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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, 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 7/31/12
	Principal Amount ($)	Floating Rate (b) (unaudited)	S&P/Moody's Ratings (unaudited)			Value
				CONVERTIBLE CORPORATE BONDS - 20.7%
				Energy - 2.6%
				Oil & Gas Equipment & Services - 0.4%
	7,330,000		B+/NR	Exterran Holdings, Inc., 4.25%, 6/15/14	$	7,275,025
	2,034,000		B-/NR	Newpark Resources, Inc., 4.0%, 10/1/17		2,044,170
					$	9,319,195
				Oil & Gas Exploration & Production - 0.9%
	15,106,000		BB-/Ba3	Chesapeake Energy Corp., 2.5%, 5/15/37	$	13,217,750
	4,152,000		BB-/Ba3	Chesapeake Energy Corp., 2.5%, 5/15/37		3,518,820
	2,825,000		NR/NR	Stone Energy Corp., 1.75%, 3/1/17 (144A)		2,694,344
					$	19,430,914
				Coal & Consumable Fuels - 1.3%
	30,858,000		BB-/NR	Alpha Appalachia Holdings, Inc., 3.25%, 8/1/15	$	26,383,590
	4,505,000		CCC-/B2	James River Coal Co., 3.125%, 3/15/18		1,019,256
					$	27,402,846
				Total Energy	$	56,152,955
				Materials - 0.2%
				Steel - 0.2%
	4,830,000		BB+/NR	Steel Dynamics, Inc., 5.125%, 6/15/14	$	5,204,325
				Total Materials	$	5,204,325
				Capital Goods - 3.3%
				Electrical Components & Equipment - 1.1%
	10,874,000		B/B2	General Cable Corp., 4.5%, 11/15/29 (Step)	$	10,914,778
	10,602,000		BBB-/Baa3	Roper Industries, Inc., 0.0%, 1/15/34 (Step)		13,239,248
					$	24,154,026
				Construction & Farm Machinery & Heavy Trucks - 1.0%
	3,700,000		NR/NR	Greenbrier Companies, Inc., 3.5%, 4/1/18	$	3,297,625
	2,545,000		B-/NR	Meritor, Inc., 4.625%, 3/1/26 (Step)		2,214,150
	17,140,000		CCC+/NR	Navistar International Corp., 3.0%, 10/15/14		15,147,475
					$	20,659,250
				Trading Companies & Distributors - 1.2%
	12,627,000		B/NR	WESCO International, Inc., 6.0%, 9/15/29	$	26,469,349
				Total Capital Goods	$	71,282,625
				Transportation - 0.4%
				Airlines - 0.2%
	2,575,000		B-/B3	Continental Airlines, Inc., 4.5%, 1/15/15	$	3,183,344
				Marine - 0.2%
	5,993,000		NR/NR	DryShips, Inc., 5.0%, 12/1/14	$	4,652,066
				Total Transportation	$	7,835,410
				Automobiles & Components - 1.1%
				Automobile Manufacturers - 1.1%
	17,861,000		BB+/Baa3	Ford Motor Co., 4.25%, 11/15/16	$	24,090,024
				Total Automobiles & Components	$	24,090,024
				Consumer Durables & Apparel - 0.2%
				Homebuilding - 0.2%
	3,015,000		B+/B2	Lennar Corp., 2.75%, 12/15/20 (144A)	$	4,477,275
				Total Consumer Durables & Apparel	$	4,477,275
				Retailing - 0.4%
				Automotive Retail - 0.4%
	5,100,000		NR/Caa3	Sonic Automotive, Inc., 5.0%, 10/1/29	$	7,764,750
				Total Retailing	$	7,764,750
				Food, Beverage & Tobacco - 0.4%
				Tobacco - 0.4%
	8,065,000		CCC+/Caa2	Alliance One International, Inc., 5.5%, 7/15/14	$	7,571,019
				Total Food, Beverage & Tobacco	$	7,571,019
				Health Care Equipment & Services - 1.1%
				Health Care Equipment - 0.1%
	2,505,000		B+/NR	Hologic, Inc., 2.0%, 12/15/37 (Step)	$	2,711,662
				Health Care Supplies - 0.4%
	9,460,000		B-/NR	Alere, Inc., 3.0%, 5/15/16	$	8,584,950
