https://www.sec.gov/Archives/edgar/data/1174520/000117452020000011/st10chy092920saisupp497.txtPIONEER CORPORATE HIGH YIELD FUND
(FORMERLY PIONEER DYNAMIC CREDIT FUND)
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION DATED AUGUST 1, 2020
On September 25, 2020, Pioneer Dynamic Credit Fund (the "fund") acquired the
assets and liabilities of Pioneer Corporate High Yield Fund (the predecessor
fund). As a result of the reorganization, the predecessor fund's performance
and financial history became the fund's performance and financial history. As
part of the reorganization, the fund was renamed Pioneer Corporate High Yield
Fund.
The "Annual fee, expense and other information" appearing in this Statement of
Additional Information is that of the fund prior to the reorganization.
The following replaces corresponding information in the "Investment adviser"
section.
ADVISORY FEE
As compensation for its management services and expenses incurred, the fund
pays Amundi Pioneer a fee at the annual rate of 0.50% of the fund's average
daily net assets up to $1 billion and 0.45% of the fund's average daily net
assets over $1 billion. This fee is computed and accrued daily and paid
monthly.
Prior to September 25, 2020, Amundi Pioneer's annual fee was equal to 0.70% of
the fund's average daily net assets up to $1 billion and 0.65% of the fund's
average daily net assets over $1 billion.
See the table in "Annual Fee, Expense and Other Information" for management
fees paid to Amundi Pioneer during recently completed fiscal years.
EXPENSE LIMIT
Amundi Pioneer has contractually agreed to limit ordinary operating expenses
(ordinary operating expenses means all fund expenses other than taxes,
brokerage commissions, acquired fund fees and expenses, and extraordinary
expenses, such as litigation) to the extent required to reduce fund expenses to
0.90%, 1.65%, 0.60% and 0.60% of the average daily net assets attributable to
Class A, Class C, Class K and Class Y shares, respectively. These expense
limitations are in effect through January 1, 2022. There can be no assurance
that Amundi Pioneer will extend the expense limitations beyond such time. While
in effect, the arrangement may be terminated for any class only by agreement of
Amundi Pioneer and the Board of Trustees.
PORTFOLIO MANAGEMENT
ADDITIONAL INFORMATION ABOUT THE PORTFOLIO MANAGERS
OTHER ACCOUNTS MANAGED BY THE PORTFOLIO MANAGERS
The table below indicates, for the portfolio managers of the fund, information
about the accounts other than the fund over which the portfolio manager has
day-to-day investment responsibility. All information on the number of accounts
and total assets in the table is as of August 31, 2020. For purposes of the
table, "Other Pooled Investment Vehicles" may include investment partnerships,
undertakings for collective investments in transferable securities ("UCITS")
and other non-U.S. investment funds and group trusts, and "Other Accounts" may
include separate accounts for institutions or individuals, insurance company
general or separate accounts, pension funds and other similar institutional
accounts but generally do not include the portfolio manager's personal
investment accounts or those which the manager may be deemed to own
beneficially under the code of ethics. Certain funds and other accounts managed
by the portfolio manager may have substantially similar investment strategies.
