional investors.


Portfolio Characteristics

As of September 30, 2014

30-day SEC Yield
Class A
Class B
Class C
Class R
Class Y

3.52%
2.56%
3.03%
3.34%
4.06%
Weighted Average Life of Securities4.93 Years
Weighted Average Maturity6.14 Years
Duration3.77 Years
Total Holdings438
Turnover33%

30-day SEC yield is based on the hypothetical annualized earning power (investment income only) of the Fund's portfolio securities during period indicated. Duration is a measurement of how long, in years, it takes for the price of a bond to be repaid by its internal cash flows.

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


Tracy Wright, Lead Portfolio Manager
Ms. Wright is a senior vice president and joined Pioneer in 2004. She has been an investment professional since 1996.
Andrew Feltus, CFA, Portfolio Manager
Mr. Feltus, senior vice president and Director of High Yield and Bank Loans, joined Pioneer in 1994. He has been an investment professional since 1991.



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 or summary 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.

Neither Pioneer, nor its representatives, are legal or tax advisors. In addition, Pioneer does not provide advice or recommendations. The investments you choose should correspond to your needs, goals, and risk tolerance. For assistance in determining your financial situation, please consult an investment professional.

 
 

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. To obtain a free prospectus or summary prospectus and for information on any Pioneer fund, please download it here.

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