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N-1A N-CSR Pioneer High Yield Fund 2024-10-31 Pioneer High Yield Fund Class A TAHYX This annual shareholder report contains important information about Pioneer High Yield Fund (“Fund”) for the period of November 1, 2023 to October 31, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #000000; font-family: 'arial'; font-size: 9pt;">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span>. You can also request this information by contacting us at 1-800-225-6292. https://www.amundi.com/usinvestors/Resources/Shareholder-Reports 1-800-225-6292 This report describes changes to the Fund that occurred during the reporting period. <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;" title="oef:ExpensesTextBlock">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class Name</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Costs of a $10,000 investment</span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Costs paid as a percentage of a $10,000 investment</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Class A</span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>119</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.10<span>%</span></td> </tr> </table> 119 0.0110 <div style="margin-bottom: 14pt;"> <div style="break-inside: avoid;"> <div style="font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">How did the Fund perform last year and what affected the Fund performance?</div> </div> <ul style="break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">For the fiscal year ended October 31, 2024, the Fund’s Class A shares at NAV returned 16.04%. For the same period, the Fund’s broad-based benchmark, the Bloomberg U.S. Aggregate Bond Total Return Index, returned 10.55%. The performance benchmark, the ICE BofA U.S. High Yield Total Return Index, returned 16.47% during the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">Individual security selection was the primary contributor to the Fund’s return relative to the performance benchmark. Sector allocation detracted from the Fund’s return relative to the performance benchmark.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">Individual security selection was most positive within the basic industry, transportation and real estate sectors. Exposures within basic industry, specifically within metals and mining, building materials and steel producers and products were positive contributors to benchmark relative performance during the period. Within transportation, select securities within the air transportation and trucking and delivery sectors were beneficial to performance.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">Individual security selection in the automotive and retail sectors detracted from performance. Within the automotive sector, the Fund's exposures within the auto loans subsector detracted from relative performance. Within the retail sector, the Fund’s exposure to specialty retail detracted from performance relative to the performance benchmark.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">The Fund’s returns relative to the performance benchmark benefited from allocations to the automotive (overweight), retail (underweight) and capital goods (underweight) sectors during the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">Allocations to the energy (overweight) and, basic industry (overweight) sectors, and out-of-benchmark positioning to index-based credit-default swaps detracted from relative performance during the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">Security selection within the single B (B) and double B (BB) rated tiers contributed positively to benchmark relative performance. The Fund is generally positioned to be underweight the more interest rate sensitive BB rated tier in favor of B rated bonds.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;" title="oef:FactorsAffectingPerfTextBlock">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">The line graph below shows the change in value of a $10,000 investment made in Class A shares of the Fund at public offering price during the periods shown, compared to that of the Bloomberg U.S. Aggregate Bond Total Return Index and the ICE BofA U.S. High Yield Total Return Index.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;"><b>GROWTH OF $10,000</b></div> <div style="margin-bottom: 20pt; page-break-before: avoid;"> <img alt="Fund Performance - Growth of 10K" src="g891245chartimages_9135993.jpg" style="display: block; margin-left: auto; margin-right: auto; margin-bottom: 20pt; page-break-before: avoid; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; text-align: left; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Class A (with sales charge)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.79<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.37<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Class A (without sales charge)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.85<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.55<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.23<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.49<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">ICE BofA U.S. High Yield Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.38<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.78<span>%</span></td> </tr> </table> Class A (with sales charge) 0.1079 0.0259 0.0337 Class A (without sales charge) 0.1604 0.0353 0.0385 Bloomberg U.S. Aggregate Bond Total Return Index 0.1055 -0.0023 0.0149 ICE BofA U.S. High Yield Total Return Index 0.1647 0.0438 0.0478 Call 1-800-225-6292 or visit <span style="text-decoration-line: underline; color: #000000; font-family: 'arial'; font-size: 9pt;">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span> for the most recent month-end performance results. The performance data quoted represents past performance, which is no guarantee of future results. <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; text-transform: none;">KEY FUND STATISTICS<br/>(as of October 31, 2024)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>584,097,078<span style="visibility: hidden; display: inline;">%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">283^{^^}</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,952,087</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">60<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; font-family: 'arial'; font-style: italic; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; vertical-align: top; text-align: left; font-weight: normal; width: 14pt; font-size: 9pt; padding: 4pt 3pt 0 10pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">^^</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 7.5pt; vertical-align: top; text-align: left; padding: 4pt 10pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">Excluding short-term investments and all derivative contracts except for options purchased.