[Pioneer letterhead]
February 1, 2004
Pioneer High Yield Fund
00 Xxxxx Xxxxxx
Xxxxxx, XX 00000
Ladies and Gentlemen:
RE: INVESTMENT MANAGEMENT FEE
Reference is hereby made to the Management Contract between Pioneer High Yield
Fund (the "Trust") and Pioneer Investment Management, Inc. (the "Manager"),
dated as of October 24, 2000. The Manager agrees, subject to approval by the
Trust if indicated below, that Section 8 of the Management Contract is revised
as follows:
8. The Trust shall pay to the Manager, as compensation for the Manager's
services hereunder, a fee equal on an annual basis to the following percentage
of the Trust's average daily net assets:
NET ASSETS FEE
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On the first $500 million 0.70%
On the next $500 million 0.65%
On the next $4 billion 0.60%
On the next $1 billion 0.55%
On the next $1 billion 0.50%
On the next $1 billion 0.45%
On the next $1 billion 0.40%
On the next $1 billion 0.35%
On assets over $10 billion 0.30%
Pioneer understands that the annual investment management fee paid by the Trust
may not subsequently be increased without approval of the Trust's Trustees
and/or a majority of the Trust's shareholders, each as prescribed by the
Investment Company Act of 1940, as amended.
Please sign both copies of this letter agreement, retain one copy for your
records and mail the other original to Pioneer at the address below.
Very truly yours,
PIONEER INVESTMENT MANAGEMENT, INC.
By: /s/ Xxxxxx X. Xxxx
Xxxxxx X. Xxxx
President
Accepted and agreed to this 1st day of February, 2004:
PIONEER HIGH YIELD FUND
By: /s/ Xxxxxx X. Xxxx
Xxxxxx X. Xxxx
Executive Vice President
