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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:  January 31, 2012

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  1/31/12 (Consolidated) (unaudited)
	Principal	Floating	S&P/Moody's			Value
	Amount	Rate (d)	Ratings
				Convertible Corporate Bonds - 22.8 %
				Energy - 2.6 %
				Coal & Consumable Fuels - 1.3 %
	4,505,000		CCC+ / B2	James River Coal Co., 3.125%, 3/15/18	$	2,550,956
	30,858,000		BB- / NR	Massey Energy Co., 3.25% 8/1/15		28,775,085
					$	31,326,041
				Oil & Gas Equipment & Services - 0.4 %
	10,158,000		BB / NR	Exterran Holdings, Inc., 4.25%, 6/15/14	$	9,446,940
	2,034,000		B- / NR	Newpark Resources, Inc., 4.0%, 10/1/17		2,191,635
					$	11,638,575
				Oil & Gas Exploration & Production - 0.9 %
	20,881,000		BB+ / Ba3	Chesapeake Energy Corp., 2.5%, 5/15/37	$	18,244,774
	4,152,000		BB+ / NR	Chesapeake Energy Corp., 2.5%, 5/15/37		3,622,620
					$	21,867,394
				Total Energy	$	64,832,010
				Materials - 0.3 %
				Steel - 0.3 %
	5,740,000		BB+ / NR	Steel Dynamics, Inc., 5.125%, 6/15/14	$	6,687,100
				Total Materials	$	6,687,100
				Capital Goods - 5.6 %
				Construction & Farm Machinery & Heavy Trucks - 1.1 %
	3,700,000		NR / NR	Greenbrier Cos, Inc., 3.5%, 4/1/18	$	3,533,500
	21,675,000		B / B1	Navistar International Corp., 3.0%, 10/15/14		25,115,906
					$	28,649,406
				Electrical Component & Equipment - 1.8 %
	10,874,000		B / B2	General Cable Corp., 4.5%, 11/15/29	$	11,825,475
	28,602,000		BBB- / Baa3	Roper Industries, Inc., 1.4813%, 1/15/34		33,285,578
					$	45,111,053
				Trading Companies & Distributors - 2.6 %
	27,627,000		B / NR	WESCO International, Inc., 6.0%, 9/15/29	$	64,612,646
				Total Capital Goods	$	138,373,105
				Transportation - 0.4 %
				Airlines - 0.1 %
	2,575,000		B- / B3	Continental Airlines, Inc., 4.5%, 1/15/15	$	3,624,313
				Marine - 0.2 %
	5,993,000		NR / NR	DryShips, Inc., 5.0%, 12/1/14	$	4,225,065
	2,484,545		NR / NR	Horizon Lines, Inc., 6.0%, 4/15/17		1,751,604
					$	5,976,669
				Total Transportation	$	9,600,982
				Automobiles & Components - 1.2 %
				Automobile Manufacturers - 1.1 %
	17,861,000		BB+ / Ba2	Ford Motor Co., 4.25%, 11/15/16	$	28,332,011
				Total Automobiles & Components	$	28,332,011
				Consumer Durables & Apparel - 0.7 %
				Homebuilding - 0.7 %
	11,230,000		BB- / Ba3	D.R. Horton, Inc., 2.0%, 5/15/14	$	13,826,938
	3,015,000		B+ / B3	Lennar Corp., 2.75%, 12/15/20		3,655,688
					$	17,482,626
				Total Consumer Durables & Apparel	$	17,482,626
				Retailing - 0.3 %
				Automotive Retail - 0.3 %
	5,100,000		B+ / Caa3	Sonic Automotive, Inc., 5.0%, 10/1/29	$	6,999,750
				Total Retailing	$	6,999,750
				Food, Beverage & Tobacco - 0.3 %
				Tobacco - 0.2 %
	9,065,000		CCC+ / Caa1	Alliance One International, Inc., 5.5%, 7/15/14	$	7,274,663
				Total Food, Beverage & Tobacco	$	7,274,663
				Health Care Equipment & Services - 1.6 %
				Health Care Equipment - 0.1 %
	2,505,000		BB+ / NR	Hologic, Inc., 2.0%, 12/15/37	$	2,971,556
				Health Care Supplies - 0.4 %
	9,460,000		B- / NR	Alere, Inc., 3.0%, 5/15/16	$	8,998,825
				Health Care Technology - 1.1 %
	8,600,000		NR / NR	WebMD Health Corp., 2.25%, 3/31/16	$	7,987,250
	22,450,000		NR / NR	WebMD Health Corp., 2.5%, 1/31/18		19,419,250
					$	27,406,500
				Total Health Care Equipment & Services	$	39,376,881
				Pharmaceuticals & Biotechnology - 3.2 %
				Biotechnology - 3.2 %
	4,925,000		B / NA	BioMarin Pharmaceutical, Inc., 1.875%, 4/23/17	$	9,098,938
	11,380,000		NR / NR	Corsicanto, Ltd., 3.5%, 1/15/32		12,930,525
	13,876,000		NR / NR	Cubist Pharmaceuticals, Inc., 2.5%, 11/1/17		21,247,625
	9,000,000		NR / NR	PDL BioPharma, Inc., 3.75%, 5/1/15		9,180,000
	24,590,000		NR / NR	Vertex Pharmaceuticals, Inc., 3.35%, 10/1/15		26,926,050
					$	79,383,138
				Total Pharmaceuticals & Biotechnology	$	79,383,138
				Diversified Financials - 0.2 %
				Consumer Finance - 0.2 %
	4,150,000		NA / NA	Dollar Financial, 2.875%, 6/30/27 (144A) (b)	$	4,497,563
				Total Diversified Financials	$	4,497,563
				Real Estate - 0.6 %
				Real Estate Operating Companies - 0.4 %
	9,635,000		B- / B3	Forest City Enterprises, Inc., 4.25%, 8/15/18	$	8,888,288
				Specialized Real Estate Invesment Trust - 0.2 %
	4,785,000		BB+ / NR	Host Hotels & Resorts LP, 2.5%, 10/15/29	$	6,399,938
				Total Real Estate	$	15,288,226
				Software & Services - 1.6 %
				Application Software - 1.5 %
	5,815,000		NR / NR	Mentor Graphics Corp., 4.0%, 4/1/31	$	5,931,300
	16,772,000		BB- / NR	Nuance Communications, Inc., 2.75%, 8/15/27		26,332,040
	3,200,000		BB- / NR	Nuance Communications, Inc., 2.75%, 11/1/31		3,744,000
					$	36,007,340
				Systems Software - 0.1 %
	3,075,000		NR / NR	Rovi Corp., 2.625%, 2/15/40	$	3,290,250
				Total Software & Services	$	39,297,590
				Technology Hardware & Equipment - 0.7 %
				Communications Equipment - 0.3 %
	6,520,000		NR / NR	InterDigital Inc/PA, 2.5%, 3/15/16	$	6,748,200
				Computer Storage & Peripherals - 0.2 %
	5,840,000		BB / NR	SanDisk Corp., 1.5%, 8/15/17	$	6,745,200
				Electronic Components - 0.1 %
	3,755,000		BB+ / NR	Vishay Intertechnology, Inc., 2.25%, 5/15/41	$	3,191,750
				Total Technology Hardware & Equipment	$	16,685,150
				Semiconductors - 2.5 %
				Semiconductor Equipment - 0.9 %
	5,491,000		BB+ / Baa1	Lam Research Corp., 1.25%, 5/15/18	$	5,607,684
	12,760,000		NR / NR	Novellus Systems, Inc., 2.625%, 5/15/41		16,859,150
					$	22,466,834
				Semiconductors - 1.6 %
	450,000		BB / NR	ON Semiconductor Corp., 2.625%, 12/15/26	$	515,250
