Beginning in February 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer, bank or insurance company. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications electronically by contacting your financial intermediary or, if you invest directly with the Fund, by calling 1-800-225-6292.

You may elect to receive all future reports in paper free of charge. If you invest directly with the Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-225-6292. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held within the Pioneer Fund complex if you invest directly.

visit us: www.amundipioneer.com/us

 

 

Pioneer Corporate High Yield Fund | Semiannual Report | 2/29/20 1

Dear Shareholders,

The new decade has arrived delivering a first quarter that will go down in the history books. The beginning of the year seemed to extend the positive market environment of 2019 and then, March roared in like a lion and the COVID-19 pandemic became a global crisis impacting lives and life as we know it. The impact on the global economy from the COVID-19 virus pandemic, while currently unknown, is likely to be considerable. It is clear that several industries have already felt greater effects than others. And the markets, which do not thrive on uncertainty, have been volatile. Our business continuity plan was implemented given the new COVID-19 guidelines, and most of our employees are working remotely. To date, our operating environment has faced no interruption. I am proud of the careful planning that has taken place and confident we can maintain this environment for as long as is prudent. History in the making for a company that first opened its doors way back in 1928.

Since 1928, Amundi Pioneer’s investment process has been built on a foundation of fundamental research and active management, principles which have guided our investment decisions for more than 90 years. We believe active management – that is, making active investment decisions – can help mitigate the potential risks during periods of market volatility. As the early days of 2020 have reminded us, in today’s global economy, investment risk can materialize from a number of factors, including a slowing economy, changing U.S. Federal Reserve policy, oil price shocks, political and geopolitical factors and, unfortunately, major public health concerns such as a viral pandemic.

At Amundi Pioneer, active management begins with our own fundamental, bottom-up research process. Our team of dedicated research analysts and portfolio managers analyze each security under consideration, communicating directly with the management teams of the companies issuing the securities and working together to identify those securities that best meet our investment criteria for our family of funds. Our risk management approach begins with each and every security, as we strive to carefully understand the potential opportunity, while considering any and all risk factors.

2 Pioneer Corporate High Yield Fund | Semiannual Report | 2/29/20

Today, as investors, we have many options. It is our view that active management can serve shareholders well, not only when markets are thriving, but also during periods of market stress. As you consider your long-term investment goals, we encourage you to work with your financial advisor to develop an investment plan that paves the way for you to pursue both your short- and long-term goals.

We remain confident that the current crisis, like others in human history, will pass, and we greatly appreciate the trust you have placed in us and look forward to continuing to serve you in the future.

Sincerely,

Lisa M. Jones

Head of the Americas, President and CEO of U.S.

Amundi Pioneer Asset Management USA, Inc.

February 29, 2020

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 Corporate High Yield Fund | Semiannual Report | 2/29/20 3

Portfolio Management Discussion | 2/29/20

Portfolio Summary | 2/29/20

10 Largest Holdings
(As a percentage of total investments)*
1.	U.S. Treasury Bills, 3/3/20	4.38%
2.	U.S. Treasury Floating Rate Notes, 1.811% (3 Month U.S. Treasury Bill
	Money Market Yield + 30 bps), 10/31/21	3.99
3.	U.S. Treasury Bills, 3/17/20	0.99
4.	Covanta Holding Corp., 6.0%, 1/1/27	0.98
5.	Provident Funding Associates LP/PFG Finance Corp., 6.375%, 6/15/25 (144A)	0.96
6.	Beacon Escrow Corp., 4.875%, 11/1/25 (144A)	0.96
7.	M/I Homes, Inc., 4.95%, 2/1/28 (144A)	0.95
8.	Vistra Operations Co. LLC, 5.625%, 2/15/27 (144A)	0.91
9.	Scientific Games International, Inc., 8.25%, 3/15/26 (144A)	0.86
10.	Barclays Plc, 7.75% (5 Year USD Swap Rate + 484 bps)	0.85

*	Excludes temporary cash investments and all derivative contracts except for options purchased. The Fund is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any securities.

Pioneer Corporate High Yield Fund | Semiannual Report | 2/29/20 9

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Prices and Distributions | 2/29/20

Net Asset Value per Share
Class	2/29/20	8/31/19
A	$10.01	$10.15
C	$10.00	$10.14
Y	$10.01	$10.15

Distributions per Share*: 9/1/19–2/29/20

	Net Investment	Short-Term	Long-Term
Class	Income	Capital Gains	Capital Gains
A	$0.3003	$ —	$ —
C	$0.2618	$ —	$ —
Y	$0.3132	$ —	$ —

Index Definition

*	The amount of distributions made to shareowners during the period was in excess of the net investment income earned by the Fund during the period.

Performance Update | 2/29/20	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 Corporate High Yield Fund at public offering price during the periods shown, compared to that of the ICE BofA U.S. High Yield Index.

Average Annual Total Returns
(As of February 29, 2020)
	Net	Public	ICE
	Asset	Offering	BofA U.S.
	Value	Price	High Yield
Period	(NAV)	(POP)	Index
Life of Class
(1/3/17)	5.16%	3.64%	5.39%
1 year	6.73	1.93	5.91

Expense Ratio
(Per prospectus dated December 31, 2019)
Gross	Net
2.02%	0.90%

Call 1-800-225-6292 or visit www.amundipioneer.com/us 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. NAV returns would have been lower had sales charges been reflected. POP returns reflect deduction of maximum 4.50% sales charge. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.

Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.

The net expense ratio reflects the contractual expense limitation currently in effect through January 1, 2021, for Class A shares. There can be no assurance that Amundi Pioneer will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information.

The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.

Please refer to the financial highlights for more current expense ratios.

Pioneer Corporate High Yield Fund | Semiannual Report | 2/29/20 11

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Performance Update | 2/29/20	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 Corporate High Yield Fund during the periods shown, compared to that of the ICE BofA U.S. High Yield Index.

