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:  July 31, 2016

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 7/31/2016 (Unaudited)
	Principal Amount ($)	Floating Rate (b) (unaudited)			Value
			CONVERTIBLE CORPORATE BONDS - 11.3%
			Energy - 0.9%
			Oil & Gas Equipment & Services - 0.1%
	2,170,000		SEACOR Holdings, Inc., 3.0%, 11/15/28	$	1,704,806
			Oil & Gas Exploration & Production - 0.8%
	6,440,000		Cobalt International Energy, Inc., 2.625%, 12/1/19	$	2,877,875
	5,930,000		Whiting Petroleum Corp., 1.25%, 4/1/20		4,592,044
	1,437,060		Whiting Petroleum Corp., 6.25%, 4/1/23		1,278,983
				$	8,748,902
			Coal & Consumable Fuels - 0.0% †
	4,705,000		Alpha Natural Resources, Inc., 3.75%, 12/15/17 (e)	$	23,525
			Total Energy	$	10,477,233
			Materials - 0.1%
			Diversified Metals & Mining - 0.1%
	1,075,000		RTI International Metals, Inc., 1.625%, 10/15/19	$	1,186,531
			Total Materials	$	1,186,531
			Capital Goods - 1.4%
			Aerospace & Defense - 0.1%
	1,150,000		The KEYW Holding Corp., 2.5%, 7/15/19	$	1,078,125
			Construction & Engineering - 0.5%
	3,760,000		Dycom Industries, Inc., 0.75%, 9/15/21 (144A)	$	4,425,050
	1,100,000		Tutor Perini Corp., 2.875%, 6/15/21 (144A)		1,204,500
				$	5,629,550
			Electrical Components & Equipment - 0.8%
	10,874,000		General Cable Corp., 4.5%, 11/15/29 (Step)	$	7,299,172
	1,550,000		SolarCity Corp., 1.625%, 11/1/19		1,141,188
				$	8,440,360
			Total Capital Goods	$	15,148,035
			Consumer Durables & Apparel - 0.4%
			Homebuilding - 0.4%
	4,630,000		KB Home, 1.375%, 2/1/19	$	4,467,950
			Total Consumer Durables & Apparel	$	4,467,950
			Consumer Services - 0.4%
			Specialized Consumer Services - 0.4%
	2,710,000		Ascent Capital Group, Inc., 4.0%, 7/15/20	$	1,619,225
	2,195,000		Carriage Services, Inc., 2.75%, 3/15/21		2,627,141
				$	4,246,366
			Total Consumer Services	$	4,246,366
			Media - 0.2%
			Cable & Satellite - 0.2%
	1,575,000		Liberty Media Corp., 1.375%, 10/15/23	$	1,671,469
			Total Media	$	1,671,469
			Retailing - 0.4%
			Internet Retail - 0.4%
	4,455,000		Shutterfly, Inc., 0.25%, 5/15/18	$	4,638,769
			Total Retailing	$	4,638,769
			Health Care Equipment & Services - 1.6%
			Health Care Equipment - 1.1%
	3,985,000		Insulet Corp., 2.0%, 6/15/19	$	4,027,341
	3,620,000		NuVasive, Inc., 2.25%, 3/15/21 (144A)		4,420,925
	4,020,000		Wright Medical Group, Inc., 2.0%, 2/15/20		4,062,712
				$	12,510,978
			Health Care Supplies - 0.5%
	2,015,000		Endologix, Inc., 2.25%, 12/15/18	$	1,921,806
	1,390,000		Endologix, Inc., 3.25%, 11/1/20		1,979,012
	935,000		Quidel Corp., 3.25%, 12/15/20		949,609
				$	4,850,427
			Total Health Care Equipment & Services	$	17,361,405
			Pharmaceuticals, Biotechnology & Life Sciences - 3.1%
			Biotechnology - 1.7%
	1,920,000		BioMarin Pharmaceutical, Inc., 1.5%, 10/15/20	$	2,539,200
	4,430,000		Cepheid, 1.25%, 2/1/21		4,058,988
	2,815,000		Emergent BioSolutions, Inc., 2.875%, 1/15/21		3,516,991
	4,270,000		Ironwood Pharmaceuticals, Inc., 2.25%, 6/15/22		4,654,300
	4,538,000		PDL BioPharma, Inc., 4.0%, 2/1/18		4,330,954
				$	19,100,433
			Pharmaceuticals - 1.3%
	7,215,000		Innoviva, Inc., 2.125%, 1/15/23	$	6,182,353
	3,570,000		Jazz Investments I, Ltd., 1.875%, 8/15/21		3,900,225
	2,455,000		The Medicines Co., 2.5%, 1/15/22		3,223,722
	780,000		The Medicines Co., 2.75%, 7/15/23 (144A)		816,562
				$	14,122,862
			Life Sciences Tools & Services - 0.1%
	1,415,000		Albany Molecular Research, Inc., 2.25%, 11/15/18	$	1,518,472
			Total Pharmaceuticals, Biotechnology & Life Sciences	$	34,741,767
			Software & Services - 2.1%
			Internet Software & Services - 0.6%
	2,335,000		Twitter, Inc., 0.25%, 9/15/19	$	2,155,497
	3,290,000		WebMD Health Corp., 2.5%, 1/31/18		3,682,744
	615,000		WebMD Health Corp., 2.625%, 6/15/23 (144A)		621,150
				$	6,459,391
			Data Processing & Outsourced Services - 0.3%
	3,230,000		Cardtronics, Inc., 1.0%, 12/1/20	$	3,439,950
			Application Software - 1.1%
	1,840,000		Citrix Systems, Inc., 0.5%, 4/15/19	$	2,156,250
	5,130,000		Mentor Graphics Corp., 4.0%, 4/1/31		5,630,175
	1,700,000		Nuance Communications, Inc., 1.0%, 12/15/35 (144A)		1,526,812
	2,785,000		Synchronoss Technologies, Inc., 0.75%, 8/15/19		2,887,697
				$	12,200,934
			Systems Software - 0.1%
	595,000		FireEye, Inc., 1.0%, 6/1/35	$	552,978
	595,000		FireEye, Inc., 1.625%, 6/1/35		549,810
				$	1,102,788
			Total Software & Services	$	23,203,063
			Technology Hardware & Equipment - 0.3%
			Communications Equipment - 0.3%
	2,595,000		Brocade Communications Systems, Inc., 1.375%, 1/1/20	$	2,554,453
	1,300,000		Finisar Corp., 0.5%, 12/15/33		1,279,688
				$	3,834,141
			Total Technology Hardware & Equipment	$	3,834,141
			Semiconductors & Semiconductor Equipment - 0.4%
			Semiconductors - 0.4%
	4,885,000		ON Semiconductor Corp., 1.0%, 12/1/20	$	4,561,124
			Total Semiconductors & Semiconductor Equipment	$	4,561,124
			TOTAL CONVERTIBLE CORPORATE BONDS
			(Cost $132,841,280)	$	125,537,853
			PREFERRED STOCKS - 0.4%
			Transportation - 0.2%
			Air Freight & Logistics - 0.2%
	4,940		CEVA Group Plc, 12/31/14 (e) *	$	1,729,018
			Total Transportation	$	1,729,018
			Diversified Financials - 0.2%
			Consumer Finance - 0.2%
	97,845	6.41	GMAC Capital Trust I, Floating Rate Note, 2/15/40	$	2,487,220
			Total Diversified Financials	$	2,487,220
			TOTAL PREFERRED STOCKS
			(Cost $7,271,241)	$	4,216,238
			CONVERTIBLE PREFERRED STOCKS - 1.4%
			Energy - 0.0% †
			Oil & Gas Exploration & Production - 0.0% †
	715		Halcon Resources Corp., 5.75%, 12/31/49 (Perpetual)	$	30,745
			Total Energy	$	30,745
			Health Care Equipment & Services - 0.3%
			Health Care Supplies - 0.2%
