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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM N-Q

                   QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
    OF REGISTERED MANAGEMENT INVESTMENT COMPANY



  Investment Company Act file number 811-09685


                         Pioneer High Yield Fund
               (Exact name of registrant as specified in charter)


                       60 State Street, Boston, MA 02109
              (Address of principal executive offices) (ZIP code)


            Terrence J. Cullen, Pioneer Investment Management, Inc.,
                       60 State Street, Boston, MA 02109
                    (Name and address of agent for service)


Registrant's telephone number, including area code:  (617) 742-7825


Date of fiscal year end:  October 31

Date of reporting period:  January 31, 2015

Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (239.24 and 274.5 of this
chapter), to file reports with the Commission, not later than 60 days after
close of the first and third fiscal quarters, pursuant to Rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5).  The Commission may
use the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-Q
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609.  The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.


<PAGE>
ITEM 1. Schedule of Investments.

File the schedules as of the close of the reporting period as set forth in
ss. 210.12-12  12-14 of Regulation S-X [17 CFR 210.12-12  12-14]. The
schedules need not be audited.

			Pioneer High Yield Fund
			Schedule of Investments 1/31/15 (unaudited)
	Principal Amount ($)	Floating Rate (b) (unaudited)			Value
			CONVERTIBLE CORPORATE BONDS - 14.2%
			Energy - 0.9%
			Oil & Gas Equipment & Services - 0.1%
	2,170,000		SEACOR Holdings, Inc., 3.0%, 11/15/28	$	1,974,707
			Integrated Oil & Gas - 0.2%
	3,365,000		American Energy - Utica LLC, 3.5% (3.50% Cash, 0.00% PIK), 3/1/21 (144A) (PIK)	$	2,187,250
			Oil & Gas Exploration & Production - 0.5%
	7,895,000		Cobalt International Energy, Inc., 2.625%, 12/1/19	$	5,279,781
	4,155,000		Energy & Exploration Partners, Inc., 8.0%, 7/1/19 (144A)		1,371,150
	1,000,000		Energy XXI, Ltd., 3.0%, 12/15/18		302,460
				$	6,953,391
			Coal & Consumable Fuels - 0.1%
	4,705,000		Alpha Natural Resources, Inc., 3.75%, 12/15/17	$	1,649,691
			Total Energy	$	12,765,039
			Materials - 0.3%
			Diversified Metals & Mining - 0.3%
	3,805,000		RTI International Metals, Inc., 1.625%, 10/15/19	$	3,512,491
			Total Materials	$	3,512,491
			Capital Goods - 0.9%
			Aerospace & Defense - 0.1%
	2,150,000		The KEYW Holding Corp., 2.5%, 7/15/19	$	1,847,656
			Electrical Components & Equipment - 0.8%
	10,874,000		General Cable Corp., 4.5%, 11/15/29 (Step)	$	6,871,009
	4,825,000		SolarCity Corp., 1.625%, 11/1/19 (144A)		4,179,656
				$	11,050,665
			Total Capital Goods	$	12,898,321
			Consumer Durables & Apparel - 1.6%
			Homebuilding - 1.2%
	11,400,000		KB Home, 1.375%, 2/1/19	$	10,602,000
	3,015,000		Lennar Corp., 2.75%, 12/15/20 (144A)		6,111,028
				$	16,713,028
			Housewares & Specialties - 0.4%
	5,470,000		Jarden Corp., 1.125%, 3/15/34 (144A)	$	6,259,731
			Total Consumer Durables & Apparel	$	22,972,759
			Consumer Services - 0.3%
			Specialized Consumer Services - 0.3%
	2,710,000		Ascent Capital Group, Inc., 4.0%, 7/15/20	$	2,073,150
	2,195,000		Carriage Services, Inc., 2.75%, 3/14/21 (144A)		2,465,259
				$	4,538,409
			Total Consumer Services	$	4,538,409
			Media - 0.3%
			Broadcasting - 0.3%
	4,425,000		Liberty Media Corp., 1.375%, 10/15/23	$	4,289,484
			Total Media	$	4,289,484
			Retailing - 0.5%
			Internet Retail - 0.5%
	7,455,000		Shutterfly, Inc., 0.25%, 5/15/18	$	7,170,778
			Total Retailing	$	7,170,778
			Health Care Equipment & Services - 1.2%
			Health Care Equipment - 0.3%
	4,450,000		Insulet Corp., 2.0%, 6/15/19	$	4,363,781
			Health Care Supplies - 0.9%
	9,460,000		Alere, Inc., 3.0%, 5/15/16	$	10,264,100
	3,015,000		Endologix, Inc., 2.25%, 12/15/18		2,866,134
				$	13,130,234
			Total Health Care Equipment & Services	$	17,494,015
			Pharmaceuticals, Biotechnology & Life Sciences - 3.4%
			Biotechnology - 1.8%
	1,340,000		ARIAD Pharmaceuticals, Inc., 3.625%, 6/15/19 (144A)		1,322,412
	1,920,000		BioMarin Pharmaceutical, Inc., 0.75%, 10/15/18		2,408,400
	1,920,000		BioMarin Pharmaceutical, Inc., 1.5%, 10/15/20		2,472,000
	1,905,000		Cepheid, 1.25%, 2/1/21 (144A)		2,094,309
	4,423,000		Corsicanto, Ltd., 3.5%, 1/15/32		2,609,570
	1,200,000		Cubist Pharmaceuticals, Inc.		1,609,500
	1,630,000		Cubist Pharmaceuticals, Inc.		2,243,288
	6,697,000		Emergent Biosolutions Corp., 2.875%, 1/15/21	$	6,871,324
	4,538,000		PDL BioPharma, Inc., 4.0%, 2/1/18		4,325,281
				$	25,956,084
			Pharmaceuticals - 1.4%
	2,050,000		Jazz Investments I, Ltd., 1.875%, 8/15/21 (144A)		2,379,281
	2,625,000		Medicines Co., 2.5%, 1/15/22 (144A)	$	2,836,444
	3,720,000		Salix Pharmaceuticals, Ltd., 1.5%, 3/15/19		7,816,650
	9,215,000		Theravance, Inc., 2.125%, 1/15/23		6,398,666
				$	19,431,041
			Life Sciences Tools & Services - 0.2%
	2,990,000		Albany Molecular Research, Inc., 2.25%, 11/15/18	$	3,629,112
			Total Pharmaceuticals, Biotechnology & Life Sciences	$	49,016,237
			Real Estate - 0.4%
			Real Estate Operating Companies - 0.4%
	4,885,000		Forest City Enterprises, Inc., 3.625%, 8/15/20	$	5,504,784
			Total Real Estate	$	5,504,784
			Software & Services - 3.3%
			Internet Software & Services - 1.3%
	4,555,000		Akamai Technologies, Inc., 2/15/19 (144A) (c)	$	4,609,091
	2,055,000		Twitter, Inc., 0.25%, 9/15/19 (144A)		1,850,784
	5,145,000		WebMD Health Corp., 1.5%, 12/1/20		5,135,904
	6,420,000		WebMD Health Corp., 2.5%, 1/31/18		6,351,788
				$	17,947,567
			Data Processing & Outsourced Services - 0.4%
	6,345,000		Cardtronics, Inc., 1.0%, 12/1/20	$	5,952,403
			Application Software - 1.4%
	2,470,000		Citrix Systems, Inc., 0.5%, 4/15/19 (144A)	$	2,553,362
	5,815,000		Mentor Graphics Corp., 4.0%, 4/1/31		7,039,784