				Health Care Technology - 0.6%
	8,600,000		NR/NR	WebMD Health Corp., 2.25%, 3/31/16	$	7,849,220
	5,520,000		NR/NR	WebMD Health Corp., 2.5%, 1/31/18		4,478,100
					$	12,327,320
				Total Health Care Equipment & Services	$	23,623,932
				Pharmaceuticals, Biotechnology & Life Sciences - 3.3%
				Biotechnology - 2.7%
	8,815,000		NR/NR	Corsicanto, Ltd., 3.5%, 1/15/32 (144A)	$	13,927,700
	9,876,000		NR/NR	Cubist Pharmaceuticals, Inc., 2.5%, 11/1/17		15,863,325
	9,000,000		NR/NR	PDL BioPharma, Inc., 3.75%, 5/1/15		9,945,000
	15,092,000		NR/NR	Vertex Pharmaceuticals, Inc., 3.35%, 10/1/15		18,166,995
					$	57,903,020
				Pharmaceuticals - 0.6%
	6,075,000		NR/NR	Medicis Pharmaceutical Corp., 1.375%, 6/1/17	$	6,067,406
	5,270,000		NR/NR	Salix Pharmaceuticals, Ltd., 1.5%, 3/15/19 (144A)		5,329,288
					$	11,396,694
				Total Pharmaceuticals, Biotechnology & Life Sciences	$	69,299,714
				Diversified Financials - 0.5%
				Consumer Finance - 0.5%
	4,150,000		NR/NR	DFC Global Corp., 2.875%, 6/30/27	$	4,305,625
	5,200,000		B+/NR	DFC Global Corp., 3.25%, 4/15/17 (144A)		5,797,376
					$	10,103,001
				Total Diversified Financials	$	10,103,001
				Real Estate - 0.3%
				Specialized REIT's - 0.3%
	4,785,000		BB+/NR	Host Hotels & Resorts LP, 2.5%, 10/15/29 (144A)	$	5,951,344
				Total Real Estate	$	5,951,344
				Software & Services - 2.2%
				Internet Software & Services - 0.7%
	9,200,000		B/NR	Equinix, Inc., 3.0%, 10/15/14	$	15,835,500
				Application Software - 1.5%
	5,815,000		NR/NR	Mentor Graphics Corp., 4.0%, 4/1/31	$	6,381,962
	3,200,000		BB-/NR	Nuance Communications, Inc., 2.75%, 11/1/31 (144A)		3,364,000
	16,772,000		BB-/NR	Nuance Communications, Inc., 2.75%, 8/15/27		21,216,580
					$	30,962,542
				Total Software & Services	$	46,798,042
				Technology Hardware & Equipment - 0.8%
				Communications Equipment - 0.3%
	6,520,000		NR/NR	InterDigital, Inc., 2.5%, 3/15/16	$	6,495,550
				Computer Storage & Peripherals - 0.4%
	7,275,000		BB/NR	SanDisk Corp., 1.5%, 8/15/17	$	8,084,344
				Electronic Components - 0.1%
	3,755,000		BB+/NR	Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A)	$	2,802,169
				Total Technology Hardware & Equipment	$	17,382,063
				Semiconductors & Semiconductor Equipment - 2.8%
				Semiconductor Equipment - 1.0%
	5,491,000		BBB-/Baa1	Lam Research Corp., 1.25%, 5/15/18	$	5,346,861
	12,760,000		NR/NR	Novellus Systems, Inc., 2.625%, 5/15/41		14,833,500
					$	20,180,361
				Semiconductors - 1.8%
	16,464,000		BB/NR	ON Semiconductor Corp., 2.625%, 12/15/26	$	16,855,020
	450,000		BB/NR	ON Semiconductor Corp., 2.625%, 12/15/26		484,875
	6,975,000		NR/NR	SunPower Corp., 4.5%, 3/15/15		6,155,438
	16,544,000		NR/NR	SunPower Corp., 4.75%, 4/15/14		15,220,480
	1,000,000		NR/NR	Suntech Power Holdings Co., Ltd., 3.0%, 3/15/13		447,500
					$	39,163,313
				Total Semiconductors & Semiconductor Equipment	$	59,343,674
				Telecommunication Services - 1.1%
				Integrated Telecommunication Services - 1.1%
	9,000,000		B/NR	Ciena Corp., 0.875%, 6/15/17	$	7,672,500