Average Annual Total Returns
(As of February 29, 2020)
			ICE
			BofA U.S.
	If	If	High Yield
Period	Held	Redeemed	Index
Life of Class
(1/3/17)	4.36%	4.36%	5.39%
1 year	5.95	5.95	5.91
Expense Ratio
(Per prospectus dated December 31, 2019)
Gross	Net
2.77%	1.65%

Call 1-800-225-6292 or visit www.amundipioneer.com/us 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 you paid a 1% sales charge, your returns would be lower than those shown above. “If Held” results represent the percent change in net asset value per share. “If Redeemed” 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 net expense ratio reflects the contractual expense limitation currently in effect through January 1, 2021, for Class C shares. There can be no assurance that Amundi Pioneer will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information.

The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.

Please refer to the financial highlights for more current expense ratios.

12 Pioneer Corporate High Yield Fund | Semiannual Report | 2/29/20

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Performance Update | 2/29/20	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 Corporate High Yield Fund during the periods shown, compared to that of the ICE BofA U.S. High Yield Index.

Average Annual Total Returns
(As of February 29, 2020)
	Net	ICE
	Asset	BofA U.S.
	Value	High Yield
Period	(NAV)	Index
Life of Class
(1/3/17)	5.42%	5.39%
1 year	7.01	5.91
Expense Ratio
(Per prospectus dated December 31, 2019)
Gross	Net
1.77%	0.60%

Call 1-800-225-6292 or visit www.amundipioneer.com/us 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 net expense ratio reflects the contractual expense limitation currently in effect through January 1, 2021, for Class Y shares. There can be no assurance that Amundi Pioneer will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information.

The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.

Please refer to the financial highlights for more current expense ratios.

Pioneer Corporate High Yield Fund | Semiannual Report | 2/29/20 13

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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 ÷ $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 Corporate High Yield Fund

Based on actual returns from September 1, 2019 through February 29, 2020.

Share Class	A	C	Y
Beginning Account	$1,000.00	$1,000.00	$1,000.00
Value on 9/1/19
Ending Account Value	$1,015.60	$1,011.80	$1,016.90
(after expenses) 2/29/20
Expenses Paid	$4.76	$8.50	$3.36
During Period*

 

*	Expenses are equal to the Fund’s annualized expense ratio of 0.95%, 1.70%, and 0.67% for classes A, C, and Y shares, respectively, multiplied by the average account value over the period, multiplied by 182/366, (to reflect the partial year period).

14 Pioneer Corporate High Yield Fund | Semiannual Report | 2/29/20

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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 Corporate High Yield Fund

Based on a hypothetical 5% per year return before expenses, reflecting the period from September 1, 2019 through February 29, 2020.

Share Class	A	C	Y
Beginning Account	$1,000.00	$1,000.00	$1,000.00
Value on 9/1/19
Ending Account Value	$1,020.14	$1,016.41	$1,021.53
(after expenses) 2/29/20
Expenses Paid	$4.77	$8.52	$3.37
During Period*

 

*	Expenses are equal to the Fund’s annualized expense ratio of 0.95%, 1.70%, and 0.67% for classes A, C, and Y shares, respectively, multiplied by the average account value over the period, multiplied by 182/366, (to reflect the partial year period).

Pioneer Corporate High Yield Fund | Semiannual Report | 2/29/20 15

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Table of Contents

Schedule of Investments | 2/29/20 (unaudited)

Principal
Amount
USD ($)			Value
		UNAFFILIATED ISSUERS — 97.9%
		CORPORATE BONDS — 88.7% of Net Assets
		Advertising — 1.2%
20,000		Lamar Media Corp., 3.75%, 2/15/28 (144A)	$ 20,056
126,000		Lamar Media Corp., 4.0%, 2/15/30 (144A)	126,000
168,000		MDC Partners, Inc., 6.5%, 5/1/24 (144A)	153,300
		Total Advertising	$ 299,356
		Aerospace & Defense — 0.8%
100,000		Bombardier, Inc., 6.0%, 10/15/22 (144A)	$ 98,000
83,000		Bombardier, Inc., 7.5%, 3/15/25 (144A)	81,962
20,000		Bombardier, Inc., 7.875%, 4/15/27 (144A)	19,850
		Total Aerospace & Defense	$ 199,812
		Airlines — 0.3%
91,000		American Airlines Group, Inc., 3.75%, 3/1/25 (144A)	$ 83,947
		Total Airlines	$ 83,947
		Auto Manufacturers — 0.7%
164,000		JB Poindexter & Co., Inc., 7.125%, 4/15/26 (144A)	$ 173,111
		Total Auto Manufacturers	$ 173,111
		Auto Parts & Equipment — 1.4%
204,000		American Axle & Manufacturing, Inc., 6.25%, 3/15/26	$ 196,248
86,000		Dealer Tire LLC/DT Issuer LLC, 8.0%, 2/1/28 (144A)	86,215
95,000		Titan International, Inc., 6.5%, 11/30/23	72,200
		Total Auto Parts & Equipment	$ 354,663
		Banks — 3.3%
200,000(a)(b)		Barclays Plc, 7.75% (5 Year USD Swap Rate + 484 bps)	$ 214,500
95,000		Freedom Mortgage Corp., 8.125%, 11/15/24 (144A)	91,438
90,000		Freedom Mortgage Corp., 8.25%, 4/15/25 (144A)	85,248
242,000		Provident Funding Associates LP/PFG Finance Corp., 6.375%,
		6/15/25 (144A)	242,000
200,000(a)(b)		UBS Group AG, 7.0% (5 Year USD Swap Rate +
		434 bps) (144A)	213,290
		Total Banks	$ 846,476
		Building Materials — 2.7%
193,000		Builders FirstSource, Inc., 5.0%, 3/1/30 (144A)	$ 193,093
173,000		Patrick Industries, Inc., 7.5%, 10/15/27 (144A)	186,840
199,000		Standard Industries, Inc., 4.75%, 1/15/28 (144A)	204,473
94,000		Summit Materials LLC/Summit Materials Finance Corp.,
		6.5%, 3/15/27 (144A)	100,345
		Total Building Materials	$ 684,751

 

The accompanying notes are an integral part of these financial statements.