	10,992,000		Nuance Communications, Inc., 2.75%, 11/1/31		10,847,730
				$	20,440,876
			Systems Software - 0.2%
	2,235,000		ServiceNow, Inc., 11/1/18 (c)	$	2,662,444
			Total Software & Services	$	47,003,290
			Technology Hardware & Equipment - 0.7%
			Communications Equipment - 0.5%
	2,595,000		Brocade Communications, Inc., 1.375%, 1/1/20 (144A)	$	2,658,253
	1,196,000		Ciena Corp., 0.875%, 6/15/17		1,181,050
	3,295,000		Emulex Corp., 1.75%, 11/15/18		3,135,852
				$	6,975,155
			Electronic Components - 0.2%
	3,755,000		Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A)	$	3,194,097
			Total Technology Hardware & Equipment	$	10,169,252
			Semiconductors & Semiconductor Equipment - 0.4%
			Semiconductors - 0.4%
	4,239,000		ON Semiconductor Corp., 2.625%, 12/15/26	$	4,959,630
			Total Semiconductors & Semiconductor Equipment	$	4,959,630
			TOTAL CONVERTIBLE CORPORATE BONDS
			(Cost $208,634,475)	$	202,294,489
			PREFERRED STOCKS - 3.6%
			Energy - 0.2%
			Oil & Gas Storage & Transportation - 0.2%
	111,541	7.62	NuStar Logistics LP, Floating Rate Note, 1/15/43	$	2,905,643
			Total Energy	$	2,905,643
			Transportation - 0.2%
			Air Freight & Logistics - 0.2%
	4,940		CEVA Group Plc, 12/31/14 * (c)	$	3,581,536
			Total Transportation	$	3,581,536
			Banks - 0.9%
			Diversified Banks - 0.8%
	411,000	7.12	Citigroup, Inc., Floating Rate Note (Perpetual)	$	11,138,100
			Regional Banks - 0.1%
	60,650	6.62	Fifth Third Bancorp, Floating Rate Note (Perpetual)	$	1,672,120
			Total Banks	$	12,810,220
			Diversified Financials - 1.5%
			Consumer Finance - 1.1%
	6,450		Ally Financial, Inc., 7.0% (Perpetual) (144A)	$	6,482,452
	358,975	8.12	GMAC Capital Trust I, Floating Rate Note, 2/15/40		9,441,042
				$	15,923,494
			Investment Banking & Brokerage - 0.4%
	189,000	7.12	Morgan Stanley, Floating Rate Note (Perpetual)	$	5,282,550
			Total Diversified Financials	$	21,206,044
			Insurance - 0.4%
			Reinsurance - 0.4%
	5,120,000		Pangaea Re., 0.0, 7/1/18 (Cat Bond)	$	5,493,760
			Total Insurance	$	5,493,760
			Utilities - 0.4%
			Electric Utilities - 0.4%
	214,000		PPL Capital Funding, Inc., 5.9%, 4/30/73	$	5,457,000
			Total Utilities	$	5,457,000
			TOTAL PREFERRED STOCKS
			(Cost $49,655,508)	$	51,454,203
			CONVERTIBLE PREFERRED STOCKS - 3.3%
			Energy - 0.3%
			Oil & Gas Exploration & Production - 0.3%
	715		Halcon Resources Corp., (Perpetual) (c)	$	190,101
	20,400		Penn Virginia Corp., 6.0% (Perpetual) (144A)		1,201,050
	59,180		PetroQuest Energy, Inc., 6.875% (Perpetual)		1,808,689
	33,162		SandRidge Energy, Inc., 7.0% (Perpetual)		1,372,078
				$	4,571,918
			Total Energy	$	4,571,918
			Consumer Durables & Apparel - 0.8%
			Home Furnishings - 0.8%
	143,000		Sealy Corp., 8.0%, 7/15/16 (4.0% cash, 4.0% PIK) (PIK)	$	12,143,560
			Total Consumer Durables & Apparel	$	12,143,560
			Food, Beverage & Tobacco - 0.5%
			Packaged Foods & Meats - 0.5%
	73,300		Post Holdings, Inc., 2.5% (Perpetual) (144A)	$	6,798,575
			Total Food, Beverage & Tobacco	$	6,798,575
			Health Care Equipment & Services - 1.3%
			Health Care Supplies - 1.3%
	58,582		Alere, Inc., 3.0% (Perpetual)	$	18,101,842
			Total Health Care Equipment & Services	$	18,101,842
			Banks - 0.2%
			Diversified Banks - 0.2%
	2,000		Wells Fargo & Co., 7.5% (Perpetual)	$	2,486,000
			Total Banks	$	2,486,000
			Diversified Financials - 0.2%
			Asset Management & Custody Banks - 0.2%
	48,000		AMG Capital Trust II, 5.15%, 10/15/37	$	2,943,000
			Total Diversified Financials	$	2,943,000
			TOTAL CONVERTIBLE PREFERRED STOCKS
			(Cost $44,120,442)	$	47,044,895
	Shares
			COMMON STOCKS - 9.2%
			Energy - 0.8%
			Oil & Gas Exploration & Production - 0.3%
	147,800		Marathon Oil Corp.	$	3,931,480
			Oil & Gas Refining & Marketing - 0.5%
	73,900		Marathon Petroleum Corp. *	$	6,842,401
			Total Energy	$	10,773,881
			Materials - 1.2%
			Commodity Chemicals - 0.8%
	127,734		Axiall Corp.	$	5,652,230
	77,355		LyondellBasell Industries NV		6,118,007
				$	11,770,237
			Diversified Metals & Mining - 0.4%
	264,669		Freeport-McMoRan, Inc.	$	4,449,086
	663,136		Polymet Mining Corp. *		696,293
				$	5,145,379
			Total Materials	$	16,915,616
			Capital Goods - 1.6%
			Aerospace & Defense - 0.2%
	104,284		Orbital Sciences Corp. *	$	2,929,338
			Electrical Components & Equipment - 0.6%
	667,230		General Cable Corp.	$	7,633,111
			Construction & Farm Machinery & Heavy Trucks - 0.5%
	482,433		Commercial Vehicle Group, Inc. *	$	2,667,854
	109,200		Joy Global, Inc.		4,579,848
				$	7,247,702
			Industrial Machinery - 0.3%
	139,920		Kennametal, Inc.	$	4,396,286
			Total Capital Goods	$	22,206,437
			Commercial Services & Supplies - 0.0%+
			Diversified Support Services - 0.0%+
	53		IAP Worldwide Services, Inc.	$	40,556
			Total Commercial Services & Supplies	$	40,556
			Transportation - 0.8%
			Air Freight & Logistics - 0.1%
	2,282		CEVA Group Plc *	$	1,654,494
			Airlines - 0.5%
	103,547		United Continental Holdings, Inc. *	$	7,183,055
			Marine - 0.2%
	4,099,666		Horizon Lines, Inc. *	$	2,582,790
			Total Transportation	$	11,420,339
			Automobiles & Components - 0.7%
			Automobile Manufacturers - 0.7%
	704,311		Ford Motor Co.	$	10,360,415
			Total Automobiles & Components	$	10,360,415
			Consumer Services - 0.4%
			Restaurants - 0.4%
	54,390		Starbucks Corp.	$	4,760,757
			Education Services - 0.0%+
	13,966		Cengage Learning Holdings II LP	$	314,933
			Total Consumer Services	$	5,075,690
			Health Care Equipment & Services - 1.1%
			Health Care Services - 0.1%
	255,259		BioScrip, Inc. *	$	1,467,739
			Managed Health Care - 1.0%
	84,640		Aetna, Inc.	$	7,771,645
	63,711		Cigna Corp.		6,806,246
				$	14,577,891
			Total Health Care Equipment & Services	$	16,045,630
			Pharmaceuticals, Biotechnology & Life Sciences - 1.1%
			Life Sciences Tools & Services - 1.1%
	46,569		Bio-Rad Laboratories, Inc. *	$	5,330,753
	72,794		Thermo Fisher Scientific, Inc.		9,114,537
	11,356		Waters Corp. *		1,351,932
				$	15,797,222