	7,708		Alere, Inc., 3.0%, 12/31/49 (Perpetual)	$	2,505,100
			Health Care Services - 0.0% †
	742		BioScrip, Inc., (Perpetual) (c)	$	66,843
			Health Care Facilities - 0.1%
	1,725		Kindred Healthcare, Inc., 7.5%, 12/1/17	$	1,091,960
			Total Health Care Equipment & Services	$	3,663,903
			Pharmaceuticals, Biotechnology & Life Sciences - 0.3%
			Pharmaceuticals - 0.3%
	2,700		Allergan plc, 5.5%, 3/1/18	$	2,420,118
	1,000		Teva Pharmaceutical Industries, Ltd., 7.0%, 12/15/18		888,000
				$	3,308,118
			Total Pharmaceuticals, Biotechnology & Life Sciences	$	3,308,118
			Banks - 0.8%
			Diversified Banks - 0.8%
	920		Bank of America Corp., 7.25%, 12/31/49 (Perpetual)	$	1,109,520
	5,265		Wells Fargo & Co., 7.5% (Perpetual)		7,009,084
				$	8,118,604
			Total Banks	$	8,118,604
			TOTAL CONVERTIBLE PREFERRED STOCKS
			(Cost $14,065,824)	$	15,121,370
	Shares
			COMMON STOCKS - 5.5%
			Energy - 0.2%
			Oil & Gas Exploration & Production - 0.1%
	5,476,167		Ascent CNR Corp. Class A	$	65,714
	56,793		Whiting Petroleum Corp. *		418,564
				$	484,278
			Oil & Gas Refining & Marketing - 0.1%
	39,932		Marathon Petroleum Corp. *	$	1,572,921
			Total Energy	$	2,057,199
			Materials - 0.3%
			Commodity Chemicals - 0.3%
	48,776		LyondellBasell Industries NV	$	3,670,882
			Total Materials	$	3,670,882
			Capital Goods - 0.2%
			Aerospace & Defense - 0.1%
	12,090		Orbital ATK, Inc.	$	1,053,281
			Construction & Farm Machinery & Heavy Trucks - 0.1%
	399,108		Commercial Vehicle Group, Inc. *	$	1,652,307
			Industrial Machinery - 0.0% †
	73,714		Liberty Tire Recycling LLC (c)	$	737
			Total Capital Goods	$	2,706,325
			Commercial Services & Supplies - 0.0% †
			Diversified Support Services - 0.0% †
	53		IAP Worldwide Services, Inc.	$	71,570
			Total Commercial Services & Supplies	$	71,570
			Transportation - 0.3%
			Air Freight & Logistics - 0.1%
	2,282		CEVA Group Plc *	$	798,721
			Airlines - 0.2%
	60,954		United Continental Holdings, Inc. *	$	2,858,133
			Total Transportation	$	3,656,854
			Automobiles & Components - 0.7%
			Automobile Manufacturers - 0.7%
	585,100		Ford Motor Co.	$	7,407,366
			Total Automobiles & Components	$	7,407,366
			Consumer Services - 0.3%
			Restaurants - 0.3%
	58,543		Starbucks Corp.	$	3,398,421
			Education Services - 0.0% †
	13,966		Cengage Learning Holdings II, Inc.	$	339,842
			Total Consumer Services	$	3,738,263
			Health Care Equipment & Services - 0.6%
			Health Care Services - 0.1%
	255,259		BioScrip, Inc. *	$	653,463
			Managed Health Care - 0.5%
	29,704		Aetna, Inc.	$	3,422,198
	16,643		Cigna Corp.		2,146,281
				$	5,568,479
			Total Health Care Equipment & Services	$	6,221,942
			Pharmaceuticals, Biotechnology & Life Sciences - 0.7%
			Pharmaceuticals - 0.2%
	47,724		Mylan NV	$	2,233,006
			Life Sciences Tools & Services - 0.5%
	14,198		Bio-Rad Laboratories, Inc. *	$	2,059,988
	20,091		Thermo Fisher Scientific, Inc.		3,191,254
				$	5,251,242
			Total Pharmaceuticals, Biotechnology & Life Sciences	$	7,484,248
			Banks - 0.2%
			Diversified Banks - 0.2%
	29,608		JPMorgan Chase & Co.	$	1,894,024
			Total Banks	$	1,894,024
			Diversified Financials - 0.1%
			Consumer Finance - 0.1%
	24,013		Capital One Financial Corp.	$	1,610,792
			Total Diversified Financials	$	1,610,792
			Real Estate - 1.0%
			Diversified REIT - 0.8%
	357,469		Forest City Enterprises LP *	$	8,454,142
			Specialized REIT - 0.2%
	86,088		Communications Sales & Leasing, Inc.	$	2,675,615
			Total Real Estate	$	11,129,757
			Technology Hardware & Equipment - 0.8%
			Technology Hardware, Storage & Peripherals - 0.5%
	166,316		NCR Corp. *	$	5,483,439
			Electronic Manufacturing Services - 0.3%
	54,309		TE Connectivity, Ltd.	$	3,273,747
			Total Technology Hardware & Equipment	$	8,757,186
			Telecommunication Services - 0.1%
			Integrated Telecommunication Services - 0.1%
	87,633		Windstream Holdings, Inc.	$	815,863
			Total Telecommunication Services	$	815,863
			TOTAL COMMON STOCKS
			(Cost $45,167,073)	$	61,222,271
	Principal Amount ($)
			ASSET BACKED SECURITIES - 0.1%
			Banks - 0.1%
			Thrifts & Mortgage Finance - 0.1%
	999,619		VOLT XXV LLC, 4.5%, 6/26/45 (Step) (144A)	$	943,087
			Total Banks	$	943,087
			TOTAL ASSET BACKED SECURITIES
			(Cost $981,193)	$	943,087
			COLLATERALIZED MORTGAGE OBLIGATIONS - 2.1%
			Banks - 2.1%
			Thrifts & Mortgage Finance - 2.1%
	1,000,000	5.97	Banc of America Commercial Mortgage Trust 2007-5, Floating Rate Note, 2/10/51	$	935,269
	1,150,000	5.72	Bear Stearns Commercial Mortgage Securities Trust 2007-PWR16, Floating Rate Note, 6/11/40 (144A)		1,055,625
	1,475,000	5.08	CFCRE 2015-RUM Mortgage Trust, Floating Rate Note, 7/15/30 (144A)		1,432,372
	2,500,000	3.21	Citigroup Commercial Mortgage Trust 2014-GC23 REMICS, Floating Rate Note, 7/12/47 (144A)		1,552,136
	2,750,000	5.76	COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46		2,604,417
	1,200,000	5.76	COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46		973,086
	600,000	5.10	Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 8/15/38		486,484
	510,044		Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 (144A)		402,190
	2,513,900	5.00	GMAT 2013-1 Trust, Floating Rate Note, 8/25/53		2,393,468
	695,581		Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A)		688,625
	3,000,000	3.95	JPMBB Commercial Mortgage Securities Trust 2014-C25 REMICS, Floating Rate Note, 11/18/47 (144A)		2,306,631
	1,350,000	4.05	JPMorgan Chase Commercial Mortgage Securities Trust 2013-C13 REMICS, Floating Rate Note, 1/18/46 (144A)		1,231,432
	4,270,000	4.08	JPMorgan Chase Commercial Mortgage Securities Trust 2014-INN, Floating Rate Note, 6/15/29 (144A)		4,130,740
	2,171,000	5.08	PFP 2015-2, Ltd., Floating Rate Note, 7/14/34 (144A)		2,139,921