	6,503,000		NR/NR	MasTec, Inc., 4.0%, 6/15/14		7,941,789
	5,775,000		NR/NR	MasTec, Inc., 4.25%, 12/15/14		7,312,594
					$	22,926,883
				Total Telecommunication Services	$	22,926,883
				TOTAL CONVERTIBLE CORPORATE BONDS
				(Cost $383,310,009)	$	439,807,036
				PREFERRED STOCKS - 0.7%
				Diversified Financials - 0.7%
				Other Diversified Financial Services - 0.4%
	358,975	8.12	CCC+/B3	GMAC Capital Trust I, Floating Rate Note, 2/15/40	$	8,751,810
				Consumer Finance - 0.3%
	6,450		CCC+/B3	Ally Financial, Inc., 7.0%, 12/31/99 (Perpetual) (144A)	$	5,796,534
				Total Diversified Financials	$	14,548,344
				TOTAL PREFERRED STOCKS
				(Cost $14,927,566)	$	14,548,344
				CONVERTIBLE PREFERRED STOCKS - 3.9%
				Energy - 0.5%
				Oil & Gas Exploration & Production - 0.5%
	59,180		NR/NR	Petroquest Energy, Inc., 6.875%, 12/31/99 (Perpetual)	$	2,248,840
	33,162		CCC/NR	SandRidge Energy, Inc., 7.0%, 12/31/99 (Perpetual)		3,653,690
	46,800		NR/NR	SandRidge Energy, Inc., 8.5%, 12/31/99 (Perpetual)		5,098,275
					$	11,000,805
				Total Energy	$	11,000,805
				Capital Goods - 0.4%
				Electrical Components & Equipment - 0.4%
	68,400		NR/NR	General Cable Corp., 5.75%, 11/24/13	$	8,934,750
				Total Capital Goods	$	8,934,750
				Automobiles & Components - 0.1%
				Tires & Rubber - 0.1%
	56,100		NR/NR	The Goodyear Tire & Rubber Co., 5.875%, 4/1/14	$	2,386,494
				Total Automobiles & Components	$	2,386,494
				Health Care Equipment & Services - 0.9%
				Health Care Supplies - 0.9%
	89,308		CCC+/NR	Alere, Inc., 3.0%, 12/31/99 (Perpetual)	$	18,705,561
				Total Health Care Equipment & Services	$	18,705,561
				Real Estate - 2.0%
				Real Estate Operating Companies - 2.0%
	821,962		CCC+/Caa2	Forest City Enterprises, Inc., 7.0%, 12/31/99 (Perpetual)	$	43,153,005
				Total Real Estate	$	43,153,005
				TOTAL CONVERTIBLE PREFERRED STOCKS
				(Cost $81,934,185)	$	84,180,615
	Shares
				COMMON STOCKS - 13.4%
				Energy - 0.7%
				Oil & Gas Drilling - 0.3%
	1,109,037			Hercules Offshore, Inc. *	$	3,981,443
	63,739			Transocean, Ltd.		2,984,897
					$	6,966,340
				Oil & Gas Exploration & Production - 0.2%
	147,800			Marathon Oil Corp.	$	3,912,266
				Oil & Gas Refining & Marketing - 0.2%
	73,900			Marathon Petroleum Corp. *	$	3,495,470
				Total Energy	$	14,374,076
				Materials - 3.9%
				Commodity Chemicals - 1.1%
	698,095			Georgia Gulf Corp.	$	22,883,554
				Diversified Chemicals - 1.6%
	762,212			LyondellBasell Industries NV	$	33,941,300
				Metal & Glass Containers - 0.2%
	271,099			Owens-Illinois, Inc. *	$	5,001,777
				Diversified Metals & Mining - 1.0%
	4,128,459			Blaze Recycling & Metals LLC *	$	1,857,807
	483,460			Freeport-McMoRan Copper & Gold, Inc.		16,278,098
	2,600,200			Polymet Mining Corp. *		2,860,220
					$	20,996,125
				Total Materials	$	82,822,756
				Capital Goods - 3.4%
				Aerospace & Defense - 1.5%
	270,857			BE Aerospace, Inc. *	$	10,625,720
	379,503			DigitalGlobe, Inc. *		7,388,923
	151,275			Exelis, Inc.		1,421,985
	198,829			GeoEye, Inc. *		5,056,221
