N-Q 1 hydfsoi.htm HIGH YIELD SOI hydfsoi.htm 
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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM N-Q

                   CERTIFIED SHAREHOLDER REPORT OF REGISTERED
                        MANAGEMENT INVESTMENT COMPANIES



  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, 2011

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 30b1-5under
the Investment Company Act of 1940 (17 CFR 270.30b-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.
 








  






 

















  
  
  
  


Pioneer High Yield Fund


  
  


  
  
  
  


Schedule of Investments  7/31/2011 (unaudited)


  
  


  
  
  
  
  
  
  


  


Principal



Amount ($)




Floating



Rate (d)


  


Value




  
  
  
  


CONVERTIBLE CORPORATE BONDS - 22.4 %


  
  


  
  
  
  


Energy - 3.0 %


  
  


  
  
  
  


Coal & Consumable Fuels - 1.4 %


  
  


  


4,505,000


  
  


James River Coal Co., 3.125%, 3/15/18 (b)




$




4,392,375




  


30,858,000


  
  


Massey Energy Co., 3.25%, 8/1/15




 




32,208,038




  
  
  
  
  


$




36,600,413




  
  
  
  


Oil & Gas Equipment & Services - 0.5 %


  
  


  


9,258,000


  
  


Exterran Holdings, Inc., 4.25%, 6/15/14




$




10,033,358




  


2,034,000


  
  


Newpark Resources, Inc., 4.0%, 10/1/17




 




2,364,525




  
  
  
  
  


$




12,397,883




  
  
  
  


Oil & Gas Exploration & Production - 1.0 %


  
  


  


25,033,000


  
  


Chesapeake Energy, 2.5%, 5/15/37 (b)




$




27,598,883




  
  
  
  


Total Energy




$




76,597,179




  
  
  
  


Materials - 0.2 %


  
  


  
  
  
  


Steel - 0.2 %


  
  


  


5,200,000


  
  


Steel Dynamics, Inc., 5.125%, 6/15/14 (b)




$




6,129,500




  
  
  
  


Total Materials




$




6,129,500




  
  
  
  


Capital Goods - 5.4 %


  
  


  
  
  
  


Construction & Farm Machinery & Heavy Trucks - 1.0 %


  
  


  


3,700,000


  
  


Greenbrier Cos, Inc., 3.5%, 4/1/18 (b)




$




3,399,375




  


18,350,000


  
  


Navistar International Corp., 3.0%, 10/15/14




 




22,478,750




  
  
  
  
  


$




25,878,125




  
  
  
  


Electrical Component & Equipment - 1.8 %


  
  


  


10,874,000


  
  


General Cable Corp., 4.5%, 11/15/29




$




14,244,940




  


31,602,000


  
  


Roper Industries, Inc., 1.4813%, 1/15/34




 




32,313,045




  
  
  
  
  


$




46,557,985




  
  
  
  


Trading Companies & Distributors - 2.5 %


  
  


  


32,627,000


  
  


WESCO International, Inc., 6.0%, 9/15/29




$




64,479,109




  
  
  
  


Total Capital Goods




$




136,915,219




  
  
  
  


Transportation - 0.8 %


  
  


  
  
  
  


Airlines - 0.1 %


  
  


  


2,575,000


  
  


Continental Airlines, Inc., 4.5%, 1/15/15




$




3,144,719




  
  
  
  


Marine - 0.7 %


  
  


  


5,993,000


  
  


DryShips, Inc., 5.0%, 12/1/14




$




5,026,629




  


16,398,000


  
  


Horizon Lines, 4.25%, 8/15/12 (b)




 




12,318,998




  
  
  
  
  


$




17,345,627




  
  
  
  


Total Transportation




$




20,490,346




  
  
  
  


Automobiles & Components - 1.1 %


  
  


  
  
  
  


Automobile Manufacturers - 1.1 %


  
  


  


17,861,000


  
  


Ford Motor Co., 4.25%, 11/15/16




$




27,930,139




  
  
  
  


Total Automobiles & Components




$




27,930,139




  
  
  
  


Consumer Durables & Apparel - 0.6 %


  
  


  
  
  
  


Homebuilding - 0.6 %


  
  


  


11,230,000


  
  


D.R. Horton, Inc., 2.0%, 5/15/14




$




12,619,713




  


3,015,000


  
  


Lennar Corp., 2.75%, 12/15/20




 




3,199,669




  
  
  
  
  


$




15,819,382




  
  
  
  


Total Consumer Durables & Apparel




$




15,819,382




  
  
  
  


Retailing - 0.3 %


  
  


  
  
  
  


Automotive Retail - 0.3 %


  
  


  


5,100,000


  
  


Sonic Automotive, Inc., 5.0%, 10/1/29




$




6,987,000




  
  
  
  


Total Retailing




$




6,987,000




  
  
  
  


Food, Beverage & Tobacco - 0.3 %


  
  


  
  
  
  


Tobacco - 0.3 %


  
  


  


9,065,000


  
  


Alliance One International, Inc., 5.5%, 7/15/14




$




8,589,088




  
  
  
  


Total Food, Beverage & Tobacco




$




8,589,088




  
  
  
  


Health Care Equipment & Services - 1.8 %


  
  


  
  
  
  


Health Care Equipment - 0.6 %


  
  


  


13,025,000


  
  


Hologic, Inc., 2.0%, 12/15/37 (b)




$




14,522,875




  
  
  
  


Health Care Supplies - 0.4 %


  
  


  


9,460,000


  
  


Alere, Inc., 3.0%, 5/15/16 (b)




$




9,412,700




  
  
  
  


Health Care Technology - 0.8 %


  
  


  


8,600,000


  
  


WebMD Health Corp., 2.25%, 3/31/16 (b)




$




7,815,250




  


15,570,000


  
  


WebMD Health Corp., 2.5%, 1/31/18




 




13,779,450




  
  
  
  
  


$




21,594,700




  
  
  
  


Total Health Care Equipment & Services




$




45,530,275




  
  
  
  


Pharmaceuticals & Biotechnology - 3.0 %


  
  


  
  
  
  


Biotechnology - 3.0 %


  
  


  


8,125,000


  
  


BioMarin Pharmaceutical, Inc., 1.875%, 4/23/17




$




13,172,656




  


5,500,000


  
  


Cubist Pharmaceuticals, Inc., 2.25%, 6/15/13




 




6,785,625




  


13,876,000


  
  


Cubist Pharmaceuticals, Inc., 2.5%, 11/1/17




 




18,524,460




  


18,500,000


  
  


MannKind Corp., 3.75%, 12/15/13




 




10,313,750




  


22,590,000


  
  


Vertex Pharmaceuticals, Inc., 3.35%, 10/1/15




 




28,322,213




  
  
  
  
  


$




77,118,704




  
  
  
  


Total Pharmaceuticals & Biotechnology




$




77,118,704




  
  
  
  


Diversified Financials - 0.2 %


  
  


  
  
  
  


Consumer Finance - 0.1 %


  
  


  


4,150,000


  
  


Dollar Financial, 2.875%, 6/30/27 (144A) (b)




$




4,393,813




  
  
  
  


Total Diversified Financials




$




4,393,813




  
  
  
  


Real Estate - 0.2 %


  
  


  
  
  
  


Specialized Real Estate Investment Trusts - 0.2 %


  
  


  


4,785,000


  
  


Host Hotels & Resorts LP, 2.5%, 10/15/29




$




6,190,594




  
  
  
  


Total Real Estate




$




6,190,594




  
  
  
  


Software & Services - 1.3 %


  
  


  
  
  
  


Application Software - 1.3 %


  
  


  


13,715,000


  
  


Mentor Graphics Corp., 4.0%, 4/1/31 (b)




$




13,200,688




  


16,772,000


  
  


Nuance Communications, 2.75%, 8/15/27




 




20,985,965




  
  
  
  
  


$




34,186,653




  
  
  
  


Total Software & Services




$




34,186,653




  
  
  
  


Technology Hardware & Equipment - 0.5 %


  
  


  
  
  
  


Communications Equipment - 0.3 %


  
  


  


6,520,000


  
  


InterDigital, Inc., 2.5%, 3/15/16




$




8,777,550




  
  
  
  


Technology Distributors - 0.2 %


  
  


  


4,000,000


  
  


Anixter International, Inc., 1.0%, 2/15/13 (144A)




$




4,610,000




  
  
  
  


Total Technology Hardware & Equipment




$




13,387,550




  
  
  
  


Semiconductors - 1.3 %


  
  


  
  
  
  


Semiconductor Equipment - 0.6 %


  
  


  


5,491,000


  
  


Lam Research Corp., 1.25%, 5/15/18




$




5,291,951




  


12,760,000


  
  


Novellus Systems, Inc., 2.625%, 5/15/41




 




12,169,850




  
  
  
  
  


$




17,461,801




  
  
  
  


Semiconductors - 1.7 %


  
  


  


16,464,000


  
  


On Semiconductor Corp., 2.625%, 12/15/26




$




18,254,460




  


6,975,000


  
  


SunPower Corp., 4.5%, 3/15/15




 




7,480,688




  


16,544,000


  
  


SunPower Corp., 4.75%, 4/15/14 (b)




 




17,164,400




  


1,000,000


  
  


Suntech Power, 3.0%, 3/15/13 (b)




 




820,000




  
  
  
  
  


$




43,719,548




  
  
  
  


Total Semiconductors




$




61,181,349




  
  
  
  


Telecommunication Services - 1.0 %


  
  


  
  
  
  


Integrated Telecommunication Services - 1.0 %


  
  


  


9,000,000


  
  


Ciena Corp., 0.875%, 7/15/17 (b)




$




7,290,000




  


6,503,000


  
  


MasTec, Inc., 4.0%, 6/15/14




 




9,754,500




  


5,775,000


  
  


MasTec, Inc., 4.25%, 12/15/14 (b)




 




8,994,563




  
  
  
  
  


$




26,039,063




  
  
  
  


Total Telecommunication Services




$




26,039,063




  
  
  
  


TOTAL CONVERTIBLE CORPORATE BONDS




$




567,485,854




  
  
  
  


(Cost  $453,396,081)


  
  


  


Shares


  
  
  
  
  


  
  
  
  


PREFERRED STOCKS - 4.7 %


  
  