	400,000	5.58	Springleaf Mortgage Loan Trust 2013-1, Floating Rate Note, 6/25/58 (144A)		399,006
				$	22,731,402
			Total Banks	$	22,731,402
			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
			(Cost $23,605,135)	$	22,731,402
			CORPORATE BONDS - 65.4%
			Energy - 11.3%
			Oil & Gas Drilling - 0.3%
	780,000		Rowan Companies, Inc., 4.875%, 6/1/22	$	661,050
	3,604,000		Rowan Companies, Inc., 5.4%, 12/1/42		2,432,700
	375,000		Rowan Companies, Inc., 5.85%, 1/15/44		270,938
				$	3,364,688
			Oil & Gas Equipment & Services - 0.5%
	4,500,000		Archrock Partners LP, 6.0%, 10/1/22	$	4,050,000
	1,850,000		Archrock Partners LP, 6.0%, 4/1/21		1,706,625
				$	5,756,625
			Oil & Gas Exploration & Production - 5.7%
	2,360,000		Antero Resources Corp., 6.0%, 12/1/20	$	2,336,400
	5,200,000		California Resources Corp., 8.0%, 12/15/22 (144A)		3,329,040
	3,020,000		Carrizo Oil & Gas, Inc., 7.5%, 9/15/20		3,012,450
	3,756,000		Chesapeake Energy Corp., 8.0%, 12/15/22 (144A)		3,267,720
	488,000		Comstock Resources, Inc., 9.5%, 6/15/20		223,260
	3,675,000		Concho Resources, Inc., 5.5%, 4/1/23		3,629,062
	2,055,000		Continental Resources, Inc., 3.8%, 6/1/24		1,757,025
	3,310,000		Denbury Resources, Inc., 5.5%, 5/1/22		2,101,850
	5,205,000		EPL Oil & Gas, Inc., 8.25%, 2/15/18		754,725
	1,385,000		Extraction Oil & Gas Holdings LLC, 7.875%, 7/15/21 (144A)		1,385,000
	7,615,000		Gulfport Energy Corp., 7.75%, 11/1/20		7,805,375
	2,185,000		Halcon Resources Corp., 12.0%, 2/15/22 (144A)		1,966,500
	2,943,000		Hilcorp Energy I LP, 5.75%, 10/1/25 (144A)		2,781,135
	3,610,000		Memorial Resource Development Corp., 5.875%, 7/1/22		3,610,758
	2,190,000		Midstates Petroleum Co., Inc., 9.25%, 6/1/21 (e)		27,375
	2,240,000		Northern Oil and Gas, Inc., 8.0%, 6/1/20		1,573,600
	6,455,000		Oasis Petroleum, Inc., 6.875%, 3/15/22		5,631,988
	4,510,000		PDC Energy, Inc., 7.75%, 10/15/22		4,656,575
	2,688,000		QEP Resources, Inc., 5.375%, 10/1/22		2,567,040
	2,890,000		Range Resources Corp., 5.75%, 6/1/21		2,803,300
	1,200,000		Rice Energy Inc., 6.25%, 5/1/22		1,170,000
	1,475,000		Rice Energy, Inc., 7.25%, 5/1/23		1,478,688
	800,000		Sanchez Energy Corp., 6.125%, 1/15/23		538,000
	2,375,000		Sanchez Energy Corp., 7.75%, 6/15/21		1,816,875
	1,850,000		WPX Energy, Inc., 7.5%, 8/1/20		1,822,250
	670,000		WPX Energy, Inc., 8.25%, 8/1/23		657,015
				$	62,703,006
			Oil & Gas Refining & Marketing - 0.9%
	6,525,000		Calumet Specialty Products Partners LP, 6.5%, 4/15/21	$	4,779,562
	4,695,000		Tesoro Corp., 5.375%, 10/1/22		4,824,112
				$	9,603,674
			Oil & Gas Storage & Transportation - 3.8%
	3,150,000		Blue Racer Midstream LLC, 6.125%, 11/15/22 (144A)	$	2,961,000
	2,200,000		Crestwood Midstream Partners LP, 6.25%, 4/1/23		2,046,000
	685,000		EnLink Midstream Partners LP, 5.05%, 4/1/45		571,554
	1,973,000		EnLink Midstream Partners LP, 5.6%, 4/1/44		1,819,029
	3,655,000		Genesis Energy LP, 5.75%, 2/15/21		3,618,450
	3,375,000		Global Partners LP, 7.0%, 6/15/23		2,860,312
	1,555,000		Holly Energy Partners LP, 6.0%, 8/1/24 (144A)		1,574,438
	4,755,000		ONEOK, Inc., 7.5%, 9/1/23		5,206,725
	6,775,000		Sabine Pass Liquefaction LLC, 5.625%, 2/1/21		6,995,188
	1,800,000		Sabine Pass Liquefaction LLC, 5.75%, 5/15/24		1,845,000
	490,000		Targa Resources Partners LP, 4.125%, 11/15/19		488,162
	2,900,000		Targa Resources Partners LP, 4.25%, 11/15/23		2,689,750
	2,491,000		Targa Resources Partners LP, 5.25%, 5/1/23		2,434,952
	8,105,000		The Williams Companies, Inc., 5.75%, 6/24/44		7,436,338
				$	42,546,898
			Coal & Consumable Fuels - 0.1%
	1,875,000		SunCoke Energy Partners LP, 7.375%, 2/1/20	$	1,593,750
			Total Energy	$	125,568,641
			Materials - 5.0%
			Commodity Chemicals - 0.9%
	1,220,000		Hexion, Inc., 6.625%, 4/15/20	$	1,030,900
	1,567,000		Hexion, Inc., 8.875%, 2/1/18		1,398,548
	1,015,000		Hexion, Inc., 9.0%, 11/15/20		702,888
	1,450,000		Rain CII Carbon LLC, 8.0%, 12/1/18 (144A)		1,326,750
	2,420,000		Tronox Finance LLC, 6.375%, 8/15/20		1,960,200
	4,560,000		Tronox Finance LLC, 7.5%, 3/15/22 (144A)		3,619,500
				$	10,038,786
			Diversified Chemicals - 0.1%
	1,140,000		CVR Partners LP, 9.25%, 6/15/23 (144A)	$	1,165,650
			Metal & Glass Containers - 3.3%
	4,146,794		Ardagh Finance Holdings SA, 8.625%, (0.00% Cash, 8.625% PIK) 6/15/19 (144A) (PIK)	$	4,271,198
	3,350,000		Ardagh Packaging Finance Plc, 6.75%, 1/31/21 (144A)		3,446,480
	758,824		Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A)		762,618
	7,100,000		Ball Corp., 5.25%, 7/1/25		7,668,000
	13,120,000		Crown Cork & Seal Co., Inc., 7.375%, 12/15/26		14,596,000
	2,790,000		Reynolds Group Issuer, Inc., 7.0%, 7/15/24 (144A)		2,948,681
	2,565,000		Reynolds Group Issuer, Inc., 9.875%, 8/15/19		2,635,538
				$	36,328,515
			Diversified Metals & Mining - 0.5%
	3,285,000		IAMGOLD Corp., 6.75%, 10/1/20 (144A)	$	3,071,475
	1,345,000		Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A)		1,237,400
	400,000		Teck Resources, Ltd., 8.0%, 6/1/21 (144A)		427,000
	400,000		Teck Resources, Ltd., 8.5%, 6/1/24 (144A)		435,000
				$	5,170,875
			Paper Products - 0.2%
	2,845,000		Resolute Forest Products, Inc., 5.875%, 5/15/23	$	2,332,900
			Total Materials	$	55,036,726
			Capital Goods - 3.2%
			Aerospace & Defense - 0.3%
	3,880,000		DigitalGlobe, Inc., 5.25%, 2/1/21 (144A)	$	3,753,900
			Building Products - 0.2%
	2,000,000		Griffon Corp., 5.25%, 3/1/22	$	2,002,500
			Construction & Engineering - 0.8%
	3,210,000		AECOM, 5.875%, 10/15/24	$	3,442,725
	5,645,000		Amsted Industries, Inc., 5.0%, 3/15/22 (144A)		5,701,450
				$	9,144,175
			Industrial Conglomerates - 0.4%
	4,030,000		JB Poindexter & Co., Inc., 9.0%, 4/1/22 (144A)	$	4,347,362