			Total Pharmaceuticals, Biotechnology & Life Sciences	$	15,797,222
			Real Estate - 0.5%
			Real Estate Operating Companies - 0.5%
	291,692		Forest City Enterprises, Inc. *	$	7,146,454
			Total Real Estate	$	7,146,454
			Technology Hardware & Equipment - 0.7%
			Computer Storage & Peripherals - 0.2%
	103,800		EMC Corp.	$	2,691,534
			Information Technology Services - 0.3%
	171,011		NCR Corp. *	$	4,343,679
			Electronic Manufacturing Services - 0.2%
	54,309		TE Connectivity, Ltd.	$	3,605,575
			Total Technology Hardware & Equipment	$	10,640,788
			Telecommunication Services - 0.3%
			Integrated Telecommunication Services - 0.3%
	585,800		Windstream Holdings, Inc.	$	4,657,110
			Total Telecommunication Services	$	4,657,110
			TOTAL COMMON STOCKS
			(Cost $95,447,068)	$	131,080,138
	Principal Amount ($)
			ASSET BACKED SECURITIES - 0.1%
			Consumer Services - 0.0%+
			Hotels, Resorts & Cruise Lines - 0.0%+
	360,440		Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A)	$	362,970
			Total Consumer Services	$	362,970
			Banks - 0.1%
			Thrifts & Mortgage Finance - 0.1%
	1,560,000		Citicorp Residential Mortgage Trust Series 2006-2, 5.918%, 9/25/36 (Step)	$	1,397,843
			Total Banks	$	1,397,843
			TOTAL ASSET BACKED SECURITIES
			(Cost $1,796,079)	$	1,760,813
			COLLATERALIZED MORTGAGE OBLIGATIONS - 1.2%
			Banks - 1.2%
			Thrifts & Mortgage Finance - 1.2%
	2,000,000	5.99	Banc of America Commercial Mortgage Trust 2007-5, Floating Rate Note, 2/10/51	$	2,045,276
	575,000	4.45	CAM Mortgage Trust 2014-2, Floating Rate Note, 5/15/48 (144A)		576,815
	1,935,000	5.96	COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46		1,835,922
	595,000	5.96	COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46		515,810
	2,650,000	3.67	COMM 2014-KYO Mortgage Trust, Floating Rate Note, 6/11/27 (144A)		2,636,872
	838,245		Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 (144A)		806,844
	2,513,900	5.00	GMAT 2013-1 Trust, Floating Rate Note, 8/25/53		2,392,023
	970,124		Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A)		952,274
	4,270,000	3.77	JP Morgan Chase Commercial Mortgage Securities Trust 2014-INN, Floating Rate Note, 6/15/29 (144A)		4,275,777
	400,000	5.58	Springleaf Mortgage Loan Trust, Floating Rate Note, 6/25/58 (144A)		412,978
	996,156		Vericrest Opportunity Loan Transferee 2014-NPL4 LLC, 4.0%, 4/27/54 (Step) (144A)		984,338
				$	17,434,929
			Total Banks	$	17,434,929
			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
			(Cost $17,356,422)	$	17,434,929
			CORPORATE BONDS - 58.0%
			Energy - 14.3%
			Oil & Gas Drilling - 0.2%
	1,690,000		Offshore Group Investment, Ltd., 7.5%, 11/1/19	$	1,098,500
	2,995,000		Parker Drilling Co., 7.5%, 8/1/20		2,306,150
				$	3,404,650
			Oil & Gas Equipment & Services - 1.3%
	6,485,000		Basic Energy Services, Inc., 7.75%, 10/15/22	$	4,409,800
	4,245,000		Bristow Group, Inc., 6.25%, 10/15/22		4,043,362
	2,080,000		Calfrac Holdings LP, 7.5%, 12/1/20 (144A)		1,778,400
	1,155,000		Exterran Holdings, Inc., 7.25%, 12/1/18		1,126,125
	5,175,000		Exterran Partners LP, 6.0%, 10/1/22		4,347,000
	2,750,000		Exterran Partners LP, 6.0%, 4/1/21		2,351,250
	1,545,000		Key Energy Services, Inc., 6.75%, 3/1/21		927,000
				$	18,982,937
			Integrated Oil & Gas - 0.1%
	3,865,000		Energy XXI Gulf Coast, Inc., 7.5%, 12/15/21	$	1,758,575
			Oil & Gas Exploration & Production - 10.4%
	3,360,000		Antero Resources Finance Corp., 6.0%, 12/1/20	$	3,343,200
	2,150,000		Carrizo Oil & Gas, Inc., 7.5%, 9/15/20		2,096,250
	10,236,000		Carrizo Oil & Gas, Inc., 8.625%, 10/15/18		10,251,354
	3,310,000		Chaparral Energy, Inc., 8.25%, 9/1/21		1,919,800
	8,435,000		Chesapeake Energy Corp., 5.375%, 6/15/21		8,498,262
	3,580,000		Comstock Resources, Inc., 9.5%, 6/15/20		1,825,800
	3,675,000		Concho Resources, Inc., 5.5%, 4/1/23		3,675,000
	2,925,000		Concho Resources, Inc., 6.5%, 1/15/22		3,042,000
	4,670,000		Denbury Resources, Inc., 5.5%, 5/1/22		4,109,600
	13,000,000		EP Energy LLC, 9.375%, 5/1/20		13,097,500
	5,205,000		EPL Oil & Gas, Inc., 8.25%, 2/15/18		3,422,288
	5,600,000		Gulfport Energy Corp., 7.75%, 11/1/20		5,558,000
	2,015,000		Gulfport Energy Corp., 7.75%, 11/1/20 (144A)		1,999,888
	7,255,000		Halcon Resources Corp., 8.875%, 5/15/21		4,824,575
	3,225,000		Halcon Resources Corp., 9.25%, 2/15/22		2,128,500
	1,400,000		Kodiak Oil & Gas Corp., 5.5%, 1/15/21		1,414,000
	3,000,000		Kodiak Oil & Gas Corp., 5.5%, 2/1/22		3,030,000
	5,200,000		Kodiak Oil & Gas Corp., 8.125%, 12/1/19		5,291,000
	2,300,000		Legacy Reserves LP, 6.625%, 12/1/21		1,794,000
	4,900,000		Legacy Reserves LP, 6.625%, 12/1/21 (144A)		3,822,000
	3,075,000		Lightstream Resources, Ltd., 8.625%, 2/1/20 (144A)		1,745,062
	12,635,000		Linn Energy LLC, 6.25%, 11/1/19		9,634,188
	4,480,000		Memorial Production Partners LP, 7.625%, 5/1/21		4,020,800
	4,155,000		Midstates Petroleum Co., Inc., 10.75%, 10/1/20		2,264,475
	2,800,000		Midstates Petroleum Co., Inc., 9.25%, 6/1/21		1,449,000
	1,430,000		Northern Oil and Gas, Inc., 8.0%, 6/1/20		1,236,950
	2,820,000		Oasis Petroleum, Inc., 6.5%, 11/1/21		2,573,250
	4,960,000		PDC Energy, Inc., 7.75%, 10/15/22		4,786,400
	2,860,000		Penn Virginia Corp., 7.25%, 4/15/19		2,359,500
	7,480,000		Penn Virginia Corp., 8.5%, 5/1/20		6,208,400
	3,295,000		Rice Energy, Inc., 6.25%, 5/1/22		3,179,675
	8,170,000		Rosetta Resources, Inc., 5.875%, 6/1/22		7,679,800
	1,300,000		Sanchez Energy Corp., 6.125%, 1/15/23 (144A)		1,150,500
	3,775,000		Sanchez Energy Corp., 7.75%, 6/15/21		3,661,750
	1,945,000		Stone Energy Corp., 7.5%, 11/15/22		1,692,150
	10,270,000		Swift Energy Co., 7.875%, 3/1/22		3,620,175
	3,000,000		Talos Production LLC, 9.75%, 2/15/18 (144A)		2,580,000
	3,200,000		Vanguard Natural Resources LLC, 7.875%, 4/1/20		2,784,000
				$	147,769,092
			Oil & Gas Refining & Marketing - 0.7%
	6,525,000		Calumet Specialty Products Partners LP, 6.5%, 4/15/21 (144A)	$	5,644,125
	4,695,000		Tesoro Corp., 5.375%, 10/1/22		4,812,375
				$	10,456,500
			Oil & Gas Storage & Transportation - 1.4%
