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overview/highlights.xsl

    overview/strategy.xsl

    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.

    overview/mngmt.xsl

    Portfolio Management

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

    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."

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    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. The portfolio may invest in mortgage-backed securities, which during times of fluctuating interest rates may increase or decrease more than other fixed-income securities. Mortgage-backed securities are also subject to pre-payments. The Fund may use derivatives, such as options, futures, inverse floating rate obligations, swaps, and others, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. Derivatives may have a leveraging effect on the Fund. At times, the Fund's investments may represent industries or industry sectors that are interrelated or have common risks, making it more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. These risks may increase share price volatility.
    overview/bankbox.xsl
    • 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 Amundi Pioneer 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 Amundi Pioneer, nor its representatives, are legal or tax advisors. In addition, Amundi 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.
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    perf/risk.xsl

    Risk Measures (3-Year)

    As of August 31, 2017

    As compared to the BofA ML US High Yield Index

    R-squared0.89
    Beta0.97
    Sharpe Ratio0.13
    Standard Deviation (Fund)6.07
    Standard Deviation (Benchmark)5.93
    Risk measures apply to Class A Shares only.
    Beta is a measure of the volatility of a fund relative to the overall market.
    R-squared represents the percentage of the portfolio's movements that can be explained by the general movements of the market.
    Standard Deviation is a statistical measure of the historic volatility of a portfolio.
    Sharpe Ratio - a measure of excess return per unit of risk, as defined by standard deviation. A higher Sharpe ratio suggests better risk-adjusted performance.

    Source: Lipper.
    perf/performance.xsl

    Fund Performance

    10K chart

     

    Chart is for illustrative purposes. These results represent the percentage change in net asset value per share. Returns would have been lower had sales charges been reflected.

     
    For the most recent month-end performance results click here. 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. All results are historical and assume the reinvestment of dividends and capital gains.



    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.

    Average Annual Total Returns

    through August 31, 2017
     
    1-Year
    3-Year
    5-Year
    10-Year
    Since Inception
    Class A Shares (NAV)
    8.28%
    2.89%
    6.04%
    5.81%
    8.03%
    Class A Shares (POP)
    3.36%
    1.34%
    5.07%
    5.32%
    7.78%
    Class C Return If Held
    7.54%
    2.16%
    5.32%
    5.10%
    7.34%
    Class C Return If Redeemed
    7.54%
    2.16%
    5.32%
    5.10%
    7.34%
    Class R Return If Held
    7.94%
    2.55%
    5.69%
    5.52%
    7.84%
    Class R Return If Redeemed
    7.94%
    2.55%
    5.69%
    5.52%
    7.84%
    Class Y Shares (NAV)
    8.57%
    3.19%
    6.38%
    6.23%
    8.36%
    BofA ML US High Yield Index
    8.79%
    4.81%
    6.49%
    7.88%
    6.70%
    Lipper High Yield Funds
    7.46%
    3.34%
    5.32%
    6.39%
    5.56%

    Average Annual Total Returns

    through June 30, 2017
     
    1-Year
    3-Year
    5-Year
    10-Year
    Since Inception
    Class A Shares (NAV)
    12.61%
    2.58%
    6.64%
    5.67%
    8.06%
    Class A Shares (POP)
    7.52%
    1.02%
    5.67%
    5.18%
    7.81%
    Class C Return If Held
    11.87%
    1.89%
    5.93%
    4.96%
    7.37%
    Class C Return If Redeemed
    11.87%
    1.89%
    5.93%
    4.96%
    7.37%
    Class R Return If Held
    12.18%
    2.24%
    6.28%
    5.38%
    7.87%
    Class R Return If Redeemed
    12.18%
    2.24%
    6.28%
    5.38%
    7.87%
    Class Y Shares (NAV)
    12.91%
    2.91%
    7.00%
    6.09%
    8.39%
    BofA ML US High Yield Index
    12.75%
    4.48%
    6.92%
    7.54%
    6.69%
    Lipper High Yield Funds
    10.70%
    2.99%
    5.69%
    6.04%
    5.56%