			Industrial Machinery - 0.6%
	4,901,000		Apex Tool Group LLC, 7.0%, 2/1/21 (144A)	$	4,398,648
	1,635,521		Liberty Tire Recycling LLC, 11.0%, 3/31/21 (0.0% cash, 11.0% PIK) (144A) (PIK) (c)		1,210,286
	945,000		Xerium Technologies, Inc., 8.875%, 6/15/18		969,570
				$	6,578,504
			Trading Companies & Distributors - 0.9%
	5,200,000		Rexel SA, 5.25%, 6/15/20 (144A)	$	5,408,000
	2,000,000		United Rentals North America, Inc., 5.75%, 11/15/24		2,075,000
	2,330,000		WESCO Distribution, Inc., 5.375%, 12/15/21		2,394,075
				$	9,877,075
			Total Capital Goods	$	35,703,516
			Commercial Services & Supplies - 0.5%
			Environmental & Facilities Services - 0.2%
	2,110,000		Safway Group Holding LLC, 7.0%, 5/15/18 (144A)	$	2,149,562
			Diversified Support Services - 0.3%
	1,800,000		NANA Development Corp., 9.5%, 3/15/19 (144A)	$	1,593,000
	2,165,000		TMS International Corp., 7.625%, 10/15/21 (144A)		1,558,800
				$	3,151,800
			Total Commercial Services & Supplies	$	5,301,362
			Transportation - 1.2%
			Airlines - 0.4%
	1,920,000		Air Canada, 5.00%, 3/15/20 (144A)	$	1,867,200
	2,950,000		Intrepid Aviation Group Holdings LLC, 6.875%, 2/15/19 (144A)		2,662,375
				$	4,529,575
			Railroads - 0.4%
	4,250,000		Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A)	$	4,356,250
			Trucking - 0.4%
	3,147,000		Jack Cooper Holdings Corp., 9.25%, 6/1/20	$	2,265,840
	3,500,000		syncreon Group BV, 8.625%, 11/1/21 (144A)		2,590,000
				$	4,855,840
			Total Transportation	$	13,741,665
			Automobiles & Components - 0.8%
			Auto Parts & Equipment - 0.1%
	909,000		International Automotive Components Group SA, 9.125%, 6/1/18 (144A)	$	897,638
			Automobile Manufacturers - 0.7%
	3,380,000		Dana Financing Luxembourg Sarl, 6.5%, 6/1/26 (144A)	$	3,464,500
	4,135,000		TI Group Automotive Systems LLC, 8.75%, 7/15/23 (144A)		4,248,712
				$	7,713,212
			Total Automobiles & Components	$	8,610,850
			Consumer Durables & Apparel - 4.6%
			Homebuilding - 4.3%
	1,540,000		CalAtlantic Group, Inc., 5.375%, 10/1/22	$	1,597,750
	6,975,000		CalAtlantic Group, Inc., 6.25%, 12/15/21		7,567,875
	4,345,000		DR Horton, Inc., 5.75%, 8/15/23		4,844,675
	8,375,000		KB Home, 7.0%, 12/15/21		8,877,500
	4,150,000		Lennar Corp., 4.5%, 6/15/19		4,347,125
	7,930,000		Lennar Corp., 4.75%, 11/15/22		8,326,500
	3,660,000		Meritage Homes Corp., 7.0%, 4/1/22		4,016,850
	3,110,000		PulteGroup, Inc., 5.0%, 1/15/27		3,106,112
	1,500,000		Rialto Holdings LLC, 7.0%, 12/1/18 (144A)		1,530,900
	3,990,000		Taylor Morrison Communities, Inc., 5.875%, 4/15/23 (144A)		4,109,700
				$	48,324,987
			Textiles - 0.3%
	2,920,000		Springs Industries, Inc., 6.25%, 6/1/21	$	3,022,200
			Total Consumer Durables & Apparel	$	51,347,187
			Consumer Services - 2.3%
			Casinos & Gaming - 1.0%
	472,340		Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (1.0% cash, 5.50% PIK) (PIK) (e)	$	2,362
	11,660,000		Scientific Games International, Inc., 10.0%, 12/1/22		10,362,825
	700,000		Scientific Games International, Inc., 6.25%, 9/1/20		476,000
				$	10,841,187
			Hotels, Resorts & Cruise Lines - 0.8%
	1,480,000		NCL Corp, Ltd., 4.625%, 11/15/20 (144A)	$	1,494,800
	2,750,000		NCL Corp., Ltd., 5.25%, 11/15/19 (144A)		2,811,875
	1,680,000		Viking Cruises, Ltd., 6.25%, 5/15/25 (144A)		1,318,800
	4,290,000		Viking Cruises, Ltd., 8.5%, 10/15/22 (144A)		3,785,925
				$	9,411,400
			Specialized Consumer Services - 0.5%
	3,475,000		Constellis Holdings LLC, 9.75%, 5/15/20 (144A)	$	3,388,125
	2,160,000		Sotheby's, 5.25%, 10/1/22 (144A)		2,052,000
				$	5,440,125
			Total Consumer Services	$	25,692,712
			Media - 3.2%
			Advertising - 0.2%
	2,320,000		MDC Partners, Inc., 6.5%, 5/1/24 (144A)	$	2,244,600
			Broadcasting - 1.1%
	6,170,000		Gannett Co., Inc., 6.375%, 10/15/23	$	6,632,750
	2,220,000		Gray Television, Inc., 5.875%, 7/15/26 (144A)		2,282,160
	2,730,000		Nexstar Escrow Corp., 5.625%, 8/1/24 (144A)		2,774,362
				$	11,689,272
			Cable & Satellite - 1.5%
	3,370,000		DISH DBS Corp., 5.875%, 7/15/22	$	3,367,911
	1,670,000		Neptune Finco Corp., 6.625%, 10/15/25 (144A)		1,799,425
	2,245,000		Sirius XM Radio, Inc., 5.375%, 7/15/26 (144A)		2,288,508
	9,050,000		Videotron, Ltd., 5.375%, 6/15/24 (144A)		9,389,375
				$	16,845,219
			Movies & Entertainment - 0.3%
	2,895,000		Regal Entertainment Group, Inc., 5.75%, 2/1/25	$	2,931,188
			Publishing - 0.1%
	1,253,000		Trader Corp., 9.875%, 8/15/18 (144A)	$	1,282,759
			Total Media	$	34,993,038
			Retailing - 1.0%
			Department Stores - 0.2%
	2,710,000		Argos Merger Sub, Inc., 7.125%, 3/15/23 (144A)	$	2,831,950
			Computer & Electronics Retail - 0.1%
	1,340,000		Rent-A-Center, Inc., 6.625%, 11/15/20	$	1,252,900
			Specialty Stores - 0.4%
	4,010,000		Outerwall, Inc., 5.875%, 6/15/21	$	4,060,125
			Automotive Retail - 0.3%
	2,900,000		Asbury Automotive Group, Inc., 6.0%, 12/15/24	$	2,973,950
			Total Retailing	$	11,118,925
			Food & Staples Retailing - 0.0% †
			Food Retail - 0.0% †
	391,000		C&S Group Enterprises LLC, 5.375%, 7/15/22 (144A)	$	375,360
			Total Food & Staples Retailing	$	375,360
			Food, Beverage & Tobacco - 2.6%
			Distillers & Vintners - 0.4%
	3,900,000		Constellation Brands, Inc., 3.75%, 5/1/21	$	4,104,750
			Agricultural Products - 0.2%
	2,925,000		Southern States Cooperative, Inc., 10.0%, 8/15/21 (144A)	$	2,398,500
			Packaged Foods & Meats - 1.5%
	1,710,000		Dole Food Co., Inc., 7.25%, 5/1/19 (144A)	$	1,722,825
	2,425,000		Pilgrim's Pride Corp., 5.75%, 3/15/25 (144A)		2,455,312
	7,600,000		Post Holdings, Inc., 6.0%, 12/15/22 (144A)		8,018,000
	1,775,000		Post Holdings, Inc., 6.75%, 12/1/21 (144A)		1,894,812
	1,940,000		Post Holdings, Inc., 8.0%, 7/15/25 (144A)		2,226,150