	4,810,000		Crestwood Midstream Partners LP, 6.125%, 3/1/22	$	4,677,725
	3,520,000		Energy Transfer Equity LP, 5.875%, 1/15/24		3,652,704
	6,775,000		Sabine Pass Liquefaction LLC, 5.625%, 2/1/21		6,783,469
	4,685,000		Targa Resources Partners LP, 4.25%, 11/15/23		4,380,475
				$	19,494,373
			Coal & Consumable Fuels - 0.2%
	4,170,000		James River Coal Co., 7.875%, 4/1/19 (d)	$	5,212
	2,250,000		SunCoke Energy Partners LP, 7.375%, 2/1/20 (144A)		2,317,500
				$	2,322,712
			Total Energy	$	204,188,839
			Materials - 4.9%
			Commodity Chemicals - 0.8%
	2,756,000		Hexion US Finance Corp., 8.875%, 2/1/18	$	2,363,270
	2,445,000		Hexion US Finance Corp., 9.0%, 11/15/20		1,662,600
	1,750,000		Rain CII Carbon LLC, 8.0%, 12/1/18 (144A)		1,723,750
	5,195,000		Tronox Finance LLC, 6.375%, 8/15/20		5,143,050
				$	10,892,670
			Metal & Glass Containers - 2.7%
	3,653,453		Ardagh Finance Holdings SA, 8.625%, (0.00% Cash, 8.625% PIK) 6/15/19 (144A) (PIK)	$	3,639,753
	3,350,000		Ardagh Packaging Finance Plc, 6.75%, 1/31/21 (144A)		3,283,000
	758,824		Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A)		746,493
	13,120,000		Crown Cork & Seal Co., Inc., 7.375%, 12/15/26		14,563,200
	3,700,000		Reynolds Group Issuer, Inc., 8.25%, 2/15/21		3,760,125
	7,495,000		Reynolds Group Issuer, Inc., 8.5%, 5/15/18		7,644,900
	4,565,000		Reynolds Group Issuer, Inc., 9.875%, 8/15/19		4,850,312
				$	38,487,783
			Paper Packaging - 0.1%
	1,532,000		Packaging Dynamics Corp., 8.75%, 2/1/16 (144A)	$	1,532,000
			Diversified Metals & Mining - 0.6%
	5,445,000		Amsted Industries, Inc., 5.0%, 3/15/22 (144A)	$	5,376,938
	8,775,000		Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18 (144A)		1,272,375
	1,595,000		Prince Mineral Holding Corp., 12.0%, 12/15/19 (144A)		1,626,900
				$	8,276,213
			Gold - 0.3%
	6,445,000		IAMGOLD Corp., 6.75%, 10/1/20 (144A)	$	5,156,000
			Steel - 0.2%
	2,855,000		JMC Steel Group, Inc., 8.25%, 3/15/18 (144A)	$	2,362,512
			Paper Products - 0.2%
	3,845,000		Resolute Forest Products, Inc., 5.875%, 5/15/23	$	3,671,975
			Total Materials	$	70,379,153
			Capital Goods - 3.1%
			Aerospace & Defense - 0.6%
	2,250,000		Bombardier, Inc., 6.0%, 10/15/22	$	2,120,625
	4,350,000		DigitalGlobe, Inc., 5.25%, 2/1/21 (144A)		4,177,305
	1,583,000		DynCorp International, Inc., 10.375%, 7/1/17		1,424,700
				$	7,722,630
			Building Products - 0.2%
	2,750,000		Gibraltar Industries, Inc., 6.25%, 2/1/21	$	2,805,000
			Construction & Engineering - 0.4%
	1,385,000		AECOM, 5.75%, 10/15/22 (144A)	$	1,449,056
	1,390,000		AECOM, 5.875%, 10/15/24 (144A)		1,450,812
	3,000,000		Dycom Investments, Inc., 7.125%, 1/15/21		3,120,000
				$	6,019,868
			Industrial Conglomerates - 0.3%
	4,030,000		JB Poindexter & Co., Inc., 9.0%, 4/1/22 (144A)	$	4,332,250
			Construction & Farm Machinery & Heavy Trucks - 0.3%
	4,850,000		Navistar International Corp., 8.25%, 11/1/21	$	4,734,812
			Industrial Machinery - 0.6%
	6,901,000		Apex Tool Group LLC, 7.0%, 2/1/21 (144A)	$	6,003,870
	2,660,000		Xerium Technologies, Inc., 8.875%, 6/15/18		2,779,700
				$	8,783,570
			Trading Companies & Distributors - 0.7%
	5,200,000		Rexel SA, 5.25%, 6/15/20 (144A)	$	5,284,500
	5,145,000		WESCO Distribution, Inc., 5.375%, 12/15/21		5,183,588
				$	10,468,088
			Total Capital Goods	$	44,866,218
			Commercial Services & Supplies - 0.9%
			Environmental & Facilities Services - 0.3%
	2,400,000		Liberty Tire Recycling LLC, 11.0%, 10/1/16 (144A)	$	1,920,000
	2,000,000		Safway Group Holding LLC, 7.0%, 5/15/18 (144A)		1,945,600
				$	3,865,600
			Diversified Support Services - 0.6%
	1,800,000		NANA Development Corp., 9.5%, 3/15/19 (144A)	$	1,584,000
	4,405,000		The Geo Group, Inc., 5.875%, 10/15/24		4,537,150
	2,165,000		TMS International Corp., 7.625%, 10/15/21 (144A)		2,154,175
				$	8,275,325
			Total Commercial Services & Supplies	$	12,140,925
			Transportation - 1.2%
			Airlines - 0.4%
	2,950,000		Intrepid Aviation Group Holdings LLC, 6.875%, 2/15/19 (144A)	$	2,868,875
	3,200,000		United Continental Holdings, Inc., 6.0%, 7/15/26		3,108,000
				$	5,976,875
			Railroads - 0.3%
	4,250,000		Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A)	$	4,196,875
			Trucking - 0.4%
	1,990,000		Jack Cooper Holdings Corp., 9.25%, 6/1/20 (144A)	$	2,054,675
	3,500,000		syncreon Group BV, 8.625%, 11/1/21 (144A)		3,132,500
				$	5,187,175
			Airport Services - 0.1%
	1,700,000		Aguila 3 SA, 7.875%, 1/31/18 (144A)	$	1,674,500
			Total Transportation	$	17,035,425
			Automobiles & Components - 0.1%
			Auto Parts & Equipment - 0.1%
	1,440,000		Pittsburgh Glass Works LLC, 8.0%, 11/15/18 (144A)	$	1,526,400
			Total Automobiles & Components	$	1,526,400
			Consumer Durables & Apparel - 3.3%
			Homebuilding - 3.1%
	2,100,000		Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A)	$	2,152,500
	5,045,000		DR Horton, Inc., 5.75%, 8/15/23		5,423,375
	8,375,000		KB Home, 7.0%, 12/15/21		8,375,000
	4,150,000		Lennar Corp., 4.5%, 6/15/19		4,191,500
	8,730,000		Lennar Corp., 4.75%, 11/15/22		8,677,620
	3,660,000		Meritage Homes Corp., 7.0%, 4/1/22		3,861,300
	1,800,000		Rialto Holdings LLC, 7.0%, 12/1/18 (144A)		1,827,000
	6,975,000		Standard Pacific Corp., 6.25%, 12/15/21		7,114,500
	2,540,000		The Ryland Group, Inc., 5.375%, 10/1/22		2,463,800
				$	44,086,595
			Housewares & Specialties - 0.2%
	2,805,000		PC Nextco Holdings LLC, 8.75%, 8/15/19	$	2,847,075
			Total Consumer Durables & Apparel	$	46,933,670
			Consumer Services - 1.9%
			Casinos & Gaming - 1.1%
	2,075,000		GLP Capital LP, 4.375%, 11/1/18	$	2,126,875
	3,250,000		GLP Capital LP, 4.875%, 11/1/20		3,347,500
	429,211		Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (1.0% cash, 5.50% PIK) (PIK) (d)		2,146
	11,000,000		Scientific Games International, Inc., 10.0%, 12/1/22 (144A)		10,092,500
	700,000		Scientific Games International, Inc., 6.25%, 9/1/20		490,000
				$	16,059,021
			Hotels, Resorts & Cruise Lines - 0.5%
	2,750,000		NCL Corp, Ltd., 5.25%, 11/15/19 (144A)	$	2,784,375