	16,464,000		BB / NR	ON Semiconductor Corp., 2.625%, 12/15/26		18,666,060
	6,975,000		NR / NR	SunPower Corp., 4.5%, 3/15/15		5,972,344
	16,544,000		NR / NR	SunPower Corp., 4.75%, 4/15/14		15,137,760
	1,000,000		B / NR	Suntech Power, Inc., 3.0%, 3/15/13		650,000
					$	40,941,414
				Total Semiconductors	$	63,408,248
				Telecommunication Services - 0.9 %
				Integrated Telecommunication Services - 0.9 %
	9,000,000		B / NR	Ciena Corp., 0.875%, 7/15/17	$	7,323,750
	6,503,000		B+ / B1	MasTec, Inc., 4.0%, 6/15/14		8,234,424
	5,775,000		NR / NR	MasTec, Inc., 4.25%, 12/15/14		7,485,844
					$	23,044,018
				Total Telecommunication Services	$	23,044,018
				TOTAL CONVERTIBLE CORPORATE BONDS
	Shares			(Cost  $432,392,074)	$	560,563,061
				PREFERRED STOCKS - 3.7 %
				Energy - 0.3 %
				Oil & Gas Exploration & Production - 0.3 %
	59,180			Petroquest Energy, Inc., 6.875%, 12/31/49	$	2,115,685
	46,800			SandRidge Energy, Inc., 8.5%, 12/31/99		5,583,825
					$	7,699,510
				Total Energy	$	7,699,510
				Capital Goods - 0.4 %
				Electrical Component & Equipment - 0.4 %
	68,400			General Cable Corp., 5.75%, 11/24/13	$	10,567,800
				Total Capital Goods	$	10,567,800
				Automobiles & Components - 0.1 %
				Tires & Rubber - 0.1 %
	61,100			Goodyear Tire & Rubber Co., 5.875%, 4/1/14	$	2,803,268
				Total Automobiles & Components	$	2,803,268
				Health Care Equipment & Services - 0.8 %
				Health Care Supplies - 0.8 %
	89,308			Alere, Inc., 3.0%, 12/31/49	$	19,813,337
				Total Health Care Equipment & Services	$	19,813,337
				Diversified Financials - 0.5 %
				Consumer Finance - 0.2 %
	6,450			Ally Financial, Inc., 7.0%, 12/31/49	$	5,193,661
				Diversified Finance Services - 0.3 %
	284,000			GMAC Capital Trust I	$	6,301,960
				Total Diversified Financials	$	11,495,621
				Real Estate - 1.6 %
				Real Estate Operating Companies - 1.6 %
	821,962			Forest City Enterprises, Inc., 7.0%, 12/31/49	$	39,043,195
				Total Real Estate	$	39,043,195
				TOTAL PREFERRED STOCKS
				(Cost  $91,965,840)	$	91,422,731
				COMMON STOCKS - 14.1 %
				Energy - 0.8 %
				Oil & Gas Drilling - 0.3 %
	1,265,837			Hercules Offshore, Inc. *	$	5,683,608
	63,739			Transocean, Ltd.		3,014,855
					$	8,698,463
				Oil & Gas Exploration & Production - 0.4 %
	147,800			Marathon Oil Corp.	$	4,639,442
	543,713			SandRidge Energy, Inc. *		4,230,087
					$	8,869,529
				Oil & Gas Refining & Marketing - 0.1 %
	73,900			Marathon Petroleum Corp.	$	2,824,458
				Total Energy	$	20,392,450
				Materials - 4.4 %
				Commodity Chemicals - 1.3 %
	914,527			Georgia Gulf Corp. *	$	32,054,171
				Diversified Chemical - 1.7 %
	50,442			FMC Corp.	$	4,674,965
	871,115			LyondellBasell Industries NV		37,545,057
					$	42,220,022
				Diversified Metals & Mining - 1.1 %
	4,128,459			Blaze Recycling and Metals LLC (Class A) Units (f)	$	2,724,783
	483,460			Freeport-McMoRan Copper & Gold, Inc. (Class B)		22,340,687
	2,600,200			Polymet Mining Corp. *		3,900,300
					$	28,965,770
				Metal & Glass Containers - 0.3 %
	271,099			Owens-Illinois, Inc. *	$	6,519,931
				Total Materials	$	109,759,894
				Capital Goods - 3.4 %
				Aerospace & Defense - 1.3 %
	282,457			BE Aerospace, Inc. *	$	11,919,685
	379,503			DigitalGlobe, Inc. *		5,954,402
	151,275			Exelis, Inc. *		1,511,237
	198,829			Geoeye, Inc *		4,356,343
	75,637			ITT Corp.		1,644,348
	496,600			Orbital Sciences Corp. *		7,195,734
					$	32,581,749
				Building Products - 0.2 %
	160,212			Lennox International, Inc.	$	5,799,674
				Construction & Farm Machinery & Heavy Trucks - 0.2 %
	565,602			Commercial Vehicle Group, Inc. *	$	7,075,681
				Electrical Component & Equipment - 0.8 %
	185,055			Cooper Industries Plc	$	10,940,452
	321,400			General Cable Corp. *		9,918,404
					$	20,858,856
				Industrial Machinery - 0.7 %
	167,180			ESCO Technologies, Inc.	$	5,027,103
	182,286			Kennametal, Inc.		7,858,349
	151,275			Xylem, Inc. *		3,919,535
					$	16,804,987
				Total Capital Goods	$	83,120,947
				Transportation - 0.0 %
				Marine - 0.0 %
	235,334			Horizon Lines, Inc.  *	$	600,102
				Total Transportation	$	600,102
				Consumer Services - 0.7 %
				Casinos & Gaming - 0.1 %
	68,300			WMS Industries, Inc. *	$	1,495,087
				Restaurants - 0.4 %
	221,243			Starbucks Corp.	$	10,604,177
				Specialized Consumer Services - 0.2 %
	554,720			Service Corp., International, Inc.	$	6,157,392
				Total Consumer Services	$	18,256,656
				Food, Beverage & Tobacco - 0.1 %
				Tobacco - 0.1 %
	1,076,613			Alliance One International, Inc. *	$	3,132,944
				Total Food, Beverage & Tobacco	$	3,132,944
				Health Care Equipment & Services - 0.7 %
				Health Care Supplies - 0.1 %
	70,500			Alere, Inc. *	$	1,702,575
				Managed Health Care - 0.6 %
	165,180			AETNA, Inc.	$	7,218,366
	67,800			CIGNA Corp.		3,039,474
	117,900			United Healthcare Group, Inc.		6,106,041
					$	16,363,881
				Total Health Care Equipment & Services	$	18,066,456
				Pharmaceuticals & Biotechnology - 1.4 %
				Life Sciences Tools & Services - 1.4 %
	115,956			Bio-Rad Laboratories, Inc. *	$	11,776,491
	239,862			Thermo Fisher Scientific, Inc. *		12,688,700
	105,892			Waters Corp. *		9,167,070
					$	33,632,261
				Total Pharmaceuticals & Biotechnology	$	33,632,261
				Diversified Financials - 0.3 %
				Asset Management & Custody Banks - 0.0 %
	73,836			Legg Mason, Inc.	$	1,880,603
				Specialized Finance - 0.2 %
	23,894			CME Group, Inc.	$	5,722,852
				Total Diversified Financials	$	7,603,455
				Technology Hardware & Equipment - 1.3 %