  
  
  
  


Energy - 0.4 %


  
  


  
  
  
  


Oil & Gas Exploration & Production - 0.4 %


  
  


  


59,180


  
  


Petroquest Energy, 6.875%, 12/31/49




$




2,633,510




  


46,800


  
  


SandRidge Energy, Inc., 8.5%, 12/31/99




 




7,625,592




  
  
  
  
  


$




10,259,102




  
  
  
  


Total Energy




$




10,259,102




  
  
  
  


Capital Goods - 0.5 %


  
  


  
  
  
  


Electrical Component & Equipment - 0.5 %


  
  


  


68,400


  
  


General Cable Corp., 5.75%, 11/24/13




$




13,632,975




  
  
  
  


Total Capital Goods




$




13,632,975




  
  
  
  


Food, Beverage & Tobacco - 0.1 %


  
  


  


194,650


  
  


2009 Dole Food Automatic Common Exchange Security Trust *




$




2,762,084




  
  
  
  


Total Food, Beverage & Tobacco




$




2,762,084




  
  
  
  


Automobiles & Components - 0.1 %


  
  


  
  
  
  


Tires & Rubber - 0.1 %


  
  


  


61,100


  
  


Goodyear Tire & Rubber Co., 5.875%, 4/1/14




$




3,298,178




  
  
  
  


Total Automobiles & Components




$




3,298,178




  
  
  
  


Health Care Equipment & Services - 0.9 %


  
  


  
  
  
  


Health Care Supplies - 0.9 %


  
  


  


89,308


  
  


Alere, Inc., 3.0%, 12/31/49 *




$




22,237,692




  
  
  
  


Total Health Care Equipment & Services




$




22,237,692




  
  
  
  


Diversified Financials - 0.6 %


  
  


  
  
  
  


Consumer Finance - 0.2 %


  
  


  


6,450


  
  


Ally Financial, Inc., 7.0%, 12/31/49




$




5,859,825




  
  
  
  


Diversified Financial Services - 0.2 %


  
  


  


284,000


  
  


GMAC Capital Trust I *




$




7,276,080




  
  
  
  
  


$




7,276,080




  
  
  
  


Total Diversified Financials




$




13,135,905




  
  
  
  


Real Estate - 2.1 %


  
  


  
  
  
  


Real Estate Operating Companies - 2.1 %


  
  


  


821,962


  
  


Forest City Enterprises, Inc., 7.0%, 12/31/49




$




54,044,002




  
  
  
  


Total Real Estate




$




54,044,002




  
  
  
  


TOTAL PREFERRED STOCKS




$




119,369,938




  
  
  
  


(Cost  $93,726,916)


  
  


  
  
  
  
  
  
  


  
  
  
  


COMMON STOCKS - 14.7 %


  
  


  
  
  
  


Energy - 0.9 %


  
  


  
  
  
  


Oil & Gas Drilling - 0.4 %


  
  


  


1,265,837


  
  


Hercules Offshore, Inc. * (b)




$




5,949,434




  


63,739


  
  


Transocean, Ltd.




 




3,923,773




  
  
  
  
  


$




9,873,207




  
  
  
  


Oil & Gas Exploration & Production - 0.4 %


  
  


  


147,800


  
  


Marathon Oil Corp.




$




4,577,366




  


543,713


  
  


SandRidge Energy, Inc. * (b)




 




6,263,574




  
  
  
  
  


$




10,840,940




  
  
  
  


Oil & Gas Refining & Marketing - 0.1 %


  
  


  


73,900


  
  


Marathon Petroleum Corp. *




$




3,236,081




  
  
  
  


Total Energy




$




23,950,228




  
  
  
  


Materials - 4.1 %


  
  


  
  
  
  


Commodity Chemicals - 0.8 %


  
  


  


1,038,023


  
  


Georgia Gulf Corp. *




$




20,801,981




  
  
  
  


Construction Materials - 0.2 %


  
  


  


146,894


  
  


Texas Industries, Inc. (b)




$




5,671,577




  
  
  
  


Diversified Chemical - 1.6 %


  
  


  


59,342


  
  


FMC Corp.




$




5,196,579




  


906,515


  
  


LyondellBasell Industries NV (b)




 




35,771,082




  
  
  
  
  


$




40,967,661




  
  
  
  


Diversified Metals & Mining - 1.2 %


  
  


  


4,128,459


  
  


Blaze Recycling & Metals LLC




$




2,848,637




  


483,460


  
  


Freeport-McMoRan Copper & Gold, Inc. (Class B)


  


25,604,042




  


2,600,200


  
  


Polymet Mining Corp. *




 




4,160,320




  
  
  
  
  


$




32,612,999




  
  
  
  


Metal & Glass Containers - 0.2 %


  
  


  


271,099


  
  


Owens-Illinois, Inc. *




$




6,281,364




  
  
  
  


Steel - 0.0 %


  
  


  


27,854


  
  


KNIA Holdings, Inc. *




$




194,698




  
  
  
  


Total Materials




$




106,530,280




  
  
  
  


Capital Goods - 3.6 %


  
  


  
  
  
  


Aerospace & Defense - 1.8 %


  
  


  


282,457


  
  


BE Aerospace, Inc. *




$




11,241,789




  


379,503


  
  


DigitalGlobe, Inc. *




 




9,912,618




  


198,829


  
  


Geoeye, Inc. *




 




7,945,207




  


151,275


  
  


ITT Corp.




 




8,069,009




  


440,500


  
  


Orbital Sciences Corp. *




 




7,629,460




  
  
  
  
  


$




44,798,083




  
  
  
  


Building Products - 0.2 %


  
  


  


160,212


  
  


Lennox International, Inc.




$




5,924,640




  
  
  
  


Construction & Farm Machinery & Heavy Trucks - 0.2 %


  
  


  


559,049


  
  


Commercial Vehicle Group, Inc. *




$




5,925,919




  
  
  
  


Electrical Component & Equipment - 0.8 %


  
  


  


185,055


  
  


Cooper Industries Plc




$




9,680,227




  


321,400


  
  


General Cable Corp. * (b)




 




12,782,078




  
  
  
  
  


$




22,462,305




  
  
  
  


Industrial Machinery - 0.5 %


  
  


  


167,180


  
  


ESCO Technologies, Inc.




$




5,797,802




  


182,286


  
  


Kennametal, Inc.




 




7,187,537




  
  
  
  
  


$




12,985,339




  
  
  
  


Total Capital Goods




$




92,096,286




  
  
  
  


Consumer Services - 0.7 %


  
  


  
  
  
  


Casinos & Gaming - 0.0 %


  
  


  


68,300


  
  


WMS Industries, Inc. * (b)




$




1,883,031




  
  
  
  


Restaurants - 0.4 %


  
  


  


234,943


  
  


Starbucks Corp.




$




9,418,865




  
  
  
  


Specialized Consumer Services - 0.2 %


  
  


  


554,720


  
  


Service Corp. International (b)




$




5,807,918




  
  
  
  


Total Consumer Services




$




17,109,814




  
  
  
  


Food, Beverage & Tobacco - 0.1 %


  
  


  
  
  
  


Tobacco - 0.1 %


  
  


  


1,076,613


  
  


Alliance One International, Inc. *




$




3,542,057




  
  
  
  


Total Food, Beverage & Tobacco




$




3,542,057




  
  
  
  


Health Care Equipment & Services - 0.8 %


  
  


  
  
  
  


Health Care Supplies - 0.1 %


  
  


  


70,500


  
  


Alere, Inc. * (b)




$




2,079,045




  
  
  
  


Managed Health Care - 0.7 %


  
  


  


168,680


  
  


Aetna, Inc.




$




6,998,533




  


124,500


  
  


CIGNA Corp.




 




6,196,365




  


121,300


  
  


United Healthcare Group, Inc.




 




6,020,119




  
  
  
  
  


$




19,215,017




  
  
  
  


Total Health Care Equipment & Services




$




21,294,062




  
  
  
  


Pharmaceuticals & Biotechnology - 1.5 %


  
  


  
  
  
  


Life Sciences Tools & Services - 1.5 %


  
  


  


115,956


  
  


Bio-Rad Laboratories, Inc. *




$




12,639,204




  


239,862


  
  


Thermo Fisher Scientific, Inc. *




 




14,413,308




  


130,892


  
  


Waters Corp. *




 




11,504,098




  
  
  
  
  


$




38,556,610




  
  
  
  


Total Pharmaceuticals & Biotechnology




$




38,556,610




  
  
  
  


Diversified Financials - 0.3 %


  
  


  
  
  
  


Asset Management & Custody Banks - 0.0 %


  
  


  


73,836


  
  


Legg Mason, Inc. (b)




$




2,172,255




  
  
  
  


Specialized Finance - 0.2 %


  
  


  


18,094


  
  


CME Group, Inc.




$




5,232,604




  
  
  
  


Total Diversified Financials




$




7,404,859




  
  
  
  


Real Estate - 0.0 %


  
  


  
  
  
  


Mortgage Real Estate Investment Trusts - 0.0 %


  
  


  


70,159


  
  


Annaly Capital Management, Inc.




$




1,177,268




  
  
  
  


Total Real Estate




$




1,177,268




  
  
  
  


Software & Services - 0.3 %


  
  


  
  
  
  


Application Software - 0.3 %


  
  


  


202,200


  
  


Blackboard, Inc. * (b)




$




8,807,832




  
  
  
  


Total Software & Services




$




8,807,832




  
  
  
  


Technology Hardware & Equipment - 1.2 %


  
  


  
  
  
  


Communications Equipment - 0.1 %


  
  


  


108,400


  
  


Research In Motion *




$




2,710,000




  
  
  
  


Electronic Equipment & Instruments - 0.3 %


  
  


  


203,618


  
  


Itron, Inc. * (b)




$




8,763,719




  
  
  
  


Electronic Manufacturing Services - 0.3 %


  
  


  


229,800


  
  


TE Connectivity, Ltd.