16 Pioneer Corporate High Yield Fund | Semiannual Report | 2/29/20

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Table of Contents

Principal
Amount
USD ($)			Value
		Chemicals — 2.9%
150,000		CF Industries, Inc., 5.375%, 3/15/44	$ 168,181
88,000		NOVA Chemicals Corp., 5.0%, 5/1/25 (144A)	85,800
33,000		NOVA Chemicals Corp., 5.25%, 6/1/27 (144A)	31,361
200,000		OCI NV, 5.25%, 11/1/24 (144A)	204,000
100,000		Olin Corp., 5.0%, 2/1/30	97,380
106,000		Trinseo Materials Operating SCA/Trinseo Materials Finance,
		Inc., 5.375%, 9/1/25 (144A)	98,315
45,000		Valvoline, Inc., 4.25%, 2/15/30 (144A)	44,381
		Total Chemicals	$ 729,418
		Coal — 0.6%
185,000		SunCoke Energy Partners LP/SunCoke Energy Partners
		Finance Corp., 7.5%, 6/15/25 (144A)	$ 166,500
		Total Coal	$ 166,500
		Commercial Services — 5.6%
35,000		Allied Universal Holdco LLC/Allied Universal Finance Corp.,
		6.625%, 7/15/26 (144A)	$ 36,706
95,000		Allied Universal Holdco LLC/Allied Universal Finance Corp.,
		9.75%, 7/15/27 (144A)	100,956
60,000		APX Group, Inc., 6.75%, 2/15/27 (144A)	58,163
30,000		Ashtead Capital, Inc., 4.0%, 5/1/28 (144A)	30,765
20,000		Ashtead Capital, Inc., 4.25%, 11/1/29 (144A)	20,729
69,000		Brink’s Co., 4.625%, 10/15/27 (144A)	70,725
144,000		Cardtronics, Inc./Cardtronics USA, Inc., 5.5%, 5/1/25 (144A)	147,600
168,000		GW B-CR Security Corp., 9.5%, 11/1/27 (144A)	177,660
106,000		Herc Holdings, Inc., 5.5%, 7/15/27 (144A)	109,964
53,000		Hertz Corp., 7.125%, 8/1/26 (144A)	52,322
35,000		Prime Security Services Borrower LLC/Prime Finance, Inc.,
		5.25%, 4/15/24 (144A)	36,225
55,000		Prime Security Services Borrower LLC/Prime Finance, Inc.,
		5.75%, 4/15/26 (144A)	56,634
100,000		Prime Security Services Borrower LLC/Prime Finance, Inc.,
		6.25%, 1/15/28 (144A)	96,350
200,000		Sotheby’s, 7.375%, 10/15/27 (144A)	199,500
35,000		United Rentals North America, Inc., 3.875%, 11/15/27	35,306
44,000		United Rentals North America, Inc., 5.25%, 1/15/30	46,288
160,000		Verscend Escrow Corp., 9.75%, 8/15/26 (144A)	173,992
		Total Commercial Services	$ 1,449,885
		Computers — 0.6%
150,000		Western Digital Corp., 4.75%, 2/15/26	$ 154,875
		Total Computers	$ 154,875

 

The accompanying notes are an integral part of these financial statements.

Pioneer Corporate High Yield Fund | Semiannual Report | 2/29/20 17

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Table of Contents

 

Schedule of Investments | 2/29/20 (unaudited) (continued)

Principal
Amount
USD ($)			Value
		Distribution & Wholesale — 0.7%
175,000		Wolverine Escrow LLC, 8.5%, 11/15/24 (144A)	$ 170,660
		Total Distribution & Wholesale	$ 170,660
		Diversified Financial Services — 2.5%
65,000		Alliance Data Systems Corp., 4.75%, 12/15/24 (144A)	$ 63,781
200,000		Avation Capital S.A., 6.5%, 5/15/21 (144A)	198,840
85,000		Global Aircraft Leasing Co., Ltd., 6.5%, 9/15/24 (144A)	83,725
10,000		Nationstar Mortgage Holdings, Inc., 6.0%, 1/15/27 (144A)	10,159
172,000		Nationstar Mortgage Holdings, Inc., 9.125%, 7/15/26 (144A)	186,279
137,000		Springleaf Finance Corp., 5.375%, 11/15/29	139,918
		Total Diversified Financial Services	$ 682,702
		Electric — 2.4%
30,000		Clearway Energy Operating LLC, 4.75%, 3/15/28 (144A)	$ 30,712
170,000		Clearway Energy Operating LLC, 5.75%, 10/15/25	175,666
135,131		NSG Holdings LLC/NSG Holdings, Inc., 7.75%,
		12/15/25 (144A)	149,995
18,000		Talen Energy Supply LLC, 6.625%, 1/15/28 (144A)	17,230
224,000		Vistra Operations Co. LLC, 5.625%, 2/15/27 (144A)	229,600
		Total Electric	$ 603,203
		Energy Alternate Sources — 0.3%
75,000		TerraForm Power Operating LLC, 4.75%, 1/15/30 (144A)	$ 77,906
		Total Energy Alternate Sources	$ 77,906
		Entertainment — 1.8%
65,000		AMC Entertainment Holdings, Inc., 5.75%, 6/15/25	$ 53,137
101,000		Enterprise Development Authority, 12.0%, 7/15/24 (144A)	115,645
15,000		Penn National Gaming, Inc., 5.625%, 1/15/27 (144A)	15,525
30,000		Scientific Games International, Inc., 7.0%, 5/15/28 (144A)	29,016
30,000		Scientific Games International, Inc., 7.25%, 11/15/29 (144A)	29,250
210,000		Scientific Games International, Inc., 8.25%, 3/15/26 (144A)	215,712
		Total Entertainment	$ 458,285
		Environmental Control — 2.3%
240,000		Covanta Holding Corp., 6.0%, 1/1/27	$ 247,200
10,000		GFL Environmental, Inc., 5.125%, 12/15/26 (144A)	10,350
143,000		GFL Environmental, Inc., 5.375%, 3/1/23 (144A)	146,754
10,000		GFL Environmental, Inc., 7.0%, 6/1/26 (144A)	10,513
55,000		GFL Environmental, Inc., 8.5%, 5/1/27 (144A)	59,560
142,000		Tervita Corp., 7.625%, 12/1/21 (144A)	143,420
		Total Environmental Control	$ 617,797

 

The accompanying notes are an integral part of these financial statements.