</div> </td> </tr> </table> 584097078 283 3952087 0.60 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; text-transform: none;"><b>PORTFOLIO DIVERSIFICATION</b> <br/><b>(as of </b> <b>October 31, 2024</b> <b>)</b> <b> ^* </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">92.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government and Agency Obligations</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Convertible Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Senior Secured Floating Rate Loan Interests</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Preferred Stock</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Collateralized Mortgage Obligations<sup style="margin-right: -4pt;">†</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Rights/Warrants<sup style="margin-right: -4pt;">†</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Insurance-Linked Securities<sup style="margin-right: -4pt;">†</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 4pt 3pt 0 3pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 0px;">​*</div> </td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 4pt 0 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 0px;"><i>As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.</i></div> </td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 0 3pt 0 3pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 0px;">​^†</div> </td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 0px;"><i>Amount rounds to less than 0.1%.</i></div> </td> </tr> </table> 0.926 0.032 0.017 0.014 0.008 0.003 0.000 0.000 0.000 <div style="break-before: always; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;" title="oef:MaterialFundChngTextBlock">Material Fund Changes</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">Amundi Asset Management US, Inc. (the “Adviser”), the Fund’s investment adviser, is currently an indirect, wholly-owned subsidiary of Amundi.<span style="white-space: nowrap;"> </span> On July 9, 2024, Amundi announced that it had entered into a definitive agreement with Victory Capital Holdings, Inc. (“Victory Capital”) to combine the Adviser with Victory Capital, and for Amundi to become a strategic shareholder of Victory Capital (the “Transaction”).<span style="white-space: nowrap;"> </span> Victory Capital is headquartered in San Antonio, Texas.<span style="white-space: nowrap;"> </span> The closing of the Transaction is subject to certain regulatory approvals and other conditions.<span style="white-space: nowrap;"> </span> There is no assurance that the Transaction will close.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">The closing of the Transaction would cause the Fund’s current investment advisory agreement with the Adviser to terminate.<span style="white-space: nowrap;"> </span> Under the terms of the Transaction, the Fund’s Board of Trustees will be asked to approve a reorganization of the Fund into a corresponding, newly established Victory Fund advised by Victory Capital Management Inc., an affiliate of Victory Capital.<span style="white-space: nowrap;"> </span> The proposed reorganization of the Fund would be sought in connection with the closing of the Transaction.<span style="white-space: nowrap;"> </span> If approved by the Board, the proposal to reorganize the Fund will be submitted to the shareholders of the Fund for their approval.<span style="white-space: nowrap;"> </span> There is no assurance that the Board or the shareholders of the Fund will approve the proposal to reorganize the Fund.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 3, 2025 at <span style="text-decoration-line: underline; color: #000000; font-family: 'arial'; font-size: 9pt;">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 3, 2025 at <span style="text-decoration-line: underline; color: #000000; font-family: 'arial'; font-size: 9pt;">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> https://www.amundi.com/usinvestors/Products/Mutual-Funds 1-800-225-6292 Pioneer High Yield Fund Class C PYICX This annual shareholder report contains important information about Pioneer High Yield Fund (“Fund”) for the period of November 1, 2023 to October 31, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #000000; font-family: 'arial'; font-size: 9pt;">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span>. You can also request this information by contacting us at 1-800-225-6292. https://www.amundi.com/usinvestors/Resources/Shareholder-Reports 1-800-225-6292 This report describes changes to the Fund that occurred during the reporting period. <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;" title="oef:ExpensesTextBlock">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class Name</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Costs of a $10,000 investment</span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Costs paid as a percentage of a $10,000 investment</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Class C</span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>208</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.93<span>%</span></td> </tr> </table> 208 0.0193 <div style="margin-bottom: 14pt;"> <div style="break-inside: avoid;"> <div style="font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">How did the Fund perform last year and what affected the Fund performance?