				Communications Equipment - 0.1 %
	108,400			Research In Motion, Inc. *	$	1,802,692
				Electronic Equipment & Instruments - 0.3 %
	203,618			Itron, Inc. *	$	7,898,342
				Electronic Manufacturing Services - 0.3 %
	239,300			TE Connectivity, Ltd.	$	8,160,130
				Technology Distributors - 0.5 %
	142,843			Arrow Electronics, Inc. *	$	5,897,987
	417,700			Ingram Micro, Inc. *		7,927,946
					$	13,825,933
				Total Technology Hardware & Equipment	$	31,687,097
				Semiconductors - 0.4 %
	1,521,500			PMC - Sierra Inc. *	$	9,889,750
				Total Semiconductors	$	9,889,750
				Telecommunication Services - 0.3 %
				Integrated Telecommunication Services - 0.3 %
	585,800			Windstream Corp.	$	7,070,606
				Total Telecommunication Services	$	7,070,606
				Utilities - 0.1 %
				Multi-Utilities - 0.1 %
	153,234			CMS Energy Corp.	$	3,345,098
				Total Utilities	$	3,345,098
				TOTAL COMMON STOCKS
	Principal	Floating	S&P/Moody's	(Cost  $270,586,481)	$	346,557,716
	Amount	Rate (d)	Ratings
				ASSET BACKED SECURITIES - 0.1 %
				Banks - 0.1 %
				Thrifts & Mortgage Finance - 0.1 %
	2,510,000	0.68	CCC / B2	Bear Stearns Asset Backed Securities, Inc., Floating Rate Note, 1/25/47	$	861,826
	1,433,275	0.94	AAA / Caa2	FBR Securitization Trust, Floating Rate Note, 10/25/35		771,390
				Total Banks	$	1,633,216
				TOTAL ASSET BACKED SECURITIES
				(Cost  $2,188,613)	$	1,633,216
				CORPORATE BONDS - 46.7 %
				Energy - 8.6 %
				Coal & Consumable Fuels - 0.5 %
	795,000		BB / Ba3	Alpha Natural Resources, Inc., 6.0%, 6/1/19	$	789,038
	6,470,000		B+ / B1	Arch Coal, Inc., 7.25%, 6/15/21		6,502,350
	4,170,000		B+ / B2	James River Coal Co., 7.875%, 4/1/19		2,856,450
	3,027,000		B / B3	Murray Energy Corp., 10.25%, 10/15/15		3,057,270
					$	13,205,108
				Oil & Gas Drilling - 1.0 %
	15,825,000		B- / B3	Offshore Group Investment, 11.5%, 8/1/15	$	17,526,188
	6,830,000		B / B3	Pioneer Drilling Co., 9.875%, 3/15/18		7,273,950
					$	24,800,138
				Oil & Gas Equipment & Services - 0.4 %
	3,248,000		B+ / B1	American Petroleum Tankers LLC, 10.25%, 5/1/15	$	3,353,560
	4,225,000		B- / B3	Expro Finance Luxembourg SCA, 8.5%, 12/15/16		3,834,188
	1,725,000		BB / Ba3	Exterran Holdings, Inc., 7.25%, 12/1/18		1,638,750
	2,275,000		CCC+ / Caa2	Green Field Energy Services, Inc., 13.0%, 11/15/16		2,240,875
					$	11,067,373
				Oil & Gas Exploration & Production - 4.2 %
	2,775,000		CCC+ / Caa1	Goodrich Petroleum, 8.875%, 3/15/19	$	2,719,500
	3,550,000		BB- / B2	Berry Petroleum Co., 6.75%, 11/1/20		3,692,000
	7,186,000		B- / B3	Carrizo Oil & Gas, Inc., 8.625%, 10/15/18		7,221,930
	9,300,000		B- / B3	Carrizo Oil & Gas, Inc., 8.625%, 10/15/18		9,300,000
	4,595,000		B- / Caa1	Chaparral Energy, Inc., 8.25%, 9/1/21		4,813,263
	3,580,000		B / B2	Comstock Resources, Inc., 7.75%, 4/1/19		3,311,500
	2,925,000		BB+ / B1	Concho Resources, Inc./ Midland TX, 6.5%, 1/15/22		3,144,375
	3,680,000		B- / Caa1	Energy Partners, Ltd., 8.25%, 2/15/18		3,606,400
	5,200,000		B- / Caa1	Kodiak Oil & Gas Corp., 8.125%, 12/1/19		5,512,000
	2,820,000		B / Caa1	Oasis Petroleum, Inc., 6.5%, 11/1/21		2,848,200
	5,945,000		BB- / B2	Penn Virginia Corp., 7.25%, 4/15/19		5,305,913
	3,020,000		CCC+ / Caa1	PetroBakken Energy, Ltd., 8.625%, 2/1/20		3,087,950
	2,915,000		B- / B3	Quicksilver Resources, Inc., 7.125%, 4/1/16		2,783,825
	11,178,000		B / B2	Quicksilver Resources, Inc., 8.25%, 8/1/15		11,052,248
	10,770,000		B- / B3	SandRidge Energy, Inc., 8.0% 6/1/18		11,146,950
	3,085,000		BB / B1	SM Energy Co., 6.5%, 11/15/21		3,231,538
	650,000		BB / B1	SM Energy Co., 6.625%, 2/15/19		682,500
	18,920,000		B+ / B3	Swift Energy Co., 7.875%, 3/1/22		18,778,100
					$	102,238,192
				Oil & Gas Refining & Marketing - 1.7 %
	40,085,000		BB+ / Ba1	Tesoro Corp., 6.625%, 11/1/15	$	40,986,913
				Oil & Gas Storage & Transportation - 0.7 %
	2,050,000		B+ / B1	Copano Energy LLC / Copano Energy Finance Corp., 7.125%, 4/1/21	$	2,111,500
	3,500,000		BB+ / Baa3	Enterprise Products Operating Co., 7.0%, 6/1/67		3,447,500
	12,013,000		BB- / B1	Holly Energy Partners LP, 6.25%, 3/1/15		12,013,000
	925,000		BB- / B1	Holly Energy Partners LP, 8.25%, 3/15/18 (144A)		980,500
					$	18,552,500
				Total Energy	$	210,850,224
				Materials - 7.8 %
				Aluminum - 0.5 %
	14,335,436	6.83	B / B2	Noranda Aluminum Acquisition, Floating Rate Note, 5/15/15	$	13,654,503
				Commodity Chemicals - 0.5 %
	4,445,000		CCC+ / NR	Hexion US Finance Corp / Hexion Nova Scotia Finance ULC, 9.0%, 11/15/20	$	4,244,975
	5,311,000		CCC+ / B3	Hexion US Finance Corp., 8.875%, 2/1/18 (144A)		5,297,723
	2,625,000		BB / B1	Rain CII Carbon LLC and CII Carbon Corp., 8.0%, 12/1/18		2,723,438
					$	12,266,136
				Construction Materials - 0.2 %
	6,565,000		B- / Caa2	Texas Industries, Inc., 9.25%, 8/15/20	$	6,113,656
				Diversified Chemical - 0.8 %
	6,635,000		B / Ba3	Ineos Finance Plc, 9.0%, 5/15/15 (144A)	$	6,850,638
	8,858,000		CCC / Caa1	Ineos Group Holdings Plc, 8.50%, 2/15/16 (144A)		7,972,200
	6,158,000		CCC / Caa1	Momentive Performance Materials, Inc., 9.0%, 1/15/21		5,572,990
					$	20,395,828
				Diversified Metals & Mining - 0.3 %
	8,775,000		B- / B3	Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18	$	6,175,406
				Forest Products - 0.2 %
	7,810,000		B- / B3	Millar Western Forest, 8.5%, 4/1/21	$	5,857,500
				Metal & Glass Containers - 0.9 %
	1,900,000		BB- / Ba3	Ardagh Packaging Finance Plc, 7.375%, 10/15/17	$	1,985,500
	2,290,000		CCC+ / B3	BWAY Holding Co., 10.0%, 6/15/18		2,496,100