18 Pioneer Corporate High Yield Fund | Semiannual Report | 2/29/20

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Table of Contents

Principal
Amount
USD ($)			Value
		Food — 3.9%
98,000		Albertsons Cos., Inc./Safeway, Inc./New Albertsons
		LP/Albertsons LLC, 4.625%, 1/15/27 (144A)	$ 96,412
30,000		Albertsons Cos., Inc./Safeway, Inc./New Albertsons
		LP/Albertsons LLC, 4.875%, 2/15/30 (144A)	30,000
98,000		Albertsons Cos., Inc./Safeway, Inc./New Albertsons
		LP/Albertsons LLC, 5.75%, 3/15/25	101,552
54,000		Albertsons Cos., Inc./Safeway, Inc./New Albertsons
		LP/Albertsons LLC, 5.875%, 2/15/28 (144A)	56,122
30,000		Albertsons Cos., Inc./Safeway, Inc./New Albertsons
		LP/Albertsons LLC, 7.5%, 3/15/26 (144A)	33,338
200,000		FAGE International S.A./FAGE USA Dairy Industry, Inc.,
		5.625%, 8/15/26 (144A)	178,361
114,000		Ingles Markets, Inc., 5.75%, 6/15/23	114,857
96,000		JBS USA LUX S.A./JBS USA Finance, Inc., 6.75%,
		2/15/28 (144A)	104,093
65,000		JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc.,
		5.5%, 1/15/30 (144A)	68,284
30,000		JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc.,
		6.5%, 4/15/29 (144A)	32,541
60,000		Pilgrim’s Pride Corp., 5.875%, 9/30/27 (144A)	62,178
135,000		Simmons Foods, Inc., 5.75%, 11/1/24 (144A)	134,325
		Total Food	$ 1,012,063
		Forest Products & Paper — 1.3%
100,000		Mercer International, Inc., 5.5%, 1/15/26	$ 94,320
115,000		Mercer International, Inc., 7.375%, 1/15/25	115,791
90,000		Schweitzer-Mauduit International, Inc., 6.875%,
		10/1/26 (144A)	96,525
		Total Forest Products & Paper	$ 306,636
		Healthcare-Services — 3.4%
186,000		BCPE Cycle Merger Sub II, Inc., 10.625%, 7/15/27 (144A)	$ 188,325
98,000		Centene Corp., 5.25%, 4/1/25 (144A)	100,695
150,000		HCA, Inc., 5.375%, 2/1/25	165,825
29,000		HCA, Inc., 5.625%, 9/1/28	32,868
19,000		HCA, Inc., 5.875%, 2/1/29	21,993
65,000		Select Medical Corp., 6.25%, 8/15/26 (144A)	69,306
142,000		Surgery Center Holdings, Inc., 10.0%, 4/15/27 (144A)	155,135
50,000		Tenet Healthcare Corp., 5.125%, 11/1/27 (144A)	51,938
119,000		West Street Merger Sub, Inc., 6.375%, 9/1/25 (144A)	116,763
		Total Healthcare-Services	$ 902,848
		Holding Companies-Diversified — 0.3%
80,000		VistaJet Malta Finance Plc/XO Management Holding, Inc.,
		10.5%, 6/1/24 (144A)	$ 74,800
		Total Holding Companies-Diversified	$ 74,800

The accompanying notes are an integral part of these financial statements.

 

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Table of Contents

Schedule of Investments | 2/29/20 (unaudited) (continued)

Principal
Amount
USD ($)			Value
		Home Builders — 4.9%
190,000		Beazer Homes USA, Inc., 6.75%, 3/15/25	$ 195,700
30,000		Beazer Homes USA, Inc., 7.25%, 10/15/29 (144A)	31,800
40,000		Brookfield Residential Properties, Inc./Brookfield
		Residential US Corp., 4.875%, 2/15/30 (144A)	39,596
110,000		Brookfield Residential Properties, Inc./Brookfield
		Residential US Corp., 6.25%, 9/15/27 (144A)	113,025
140,000		KB Home, 6.875%, 6/15/27	165,200
192,000		Lennar Corp., 4.75%, 11/15/22	200,916
235,000		M/I Homes, Inc., 4.95%, 2/1/28 (144A)	239,113
25,000		Mattamy Group Corp., 4.625%, 3/1/30 (144A)	24,254
40,000		Shea Homes LP/Shea Homes Funding Corp., 4.75%,
		2/15/28 (144A)	40,021
189,000		Taylor Morrison Communities, Inc./Taylor Morrison Holdings
		II, Inc., 5.875%, 4/15/23 (144A)	202,230
		Total Home Builders	$ 1,251,855
		Insurance — 0.3%
70,000		CNO Financial Group, Inc., 5.25%, 5/30/29	$ 80,105
		Total Insurance	$ 80,105
		Internet — 0.6%
136,000		Netflix, Inc., 5.375%, 11/15/29 (144A)	$ 147,859
		Total Internet	$ 147,859
		Iron & Steel — 0.9%
121,000		Cleveland-Cliffs, Inc., 5.75%, 3/1/25	$ 110,110
100,000		Commercial Metals Co., 5.375%, 7/15/27	102,250
30,000		Commercial Metals Co., 5.75%, 4/15/26	30,975
		Total Iron & Steel	$ 243,335
		Leisure Time — 0.9%
115,000		Viking Cruises, Ltd., 5.875%, 9/15/27 (144A)	$ 102,212
146,000		Viking Cruises, Ltd., 6.25%, 5/15/25 (144A)	139,795
		Total Leisure Time	$ 242,007
		Lodging — 0.7%
65,000		MGM Resorts International, 5.5%, 4/15/27	$ 70,181
105,000		Station Casinos LLC, 4.5%, 2/15/28 (144A)	99,774
		Total Lodging	$ 169,955
		Machinery-Diversified — 0.5%
111,000		Cloud Crane LLC, 10.125%, 8/1/24 (144A)	$ 117,383
		Total Machinery-Diversified	$ 117,383

 

The accompanying notes are an integral part of these financial statements.