$




7,912,014




  
  
  
  


Technology Distributors - 0.4 %


  
  


  


137,843


  
  


Arrow Electronics, Inc. *




$




4,790,044




  


352,400


  
  


Ingram Micro, Inc. *




 




6,537,020




  
  
  
  
  


$




11,327,064




  
  
  
  


Total Technology Hardware & Equipment




$




30,712,797




  
  
  
  


Semiconductors - 0.4 %


  
  


  
  
  
  


Semiconductors - 0.4 %


  
  


  


1,521,500


  
  


PMC - Sierra Inc. *




$




10,635,285




  
  
  
  


Total Semiconductor




$




10,635,285




  
  
  
  


Telecommunication Services - 0.3 %


  
  


  
  
  
  


Integrated Telecommunication Services - 0.3 %


  
  


  


585,800


  
  


Windstream Corp. (b)




$




7,152,618




  
  
  
  


Total Telecommunication Services




$




7,152,618




  
  
  
  


Utilities - 0.1 %


  
  


  
  
  
  


Multi-Utilities - 0.1 %


  
  


  


192,334


  
  


CMS Energy Corp.




$




3,681,273




  
  
  
  


Total Utilities




$




3,681,273




  
  
  
  


TOTAL COMMON STOCKS




$




372,651,269




  
  
  
  


(Cost  $288,221,086)


  
  


  
  
  
  
  
  
  


  
  
  
  


ASSET BACKED SECURITIES - 0.1 %


  
  


  
  
  
  


Banks - 0.1 %


  
  


  
  
  
  


Thrifts & Mortgage Finance - 0.1 %


  
  


  


2,510,000




0.68


  


Bear Stearns Asset Backed Securities, Inc., Floating Rate Note, 1/25/47




$




987,866




  


1,496,918




0.89


  


FBR Securitixation Trust, Floating Rate Note, 10/25/35




 




871,705




  
  
  
  
  


$




1,859,571




  
  
  
  


Total Banks




$




1,859,571




  
  
  
  


TOTAL ASSET BACKED SECURITIES




$




1,859,571




  
  
  
  


(Cost  $2,218,875)


  
  


  
  
  
  
  
  
  


  
  
  
  


CORPORATE BONDS - 47.3 %


  
  


  
  
  
  


Energy - 7.5 %


  
  


  
  
  
  


Coal & Consumable Fuels - 0.1 %


  
  


  


3,127,000


  
  


Murray Energy Corp., 10.25%, 10/15/15




$




3,283,350




  
  
  
  


Oil & Gas Drilling - 0.8 %


  
  


  


15,825,000


  
  


Offshore Group Investments, 11.5%, 8/1/15




$




17,526,188




  


3,300,000


  
  


Precision Drilling Corp., 6.5%, 12/15/21




 




3,366,000




  
  
  
  
  


$




20,892,188




  
  
  
  


Oil & Gas Equipment & Services - 0.8 %


  
  


  


5,724,000


  
  


American Petroleum Tankers LLC, 10.25%, 5/1/15




$




5,924,340




  


4,045,000


  
  


Complete Production Service, 8.0%, 12/15/16




 




4,247,250




  


10,500,000


  
  


Expro Finance Luxembourg SCA, 8.5%, 12/15/16 (b)




 




10,526,250




  
  
  
  
  


$




20,697,840




  
  
  
  


Oil & Gas Exploration & Production - 3.3 %


  
  


  


3,425,000


  
  


Berry Petroleum Co., 6.75%, 11/1/20 (b)




$




3,510,625




  


2,561,000


  
  


Carrizo Oil & Gas, Inc., 8.625%, 10/15/18




 




2,727,465




  


1,955,000


  
  


Chaparral Energy, Inc., 8.25%, 9/1/21




 




2,018,538




  


3,580,000


  
  


Comstock Resources, Inc., 7.75%, 4/1/19




 




3,723,200




  


2,925,000


  
  


Concho Resources, Inc., 6.5%, 1/15/22




 




3,056,625




  


3,680,000


  
  


Energy Partners, Ltd., 8.25%, 2/15/18




 




3,578,800




  


3,875,000


  
  


Goodrich Petroleum Corp., 8.875%, 3/15/19




 




3,981,563




  


15,705,000


  
  


Hilcorp Energy, 7.75%, 11/1/15 (144A)




 




16,215,413




  


1,445,000


  
  


Linn Energy LLC, 6.5%, 5/15/19




 




1,443,194




  


6,045,000


  
  


Penn Virginia Corp., 7.25%, 4/15/19 (b)




 




6,120,563




  


3,830,000


  
  


Plains Exploration & Production Co., 10.0%, 3/1/16




 




4,327,900




  


3,815,000


  
  


Quicksilver Resources, Inc., 7.125%, 4/1/16 (b)




 




3,834,075




  


13,550,000


  
  


Quicksilver Resources, Inc., 8.25%, 8/1/15




 




14,363,000




  


1,015,000


  
  


SandRidge Energy, Inc., 8.0%, 6/1/18




 




1,075,900




  


2,675,000


  
  


SM Energy Co., 6.625%, 2/15/19




 




2,755,250




  


5,250,000


  
  


Swift Energy Co., 8.875%, 1/15/20




 




5,722,500




  


2,330,000


  
  


Venoco, Inc., 8.875%, 2/15/19




 




2,411,550




  


3,550,000


  
  


Whiting Petroleum, 6.5%, 10/1/18 (b)




 




3,656,500




  
  
  
  
  


$




84,522,661




  
  
  
  


Oil & Gas Refining & Marketing - 2.3 %


  
  


  


15,013,000


  
  


Holly Energy Partners LP, 6.25%, 3/1/15




$




15,050,533




  


925,000


  
  


Holly Energy Partners LP, 6.25%, 3/1/15 (144A)




 




980,500




  


40,085,000


  
  


Tesoro Corp., 6.625%, 11/1/15




 




41,087,125




  
  
  
  
  


$




57,118,158




  
  
  
  


Oil & Gas Storage & Transporation - 0.2 %


  
  


  


4,050,000


  
  


Copano Energy LLC, 7.125%, 4/1/21




$




4,151,250




  
  
  
  


Total Energy




$




190,665,447




  
  
  
  


Materials - 8.6 %


  
  


  
  
  
  


Aluminum - 0.9 %


  
  


  


14,335,436




6.83


  


Noranda Aluminum Acquisition, Floating Rate Note, 5/15/15




$




13,744,099




  


8,800,000


  
  


Novelis, Inc., 8.75%, 12/15/20




 




9,790,000




  
  
  
  
  


$




23,534,099




  
  
  
  


Commodity Chemicals - 5.1 %


  
  


  


6,275,000


  
  


Hexion US Finance Corp., 9.0%, 11/15/20




$




6,494,625




  


13,545,000


  
  


Hexion US Finance Corp., 8.875%, 2/1/18 (144A)




 




14,357,700




  


54,035,000


  
  


Nova Chemicals Corp., 7.875%, 9/15/25


  


54,035,000




  
  
  
  
  


$




74,887,325




  
  
  
  


Construction Materials - 0.3 %


  
  


  


7,205,000


  
  


Texas Industries, Inc., 9.25%, 8/15/20




$




7,087,919




  
  
  
  


Diversified Chemical - 0.9 %


  
  


  


6,635,000


  
  


Ineos Finance Plc, 9.0%, 5/15/15 (144A)




$




7,016,513




  


8,958,000


  
  


Ineos Group Holdings Plc, 8.5%, 2/15/16 (144A) (b)




 




8,980,395




  


7,558,000


  
  


Momentive Performance Materials, Inc., 9.0%, 1/15/21




 




7,784,740




  
  
  
  
  


$




23,781,648




  
  
  
  


Diversified Metals & Mining - 0.5 %


  
  


  


8,875,000


  
  


Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18




$




9,008,125




  


2,625,000


  
  


Rain CII Carbon LLC, 8.0%, 12/1/18




 




2,812,688




  
  
  
  
  


$




11,820,813




  
  
  
  
  
  
  


  
  
  
  


Forest Products - 0.2 %


  
  


  


7,910,000


  
  


Millar Western Forest, 8.5%, 4/1/21




$




6,881,700




  
  
  
  


Metal & Glass Containers - 0.8 %


  
  


  


2,290,000


  
  


BWAY Holding Co., 10.0%, 6/15/18 (b)




$




2,507,550




  


18,370,000


  
  


Crown Cork and Seal Co., Inc., 7.375%, 12/15/26




 




18,370,000




  
  
  
  
  


$




20,877,550




  
  
  
  


Paper Packaging - 0.7 %


  
  


  


7,139,000


  
  


Graham Packaging Co., 9.875%, 10/15/14




$




7,317,475




  


9,490,000


  
  


Packaging Dynamics Corp., 8.75%, 2/1/16




 




9,774,700




  
  
  
  
  


$




17,092,175




  
  
  
  


Paper Products - 0.2 %


  
  


  


4,475,000


  
  


Appleton Papers, Inc. 10.5%, 6/15/15 (144A)




$




4,732,313




  
  
  
  


Steel - 1.1 %


  
  


  


16,805,000


  
  


Algoma Acquisition Corp., 9.875%, 6/15/15 (144A)




$




15,208,525




  


5,940,000


  
  


APERAM, 7.375%, 4/01/16




 




5,895,450




  


2,300,000


  
  


APERAM, 7.75%, 4/1/18




 




2,311,500




  


4,380,000


  
  


JMC Steel Group, 8.25%, 3/15/18




 




4,544,250




  
  
  
  
  


$




27,959,725




  
  
  
  


Total Materials




$




218,655,267




  
  
  
  


Capital Goods - 4.2 %


  
  


  
  
  
  


Aerospace & Defense - 0.7 %


  
  


  


17,628,000


  
  


DynCorp International, Inc., 10.375%, 7/1/17 (b)




$




17,716,140




  
  
  
  


Construction & Engineering - 0.2 %


  
  


  


7,350,000


  
  


New Enterprise Stone & Lime Co., 11.0%, 9/1/18




$




6,817,125




  
  
  
  


Construction & Farm Machinery & Heavy Trucks - 0.2 %


  
  


  


2,325,000


  
  


American Railcar, 7.5%, 3/1/14




$




2,359,875




  


2,350,000


  
  


Commercial Vehicle Group, Inc., 7.875%, 4/15/19




 




2,344,125




  
  
  
  
  


$




4,704,000




  
  
  
  


Electrical Component & Equipment - 1.7 %


  
  


  


28,930,000


  
  


Anixter International Corp., 5.95%, 3/1/15




$




29,472,438




  