</div> </div> <ul style="break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">For the fiscal year ended October 31, 2024, the Fund’s Class C shares at NAV returned 15.03%. For the same period, the Fund’s broad-based benchmark, the Bloomberg U.S. Aggregate Bond Total Return Index, returned 10.55%. The performance benchmark, the ICE BofA U.S. High Yield Total Return Index, returned 16.47% during the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">Individual security selection was the primary contributor to the Fund’s return relative to the performance benchmark. Sector allocation detracted from the Fund’s return relative to the performance benchmark.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">Individual security selection was most positive within the basic industry, transportation and real estate sectors. Exposures within basic industry, specifically within metals and mining, building materials and steel producers and products were positive contributors to benchmark relative performance during the period. Within transportation, select securities within the air transportation and trucking and delivery sectors were beneficial to performance.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">Individual security selection in the automotive and retail sectors detracted from performance. Within the automotive sector, the Fund's exposures within the auto loans subsector detracted from relative performance. Within the retail sector, the Fund’s exposure to specialty retail detracted from performance relative to the performance benchmark.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">The Fund’s returns relative to the performance benchmark benefited from allocations to the automotive (overweight), retail (underweight) and capital goods (underweight) sectors during the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">Allocations to the energy (overweight) and, basic industry (overweight) sectors, and out-of-benchmark positioning to index-based credit-default swaps detracted from relative performance during the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">Security selection within the single B (B) and double B (BB) rated tiers contributed positively to benchmark relative performance. The Fund is generally positioned to be underweight the more interest rate sensitive BB rated tier in favor of B rated bonds.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;" title="oef:FactorsAffectingPerfTextBlock">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">The line graph below shows the change in value of a $10,000 investment made in Class C shares of the Fund during the periods shown, compared to that of the Bloomberg U.S. Aggregate Bond Total Return Index and the ICE BofA U.S. High Yield Total Return Index.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;"><b>GROWTH OF $10,000</b></div> <div style="margin-bottom: 20pt; page-break-before: avoid;"> <img alt="Fund Performance - Growth of 10K" src="g891245chartimages_9136021.jpg" style="display: block; margin-left: auto; margin-right: auto; margin-bottom: 20pt; page-break-before: avoid; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; text-align: left; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Class C (with contingent deferred sales charge)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.03<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.69<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.06<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Class C (without contingent deferred sales charge)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.03<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.69<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.06<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.55<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.23<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.49<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">ICE BofA U.S. High Yield Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.38<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.78<span>%</span></td> </tr> </table> Class C (with contingent deferred sales charge) 0.1403 0.0269 0.0306 Class C (without contingent deferred sales charge) 0.1503 0.0269 0.0306 Bloomberg U.S. Aggregate Bond Total Return Index 0.1055 -0.0023 0.0149 ICE BofA U.S. High Yield Total Return Index 0.1647 0.0438 0.0478 Call 1-800-225-6292 or visit <span style="text-decoration-line: underline; color: #000000; font-family: 'arial'; font-size: 9pt;">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span> for the most recent month-end performance results. The performance data quoted represents past performance, which is no guarantee of future results. <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; text-transform: none;">KEY FUND STATISTICS<br/>(as of October 31, 2024)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>584,097,078<span style="visibility: hidden; display: inline;">%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">283^{^^}</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,952,087</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">60<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; font-family: 'arial'; font-style: italic; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; vertical-align: top; text-align: left; font-weight: normal; width: 14pt; font-size: 9pt; padding: 4pt 3pt 0 10pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">^^</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 7.5pt; vertical-align: top; text-align: left; padding: 4pt 10pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">Excluding short-term investments and all derivative contracts except for options purchased.</div> </td> </tr> </table> 584097078 283 3952087 0.60 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; text-transform: none;"><b>PORTFOLIO DIVERSIFICATION</b> <br/><b>(as of </b> <b>October 31, 2024</b> <b>)</b> <b> ^* </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">92.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government and Agency Obligations</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Convertible Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Senior Secured Floating Rate Loan Interests</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Preferred Stock</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Collateralized Mortgage Obligations<sup style="margin-right: -4pt;">†</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Rights/Warrants<sup style="margin-right: -4pt;">†</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Insurance-Linked Securities<sup style="margin-right: -4pt;">†</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 4pt 3pt 0 3pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 0px;">*</div> </td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 4pt 0 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 0px;"><i>As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.