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Table of Contents

Principal
Amount
USD ($)			Value
		Media — 5.3%
90,000		CCO Holdings LLC/CCO Holdings Capital Corp.,
		4.75%, 3/1/30 (144A)	$ 92,531
194,000		CCO Holdings LLC/CCO Holdings Capital Corp.,
		5.5%, 5/1/26 (144A)	201,294
137,000		Clear Channel Worldwide Holdings, Inc., 9.25%, 2/15/24
		(144A)	145,676
200,000		CSC Holdings LLC, 5.5%, 5/15/26 (144A)	207,071
200,000		CSC Holdings LLC, 5.5%, 4/15/27 (144A)	210,500
213,000		Diamond Sports Group LLC/Diamond Sports Finance Co.,
		6.625%, 8/15/27 (144A)	171,816
200,000		LCPR Senior Secured Financing DAC, 6.75%,
		10/15/27 (144A)	210,320
105,000		Sinclair Television Group, Inc., 5.5%, 3/1/30 (144A)	104,349
		Total Media	$ 1,343,557
		Metal Fabricate & Hardware — 0.4%
100,000		Park-Ohio Industries, Inc., 6.625%, 4/15/27	$ 101,458
		Total Metal Fabricate & Hardware	$ 101,458
		Mining — 2.7%
16,000		Coeur Mining, Inc., 5.875%, 6/1/24	$ 15,027
200,000		First Quantum Minerals, Ltd., 7.25%, 4/1/23 (144A)	192,000
95,000		Freeport-McMoRan, Inc., 4.25%, 3/1/30	89,319
70,000		Hecla Mining Co., 7.25%, 2/15/28	68,782
98,000		Hudbay Minerals, Inc., 7.25%, 1/15/23 (144A)	98,490
143,000		Novelis Corp., 4.75%, 1/30/30 (144A)	141,034
100,000		Novelis Corp., 5.875%, 9/30/26 (144A)	103,286
		Total Mining	$ 707,938
		Oil & Gas — 6.5%
135,000		Baytex Energy Corp., 8.75%, 4/1/27 (144A)	$ 128,250
68,000		Great Western Petroleum LLC/Great Western Finance Corp.,
		9.0%, 9/30/21 (144A)	61,200
135,000		Gulfport Energy Corp., 6.0%, 10/15/24	44,888
35,000		Gulfport Energy Corp., 6.625%, 5/1/23	18,287
170,000		Indigo Natural Resources LLC, 6.875%, 2/15/26 (144A)	144,925
134,000		MEG Energy Corp., 7.0%, 3/31/24 (144A)	126,965
35,000		MEG Energy Corp., 7.125%, 2/1/27 (144A)	33,014
200,000		Neptune Energy Bondco Plc, 6.625%, 5/15/25 (144A)	185,000
142,000		Oasis Petroleum, Inc., 6.875%, 3/15/22	111,470
48,000		Parkland Fuel Corp., 5.875%, 7/15/27 (144A)	49,319
150,000		Parsley Energy LLC/Parsley Finance Corp., 5.625%,
		10/15/27 (144A)	148,688
130,000		PBF Holding Co. LLC/PBF Finance Corp., 6.0%,
		2/15/28 (144A)	128,375
144,000		Shelf Drilling Holdings, Ltd., 8.25%, 2/15/25 (144A)	119,520

 

The accompanying notes are an integral part of these financial statements.

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Table of Contents

Schedule of Investments | 2/29/20 (unaudited) (continued)

Principal
Amount
USD ($)			Value
		Oil & Gas — (continued)
80,000		SM Energy Co., 6.125%, 11/15/22	$ 71,600
56,000		SM Energy Co., 6.75%, 9/15/26	44,240
123,000		Transocean Sentry, Ltd., 5.375%, 5/15/23 (144A)	119,003
65,000		Transocean, Inc., 7.25%, 11/1/25 (144A)	53,788
40,000		Transocean, Inc., 8.0%, 2/1/27 (144A)	33,200
96,000		Whiting Petroleum Corp., 6.25%, 4/1/23	43,200
		Total Oil & Gas	$ 1,664,932
		Oil & Gas Services — 1.5%
30,000		Archrock Partners LP/Archrock Partners Finance Corp.,
		6.25%, 4/1/28 (144A)	$ 28,878
100,000		Archrock Partners LP/Archrock Partners Finance Corp.,
		6.875%, 4/1/27 (144A)	101,567
70,000		Exterran Energy Solutions LP/EES Finance Corp.,
		8.125%, 5/1/25	68,684
211,000		FTS International, Inc., 6.25%, 5/1/22	140,183
55,000		SESI LLC, 7.75%, 9/15/24	26,538
34,000		USA Compression Partners LP/USA Compression
		Finance Corp., 6.875%, 9/1/27	33,395
		Total Oil & Gas Services	$ 399,245
		Packaging & Containers — 3.5%
200,000		Ardagh Packaging Finance Plc/Ardagh Holdings USA, Inc.,
		6.0%, 2/15/25 (144A)	$ 208,500
138,000		Cascades, Inc./Cascades USA, Inc., 5.125%, 1/15/26 (144A)	142,830
125,000		Crown Cork & Seal Co., Inc., 7.375%, 12/15/26	146,562
143,000		Greif, Inc., 6.5%, 3/1/27 (144A)	153,811
160,000		Owens-Brockway Glass Container, Inc., 5.375%,
		1/15/25 (144A)	167,885
63,000		Plastipak Holdings, Inc., 6.25%, 10/15/25 (144A)	56,051
		Total Packaging & Containers	$ 875,639
		Pharmaceuticals — 2.9%
91,000		Bausch Health Americas, Inc., 8.5%, 1/31/27 (144A)	$ 100,100
20,000		Bausch Health Cos., Inc., 5.0%, 1/30/28 (144A)	19,775
15,000		Bausch Health Cos., Inc., 5.25%, 1/30/30 (144A)	14,850
70,000		Bausch Health Cos., Inc., 5.5%, 11/1/25 (144A)	72,070
9,000		Bausch Health Cos., Inc., 5.875%, 5/15/23 (144A)	9,034
36,000		Bausch Health Cos., Inc., 7.0%, 1/15/28 (144A)	38,524
36,000		Bausch Health Cos., Inc., 7.25%, 5/30/29 (144A)	39,600
200,000		Horizon Therapeutics USA, Inc., 5.5%, 8/1/27 (144A)	207,500
80,000		Par Pharmaceutical, Inc., 7.5%, 4/1/27 (144A)	84,480
155,000		Teva Pharmaceutical Finance Netherlands III BV,
		2.8%, 7/21/23	144,279
		Total Pharmaceuticals	$ 730,212

The accompanying notes are an integral part of these financial statements.

