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, 2017

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 1/31/17 (unaudited)
	Principal Amount ($)	Floating Rate (b)				Value
				CONVERTIBLE CORPORATE BONDS - 9.6%
				Energy -1.0%
				Oil & Gas Equipment & Services - 0.2%
	2,170,000			SEACOR Holdings, Inc., 3.0%, 11/15/28	$	1,943,506
				Oil & Gas Exploration & Production - 0.8%
	2,710,000			Ascent Capital Group, Inc., 4.0%, 7/15/20	$	2,059,600
	1,335,000			Chesapeake Energy Corp., 5.5%, 9/15/26 (144A)		1,422,609
	5,930,000			Whiting Petroleum Corp., 1.25%, 4/1/20		5,266,581
					$	8,748,790
				Coal & Consumable Fuels - 0.0% †
	4,705,000			Alpha Natural Resources, Inc., 3.75%, 12/15/17 (e)	$	61,165
				Total Energy	$	10,753,461
				Materials - 0.1%
				Diversified Metals & Mining - 0.1%
	1,075,000			RTI International Metals, Inc., 1.625%, 10/15/19	$	1,173,094
				Total Materials	$	1,173,094
				Capital Goods - 1.1%
				Aerospace & Defense - 0.1%
	1,150,000			The KEYW Holding Corp., 2.5%, 7/15/19	$	1,114,062
				Construction & Engineering - 0.5%
	4,410,000			Dycom Industries, Inc., 0.75%, 9/15/21	$	4,795,875
	476,000			Tutor Perini Corp., 2.875%, 6/15/21 (144A)		567,035
					$	5,362,910
				Electrical Components & Equipment - 0.5%
	6,619,000			General Cable Corp., 4.5%, 11/15/29 (Step)	$	5,502,044
				Total Capital Goods	$	11,979,016
				Transportation - 0.1%
				Transportation Logistics- 0.1%
	1,250,000			Macquarie Infrastructure Corporation, 2.0%, 10/1/23	$	1,226,562
				Total Transportation	$	1,226,562
				Consumer Durables & Apparel - 0.4%
				Homebuilding - 0.4%
	4,630,000			KB Home, 1.375%, 2/1/19	$	4,537,400
				Total Consumer Durables & Apparel	$	4,537,400
				Consumer Services - 0.1%
				Specialized Consumer Services - 0.1%
	724,000			Carriage Services, Inc., 2.75%, 3/15/21	$	908,620
					$	908,620
				Total Consumer Services	$	908,620
				Media - 0.3%
				Cable & Satellite - 0.3%
	2,730,000			DISH Network Corp., 3.375%, 8/15/26 (144A)	$	3,188,981
				Total Media	$	3,188,981
				Retailing - 0.6%
				Internet Retail - 0.6%
	1,320,000			Ctrip.com International, Ltd., 1.25%, 9/15/22 (144A)	$	1,300,200
	4,455,000			Shutterfly, Inc., 0.25%, 5/15/18		4,538,531
					$	5,838,731
				Total Retailing	$	5,838,731
				Health Care Equipment & Services - 1.5%
				Health Care Equipment - 1.1%
	3,170,000			Insulet Corp., 1.25%, 9/15/21 (144A)	$	3,124,431
	3,120,000			NuVasive, Inc., 2.25%, 3/15/21 (144A)		4,106,700
	4,540,000			Wright Medical Group, Inc., 2.0%, 2/15/20		4,928,738
					$	12,159,869
				Health Care Supplies - 0.4%
	2,015,000			Endologix, Inc., 2.25%, 12/15/18	$	1,817,278
	1,390,000			Endologix, Inc., 3.25%, 11/1/20		1,323,975
	935,000			Quidel Corp., 3.25%, 12/15/20		904,612
					$	4,045,865
				Total Health Care Equipment & Services	$	16,205,734
				Pharmaceuticals, Biotechnology & Life Sciences - 2.0%
				Biotechnology - 0.7%
	1,920,000			BioMarin Pharmaceutical, Inc., 1.5%, 10/15/20	$	2,313,600
	2,815,000			Emergent BioSolutions, Inc., 2.875%, 1/15/21		3,443,097
	1,550,000			Ironwood Pharmaceuticals, Inc., 2.25%, 6/15/22		1,722,438
					$	7,479,135
				Pharmaceuticals - 1.1%
	4,835,000			Innoviva, Inc., 2.125%, 1/15/23	$	4,085,575
	3,570,000			Jazz Investments I, Ltd., 1.875%, 8/15/21		3,585,619
	2,455,000			The Medicines Co., 2.5%, 1/15/22		3,074,888
	955,000			The Medicines Co., 2.75%, 7/15/23 (144A)		959,178
					$	11,705,260
				Life Sciences Tools & Services - 0.2%
	1,415,000			Albany Molecular Research, Inc., 2.25%, 11/15/18	$	1,822,697
				Total Pharmaceuticals, Biotechnology & Life Sciences	$	21,007,092
				Software & Services - 1.7%
				Internet Software & Services - 0.5%
	3,290,000			WebMD Health Corp., 2.5%, 1/31/18	$	3,376,362
	615,000			WebMD Health Corp., 2.625%, 6/15/23 (144A)		579,638
	1,530,000			Zillow Group, Inc., 2.0%, 12/1/21 (144A)		1,538,606
					$	5,494,606
				Data Processing & Outsourced Services - 0.3%
	2,690,000			Cardtronics, Inc., 1.0%, 12/1/20	$	3,174,200
				Application Software - 0.7%
	1,840,000			Citrix Systems, Inc., 0.5%, 4/15/19	$	2,127,500
	1,700,000			Nuance Communications, Inc., 1.0%, 12/15/35		1,579,938
	2,785,000			Synchronoss Technologies, Inc., 0.75%, 8/15/19		2,905,103
					$	6,612,541
				Systems Software - 0.2%
	595,000			FireEye, Inc., 1.0%, 6/1/35	$	546,656
	595,000			FireEye, Inc., 1.625%, 6/1/35		529,922
	905,000			Nice Systems, Inc., 1.25%, 1/15/24 (144A)		964,956
					$	2,041,534
				Total Software & Services	$	17,322,881
				Technology Hardware & Equipment - 0.1%
				Communications Equipment - 0.1%
	1,040,000			Finisar Corp., 0.5%, 12/15/33	$	1,212,900
				Total Technology Hardware & Equipment	$	1,212,900
				Semiconductors & Semiconductor Equipment - 0.6%
				Semiconductor Equipment - 0.1%
	471,000			Teradyne, Inc., 1.25%, 12/15/23 (144A)	$	531,641
				Semiconductors - 0.5%
	4,885,000			ON Semiconductor Corp., 1.0%, 12/1/20	$	5,138,409
				Total Semiconductors & Semiconductor Equipment	$	5,670,050
				TOTAL CONVERTIBLE CORPORATE BONDS
				(Cost $101,106,501)	$	101,024,522
				PREFERRED STOCKS - 0.3%
				Transportation - 0.1%
				Air Freight & Logistics - 0.1%
	4,940			CEVA Group Plc, 12/31/14 (d) *	$	988,010
				Total Transportation	$	988,010
				Diversified Financials - 0.2%
				Consumer Finance - 0.2%
	97,845	6.41		GMAC Capital Trust I, Floating Rate Note, 2/15/40	$	2,514,616
				Total Diversified Financials	$	2,514,616
				TOTAL PREFERRED STOCKS
				(Cost $7,271,241)	$	3,502,626
				CONVERTIBLE PREFERRED STOCKS - 1.3%
				Health Care Equipment & Services - 0.3%
				Health Care Supplies - 0.2%
	7,708			Alere, Inc., 3.0%, (Perpetual)	$	2,466,483
				Health Care Services - 0.0% †
	742			BioScrip, Inc., (Perpetual) (c) (d)	$	49,928
				Health Care Facilities - 0.1%
	1,725			Kindred Healthcare, Inc., 7.5%, 12/1/17	$	652,774
				Total Health Care Equipment & Services	$	3,169,185
				Pharmaceuticals, Biotechnology & Life Sciences - 0.3%
				Pharmaceuticals - 0.3%
	2,700			Allergan Plc, 5.5%, 3/1/18	$	2,137,023
	1,000			Teva Pharmaceutical Industries, Ltd., 7.0%, 12/15/18		616,600
					$	2,753,623