				$	16,317,099
			Tobacco - 0.5%
	6,895,000		Alliance One International, Inc., 9.875%, 7/15/21	$	6,067,600
			Total Food, Beverage & Tobacco	$	28,887,949
			Household & Personal Products - 0.1%
			Personal Products - 0.1%
	1,245,000		Revlon Consumer Products Corp., 5.75%, 2/15/21	$	1,263,675
			Total Household & Personal Products	$	1,263,675
			Health Care Equipment & Services - 4.3%
			Health Care Services - 0.5%
	3,675,000		BioScrip, Inc., 8.875%, 2/15/21	$	3,390,188
	1,795,000		RegionalCare Hospital Partners Holdings, Inc., 8.25%, 5/1/23 (144A)		1,869,026
				$	5,259,214
			Health Care Facilities - 2.9%
	850,000		CHS, 6.875%, 2/1/22	$	731,000
	8,900,000		CHS, Inc., 8.0%, 11/15/19		8,555,125
	13,460,000		HCA, Inc., 5.375%, 2/1/25		14,006,880
	7,975,000		Kindred Healthcare Inc., 6.375%, 4/15/22		7,356,938
	1,265,000		Universal Hospital Services, Inc., 7.625%, 8/15/20		1,176,450
				$	31,826,393
			Managed Health Care - 0.9%
	2,000,000		Centene Corp., 5.625%, 2/15/21	$	2,112,500
	1,325,000		Centene Corp., 6.125%, 2/15/24		1,423,554
	6,765,000		WellCare Health Plans, Inc., 5.75%, 11/15/20		6,997,581
				$	10,533,635
			Total Health Care Equipment & Services	$	47,619,242
			Pharmaceuticals, Biotechnology & Life Sciences - 1.8%
			Pharmaceuticals - 1.8%
	2,690,000		DPx Holdings BV, 7.5%, 2/1/22 (144A)	$	2,858,125
	4,160,000		Endo Finance LLC, 5.75%, 1/15/22 (144A)		3,744,000
	3,725,000		Impax Laboratories, Inc., 2.0%, 6/15/22		3,420,016
	12,195,000		Valeant Pharmaceuticals International, Inc., 5.875%, 5/15/23 (144A)		10,152,338
				$	20,174,479
			Total Pharmaceuticals, Biotechnology & Life Sciences	$	20,174,479
			Banks - 2.5%
			Diversified Banks - 2.3%
	3,175,000	6.10	Bank of America Corp., Floating Rate Note, 12/31/49 (Perpetual)	$	3,319,558
	600,000	6.30	Bank of America Corp., Floating Rate Note, 12/31/49 (Perpetual)		653,812
	5,755,000	5.90	Citigroup, Inc., Floating Rate Note, 12/31/49 (Perpetual)		5,906,069
	3,225,000	6.25	Citigroup, Inc., Floating Rate Note, 12/31/49 (Perpetual)		3,474,938
	5,680,000	8.12	Credit Agricole SA, Floating Rate Note, 12/31/49 (Perpetual) (144A)		5,978,200
	6,000,000	8.00	Royal Bank of Scotland Group Plc, Floating Rate Note, 12/31/49 (Perpetual)		5,962,500
				$	25,295,077
			Thrifts & Mortgage Finance - 0.2%
	2,920,000		Provident Funding Associates LP, 6.75%, 6/15/21 (144A)	$	2,788,600
			Total Banks	$	28,083,677
			Diversified Financials - 3.8%
			Specialized Finance - 1.6%
	5,825,000		Fly Leasing, Ltd., 6.375%, 10/15/21	$	5,810,438
	1,310,000		Nationstar Mortgage LLC, 6.5%, 6/1/22		1,100,400
	7,220,000		Nationstar Mortgage LLC, 6.5%, 7/1/21		6,209,200
	1,820,000		Nationstar Mortgage LLC, 6.5%, 8/1/18		1,747,200
	3,100,000		Oxford Finance LLC, 7.25%, 1/15/18 (144A)		3,107,750
				$	17,974,988
			Consumer Finance - 1.8%
	1,870,000		Ally Financial, Inc., 4.625%, 3/30/25	$	1,916,750
	1,250,000		Ally Financial, Inc., 4.625%, 5/19/22		1,291,612
	8,157,000		Ally Financial, Inc., 5.75%, 11/20/25		8,493,476
	3,875,000	5.55	Capital One Financial Corp., Floating Rate Note, 12/31/49 (Perpetual)		3,930,219
	1,930,000		Navient Corp., 6.625%, 7/26/21		1,949,300
	3,265,000		TMX Finance LLC, 8.5%, 9/15/18 (144A)		2,563,025
				$	20,144,382
			Investment Banking & Brokerage - 0.4%
	4,325,000	5.55	Morgan Stanley, Floating Rate Note, 12/31/49 (Perpetual)	$	4,379,062
			Total Diversified Financials	$	42,498,432
			Insurance - 3.7%
			Reinsurance - 3.7%
	500,000	5.78	Alamo Re, Ltd., Floating Rate Note, 6/7/18 (Cat Bond) (144A)	$	514,400
	1,000,000		Arlington Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 8/31/16 (d) (f)		48,600
	1,200,000		Berwick 2016-1 Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 2/1/18 (d) (f)		1,235,760
	1,000,000		Berwick Segregated Account (KANE SAC Ltd.), Variable Rate Note, 1/22/16 (d) (f)		30,000
	250,000	0.00	Blue Halo Re, Ltd., Floating Rate Note, 6/21/19 (Cat Bond) (144A)		247,300
	3,600,000		Carnosutie 2016-N,Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 11/30/20 (d) (f)		3,726,720
	4,500,000		Carnoustie Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 2/19/16 (d) (f)		91,800
	1,100,000		Eden Re II, Ltd., 4/23/19 (144A) (d) (f)		1,140,700
	2,400,000		Gleneagles Segregated Account (KANE SAC Ltd), Variable Rate Notes, 11/30/20 (d) (f)		2,513,040
	4,500,000		Gullane Segregated Account (KANE SAC Ltd.), Variable Rate Note 11/30/20 (d) (f)		4,786,650
	1,000,000	6.87	Kilimanjaro Re, Ltd., Floating Rate Note, 12/6/19 (Cat Bond)  (144A)		1,015,900
	1,250,000	9.46	Kilimanjaro Re, Ltd., Floating Rate Note, 12/6/19 (Cat Bond) (144A)		1,281,875
	600,000		Kingsbarns Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 5/15/17 (d) (f)		563,640
	500,000		Lahinch Re, Variable Rate Notes, 5/10/21 (d) (f)		487,050
	2,600,000		Lorenz Re, Ltd., Variable Rate Notes, 3/31/18 (d) (f)		182,000
	2,600,000		Lorenz Re, Ltd., Variable Rate Notes, 3/31/19 (d) (f)		2,648,100
	1,000,000		Madison Re. Variable Rate Notes, 3/31/19 (d) (f)		1,017,700
	4,500,000		Pangaea Re, Series 2015-1, Principal at Risk Notes, 2/1/19 (d) (f)		176,400
	5,800,000		Pangaea Re, Series 2015-2, Principal at Risk Notes, 11/30/19 (d) (f)		605,520
	2,000,000		Pangaea Re, Series 2016-2, Principal at Risk Notes, 11/30/20 (d) (f)		2,034,600
	4,200,000		Pangaea Re., Variable Rate Notes, 2/1/20 (d) (f)		4,299,540
	5,120,000		Pangaea Re., Variable Rate Notes, 7/1/18 (d) (f)		92,160
	1,500,000		Prestwick Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 7/1/16 (d) (f)		112,350
	1,200,000	4.50	Resilience Re, Ltd., Floating Rate Note, 1/9/17 (Cat Bond)		1,200,000
	8,310		Sector Re V, Ltd., Variable Rate Notes, 12/1/19 (144A) (d) (f)		11,008