</i></div> </td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 0 3pt 0 3pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 0px;">​^†</div> </td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 0px;"><i>Amount rounds to less than 0.1%.</i></div> </td> </tr> </table> 0.926 0.032 0.017 0.014 0.008 0.003 0.000 0.000 0.000 <div style="break-before: always; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;" title="oef:MaterialFundChngTextBlock">Material Fund Changes</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">Amundi Asset Management US, Inc. (the “Adviser”), the Fund’s investment adviser, is currently an indirect, wholly-owned subsidiary of Amundi.<span style="white-space: nowrap;"> </span> On July 9, 2024, Amundi announced that it had entered into a definitive agreement with Victory Capital Holdings, Inc. (“Victory Capital”) to combine the Adviser with Victory Capital, and for Amundi to become a strategic shareholder of Victory Capital (the “Transaction”).<span style="white-space: nowrap;"> </span> Victory Capital is headquartered in San Antonio, Texas.<span style="white-space: nowrap;"> </span> The closing of the Transaction is subject to certain regulatory approvals and other conditions.<span style="white-space: nowrap;"> </span> There is no assurance that the Transaction will close.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">The closing of the Transaction would cause the Fund’s current investment advisory agreement with the Adviser to terminate.<span style="white-space: nowrap;"> </span> Under the terms of the Transaction, the Fund’s Board of Trustees will be asked to approve a reorganization of the Fund into a corresponding, newly established Victory Fund advised by Victory Capital Management Inc., an affiliate of Victory Capital.<span style="white-space: nowrap;"> </span> The proposed reorganization of the Fund would be sought in connection with the closing of the Transaction.<span style="white-space: nowrap;"> </span> If approved by the Board, the proposal to reorganize the Fund will be submitted to the shareholders of the Fund for their approval.<span style="white-space: nowrap;"> </span> There is no assurance that the Board or the shareholders of the Fund will approve the proposal to reorganize the Fund.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 3, 2025 at <span style="text-decoration-line: underline; color: #000000; font-family: 'arial'; font-size: 9pt;">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 3, 2025 at <span style="text-decoration-line: underline; color: #000000; font-family: 'arial'; font-size: 9pt;">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> https://www.amundi.com/usinvestors/Products/Mutual-Funds 1-800-225-6292 Pioneer High Yield Fund Class R TYHRX This annual shareholder report contains important information about Pioneer High Yield Fund (“Fund”) for the period of November 1, 2023 to October 31, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #000000; font-family: 'arial'; font-size: 9pt;">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span>. You can also request this information by contacting us at 1-800-225-6292. https://www.amundi.com/usinvestors/Resources/Shareholder-Reports 1-800-225-6292 This report describes changes to the Fund that occurred during the reporting period. <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;" title="oef:ExpensesTextBlock">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class Name</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Costs of a $10,000 investment</span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Costs paid as a percentage of a $10,000 investment</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Class R</span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>168</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.56<span>%</span></td> </tr> </table> 168 0.0156 <div style="margin-bottom: 14pt;"> <div style="break-inside: avoid;"> <div style="font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">How did the Fund perform last year and what affected the Fund performance?</div> </div> <ul style="break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">For the fiscal year ended October 31, 2024, the Fund’s Class R shares at NAV returned 15.43%. For the same period, the Fund’s broad-based benchmark, the Bloomberg U.S. Aggregate Bond Total Return Index, returned 10.55%. The performance benchmark, the ICE BofA U.S. High Yield Total Return Index, returned 16.47% during the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">Individual security selection was the primary contributor to the Fund’s return relative to the performance benchmark. Sector allocation detracted from the Fund’s return relative to the performance benchmark.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">Individual security selection was most positive within the basic industry, transportation and real estate sectors. Exposures within basic industry, specifically within metals and mining, building materials and steel producers and products were positive contributors to benchmark relative performance during the period. Within transportation, select securities within the air transportation and trucking and delivery sectors were beneficial to performance.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">Individual security selection in the automotive and retail sectors detracted from performance. Within the automotive sector, the Fund's exposures within the auto loans subsector detracted from relative performance. Within the retail sector, the Fund’s exposure to specialty retail detracted from performance relative to the performance benchmark.