				Total Pharmaceuticals, Biotechnology & Life Sciences	$	2,753,623
				Banks - 0.7%
				Diversified Banks - 0.7%
	920			Bank of America Corp., 7.25%, (Perpetual)	$	1,096,870
	5,265			Wells Fargo & Co., 7.5% (Perpetual)		6,323,528
					$	7,420,398
				Total Banks	$	7,420,398
				TOTAL CONVERTIBLE PREFERRED STOCKS
				(Cost $13,325,799)	$	13,343,206
	Shares
				COMMON STOCKS - 4.7%
				Energy - 0.3%
				Oil & Gas Exploration & Production - 0.1%
	6,967,063			Ascent CNR Corp. Class A	$	905,718
	996			Midstates Petroleum Co, Inc.		20,089
					$	925,807
				Oil & Gas Refining & Marketing - 0.2%
	38,625			Marathon Petroleum Corp. *	$	1,855,931
				Total Energy	$	2,781,738
				Materials - 0.3%
				Commodity Chemicals - 0.3%
	30,554			LyondellBasell Industries NV	$	2,849,772
				Total Materials	$	2,849,772
				Capital Goods - 0.2%
				Aerospace & Defense - 0.1%
	9,355			Orbital ATK, Inc.	$	813,417
				Construction & Farm Machinery & Heavy Trucks - 0.1%
	159,592			Commercial Vehicle Group, Inc. *	$	951,168
				Industrial Machinery - 0.0% †
	73,714			Liberty Tire Recycling LLC (c)	$	737
				Total Capital Goods	$	1,765,322
				Commercial Services & Supplies - 0.0% †
				Diversified Support Services - 0.0% †
	53			IAP Worldwide Services, Inc.	$	71,570
				Total Commercial Services & Supplies	$	71,570
				Transportation - 0.2%
				Air Freight & Logistics - 0.0% †
	2,282			CEVA Group Plc *	$	285,258
				Airlines - 0.2%
	33,187			United Continental Holdings, Inc. *	$	2,338,688
				Total Transportation	$	2,623,946
				Automobiles & Components - 0.6%
				Automobile Manufacturers - 0.6%
	509,002			Ford Motor Co.	$	6,291,265
				Total Automobiles & Components	$	6,291,265
				Consumer Services - 0.3%
				Restaurants - 0.3%
	58,543			Starbucks Corp.	$	3,232,744
				Education Services - 0.0% †
	13,966			Cengage Learning Holdings II, Inc.	$	174,575
				Total Consumer Services	$	3,407,319
				Health Care Equipment & Services - 0.6%
				Health Care Services - 0.0% †
	255,259			BioScrip, Inc. *	$	349,705
				Managed Health Care - 0.6%
	29,704			Aetna, Inc.	$	3,523,191
	16,643			Cigna Corp.		2,433,539
					$	5,956,730
				Total Health Care Equipment & Services	$	6,306,435
				Pharmaceuticals, Biotechnology & Life Sciences - 0.4%
				Pharmaceuticals - 0.1%
	47,724			Mylan NV	$	1,815,898
				Life Sciences Tools & Services - 0.3%
	19,191			Thermo Fisher Scientific, Inc.	$	2,924,516
				Total Pharmaceuticals, Biotechnology & Life Sciences	$	4,740,414
				Banks - 0.2%
				Diversified Banks - 0.2%
	24,263			JPMorgan Chase & Co.	$	2,053,378
				Total Banks	$	2,053,378
				Diversified Financials - 0.2%
				Consumer Finance - 0.2%
	24,013			Capital One Financial Corp.	$	2,098,496
				Total Diversified Financials	$	2,098,496
				Technology Hardware & Equipment - 0.5%
				Technology Hardware, Storage & Peripherals - 0.4%
	87,441			NCR Corp. *	$	3,761,712
				Electronic Manufacturing Services - 0.1%
	14,675			TE Connectivity, Ltd.	$	1,091,086
				Total Technology Hardware & Equipment	$	4,852,798
				Telecommunication Services - 0.0% †
				Integrated Telecommunication Services - 0.0% †
	21,426			Windstream Holdings, Inc.	$	173,122
				Total Telecommunication Services	$	173,122
				Real Estate - 0.9%
				Diversified REIT - 0.7%
	328,999			Forest City Enterprises LP *	$	7,448,537
				Specialized REIT - 0.2%
	76,215			Communications Sales & Leasing, Inc.	$	2,002,930
				Total Real Estate	$	9,451,467
				TOTAL COMMON STOCKS
				(Cost $33,051,231)	$	49,467,042
	Principal Amount ($)
				ASSET BACKED SECURITIES - 0.2%
				Banks - 0.2%
				Thrifts & Mortgage Finance - 0.2%
	750,000			InSite Issuer LLC Class C Series 16-1A, 7.5%, 11/15/46	$	748,195
	999,013			VOLT XXV LLC, 4.5%, 6/26/45 (Step) (144A)		967,577
					$	1,715,772
				Total Banks	$	1,715,772
				TOTAL ASSET BACKED SECURITIES
				(Cost $1,731,195)	$	1,715,772
				COLLATERALIZED MORTGAGE OBLIGATIONS - 2.3%
				Banks - 2.3%
				Thrifts & Mortgage Finance - 2.3%
	1,150,000	5.71		Bear Stearns Commercial Mortgage Securities Trust 2007-PWR16, Floating Rate Note, 6/11/40 (144A)	$	1,063,636
	1,475,000	5.37		CFCRE 2015-RUM Mortgage Trust, Floating Rate Note, 7/15/30 (144A)		1,440,135
	2,500,000	3.21		Citigroup Commercial Mortgage Trust 2014-GC23 REMICS, Floating Rate Note, 7/12/47 (144A)		1,612,594
	2,750,000	5.76		COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46		2,660,267
	1,200,000	5.76		COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46		1,051,500
	1,300,000	4.77		COMM 2014-FL5 Mortgage Trust REMICS, Floating Rate Note, 10/15/31 (144A)		1,199,172
	600,000	5.10		Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 8/15/38		487,795
	917,448	5.52		EQTY 2014-MZ Mezzanine Trust, Floating Rate Note, 5/10/19 (144A)		881,057
	432,231			Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 (144A)		337,770
	2,513,900	5.00		GMAT 2013-1 Trust, Floating Rate Note, 8/25/53		2,404,271
	509,151			Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A)		505,332
	3,000,000	3.95		JPMBB Commercial Mortgage Securities Trust 2014-C25 REMICS, Floating Rate Note, 11/18/47 (144A)		2,378,003
	1,000,000			JPMCC Re-REMIC Trust 2014-FRR1, 4.234284%, 4/27/44 (144A)		967,430
	1,350,000	4.05		JPMorgan Chase Commercial Mortgage Securities Trust 2013-C13 REMICS, Floating Rate Note, 1/18/46 (144A)		1,252,002
	4,270,000	4.37		JPMorgan Chase Commercial Mortgage Securities Trust 2014-INN, Floating Rate Note, 6/15/29 (144A)		4,264,647
	2,171,000	5.37		PFP 2015-2, Ltd., Floating Rate Note, 7/14/34 (144A)		2,102,494
					$	24,608,105
				Total Banks	$	24,608,105
				TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
				(Cost $24,996,481)	$	24,608,105
				CORPORATE BONDS - 67.2%
				Energy - 13.3%
				Oil & Gas Drilling - 0.5%
	780,000			Rowan Companies, Inc., 4.875%, 6/1/22	$	741,975
	3,604,000			Rowan Companies, Inc., 5.4%, 12/1/42		2,919,240
	375,000			Rowan Companies, Inc., 5.85%, 1/15/44		309,375
	1,320,000			Trinidad Drilling, Ltd., 6.625%, 2/15/25 (144A)		1,349,700
					$	5,320,290
				Oil & Gas Equipment & Services - 0.6%
	4,500,000			Archrock Partners LP, 6.0%, 10/1/22	$	4,410,000
	1,955,000			Archrock Partners LP, 6.0%, 4/1/21		1,935,450