 

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Table of Contents

Principal
Amount
USD ($)			Value
		Pipelines — 6.3%
129,000		American Midstream Partners LP/American Midstream
		Finance Corp., 9.5%, 12/15/21 (144A)	$ 127,710
20,000		Cheniere Energy Partners LP, 4.5%, 10/1/29 (144A)	19,172
95,000		Cheniere Energy Partners LP, 5.625%, 10/1/26	95,475
101,000		DCP Midstream Operating LP, 3.875%, 3/15/23	101,253
20,000		DCP Midstream Operating LP, 5.375%, 7/15/25	20,950
100,000		DCP Midstream Operating LP, 5.6%, 4/1/44	93,000
100,000(a)(b)		Energy Transfer Operating LP, 7.125% (5 Year CMT Index +
		531 bps)	94,500
6,000		EnLink Midstream LLC, 5.375%, 6/1/29	5,177
100,000		Genesis Energy LP/Genesis Energy Finance Corp.,
		6.5%, 10/1/25	84,220
145,000		Genesis Energy LP/Genesis Energy Finance Corp.,
		7.75%, 2/1/28	124,700
167,000		Global Partners LP/GLP Finance Corp., 7.0%, 6/15/23	171,384
29,000		Global Partners LP/GLP Finance Corp., 7.0%, 8/1/27	29,995
65,000		Hess Midstream Operations LP, 5.125%, 6/15/28 (144A)	63,375
75,000		Hess Midstream Operations LP, 5.625%, 2/15/26 (144A)	74,814
200,000		PBF Logistics LP/PBF Logistics Finance Corp.,
		6.875%, 5/15/23	204,860
195,000		Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
		6.0%, 3/1/27 (144A)	186,225
100,000		Targa Resources Partners LP/Targa Resources Partners
		Finance Corp., 5.0%, 1/15/28	98,720
27,000		Targa Resources Partners LP/Targa Resources Partners
		Finance Corp., 6.5%, 7/15/27	28,181
		Total Pipelines	$ 1,623,711
		REITs — 1.3%
100,000		Iron Mountain, Inc., 4.875%, 9/15/27 (144A)	$ 101,250
100,000		Iron Mountain, Inc., 5.75%, 8/15/24	100,750
50,000		iStar, Inc., 4.25%, 8/1/25	49,365
85,000		iStar, Inc., 4.75%, 10/1/24	86,765
		Total REITs	$ 338,130
		Retail — 3.0%
80,000		AAG FH LP/AAG FH Finco, Inc., 9.75%, 7/15/24 (144A)	$ 73,600
60,000		Asbury Automotive Group, Inc., 4.5%, 3/1/28 (144A)	60,120
65,000		Asbury Automotive Group, Inc., 4.75%, 3/1/30 (144A)	66,137
250,000		Beacon Escrow Corp., 4.875%, 11/1/25 (144A)	241,175
93,000		Golden Nugget, Inc., 8.75%, 10/1/25 (144A)	93,392
140,000		Michaels Stores, Inc., 8.0%, 7/15/27 (144A)	116,704
126,000		QVC, Inc., 4.75%, 2/15/27	124,284
		Total Retail	$ 775,412

 

The accompanying notes are an integral part of these financial statements.

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Table of Contents

Schedule of Investments | 2/29/20 (unaudited) (continued)

Principal
Amount
USD ($)			Value
		Telecommunications — 7.2%
25,000		CenturyLink, Inc., 4.0%, 2/15/27 (144A)	$ 25,122
100,000		CenturyLink, Inc., 6.45%, 6/15/21	103,720
140,000		CenturyLink, Inc., 6.875%, 1/15/28	155,400
138,000		CommScope Technologies LLC, 6.0%, 6/15/25 (144A)	129,375
35,000		CommScope, Inc., 8.25%, 3/1/27 (144A)	35,175
100,000		Frontier Communications Corp., 8.5%, 4/1/26 (144A)	101,250
75,000		Frontier Communications Corp., 11.0%, 9/15/25	34,312
125,000		Intelsat Jackson Holdings S.A., 5.5%, 8/1/23	107,500
40,000		Level 3 Financing, Inc., 4.625%, 9/15/27 (144A)	40,800
150,000		Level 3 Financing, Inc., 5.375%, 5/1/25	153,125
185,000		Sprint Corp., 7.125%, 6/15/24	209,897
114,000		Sprint Corp., 7.25%, 9/15/21	120,994
50,000		Sprint Corp., 7.625%, 2/15/25	58,000
125,000		Sprint Corp., 7.625%, 3/1/26	147,464
100,000		T-Mobile USA, Inc., 4.75%, 2/1/28	104,125
155,000		Windstream Services LLC/Windstream Finance Corp.,
		8.625%, 10/31/25 (144A)	141,179
200,000		Ypso Finance Bis S.A., 6.0%, 2/15/28 (144A)	192,060
		Total Telecommunications	$ 1,859,498
		Transportation — 0.3%
65,000		Cargo Aircraft Management, Inc., 4.75%, 2/1/28 (144A)	$ 64,431
		Total Transportation	$ 64,431
		TOTAL CORPORATE BONDS
		(Cost $23,011,785)	$22,786,356
		U.S. GOVERNMENT AND AGENCY OBLIGATIONS —
		9.2% of Net Assets
1,100,000(c)		U.S. Treasury Bills, 3/3/20	$ 1,099,955
250,000(c)		U.S. Treasury Bills, 3/17/20	249,847
1,000,000(d)		U.S. Treasury Floating Rate Notes, 1.811% (3 Month U.S.
		Treasury Bill Money Market Yield + 30 bps), 10/31/21	1,003,754
		TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
		(Cost $2,351,616)	$ 2,353,556
		TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 97.9%
		(Cost $25,363,401)	$25,139,912
		OTHER ASSETS AND LIABILITIES — 2.1%	$ 531,047
		NET ASSETS — 100.0%	$25,670,959

 

bps	Basis Points.
LIBOR	London Interbank Offered Rate.
REIT	Real Estate Investment Trust.