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">The Fund’s returns relative to the performance benchmark benefited from allocations to the automotive (overweight), retail (underweight) and capital goods (underweight) sectors during the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">Allocations to the energy (overweight) and, basic industry (overweight) sectors, and out-of-benchmark positioning to index-based credit-default swaps detracted from relative performance during the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">Security selection within the single B (B) and double B (BB) rated tiers contributed positively to benchmark relative performance. The Fund is generally positioned to be underweight the more interest rate sensitive BB rated tier in favor of B rated bonds.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;" title="oef:FactorsAffectingPerfTextBlock">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">The line graph below shows the change in value of a $10,000 investment made in Class R shares of the Fund during the periods shown, compared to that of the Bloomberg U.S. Aggregate Bond Total Return Index and the ICE BofA U.S. High Yield Total Return Index.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;"><b>GROWTH OF $10,000</b></div> <div style="margin-bottom: 20pt; page-break-before: avoid;"> <img alt="Fund Performance - Growth of 10K" src="g891245chartimages_9136049.jpg" style="display: block; margin-left: auto; margin-right: auto; margin-bottom: 20pt; page-break-before: avoid; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; text-align: left; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Class R</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.41<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.55<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.23<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.49<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">ICE BofA U.S. High Yield Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.38<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.78<span>%</span></td> </tr> </table> Class R 0.1543 0.0304 0.0341 Bloomberg U.S. Aggregate Bond Total Return Index 0.1055 -0.0023 0.0149 ICE BofA U.S. High Yield Total Return Index 0.1647 0.0438 0.0478 Call 1-800-225-6292 or visit <span style="text-decoration-line: underline; color: #000000; font-family: 'arial'; font-size: 9pt;">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span> for the most recent month-end performance results. The performance data quoted represents past performance, which is no guarantee of future results. <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; text-transform: none;">KEY FUND STATISTICS<br/>(as of October 31, 2024)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>584,097,078<span style="visibility: hidden; display: inline;">%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">283^{^^}</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,952,087</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">60<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; font-family: 'arial'; font-style: italic; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; vertical-align: top; text-align: left; font-weight: normal; width: 14pt; font-size: 9pt; padding: 4pt 3pt 0 10pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">^^</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 7.5pt; vertical-align: top; text-align: left; padding: 4pt 10pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">Excluding short-term investments and all derivative contracts except for options purchased.</div> </td> </tr> </table> 584097078 283 3952087 0.60 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; text-transform: none;"><b>PORTFOLIO DIVERSIFICATION</b> <br/><b>(as of </b> <b>October 31, 2024</b> <b>)</b> <b> ^* </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">92.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government and Agency Obligations</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Convertible Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Senior Secured Floating Rate Loan Interests</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Preferred Stock</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Collateralized Mortgage Obligations<sup style="margin-right: -4pt;">†</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Rights/Warrants<sup style="margin-right: -4pt;">†</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Insurance-Linked Securities<sup style="margin-right: -4pt;">†</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 4pt 3pt 0 3pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 0px;">*</div> </td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 4pt 0 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 0px;"><i>As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.</i></div> </td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 0 3pt 0 3pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 0px;">​^†</div> </td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 0px;"><i>Amount rounds to less than 0.1%.</i></div> </td> </tr> </table> 0.926 0.032 0.017 0.014 0.008 0.003 0.000 0.000 0.000 <div style="break-before: always; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;" title="oef:MaterialFundChngTextBlock">Material Fund Changes</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">Amundi Asset Management US, Inc. (the “Adviser”), the Fund’s investment adviser, is currently an indirect, wholly-owned subsidiary of Amundi.<span style="white-space: nowrap;"> </span> On July 9, 2024, Amundi announced that it had entered into a definitive agreement with Victory Capital Holdings, Inc. (“Victory Capital”) to combine the Adviser with Victory Capital, and for Amundi to become a strategic shareholder of Victory Capital (the “Transaction”).<span style="white-space: nowrap;"> </span> Victory Capital is headquartered in San Antonio, Texas.<span style="white-space: nowrap;"> </span> The closing of the Transaction is subject to certain regulatory approvals and other conditions.<span style="white-space: nowrap;"> </span> There is no assurance that the Transaction will close.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">The closing of the Transaction would cause the Fund’s current investment advisory agreement with the Adviser to terminate.