					$	6,345,450
				Oil & Gas Exploration & Production - 6.7%
	3,631,000			Antero Resources Corp., 5.0%, 3/1/25 (144A)	$	3,549,302
	3,370,000			California Resources Corp., 8.0%, 12/15/22 (144A)		2,999,300
	3,020,000			Carrizo Oil & Gas, Inc., 7.5%, 9/15/20		3,133,250
	3,756,000			Chesapeake Energy Corp., 8.0%, 12/15/22 (144A)		4,009,530
	3,660,000			Cobalt International Energy, Inc., 10.75%, 12/1/21 (144A)		3,458,700
	1,544,000			Cobalt International Energy, Inc., 7.75%, 12/1/23 (144A)		818,320
	2,050,000			Concho Resources, Inc., 4.375%, 1/15/25		2,096,125
	3,675,000			Concho Resources, Inc., 5.5%, 4/1/23		3,812,812
	375,000			Denbury Resources, Inc., 4.625%, 7/15/23		299,531
	3,310,000			Denbury Resources, Inc., 5.5%, 5/1/22		2,838,325
	2,240,000			Great Western Petroleum LLC, 9.0%, 9/30/21 (144A)		2,374,400
	3,185,000			Gulfport Energy Corp., 6.0%, 10/15/24		3,244,719
	3,100,000			Gulfport Energy Corp., 6.375%, 5/15/25 (144A)		3,177,500
	2,185,000			Halcon Resources Corp., 12.0%, 2/15/22 (144A)		2,469,050
	2,623,000			Hilcorp Energy I LP, 5.75%, 10/1/25 (144A)		2,645,951
	1,025,000			MEG Energy Corp., 6.5%, 1/15/25 (144A)		1,035,250
	2,335,000			MEG Energy Corp., 7.0%, 3/31/24 (144A)		2,194,900
	870,000			Murphy Oil Corp., 6.875%, 8/15/24		933,075
	705,000			Newfield Exploration Co., 5.625%, 7/1/24		742,012
	5,020,000			Oasis Petroleum, Inc., 6.875%, 3/15/22		5,145,500
	2,888,000			Parsley Energy LLC, 6.25%, 6/1/24 (144A)		3,104,600
	3,510,000			PDC Energy, Inc., 7.75%, 10/15/22		3,724,988
	2,635,000			Rice Energy Inc., 6.25%, 5/1/22		2,733,812
	1,475,000			Rice Energy, Inc., 7.25%, 5/1/23		1,581,938
	800,000			Sanchez Energy Corp., 6.125%, 1/15/23		768,000
	2,375,000			Sanchez Energy Corp., 7.75%, 6/15/21		2,422,500
	235,000			SM Energy Co., 6.5%, 1/1/23		242,050
	475,000			SM Energy Co., 6.75%, 9/15/26		494,000
	354,000			SM Energy Company, 6.125%, 11/15/22		365,505
	1,000,000			WPX Energy, Inc., 6.0%, 1/15/22		1,040,000
	1,812,000			WPX Energy, Inc., 7.5%, 8/1/20		1,966,020
	670,000			WPX Energy, Inc., 8.25%, 8/1/23		762,125
					$	70,183,090
				Oil & Gas Refining & Marketing - 1.3%
	6,525,000			Calumet Specialty Products Partners LP, 6.5%, 4/15/21	$	5,644,125
	685,000			EnLink Midstream Partners LP, 5.05%, 4/1/45		629,849
	1,973,000			EnLink Midstream Partners LP, 5.6%, 4/1/44		1,939,765
	680,000			PBF Holding Co LLC, 7.0%, 11/15/23		691,900
	4,695,000			Tesoro Corp., 5.375%, 10/1/22		4,865,194
					$	13,770,833
				Oil & Gas Storage & Transportation - 4.0%
	3,150,000			Blue Racer Midstream LLC, 6.125%, 11/15/22 (144A)	$	3,228,750
	2,200,000			Crestwood Midstream Partners LP, 6.25%, 4/1/23		2,271,500
	1,414,000			Energy Transfer Equity LP, 5.875%, 1/15/24		1,509,445
	3,618,000			Genesis Energy LP, 5.75%, 2/15/21		3,712,972
	3,375,000			Global Partners LP, 7.0%, 6/15/23		3,315,938
	1,555,000			Holly Energy Partners LP, 6.0%, 8/1/24 (144A)		1,628,862
	4,755,000			ONEOK, Inc., 7.5%, 9/1/23		5,527,688
	6,775,000			Sabine Pass Liquefaction LLC, 5.625%, 2/1/21		7,317,000
	1,800,000			Sabine Pass Liquefaction LLC, 5.75%, 5/15/24		1,959,750
	490,000			Targa Resources Partners LP, 4.125%, 11/15/19		497,350
	2,900,000			Targa Resources Partners LP, 4.25%, 11/15/23		2,856,500
	2,491,000			Targa Resources Partners LP, 5.25%, 5/1/23		2,553,275
	6,167,000			The Williams Companies, Inc., 5.75%, 6/24/44		6,244,088
					$	42,623,118
				Coal & Consumable Fuels - 0.2%
	1,875,000			SunCoke Energy Partners LP, 7.375%, 2/1/20	$	1,870,312
				Total Energy	$	140,113,093
				Materials - 4.3%
				Commodity Chemicals - 0.6%
	1,220,000			Hexion, Inc., 6.625%, 4/15/20	$	1,137,650
	1,567,000			Hexion, Inc., 8.875%, 2/1/18		1,570,918
	1,400,000			Rain CII Carbon LLC, 8.0%, 12/1/18 (144A)		1,396,500
	2,420,000			Tronox Finance LLC, 6.375%, 8/15/20		2,326,225
					$	6,431,293
				Diversified Chemicals - 0.1%
	1,140,000			CVR Partners LP, 9.25%, 6/15/23 (144A)	$	1,214,100
				Metal & Glass Containers - 2.9%
EURO	950,000			ARD Finance SA, 6.625%, 9/15/23 (144A) (PIK)	$	1,036,123
	950,000			ARD Finance SA, 7.125%, 9/15/23 (144A) (PIK)		965,438
	3,350,000			Ardagh Packaging Finance Plc, 6.75%, 1/31/21 (144A)		3,463,062
	7,064,000			Ball Corp., 5.25%, 7/1/25		7,426,030
	13,120,000			Crown Cork & Seal Co., Inc., 7.375%, 12/15/26		14,825,600
	2,790,000			Reynolds Group Issuer, Inc., 7.0%, 7/15/24 (144A)		2,972,745
					$	30,688,998
				Diversified Metals & Mining - 0.3%
	975,000			Hudbay Minerals, Inc., 7.625%, 1/15/25 (144A)	$	1,043,250
	1,307,000			Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A)		1,300,465
	400,000			Teck Resources, Ltd., 8.0%, 6/1/21 (144A)		441,000
	400,000			Teck Resources, Ltd., 8.5%, 6/1/24 (144A)		465,500
					$	3,250,215
				Copper - 0.2%
	2,475,000			Freeport-McMoRan, Inc., 3.55%, 3/1/22	$	2,314,125
				Paper Products - 0.2%
	1,525,000			Resolute Forest Products, Inc., 5.875%, 5/15/23	$	1,330,562
				Total Materials	$	45,229,293
				Capital Goods - 2.4%
				Building Products - 0.2%
	1,800,000			Griffon Corp., 5.25%, 3/1/22	$	1,818,000
				Construction & Engineering - 0.8%
	3,175,000			AECOM, 5.875%, 10/15/24	$	3,421,062
	4,485,000			Amsted Industries, Inc., 5.0%, 3/15/22 (144A)		4,496,212
					$	7,917,274
				Industrial Conglomerates - 0.4%
	4,030,000			JB Poindexter & Co., Inc., 9.0%, 4/1/22 (144A)	$	4,241,575
				Industrial Machinery - 0.4%
	4,901,000			Apex Tool Group LLC, 7.0%, 2/1/21 (144A)	$	4,533,425
				Trading Companies & Distributors - 0.6%
	2,112,000			Rexel SA, 5.25%, 6/15/20 (144A)	$	2,178,000
	1,963,000			United Rentals North America, Inc., 5.75%, 11/15/24		2,073,419
	2,330,000			WESCO Distribution, Inc., 5.375%, 12/15/21		2,417,375
					$	6,668,794
				Total Capital Goods	$	25,179,068
				Commercial Services & Supplies - 0.3%
				Diversified Support Services - 0.3%
	1,585,000			NANA Development Corp., 9.5%, 3/15/19 (144A)	$	1,545,375
	2,165,000			TMS International Corp., 7.625%, 10/15/21 (144A)		2,159,588
					$	3,704,963
				Total Commercial Services & Supplies	$	3,704,963
				Transportation - 1.2%
				Airlines - 0.4%
	1,920,000			Air Canada, 5.00%, 3/15/20 (144A)	$	1,910,400