	17,620,000		BB- / B1	Crown Cork and Seal Co., Inc., 7.375%, 12/15/26		18,677,200
					$	23,158,800
				Paper Packaging - 0.7 %
	7,139,000		B- / Caa1	Graham Packaging Co., 9.875%, 10/15/14	$	7,281,780
	9,490,000		B / B3	Packaging Dynamics Corp., 8.75%, 2/1/16		9,928,913
					$	17,210,693
				Paper Products - 0.2 %
	4,375,000		B+ / B1	Appleton Papers, Inc., 10.5%, 6/15/15 (144A)	$	4,418,750
				Specialty Chemicals - 2.2 %
	53,935,000		BB- / Ba2	Nova Chemicals Corp., 7.875%, 9/15/25	$	53,395,650
				Steel - 1.2 %
	16,705,000		CCC+ / Caa2	Algoma Acquisition Corp., 9.875%, 6/15/15 (144A)	$	14,366,300
	5,940,000		BB / B2	APERAM, 7.375%, 4/1/16		5,197,500
	2,300,000		BB / B2	APERAM, 7.75%, 4/1/18		1,966,500
	2,800,000		B / B3	Atkore International, Inc., 9.875%, 1/1/18		2,772,000
	4,280,000		B / B3	JMC Steel Group, 8.25%, 3/15/18		4,387,000
					$	28,689,300
				Total Materials	$	191,336,222
				Capital Goods - 3.0 %
				Aerospace & Defense - 0.5 %
	12,613,000		B- / B2	DynCorp International, Inc., 10.375%, 7/1/17	$	11,130,973
				Building Materials - 0.2 %
	7,350,000		B- / Caa2	New Enterprise Stone & Lime Co., 11.0%, 9/1/18	$	6,284,250
				Electrical Component & Equipment - 1.6 %
	11,030,000		BB / Ba2	Anixter International Corp., 5.95%, 3/1/15	$	11,278,175
	2,939,000		B / B3	Coleman Cable, Inc., 9.,%, 2/15/18		2,997,780
	9,336,000		B+ / Ba3	General Cable Corp., 7.125%, 4/1/17		9,499,380
	14,851,000		B / B1	Wesco Distribution, Inc., 7.5%, 10/15/17		15,148,020
					$	38,923,355
				Industrial Conglomerates - 0.2 %
	4,025,000		CCC+ / B3	Park-Ohio Industries, Inc., 8.125%, 4/1/21	$	4,065,250
				Industrial Machinery - 0.6 %
	2,400,000		B / Caa1	Liberty Tire Recycling, 11.0%, 10/1/16	$	2,244,000
	12,516,000		CCC+ / Caa2	Mueller Water Products, 7.375%, 6/1/17		11,952,780
					$	14,196,780
				Total Capital Goods	$	74,600,608
				Commercial Services & Supplies - 0.3 %
				Diversified Support Services - 0.3 %
	6,250,000		B / B3	ADS Tactical, Inc., 11.0%, 4/1/18	$	6,437,500
				Total Commercial Services & Supplies	$	6,437,500
				Transportation - 1.5 %
				Air Freight & Couriers - 0.6 %
	10,175,000		B- / Caa1	Ceva Group Plc, 11.5%, 4/1/18 (144A)	$	10,200,438
	3,205,000		B- / B3	Ceva Group Plc, 11.625%, 10/1/16		3,381,275
					$	13,581,713
				Marine - 0.3 %
	8,944,362		NR / NR	Horizon Lines, Inc., 6.0%, 4/15/17	$	6,820,076
				Trucking - 0.6 %
	10,400,000		B / Caa1	Swift Services Holdings, Inc., 10.0%, 11/15/18	$	11,297,000
	4,540,000		B / B3	Syncreon Global Ireland, Ltd., 9.5%, 5/1/18		4,301,650
					$	15,598,650
				Total Transportation	$	36,000,439
				Automobiles & Components - 0.9 %
				Auto Parts & Equipment - 0.4 %
	4,050,000		B- / Caa1	Allison Transmission, Inc., 7.125%, 5/15/19	$	4,075,313
	2,125,000		B / B1	American Axle & Manufacturing Inc., 7.75%, 11/15/19		2,199,375
	4,240,000		B+ / B2	Pittsburgh Glass Works LLC, 8.5%, 4/15/16		4,271,800
					$	10,546,488
				Automobile Manufacturers - 0.4 %
	3,000,000		B / B2	Chrysler Group LLC/CG Co-Issuer, Inc., 8.0%, 6/15/19	$	2,880,000
	7,905,000		B / B2	Chrysler Group LLC/CG Co-Issuer, Inc., 8.25%, 6/15/21		7,549,275
					$	10,429,275
				Total Automobiles & Components	$	20,975,763
				Consumer Durables & Apparel - 1.9 %
				Homebuilding - 0.4 %
	11,595,000		CCC / Caa3	Beazer Homes USA, Inc., 9.125%, 6/15/18	$	9,247,013
				Housewares & Specialties - 1.5 %
	6,700,000		B- / Caa1	Reynolds Group Holdings, Ltd., 8.25%, 2/15/21	$	6,348,250
	1,800,000		B- / Caa1	Reynolds Group Issue, Inc., 9.0%, 4/15/19		1,791,000
	7,495,000		B- / Caa1	Reynolds Group Issuer, Inc., 8.5%, 5/15/18 (144A)		7,476,263
	13,375,000		CCC+ / B3	Yankee Acquisition Corp., 9.75%, 2/15/17		13,408,438
	9,815,000		CCC+ / Caa1	YCC Holdings LLC / Yankee Finance, Inc., 10.25%, 2/15/16		9,348,788
					$	38,372,739
				Total Consumer Durables & Apparel	$	47,619,752
				Consumer Services - 1.0 %
				Casinos & Gaming - 0.4 %
	33,735,000		NR / WR	Mashantucket Pequot Tribe, 8.5%, 11/15/15 (144A)	$	1,433,738
	5,693,000		BB- / B1	Scientific Games International, Inc., 9.25%, 6/15/19 (144A)		6,205,370
	1,950,000		BB / B2	Seneca Gaming Corp., 8.25%, 12/1/18		1,906,125
					$	9,545,233
				Education Services - 0.1 %
	3,695,000		B / B2	Cambium Learning Group, Inc., 9.75%, 2/15/17	$	3,639,575
				Restaurants - 0.4 %
	16,315,000		CCC+ / Caa1	Burger King Capital, 0.0%, 4/15/19	$	11,216,563
				Total Consumer Services	$	24,401,371
				Media - 2.8 %
				Advertising - 0.6 %
	4,275,000		B+ / B2	MDC Partners, Inc., 11.0%, 11/1/16	$	4,568,906
	14,000,000		B- / Caa2	Sitel LLC / Sitel Finance Corp., 11.5%, 4/1/18		10,220,000
					$	14,788,906
				Broadcasting - 1.8 %
	9,250,000		BB- / B1	CCO Holdings LLC / CCO Holdings Capital Corp., 6.5%, 4/30/21	$	9,620,000
	16,600,000		CCC+ / Caa3	Intelsat Bermuda, Ltd., 11.5%, 2/4/17 (144A)		16,683,000
	1,484,969		CCC+ / Caa3	Intelsat Bermuda, Ltd., 11.5%, 2/4/17		1,492,394
	4,750,000		B- / Caa1	Telesat Canada / Telesat LLC, 11.0%, 11/1/15		5,082,500
	11,290,000		B- / Caa1	Telesat Canada / Telesat LLC, 12.5%, 11/1/17		12,701,250
					$	45,579,144
				Publishing - 0.4 %
	7,255,000		B- / Caa1	Interactive Data Corp., 10.25%, 8/1/18	$	8,053,050
	1,675,000		B / B3	MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18		1,474,000
					$	9,527,050
				Total Media	$	69,895,100
				Retailing - 0.8 %
				Apparel Retail - 0.2 %
	4,250,000		B / B3	Brown Shoe Co., Inc., 7.125%, 5/15/19	$	4,080,000
				Internet Retail - 0.6 %
	13,495,000		B / B3	Ticketmaster, 10.75%,  8/1/16	$	14,490,256