	75,637			ITT Corp.		1,417,437
	496,600			Orbital Sciences Corp. *		6,505,460
					$	32,415,746
				Building Products - 0.3%
	119,412			Lennox International, Inc.	$	5,214,722
				Electrical Components & Equipment - 0.8%
	124,255			Cooper Industries Plc	$	8,931,449
	321,400			General Cable Corp. *		8,398,182
					$	17,329,631
				Construction & Farm Machinery & Heavy Trucks - 0.2%
	565,602			Commercial Vehicle Group, Inc. *	$	4,360,791
				Industrial Machinery - 0.6%
	107,922			ESCO Technologies, Inc.	$	3,886,271
	144,669			Kennametal, Inc.		5,338,286
	151,275			Xylem, Inc.		3,627,574
					$	12,852,131
				Total Capital Goods	$	72,173,021
				Transportation - 0.3%
				Marine - 0.3%
	4,099,666			Horizon Lines, Inc. *	$	7,379,399
				Total Transportation	$	7,379,399
				Consumer Services - 0.7%
				Casinos & Gaming - 0.1%
	68,300			WMS Industries, Inc. *	$	1,254,671
				Restaurants - 0.4%
	196,143			Starbucks Corp.	$	8,881,355
				Specialized Consumer Services - 0.2%
	371,884			Service Corp International	$	4,778,709
				Total Consumer Services	$	14,914,735
				Food, Beverage & Tobacco - 0.2%
				Tobacco - 0.2%
	1,076,613			Alliance One International, Inc. *	$	3,509,758
				Total Food, Beverage & Tobacco	$	3,509,758
				Health Care Equipment & Services - 0.7%
				Health Care Supplies - 0.1%
	70,500			Alere, Inc. *	$	1,330,335
				Managed Health Care - 0.6%
	188,880			Aetna, Inc.	$	6,811,013
	67,800			Cigna Corp.		2,730,984
	85,000			UnitedHealth Group, Inc.		4,342,650
					$	13,884,647
				Total Health Care Equipment & Services	$	15,214,982
				Pharmaceuticals, Biotechnology & Life Sciences - 1.5%
				Life Sciences Tools & Services - 1.5%
	103,356			Bio-Rad Laboratories, Inc. *	$	9,943,881
	239,862			Thermo Fisher Scientific, Inc.		13,353,118
	118,592			Waters Corp. *		9,188,508
					$	32,485,507
				Total Pharmaceuticals, Biotechnology & Life Sciences	$	32,485,507
				Diversified Financials - 0.1%
				Asset Management & Custody Banks - 0.1%
	73,836			Legg Mason, Inc.	$	1,810,459
				Total Diversified Financials	$	1,810,459
				Technology Hardware & Equipment - 1.6%
				Communications Equipment - 0.0%
	108,400			Research In Motion, Ltd. *	$	775,060
				Computer Storage & Peripherals - 0.2%
	826,557			OCZ Technology Group, Inc. *	$	5,182,512
				Electronic Equipment Manufacturers - 0.5%
	257,584			Itron, Inc. *	$	10,038,048
				Electronic Manufacturing Services - 0.4%
	239,300			TE Connectivity, Ltd.	$	7,899,293
				Technology Distributors - 0.5%
	142,843			Arrow Electronics, Inc. *	$	4,820,951
	417,700			Ingram Micro, Inc. *		6,261,323
					$	11,082,274
				Total Technology Hardware & Equipment	$	34,977,187
				Telecommunication Services - 0.3%
				Integrated Telecommunication Services - 0.3%
	585,800			Windstream Corp.	$	5,834,568
				Total Telecommunication Services	$	5,834,568
				TOTAL COMMON STOCKS
				(Cost $241,181,253)	$	285,496,448
	Principal Amount ($)	Floating Rate (b) (unaudited)	S&P/Moody's Ratings (unaudited)
				ASSET BACKED SECURITIES - 0.1%