	2,950,000			Intrepid Aviation Group Holdings LLC, 6.875%, 2/15/19 (144A)		2,684,500
					$	4,594,900
				Railroads - 0.4%
	4,250,000			Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A)	$	4,366,875
				Trucking - 0.4%
	3,147,000			Jack Cooper Holdings Corp., 9.25%, 6/1/20	$	1,258,800
	3,500,000			syncreon Group BV, 8.625%, 11/1/21 (144A)		2,572,500
					$	3,831,300
				Total Transportation	$	12,793,075
				Automobiles & Components - 1.0%
				Auto Parts & Equipment - 1.0%
	3,380,000			Dana Financing Luxembourg Sarl, 6.5%, 6/1/26 (144A)	$	3,574,958
	1,620,000			IHO Verwaltungs GmbH, 4.125%, 9/15/21 (144A) (PIK)		1,630,449
	1,430,000			IHO Verwaltungs GmbH, 4.5%, 9/15/23 (144A) (PIK)		1,415,700
	909,000			International Automotive Components Group SA, 9.125%, 6/1/18 (144A)		911,272
	3,185,000			TI Group Automotive Systems LLC, 8.75%, 7/15/23 (144A)		3,423,875
					$	10,956,254
				Total Automobiles & Components	$	10,956,254
				Consumer Durables & Apparel - 4.6%
				Home Furnishings - 0.2%
	1,750,000			Tempur Sealy International, Inc., 5.5%, 6/15/26	$	1,723,750
				Homebuilding - 4.1%
	1,540,000			CalAtlantic Group, Inc., 5.375%, 10/1/22	$	1,595,825
	6,975,000			CalAtlantic Group, Inc., 6.25%, 12/15/21		7,585,312
	8,375,000			KB Home, 7.0%, 12/15/21		9,024,062
	4,150,000			Lennar Corp., 4.5%, 6/15/19		4,303,550
	7,930,000			Lennar Corp., 4.75%, 11/15/22		8,133,246
	3,660,000			Meritage Homes Corp., 7.0%, 4/1/22		4,026,000
	3,059,000			PulteGroup, Inc., 5.0%, 1/15/27		3,009,291
	1,500,000			Rialto Holdings LLC, 7.0%, 12/1/18 (144A)		1,530,000
	3,990,000			Taylor Morrison Communities, Inc., 5.875%, 4/15/23 (144A)		4,149,600
					$	43,356,886
				Textiles - 0.3%
	2,920,000			Springs Industries, Inc., 6.25%, 6/1/21	$	3,022,200
				Total Consumer Durables & Apparel	$	48,102,836
				Consumer Services - 2.8%
				Casinos & Gaming - 1.2%
	485,152			Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (1.0% cash, 5.50% PIK) (PIK) (e)	$	2,474
	11,660,000			Scientific Games International, Inc., 10.0%, 12/1/22		11,947,069
	700,000			Scientific Games International, Inc., 6.25%, 9/1/20		651,000
					$	12,600,543
				Hotels, Resorts & Cruise Lines - 0.8%
	1,710,000			Hilton Grand Vacations Borrower LLC, 6.125%, 12/1/24 (144A)	$	1,786,950
	1,480,000			NCL Corp, Ltd., 4.625%, 11/15/20 (144A)		1,513,300
	1,680,000			Viking Cruises, Ltd., 6.25%, 5/15/25 (144A)		1,612,800
	3,490,000			Viking Cruises, Ltd., 8.5%, 10/15/22 (144A)		3,668,862
					$	8,581,912
				Specialized Consumer Services - 0.8%
	3,475,000			Constellis Holdings LLC, 9.75%, 5/15/20 (144A)	$	3,700,875
	4,275,000			Sotheby's, 5.25%, 10/1/22 (144A)		4,296,375
					$	7,997,250
				Total Consumer Services	$	29,179,705
				Media - 5.2%
				Advertising - 0.2%
	2,320,000			MDC Partners, Inc., 6.5%, 5/1/24 (144A)	$	2,018,400
				Broadcasting - 1.4%
	6,170,000			Gannett Co., Inc., 6.375%, 10/15/23	$	6,524,775
	2,169,000			Gray Television, Inc., 5.875%, 7/15/26 (144A)		2,155,444
	2,693,000			Nexstar Broadcasting, Inc., 5.625%, 8/1/24 (144A)		2,689,634
	3,671,000			Sinclair Television Group, Inc., 5.125%, 2/15/27 (144A)		3,457,623
					$	14,827,476
				Cable & Satellite - 2.8%
	1,840,000			Altice Financing SA, 6.625%, 2/15/23 (144A)	$	1,927,400
	1,375,000			Altice US Finance I Corp., 5.375%, 7/15/23 (144A)		1,431,719
	1,055,000			Altice US Finance I Corp., 5.5%, 5/15/26 (144A)		1,081,375
	6,925,000			CCO Holdings LLC, 5.75%, 2/15/26 (144A)		7,338,339
	2,005,000			CSC Holdings LLC, 5.5%, 4/15/27 (144A)		2,035,075
	1,670,000			CSC Holdings LLC, 6.625%, 10/15/25 (144A)		1,822,388
	3,370,000			DISH DBS Corp., 5.875%, 7/15/22		3,503,115
	1,575,000			SFR Group SA, 6.0%, 5/15/22 (144A)		1,620,281
	2,195,000			Sirius XM Radio, Inc., 5.375%, 7/15/26 (144A)		2,230,669
	7,076,000			Videotron, Ltd., 5.375%, 6/15/24 (144A)		7,394,420
					$	30,384,781
				Movies & Entertainment - 0.8%
	5,749,000			Netflix Inc., 4.375% 11/15/26	$	5,641,206
	2,895,000			Regal Entertainment Group, Inc., 5.75%, 2/1/25		2,945,662
					$	8,586,868
				Total Media	$	55,817,525
				Retailing - 1.1%
				Department Stores - 0.3%
	2,710,000			PetSmart, Inc., 7.125%, 3/15/23 (144A)	$	2,662,575
				Automotive Retail - 0.3%
	2,900,000			Asbury Automotive Group, Inc., 6.0%, 12/15/24	$	2,965,250
				Total Retailing	$	5,627,825
				Food & Staples Retailing - 0.2%
				Food Retail - 0.2%
	2,241,000			C&S Group Enterprises LLC, 5.375%, 7/15/22 (144A)	$	2,196,180
				Total Food & Staples Retailing	$	2,196,180
				Food, Beverage & Tobacco - 2.0%
				Packaged Foods & Meats - 1.5%
	1,710,000			Dole Food Co., Inc., 7.25%, 5/1/19 (144A)	$	1,745,226
	860,000			Lamb Weston Holdings, Inc., 4.625%, 11/1/24 (144A)		862,150
	860,000			Lamb Weston Holdings, Inc., 4.875%, 11/1/26 (144A)		861,075
	2,425,000			Pilgrim's Pride Corp., 5.75%, 3/15/25 (144A)		2,441,684
	7,600,000			Post Holdings, Inc., 6.0%, 12/15/22 (144A)		7,980,000
	1,907,000			Post Holdings, Inc., 8.0%, 7/15/25 (144A)		2,145,375
					$	16,035,510
				Tobacco - 0.5%
	875,000			Alliance One International Inc., 8.5%, 4/15/21	$	897,969
	5,245,000			Alliance One International, Inc., 9.875%, 7/15/21		4,477,919
					$	5,375,888
				Total Food, Beverage & Tobacco	$	21,411,398
				Household & Personal Products - 0.1%
				Personal Products - 0.1%
	1,220,000			Revlon Consumer Products Corp., 5.75%, 2/15/21	$	1,220,000
				Total Household & Personal Products	$	1,220,000
				Health Care Equipment & Services - 4.4%
				Health Care Services - 0.5%
	2,350,000			BioScrip, Inc., 8.875%, 2/15/21	$	1,844,750
	2,365,000			Team Health Holdings, Inc., 6.375%, 2/1/25 (144A)		2,323,612
	1,865,000			Universal Hospital Services, Inc., 7.625%, 8/15/20		1,851,012
					$	6,019,374
				Health Care Facilities - 2.8%
	850,000			CHS, 6.875%, 2/1/22	$	618,375
	7,700,000			CHS, Inc., 8.0%, 11/15/19		6,853,000
	13,410,000			HCA, Inc., 5.375%, 2/1/25		13,678,200
	6,180,000			Kindred Healthcare Inc., 6.375%, 4/15/22		5,368,875
	1,795,000			RegionalCare Hospital Partners Holdings, Inc., 8.25%, 5/1/23 (144A)		1,853,338
	905,000			Tenet Healthcare Corp., 7.5%, 1/1/22 (144A)		970,612