3,000,000


  
  


Coleman Cable, Inc., 9.0%, 2/15/18




 




3,112,500




  


9,336,000


  
  


General Cable Corp., 7.125%, 4/1/17 (b)




 




9,616,080




  
  
  
  
  


$




42,201,018




  
  
  
  


Industrial Conglomerates - 0.1 %


  
  


  


2,675,000


  
  


Park-Ohio Industries, Inc., 8.125%, 4/1/21




$




2,648,250




  
  
  
  


Industrial Machinery - 0.6 %


  
  


  


2,500,000


  
  


Liberty Tire Recycling, 11.0%, 10/1/16




$




2,675,000




  


13,556,000


  
  


Mueller Water Products, 7.375%, 6/1/17 (b)




 




12,945,980




  
  
  
  
  


$




15,620,980




  
  
  
  


Trading Companies & Distributors - 0.7 %


  
  


  


16,751,000


  
  


Wesco Distribution, Inc., 7.5%, 10/15/17




$




17,169,775




  
  
  
  


Total Capital Goods




$




106,877,288




  
  
  
  


Commercial Services & Supplies - 0.2 %


  
  


  
  
  
  


Diversified Support Services - 0.2 %


  
  


  


4,446,000


  
  


ADS Tactical, Inc., 11.0%, 4/1/18




$




4,757,220




  
  
  
  


Total Commercial Services & Supplies




$




4,757,220




  
  
  
  


Transportation - 1.1 %


  
  


  
  
  
  


Air Freight & Couriers - 0.5 %


  
  


  


8,900,000


  
  


Ceva Group Plc, 11.5%, 4/1/18 (144A)




$




9,367,250




  


3,205,000


  
  


Ceva Group Plc, 11.625%, 10/1/16 (b)




 




3,493,450




  
  
  
  
  


$




12,860,700




  
  
  
  


Trucking - 0.6 %


  
  


  


9,880,000


  
  


Swift Services Holdings, Inc., 10.0%, 11/15/18 (b)




$




10,633,350




  


4,540,000


  
  


Syncreon Global Ireland, Ltd., 9.5%, 5/1/18




 




4,630,800




  
  
  
  
  


$




15,264,150




  
  
  
  


Total Transportation




$




28,124,850




  
  
  
  


Automobiles & Components - 1.2 %


  
  


  
  
  
  


Auto Parts & Equipment - 0.6 %


  
  


  


9,980,000


  
  


Allison Transmission, Inc., 11.0%, 11/1/15 (144A)




$




10,641,175




  


6,250,000


  
  


Allison Transmission, Inc., 7.125%, 5/15/19 (b)




 




6,125,000




  
  
  
  
  


$




16,766,175




  
  
  
  


Automobile Manufacturers - 0.5 %


  
  


  


5,870,000


  
  


Chrysler Group LLC, 8.0%, 6/15/19 (b)




$




5,679,225




  


7,905,000


  
  


Chrysler Group LLC, 8.25%, 6/15/21 (b)




 




7,746,900




  
  
  
  
  


$




13,426,125




  
  
  
  


Total Automobiles & Components




$




30,192,300




  
  
  
  


Consumer Durables & Apparel - 2.1 %


  
  


  
  
  
  


Homebuilding - 0.4 %


  
  


  


11,745,000


  
  


Beazer Homes USA, Inc., 9.125%, 6/15/18




$




9,865,800




  
  
  
  


Housewares & Specialties - 1.7 %


  
  


  


6,700,000


  
  


Reynolds Group Holdings, Ltd., 8.25%, 2/15/21




$




6,180,750




  


4,260,000


  
  


Reynolds Group Issuer, Inc., 9.0%, 4/15/19




 




4,238,700




  


7,495,000


  
  


Reynolds Group Issuer, Inc., 8.5%, 5/15/18 (144A)




 




7,195,200




  


16,900,000


  
  


Yankee Acquisition Corp., 9.75%, 2/15/17 (b)




 




17,956,250




  


7,875,000


  
  


YCC Holdings LLC, 10.25%, 2/15/16




 




7,953,750




  
  
  
  
  


$




43,524,650




  
  
  
  


Total Consumer Durables & Apparel




$




53,390,450




  
  
  
  


Consumer Services - 1.1 %


  
  


  
  
  
  


Casinos & Gaming - 0.5 %


  
  


  


33,735,000


  
  


Mashantucket Pequot Tribe, 8.5%, 11/15/15 (144A)




$




1,855,425




  


4,148,000


  
  


Pinnacle Entertainment, Inc., 8.75%, 5/15/20 (b)




 




4,438,360




  


5,693,000


  
  


Scientific Games International, Inc., 9.25%, 6/15/19 (144A)




 




6,176,905




  


2,050,000


  
  


Seneca Gaming Corp., 8.25%, 12/1/18




 




2,121,750




  
  
  
  
  


$




14,592,440




  
  
  
  


Education Services - 0.2 %


  
  


  


4,295,000


  
  


Cambium Learning Group, Inc., 9.75%, 2/15/17




$




4,327,213




  
  
  
  


Restaurants - 0.4 %


  
  


  


16,315,000


  
  


Burger King Capital, 0.0%, 4/15/19 (b)




$




9,748,213




  
  
  
  


Total Consumer Services




$




28,667,866




  
  
  
  


Media - 4.1 %


  
  


  
  
  
  


Advertising - 1.2 %


  
  


  


11,985,000


  
  


Interpublic Group of Companies, 10.0%, 7/15/17




$




14,172,263




  


4,275,000


  
  


MDC Partners, Inc., 11.0%, 11/1/16




 




4,675,781




  


14,000,000


  
  


Sitel LLC, 11.5%, 4/1/18




 




12,565,000




  
  
  
  
  


$




31,413,044




  
  
  
  


Broadcasting - 2.5 %


  
  


  


11,250,000


  
  


CCO Holdings LLC, 6.5%, 4/30/21




$




11,221,875




  


5,850,000


  
  


CCO Holdings LLC, 7.0%, 1/15/19




 




6,084,000




  


4,700,000


  
  


EH Holding Corp., 6.5%, 6/15/19




 




4,835,125




  


15,700,000


  
  


Intelsat Bermuda, Ltd., 11.5%, 2/4/17 (144A)




 




16,877,500




  


2,484,969


  
  


Intelsat Bermuda, Ltd., 11.5%, 2/4/17




 




2,671,342




  


6,450,000


  
  


Intelsat Jackson Holdings SA, 7.25%, 4/1/19


  


6,530,625




  


4,750,000


  
  


Telesat Canada, 11.0%, 11/1/15




 




5,201,250




  


8,990,000


  
  


Telesat Canada, 12.5%, 11/1/17




 




10,552,013




  
  
  
  
  


$




63,973,730




  
  
  
  


Publishing - 0.4 %


  
  


  


7,230,000


  
  


Interactive Data Corp., 10.25%, 8/1/18




$




8,119,290




  


2,125,000


  
  


MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18




 




2,130,313




  
  
  
  
  


$




10,249,603




  
  
  
  


Total Media




$




105,636,377




  
  
  
  


Retailing - 0.8 %


  
  


  
  
  
  


Apparel Retail - 0.2 %


  
  


  


6,475,000


  
  


Brown Shoe Co, Inc., 7.125%, 5/15/19 (b)




$




6,280,750




  
  
  
  


Internet Retail - 0.6 %


  
  


  


13,495,000


  
  


Ticketmaster, 10.75%, 8/1/16




$




14,709,550




  
  
  
  


Total Retailing




$




20,990,300




  
  
  
  


Food, Beverage & Tobacco - 0.8 %


  
  


  
  
  
  


Packaged Foods & Meats - 0.3 %


  
  


  


7,860,000


  
  


Pilgrim's Pride Corp., 7.875%, 12/15/18 (b)




$




6,995,400




  
  
  
  


Tobacco - 0.5 %


  
  


  


13,755,000


  
  


Alliance One International, Inc., 10.0%, 7/15/16




$




13,204,800




  
  
  
  


Total Food, Beverage & Tobacco




$




20,200,200




  
  
  
  


Health Care Equipment & Services - 1.6 %


  
  


  
  
  
  


Health Care Equipment - 0.2 %


  
  


  


4,000,000


  
  


Accellent, Inc., 10.0%, 11/1/17




$




3,930,000




  
  
  
  


Health Care Facilities - 0.3 %


  
  


  


4,150,000


  
  


HCA, Inc., 6.5%, 2/15/20




$




4,212,250




  


4,190,000


  
  


Vanguard Health Holding Co., 7.75%, 2/1/19 (b)




 




4,299,988




  


176,000


  
  


Vanguard Health Systems, Inc., 0.0%, 2/1/16




 




117,040




  
  
  
  
  


$




8,629,278




  
  
  
  


Health Care Services - 1.0 %


  
  


  


1,875,000


  
  


ExamWorks Group, Inc., 9.0%, 7/15/19




$




1,931,250




  


3,529,000


  
  


Gentiva Health Services, Inc., 11.5%, 9/1/18




 




3,652,515




  


4,435,000


  
  


Surgical Care Affiliates, 10.0%, 7/15/17 (144A)




 




4,545,875




  


16,647,387


  
  


Surgical Care Affiliates, 8.875%, 7/15/15 (144A) PIK




 




16,980,335




  
  
  
  
  


$




27,109,975




  
  
  
  


Total Health Care Equipment & Services




$




39,669,253




  
  
  
  


Pharmaceuticals & Biotechnology - 0.9 %


  
  


  
  
  
  


Biotechnology - 0.7 %


  
  


  


10,559,000


  
  


Lantheus Medical Imaging, Inc., 9.75%, 5/15/17




$




10,770,180




  


9,000,000


  
  


PDL BioPharma, Inc., 3.75%, 5/1/15




 




8,898,750




  
  
  
  
  


$




19,668,930




  
  
  
  


Life Sciences Tools & Services - 0.1 %


  
  


  


2,475,625


  
  


Catalent Pharma Solution, 9.5%, 4/15/17 (144A)




$




2,525,138




  
  
  
  


Total Pharmaceuticals & Biotechnology




$




22,194,068




  
  
  
  


Diversified Financials - 1.4 %


  
  


  
  
  
  


Consumer Finance - 0.2 %


  
  