				Banks - 0.1%
				Thrifts & Mortgage Finance - 0.1%
	2,510,000	0.70	CCC/Caa3	Bear Stearns Asset Backed Securities Trust, Floating Rate Note, 1/25/47	$	890,904
	1,324,511	0.95	AAA/Caa2	FBR Securitization Trust, Floating Rate Note, 10/25/35		735,220
					$	1,626,124
				Total Banks	$	1,626,124
				TOTAL ASSET BACKED SECURITIES
				(Cost $2,138,199)	$	1,626,124
				CORPORATE BONDS - 50.7%
				Energy - 10.6%
				Oil & Gas Drilling - 1.4%
	12,075,000		B-/B3	Offshore Group Investment, Ltd., 11.5%, 8/1/15	$	13,282,500
	4,640,000		B-/B3	Offshore Group Investment, Ltd., 11.5%, 8/1/15 (144A)		5,104,000
	6,830,000		B+/B3	Pioneer Energy Services Corp., 9.875%, 3/15/18		7,342,250
	3,425,000		BB-/B2	Unit Corp., 6.625%, 5/15/21 (144A)		3,399,312
					$	29,128,062
				Oil & Gas Equipment & Services - 0.5%
	3,248,000		B+/B1	American Petroleum Tankers Parent LLC, 10.25%, 5/1/15	$	3,394,160
	2,588,000		B/B3	Expro Finance Luxembourg SCA, 8.5%, 12/15/16 (144A)		2,568,590
	1,725,000		BB/Ba3	Exterran Holdings, Inc., 7.25%, 12/1/18		1,707,750
	2,275,000		CCC/Caa2	Green Field Energy Services, Inc., 13.0%, 11/15/16 (144A)		1,979,250
					$	9,649,750
				Oil & Gas Exploration & Production - 6.5%
	10,736,000		B/B3	Carrizo Oil & Gas, Inc., 8.625%, 10/15/18	$	11,621,720
	4,585,000		B-/B3	Chaparral Energy, Inc., 8.25%, 9/1/21		4,974,725
	7,875,000		BB-/Ba3	Chesapeake Energy Corp., 6.775%, 3/15/19		7,717,500
	3,110,000		BB+/Ba1	Cimarex Energy Co., 5.875%, 5/1/22		3,312,150
	4,682,000		B-/B3	Comstock Resources, Inc., 7.75%, 4/1/19		4,518,130
	2,925,000		BB+/B1	Concho Resources, Inc., 6.5%, 1/15/22		3,129,750
	13,000,000		B/B2	EP Energy LLC, 9.375%, 5/1/20 (144A)		13,991,250
	2,775,000		CCC+/Caa1	Goodrich Petroleum Corp., 8.875%, 3/15/19		2,636,250
	5,200,000		B-/Caa1	Kodiak Oil & Gas Corp., 8.125%, 12/1/19 (144A)		5,538,000
	19,735,000		B/B2	Linn Energy LLC, 6.25%, 11/1/19 (144A)		19,537,650
	2,820,000		B/B3	Oasis Petroleum, Inc., 6.5%, 11/1/21		2,841,150
	5,945,000		B/B3	Penn Virginia Corp., 7.25%, 4/15/19		4,904,625
	3,020,000		CCC+/Caa1	PetroBakken Energy, Ltd., 8.625%, 2/1/20 (144A)		3,035,100
	1,830,000		CCC/Caa1	Quicksilver Resources, Inc., 7.125%, 4/1/16		1,464,000
	11,178,000		CCC+/B3	Quicksilver Resources, Inc., 8.25%, 8/1/15		10,619,100
	1,880,000		B/B1	Samson Investment Co., 9.75%, 2/15/20 (144A)		1,950,500
	10,770,000		B/B3	SandRidge Energy, Inc., 8.0%, 6/1/18 (144A)		11,200,800
	3,085,000		BB/B1	SM Energy Co., 6.5%, 11/15/21		3,192,975
	650,000		BB/B1	SM Energy Co., 6.625%, 2/15/19		672,750
	18,920,000		B+/B3	Swift Energy Co., 7.875%, 3/1/22		19,298,400
	3,300,000		B-/Caa1	Vanguard Natural Resources LLC, 7.875%, 4/1/20		3,308,250
					$	139,464,775
				Oil & Gas Refining & Marketing - 1.4%
	30,085,000		BB+/Ba1	Tesoro Corp., 6.625%, 11/1/15	$	30,724,306
				Oil & Gas Storage & Transportation - 0.2%
	3,500,000	7.00	BB+/Baa3	Enterprise Products Operating LLC, Floating Rate Note, 6/1/67	$	3,622,500
	925,000		BB-/B1	Holly Energy Partners LP, 8.25%, 3/15/18		985,125
					$	4,607,625