 

The accompanying notes are an integral part of these financial statements.

24 Pioneer Corporate High Yield Fund | Semiannual Report | 2/29/20

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Table of Contents

(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 February 29, 2020, the value of these securities amounted to $15,706,786, or 61.2% of net assets.

(a)	The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at February 29, 2020.
(b)	Security is perpetual in nature and has no stated maturity date.
(c)	Security issued with a zero coupon. Income is recognized through accretion of discount.
(d)	Floating rate note. Coupon rate, reference index and spread shown at February 29, 2020.

SWAP CONTRACT

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT — SELL PROTECTION

			Annual
Notional	Reference	Pay/	Fixed	Expiration	Premiums	Unrealized	Market
Amount ($)(1)	Obligation/Index	Receive(2)	Rate	Date	(Received)	Appreciation	Value
313,600	Markit CDX North America	Receive	5.00%	6/20/24	$(1,481)	$21,991	$20,510
	High Yield Index Series 32

 

(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)	Receives quarterly.

Purchases and sales of securities (excluding temporary cash investments) for the six months ended February 29, 2020, aggregated $11,732,614 and $6,624,295, respectively.

The Fund is permitted to engage in purchase and sale transactions (“cross trades”) with certain funds and accounts for which Amundi Pioneer Asset Management, Inc. (the “Adviser”) serves as the Fund’s investment adviser, as set forth in Rule 17a-7 under the Investment Company Act of 1940, pursuant to procedures adopted by the Board of Trustees. Under these procedures, cross trades are effected at current market prices. During the six months ended February 29, 2020, the Fund engaged in purchases of $117,016 and sales of $78,000 pursuant to these procedures, which resulted in a net realized gain of $6,350.

At February 29, 2020, the net unrealized depreciation on investments based on cost for federal tax purposes of $25,403,739 was as follows:

Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost	$ 529,132
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value	(772,449)
Net unrealized depreciation	$(243,317)

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels 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 risks, 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 accompanying notes are an integral part of these financial statements.

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Table of Contents

Schedule of Investments | 2/29/20 (unaudited) (continued)

The following is a summary of the inputs used as of February 29, 2020, in valuing the Fund’s investments:

		Level 1				Level 2				Level 3				Total
Corporate Bonds		$	—			$	22,786,356			$	—			$	22,786,356
U.S. Government and
Agency Obligations			—				2,353,556				—				2,353,556
Total Investments in Securities		$	—			$	25,139,912			$	—			$	25,139,912
Other Financial Instruments
Swap contracts, at value		$	—			$	20,510			$	—			$	20,510
Total Other Financial Instruments		$	—			$	20,510			$	—			$	20,510

During the six months ended February 29, 2020, there were no transfers between Levels 1, 2 and 3.

The accompanying notes are an integral part of these financial statements.

26 Pioneer Corporate High Yield Fund | Semiannual Report | 2/29/20

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Table of Contents

Statement of Assets and Liabilities | 2/29/20 (unaudited)

ASSETS:
Investments in unaffiliated issuers, at value (cost $25,363,401)		$	25,139,912
Cash			281,680
Swaps collateral			16,478
Variation margin for centrally cleared swap contracts			568
Swap contracts, at value (net premiums received $(1,481))			20,510
Receivables —
Investment securities sold			71,616
Fund shares sold			36,684
Interest			371,609
Due from the Adviser			28,189
Other assets			37,219
Total assets		$	26,004,465
LIABILITIES:
Payables —
Investment securities purchased		$	177,922
Fund shares repurchased			504
Distributions			88,620
Trustees’ fees			1,506
Professional fees			22,337
Due to broker for swaps			21,665
Due to affiliates			12,078
Accrued expenses			8,874
Total liabilities		$	333,506
NET ASSETS:
Paid-in capital		$	26,220,493
Distributable earnings (loss)			(549,534	)
Net assets		$	25,670,959
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $8,660,239/865,153 shares)		$	10.01
Class C (based on $4,049,800/404,928 shares)		$	10.00
Class Y (based on $12,960,920/1,295,398 shares)		$	10.01
MAXIMUM OFFERING PRICE PER SHARE:
Class A (based on $10.01 net asset value per share/100%-4.50%
maximum sales charge)		$	10.48

 

The accompanying notes are an integral part of these financial statements.

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Table of Contents

Statement of Operations (unaudited)
FOR THE SIX MONTHS ENDED 2/29/20

INVESTMENT INCOME:
Interest from unaffiliated issuers		$	644,492
Total investment income						$	644,492
EXPENSES:
Management fees		$	59,328
Administrative expense			21,667
Transfer agent fees
Class A			173
Class C			109
Class Y			3
Distribution fees
Class A			10,634
Class C			20,539
Shareowner communications expense			178
Custodian fees			5,025
Registration fees			35,168
Professional fees			22,840
Printing expense			17,320
Pricing fees			6,230
Trustees’ fees			4,482
Miscellaneous			1,244
Total expenses						$	204,940
Less fees waived and expenses reimbursed by the Adviser							(99,301	)
Net expenses						$	105,639
Net investment income						$	538,853
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers		$	85,380
Swap contracts			(5,664	)		$	79,716
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		$	(410,834	)
Swap contracts			9,313			$	(401,521	)
Net realized and unrealized gain (loss) on investments						$	(321,805	)
Net increase in net assets resulting from operations						$	217,048

 

The accompanying notes are an integral part of these financial statements.

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Statements of Changes in Net Assets

		Six Months
		Ended				Year
		2/29/20				Ended
		(unaudited)				8/31/19
FROM OPERATIONS:
Net investment income (loss)		$	538,853			$	1,005,903
Net realized gain (loss) on investments			79,716				(242,284	)
Change in net unrealized appreciation (depreciation)
on investments			(401,521	)			601,581
Net increase in net assets resulting from operations		$	217,048			$	1,365,200
DISTRIBUTIONS TO SHAREOWNERS:
Class A ($0.30 and $0.50 per share, respectively)		$	(251,129	)		$	(407,169	)
Class C ($0.26 and $0.43 per share, respectively)			(105,766	)			(174,094	)
Class Y ($0.31 and $0.53 per share, respectively)			(275,762	)			(426,817	)
Total distributions to shareowners		$	(632,657	)		$	(1,008,080	)
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales of shares		$	5,493,064			$	322,953
Reinvestment of distributions			34,031				3,515
Cost of shares repurchased			(66,458	)			(71,105	)
Net increase in net assets resulting from Fund
share transactions		$	5,460,637			$	255,363
Net increase in net assets		$	5,045,028			$	612,483
NET ASSETS:
Beginning of period		$	20,625,931			$	20,013,448
End of period		$	25,670,959			$	20,625,931

 

The accompanying notes are an integral part of these financial statements.