  


4,750,000


  
  


Ford Motor Credit Co. LLC, 5.875%, 8/2/21




$




4,812,315




  
  
  
  


Diversified Financial Services - 0.4 %


  
  


  


1,500,000




0.00


  


Caelus Re II, Ltd., Floating Rate Note, 5/24/13




$




1,497,300




  


2,265,000


  
  


Ibis Re, Ltd.,11.2775%, 5/10/12




 




2,313,471




  


5,100,000


  
  


Lodestone Re, Ltd., 0.0%, 1/8/14




 




5,024,520




  


3,450,000


  
  


Residential Reinsurance 2011, Ltd., 0.0%, 6/6/15




 




3,429,990




  
  
  
  
  


$




12,265,281




  
  
  
  


Specialized Finance - 0.7 %


  
  


  


12,630,000


  
  


National Money Mart Co., 10.375%, 12/15/16




$




13,924,575




  


5,070,000




7.68


  


NCO Group, Inc., Floating Rate Note, 11/15/13




 




4,753,125




  
  
  
  
  


$




18,677,700




  
  
  
  


Total Diversified Financials




$




35,755,296




  
  
  
  


Insurance - 2.3 %


  
  


  
  
  
  


Insurance Brokers - 1.2 %


  
  


  


18,435,000


  
  


Alliant Holdings, Inc., 11.0%, 5/1/15 (144A)




$




19,448,925




  


2,950,000


  
  


Hub International Holdings, 10.25%, 6/15/15 (144A)




 




2,950,000




  


7,563,000




6.68


  


Usi Holdings Corp., Floating Rate Note, 11/15/14




 




6,939,053




  
  
  
  
  


$




29,337,978




  
  
  
  


Multi-Line Insurance - 0.6 %


  
  


  


12,644,000




10.75


  


Liberty Mutual Group, Floating Rate Note, 6/15/58 (144A)




$




16,721,690




  
  
  
  


Reinsurance - 0.5 %


  
  


  


1,000,000




7.19


  


Blue Fin, Ltd., Floating Rate Note, 4/10/12




$




999,200




  


1,500,000


  
  


Foundation Re III, Ltd., 0.0%, 2/25/15




 




1,473,900




  


1,000,000




0.00


  


Foundation Re III, Ltd., Floating Rate Note, 2/3/14




 




979,000




  


1,675,000




12.03


  


Globecat, Ltd., Floating Rate Note, 1/2/13 (144A)




 




1,562,775




  


375,000




8.78


  


Globecat, Ltd., Floating Rate Note, 1/2/13 (144A)




 




375,300




  


1,175,000




14.58


  


Successor X, Ltd., Floating Rate Note, 12/13/13




 




1,156,553




  


2,600,000




16.08


  


Successor X, Ltd., Floating Rate Note, 12/13/13




 




2,541,240




  


4,000,000




13.00


  


Successor X, Ltd., Floating Rate Note, 2/25/14




 




3,897,600




  
  
  
  
  


$




12,985,568




  
  
  
  


Total Insurance




$




59,045,236




  
  
  
  


Real Estate - 2.8 %


  
  


  
  
  
  


Diversified Real Estate Investment Trusts - 0.4 %


  
  


  


12,750,000


  
  


CNL Income Properties, Inc., 7.25%, 4/15/19




$




11,634,375




  
  
  
  


Real Estate Operating Companies - 2.3 %


  
  


  


50,985,000


  
  


Forest City Enterprises, 6.5%, 2/1/17




$




48,308,288




  


1,140,000


  
  


Forest City Enterprises, 7.625%, 6/1/15




 




1,134,300




  


9,635,000


  
  


Forest City Enterprises, Inc., 4.25%, 8/15/18




 




9,996,313




  
  
  
  
  


$




59,438,901




  
  
  
  


Total Real Estate




$




71,073,276




  
  
  
  


Software & Services - 0.8 %


  
  


  
  
  
  


Application Software - 0.1 %


  
  


  


3,655,000


  
  


Vangent, Inc., 9.625%, 2/15/15




$




3,709,825




  
  
  
  


Data Processing & Outsourced Services - 0.5 %


  
  


  


6,047,000


  
  


First Data Corp., 12.625%, 1/15/21




$




6,409,820




  


4,722,000


  
  


First Data Corp., 8.25%, 1/15/21 (b)




 




4,627,560




  


1,984,000


  
  


First Data Corp., 9.875%, 9/24/15




 




2,013,760




  
  
  
  
  


$




13,051,140




  
  
  
  


Internet Software & Services - 0.1 %


  
  


  


2,450,000


  
  


Equinix, Inc., 7.0%, 7/15/21




$




2,548,000




  
  
  
  


Total Software & Services




$




19,308,965




  
  
  
  


Technology Hardware & Equipment - 1.0 %


  
  


  
  
  
  


Computer Storage & Peripherals - 0.9 %


  
  


  


13,150,000


  
  


Seagate HDD Cayman, 7.0%, 11/1/21




$




13,281,500




  


8,960,000


  
  


Seagate HDD Cayman, 7.75%, 12/15/18




 




9,408,000




  
  
  
  
  


$




22,689,500




  
  
  
  


Electronic Components - 0.1 %


  
  


  


2,290,000


  
  


Vishay Intertechnology, Inc., 2.25%, 5/15/41




$




2,032,375




  
  
  
  


Total Technology Hardware & Equipment




$




24,721,875




  
  
  
  


Telecommunication Services - 3.2 %


  
  


  
  
  
  


Alternative Carriers - 1.4 %


  
  


  


9,775,000


  
  


PAETEC Holdings, 8.875%, 6/30/17 (144A)




$




10,508,125




  


15,051,000


  
  


Global Crossing, Ltd., 12.0%, 9/15/15




 




17,459,160




  


2,475,000


  
  


Global Crossing UK Finance Plc, 10.75%, 12/15/14




 




2,567,813




  


4,500,000


  
  


PAETEC Holding Corp., 9.5%, 7/15/15




 




4,691,250




  
  
  
  
  


$




35,226,348




  
  
  
  


Integrated Telecommunication Services - 1.6 %


  
  


  


5,640,000


  
  


Cincinnati Bell, Inc., 8.25%, 10/15/17




$




5,724,600




  


19,520,000


  
  


Cincinnati Bell, Inc., 8.375%, 10/15/20




 




19,715,200




  


4,550,000


  
  


Frontier Communications Corp., 8.5%, 4/15/20




 




4,993,625




  


2,358,000


  
  


GCI, Inc., 8.625%, 11/15/19




 




2,593,800




  


8,460,000


  
  


Windstream Corp., 7.75%, 10/15/20




 




8,967,600




  


1,895,000


  
  


Windstream Corp., 8.125%, 9/1/18




 




2,027,650




  
  
  
  
  


$




44,022,475




  
  
  
  


Wireless Telecommunication Services - 0.1 %


  
  


  


2,300,000


  
  


Richland Towers Funding LLC/ Seattle Funding, 7.87%, 3/15/16




$




2,322,709




  
  
  
  
  


$




2,322,709




  
  
  
  


Total Telecommunication Services




$




81,571,532




  
  
  
  


Utilities - 1.4 %


  
  


  
  
  
  


Electric Utilities - 0.5 %


  
  


  


13,500,000


  
  


Texas Competitive Electric Holdings Co., 15.0%, 4/1/21 (b)




$




9,855,000




  


2,340,000


  
  


Texas Competitive Electric Holdings Co., 11.5%, 10/1/20 (b)




 




2,164,500




  
  
  
  
  


$




12,019,500




  
  
  
  


Gas Utilities - 0.4 %


  
  


  


8,550,000


  
  


AmeriGas Partners LP, 6.25%, 8/20/19




$




8,571,375




  


2,950,000


  
  


Ferrellgas LP, 6.5%, 5/1/21




 




2,846,750




  
  
  
  
  


$




11,418,125




  
  
  
  


Independent Power Producer & Energy Traders - 0.5 %


  
  


  


3,200,000


  
  


Intergen NV, 9.0%, 6/30/17




$




3,376,000




  


8,050,000


  
  


NRG Energy, Inc., 7.625%, 1/15/18 (b)




 




8,190,875




  
  
  
  
  


$




11,566,875




  
  
  
  


Total Utilities




$




35,004,500




  
  
  
  


TOTAL CORPORATE BONDS




$




1,196,501,566




  
  
  
  


(Cost  $1,181,940,505)


  
  


  
  
  
  
  
  
  


  
  
  
  


MUNICIPAL BONDS - 2.1 %


  
  


  
  
  
  


Municipal Airport - 0.3 %


  
  


  


8,000,000


  
  


New Jersey Economic Development Authority, 6.25%, 9/15/29




$




7,636,720




  
  
  
  


Municipal Development - 1.0 %


  
  


  


1,815,000


  
  


Alliance Airport Authority, 5.25%, 12/1/29




$




1,212,039




  


17,230,000


  
  


Alliance Airport Authority, 5.75%, 12/1/29




 




12,273,791




  


12,500,000


  
  


Dallas-Fort Worth International Airport, 5.5%, 11/1/30




 




8,550,875




  


4,325,000


  
  


Dallas-Fort Worth Texas International Airport Revenue, 6.375%, 5/1/35




 




3,230,343




  


10,000,000




7.30


  


Ohio Air Quality Development, Floating Rate Note, 6/8/22


  


1,047,000




  
  
  
  
  


$




26,314,048




  
  
  
  


Municipal General - 0.3 %


  
  


  


7,875,000


  
  


County of Cook Illinois, 6.5%, 10/15/40




$




8,093,531




  
  
  
  


Municipal Pollution - 0.5 %


  
  


  


4,750,000


  
  


Ohio State Pollution Control Revenue, 5.6%, 8/1/32




$




3,811,400




  


9,980,000


  
  


Ohio State Pollution Control Revenue, 5.65%, 3/1/33




 




8,036,894




  
  
  
  
  


$




11,848,294




  
  
  
  


TOTAL MUNICIPAL BONDS




$




53,892,593




  
  
  
  


(Cost  $62,359,775)


  
  


  
  
  
  
  
  
  


  
  
  
  


SENIOR FLOATING RATE LOAN OBLIGATIONS - 7.9 %**


  
  


  
  
  
  