				Coal & Consumable Fuels - 0.6%
	795,000		BB-/B2	Alpha Natural Resources, Inc., 6.0%, 6/1/19	$	691,650
	1,750,000		B-/B3	Arch Coal, Inc., 7.0%, 6/15/19		1,526,875
	6,470,000		B-/B3	Arch Coal, Inc., 7.25%, 6/15/21		5,596,550
	4,170,000		B-/B2	James River Coal Co., 7.875%, 4/1/19		2,105,850
	3,027,000		B/B3	Murray Energy Corp., 10.25%, 10/15/15 (144A)		2,694,030
					$	12,614,955
				Total Energy	$	226,189,473
				Materials - 7.6%
				Commodity Chemicals - 3.0%
	5,311,000		CCC+/B3	Hexion US Finance Corp., 8.875%, 2/1/18	$	5,377,388
	4,445,000		CCC+/NR	Hexion US Finance Corp., 9.0%, 11/15/20		3,756,025
	50,935,000		BB/Ba2	NOVA Chemicals Corp., 7.875%, 9/15/25		50,934,998
	2,625,000		BB/B1	Rain CII Carbon LLC, 8.0%, 12/1/18 (144A)		2,684,062
					$	62,752,473
				Diversified Chemicals - 1.8%
	6,635,000		B+/B1	Ineos Finance Plc, 9.0%, 5/15/15 (144A)	$	6,999,925
	8,858,000		CCC+/Caa1	INEOS Group Holdings SA, 8.5%, 2/15/16 (144A)		8,016,490
	16,865,000		BB+/Ba2	LyondellBasell Industries NV, 5.0%, 4/15/19		18,298,525
	6,158,000		CCC/Caa1	Momentive Performance Materials, Inc., 9.0%, 1/15/21		4,495,340
					$	37,810,280
				Construction Materials - 0.2%
	3,300,000		B-/Caa2	Texas Industries, Inc., 9.25%, 8/15/20	$	3,465,000
				Metal & Glass Containers - 0.8%
	1,000,000		BB-/NR	Ardagh Packaging Finance Plc, 7.375%, 10/15/17 (144A)	$	1,071,250
	1,900,000		BB-/Ba3	Ardagh Packaging Finance Plc, 7.375%, 10/15/17 (144A)		2,037,750
	13,120,000		BB-/B1	Crown Cork & Seal Co., Inc., 7.375%, 12/15/26		14,071,200
					$	17,180,200
				Paper Packaging - 0.1%
	2,915,000		B/B3	Packaging Dynamics Corp., 8.75%, 2/1/16 (144A)	$	3,082,612
				Aluminum - 0.0%
	436		B-/B3	Noranda Aluminum Acquisition Corp., 4.73%, 5/15/15 (PIK)	$	416
				Diversified Metals & Mining - 0.3%
	8,775,000		CCC+/Caa1	Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18 (144A)	$	5,879,250
				Steel - 1.0%
	2,615,000		BB-/B2	APERAM, 7.375%, 4/1/16 (144A)	$	2,288,125
	2,800,000		B/Caa1	Atkore International, Inc., 9.875%, 1/1/18		2,688,000
	16,705,000		CCC-/Caa2	Essar Steel Algoma, Inc., 9.875%, 6/15/15 (144A)		13,698,100
	3,280,000		B/B3	JMC Steel Group, 8.25%, 3/15/18 (144A)		3,288,200
					$	21,962,425
				Forest Products - 0.3%
	7,810,000		B-/B3	Millar Western Forest Products, Ltd., 8.5%, 4/1/21	$	6,013,700
				Paper Products - 0.1%
	2,625,000		B+/B1	Appleton Papers, Inc., 10.5%, 6/15/15 (144A)	$	2,802,188
				Total Materials	$	160,948,544
				Capital Goods - 3.6%
				Aerospace & Defense - 0.5%
	12,613,000		B-/B2	DynCorp International, Inc., 10.375%, 7/1/17	$	10,594,920
				Construction & Engineering - 0.3%
	7,350,000		C/Caa3	New Enterprise Stone & Lime Co., Inc., 11.0%, 9/1/18	$	5,181,750
				Electrical Components & Equipment - 0.6%
	2,939,000		B/B3	Coleman Cable, Inc., 9.0%, 2/15/18	$	3,104,319
	9,336,000		B+/B1	General Cable Corp., 7.125%, 4/1/17		9,616,080
					$	12,720,399
				Industrial Conglomerates - 0.3%
	2,865,000		B/B2	JB Poindexter & Co., Inc., 9.0%, 4/1/22 (144A)	$	2,857,838