					$	29,342,400
				Managed Health Care - 1.1%
	1,220,000			Centene Corp., 4.75%, 1/15/25	$	1,203,981
	1,953,000			Centene Corp., 5.625%, 2/15/21		2,050,259
	1,325,000			Centene Corp., 6.125%, 2/15/24		1,407,812
	6,765,000			WellCare Health Plans, Inc., 5.75%, 11/15/20		6,976,406
					$	11,638,458
				Total Health Care Equipment & Services	$	47,000,232
				Pharmaceuticals, Biotechnology & Life Sciences - 1.8%
				Pharmaceuticals - 1.8%
	4,160,000			Endo Finance LLC, 5.75%, 1/15/22 (144A)	$	3,624,400
	755,000			Endo, Ltd., 6.0%, 7/15/23 (144A)		643,638
	1,880,000			Endo, Ltd., 6.5%, 2/1/25 (144A)		1,529,850
	370,000			Horizon Pharma Inc., 8.75% 11/1/24		380,175
	1,230,000			Horizon Pharma, Inc., 6.625%, 5/1/23		1,183,875
	3,015,000			Impax Laboratories, Inc., 2.0%, 6/15/22		2,428,959
	12,195,000			Valeant Pharmaceuticals International, Inc., 5.875%, 5/15/23 (144A)		9,283,444
					$	19,074,341
				Total Pharmaceuticals, Biotechnology & Life Sciences	$	19,074,341
				Banks - 2.8%
				Diversified Banks - 2.5%
	3,175,000	6.10		Bank of America Corp., Floating Rate Note, (Perpetual)	$	3,309,938
	600,000	6.30		Bank of America Corp., Floating Rate Note, (Perpetual)		642,000
	4,563,000	5.90		Citigroup, Inc., Floating Rate Note, (Perpetual)		4,720,424
	4,960,000	6.25		Citigroup, Inc., Floating Rate Note, (Perpetual)		5,239,000
	5,680,000	8.12		Credit Agricole SA, Floating Rate Note, (Perpetual) (144A)		6,038,408
	6,000,000	8.00		Royal Bank of Scotland Group Plc, Floating Rate Note, (Perpetual)		5,820,780
	650,000	8.62		Royal Bank of Scotland Group Plc, Floating Rate Note, (Perpetual)		671,125
					$	26,441,675
				Thrifts & Mortgage Finance - 0.3%
	2,920,000			Provident Funding Associates LP, 6.75%, 6/15/21 (144A)	$	2,949,200
				Total Banks	$	29,390,875
				Diversified Financials - 3.1%
				Specialized Finance - 1.4%
	5,825,000			Fly Leasing, Ltd., 6.375%, 10/15/21	$	6,043,438
	7,220,000			Nationstar Mortgage LLC, 6.5%, 7/1/21		7,355,375
	1,820,000			Nationstar Mortgage LLC, 6.5%, 8/1/18		1,847,300
					$	15,246,113
				Consumer Finance - 1.5%
	1,870,000			Ally Financial, Inc., 4.625%, 3/30/25	$	1,846,625
	7,242,000			Ally Financial, Inc., 5.75%, 11/20/25		7,350,630
	3,875,000	5.55		Capital One Financial Corp., Floating Rate Note, (Perpetual)		3,952,035
	3,265,000			TMX Finance LLC, 8.5%, 9/15/18 (144A)		2,995,638
					$	16,144,928
				Financial Exchanges & Data - 0.2%
	1,740,000			MSCI, Inc., 4.75%, 8/1/26 (144A)	$	1,731,300
				Total Diversified Financials	$	33,122,341
				Insurance - 3.1%
				Reinsurance - 3.1%
	500,000	6.11		Alamo Re, Ltd., Floating Rate Note, 6/7/18 (Cat Bond) (144A)	$	519,250
	1,000,000			Arlington Segregated Account (Artex SAC Ltd.), Variable Rate Notes, 8/31/16 (f) (g)		48,600
	1,200,000			Berwick 2016-1 Segregated Account (Artex SAC Ltd.), Variable Rate Notes, 2/1/18 (f) (g)		157,560
	1,000,000			Berwick Segregated Account (Artex SAC Ltd.), Variable Rate Note, 1/22/16 (f) (g)		30,000
	250,000	14.11		Blue Halo Re, Ltd., Floating Rate Note, 6/21/19 (Cat Bond) (144A)		253,850
	3,600,000			Carnosutie 2016-N,Segregated Account (Artex SAC Ltd.), Variable Rate Notes, 11/30/20 (f) (g)		430,920
	1,500,000			Carnosutie 2017,Segregated Account (Artex SAC Ltd.), Variable Rate Notes, 11/30/21 (f) (g)		1,501,500
	4,500,000			Carnoustie Segregated Account (Artex SAC Ltd.), Variable Rate Notes, 2/19/16 (f) (g)		91,800
	1,000,000			Cypress Segregated Account (Artex SAC Ltd.), Variable Rate Notes, 7/10/17 (f) (g)		875,800
	1,000,000			Eden Re II, Ltd., 3/22/21 (f) (g)		1,007,700
	11,000			Eden Re II, Ltd., 4/23/19 (144A) (f) (g)		122,107
	250,000	0.00		Galilei Re, Ltd., Floating Rate Note, 1/8/20 (Cat Bond) (144A)		250,375
	600,000	0.00		Galilei Re, Ltd., Floating Rate Note, 1/8/20 (Cat Bond) (144A)		601,440
	600,000	0.00		Galilei Re, Ltd., Floating Rate Note, 1/8/20 (Cat Bond) (144A)		601,260
	600,000	0.00		Galilei Re, Ltd., Floating Rate Note, 1/8/21 (Cat Bond) (144A)		601,080
	250,000	0.00		Galilei Re, Ltd., Floating Rate Note, 1/8/21 (Cat Bond) (144A)		250,400
	2,400,000			Gleneagles Segregated Account (Artex SAC Ltd), Variable Rate Notes, 11/30/20 (f) (g)		403,680
	4,500,000			Gullane Segregated Account (Artex SAC Ltd.), Variable Rate Note 11/30/20 (f) (g)		427,500
	1,500,000			Gullane Segregated Account (Artex SAC Ltd.), Variable Rate Note 11/30/21 (f) (g)		1,506,600
EURO	250,000	12.00		Horse Capital I DAC, Floating Rate Note, 6/15/20 (Cat Bond) (144A)		270,477
	1,000,000	6.75		Kilimanjaro Re, Ltd., Floating Rate Note, 12/6/19 (Cat Bond) (144A)		1,026,300
	1,250,000	9.25		Kilimanjaro Re, Ltd., Floating Rate Note, 12/6/19 (Cat Bond) (144A)		1,286,250
	600,000			Kingsbarns Segregated Account (Artex SAC Ltd.), Variable Rate Notes, 5/15/17 (f) (g)		588,300
	500,000			Lahinch Re, Variable Rate Notes, 5/10/21 (f) (g)		8,900
	500,000	0.00		Limestone Re, Ltd., 8/31/21 (Cat Bond)		499,000
	500,000	0.00		Limestone Re, Ltd., 8/31/21 (Cat Bond)		499,000
	2,600,000			Lorenz Re, Ltd., Variable Rate Notes, 3/31/18 (f) (g)		15,080
	2,600,000			Lorenz Re, Ltd., Variable Rate Notes, 3/31/19 (f) (g)		2,746,380
	1,000,000			Madison Re. Variable Rate Notes, 3/31/19 (f) (g)		1,053,200
	4,500,000			Pangaea Re, Series 2015-1, Principal at Risk Notes, 2/1/19 (f) (g)		176,400
	5,800,000			Pangaea Re, Series 2015-2, Principal at Risk Notes, 11/30/19 (f) (g)		533,600
	2,000,000			Pangaea Re, Series 2016-2, Principal at Risk Notes, 11/30/20 (f) (g)		2,243,400
	1,100,000			Pangaea Re., Variable Rate Notes, 11/30/21 (f) (g)		1,110,780
	4,200,000			Pangaea Re., Variable Rate Notes, 2/1/20 (f) (g)		542,220
	450,000			Pinehurst Segregated Account (Artex SAC Ltd.), Variable Rate Notes, 1/16/18 (f) (g)		426,465
	1,500,000			Prestwick Segregated Account (Artex SAC Ltd.), Variable Rate Notes, 7/1/16 (f) (g)		43,800
	500,000	0.00		Residential Reinsurance 2016, Ltd., 2/6/20 (Cat Bond) (144A)		463,500
	1,000,000	0.00		Residential Reinsurance 2016, Ltd., Floating Rate Note, 12/6/23 (Cat Bond) (144A)		989,900
	750,000	4.50		Resilience Re, Ltd., Floating Rate Note, 1/9/19 (Cat Bond)		750,000
