Pioneer High Yield Fund NSAR
Semi-Annual 4/30/00
77M. Mergers
(a) Third Avenue High Yield Fund, a series of shares of Third Avenue Trust
(b) In accordance with the terms of an Agreement and Plan of Reorganization
between the registrant and Third Avenue Trust on behalf of its series of shares
Third Avenue High Yield Fund, on February 25, 2000, Third Avenue High Yield Fund
transferred all of its assets to the registrant in exchange for Class A shares
of the registrant. Those shares were distributed proportionately to shareholders
of Third Avenue High Yield Fund. The registrant also assumed Third Avenue High
Yield Fund's liabilities. The Agreement and Plan of Reorganization was approved
by shareholders of Third Avenue High Yield Fund at a special meeting of
shareholders held on February 23, 2000.