	4,025,000		CCC+/B3	Park-Ohio Industries, Inc., 8.125%, 4/1/21		4,115,562
					$	6,973,400
				Construction & Farm Machinery & Heavy Trucks - 0.5%
	7,525,000		B/B1	Navistar International Corp., 8.25%, 11/1/21	$	7,054,688
	2,695,000		B/B3	UR Merger Sub Corp., 7.375%, 5/15/20 (144A)		2,849,962
	1,635,000		B/B3	UR Merger Sub Corp., 7.625%, 4/15/22 (144A)		1,739,231
					$	11,643,881
				Industrial Machinery - 0.6%
	2,400,000		B/Caa2	Liberty Tire Recycling, 11.0%, 10/1/16 (144A)	$	2,238,000
	7,516,000		CCC+/Caa2	Mueller Water Products, Inc., 7.375%, 6/1/17		7,628,740
	2,760,000		B/B3	Xerium Technologies, Inc., 8.875%, 6/15/18		2,277,000
					$	12,143,740
				Trading Companies & Distributors - 0.8%
	2,300,000		BB+/Ba3	Aircastle, Ltd., 7.625%, 4/15/20	$	2,461,000
	14,851,000		B/B1	WESCO Distribution, Inc., 7.5%, 10/15/17		15,148,020
					$	17,609,020
				Total Capital Goods	$	76,867,110
				Commercial Services & Supplies - 0.3%
				Diversified Support Services - 0.3%
	5,855,000		B/B3	ADS Tactical, Inc., 11.0%, 4/1/18 (144A)	$	5,942,825
				Total Commercial Services & Supplies	$	5,942,825
				Transportation - 0.8%
				Air Freight & Logistics - 0.6%
	10,175,000		B-/Caa1	CEVA Group Plc, 11.5%, 4/1/18 (144A)	$	9,526,344
	3,205,000		B-/B3	CEVA Group Plc, 11.625%, 10/1/16 (144A)		3,357,238
					$	12,883,582
				Trucking - 0.2%
	4,540,000		B/B3	syncreon Global Ireland, Ltd., 9.5%, 5/1/18 (144A)	$	4,540,000
				Total Transportation	$	17,423,582
				Automobiles & Components - 0.9%
				Auto Parts & Equipment - 0.3%
	4,240,000		B+/B2	Pittsburgh Glass Works LLC, 8.5%, 4/15/16 (144A)	$	3,943,200
	1,715,000		B/B1	Schaeffler Finance BV, 7.75%, 2/15/17 (144A)		1,815,756
					$	5,758,956
				Tires & Rubber - 0.1%
	2,765,000		B+/B1	The Goodyear Tire & Rubber Co., 7.0%, 5/15/22	$	2,823,756
				Automobile Manufacturers - 0.5%
	3,000,000		B/B2	Chrysler Group LLC, 8.0%, 6/15/19	$	3,120,000
	7,905,000		B/B2	Chrysler Group LLC, 8.25%, 6/15/21		8,231,081
					$	11,351,081
				Total Automobiles & Components	$	19,933,793
				Consumer Durables & Apparel - 2.8%
				Homebuilding - 0.9%
	11,595,000		CCC/Caa3	Beazer Homes USA, Inc., 9.125%, 6/15/18	$	11,305,125
	2,735,000		B/B2	KB Home, 8.0%, 3/15/20		2,864,912
	3,660,000		B+/B1	Meritage Homes Corp., 7.0%, 4/1/22 (144A)		3,806,400
					$	17,976,437
				Housewares & Specialties - 1.9%
	6,700,000		B-/NR	Reynolds Group Issuer, Inc., 8.25%, 2/15/21	$	6,582,750
	7,495,000		B-/NR	Reynolds Group Issuer, Inc., 8.5%, 5/15/18		7,551,212
	5,675,000		B-/Caa1	Reynolds Group Issuer, Inc., 9.875%, 8/15/19 (144A)		6,015,500
	13,375,000		CCC+/B3	Yankee Candle Co., Inc., 9.75%, 2/15/17		13,926,719
	6,815,000		CCC+/Caa1	YCC Holdings LLC, 10.25%, 2/15/16 (PIK)		6,942,781
					$	41,018,962
				Total Consumer Durables & Apparel	$	58,995,399
				Consumer Services - 0.7%
				Casinos & Gaming - 0.4%
	33,735,000		NR/WR	Mashantucket Western Pequot Tribe, 8.5%, 11/15/15 (144A) (c)	$	2,783,138
	5,693,000		BB-/B1	Scientific Games International, Inc., 9.25%, 6/15/19		6,276,532
					$	9,059,670