				Total Retailing	$	18,570,256
				Food, Beverage & Tobacco - 1.1 %
				Packaged Foods & Meats - 0.5 %
	5,795,000		CCC+ / B3	Del Monte Corp., 7.625%, 2/15/19	$	5,700,831
	7,360,000		B- / Caa1	Pilgrim's Pride Corp., 7.875%, 12/15/18		7,010,400
					$	12,711,231
				Tobacco - 0.5 %
	13,655,000		B / B2	Alliance One International, Inc., 10.0%, 7/15/16	$	13,279,488
				Total Food, Beverage & Tobacco	$	25,990,719
				Health Care Equipment & Services - 3.1 %
				Health Care Equipment - 0.1 %
	3,875,000		CCC+ / Caa2	Accellent, Inc., 10.,%, 11/1/17	$	3,206,563
				Health Care Facilities - 1.7 %
	22,000,000		B / B3	CHS/Community Health Systems, Inc., 8.0%, 11/15/19	$	22,577,500
	2,800,000		B- / B3	Health Management Associates, Inc., 7.375%, 1/15/20		2,884,000
	11,350,000		BB- / B1	Tenet Healthcare Corp., 6.25%, 11/1/18		11,889,125
	4,190,000		B- / B3	Vanguard Health Holding Co II LLC, 7.75%, 2/1/19		4,273,800
	176,000		CCC+ / Caa1	Vanguard Health Systems, Inc., 0.0%, 2/1/16		114,840
					$	41,739,265
				Health Care Services - 1.0 %
	1,775,000		CCC+ / B3	ExamWorks Group, Inc., 9.0%, 7/15/19	$	1,686,250
	3,429,000		CCC / Caa2	Gentiva Health Services, Inc., 11.5%, 9/1/18		2,936,081
	4,435,000		CCC+ / Caa1	Surgical Care Affiliates, 10.0%, 7/15/17 (144A)		4,274,231
	16,647,387		CCC+ / B3	Surgical Care Affiliates, 8.875%, 7/15/15 (144A) (PIK)		16,668,196
					$	25,564,758
				Health Care Technology - 0.2 %
	3,315,000		CCC+ / Caa1	Beagle Acquisition Corp., 11.0%, 12/31/19	$	3,580,200
	1,900,000		B- / B3	MedAssets, Inc., 8.0%, 11/15/18		1,938,000
					$	5,518,200
				Total Health Care Equipment & Services	$	76,028,786
				Pharmaceuticals & Biotechnology - 0.4 %
				Biotechnology - 0.3 %
	9,859,000		B+ / Caa1	Lantheus Medical Imaging, Inc., 9.75%, 5/15/17	$	7,911,848
				Life Sciences Tools & Services - 0.1 %
	1,725,625		B / Caa1	Catalent Pharma Solution, 9.5%, 4/15/17 (144A)	$	1,781,708
				Total Pharmaceuticals & Biotechnology	$	9,693,556
				Diversified Financials - 2.0 %
				Consumer Finance - 0.2 %
	4,750,000		BB+ / Ba1	Ford Motor Credit Co., LLC, 5.875%, 8/2/21	$	5,193,878
				Diversified Finance Services - 0.9 %
	1,500,000	0.00	BB+ / NR	Caelus Re II, Ltd., Floating Rate Note, 5/24/13	$	1,509,450
	1,400,000	0.00	BB- / NR	Compass Re, Ltd., Floating Rate Note, 1/8/15		1,389,080
	1,200,000	0.00	BB- / NR	Ibis Re II, Ltd., Floating Rate Note, 2/5/15		1,198,680
	1,500,000	0.00	B- / NR	Ibis Re II, Ltd., Floating Rate Note, 2/5/15		1,498,950
	2,265,000		BB / NR	Ibis Re Ltd., 11.2775%, 5/10/12		2,310,300
	5,100,000	7.41	BB / NR	Lodestone Re, Ltd., Floating Rate Note, 1/8/14		5,037,780
	2,000,000	0.08	BB- / NR	Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15		1,933,200
	1,750,000	0.00	NR / NR	Residential Reinsurance 2011 Ltd., Floating Rate Note, 12/6/15		1,708,525
	2,000,000	0.00	NR / NR	Residential Reinsurance 2011 Ltd., Floating Rate Note, 12/6/15		1,955,400
	3,450,000	0.00	B- / NR	Residential Reinsurance 2011 Ltd., Floating Rate Note, 6/6/15		3,394,455
					$	21,935,820
				Specialized Finance - 0.8 %
	2,250,000		BB+ / NR	Kibou, Ltd., 0.0%, 2/16/15	$	2,250,000
	12,630,000		B+ / B2	National Money Mart Co., 10.375%, 12/15/16		13,829,850
	5,070,000	7.68	CCC- / Caa2	NCO Group, Inc., Floating Rate Note, 11/15/13		4,854,525
					$	20,934,375
				Total Diversified Financials	$	48,064,073
				Insurance - 1.7 %
				Insurance Brokers - 1.0 %
	13,085,000		CCC / Caa2	Alliant Holdings, Inc., 11.0%, 5/1/15 (144A)	$	13,657,469
	2,850,000		CCC+ / Caa2	Hub International Holdings, 10.25%, 6/15/15 (144A)		2,882,063
	7,563,000	6.68	CCC / Caa1	Usi Holdings Corp., Floating Rate Note, 11/15/14		6,957,960
					$	23,497,492
				Multi-Line Insurance - 0.2 %
	3,869,000	10.75	BB / Baa3	Liberty Mutual Group, Floating Rate Note, 6/15/58 (144A)	$	4,932,975
				Reinsurance - 0.5 %
	1,000,000	7.19	BB+ / NR	Blue Fin Ltd., Floating Rate Note, 4/10/12	$	999,200
	1,500,000	5.02	BB+ / NR	Foundation Re III, Ltd., Floating Rate Note, 2/25/15		1,484,100
	1,000,000	0.00	BB / A2	Foundation Re III, Ltd., Floating Rate Note, 2/3/14 (Cat Bond)		995,200
	1,675,000	12.03	NR / B3	Globecat, Ltd., Floating Rate Note, 1/2/13 (144A) (Cat Bond)		1,632,958
	375,000	8.78	NR / B1	Globecat, Ltd., Floating Rate Note, 1/2/13 (144A) (Cat Bond)		375,000
	875,000	0.00	NR / NR	Successor X, Ltd., Floating Rate Note, 1/27/15		875,175
	375,000		B- / NR	Successor X, Ltd., 11.251351%, 11/10/15		367,425
	1,175,000	14.58	B- / NR	Successor X, Ltd., Floating Rate Note, 12/13/13		1,176,998
	2,600,000	16.08	NR / NR	Successor X, Ltd., Floating Rate Note, 12/13/13		2,591,160
	4,000,000	13.00	NR / NR	Successor X, Ltd., Floating Rate Note, 2/25/14		4,005,200
					$	14,502,416
				Total Insurance	$	42,932,883
				Real Estate - 2.4 %
				Diversified Real Estate Invesment Trust - 0.4 %
	12,150,000		BB- / Ba3	CNL Income Properties, Inc., 7.25%, 4/15/19	$	11,284,313
				Real Estate Operating Companies - 2.0 %
	50,885,000		B- / B3	Forest City Enterprises, 6.5%, 2/1/17	$	47,831,900
	1,140,000		B- / B3	Forest City Enterprises, 7.625%, 6/1/15		1,127,175
					$	48,959,075
				Total Real Estate	$	60,243,388
				Software & Services - 0.9 %
				Data Processing & Outsourced Services - 0.4 %
	6,047,000		B- / Caa1	First Data Corp., 12.625%, 1/15/21	$	5,850,473
	4,722,000		B- / Caa1	First Data Corp., 8.25%, 1/15/21		4,367,850
					$	10,218,323
				Internet Software & Services - 0.5 %
	9,200,000		B / NR	Equinix, Inc., 3.0%, 10/15/14	$	11,281,500
				Total Software & Services	$	21,499,823