Energy - 1.0 %


  
  


  
  
  
  


Oil & Gas Equipment & Services - 0.9 %


  
  


  


769,468




6.00


  


Aquilex Holdings LLC, Term Loan, 4/1/16




$




768,987




  


19,490,301




6.25


  


Frac Tech Services LLC, Term Loan, 4/19/16




 




19,487,544




  


4,504,085




8.50


  


Hudson Products Holdings, Inc., Term Loan, 8/24/15




 




4,335,182




  
  
  
  
  


$




24,591,713




  
  
  
  


Total Energy




$




24,591,713




  
  
  
  


Materials - 0.3 %


  
  


  
  
  
  


Commodity Chemicals - 0.1 %


  
  


  


1,746,225




6.00


  


CPG International I, Inc., Term Loan, 1/26/17




$




1,745,134




  
  
  
  


Diversified Chemical - 0.2 %


  
  


  


1,930,604




7.50


  


Ineos U.S. Finance Corp., Senior Credit Term Loan, 12/16/13




$




2,000,890




  


1,900,392




8.00


  


Ineos U.S. Finance Corp., Senior Credit Term Loan, 12/16/14




 




1,969,579




  
  
  
  
  


$




3,970,469




  
  
  
  


Steel - 0.1 %


  
  


  


1,633,536




10.50


  


Niagara Corp., New Term Loan, 6/29/14




$




1,600,865




  
  
  
  


Total Materials




$




7,316,468




  
  
  
  


Capital Goods - 0.3 %


  
  


  
  
  
  


Aerospace & Defense - 0.3 %


  
  


  


1,419,160




5.26


  


Dae Aviation Holding, Tranche B1 Term Loan, 7/31/14




$




1,416,795




  


784,988




3.50


  


Hunter Defense Technology, Term Loan, 8/22/14




 




762,419




  


2,942,236




9.25


  


IAP Worldwide Services, Inc., Term Loan, 12/20/12




 




2,939,479




  


1,363,584




5.26


  


Standard Aero, Ltd., Tranche B2 Term Loan, 7/31/14




 




1,361,311




  
  
  
  
  


$




6,480,004




  
  
  
  


Building Products - 0.0 %


  
  


  


1,111,600




5.75


  


Goodman Global Group, Inc., Initial Term Loan, 10/6/16




$




1,118,467




  
  
  
  


Electrical Component & Equipment - 0.0 %


  
  


  


1,175,136




5.76


  


Scotsman Industries, Inc., Term Loan, 4/30/16




$




1,178,809




  
  
  
  


Total Capital Goods




$




8,777,280




  
  
  
  


Commercial Services & Supplies - 0.2 %


  
  


  
  
  
  


Environmental & Facilities Services - 0.2 %


  
  


  


4,795,900




7.25


  


Brickman Group Holdings, Inc., Tranche B Term Loan, 9/21/16




$




4,863,342




  
  
  
  


Total Commercial Services & Supplies




$




4,863,342




  
  
  
  


Transportation - 0.3 %


  
  


  
  
  
  


Air Freight & Couriers - 0.2 %


  
  


  


1,971,385




5.25


  


CEVA Group Plc, U.S. Tranche B Term Loan, 8/31/16




$




1,915,529




  


1,365,846




5.25


  


CEVA Group Plc, Dollar Tranche B Term Loan, 8/31/16




 




1,327,147




  


3,702,650




5.25


  


CEVA Group Plc, EGL Tranche B Term Loan, 8/31/16




 




3,628,597




  
  
  
  
  


$




6,871,273




  
  
  
  


Total Transportation




$




6,871,273




  
  
  
  


Automobiles & Components - 0.7 %


  
  


  
  
  
  


Auto Parts & Equipment - 0.0 %


  
  


  


52,743




2.94


  


Allison Transmission, Term Loan, 8/7/14




$




51,743




  
  
  
  


Automobile Manufacturers - 0.6 %


  
  


  


14,600,000




6.00


  


Chrysler Group LLC, Tranche B Term Loan, 4/28/17




$




14,239,563




  
  
  
  


Tires & Rubber - 0.1 %


  
  


  


3,817,000




1.94


  


Goodyear Tire & Rubber Co., 2nd Lien Term Loan, 4/30/14




$




3,687,495




  
  
  
  


Total Automobiles & Components




$




17,978,801




  
  
  
  


Consumer Services - 0.0 %


  
  


  
  
  
  


Education Services - 0.0 %


  
  


  


947,692




2.50


  


Cengage Learning Acquistions, Term Loan, 7/4/14




$




830,652




  
  
  
  


Total Consumer Services




$




830,652




  
  
  
  


Media - 0.1 %


  
  


  
  
  
  


Movies & Entertainment - 0.1 %


  
  


  


2,927,827




5.25


  


Christie/AIX, Inc., Term Loan, 4/29/16




$




2,918,678




  
  
  
  


Total Media




$




2,918,678




  
  
  
  


Food, Beverage & Tobacco - 0.4 %


  
  


  
  
  
  


Packaged Foods & Meats - 0.4 %


  
  


  


7,907,582




7.00


  


Pierre Foods, Inc., 1st Lien Term Loan, 9/30/16




$




7,991,600




  


2,900,000




11.25


  


Pierre Foods, Inc., 2nd Lien Term Loan, 7/29/17


  


2,947,125




  
  
  
  
  


$




10,938,725




  
  
  
  


Total Food, Beverage & Tobacco




$




10,938,725




  
  
  
  


Household & Personal Products - 0.1 %


  
  


  
  
  
  


Personal Products - 0.1 %


  
  


  


2,009,700




4.75


  


Revlon, Inc., Term B Loan, 11/19/17




$




2,015,263




  
  
  
  


Total Household & Personal Products




$




2,015,263




  
  
  
  


Health Care Equipment & Services - 1.9 %


  
  


  
  
  
  


Health Care Facilities - 0.2 %


  
  


  


1,330,000




0.00


  


Ardent Health Services LLC, Tranche B Term Loan, 7/19/15




$




1,330,000




  


3,841,375




6.50


  


Ardent Medical Services, Term Loan, 9/15/15




 




3,846,177




  
  
  
  
  


$




5,176,177




  
  
  
  


Health Care Services - 1.4 %


  
  


  


5,565,324




4.75


  


Gentiva Health Services, Inc., Term B1 Loan, 2/22/16




$




5,484,162




  


3,440,451




8.50


  


NAMM Holdings, Inc., Term Loan, 4/1/14




 




3,456,221




  


5,167,050




7.00


  


National Mentor Holdings, Inc., Tranche B Term Loan, 1/18/17




 




5,155,424




  


757,426




0.75


  


National Surgical Hospitals, Inc., Delayed Draw Term Loan, 1/4/17




 




759,319




  


4,331,718




8.25


  


National Surgical Hospitals, Inc., Initial Term Loan, 1/4/17




 




4,342,547




  


6,626,125




7.25


  


Prime Healthcare Services, Term B Loan, 4/28/15




 




6,493,603




  


3,866,667




7.50


  


Sun HealthCare Group, Term Loan, 10/18/16




 




3,852,167




  


4,713,188




6.50


  


Surgery Center Holdings, Inc., Term Loan, 9/20/16




 




4,739,699




  


1,517,375




7.75


  


Virtual Radiologic Corp., Term A Loan, 11/3/16




 




1,494,614




  
  
  
  
  


$




35,777,756




  
  
  
  


Health Care Technology - 0.1 %


  
  


  


357,143




1.57


  


Physician Oncology Services, Delayed Draw Term Loan, 8/22/11




$




354,911




  


2,939,724




6.25


  


Physician Oncology Services, Effective Date Term Loan, 2/10/17




 




2,921,351




  
  
  
  
  


$




3,276,262




  
  
  
  


Managed Health Care - 0.1 %


  
  


  


3,440,451




8.50


  


MMM Holdings, Inc., Term Loan, 4/14/15




$




3,456,221




  
  
  
  


Total Health Care Equipment & Services




$




47,686,416




  
  
  
  


Pharmaceuticals & Biotechnology - 0.4 %


  
  


  
  
  
  


Biotechnology - 0.4 %


  
  


  


5,655,000




0.00


  


Alkermes, Inc., Term B Loan, 6/9/17




$




5,676,206




  


4,258,588




5.50


  


Axcan Intermediate Holdings, Inc., Term Loan, 1/25/17




 




4,202,694




  


183,614




6.50


  


Harvard Drug Group, Delayed Draw Term Loan, 4/8/16




 




180,974




  


1,335,373




6.50


  


Harvard Drug Group, Closing Date Term Loan, 4/7/16




 




1,316,177




  
  
  
  
  


$




11,376,051




  
  
  
  


Total Pharmaceuticals & Biotechnology




$




11,376,051




  
  
  
  


Diversified Financials - 0.7 %


  
  


  
  
  
  


Investment Banking & Brokerage - 0.7 %


  
  


  


17,735,000




0.00


  


Immucor, Inc., Term Loan, 7/11/12




$




17,735,000




  
  
  
  


Total Diversified Financials




$




17,735,000




  
  
  
  


Insurance - 1.2 %


  
  


  
  
  
  


Insurance Brokers - 0.9 %


  
  


  


3,082,640




3.25


  


Alliant Holdings I, Inc., Term Loan, 8/21/14




$




3,051,813




  


1,594,080




2.75


  


HUB International Holdings, Delayed Draw Term Loan, 6/13/14




 




1,550,907




  


5,791,838




6.75


  


HUB International Holdings, Additional Term Loan, 6/13/14




 




5,800,887




  


7,091,496




2.75


  


HUB International Holdings, Initial Term Loan, 6/13/14




 




6,899,437




  


2,954,716




2.69


  


USI Holdings Corp., Tranche B Term Loan, 5/5/14




 




2,880,850




  


1,454,100




7.00


  


USI Holdings Corp., Series C New Term Loan, 5/5/14




 




1,446,830




  
  
  
  
  


$




21,630,724




  
  
  
  


Multi-Line Insurance - 0.3 %


  
  


  


7,826,866




4.49


  


AmWINS Group, Inc., Initial Term Loan, 6/8/13




$




7,777,948




  
  
  
  


Total Insurance




$




29,408,672




  
  
  
  


Software & Services - 0.1 %


  
  


  
  
  
  