	7,345			Sector Re V, Ltd., Variable Rate Notes, 12/1/20 (144A) (f) (g)		268,307
	2,700,000			Silverton Re, Ltd., Variable Rate Notes, 9/18/18 (144A) (f) (g)		3,086,640
	3,000,000			St. Andrews Segregated Account (Artex SAC Ltd.), Variable Rate Notes, 1/22/16 (f) (g)		59,100
	1,000,000			St. Andrews Segregated Account (Artex SAC Ltd.), Variable Rate Notes, 2/1/19 (f) (g)		1,006,600
	2,450,000			St. Andrews Segregated Account (Artex SAC Ltd.), Variance Rate Notes, 2/1/18 (f) (g)		405,720
	1,000,000			Sunningdale 2017 Segregated Account (Artex SAC Ltd.), Variable Rate Notes, 1/16/18 (f) (g)		898,800
	500,000	0.00		Ursa Re, Ltd., Floating Rate Note, 12/10/19 (Cat Bond) (144A)		504,450
	4,000,000			Versutus 2016, Class A-1, Variable Rate Notes, 11/30/20 (f) (g)		163,200
	1,100,000			Versutus Ltd., Series 2017-A, Variable Rate Notes, 11/30/2021 (f) (g)		1,106,270
					$	32,453,461
				Total Insurance	$	32,453,461
				Software & Services - 2.6%
				Internet Software & Services - 0.9%
	3,225,000			Cimpress NV, 7.0%, 4/1/22 (144A)	$	3,321,750
	6,085,000			j2 Cloud Services, Inc., 8.0%, 8/1/20		6,343,612
					$	9,665,362
				IT Consulting & Other Services - 0.4%
	1,645,000			Diamond 1 Finance Corp., 5.875%, 6/15/21 (144A)	$	1,735,250
	2,390,000			Rackspace, 8.625%, 11/15/24		2,479,625
					$	4,214,875
				Data Processing & Outsourced Services - 1.1%
	2,848,000			Alliance Data Systems Company, 5.875, 11/1/21	$	2,940,560
	2,750,000			First Data Corp., 5.0%, 1/15/24 (144A)		2,786,108
	3,500,000			First Data Corp., 5.75%, 1/15/24 (144A)		3,609,375
	1,830,000			First Data Corp., 7.0%, 12/1/23 (144A)		1,940,715
					$	11,276,758
				Application Software - 0.2%
	2,245,000			Open Text Corp., 5.875%, 6/1/26 (144A)	$	2,351,638
				Total Software & Services	$	27,508,633
				Technology Hardware & Equipment - 0.4%
				Technology Hardware, Storage & Peripherals - 0.4%
	3,560,000			Diebold Nixdorf, Inc., 8.5%, 4/15/24	$	3,889,300
				Total Technology Hardware & Equipment	$	3,889,300
				Semiconductors & Semiconductor Equipment - 1.0%
				Semiconductor Equipment - 0.4%
	4,225,000			Entegris, Inc., 6.0%, 4/1/22 (144A)	$	4,415,125
				Semiconductors - 0.6%
	3,930,000			Micron Technology, Inc., 5.25%, 8/1/23 (144A)	$	3,939,825
	2,350,000			Micron Technology, Inc., 5.875%, 2/15/22		2,442,520
					$	6,382,345
				Total Semiconductors & Semiconductor Equipment	$	10,797,470
				Telecommunication Services - 6.7%
				Integrated Telecommunication Services - 3.0%
	3,566,000			CenturyLink, Inc., 5.8%, 3/15/22	$	3,667,417
	3,300,000			CenturyLink, Inc., 6.45%, 6/15/21		3,506,250
	9,377,000			Frontier Communications Corp., 8.5%, 4/15/20		9,992,131
	3,100,000			Frontier Communications Corp., 8.75%, 4/15/22		3,135,557
	530,000			Frontier Communications Corp., 8.875%, 9/15/20		564,450
	3,990,000			Windstream Corp., 7.5%, 6/1/22		3,860,325
	2,975,000			Windstream Services LLC, 6.375%, 8/1/23		2,662,625
	4,145,000			Windstream Services LLC, 7.75%, 10/15/20		4,233,081
					$	31,621,836
				Wireless Telecommunication Services - 3.7%
	19,648,000			Sprint Corp., 7.25%, 9/15/21	$	21,052,844
	700,000			T-Mobile USA, Inc., 6.0%, 4/15/24		743,750
	860,000			T-Mobile USA, Inc., 6.5%, 1/15/26		944,925
	4,300,000			T-Mobile USA, Inc., 6.542%, 4/28/20		4,423,625
	1,635,000			T-Mobile USA, Inc., 6.633%, 4/28/21		1,704,488
	2,000,000			T-Mobile USA, Inc., 6.731%, 4/28/22		2,080,000
	3,350,000			WCP Issuer llc, 6.657%, 8/15/20 (144A)		3,423,030
					$	34,372,662
				Total Telecommunication Services	$	65,994,498
				Utilities - 3.1%
				Electric Utilities - 0.8%
	3,960,000			Talen Energy Supply LLC, 4.625%, 7/15/19 (144A)	$	3,831,300
	5,960,000			Talen Energy Supply LLC, 6.5%, 6/1/25		4,812,700
					$	8,644,000
				Gas Utilities - 1.0%
	1,025,000			AmeriGas Partners LP, 5.5%, 5/20/25	$	1,050,625
	1,065,000			DCP Midstream Operating LP, 2.7%, 4/1/19		1,051,688
	1,785,000			DCP Midstream Operating LP, 3.875%, 3/15/23		1,722,525
	3,400,000			DCP Midstream Operating LP, 5.6%, 4/1/44		3,089,750
	3,585,000			Ferrellgas LP, 6.75%, 1/15/22		3,602,925
					$	10,517,513
				Independent Power Producers & Energy Traders - 1.3%
	1,650,000			AES Corp. Virginia, 5.5%, 3/15/24	$	1,670,625
	1,175,000			Calpine Corp., 5.75%, 1/15/25		1,148,562
	2,619,000			NRG Energy, Inc., 6.25%, 5/1/24		2,664,832
	350,000			NRG Energy, Inc., 6.25%, 7/15/22		360,500
	3,290,000			NRG Energy, Inc., 6.625%, 1/15/27 (144A)		3,265,325
	2,480,000			NRG Energy, Inc., 7.25%, 5/15/26 (144A)		2,594,700
	400,000			NRG Energy, Inc., 7.875%, 5/15/21		415,000
	1,235,000			TerraForm Power Operating LLC, 5.875%, 2/1/23 (Step) (144A)		1,268,962
					$	13,388,506
				Total Utilities	$	32,550,019
				Real Estate - 0.6%
				Specialized REIT - 0.3%
	2,686,520			AAF Holdings LLC, 12.0%, 7/1/19 (144A) (12.0% cash, 0.0% PIK) (PIK)	$	2,780,548
				Specialized REIT - 0.2%
	2,075,000			Communications Sales & Leasing, Inc., 6.0%, 4/15/23 (144A)	$	2,178,750
				Real Estate Services - 0.1%
	1,480,000			Kennedy-Wilson, Inc., 5.875%, 4/1/24	$	1,528,618
				Total Real Estate	$	6,487,916
				TOTAL CORPORATE BONDS
				(Cost $684,901,135)	$	709,800,301
				U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 2.5%
	7,065,000			U.S. Treasury Bills, 2/23/17 (d)	$	7,062,979
	3,000,000	0.78		United States Treasury Floating Rate Note, Floating Rate Note, 1/31/18		3,007,215
	16,365,000	0.70		United States Treasury Floating Rate Note, Floating Rate Note, 4/30/18		16,391,593
				TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
				(Cost $26,431,503)	$	26,461,787
				MUNICIPAL BONDS - 2.1% (h)
				Municipal Development - 1.2%
	3,800,000	0.59		Mississippi Business Finance Corp., Floating Rate Note, 11/1/35	$	3,800,000
	9,330,000	0.60		Mississippi Business Finance Corp., Floating Rate Note, 12/1/30		9,330,000
					$	13,130,000
				Municipal Medical - 0.2%
	1,800,000	0.58		Geisinger Authority, Floating Rate Note, 8/1/22	$	1,800,000
				Municipal Tobacco - 0.7%
	295,000			Buckeye Tobacco Settlement Financing Authority, 5.75%, 6/1/34	$	267,639
	3,226,000			Buckeye Tobacco Settlement Financing Authority, 5.875%, 6/1/47		2,947,758