				Technology Hardware & Equipment - 1.0 %
				Communications Equipment - 0.3 %
	6,355,000		B / B3	CommScope, Inc., 8.25%, 1/15/19	$	6,609,200
				Computer Storage & Peripherals - 0.7 %
	12,100,000		BB+ / Ba1	Seagate HDD Cayman, 7.0%, 11/1/21	$	12,947,000
	4,385,000		BB+ / Ba1	Seagate HDD Cayman, 7.75%, 12/15/18		4,856,388
					$	17,803,388
				Total Technology Hardware & Equipment	$	24,412,588
				Telecommunication Services - 3.7 %
				Alternative Carriers - 0.5 %
	9,775,000		BB- / WD	Paetec Holding Corp., 8.875%, 6/30/17 (144A)	$	10,666,969
	2,250,000		B+ / WD	Paetec Holding Corp., 9.5%, 7/15/15		2,362,500
					$	13,029,469
				Integrated Telecommunication Services - 2.8 %
	14,480,000		B / B1	Cincinnati Bell, Inc., 8.25%, 10/15/17	$	14,896,300
	19,520,000		B / B1	Cincinnati Bell, Inc., 8.375%, 10/15/20		20,008,000
	4,550,000		BB / Ba2	Frontier Communications Corp., 8.5%, 4/15/20		4,504,500
	3,100,000		BB / Ba2	Frontier Communications Corp., 8.75%, 4/15/22		3,069,000
	1,858,000		BB- / B2	GCI, Inc., 8.625%, 11/15/19		2,001,995
	12,580,000		B+ / Ba3	Windstream Corp., 7.5%, 6/1/22		13,209,000
	8,460,000		B+ / Ba3	Windstream Corp., 7.75%, 10/15/20		9,136,800
	1,895,000		B+ / Ba3	Windstream Corp., 8.125%, 9/1/18		2,065,550
					$	68,891,145
				Wireless Telecommunication  Services - 0.3 %
	6,450,000		B / B3	Intelsat Jackson Holdings SA, 7.25%, 4/1/19	$	6,740,250
	2,300,000		NR / NR	Richland Towers Funding LLC/ Seattle Funding, 7.87%, 3/15/16		2,357,608
					$	9,097,858
				Total Telecommunication Services	$	91,018,472
				Utilities - 1.9 %
				Electric Utilities - 0.3 %
	13,500,000		CC / Caa3	Texas Competitive Electric Holdings, 15.0%, 4/1/21	$	6,210,000
	2,340,000		CCC / B2	Texas Competitive Electric Holdings Co LLC / TCEH Finance, 11.5%, 10/1/20		1,766,700
					$	7,976,700
				Gas Utilities - 0.4 %
	8,600,000		NR / Ba2	AmeriGas Finance LLC / AmeriGas Finance Corp., 7.0%, 5/20/22	$	8,621,500
	2,850,000		B+ / B2	Ferrellgas LP / Ferrellgas Finance Corp., 6.5%, 5/1/21		2,465,250
					$	11,086,750
				Independent Power Producer & Energy Traders - 1.1 %
	800,000		BB- / Ba3	Intergen NV, 9.0%, 6/30/17	$	848,000
	8,050,000		BB- / B1	NRG Energy, Inc., 7.625%, 1/15/18		7,889,000
	4,700,000		BB- / B1	NRG Energy, Inc., 7.875%, 5/15/21		4,465,000
	2,350,000		BB- / B1	NRG Energy, Inc., 8.5%, 6/15/19		2,361,750
	2,820,000		BB- / B1	NRG Energy, Inc., 7.625%, 5/15/19		2,693,100
	8,750,000		BB- / B1	NRG Energy, Inc., 7.625%, 9/1/20		8,618,750
					$	26,875,600
				Total Utilities	$	45,939,050
				Government - 0.0 %
				Muni Environment - 0.0 %
	10,000,000	7.30	NR / NR	Ohio Air Quality Development, Floating Rate Note, 6/8/22 (e)(f)	$	1,047,000
				Total Government	$	1,047,000
				TOTAL CORPORATE BONDS
				(Cost  $1,203,128,936)	$	1,147,557,573
				MUNICIPAL BONDS - 0.4 %
				Government - 0.4 %
				Municipal  Pollution - 0.4 %
	4,750,000		B- / CAA2	Ohio State Pollution Control Revenue, 5.6%, 8/1/32	$	3,528,633
	9,980,000		B- / Caa2	Ohio State Pollution Control Revenue, 5.65%, 3/1/33		7,441,886
				Total Government	$	10,970,519
				TOTAL MUNICIPAL BONDS
				(Cost  $11,288,385)	$	10,970,519
				SENIOR FLOATING RATE LOAN INTERESTS - 6.9 % **
				Energy - 0.8 %
				Oil & Gas Equipment & Services - 0.7 %
	14,862,165	6.25	B+ / B2	Frac Tech Services LLC, Term Loan, 4/19/16	$	14,848,893
	4,480,928	8.50	B- / B2	Hudson Products Holdings, Inc., Term Loan, 8/24/15		3,853,598
					$	18,702,491
				Total Energy	$	18,702,491
				Materials - 0.3 %
				Commodity Chemicals - 0.2 %
	4,613,238	6.00	B / B2	CPG International I, Inc., Term Loan, 1/26/17	$	4,290,311
				Paper Products - 0.0 %
	2,381,516	6.50	B / B1	Exopack, LLC/Cello-Foil Products, Inc., Term Loan B, 5/31/17	$	2,366,632
				Total Materials	$	6,656,943
				Capital Goods - 0.4 %
				Aerospace & Defense - 0.3 %
	1,419,160	5.56	B / B2	DAE Aviation Holdings, Tranche B1 Term Loan, 7/31/14	$	1,394,325
	2,260,875	3.83	BB / B1	Hunter Defense Technologies, Term Loan, 8/22/14		2,059,657
	2,923,905	9.25	B / WR	IAP Worldwide Services, Inc., Term Loan, 12/20/12		2,763,090
	1,900,000	6.25	B- / Ba3	Sequa Corp., Incremental Term B Loan, 12/3/14		1,917,417
	1,356,500	5.56	B / B2	Standard Aero, Ltd., Tranche B2 Term Loan, 7/31/14		1,332,762
					$	9,467,251
				Electrical Component & Equipment - 0.0 %
	1,137,169	5.75	B+ / B1	Scotsman Industries, Inc., Term Loan, 4/30/16	$	1,138,591
				Total Capital Goods	$	10,605,842
				Commercial Services & Supplies - 0.0 %
				Environmental & Facilities Services - 0.0 %
	765,093	7.75	NR / Caa3	Aquilex Holdings LLC, Term Loan, 4/1/16	$	725,563
				Total Commercial Services & Supplies	$	725,563
				Transportation - 0.3 %
				Air Freight & Couriers - 0.3 %
	1,365,846	5.58	NR / NR	CEVA Group Plc, Dollar Tranche B Term Loan, 8/31/16	$	1,277,066
	1,971,385	5.55	NR / Ba3	CEVA Group Plc, EGL Tranche B Term Loan, 8/31/16		1,843,245
	3,702,650	5.55	NR / NR	CEVA Group Plc, U.S. Tranche B Term Loan, 8/31/16		3,464,292
					$	6,584,603
				Total Transportation	$	6,584,603
				Automobiles & Components - 0.7 %
				Auto Parts & Equipment - 0.0 %
	52,429	2.79	BB- / B1	Allison Transmission, Term Loan, 8/7/14	$	51,964
				Automobile Manufacturers - 0.5 %
	14,527,000	6.00	BB / Ba2	Chrysler Group LLC, Tranche B Term Loan, 4/28/17	$	14,257,088
				Tires & Rubber - 0.2 %
	3,817,000	1.78	BB / Ba1	Goodyear Tire & Rubber Co., 2nd Lien Term Loan, 4/30/14	$	3,733,503
				Total Automobiles & Components	$	18,042,555
				Media - 0.2 %
				Advertising - 0.0 %