	1,550,000		Sector Re V, Ltd., Variable Rate Notes, 12/1/20 (144A) (d) (f)		1,615,875
	2,000,000		Silverton Re, Ltd., Variable Rate Notes, 9/16/16 (144A) (d) (f)		5,200
	2,700,000		Silverton Re, Ltd., Variable Rate Notes, 9/18/18 (144A) (d) (f)		2,865,780
	3,000,000		St. Andrews Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 1/22/16 (d) (f)		59,100
	2,450,000		St. Andrews Segregated Account (Kane SAC Ltd.), Variance Rate Notes, 2/1/18 (d) (f)		2,527,665
	4,000,000		Versutus 2016, Class A-1, Variable Rate Notes, 11/30/20 (d) (f)		4,006,000
	4,400,000		Versutus Ltd., Series 2015-A, Variable Rate Notes, 12/31/2017 (d) (f)		64,240
				$	41,206,673
			Total Insurance	$	41,206,673
			Real Estate - 0.5%
			Specialized REIT - 0.3%
	3,463,533		AAF Holdings LLC, 12.0%, 7/1/19 (144A) (12.0% cash, 0.0% PIK) (PIK)	$	3,550,121
			Real Estate Services - 0.2%
	1,480,000		Kennedy-Wilson, Inc., 5.875%, 4/1/24	$	1,494,800
			Total Real Estate	$	5,044,921
			Software & Services - 1.9%
			Internet Software & Services - 0.9%
	3,225,000		Cimpress NV, 7.0%, 4/1/22 (144A)	$	3,289,500
	6,085,000		j2 Cloud Services, Inc., 8.0%, 8/1/20		6,355,052
				$	9,644,552
			Data Processing & Outsourced Services - 0.8%
	2,750,000		First Data Corp., 5.0%, 1/15/24 (144A)	$	2,770,625
	3,500,000		First Data Corp., 5.75%, 1/15/24 (144A)		3,517,430
	1,830,000		First Data Corp., 7.0%, 12/1/23 (144A)		1,882,612
	1,603,000		NeuStar, Inc., 4.5%, 1/15/23		1,416,651
				$	9,587,318
			Application Software - 0.2%
	2,245,000		Open Text Corp., 5.875%, 6/1/26 (144A)	$	2,333,431
			Total Software & Services	$	21,565,301
			Technology Hardware & Equipment - 0.7%
			Communications Equipment - 0.2%
	1,890,000		CommScope Technologies Finance LLC, 6.0%, 6/15/25 (144A)	$	1,993,950
			IT Consulting & Other Services - 0.3%
	1,645,000		Diamond 1 Finance Corp., 5.875%, 6/15/21 (144A)	$	1,719,020
	1,505,000		Diamond 1 Finance Corp., 7.125%, 6/15/24 (144A)		1,619,339
				$	3,338,359
			Technology Hardware, Storage & Peripherals - 0.2%
	2,725,000		Diebold, Inc., 8.5%, 4/15/24 (144A)	$	2,728,406
			Total Technology Hardware & Equipment	$	8,060,715
			Semiconductors & Semiconductor Equipment - 0.8%
			Semiconductor Equipment - 0.4%
	4,250,000		Entegris, Inc., 6.0%, 4/1/22 (144A)	$	4,377,500
			Semiconductors - 0.4%
	2,355,000		Micron Technology, Inc., 5.25%, 8/1/23 (144A)	$	2,107,725
	2,350,000		Micron Technology, Inc., 5.875%, 2/15/22		2,267,750
				$	4,375,475
			Total Semiconductors & Semiconductor Equipment	$	8,752,975
			Telecommunication Services - 7.0%
			Integrated Telecommunication Services - 3.7%
	3,625,000		CenturyLink, Inc., 5.8%, 3/15/22	$	3,706,562
	3,300,000		CenturyLink, Inc., 6.45%, 6/15/21		3,522,750
	300,000		CenturyLink, Inc., 7.5%, 4/1/24		320,250
	7,115,000		Cincinnati Bell, Inc., 8.375%, 10/15/20		7,372,919
	9,401,000		Frontier Communications Corp., 8.5%, 4/15/20		10,115,476
	3,100,000		Frontier Communications Corp., 8.75%, 4/15/22		3,208,500
	530,000		Frontier Communications Corp., 8.875%, 9/15/20		569,586
	1,575,000		SFR Group SA, 6.0%, 5/15/22 (144A)		1,535,625
	5,040,000		Windstream Corp., 7.5%, 6/1/22		4,636,800
	2,975,000		Windstream Services LLC, 6.375%, 8/1/23		2,573,375
	3,460,000		Windstream Services LLC, 7.75%, 10/15/20		3,449,188
				$	41,011,031
			Wireless Telecommunication Services - 3.3%
	1,840,000		Altice Financing SA, 6.625%, 2/15/23 (144A)	$	1,843,459
	1,375,000		Altice US Finance I Corp., 5.375%, 7/15/23 (144A)		1,419,688
	1,055,000		Altice US Finance I Corp., 5.5%, 5/15/26 (144A)		1,091,925
	19,695,000		Sprint Corp., 7.25%, 9/15/21		18,377,994
	700,000		T-Mobile USA, Inc., 6.0%, 4/15/24		747,033
	860,000		T-Mobile USA, Inc., 6.5%, 1/15/26		931,380
	4,300,000		T-Mobile USA, Inc., 6.542%, 4/28/20		4,439,750
	1,635,000		T-Mobile USA, Inc., 6.633%, 4/28/21		1,718,794
	2,000,000		T-Mobile USA, Inc., 6.731%, 4/28/22		2,095,000
	3,350,000		WCP Issuer llc, 6.657%, 8/15/20 (144A)		3,461,086
				$	36,126,109
			Total Telecommunication Services	$	77,137,140
			Utilities - 2.6%
			Electric Utilities - 0.9%
	7,360,000		Talen Energy Supply LLC, 4.625%, 7/15/19 (144A)	$	6,973,600
	3,740,000		Talen Energy Supply LLC, 6.5%, 6/1/25		3,291,200
				$	10,264,800
			Gas Utilities - 0.9%
	1,065,000		DCP Midstream Operating LP, 2.7%, 4/1/19	$	1,027,725
	1,785,000		DCP Midstream Operating LP, 3.875%, 3/15/23		1,682,362
	2,375,000		DCP Midstream Operating LP, 5.6%, 4/1/44		2,161,250
	1,850,000		Ferrellgas LP, 6.5%, 5/1/21		1,683,500
	3,585,000		Ferrellgas LP, 6.75%, 1/15/22		3,244,425
				$	9,799,262
			Independent Power Producers & Energy Traders - 0.8%
	1,650,000		AES Corp. Virginia, 5.5%, 3/15/24	$	1,705,688
	350,000		NRG Energy, Inc., 6.25%, 7/15/22		351,750
	1,575,000		NRG Energy, Inc., 6.625%, 1/15/27 (144A)		1,557,281
	1,750,000		NRG Energy, Inc., 7.25%, 5/15/26 (144A)		1,795,938
	1,726,000		NRG Energy, Inc., 7.875%, 5/15/21		1,790,725
	1,235,000		TerraForm Power Operating LLC, 5.875%, 2/1/23 (144A)		1,239,631
				$	8,441,013
			Total Utilities	$	28,505,075
			TOTAL CORPORATE BONDS
			(Cost $727,748,240)	$	726,290,236
			U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 5.6%
	6,440,000		U.S. Treasury Bills, 8/18/16 (g)	$	6,439,453
	2,780,000		U.S. Treasury Bills, 8/25/16 (g)		2,779,675
	5,000,000	0.37	U.S. Treasury Note, Floating Rate Note, 10/31/16		5,000,600
	10,525,000	0.49	U.S. Treasury Note, Floating Rate Note, 10/31/17		10,536,356
	10,540,000	0.40	U.S. Treasury Note, Floating Rate Note, 7/31/17		10,541,834
	10,930,000	0.59	United States Treasury Floating Rate Note, Floating Rate Note, 1/31/18		10,954,549
	16,365,000	0.51	United States Treasury Floating Rate Note, Floating Rate Note, 4/30/18		16,383,002
			TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
			(Cost $62,606,769)	$	62,635,469
			SENIOR FLOATING RATE LOAN INTERESTS - 6.5%
			Energy - 0.3%
			Oil & Gas Drilling - 0.3%
	3,863,910	7.50	Jonah Energy LLC, Term Loan (Second Lien), 5/8/21	$	3,434,050
			Oil & Gas Exploration & Production - 0.0% †
	903,444	15.00	Ascent Resources – Utica LLC, Term Loan (Second Lien), 7/1/19	$	365,895
			Total Energy	$	3,799,945
			Materials - 0.5%
			Specialty Chemicals - 0.1%
	1,331,673	3.75	Axalta Coating Systems US Holdings, Inc., Refinanced Term B Loan, 2/1/20	$	1,337,291
			Diversified Metals & Mining - 0.1%
	1,049,501	4.25	Fortescue Metals Group Ltd., Bank Loan, 6/30/19	$	1,030,069
			Steel - 0.3%
	3,450,000	6.00	Zekelman Industries, Inc., Term Loan, 6/8/21	$	3,471,562
			Total Materials	$	5,838,922
			Capital Goods - 0.3%
			Building Products - 0.3%
	2,802,068	6.00	Builders FirstSource, Inc., Initial Term Loan, 7/24/22	$	2,816,429
			Total Capital Goods	$	2,816,429
			Commercial Services & Supplies - 0.3%
			Environmental & Facilities Services - 0.1%
	608,013	4.00	WCA Waste Corp., Term Loan, 3/23/18	$	608,139
			Diversified Support Services - 0.0% †
	415,638	4.65	IAP Worldwide Services, Inc., Term Loan, 7/18/19	$	378,230
			Security & Alarm Services - 0.2%
	2,673,469	4.25	Monitronics International, Inc., Term B Loan, 3/23/18	$	2,657,316
			Total Commercial Services & Supplies	$	3,643,685
			Automobiles & Components - 0.8%
			Auto Parts & Equipment - 0.8%
	7,312	3.50	Allison Transmission, Inc., Term B-3 Loan, 8/23/19	$	7,328
	1,925,797	4.50	TI Group Automotive Systems LLC, Initial US Term Loan, 6/25/22		1,934,223
	6,915,662	4.00	Tower Automotive Holdings USA LLC, Initial Term Loan (2014), 4/23/20		6,894,050
				$	8,835,601
			Total Automobiles & Components	$	8,835,601
			Media - 0.3%
			Advertising - 0.2%
	1,953,101	6.75	Affinion Group, Inc., Tranche B Term Loan, 4/30/18	$	1,861,956
			Broadcasting - 0.1%
	1,391,583	4.00	Univision Communications, Inc., Replacement First-Lien Term Loan (C-4), 3/1/20	$	1,392,888
			Movies & Entertainment - 0.0% †
	304,381	3.75	Cinedigm Digital Funding 1 LLC, Term Loan, 2/28/18	$	303,620
			Total Media	$	3,558,464
			Retailing - 0.6%
			Automotive Retail - 0.6%
	6,333,129	5.75	CWGS Group LLC, Term Loan, 2/20/20	$	6,348,962
			Total Retailing	$	6,348,962
			Household & Personal Products - 0.1%
			Personal Products - 0.1%
	1,250,000	3.50	Revlon Consumer Products Corp., Term Loan (First Lien), 7/22/23	$	1,250,156
			Total Household & Personal Products	$	1,250,156
			Health Care Equipment & Services - 1.4%
			Health Care Supplies - 0.2%
	2,355,719	5.00	Kinetic Concepts, Inc., Dollar Term F Loan, 11/30/20	$	2,363,080
			Health Care Services - 1.1%
	1,150,834	4.25	Alliance HealthCare Services, Inc., Initial Term Loan, 6/3/19	$	1,099,046
	715,416	6.50	Ardent Legacy Acquisitions, Inc., Term Loan, 7/31/21		718,099
	1,995,696	6.50	BioScrip, Inc., Initial Term B Loan, 7/31/20		1,910,879
	1,197,418	6.50	BioScrip, Inc., Term Loan, 7/31/20		1,146,527
	3,430,000	8.63	Concentra, Inc., Initial Term Loan (Second Lien), 4/8/23		3,362,429
	2,531,725	4.25	National Mentor Holdings, Inc., Tranche B Term Loan, 1/31/21		2,542,011
	1,342,000	4.50	National Surgical Hospitals, Inc., Term Loan (First Lien), 5/15/22		1,337,807
				$	12,116,798
			Health Care Facilities - 0.1%
	697,395	9.75	MMM Holdings, Inc., Term Loan, 10/9/17 (e)	$	578,838
			Managed Health Care - 0.0% †
	507,002	9.75	MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17 (e)	$	420,812
			Total Health Care Equipment & Services	$	15,479,528
			Pharmaceuticals, Biotechnology & Life Sciences - 0.3%
			Biotechnology - 0.3%
	3,570,575	7.00	Lantheus Medical Imaging, Inc., Initial Term Loan, 6/25/22	$	3,249,223
			Total Pharmaceuticals, Biotechnology & Life Sciences	$	3,249,223
			Insurance - 0.0% †
			Multi-line Insurance - 0.0% †
	365,988	4.50	Alliant Holdings Intermediate LLC, Initial Term Loan, 7/28/22	$	364,387
			Total Insurance	$	364,387
			Software & Services - 0.2%
			IT Consulting & Other Services - 0.2%
	1,960,000	5.75	Evergreen Skills Lux Sarl, Initial Term Loan (First Lien), 4/23/21	$	1,614,550
			Total Software & Services	$	1,614,550
			Semiconductors & Semiconductor Equipment - 0.4%
			Semiconductors - 0.4%
	4,450,000	5.25	ON Semiconductor Corp., Term Loan (First Lien), 3/31/23	$	4,505,625
			Total Semiconductors & Semiconductor Equipment	$	4,505,625
			Telecommunication Services - 0.9%
			Integrated Telecommunication Services - 0.9%
	5,000,000	0.00	Level 3 Financing, Inc., Tranche B-II 2022 Term Loan, 5/31/22	$	5,026,250
	5,100,408	3.65	Virgin Media Investment Holdings, Ltd., F Facility, 6/30/23		5,085,383
				$	10,111,633
			Total Telecommunication Services	$	10,111,633
			Utilities - 0.1%
			Electric Utilities - 0.1%
	222,010	5.00	Texas Competitive Electric Holding, Term Loan (First Lien), 7/27/23	$	223,051
	973,430	5.00	Texas Competitive Electric Holding, Term Loan (First Lien), 7/27/23		977,993
				$	1,201,044
			Total Utilities	$	1,201,044
			TOTAL SENIOR FLOATING RATE LOAN INTERESTS
			(Cost $73,337,924)	$	72,618,154
	Shares
			RIGHTS / WARRANTS - 0.0% †
			Health Care Equipment & Services - 0.0% †
			Health Care Services - 0.0% †
	2,136		BioScrip, Inc. 6/30/25	$	–
	2,136		BioScrip, Inc. 6/30/25		–
				$	–
			Total Health Care Equipment & Services	$	–
			TOTAL RIGHTS / WARRANTS
			(Cost $–)	$	–
			TOTAL INVESTMENT IN SECURITIES - 98.3%
			(Cost $1,087,624,678) (a)	$	1,091,316,080
			OTHER ASSETS & LIABILITIES - 1.7%	$	18,948,634
			TOTAL NET ASSETS - 100.0%	$	1,110,264,714
	†		Amount rounds to less than 0.1%.