	4,290,000		Viking Cruises, Ltd., 8.5%, 10/15/22 (144A)		4,697,550
				$	7,481,925
			Education Services - 0.3%
	3,695,000		Cambium Learning Group, Inc., 9.75%, 2/15/17	$	3,639,575
			Total Consumer Services	$	27,180,521
			Media - 4.0%
			Advertising - 0.4%
	5,360,000		MDC Partners, Inc., 6.75%, 4/1/20 (144A)	$	5,594,500
			Broadcasting - 0.9%
	5,975,000		Quebecor Media, Inc., 5.75%, 1/15/23	$	6,154,250
	6,035,000		Univision Communications, Inc., 6.875%, 5/15/19 (144A)		6,291,488
				$	12,445,738
			Cable & Satellite - 1.4%
	9,250,000		CCO Holdings LLC, 6.5%, 4/30/21	$	9,735,625
	1,575,000		Numericable-SFR, 6.0%, 5/15/22 (144A)		1,611,068
	9,050,000		Videotron, Ltd., 5.375%, 6/15/24 (144A)		9,276,250
				$	20,622,943
			Movies & Entertainment - 0.7%
	2,350,000		Live Nation Entertainment, Inc., 7.0%, 9/1/20 (144A)	$	2,508,625
	425,000		Regal Entertainment Group, 5.75%, 3/15/22		422,344
	4,895,000		Regal Entertainment Group, Inc., 5.75%, 2/1/25		4,693,081
	2,665,000		WMG Acquisition Corp., 6.75%, 4/15/22 (144A)		2,401,831
				$	10,025,881
			Publishing - 0.6%
	6,170,000		Gannett Co., Inc., 6.375%, 10/15/23	$	6,571,050
	1,675,000		MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A)		1,783,875
				$	8,354,925
			Total Media	$	57,043,987
			Retailing - 0.6%
			Apparel Retail - 0.2%
	2,350,000		Brown Shoe Co., Inc., 7.125%, 5/15/19	$	2,441,062
			Computer & Electronics Retail - 0.2%
	2,590,000		Rent-A-Center, Inc., 6.625%, 11/15/20	$	2,486,400
			Specialty Stores - 0.2%
	4,010,000		Outerwall, Inc., 5.875%, 6/15/21 (144A)	$	3,729,300
			Total Retailing	$	8,656,762
			Food & Staples Retailing - 0.3%
			Food Distributors - 0.3%
	3,635,000		KeHE Distributors LLC, 7.625%, 8/15/21 (144A)	$	3,853,100
			Total Food & Staples Retailing	$	3,853,100
			Food, Beverage & Tobacco - 1.4%
			Distillers & Vintners - 0.3%
	4,100,000		Constellation Brands, Inc., 3.75%, 5/1/21	$	4,141,000
			Agricultural Products - 0.3%
	4,460,000		Southern States Cooperative, Inc., 10.0%, 8/15/21 (144A)	$	4,170,100
			Packaged Foods & Meats - 0.3%
	2,300,000		Post Holdings, Inc., 6.0%, 12/15/22 (144A)	$	2,196,500
	1,775,000		Post Holdings, Inc., 6.75%, 12/1/21 (144A)		1,735,062
				$	3,931,562
			Tobacco - 0.5%
	8,460,000		Alliance One International, Inc., 9.875%, 7/15/21	$	7,064,100
			Total Food, Beverage & Tobacco	$	19,306,762
			Household & Personal Products - 0.3%
			Personal Products - 0.3%
	2,400,000		Monitronics International, Inc., 9.125%, 4/1/20	$	2,232,000
	2,495,000		Revlon Consumer Products Corp., 5.75%, 2/15/21		2,551,138
				$	4,783,138
			Total Household & Personal Products	$	4,783,138
			Health Care Equipment & Services - 1.7%
			Health Care Services - 0.3%
	3,675,000		BioScrip, Inc., 8.875%, 2/15/21 (144A)	$	3,234,000
	684,000		Gentiva Health Services, Inc., 11.5%, 9/1/18		725,040
				$	3,959,040
			Health Care Facilities - 0.9%
	11,400,000		CHS, Inc., 8.0%, 11/15/19	$	12,141,000
	1,265,000		Universal Hospital Services, Inc., 7.625%, 8/15/20		1,106,875
				$	13,247,875
			Managed Health Care - 0.4%
	5,370,000		WellCare Health Plans, Inc., 5.75%, 11/15/20	$	5,571,375
			Health Care Technology - 0.1%
	1,400,000		MedAssets, Inc., 8.0%, 11/15/18	$	1,454,250
			Total Health Care Equipment & Services	$	24,232,540
			Pharmaceuticals, Biotechnology & Life Sciences - 0.9%
			Biotechnology - 0.5%
	7,459,000		Lantheus Medical Imaging, Inc., 9.75%, 5/15/17	$	7,086,050
			Pharmaceuticals - 0.4%
	5,610,000		JLL, 7.5%, 2/1/22 (144A)	$	5,680,125
			Total Pharmaceuticals, Biotechnology & Life Sciences	$	12,766,175
			Banks - 0.6%
			Diversified Banks - 0.6%
	3,675,000	6.25	Bank of America Corp., Floating Rate Note, 9/29/49	$	4,704,006
	4,600,000	0.00	Wells Fargo Co., Floating Rate Note (Perpetual)		3,840,375
				$	8,544,381
			Total Banks	$	8,544,381
			Diversified Financials - 1.7%
			Diversified Banks - 0.1%
	2,375,000	5.90	Citigroup, Inc., Floating Rate Note (Perpetual)	$	2,372,031
			Specialized Finance - 1.4%
	5,000,000		Fly Leasing, Ltd., 6.375%, 10/15/21	$	4,900,000
	1,515,000		Nationstar Mortgage LLC, 6.5%, 6/1/22		1,302,900
	10,350,000		Nationstar Mortgage LLC, 6.5%, 7/1/21		8,952,750
	1,820,000		Nationstar Mortgage LLC, 6.5%, 8/1/18		1,688,050
	3,100,000		Oxford Finance LLC, 7.25%, 1/15/18 (144A)		3,212,375
				$	20,056,075
			Consumer Finance - 0.2%
	3,265,000		TMX Finance LLC, 8.5%, 9/15/18 (144A)	$	2,481,400
			Total Diversified Financials	$	24,909,506
			Insurance - 5.5%
			Life & Health Insurance - 0.7%
	5,400,000		Fidelity & Guaranty Life Holdings, Inc., 6.375%, 4/1/21 (144A)	$	5,737,500
	4,200,000	5.65	Voya Financial, Inc., Floating Rate Note, 5/15/53		4,221,000
				$	9,958,500
			Reinsurance - 4.9%
	4,064,365		Altair Re, Variable Rate Notes, 6/30/16 (Cat Bond)	$	2,893,828
	1,680,000		Altair Re, Variable Rate Notes, 6/30/17 (Cat Bond)		1,688,064
	1,200,000		Arlington Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 8/1/15		1,311,600
	1,000,000		Berwick Segregated Account (KANE SAC Ltd.), Variable Rate Note, 1/22/16		1,007,600
	250,000	6.00	Blue Danube, Ltd., Floating Rate Note, 4/10/15 (Cat Bond) (144A)		250,800
	3,600,000		Carnoustie Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 2/19/16		3,655,440
	1,018,720		Clarendon Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 7/14/15		993,761
	500,000	7.26	Embarcadero Reinsurance, Ltd., Floating Rate Note, 2/13/15 (Cat Bond) (144A)		500,000
	3,014,550		Exeter Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 1/7/16		3,017,565
	1,500,000		Fairfield Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 2/2/16		1,381,200
	3,040,000		Gloucester Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 6/12/15		2,913,536
	6,200,000		Gullane Segregated Account (Kane SAC, Ltd.) Variable Rate Notes, 1/22/17		6,311,600
	1,261,500		Hereford Segregated Account (Kane SAC, Ltd.) Variable Rate Notes, 1/1/16		1,262,383
	1,000,000	3.78	Kilimanjaro Re, Ltd., Floating Rate Note, 11/25/19 (Cat Bond) (144A)		998,700