	594,000			Buckeye Tobacco Settlement Financing Authority, 6.0%, 6/1/42		545,791
	1,290,000			Golden State Tobacco Securitization Corp., 5.125%, 6/1/47		1,199,726
	130,000			Michigan Tobacco Settlement Finance Authority, 6.0%, 6/1/48		119,282
	2,225,000			Tobacco Settlement Financing Corp. New Jersey, 5.0%, 6/1/41		1,989,217
	540,000			Tobacco Settlement Financing Corp. Virginia, 5.0%, 6/1/47		473,278
					$	7,542,691
				TOTAL MUNICIPAL BONDS
				(Cost $22,031,541)	$	22,472,691
				SENIOR FLOATING RATE LOAN INTERESTS - 7.0% **
				Energy - 0.7%
				Oil & Gas Drilling - 0.4%
	3,863,910	7.50		Jonah Energy LLC, Term Loan (Second Lien), 5/8/21	$	3,786,632
				Oil & Gas Exploration & Production - 0.3%
	3,252,286	9.75		EP Energy LLC, Loan, 6/30/21	$	3,378,312
				Total Energy	$	7,164,944
				Materials - 0.5%
				Specialty Chemicals - 0.1%
	1,065,476	3.50		Axalta Coating Systems US Holdings, Inc., Term B-1 Dollar Loan, 2/1/20	$	1,079,270
				Diversified Metals & Mining - 0.1%
	564,183	3.75		Fortescue Metals Group Ltd., Bank Loan, 6/30/19	$	568,179
				Steel - 0.3%
	3,432,750	6.00		Zekelman Industries, Inc., Term Loan, 6/8/21	$	3,474,588
				Total Materials	$	5,122,037
				Commercial Services & Supplies - 0.0% †
				Diversified Support Services - 0.0% †
	413,517	4.96		IAP Worldwide Services, Inc., Term Loan, 7/18/19	$	392,841
				Total Commercial Services & Supplies	$	392,841
				Automobiles & Components - 0.8%
				Auto Parts & Equipment - 0.8%
	4,147	3.28		Allison Transmission, Inc., Term B-3 Loan, 8/23/19	$	4,194
	1,916,096	3.53		TI Group Automotive Systems LLC, Initial US Term Loan, 6/25/22		1,930,466
	6,872,884	4.06		Tower Automotive Holdings USA LLC, Initial Term Loan (2014), 4/23/20		6,900,809
					$	8,835,469
				Total Automobiles & Components	$	8,835,469
				Media - 0.3%
				Advertising - 0.2%
	1,943,111	6.75		Affinion Group, Inc., Tranche B Term Loan, 4/30/18	$	1,940,422
				Broadcasting - 0.1%
	1,384,174	4.00		Univision Communications, Inc., Replacement First-Lien Term Loan (C-4), 3/1/20	$	1,388,884
				Total Media	$	3,329,306
				Retailing - 0.4%
				Automotive Retail - 0.4%
	4,329,215	4.52		CWGS Group LLC, Term Loan, 11/3/23	$	4,367,096
				Total Retailing	$	4,367,096
				Household & Personal Products - 0.4%
				Household Products - 0.3%
	2,677,500	8.57		Redbox Automated Retail LLC, Term Loan (First Lien), 9/28/21	$	2,637,338
				Personal Products - 0.1%
	1,057,350	4.31		Revlon Consumer Products Corp., Initial Term B Loan, 7/22/23	$	1,067,984
				Total Household & Personal Products	$	3,705,322
				Health Care Equipment & Services - 1.6%
				Health Care Supplies - 0.2%
	2,343,911	5.00		Kinetic Concepts, Inc., Dollar Term F Loan, 11/30/20	$	2,350,748
				Health Care Services - 1.3%
	1,144,853	4.25		Alliance HealthCare Services, Inc., Initial Term Loan, 6/3/19	$	1,134,835
	711,812	6.50		Ardent Legacy Acquisitions, Inc., Term Loan, 7/31/21		713,591
	1,956,112	6.50		BioScrip, Inc., Initial Term B Loan, 7/31/20		1,897,429
	1,173,667	6.50		BioScrip, Inc., Term Loan, 7/31/20		1,138,457
	2,518,775	4.25		National Mentor Holdings, Inc., Tranche B Term Loan, 1/31/21		2,527,906
	1,335,223	4.50		National Surgical Hospitals, Inc., Term Loan (First Lien), 5/15/22		1,339,395
	4,960,000	0.00		Team Health, Inc., Bridge Loan, 10/31/17		4,960,000
					$	13,711,613
				Health Care Facilities - 0.1%
	574,516	10.25		MMM Holdings, Inc., Term Loan, 10/9/17 (e)	$	565,898
				Managed Health Care - 0.0% †
	417,670	10.25		MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17 (e)	$	411,405
				Total Health Care Equipment & Services	$	17,039,664
				Pharmaceuticals, Biotechnology & Life Sciences - 0.3%
				Biotechnology - 0.3%
	2,606,885	7.00		Lantheus Medical Imaging, Inc., Initial Term Loan, 6/25/22	$	2,609,492
				Total Pharmaceuticals, Biotechnology & Life Sciences	$	2,609,492
				Diversified Financials - 0.2%
				Other Diversified Financial Services - 0.2%
	2,400,925	4.75		Builders FirstSource, Inc., Initial Term Loan, 7/31/22	$	2,412,431
				Total Diversified Financials	$	2,412,431
				Insurance - 0.0% †
				Multi-line Insurance - 0.0% †
	364,140	4.75		Alliant Holdings Intermediate LLC, Initial Term Loan, 7/28/22	$	366,150
				Total Insurance	$	366,150
				Software & Services - 0.2%
				IT Consulting & Other Services - 0.2%
	1,950,000	5.75		Evergreen Skills Lux Sarl, Initial Term Loan (First Lien), 4/23/21	$	1,778,400
				Total Software & Services	$	1,778,400
				Semiconductors & Semiconductor Equipment - 0.4%
				Semiconductors - 0.4%
	4,438,875	4.03		On Semiconductor Corp., Term Loan (First Lien), 3/31/23	$	4,490,353
				Total Semiconductors & Semiconductor Equipment	$	4,490,353
				Telecommunication Services - 1.0%
				Integrated Telecommunication Services - 0.5%
	5,000,000	0.00		Level 3 Financing, Inc., Tranche B-II 2022 Term Loan, 5/31/22	$	5,046,355
				Wireless Telecommunication Services - 0.5%
	5,100,408	3.52		Virgin Media Bristol LLC, I Facility, 1/31/25	$	5,138,661
				Total Telecommunication Services	$	10,185,016
				Utilities - 0.2%
				Electric Utilities - 0.1%
	222,010	5.00		Vistra Operations Co LLC, Initial Term C Loan, 8/4/23	$	223,148
	973,430	5.00		Vistra Operations Co LLC, Initial Term Loan, 8/4/23		978,418
					$	1,201,566
				Water Utilities - 0.1%
	606,492	4.00		WCA Waste Systems Inc., Term Loan (First Lien), 8/12/23	$	608,956
				Total Utilities	$	1,810,522
				TOTAL SENIOR FLOATING RATE LOAN INTERESTS
				(Cost $72,966,628)	$	73,609,043
	Shares
				RIGHTS / WARRANTS - 0.0% †
				Energy - 0.0% †
				Oil & Gas Exploration & Production - 0.0% †
	7,060			Midstates Petroleum Company, Inc. Warrants, 4/21/20 (c)	$	-
				Total Energy	$	-
				Health Care Equipment & Services - 0.0% †
				Health Care Services - 0.0% †
	2,136			BioScrip, Inc.  Warrants, Class A 6/30/25 (c)	$	-
	2,136			BioScrip, Inc.  Warrants, Class B 6/30/25 (c)		-
					$	-
				Total Health Care Equipment & Services	$	-
				TOTAL RIGHTS / WARRANTS
				(Cost $-)	$	-
	Principal Amount ($)
				TEMPORARY CASH INVESTMENTS - 2.4%
				Commercial Paper - 1.5%
	7,635,000			BNP Paribas SA, Commercial Paper, 2/1/17	$	7,634,882
	2,635,000			Prudential Funding, Inc., Commercial Paper, 2/1/17		2,634,954