<span style="white-space: nowrap;"> </span> Under the terms of the Transaction, the Fund’s Board of Trustees will be asked to approve a reorganization of the Fund into a corresponding, newly established Victory Fund advised by Victory Capital Management Inc., an affiliate of Victory Capital.<span style="white-space: nowrap;"> </span> The proposed reorganization of the Fund would be sought in connection with the closing of the Transaction.<span style="white-space: nowrap;"> </span> If approved by the Board, the proposal to reorganize the Fund will be submitted to the shareholders of the Fund for their approval.<span style="white-space: nowrap;"> </span> There is no assurance that the Board or the shareholders of the Fund will approve the proposal to reorganize the Fund.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 3, 2025 at <span style="text-decoration-line: underline; color: #000000; font-family: 'arial'; font-size: 9pt;">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 3, 2025 at <span style="text-decoration-line: underline; color: #000000; font-family: 'arial'; font-size: 9pt;">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> https://www.amundi.com/usinvestors/Products/Mutual-Funds 1-800-225-6292 Pioneer High Yield Fund Class Y TYHYX This annual shareholder report contains important information about Pioneer High Yield Fund (“Fund”) for the period of November 1, 2023 to October 31, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #000000; font-family: 'arial'; font-size: 9pt;">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span>. You can also request this information by contacting us at 1-800-225-6292. https://www.amundi.com/usinvestors/Resources/Shareholder-Reports 1-800-225-6292 This report describes changes to the Fund that occurred during the reporting period. <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;" title="oef:ExpensesTextBlock">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class Name</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Costs of a $10,000 investment</span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Costs paid as a percentage of a $10,000 investment</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Class Y</span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>92</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.85<span>%</span></td> </tr> </table> 92 0.0085 <div style="margin-bottom: 14pt;"> <div style="break-inside: avoid;"> <div style="font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">How did the Fund perform last year and what affected the Fund performance?</div> </div> <ul style="break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">For the fiscal year ended October 31, 2024, the Fund’s Class Y shares at NAV returned 16.44%. For the same period, the Fund’s broad-based benchmark, the Bloomberg U.S. Aggregate Bond Total Return Index, returned 10.55%. The performance benchmark, the ICE BofA U.S. High Yield Total Return Index, returned 16.47% during the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">Individual security selection was the primary contributor to the Fund’s return relative to the performance benchmark. Sector allocation detracted from the Fund’s return relative to the performance benchmark.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">Individual security selection was most positive within the basic industry, transportation and real estate sectors. Exposures within basic industry, specifically within metals and mining, building materials and steel producers and products were positive contributors to benchmark relative performance during the period. Within transportation, select securities within the air transportation and trucking and delivery sectors were beneficial to performance.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">Individual security selection in the automotive and retail sectors detracted from performance. Within the automotive sector, the Fund's exposures within the auto loans subsector detracted from relative performance. Within the retail sector, the Fund’s exposure to specialty retail detracted from performance relative to the performance benchmark.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">The Fund’s returns relative to the performance benchmark benefited from allocations to the automotive (overweight), retail (underweight) and capital goods (underweight) sectors during the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">Allocations to the energy (overweight) and, basic industry (overweight) sectors, and out-of-benchmark positioning to index-based credit-default swaps detracted from relative performance during the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">Security selection within the single B (B) and double B (BB) rated tiers contributed positively to benchmark relative performance. The Fund is generally positioned to be underweight the more interest rate sensitive BB rated tier in favor of B rated bonds.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;" title="oef:FactorsAffectingPerfTextBlock">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">The line graph below shows the change in value of a $5 million investment made in Class Y shares of the Fund during the periods shown, compared to that of the Bloomberg U.S. Aggregate Bond Total Return Index and the ICE BofA U.S. High Yield Total Return Index.