	33,500		Lorenz Re, Ltd., (Cat Bond) (Perpetual) * (c)		3,839,100
	1,467,400		Muirfield Segregated Account (Kane SAC, Ltd.) Variable Rate Notes, 1/7/16		1,468,134
	2,400,000	12.02	Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat Bond) (144A)		2,423,040
	4,500,000		Pangaea RE series 2015-1 Principal-at-risk notes, 2/1/19 (c)		4,562,100
	1,004,200		PI-1, Series E - 2014 (Kane SAC Ltd.), Variable Rate Notes, 6/12/15		1,042,259
	4,010,500		PI-3, Series B - 2014 (Kane SAC Ltd.), Variable Rate Notes, 7/18/16		4,525,448
	1,450,000		PI-3, Series D - 2014 (Kane SAC Ltd.), Variable Rate Notes, 7/30/16		1,581,515
	1,500,000		Prestwick Segregated Account (Kane SAC, Ltd.), Variable Rate Notes, 7/1/16		1,500,000
	2,000,000	7.51	Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A)		2,010,200
	1,150,000	8.51	Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A)		1,157,820
	250,000	10.39	Queen Street VI Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A)		251,975
	800,000	8.77	Residential Reinsurance 2011, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A)		814,960
	1,750,000	22.02	Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A)		2,006,900
	250,000	20.01	Residential Reinsurance 2013, Ltd., Floating Rate Note, 12/6/19 (Cat Bond) (144A)		254,575
	12,321		Sector Re V, Ltd., 12/1/18 (Cat Bond) (144A) (c)		520,083
	1,100,000		Sector Re V, Ltd., 12/1/19 (Cat Bond) (144A) (c)		1,113,750
	3,587		Sector Re V, Ltd., 3/1/18 (Cat Bond) (144A) (c)		91,374
	1,250,000		Sector Re V, Ltd., 3/30/19 (Cat Bond) (144A) (c)		1,476,625
	2,000,000		Silverton Re, Ltd., 9/16/16 (Cat Bond) (144A) (c)		275,400
	2,000,000		Silverton RE, Ltd., 9/18/17 (Cat Bond) (144A) (c)		2,034,400
	3,000,000		St. Andrews Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 1/22/16		3,015,900
	1,514,150		Troon Segregated Account (Kane SAC, Ltd.) Variable Rate Notes, 1/7/16		1,514,604
	506,000		Turnberry Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 1/15/16		506,759
	4,400,000		Versutus Ltd., Series 2015-A, Variable Rate Notes, 12/31/2017		4,434,320
				$	70,607,318
			Total Insurance	$	80,565,818
			Real Estate - 0.5%
			Specialized REIT - 0.4%
	3,152,378		AAF Holdings LLC, 12.0%, 7/1/19 (144A) (12.0% cash, 0.0% PIK) (PIK)	$	3,026,283
	2,675,000		Aviv Healthcare Properties LP, 7.75%, 2/15/19		2,784,675
				$	5,810,958
			Real Estate Services - 0.1%
	1,480,000		Kennedy-Wilson, Inc., 5.875%, 4/1/24	$	1,497,464
			Total Real Estate	$	7,308,422
			Software & Services - 1.8%
			Internet Software & Services - 1.1%
	3,400,000		Bankrate, Inc., 6.125%, 8/15/18 (144A)	$	3,340,500
	5,465,000		Equinix, Inc., 5.375%, 4/1/23		5,669,938
	6,085,000		j2 Global, Inc., 8.0%, 8/1/20		6,571,800
				$	15,582,238
			Data Processing & Outsourced Services - 0.5%
	2,350,000		Audatex North America, Inc., 6.0%, 6/15/21 (144A)	$	2,444,000
	5,048,000		NeuStar, Inc., 4.5%, 1/15/23		4,417,000
				$	6,861,000
			Home Entertainment Software - 0.2%
	3,285,000		Activision Blizzard, Inc., 6.125%, 9/15/23 (144A)	$	3,580,650
			Total Software & Services	$	26,023,888
			Technology Hardware & Equipment - 1.5%
			Communications Equipment - 0.2%
	3,000,000		ViaSat, Inc., 6.875%, 6/15/20	$	3,123,750
			Computer Storage & Peripherals - 0.8%
	5,900,000		Seagate HDD Cayman, 4.75%, 1/1/25 (144A)	$	6,241,763
	4,300,000		Seagate HDD Cayman, 4.75%, 6/1/23		4,587,554
				$	10,829,317
			Electronic Equipment Manufacturers - 0.4%
	5,300,000		Viasystems, Inc., 7.875%, 5/1/19 (144A)	$	5,598,125
			Electronic Manufacturing Services - 0.1%
	1,380,000		Flextronics International, Ltd., 4.625%, 2/15/20	$	1,431,750
			Total Technology Hardware & Equipment	$	20,982,942
			Semiconductors & Semiconductor Equipment - 1.0%
			Semiconductor Equipment - 0.4%
	5,100,000		Entegris, Inc., 6.0%, 4/1/22 (144A)	$	5,151,000
			Semiconductors - 0.6%
	4,205,000		Advanced Micro Devices, Inc., 6.75%, 3/1/19	$	3,994,750
	2,680,000		Micron Technology, Inc., 5.25%, 8/1/23 (144A)		2,681,675
	1,825,000		Micron Technology, Inc., 5.875%, 2/15/22 (144A)		1,916,250
				$	8,592,675
			Total Semiconductors & Semiconductor Equipment	$	13,743,675
			Telecommunication Services - 5.4%
			Integrated Telecommunication Services - 4.0%
	3,625,000		CenturyLink, Inc., 5.8%, 3/15/22	$	3,815,312
	3,300,000		CenturyLink, Inc., 6.45%, 6/15/21		3,572,250
	13,358,000		Cincinnati Bell, Inc., 8.375%, 10/15/20		14,050,946
	4,750,000		Frontier Communications Corp., 7.125%, 1/15/23		4,928,125
	9,705,000		Frontier Communications Corp., 8.5%, 4/15/20		10,918,125
	3,100,000		Frontier Communications Corp., 8.75%, 4/15/22		3,518,500
	4,975,000		Windstream Corp., 6.375%, 8/1/23		4,583,219
	8,830,000		Windstream Corp., 7.5%, 6/1/22		8,807,925
	3,460,000		Windstream Corp., 7.75%, 10/15/20		3,589,750
				$	57,784,152
			Wireless Telecommunication Services - 1.4%
	1,840,000		Altice Financing SA, 6.625%, 2/15/23 (144A)	$	1,840,000
	3,645,000		Sprint Corp., 7.25%, 9/15/21		3,639,532
	1,200,000		T-Mobile USA, Inc., 6.5%, 1/15/24		1,245,000
	4,300,000		T-Mobile USA, Inc., 6.542%, 4/28/20		4,454,542
	2,865,000		T-Mobile USA, Inc., 6.633%, 4/28/21		2,974,586
	2,000,000		T-Mobile USA, Inc., 6.731%, 4/28/22		2,072,500
	3,350,000		WCP Issuer llc, 6.657%, 8/15/20 (144A)		3,499,915
				$	19,726,075
			Total Telecommunication Services	$	77,510,227
			Utilities - 1.0%
			Gas Utilities - 0.4%
	1,850,000		Ferrellgas LP, 6.5%, 5/1/21	$	1,813,000
	3,585,000		Ferrellgas LP, 6.75%, 1/15/22		3,495,375
				$	5,308,375
			Independent Power Producers & Energy Traders - 0.6%
	1,650,000		AES Corp. Virginia, 5.5%, 3/15/24	$	1,654,125
	1,450,000		NRG Energy, Inc., 6.25%, 5/1/24		1,446,375
	4,700,000		NRG Energy, Inc., 7.625%, 1/15/18		5,128,875
				$	8,229,375
			Total Utilities	$	13,537,750
			TOTAL CORPORATE BONDS
			(Cost $868,441,649)	$	828,020,224
			U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 1.4%
	5,000,000	0.07	U.S. Treasury Note, Floating Rate Note, 1/31/16	$	4,999,305
	5,000,000	0.09	U.S. Treasury Note, Floating Rate Note, 4/30/16		4,999,855