	*		Non-income producing security.
	(Cat Bond)		Catastrophe or event-linked bond. At July 31, 2016, the value of these securities amounted to $4,259,475 or 0.4% of total net assets.
	(Perpetual)		Security with no stated maturity date.
	(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.
	(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 July 31, 2016, the value of these securities amounted to $278,524,249 or 25.1% of total net assets.
	**		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 U.S. banks, (iii) the certificate of deposit or (iv) other base lending rates used by commercial lenders. The rate shown is the coupon rate at period end.
	(a)		At July 31, 2016, the net unrealized depreciation on investments based on
			cost for federal income tax purposes of $1,093,155,190 was as follows:
			Aggregate gross unrealized appreciation for all investments in which
			there is an excess of value over tax cost	$	58,643,423
			Aggregate gross unrealized depreciation for all investments in which
			there is an excess of tax cost over value		(60,482,533)
			Net unrealized depreciation	$	(1,839,110)
	(b)		Debt obligation with a variable interest rate. Rate shown is rate at end of period.
	(c)		Security is valued using fair value methods (other than prices supplied by independent pricing services).
	(d)		Rate to be determined.
	(e)		Security is in default.
	(f)		Structured reinsurance investment. At July 31, 2016, the value of these securities amounted to $36,947,198 or 3.3% of total net assets.
	(g)		Security issued with a zero coupon. Income is earned through accretion of discount.
	CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION
	Notional Principal ($) (1)	Counterparty	Obligation Entity/Index		Coupon	Credit Rating (2)	Expiration Date	Premiums Received	Unrealized Appreciation
	27,629,015	Chicago Mercantile Exchange	Markit CDX North America High Yield Index		5.00%	B+	12/20/19	$        1,879,644	$                 6,921
	5,979,600	Chicago Mercantile Exchange	Markit CDX North America High Yield Index		5.00%	B+	12/20/20	138,129	141,418
								$      2,017,773	$            148,339
	(1)	The notional amount is the maximum amount that a seller of credit protection would be obligated to pay upon occurrence of a credit event.
	(2)	Based on Standard & Poor's rating of the issuer or the weighted average of all the underlying securities in the index.
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)
The following is a summary of the inputs used as of July 31, 2016, in valuing the Fund’s assets:

			Level 1	Level 2	Level 3	Total
		Convertible Corporate Bonds	$                      -	$       125,537,853	$                     -	$           125,537,853
		Preferred Stocks
		Transportation
		Air Freight & Logistics	-	1,729,018	-	1,729,018
		Diversified Financials
		Consumer Finance	2,487,220	-	-	2,487,220
		Convertible Preferred Stocks
		Energy
		Oil & Gas Exploration & Production	-	30,745	-	30,745
		Health Care Equipment & Services
		Health Care Services	-	-	66,843	66,843
		Health Care Facilities	-	1,091,960	-	1,091,960
		All Other Convertible Preferred Stocks	13,931,822	-	-	13,931,822
		Common Stock
		Capital Goods
		Industrial Machinery	-	-	737	737
		Commercial Services & Supplies
		Diversified Support Services	-	71,570	-	71,570
		Transportation
		Air Freight & Logistics	-	798,721	-	798,721
		Consumer Services
		Education Services	-	339,842	-	339,842
		All Other Common Stocks	60,011,401	-	-	60,011,401
		Asset Backed Securities	-	943,087	-	943,087
		Collateralized Mortgage Obligations	-	22,731,402	-	22,731,402
		Corporate Bonds
		Capital Goods
		Industrial Machinery	-	-	1,210,286	1,210,286
		Insurance
		Reinsurance	-	3,059,475	38,147,198	41,206,673
		All Other Corporate Bonds	-	683,873,277	-	683,873,277
		U.S. Government Agency Obligations	-	62,635,469	-	62,635,469
		Senior Floating Rate Loan Interests	-	72,618,154	-	72,618,154
		Total	$     76,430,443	$    975,460,573	$    39,425,064	$     1,091,316,080
		Other Financial Instruments
		Unrealized depreciation on futures contracts	$          (837,670)	$                     -	$                   -	$               (837,670)
		Unrealized appreciation on swap contracts	-	148,339	-	148,339
		Total Other Financial Instruments	$                   -	$           148,339	$                   -	$               148,339
The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):
			Convertible Preferred Stocks	Preferred Stocks	Common Stocks	Corporate Bonds	Total
		Balance as of 10/31/15	$             58,827	$               83,750	$                 737	$            57,024,299	$       57,167,613
		Realized gain (loss)1	-	(83,750)	-	14,701	(69,049)
		Change in unrealized appreciation (depreciation)2	8,016	-	-	(31,395,725)	(31,387,709)
		Purchases	-	-	-	34,615,029	34,615,029
		Sales	-	-	-	(20,900,820)	(20,900,820)
		Transfers in to Level 3*	-	-	-	-	-
		Transfers out of Level 3*	-	-	-	-	-
		Balance as of 7/31/16	$            66,843	$                       -	$                737	$          39,357,484	$    39,425,064
	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 July 31, 2016, there were
		no transfers between Levels 1, 2 and 3.
		Net change in unrealized appreciation (depreciation) of investments
		still held as of 7/31/16	$      (27,460,274)

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 September 28, 2016 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 September 28, 2016 By (Signature and Title)* /s/ Mark E. Bradley ----------------- Mark E. Bradley, Treasurer and Chief Accounting and Financial Officer Date September 28, 2016 * Print the name and title of each signing officer under his or her signature.