Systems Software - 0.1 %


  
  


  


1,305,628




6.75


  


Telcordia Technologies, Term Loan, 4/9/16




$




1,307,668




  
  
  
  


Total Software & Services




$




1,307,668




  
  
  
  


Utilities - 0.2 %


  
  


  
  
  
  


Electric Utilities - 0.2 %


  
  


  


3,722,727




7.75


  


Race Point Power, Term Loan, 1/11/18




$




3,741,341




  


2,392,542




4.73


  


Texas Competitive Electric Holdings Co., 2017 Term Loan, 10/10/17




 




1,789,920




  
  
  
  
  


$




5,531,261




  
  
  
  


Total Utilities




$




5,531,261




  
  
  
  


TOTAL SENIOR FLOATING RATE LOAN INTERESTS




$




200,147,263




  
  
  
  


(Cost  $197,943,762)


  
  


  
  
  
  
  
  
  


  
  
  
  


TEMPORARY CASH INVESTMENTS - 9.3 %


  
  


  
  
  
  


Repurchase Agreement - 1.4 %


  
  


  


5,120,000


  
  


Barclays Plc, 0.15%, dated 7/29/11, repurchase price of $5,120,000


  
  


  
  
  
  


plus accrued interest on 8/1/11 collateralized by $5,222,400 Government


  
  


  
  
  
  


National Mortgage Association, 4.5%, 5/20/41




$




5,120,000




  
  
  
  
  
  
  


  


5,120,000


  
  


BNP Paribas Securities, Inc., 0.20%, dated 7/29/11, repurchase price of $5,120,000




  
  
  
  


plus accrued interest on 8/1/11 collateralized by $5,222,411 Federal National


  
  


  
  
  
  


Mortgage Association (Discount Notes), 0.0%, 12/27/11




 




5,120,000




  
  
  
  
  
  
  


  


5,120,000


  
  


Deutsche Bank Securities, Inc., 0.2%, dated 7/29/11, repurchase price of


  
  


  
  
  
  


$5,120,000 plus accrued interest on 8/1/11 collateralized by the following:


  
  


  
  
  
  
  


 


  


  
  
  
  


$3,628,015 U.S. Treasury Bonds, 6.5%, 11/15/26


  
  


  
  
  
  


$1,594,386 U.S. Treasury Notes, 0.75%, 12/15/13


  


5,120,000




  
  
  
  
  
  
  


  


5,120,000


  
  


JPMorgan Securities, Inc., 0.19%, dated 7/29/11, repurchase price of


  
  


  
  
  
  


$5,120,000 plus accrued interest on 8/1/11 collateralized by $5,222,469




 


  


  
  
  
  


Federal National Mortgage Association, 4.5-6.5%, 6/1/37-5/1/41


  


5,120,000




  
  
  
  
  
  
  


  


5,120,000


  
  


RBC Capital Markets Corp., 0.20%, dated 7/29/11, repurchase price of


  
  


  
  
  
  


$5,120,000 plus accrued interest on 8/1/11 collateralized by




 


  


  
  
  
  


$5,222,515 U.S. Treasury Strip, 2.0%, 1/15/16


  


5,120,000




  
  
  
  
  
  
  


  


5,120,000


  
  


SG Americas Securities LLC, 0.07%, dated 7/29/11, repurchase price of $5,120,000




  
  
  
  


plus accrued interest on 8/1/11 collateralized by the following:


  
  


  
  
  
  
  
  
  


  
  
  
  


$3,449,864 Federal National Mortgage Association, 4.5-5.0%, 5/1/39-2/1/41


  
  


  
  
  
  


$1,298,479 Federal Home Loan Mortgage Corp., 3.799-5.619%, 1/1/38-7/1/41


  
  


  
  
  
  


$474,057 Freddie Mac Giant, 5.5%, 8/1/40




 




5,120,000




  
  
  
  
  
  
  


  


5,120,000


  
  


TD Securities, Inc., 0.13%, dated 7/29/11, repurchase price of $5,120,000


  
  


  
  
  
  


plus accrued interest on 8/1/11 collateralized by $5,222,401 Government


  
  


  
  
  
  


National Mortgage Association II, 4.0%, 5/20/26




 




5,120,000




  
  
  
  
  


$




35,840,000




  
  
  
  


Securities Lending Collateral  - 7.9 % (c)


  
  


  
  
  
  


Certificates of Deposit:


  
  


  


6,076,165


  
  


Bank of America NA, 0.19%, 9/2/11




$




6,076,165




  


6,076,165


  
  


Bank of Montreal Chicago, 0.18%, 10/20/11


  


6,076,165




  


4,860,932


  
  


Bank of Nova Scotia, 0.30%, 6/11/12


  


4,860,932




  


1,215,233


  
  


Bank of Nova Scotia, 0.25%, 9/29/11


  


1,215,233




  


2,825,417


  
  


BBVA Group NY, 0.47%, 8/10/11


  


2,825,417




  


850,663


  
  


BNP Paribas Bank NY, 0.27%, 8/5/11


  


850,663




  


6,076,165


  
  


Canadian Imperial Bank of Commerce NY, 0.20%, 10/3/11


  


6,076,165




  


4,860,937


  
  


DnB NOR Bank ASA NY, 0.18%, 8/10/11


  


4,860,937




  


3,038,030


  
  


National Australia Bank NY, 0.29%, 10/19/11


  


3,038,030




  


6,684,746


  
  


RaboBank Netherland NV NY, 0.29%, 4/2/12


  


6,684,746




  


3,645,796


  
  


Royal Bank of Canada, 0.26%, 8/5/11


  


3,645,796




  


3,645,699


  
  


Royal Bank of Canada NY, 0.32%, 12/2/11


  


3,645,699




  


6,076,165


  
  


Westpac Banking Corp. NY, 0.32%, 12/6/11


  


6,076,165




  
  
  
  
  


$




55,932,113




  
  
  
  


Commercial Paper:


  
  


  


2,430,466


  
  


American Honda Finance, 0.34%, 1/11/12




$




2,430,466




  


3,645,122


  
  


Australia & New Zealand Banking Group, 0.34%, 9/6/11


  


3,645,122




  


2,224,066


  
  


Australia & New Zealand Banking Group, 0.87%, 8/4/11


  


2,224,066




  


3,308,389


  
  


CATFIN, 0.87%, 8/4/11


  


3,308,389




  


3,038,017


  
  


CBAPP, 0.20%, 8/3/11


  


3,038,017




  


2,432,210


  
  


General Electric Capital Corp., 0.37%, 4/10/12


  


2,432,210




  


668,787


  
  


General Electric Capital Corp., 0.44%, 11/21/11


  


668,787




  


5,529,055


  
  


HSBC, 0.17%, 8/9/11


  


5,529,055




  


2,308,609


  
  


JDCCPP, 0.10%, 9/20/11


  


2,308,609




  


5,468,549


  
  


JPMorgan Chase & Co., 0.30%, 7/17/12


  


5,468,549




  


3,037,040


  
  


NABPP, 0.19%, 10/3/11


  


3,037,040




  


5,464,422


  
  


NESCAP, 0.25%, 12/20/11


  


5,464,422




  


4,854,770


  
  


NORDNA, 0.28%, 1/9/12


  


4,854,770




  


3,894,440


  
  


OLDLLC, 0.17%, 10/5/11


  


3,894,440




  


1,822,256


  
  


OLDLLC, 0.17%, 10/711


  


1,822,256




  


3,038,083


  
  


Royal Bank of Canada NY, 0.30%, 6/29/12


  


3,038,083




  


3,036,300


  
  


SANCPU, 0.73%, 9/1/11


  


3,036,300




  


3,644,288


  
  


Sanofi Aventis, 0.68%, 10/20/11


  


3,644,288




  


4,251,756


  
  


SEB, 0.30%, 9/12/11


  


4,251,756




  


5,468,385


  
  


SEB, 0.12%, 8/8/11


  


5,468,385




  


2,429,976


  
  


SOCNAM, 0.22%, 9/1/11


  


2,429,976




  


6,076,165


  
  


Svenska Handelsbanken, 0.29%, 6/29/12


  


6,076,165




  


3,257,387


  
  


TBLLC, 0.17%, 10/12/11


  


3,257,387




  


2,433,175


  
  


TBLLC, 0.18%, 10/12/11


  


2,433,175




  


6,076,165


  
  


Toyota Motor Credit Corp., 0.33%, 9/8/11


  


6,076,165




  


704,809


  
  


VARFUN, 0.15%, 8/8/11


  


704,809




  


1,701,255


  
  


VARFUN, 0.15%, 8/9/11


  


1,701,255




  


3,038,019


  
  


VARFUN, 0.15%, 8/4/11


  


3,038,019




  


2,430,889


  
  


Wachovia, 0.30%, 10/15/11


  


2,430,889




  


1,824,087


  
  


Wachovia, 0.29%, 3/1/12


  


1,824,087




  


1,215,808


  
  


Wells Fargo & Co., 0.25%, 1/24/12


  


1,215,808




  
  
  
  
  


$




100,752,745




  
  
  
  


Tri-party Repurchase Agreements:


  
  


  


4,982,456


  
  


Barclays Capital Plc, 0.19%, 8/1/11




$




4,982,456




  


5,952,212


  
  


Deutsche Bank AG, 0.18%, 8/1/11


  


5,952,212




  


14,332,702


  
  


RBS Securities, Inc., 0.18%, 8/1/11


  


14,332,702




  
  
  
  
  


$




25,267,370




  


Shares


  
  


Money Market Mutual Funds:


  
  


  


9,114,248


  
  


Dreyfus Preferred Money Market Fund




$




9,114,248




  


9,114,248


  
  


Fidelity Prime Money Market Fund


  


9,114,248




  
  
  
  
  


$




18,228,496




  
  
  
  


Total Securities Lending Collateral




$




200,180,724




  
  
  
  


TOTAL TEMPORARY CASH INVESTMENTS


  
  


  
  
  
  


(Cost  $236,020,724)




$




236,020,724




  
  
  
  


TOTAL INVESTMENT IN SECURITIES - 108.4 %


  
  


  
  
  
  


(Cost  $2,515,827,724)(a)




$




2,747,928,778




  
  
  
  


OTHER ASSETS AND LIABILITIES - (8.4) %




$




(213,806,067)




  
  
  
  


TOTAL NET ASSETS - 100.0 %




$




2,534,122,711




  
  
  
  
  
  
  


  


PIK


  
  


Represents a pay in kind security.