	5,000,000	0.09	U.S. Treasury Note, Floating Rate Note, 7/31/16		4,999,900
	5,000,000	0.07	U.S. Treasury Note, Floating Rate Note, Floating Rate Note, 10/31/16		4,997,615
				$	19,996,675
			TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
			(Cost $19,997,129)	$	19,996,675
			SENIOR FLOATING RATE LOAN INTERESTS - 6.5%
			Energy - 0.6%
			Oil & Gas Drilling - 0.4%
	3,863,910	7.50	Jonah Energy LLC, Term Loan (Second Lien), 5/8/21	$	3,248,099
	2,308,875	5.75	Offshore Group Investment, Ltd., Term Loan, 3/28/19		1,471,908
				$	4,720,007
			Oil & Gas Equipment & Services - 0.2%
	5,168,665	8.38	Fieldwood Energy LLC, Closing Date Loan (Second Lien), 9/30/20	$	3,168,392
	0	5.75	FTS International, Inc., Initial Term Loan. 4/16/21		0
				$	3,168,392
			Total Energy	$	7,888,399
			Materials - 0.1%
			Specialty Chemicals - 0.1%
	1,493,391	4.00	Axalta Coating Systems US Holdings, Inc., Refinanced Term B Loan, 2/1/20	$	1,464,806
			Total Materials	$	1,464,806
			Capital Goods - 0.4%
			Aerospace & Defense - 0.2%
	1,895,001	5.00	DAE Aviation Holdings, Inc., Replacement Tranche B-1 Loan, 11/2/18	$	1,895,588
	859,056	5.00	Standard Aero, Ltd., Replacement Tranche B-2 Loan, 11/2/18		858,340
				$	2,753,928
			Construction & Engineering - 0.2%
	2,838,884	6.75	International Equipment Solutions LLC, Initial Loan, 8/16/19	$	2,842,433
			Total Capital Goods	$	5,596,361
			Commercial Services & Supplies - 0.5%
			Environmental & Facilities Services - 0.1%
	617,538	4.00	WCA Waste Corp., Term Loan, 3/23/18	$	609,818
			Diversified Support Services - 0.0%+
	421,999	6.73	IAP Worldwide Services, Inc., Term Loan, 7/18/19	$	375,579
			Security & Alarm Services - 0.4%
	5,947,674	4.25	Monitronics International, Inc., Term B Loan, 3/23/18	$	5,930,324
			Total Commercial Services & Supplies	$	6,915,721
			Automobiles & Components - 0.8%
			Auto Parts & Equipment - 0.8%
	7,424	3.75	Allison Transmission, Inc., Term B-3 Loan, 8/23/19	$	7,400
	3,003,595	4.25	TI Group Automotive Systems LLC, Term Loan Facility, 7/1/21		2,994,678
	8,469,903	3.25	Tower Automotive Holdings USA LLC, Refinancing Term Loan, 4/23/20		8,358,736
				$	11,360,814
			Total Automobiles & Components	$	11,360,814
			Media - 0.8%
			Advertising - 0.1%
	1,983,072	6.75	Affinion Group, Inc., Tranche B Term Loan, 4/30/18	$	1,859,130
			Broadcasting - 0.1%
	1,413,808	4.00	Univision Communications, Inc., Replacement First-Lien Term Loan, 3/1/20	$	1,394,589
			Cable & Satellite - 0.5%
	7,575,000	3.50	Virgin Media Investment Holdings, Ltd., New Term B Loan, 2/6/20	$	7,473,806
			Movies & Entertainment - 0.1%
	1,001,410	3.75	Cinedigm Digital Funding I LLC, Term Loan, 2/28/18	$	1,002,662
			Total Media	$	11,730,187
			Retailing - 0.5%
			Department Stores - 0.0%+
	0	4.25	Neiman Marcus Group, Ltd. LLC, Other Term Loan, 10/25/20	$	0
			Automotive Retail - 0.5%
	7,015,125	5.75	CWGS Group LLC, Term Loan, 2/20/20	$	6,988,818
			Total Retailing	$	6,988,818
			Food & Staples Retailing - 0.0%+
			Food Distributors - 0.0%+
	8,497	5.75	AdvancePierre Foods, Inc., Term Loan (First Lien), 7/10/17	$	8,452
			Total Food & Staples Retailing	$	8,452
			Health Care Equipment & Services - 2.0%
			Health Care Equipment - 0.1%
	2,391,823	4.00	Kinetic Concepts, Inc., Term  DTL-E1 loan, 5/4/18	$	2,369,612
			Health Care Services - 1.3%
	1,182,005	4.25	Alliance HealthCare Services, Inc., Initial Term Loan, 6/3/19	$	1,170,185
	1,950,757	6.75	Ardent Medical Services, Inc., 1st Lien Term Loan, 5/2/18		1,955,025
	1,232,125	6.50	BioScrip, Inc., Delayed Draw Term Loan, 7/31/20		1,231,099
	2,053,542	6.50	BioScrip, Inc., Initial Term B Loan, 7/31/20		2,051,832
	7,377,411	6.50	Gentiva Health Services, Inc., Initial Term B Loan, 10/10/19		7,385,481
	2,570,575	4.75	National Mentor Holdings, Inc., Tranche B Term Loan, 1/31/21		2,538,443
	1,505,995	5.25	National Surgical Hospitals, Inc., Tranche B-2 Term Loan, 7/11/19		1,498,465
	1,104,588	7.25	Virtual Radiologic Corp., Term Loan A, 12/22/16		883,670
				$	18,714,200
			Health Care Facilities - 0.5%
	6,700,000	7.00	Kindred HealthCare Inc., Bridge Loan, 6.375%, 4/15/22 (144A)	$	6,700,000
			Managed Health Care - 0.1%
	768,218	9.75	MMM Holdings, Inc., Term Loan, 10/9/17	$	745,172
	558,503	9.75	MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17		552,918
				$	1,298,090
			Total Health Care Equipment & Services	$	29,081,902
			Diversified Financials - 0.2%
			Other Diversified Financial Services - 0.2%
	2,469,527	5.25	WorldPay, Facility B2A Term Loan, 8/6/17	$	2,468,060
			Total Diversified Financials	$	2,468,060
			Insurance - 0.1%
			Multi-line Insurance - 0.1%
	1,236,483	4.25	Alliant Holdings I, Inc., Initial Term Loan, 12/20/19	$	1,219,096
			Total Insurance	$	1,219,096
			Software & Services - 0.5%
			IT Consulting & Other Services - 0.1%
	1,995,000	4.50	Evergreen Skills Lux Sarl, Initial Term Loan (First Lien), 4/23/21	$	1,939,306
			Application Software - 0.4%
	4,813,691	8.50	Expert Global Solutions, Inc., Term B Advance (First Lien), 4/3/18	$	4,797,647
	668,841	4.25	Vertafore, Inc., Term Loan (2013), 10/3/19		665,497
				$	5,463,144
			Total Software & Services	$	7,402,450
			TOTAL SENIOR FLOATING RATE LOAN INTERESTS
			(Cost $95,575,775)	$	92,125,066
			TEMPORARY CASH INVESTMENTS - 1.1%
			Commercial Paper - 1.1%
	3,045,000		Apache Corp., Commercial Paper, 2/2/15 (c)	$	3,044,942
	2,575,000		Duke Energy Co., Commercial Paper,  2/2/15 (c)		2,574,959
	3,395,000		Mondelez International, Inc., Commercial Paper  2/2/15 (c)		3,394,935
	3,575,000		Prudential Funding Corp., Commercial Paper, 2/2/15 (c)		3,574,970
	3,575,000		Sabmiller, Inc., Commercial Paper, 2/2/15 (c)		3,574,931
				$	16,164,737
			TOTAL TEMPORARY CASH INVESTMENTS
			(Cost $16,164,898)	$	16,164,737
			TOTAL INVESTMENT IN SECURITIES - 98.6%
			(Cost $1,417,189,445) (a)	$	1,407,376,169
			OTHER ASSETS & LIABILITIES - 1.4%	$	19,610,378
			TOTAL NET ASSETS - 100.0%	$	1,426,986,547
	+		Amount rounds to less than 0.1%.