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Table of Contents

Statements of Changes in Net Assets (continued)

		Six Months				Six Months
		Ended				Ended
		2/29/20				2/29/20				Year Ended				Year Ended
		Shares				Amount				8/31/19				8/31/19
		(unaudited)				(unaudited)				Shares				Amount
Class A
Shares sold			45,377			$	464,666				27,056			$	271,209
Reinvestment of distributions			968				9,872				180				1,815
Less shares repurchased			(6,416	)			(65,407	)			(5,310	)			(52,361	)
Net increase			39,929			$	409,131				21,926			$	220,663
Class C
Shares sold			1,549			$	15,899				5,155			$	51,744
Reinvestment of distributions			89				904				154				1,508
Less shares repurchased			(1	)			(13	)			(1,878	)			(18,744	)
Net increase			1,637			$	16,790				3,431			$	34,508
Class Y
Shares sold			488,707			$	5,012,499				—			$	—
Reinvestment of distributions			2,319				23,255				20				192
Less shares repurchased			(102	)			(1,038	)			—				—
Net increase			490,924			$	5,034,716				20			$	192

 

The accompanying notes are an integral part of these financial statements.

30 Pioneer Corporate High Yield Fund | Semiannual Report | 2/29/20

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Table of Contents

Financial Highlights

		Six Months
		Ended				Year				Year
		2/29/20				Ended				Ended				1/3/17* to
		(unaudited)				8/31/19				8/31/18				8/31/17
Class A
Net asset value, beginning of period		$	10.15			$	9.97			$	10.22			$	10.00
Increase (decrease) from investment operations:
Net investment income (loss) (a)		$	0.26			$	0.50			$	0.47			$	0.29
Net realized and unrealized gain (loss) on investments			(0.10	)			0.18				(0.21	)			0.21
Net increase (decrease) from investment operations		$	0.16			$	0.68			$	0.26			$	0.50
Distributions to shareowners:
Net investment income		$	(0.30	)		$	(0.50	)		$	(0.46	)		$	(0.28	)
Net realized gain			—				—				(0.05	)			—
Total distributions		$	(0.30	)		$	(0.50	)		$	(0.51	)		$	(0.28	)
Net increase (decrease) in net asset value		$	(0.14	)		$	0.18			$	(0.25	)		$	0.22
Net asset value, end of period		$	10.01			$	10.15			$	9.97			$	10.22
Total return (b)			1.56	%(c)			7.13	%			2.60	%			5.00	%(c)
Ratio of net expenses to average net assets			0.95	%(d)			1.00	%			1.01	%			1.02	%(d)
Ratio of net investment income (loss) to average net assets			5.02	%(d)			5.10	%			4.68	%			4.40	%(d)
Portfolio turnover rate			32	%(c)			60	%			114	%			113	%(c)
Net assets, end of period (in thousands)		$	8,660			$	8,374			$	8,009			$	8,076
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets			1.87	%(d)			2.12	%			1.91	%			3.89	%(d)
Net investment income (loss) to average net assets			4.10	%(d)			3.98	%			3.78	%			1.53	%(d)

*       Class A shares commenced operations on January 3, 2017.

(a)    The per-share data presented above is based on the average shares outstanding for the period presented.

(b)    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.

(c)    Not annualized.

(d)    Annualized.

The accompanying notes are an integral part of these financial statements.

Pioneer Corporate High Yield Fund | Semiannual Report | 2/29/20 31

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Table of Contents

Financial Highlights (continued)

		Six Months
		Ended				Year				Year
		2/29/20				Ended				Ended				1/3/17* to
		(unaudited)				8/31/19				8/31/18				8/31/17
Class C
Net asset value, beginning of period		$	10.14			$	9.96			$	10.21			$	10.00
Increase (decrease) from investment operations:
Net investment income (loss) (a)		$	0.22			$	0.43			$	0.40			$	0.24
Net realized and unrealized gain (loss) on investments			(0.10	)			0.18				(0.22	)			0.20
Net increase (decrease) from investment operations		$	0.12			$	0.61			$	0.18			$	0.44
Distributions to shareowners:
Net investment income		$	(0.26	)		$	(0.43	)		$	(0.38	)		$	(0.23	)
Net realized gain			—				—				(0.05	)			—
Total distributions		$	(0.26	)		$	(0.43	)		$	(0.43	)		$	(0.23	)
Net increase (decrease) in net asset value		$	(0.14	)		$	0.18			$	(0.25	)		$	0.21
Net asset value, end of period		$	10.00			$	10.14			$	9.96			$	10.21
Total return (b)			1.18	%(c)			6.34	%			1.84	%			4.44	%(c)
Ratio of net expenses to average net assets			1.70	%(d)			1.75	%			1.75	%			1.75	%(d)
Ratio of net investment income (loss) to average net assets			4.27	%(d)			4.35	%			3.94	%			3.67	%(d)
Portfolio turnover rate			32	%(c)			60	%			114	%			113	%(c)
Net assets, end of period (in thousands)		$	4,050			$	4,089			$	3,983			$	4,032
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets			2.62	%(d)			2.87	%			2.65	%			4.63	%(d)
Net investment income (loss) to average net assets			3.35	%(d)			3.23	%			3.04	%			0.79	%(d)

*    Class C shares commenced operations on January 3, 2017.

(a)  The per-share data presented above is based on the average shares outstanding for the period presented.

(b)  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.

(c)  Not annualized.

(d)  Annualized.

The accompanying notes are an integral part of these financial statements.

32 Pioneer Corporate High Yield Fund | Semiannual Report | 2/29/20