	2,044,806	5.00	BB- / Ba3	Affinion Group, Inc., Tranche B Term Loan, 10/9/16	$	1,858,217
				Movies & Entertainment - 0.1 %
	2,600,519	5.25	NR / Ba1	Cinedigm Digital Funding, Term Loan, 4/29/16	$	2,574,514
				Publishing - 0.0 %
	942,769	2.52	B+ / B2	Cengage Learning Acquistions, Term Loan, 7/4/14	$	837,213
				Total Media	$	5,269,944
				Food, Beverage & Tobacco - 0.4 %
				Packaged Foods & Meats - 0.4 %
	2,900,000	11.25	BB- / B2	Pierre Foods, Inc., 2nd Lien Term Loan, 7/29/17	$	2,881,875
	7,867,745	7.00	B+ / B1	Pierre Foods, Inc., 1st Lien Term Loan, 9/30/16		7,852,993
					$	10,734,868
				Total Food, Beverage & Tobacco	$	10,734,868
				Household & Personal Products - 0.1 %
				Personal Products - 0.1 %
	1,999,652	4.75	BB- / Ba3	Revlon, Inc., Term B Loan, 11/19/17	$	1,998,390
				Total Household & Personal Products	$	1,998,390
				Health Care Equipment & Services - 2.1 %
				Health Care Equipment - 0.1 %
	2,465,000	7.00	BB- / Ba2	Kinetic Concepts, Inc., Dollar Term B1 Loan, 1/12/18	$	2,504,176
				Health Care Facilities - 0.2 %
	5,148,625	6.50	B / B1	Ardent Health Services LLC, Term Loan, 9/15/15	$	5,167,932
				Health Care Services - 1.5 %
	1,630,158	7.25	B+ / Ba3	Alliance HealthCare Services, Initial Term Loan, 6/1/16	$	1,434,539
	7,793,409	4.75	B / B1	Gentiva Health Services, Inc., Term B1 Loan, 2/22/16		7,199,162
	2,591,803	8.50	B+ / B1	NAMM Holdings, Inc., Term Loan, 4/1/14		2,582,084
	5,141,150	7.00	B+ / B1	National Mentor Holdings, Inc., Tranche B Term Loan, 1/18/17		4,993,342
	757,426	0.75	B / B2	National Specialty Hospitals, Inc., Delayed Draw Term Loan, 2/3/17		719,554
	4,310,086	8.25	B / B2	National Surgical Hospitals, Inc., Initial Term Loan, 1/4/17		4,094,582
	5,852,612	7.25	NR / B1	Prime Healthcare Services, Term B Loan, 4/28/15		5,647,771
	2,892,732	5.75	B+ / Ba3	Rural/Metro Corp., 1st Lien Term Loan, 3/28/18		2,851,752
	2,888,889	8.75	B+ / Ba1	Sun HealthCare Group, Term Loan, 10/18/16		2,563,889
	4,689,563	6.50	B / Ba3	Surgery Center Holdings, Inc., Term Loan, 9/20/16		4,314,398
	1,509,750	7.75	B+ / B1	Virtual Radiologic Corp., Term A Loan, 11/3/16		1,434,263
					$	37,835,336
				Health Care Technology - 0.1 %
	2,939,724	6.25	B / B2	Physician Oncology Services, Effective Date Term Loan, 2/10/17	$	2,807,436
	357,143	6.25	B / NR	Physician Oncology Services, Delayed Draw Term Loan, 1/31/17		341,071
					$	3,148,507
				Managed Health Care - 0.1 %
	2,591,803	8.50	NR / B1	MMM Holdings, Inc., Term Loan, 4/14/15	$	2,582,084
				Total Health Care Equipment & Services	$	51,238,035
				Pharmaceuticals & Biotechnology - 0.2 %
				Biotechnology - 0.2 %
	4,237,188	5.50	BB / B1	Aptalis Pharma, Inc., Term Loan, 2/10/17	$	4,189,510
	178,718	6.50	B+ / B1	Generic Drug Holding, Inc., Delayed Draw Term Loan, 4/8/16		177,154
	1,299,764	6.50	B+ / B1	Generic Drug Holding, Inc., Closing Date Term Loan, 4/7/16		1,288,391
					$	5,655,055
				Total Pharmaceuticals & Biotechnology	$	5,655,055
				Diversified Financials - 0.1 %
				Diversified Finance Services - 0.1 %
	2,496,000	5.25	NR / Ba2	Ship Luxco 3 S.a.r.l., (RBS Worldpay) Facility B2A,11/30/17	$	2,488,200
				Total Diversified Financials	$	2,488,200
				Insurance - 1.0 %
				Insurance Brokers - 0.9 %
	3,082,640	3.58	B- / B2	Alliant Holdings I, Inc., Term Loan, 8/21/14	$	3,063,373
	1,585,806	3.08	B / B2	HUB International Holdings, Inc., Delayed Draw Term Loan, 6/13/14		1,549,465
	5,762,363	6.75	B / B2	HUB International Holdings, Inc., Additional Term Loan, 6/13/14		5,791,174
	7,054,562	3.08	B / B2	HUB International Holdings, Inc., Initial Term Loan, 6/13/14		6,892,896
	2,939,327	2.77	B- / B2	USI Holdings Corp., Tranche B Term Loan, 5/5/14		2,867,804
	1,446,700	7.00	B- / B2	USI Holdings Corp., Series C New Term Loan, 5/5/14		1,456,827
					$	21,621,539
				Multi-Line Insurance - 0.1 %
	3,371,493	4.83	B / B2	AmWINS Group, Inc., Initial Term Loan, 6/8/13	$	3,308,278
				Total Insurance	$	24,929,817
				Utilities - 0.2 %
				Electric Utilities - 0.2 %
	3,541,909	8.03	BB / Ba2	Race Point Power, Term Loan, 1/11/18	$	3,544,123
	2,392,542	4.80	CCC / B2	Texas Competitive Electric Holdings Co. LLC, 2017 Term Loan, 10/10/17		1,485,620
					$	5,029,743
				Total Utilities	$	5,029,743
				TOTAL SENIOR FLOATING RATE LOAN INTERESTS
				(Cost  $170,374,742)	$	168,662,049
				RIGHTS/WARRANTS - 0.0 %
				Energy - 0.0 %
				Oil & Gas Equipment & Services - 0.0 %
	2,275			Green Field Warrants *	$	138,775
				Total Energy
				(Cost  $90,990)	$	138,775
				Temporary Cash Investments - 3.4 %
				Repurchase Agreements - 3.4 %
	21,075,000			Deutsche Bank AG, 0.09%, dated 1/31/12, repurchase price of $21,075,000
				plus accrued interest on 2/1/12 collateralized by the following:
				$1,909,533 U.S. Treasury Bill, 0.0%, 4/12/12-5/10/12
				$775,685 U.S. Treasury Bond, 7.5%, 11/15/24
				$9,301,014 U.S. Treasury Notes, 1.375-4.875%, 3/31/12-8/15/16
				$9,510,268 U.S. Treasury Strip, 0-1.375%, 8/15/12-5/15/37	$	21,075,000
	21,075,000			JPMorgan, Inc., 0.22%, dated 1/31/12, repurchase price of $21,075,000
				plus accrued interest on 2/1/12 collateralized by $21,496,604 Federal
				National Mortgage Association (ARM), 2.405-5.932%, 9/1/32-6/1/38		21,075,000
	21,075,000			RBC Capital Markets, Inc., 0.20%, dated 1/31/12, repurchase price of $21,075,000
				plus accrued interest on 2/1/12 collateralized by the following:
				$14,499,781 Federal National Mortgage Association, 3.5%, 1/1/32
				$6,996,720 Govermnet National Mortgage Association, 4.5%, 10/20/41		21,075,000