    Calendar Year Returns (Total Return)

    through August 31, 2017
     
    YTD
    2016
    2015
    2014
    2013
    Class A Shares at NAV
    5.72%
    14.14%
    -4.89%
    -0.16%
    12.31%
    Class C Shares at NAV
    5.27%
    13.26%
    -5.49%
    -0.88%
    11.56%
    Class R Shares at NAV
    5.42%
    13.80%
    -5.15%
    -0.53%
    11.85%
    Class Y Shares at NAV
    5.90%
    14.47%
    -4.60%
    0.15%
    12.65%
    BofA ML US High Yield Index
    6.09%
    17.49%
    -4.64%
    2.50%
    7.42%
    Lipper High Yield Funds
    5.21%
    13.27%
    -3.91%
    1.30%
    6.84%

    Performance for periods prior to inception of Class A Shares on 2/25/2000 reflect the NAV performance of the predecessor fund, Third Avenue High Yield Fund's single class, which has an inception date of 2/12/1998. The prior performance reflects any applicable sales charge, but does not reflect differences in expenses, including any 12-b-1 fees. Since fees for Class A Shares may be different than fees for the predecessor fund, performance prior to Class A Share inception would have been different. Class A Share (POP): Reflects the deduction of maximum 4.50% sales charge.
    Class C Return if Redeemed: The performance of Class C shares does not reflect the 1% front-end sales charge in effect prior to February 1, 2004. If you paid a 1% sales charge, your returns would be lower than shown above. Class C Shares held for less than one year are subject to a 1% contingent deferred sales charge (CDSC).Performance for periods prior to inception of Class C Shares on 2/25/2000 reflect the NAV performance of the predecessor fund, Third Avenue High Yield Fund's single class, which has an inception date of 2/12/98. The prior performance reflects any applicable sales charge, but does not reflect differences in expenses, including the 12b-1 fees. Since fees for Class C Shares may be different than fees for the predecessor fund, performance prior to Class C Share inception may have been different.
    The performance of Class R shares for the period prior to the commencement of operations on 4/1/03 is based on the performance of Class A shares. Prior performance reflects the difference in sales charge and 12b-1 fees of Class A, but not other expenses. Since expenses for Class R Shares may be different than those for Class A Shares, performance prior to Class R Share inception may have been different. For the period after April 1, 2003, the actual performance of Class R shares is reflected. The performance of Class R shares does not reflect the 1% CDSC that was in effect prior to July 1, 2004.
    Performance for periods prior to inception of Class Y Shares on 2/25/2000 reflect the NAV performance of the predecessor fund, Third Avenue High Yield Fund's single class, which has an inception date of 2/12/1998. The prior performance does not reflect differences in expenses, including any 12b-1 fees. Since fees for Class Y Shares may be different than those of the predecessor fund, the performance shown for Class Y Shares prior to inception may have been different. Class Y shares are not subject to sales charges and are available for limited groups of investors, including institutional investors.
    NAV results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. BofA Merrill Lynch US High Yield Index (benchmark) is a commonly accepted measure of the performance of high yield securities. The Lipper High Current Yield Funds Average represents the average annual returns for all Global Income Funds for the respective time periods. Indices are unmanaged and their returns assume reinvestment of dividends and, unlike fund returns, do not reflect any fees or expenses. You cannot invest directly in an index. Periods less than one year are actual, not annualized.
    perf/bankbox.xsl
    • 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 Amundi Pioneer 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 Amundi Pioneer, nor its representatives, are legal or tax advisors. In addition, Amundi 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.
    perf/mstarfootnotes.xsl
    holdings/portfolio.xsl

    Portfolio Allocation

    (% of Portfolio) as of August 31, 2017
    US High Yield Corp.61.9%
    Convertible Bonds11.2%
    Bank Loans6.2%
    International High-Yield Bond5.2%
    Preferred/Common Stock4.3%
    Cash & Equivalents3.5%
    Other7.6%
    holdings/topholdings.xsl

    Top Holdings

    (% of Portfolio) as of August 31, 2017
    1Sprint Corp., 7.25%, 9/15/212.2%
    2Valeant Pharmaceuticals International, Inc., 5.875%, 5/15/23 (144A)1.5%
    3HCA, Inc., 5.375%, 2/1/251.5%
    4United States Treasury Floating Rate Note, Floating Rate Note, 4/30/181.4%
    5Crown Cork & Seal Co, Inc., 7.375%, 12/15/261.1%
    6Scientific Games International, Inc., 10.0%, 12/1/221.0%
    7KB Home, 7.0%, 12/15/211.0%
    8Lennar Corp., 4.75%, 11/15/220.9%
    9Post Holdings, Inc., 6.0%, 12/15/22 (144A)0.8%
    10CHS, 8.0%, 11/15/190.8%
    TOTAL12.2%
    *The portfolio is actively managed and current fund information is subject to change. The holdings listed should not be considered recommendations to buy or sell any security listed.