	2,635,000			Societe Generale, Inc., Commercial Paper, 2/1/17		2,634,960
	2,770,000	1.26		Sumitomo Mitsui, Floating Rate Note, 11/1/16		2,771,874
					$	15,676,670
				Repurchase Agreements - 0.9%
	5,000,000			$5,000,000 ScotiaBank, 0.55%, dated 1/31/17 plus accrued interest on 2/1/17
				collateralized by the following:
				$5,100,078 Government National Mortgage Association, 4.0%, 11/20/46	$	5,000,000
	5,000,000			$5,000,000 TD Securities USA LLC, 0.52%, dated 1/31/17 plus accrued interest on 2/1/17
				collateralized by the following:
				$5,100,001 Federal National Mortgage Association, 3.0%, 12/1/46		5,000,000
					$	10,000,000
				TOTAL TEMPORARY CASH INVESTMENTS
				(Cost $25,675,000)	$	25,676,670
				TOTAL INVESTMENT IN SECURITIES - 99.6%
				(Cost $1,013,488,255) (a)	$	1,051,681,765
				OTHER ASSETS & LIABILITIES - 0.4%	$	4,626,055
				TOTAL NET ASSETS - 100.0%	$	1,056,307,820
	†			Amount rounds to less than 0.1%.
	*			Non-income producing security.
	(Cat Bond)			Catastrophe or event-linked bond. At January 31, 2017, the value of these securities amounted to $9,366,532 or 0.9% 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.
	REMICS			Real Estate Mortgage Investment Conduits.
	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 January 31, 2017, the value of these securities amounted to $300,080,047 or 28.4% 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 January 31, 2017, the net unrealized appreciation on investments based on
				cost for federal income tax purposes of $1,018,193,948 was as follows:
				Aggregate gross unrealized appreciation for all investments in which
				there is an excess of value over tax cost	$	67,156,149
				Aggregate gross unrealized depreciation for all investments in which
				there is an excess of tax cost over value		(33,668,332)
				Net unrealized appreciation	$	33,487,817
	(b)			Debt obligation with a variable interest rate. Rate shown is rate at period end.
	(c)			Security is valued using fair value methods (other than prices supplied by independent pricing services or broker-dealers). See Notes to Financial Statements — Note 1A.
	(d)			Security issued with a zero coupon. Income is earned through accretion of discount.
	(e)			Security is in default.
	(f)			Structured reinsurance investment. At January 31, 2017, the value of these securities amounted to $23,086,929 or 2.2% of total net assets.
	(g)			Rate to be determined.
	(h)			Consists of Revenue Bonds unless otherwise indicated.
	CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENT - SELL PROTECTION
	Notional Principal ($) (1)	Exchange		Obligation Entity/Index		Coupon	Credit Rating (2)	Expiration Date	Premiums Paid	Unrealized Appreciation
	27,629,015	Chicago Mercantile Exchange		Markit CDX North America High Yield Index		5.00%	BBB+	12/20/19	$              1,879,644	$         214,506
	5,979,600	Chicago Mercantile Exchange		Markit CDX North America High Yield Index		5.00%	BBB+	12/20/20	138,129	270,130
									$            2,017,773	$       484,636
		(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 January 31, 2017, in valuing the Fund’s assets:

		Level 1			Level 2		Level 3			Total
	Convertible Corporate Bonds	$	-		$	101,024,522	$	-		$	101,024,522
	Preferred Stocks
	Transportation
	Air Freight & Logistics		-			988,010		-			988,010
	Diversified Financials
	Consumer Finance		2,514,616			-		-			2,514,616
	Convertible Preferred Stocks
	Health Care Equipment & Services
	Health Care Services		-			-		49,928			49,928
	Health Care Facilities		-			652,774		-			652,774
	All Other Convertible Preferred Stocks		12,640,504			-		-			12,640,504
	Common Stock
	Energy
	Oil & Gas Exploration & Production		20,089			905,718		-			925,807
	Capital Goods
	Industrial Machinery		-			-		737			737
	Commercial Services & Supplies
	Diversified Support Services		-			71,570		-			71,570
	Transportation
	Air Freight & Logistics		-			285,258		-			285,258
	Consumer Services
	Education Services		-			174,575		-			174,575
	All Other Common Stocks		48,009,095			-		-			48,009,095
	Asset Backed Securities		-			1,715,772		-			1,715,772
	Collateralized Mortgage Obligations		-			24,608,105		-			24,608,105
	Corporate Bonds
	Insurance
	Reinsurance		-			7,618,532		24,834,929			32,453,461
	All Other Corporate Bonds		-			677,346,840		-			677,346,840
	U.S. Government Agency Obligations		-			26,461,787		-			26,461,787
	Municipal Bonds		-			22,472,691		-			22,472,691
	Senior Floating Rate Loan Interests		-			73,609,043		-			73,609,043
	Warrants *		-			-		-			-
	Commercial Paper		-			15,676,670		-			15,676,670
	Repurchase Agreements		-			10,000,000		-			10,000,000
	Total	$	63,184,304		$	963,611,867	$	24,885,594		$	1,051,681,765
	* Security is valued at $0.
	Other Financial Instruments
	Unrealized depreciation on futures contracts	$	(67,520	)	$	-	$	-		$	(67,520	)
	Unrealized appreciation on swap contracts		-			484,636		-			484,636
	Total Other Financial Instruments	$	(67,520	)	$	484,636	$	-		$	417,116
The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):
		Convertible Preffered Bonds			Common Stocks		Corporate Bonds			Total
	Balance as of 10/31/16	$	67,755		$	737	$	39,958,452		$	40,026,944
	Realized gain (loss)1		-			-		7,345			7,345
	Change in unrealized appreciation (depreciation)2		(17,827	)		-		1,040,324			1,022,497
	Purchases		-			-		10,520,915			10,520,915
	Sales		-			-		(26,692,107	)		(26,692,107	)
	Changes between Level 3*		-			-		-			-
	Balance as of 1/31/17	$	49,928		$	737	$	24,834,929		$	24,885,594
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, 2017, there were
	no transfers between Levels 1, 2 and 3.
	Net change in unrealized appreciation (depreciation) of investments
	still held as of 1/31/17	$	1,202,817

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 April 3, 2017 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 April 3, 2017 By (Signature and Title)* /s/ Mark E. Bradley ----------------- Mark E. Bradley, Treasurer and Chief Accounting and Financial Officer Date April 3, 2017 * Print the name and title of each signing officer under his or her signature.