  
  


  
  
  
  
  
  
  


  


(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, 2011, the value of these securities amounted to $204,226,790 or 8.1% of total net assets.




  
  
  
  
  
  
  


  


*


  
  


Non-income producing security


  
  


  
  
  
  
  
  
  


  


**


  
  


Senior floating rate loan interests in which the Fund invests generally pay interest at rates that are periodically redetermined by reference to a base lending rate plus a premium.  These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate offered by one or more major United States banks, (iii) the 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, 2011, the net unrealized gain on investments based on


  
  


  
  
  
  


cost for federal income tax purposes of $2,527,052,667 was as follows:


  
  


  
  
  
  
  
  
  


  
  
  
  


Aggregate gross unrealized gain for all investments in which


  
  


  
  
  
  


there is an excess of value over tax cost




$




519,745,083




  
  
  
  
  
  
  


  
  
  
  


Aggregate gross unrealized loss for all investments in which


  
  


  
  
  
  


there is an excess of tax cost over value


  


(298,868,972)




  
  
  
  
  
  
  


  
  
  
  


Net unrealized gain




$




220,876,111




  
  
  
  
  
  
  


  


(b)


  
  


At July 31, 2011, the following securities were out on loan:


  
  


  
  
  
  
  
  
  


  


Shares


  
  


Security


  


Value




  


    2,297,000


  
  


Texas Competitive Electric Holdings Co., 11.5%, 10/1/20


  


        2,146,269




  


         69,000


  
  


Alere, Inc. *




$




        2,034,810




  


       910,000


  
  


Alere, Inc., 3.0%, 5/15/16


  


           911,062




  


    3,810,000


  
  


Allison Transmission, Inc., 7.125%, 5/15/19


  


        3,796,387




  


    3,300,000


  
  


Berry Petroleum Co., 6.75%, 11/1/20


  


        3,436,950




  


  16,125,500


  
  


Burger King Capital, 0.0%, 4/15/19


  


        9,634,986




  


       199,700


  
  


Blackboard, Inc. *


  


        8,698,932




  


    2,900,000


  
  


Brown Shoe Co, Inc., 7.125%, 5/15/19


  


        2,857,770




  


       444,000


  
  


BWAY Holding Co., 10.0%, 6/15/18


  


           491,607




  


    1,000,000


  
  


Ceva Group Plc, 11.625%, 10/1/16


  


        1,128,104




  


  11,893,000


  
  


Chesapeake Energy, 2.5%, 5/15/37


  


      13,173,151




  


    2,000,000


  
  


Chrysler Group LLC, 8.0%, 6/15/19


  


        1,963,888




  


    5,320,000


  
  


Chrysler Group LLC, 8.25%, 6/15/21


  


        5,292,847




  


    8,000,000


  
  


Ciena Corp., 0.875%, 7/15/17


  


        6,488,552




  


       240,000


  
  


Dollar Financial, 2.875%, 6/30/27 (144A)


  


           254,656




  


    3,720,000


  
  


DynCorp International, Inc., 10.375%, 7/1/17


  


        3,768,617




  


    9,200,000


  
  


Expro Finance Luxembourg SCA, 8.5%, 12/15/16


  


        9,318,579




  


    3,500,000


  
  


First Data Corp., 8.25%, 1/15/21


  


        3,441,228




  


       501,000


  
  


General Cable Corp., 7.125%, 4/1/17


  


           527,730




  


         79,400


  
  


General Cable Corp. *


  


        3,157,738




  


    2,500,000


  
  


Greenbrier Cos, Inc., 3.5%, 4/1/18


  


        2,324,583




  


         15,000


  
  


Hercules Offshore, Inc. *


  


             70,500




  


  12,890,700


  
  


Hologic, Inc., 2.0%, 12/15/37


  


      14,404,635




  


  15,147,100


  
  


Horizon Lines, 4.25%, 8/15/12


  


      11,672,522




  


    8,823,000


  
  


Ineos Group Holdings Plc, 8.5%, 2/15/16 (144A)


  


        9,186,702




  


           9,400


  
  


Itron, Inc. *


  


           404,576




  


    1,336,000


  
  


James River Coal Co., 3.125%, 3/15/18


  


        1,316,517




  


           4,900


  
  


Legg Mason, Inc.


  


           144,158




  


       251,000


  
  


LyondellBasell Industries NV


  


        9,904,460




  


    4,316,000


  
  


MasTec, Inc., 4.25%, 12/15/14


  


        6,679,847




  


    8,826,000


  
  


Mentor Graphics Corp., 4.0%, 4/1/31


  


        8,607,804




  


    1,882,000


  
  


Mueller Water Products, 7.375%, 6/1/17


  


        1,819,672




  


    2,500,000


  
  


NRG Energy, Inc., 7.625%, 1/15/18


  


        2,551,163




  


       423,000


  
  


Penn Virginia Corp., 7.25%, 4/15/19


  


           437,317




  


    7,781,000


  
  


Pilgrim's Pride Corp., 7.875%, 12/15/18


  


        6,999,982




  


    4,100,000


  
  


Pinnacle Entertainment, Inc., 8.75%, 5/15/20


  


        4,460,743




  


    3,500,000


  
  


Quicksilver Resources, Inc., 7.125%, 4/1/16


  


        3,599,239




  


       459,500


  
  


SandRidge Energy, Inc. *


  


        5,293,440




  


         16,800


  
  


Service Corp. International


  


           175,896




  


    5,148,000


  
  


Steel Dynamics, Inc., 5.125%, 6/15/14


  


        6,100,452




  


       259,000


  
  


SunPower Corp., 4.75%, 4/15/14


  


           272,266




  


       950,000


  
  


Suntech Power, 3.0%, 3/15/13


  


           789,609




  


       651,000


  
  


Swift Services Holdings, Inc., 10.0%, 11/15/18


  


           714,021




  


       481,000


  
  


Texas Competitive Electric Holdings Co., 15.0%, 4/1/21


  


           356,742




  


       145,400


  
  


Texas Industries, Inc.


  


        5,613,894




  


    1,890,000


  
  


Vanguard Health Holding Co., 7.75%, 2/1/19


  


        2,016,105




  


    2,652,000


  
  


WebMD Health Corp., 2.25%, 3/31/16


  


        2,432,383




  


    1,312,000


  
  


Whiting Petroleum, 6.5%, 10/1/18


  


        1,379,313




  


           2,000


  
  


Windstream Corp.


  


             24,420




  


           9,300


  
  


WMS Industries, Inc. *


  


           256,401




  


    2,492,000


  
  


Yankee Acquisition Corp., 9.75%, 2/15/17


  


        2,758,437




  
  
  
  


Total




$




195,291,661




  
  
  
  
  
  
  


  


(c)


  
  


Securities lending collateral is managed by Credit Suisse AG, New York Branch.


  


  
  
  
  
  
  
  


  


(d)


  
  


Debt obligation with a variable interest rate.  Rate shown is rate at end of period.


  


  
  
  
  
  
  
  




Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below.






Highest priority is given to Level 1 inputs and lowest priority is given to Level 3.


  
  




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, 2011, in valuing the Fund's assets:


  
  























  
 


Level 1


 
 


Level 2


 
 


Level 3


 
 


Total


 




Convertible Corporate Bonds


 
$
-
 
 
$
567,485,854
 
 
$
-
 
 
$
567,485,854
 




Preferred Stocks


 
 
35,574,034
 
 
 
83,795,904
 
 
 
-
 
 
 
119,369,938
 




Common Stocks


 
 
369,607,934
 
 
 
-
 
 
 
3,043,335
 
 
 
372,651,269
 




Asset Backed Securities


 
 
-
 
 
 
1,859,571
 
 
 
-
 
 
 
1,859,571
 




Corporate Bonds


 
 
-
 
 
 
1,196,501,566
 
 
 
-
 
 
 
1,196,501,566
 




Municipal Bonds


 
 
-
 
 
 
52,845,593
 
 
 
1,047,000
 
 
 
53,892,593
 




Senior Floating Rate Loan Interests


 
 
-
 
 
 
200,147,263
 
 
 
-
 
 
 
200,147,263
 




Temporary Cash Investments


 
 
-
 
 
 
217,792,228
 
 
 
-
 
 
 
217,792,228
 




Money Market Mutual Funds


 
 
18,228,496
 
 
 
-
 
 
 
-
 
 
 
18,228,496
 




Total


 
$
423,410,464
 
 
$
2,320,427,979
 
 
$
4,090,335
 
 
$
2,747,928,778
 












 






 









The following is a reconciliation of assets valued using significant observable inputs (Level 3):























 
 
  
 


Common Stocks


 
 


Municipal Bonds


 
 


Senior Floating Rate Loan Interests


 
 


Total


 


 
 
  
 
 
 
 
 
 
 
 
 
 
 
 


 
 


Balance as of 10/31/10


 
$
194,698
 
 
$
1,047,000
 
 
$
1,653,959
 
 
$
2,895,657
 


 
 


Realized gain (loss)


 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 


 
 


Change in unrealized appreciation (depreciation)1


 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 


 
 


Net purchases (sales)


 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 


 
 


Transfers in and out of Level 3


 
 
2,848,637
 
 
 
-
 
 
 
(1,653,959
)
 
 
1,194,678
 


 
 


Balance as of 7/30/11


 
$
3,043,335
 
 
$
1,047,000
 
 
 
-
 
 
 
4,090,335
 


 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 
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 gain (loss) on investments in the Statement of Operations.


 


 
*
 


Transfers are calculated on the beginning of period values.


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 












ITEM 2. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about 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 their
evaluation of these controls and procedures required by Rule 30a-3(b)
under the Act (17 CFR270.30a-3(b))) and Rule 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR240.13a-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 CFR270.30a-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.

(a) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).

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/ John F. Cogan, Jr.
John F. Cogan, Jr, President

Date September 29, 2011


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/ John F. Cogan, Jr.
John F. Cogan, Jr., President

Date September 29, 2011



By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer

Date September 29, 2011

* Print the name and title of each signing officer under his or her signature.