	21,075,000			TD Securities, Inc., 0.20%, dated 1/31/12, repurchase price of $21,075,000
				plus accrued interest on 2/1/12 collateralized by the following:
				$20,782,954 Freddie Mac Giant, 2.125-5.25%, 9/21/12-4/18/16
				$713,583 Federal National Mortgage Association, 1.25%, 1/30/17		21,075,000
				Total Repurchase Agreements	$	63,225,000
				Securities Lending Collateral  - 0.0 % (c)
				Tri-party Repurchase Agreements:
	53,760			Merrill Lynch, Inc., 0.18%, dated 1/31/12, repurchase price of
				$53,780 plus accrued interest on 2/1/12 collateralized by
				$54,843 U.S. Treasury Notes, 3.75%, 11/15/18	$	53,760
	53,760			RBS Securities, Inc., 0.18%, dated 1/31/12, repurchase price of
				$53,760 plus accrued interest on 2/1/12 collateralized by $55,603
				Federal Home Loan Mortgage Corp., 0.0%, 7/30/12		53,760
	53,760			Barclays Capital Markets, 0.18%, dated 1/31/12, repurchase price of
				$53,760 plus accrued interest on 2/1/12 collateralized by $54,884
				U.S. Treasury Notes, 2.125%, 8/15/21		53,760
	53,760			HSBC Plc, 0.18%, dated 1/31/12, repurchase price of
				$53,760 plus accrued interest on 2/1/12 collateralized by
				$55,597 U.S. Treasury Bill, 0.0%, 6/28/12		53,760
	53,760			Deutschebank AG, 0.22%, dated 1/31/12, repurchase price of
				$53,760 plus accrued interest on 2/1/12 collateralized by
				$55,292 Freddie Mac Giant, 1.5%, 11/16/15		53,760
					$	268,800
				Total Securities Lending Collateral	$	268,800
				TOTAL TEMPORARY CASH INVESTMENTS
				(Cost  $84,300,000)	$	63,493,800
				TOTAL INVESTMENT IN SECURITIES
				(Cost  $2,266,316,063) (a)	$	2,390,999,440
				OTHER ASSETS AND LIABILITIES	$	50,416,449
				TOTAL NET ASSETS	$	2,459,497,315
	Notional Principal			Swap Counterparty/ Referenced Obligation
				CREDIT DEFAULT SWAP AGREEMENTS
				PROTECTION SOLD
	$      45,000,000			JPMorgan Chase & Co., Index: Markit CDX.NA.HY. 17, 5.0%, 12/20/16	$	1,617,245
				TOTAL CREDIT DEFAULT SWAP AGREEMENTS
				(Cost  $41,062,500)	$	1,617,245
	(A.D.R.)			American Depositary Receipt.
	(G.D.R.)			Global Depositary Receipt.
	*			Non-income producing security.
	WR			Security rating withdrawn by either S&P or Moody's.
	NR			Not rated by either S&P or Moody's.
	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 January 31, 2012, the value of these securities amounted to $143,254,052 or 5.8% 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 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 January 31, 2012, the net unrealized gain on investments based on cost for federal income tax purposes of $2,226,316,063 was as follows:
				Aggregate gross unrealized gain for all investments in which there is an excess of value over tax cost		$     275,132,713
				Aggregate gross unrealized loss for all investments in which there is an excess of tax cost over value		(150,449,336)
				Net unrealized gain		$     124,683,377
	(b)			At January 31, 2012, the following security was out on loan:
	Principal Amount ($)			Description		Value
	240,000			Dollar Financial, 2.875%, 6/30/27 (144A)	$	260,100
				Total	$	260,100
	(c)			Security 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.
	(e)			Security is in default and is non-income producing.
	(f)			Security is fair valued (see Note A).
Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (Including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (Including the Fund's own assumptions in determining fair value of investments)
Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued
using fair value methods (other than prices supplied by independent pricing services) are categorized as Level 3.
See Notes to Financial Statements - Note 1A.
The following is a summary of the inputs used as of January 31, 2012, in valuing the Fund’s assets:

	Level 1		Level 2		Level 3		Total
Asset Backed Securities	$	-	$	1,633,216	$	-	$	1,633,216
Corporate Bonds		-		1,146,510,573		1,047,000		1,147,557,573
Convertible Corporate Bonds		-		558,811,457		1,751,604		560,563,061
Municipal Bonds		-		10,970,519		-		10,970,519
Senior Floating Rate Loan Interests		-		168,662,049		-		168,662,049
Common Stocks		343,832,933		-		2,724,783		346,557,716
Convertible Preferred Stocks		91,422,731		-		-		91,422,731
Warrants		-		138,775		-		138,775
Temporary Cash Investments		-		63,493,800		-		63,493,800
Repurchase Agreements		-		-		-		-
Total	$	435,255,664	$	1,950,220,389		5,523,387	$	2,390,999,440
Other Financial Instruments*	$	-	$	1,617,245		-	$	1,617,245
*Other financial instruments include credit default swaps

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

		Common Stocks			Corporate Bonds			Convertible Corporate Bonds		Total
	Balance as of 10/31/11	$	3,377,581		$	1,047,000		$	-		4,424,581
	Realized gain (loss)		262,929			-			-		262,929
	Change in unrealized appreciation (depreciation)1		(436,653	)		-			-		(436,653	)
	Net purchases (sales)		(479,074	)		-			1,751,604		1,272,530
	Transfers in and out of Level 3		-			-			-		-
	Balance as of 1/31/12	$	2,724,783		$	1,047,000		$	1,751,604		5,523,387
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.
	Net change in unrealized appreciation (depreciation) of investments
	still held as of 1/31/12				$	(436,653	)

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 March 30, 2012 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 March 30, 2012 By (Signature and Title)* /s/ Mark Bradley Mark Bradley, Treasurer Date March 30, 2012 * Print the name and title of each signing officer under his or her signature.