    Click here for a full list of holdings.

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    holdings/qualitydist.xsl

    Quality Distribution

    (% of Portfolio) as of August 31, 2017
    AAA2.1%
    BBB2.7%
    BB28.9%
    B39.4%
    CCC10.0%
    Not Rated14.3%
    Cash Equivalent2.5%
    Due to rounding, figures may not total 100%.
    Credit rating breakdown reflects the average of available ratings across Moody's, Standard & Poor's (S&P) and Fitch. Bond ratings are ordered highest to lowest in portfolio. Based on S&P’s measures, AAA (highest possible rating) through BBB are considered investment grade. BB or lower ratings are considered non-investment grade. Cash equivalents and some bonds may not be rated.
    holdings/country.xslholdings/bankbox.xsl
    • 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 Amundi Pioneer 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 Amundi Pioneer, nor its representatives, are legal or tax advisors. In addition, Amundi 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.
    holdings/mstarfootnotes.xsl

    Daily Pricing

    prices/dailypricing.xsl
    Past performance is no guarantee of future results.Share price, yield and return will vary and you may have a gain or loss when you sell your shares.
    Y Shares are available only to investors eligible to invest in products at NAV (Net Asset Value).
    NAV returns do not reflect the deduction of sales charges which would lower returns.
    Call 1-800-225-6292 or visit the fund performance page 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.

    Historical Pricing

    Click here for historical pricing.

    Distributions

    Click here for distributions.

    Sales Charges

    Trail fees are paid quarterly to qualifying dealers at a maximum rate of 0.25% on the net assets of your clients' accounts for all funds, with the exception of Pioneer Multi-Asset Ultrashort Income Fund A Shares, which pays 0.20%, and Pioneer Cash Reserves A Shares, which pays 0.05%.

    prices/bankbox.xsl
    • 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 Amundi Pioneer 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 Amundi Pioneer, nor its representatives, are legal or tax advisors. In addition, Amundi 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.
    prices/mstarfootnotes.xsl

    Literature

    literature/litfootnotes.xsl
    *SAI = Statement of Additional Information
    Printed copies can also be ordered by visiting Order Literature.
    If you have any questions, call our Sales Desk at 1-800-622-9876.
    All downloaded documents are in Adobe® Acrobat format. To view these documents, your computer must be equipped with the Adobe® Acrobat Reader, available free from Adobe: download Adobe Acrobat Reader.
    literature/bankbox.xsl
    • 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 Amundi Pioneer 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 Amundi Pioneer, nor its representatives, are legal or tax advisors. In addition, Amundi 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.
    literature/mstarfootnotes.xsl
    common/morningstar.xslcommon/fundfacts.xsl

    As of August 31, 2017

    Fund Facts
    CUSIP72369B10972369B30772369B50572369B406
    Nasdaq SymbolTAHYXPYICXTYHRXTYHYX
    Inception Date/
    Performance Inception Date
    2/12/19982/12/19982/12/19982/12/1998
    Total Net Assets (millions)$538.3$196.1$26.3$222.6
    Initial Minimum Invest.$1,000$1,000$0$5,000,000
    Management Fee0.67%0.67%0.67%0.67%
    Gross Expense Ratio1.17%1.88%1.49%0.87%

    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.


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    Portfolio Characteristics

    As of August 31, 2017

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

    4.84%
    4.33%
    4.47%
    5.16%
    Weighted Average Life of Securities4.59 Years
    Weighted Average Maturity7.26 Years
    Duration3.38 Years
    Total Holdings434
    Turnover42%

    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 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. All results are historical and assume the reinvestment of dividends and capital gains.

    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 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).