	*		Non-income producing security.
	NR		Not rated by either S&P or Moody's.
	(PIK)		Represents a pay-in-kind security.
	(Step)		Bond issued with an initial coupon rate which converts to a higher rate at a later date.
	REIT		Real Estate Investment Trust.
	(Perpetual)		Security with no stated maturity date.
	(Cat Bond)		Catastrophe bond is a high-yield debt instrument that is usually insurance linked and meant to raise money in case of a catastrophe.
	**		Senior floating rate loan interests in which the Fund invests generally pay interest at rates that are periodically redetermined by reference to a base lending rate plus a premium.  These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certificate of deposit or (iv) other base lending rates used by commercial lenders.  The rate shown is the coupon rate at period end.
	(144A)		Security is exempt from registration under Rule 144A of the Securities Act of 1933.  Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration.  At January 31, 2015, the value of these securities amounted to $320,064,950 or 22.4% of total net assets.
	(a)		At January 31, 2015, the net unrealized depreciation on investments based on
			cost for federal income tax purposes of $1,417,189,445 was as follows:
			Aggregate gross unrealized appreciation for all investments in which
			there is an excess of value over tax cost	$	106,071,843
			Aggregate gross unrealized depreciation for all investments in which
			there is an excess of tax cost over value		(115,885,119)
			Net unrealized depreciation	$	(9,813,276)
	(b)		Debt obligation with a variable interest rate. Rate shown is rate at end of period.
	(c)		Security issued with a zero coupon. Income is recognized through accretion of discount.
	(d)		Security is in default and is non-income producing.
Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments)
Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued
using fair value methods (other than prices supplied by independent pricing services or broker-dealers) as Level 3.
The following is a summary of the inputs used as of January 31, 2015, in valuing the Fund's investments:

				Level 1	Level 2	Level 3	Total
		Convertible Corporate Bonds		$                         -	202,294,489	$                 -	$      202,294,489
		Preferred Stocks
		Transportation
		Air Freight & Logistics		-	3,581,536	-	3,581,536
		Diversified Financials
		Consumer Finance		-	6,482,452	-	6,482,452
		Insurance
		Reinsurance		-	-	5,493,760	5,493,760
		All Other Preferred Stocks		35,896,455	-	-	35,896,455
		Convertible Preferred Stocks
		Energy
		Oil & Gas Exploration & Production		-	4,571,918	-	4,571,918
		Consumer Durables & Apparel					-
		Home Furnishings		-	12,143,560	-	12,143,560
		Food, Beverage & Tobacco					-
		Packaged Foods & Meats		-	6,798,575	-	6,798,575
		Diversified Financials					-
		Asset Management & Custody Banks		-	2,943,000	-	2,943,000
		All Other Convertible Preferred Stocks		20,587,842	-	-	20,587,842
		Common Stocks
		Commercial Services & Supplies
		Diversified Support Services		-	40,556	-	40,556
		Transportation
		Air Freight & Logistics		-	1,654,494	-	1,654,494
		Consumer Services					-
		Education Services		-	314,933	-	314,933
		All Other Common Stocks		129,070,155	-	-	129,070,155
		Asset Backed Securities		-	1,760,813	-	1,760,813
		Collateralized Mortgage Obligations		-	17,434,929	-	17,434,929
		Corporate Bonds
		Insurance
		Reinsurance		-	-	55,504,028	55,504,028
		All Other Corporate Bonds		-	772,516,196	-	772,516,196
		U.S. Government and Agency Obligations		-	19,996,675	-	19,996,675
		Senior Floating Rate Loan Interests		-	92,125,066	-	92,125,066
		Commercial Paper		-	16,164,737	-	16,164,737
		Total		$         185,554,452	$    1,160,823,929	$   60,997,788	$    1,407,376,169
Following is a reconciliation of assets using significant unobservable inputs (Level 3):
				Preferred Stocks	Corporate Bonds	Total
		Balance as of 10/31/14		$            5,359,616	$        33,341,400	$   38,701,016
		Realized gain (loss)1		-	13,189	13,189
		Change in unrealized appreciation (depreciation)2		134,144	(1,623,577)	(1,489,433)
		Purchases		-	33,707,850	33,707,850
		Sales		-	(9,934,834)	(9,934,834)
		Transfers in to Level 3*		-	-	-
		Transfers out of Level 3*		-	-	-
		Balance as of 1/31/15		5,493,760	55,504,028	60,997,788
	1	Realized gain (loss) on these securities is included in the net realized gain (loss) from investments in the Statement of Operations.
	2	Unrealized appreciation (depreciation) on these securities is included in the change in unrealized appreciation (depreciation) on investments in the Statement of Operations.
	**	Transfers are calculated on the beginning of period values.
		During the period ended January 31, 2015 there were no transfers between Levels 1, 2 and 3.
		Net change in unrealized appreciation (depreciation) of investments
		still held as of 1/31/15	$	(1,489,433)

ITEM 2. CONTROLS AND PROCEDURES. (a) Disclose the conclusions of the registrant's principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b))) and Rule 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)). The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report. (b) Disclose any change in the registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. There were no significant changes in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), exactly as set forth below: CERTIFICATIONS I, [identify the certifying individual], certify that: 1. I have reviewed this report on Form N-Q of [identify registrant]; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and 5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. Date: [Signature] [Title] Filed herewith. <PAGE> SIGNATURES [See General Instruction F] Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Pioneer High Yield Fund By (Signature and Title)* /s/ Lisa M.Jones ----------------------- Lisa M.Jones, President and Chief Executive Officer Date March 31, 2015 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Lisa M.Jones ----------------------- Lisa M.Jones, President and Chief Executive Officer Date March 31, 2015 By (Signature and Title)* /s/ Mark E. Bradley ----------------- Mark E. Bradley, Treasurer and Chief Accounting and Financial Officer Date March 31, 2015 * Print the name and title of each signing officer under his or her signature.