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;"><b>GROWTH OF $5 million</b></div> <div style="margin-bottom: 20pt; page-break-before: avoid;"> <img alt="Fund Performance - Growth of 10K" src="g891245chartimages_9136077.jpg" style="display: block; margin-left: auto; margin-right: auto; margin-bottom: 20pt; page-break-before: avoid; width: 539pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; text-align: left; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Class Y</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.44<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.14<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.55<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.23<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.49<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">ICE BofA U.S. High Yield Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.38<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.78<span>%</span></td> </tr> </table> Class Y 0.1644 0.0382 0.0414 Bloomberg U.S. Aggregate Bond Total Return Index 0.1055 -0.0023 0.0149 ICE BofA U.S. High Yield Total Return Index 0.1647 0.0438 0.0478 Call 1-800-225-6292 or visit <span style="text-decoration-line: underline; color: #000000; font-family: 'arial'; font-size: 9pt;">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span> for the most recent month-end performance results. The performance data quoted represents past performance, which is no guarantee of future results. <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; text-transform: none;">KEY FUND STATISTICS<br/>(as of October 31, 2024)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>584,097,078<span style="visibility: hidden; display: inline;">%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">283^{^^}</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,952,087</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">60<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; font-family: 'arial'; font-style: italic; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; vertical-align: top; text-align: left; font-weight: normal; width: 14pt; font-size: 9pt; padding: 4pt 3pt 0 10pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">^^</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 7.5pt; vertical-align: top; text-align: left; padding: 4pt 10pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">Excluding short-term investments and all derivative contracts except for options purchased.</div> </td> </tr> </table> 584097078 283 3952087 0.60 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; text-transform: none;"><b>PORTFOLIO DIVERSIFICATION</b> <br/><b>(as of </b> <b>October 31, 2024</b> <b>)</b> <b> ^* </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">92.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government and Agency Obligations</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Convertible Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Senior Secured Floating Rate Loan Interests</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Preferred Stock</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Collateralized Mortgage Obligations<sup style="margin-right: -4pt;">†</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Rights/Warrants<sup style="margin-right: -4pt;">†</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Insurance-Linked Securities<sup style="margin-right: -4pt;">†</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 4pt 3pt 0 3pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 0px;">*</div> </td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 4pt 0 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 0px;"><i>As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.</i></div> </td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 0 3pt 0 3pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 0px;">^†</div> </td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 0px;"><i>Amount rounds to less than 0.1%.</i></div> </td> </tr> </table> 0.926 0.032 0.017 0.014 0.008 0.003 0.000 0.000 0.000 <div style="break-before: always; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;" title="oef:MaterialFundChngTextBlock">Material Fund Changes</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">Amundi Asset Management US, Inc. (the “Adviser”), the Fund’s investment adviser, is currently an indirect, wholly-owned subsidiary of Amundi.<span style="white-space: nowrap;"> </span> On July 9, 2024, Amundi announced that it had entered into a definitive agreement with Victory Capital Holdings, Inc. (“Victory Capital”) to combine the Adviser with Victory Capital, and for Amundi to become a strategic shareholder of Victory Capital (the “Transaction”).<span style="white-space: nowrap;"> </span> Victory Capital is headquartered in San Antonio, Texas.<span style="white-space: nowrap;"> </span> The closing of the Transaction is subject to certain regulatory approvals and other conditions.<span style="white-space: nowrap;"> </span> There is no assurance that the Transaction will close.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">The closing of the Transaction would cause the Fund’s current investment advisory agreement with the Adviser to terminate.<span style="white-space: nowrap;"> </span> Under the terms of the Transaction, the Fund’s Board of Trustees will be asked to approve a reorganization of the Fund into a corresponding, newly established Victory Fund advised by Victory Capital Management Inc., an affiliate of Victory Capital.<span style="white-space: nowrap;"> </span> The proposed reorganization of the Fund would be sought in connection with the closing of the Transaction.<span style="white-space: nowrap;"> </span> If approved by the Board, the proposal to reorganize the Fund will be submitted to the shareholders of the Fund for their approval.<span style="white-space: nowrap;"> </span> There is no assurance that the Board or the shareholders of the Fund will approve the proposal to reorganize the Fund.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 3, 2025 at <span style="text-decoration-line: underline; color: #000000; font-family: 'arial'; font-size: 9pt;">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 3, 2025 at <span style="text-decoration-line: underline; color: #000000; font-family: 'arial'; font-size: 9pt;">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> https://www.amundi.com/usinvestors/Products/Mutual-Funds 1-800-225-6292 As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased. Amount rounds to less than 0.1%. Excluding short-term investments and all derivative contracts except for options purchased. As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased. Amount rounds to less than 0.1%. Excluding short-term investments and all derivative contracts except for options purchased. As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased. Amount rounds to less than 0.1%. Excluding short-term investments and all derivative contracts except for options purchased. As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased. Amount rounds to less than 0.1%. Excluding short-term investments and all derivative contracts except for options purchased.