				Restaurants - 0.1%
	4,090,000		CCC+/Caa1	Burger King Capital Holdings LLC, 0.0%, 4/15/19 (Step) (144A)	$	3,225,988
				Education Services - 0.2%
	3,695,000		CCC+/B2	Cambium Learning Group, Inc., 9.75%, 2/15/17	$	3,279,312
				Total Consumer Services	$	15,564,970
				Media - 3.4%
				Advertising - 0.6%
	4,275,000		B+/B3	MDC Partners, Inc., 11.0%, 11/1/16	$	4,595,625
	11,245,000		B-/Caa2	Sitel LLC, 11.5%, 4/1/18		8,321,300
					$	12,916,925
				Broadcasting - 2.3%
	9,250,000		BB-/B1	CCO Holdings LLC, 6.5%, 4/30/21	$	10,013,125
	984,969		CCC+/Caa3	Intelsat Luxembourg SA, 11.5%, 2/4/17		1,024,368
	16,600,000		CCC+/Caa3	Intelsat Luxembourg SA, 11.5%, 2/4/17 (144A) (PIK)		17,264,000
	4,665,000		B-/B3	Telesat Canada, 12.5%, 11/1/17		5,201,475
	15,850,000		B+/B2	Univision Communications, Inc., 6.875%, 5/15/19 (144A)		16,484,000
					$	49,986,968
				Publishing - 0.5%
	7,255,000		B-/Caa1	Interactive Data Corp., 10.25%, 8/1/18	$	8,216,288
	1,675,000		B/B3	MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A)		1,411,188
					$	9,627,476
				Total Media	$	72,531,369
				Retailing - 0.8%
				Internet Retail - 0.6%
	13,495,000		B/B3	Ticketmaster Entertainment LLC, 10.75%, 8/1/16	$	14,254,229
				Apparel Retail - 0.2%
	3,850,000		B/B3	Brown Shoe Co., Inc., 7.125%, 5/15/19	$	3,883,688
				Total Retailing	$	18,137,917
				Food, Beverage & Tobacco - 1.0%
				Packaged Foods & Meats - 0.3%
	7,360,000		B-/Caa1	Pilgrim's Pride Corp., 7.875%, 12/15/18	$	6,844,800
				Tobacco - 0.7%
	13,655,000		B-/B3	Alliance One International, Inc., 10.0%, 7/15/16	$	13,859,825
				Total Food, Beverage & Tobacco	$	20,704,625
				Household & Personal Products - 0.1%
				Personal Products - 0.1%
	2,550,000		CCC+/Caa1	Monitronics International, Inc., 9.125%, 4/1/20 (144A)	$	2,473,500
				Total Household & Personal Products	$	2,473,500
				Health Care Equipment & Services - 2.7%
				Health Care Equipment - 0.2%
	3,875,000		CCC+/Caa2	Accellent, Inc., 10.0%, 11/1/17	$	3,303,438
				Health Care Services - 1.1%
	3,429,000		CCC/Caa2	Gentiva Health Services, Inc., 11.5%, 9/1/18	$	3,077,528
	4,435,000		CCC+/Caa1	Surgical Care Affiliates, Inc., 10.0%, 7/15/17 (144A)		4,512,612
	16,647,387		CCC+/B3	Surgical Care Affiliates, Inc., 8.875%, 7/15/15 (144A)		16,897,098
					$	24,487,238
				Health Care Facilities - 1.1%
	3,175,000		B+/B1	Aviv Healthcare Properties LP, 7.75%, 2/15/19	$	3,282,156
	12,100,000		B/B3	CHS, 8.0%, 11/15/19		13,098,250
	2,500,000		B-/B3	Kindred Healthcare, Inc., 8.25%, 6/1/19		2,375,000
	4,190,000		B-/B3	Vanguard Health Holding Co. II LLC, 7.75%, 2/1/19		4,357,600
	176,000		CCC+/Caa1	Vanguard Health Systems, Inc., 0.0%, 2/1/16		119,680
					$	23,232,686
				Health Care Technology - 0.3%
	3,315,000		CCC+/Caa1	Emdeon, Inc., 11.0%, 12/31/19 (144A)	$	3,770,812
	1,900,000		B-/B3	MedAssets, Inc., 8.0%, 11/15/18		2,004,500
					$	5,775,312
				Total Health Care Equipment & Services	$	56,798,674
				Pharmaceuticals, Biotechnology & Life Sciences - 0.5%
				Biotechnology - 0.4%
	9,859,000		B+/Caa2	Lantheus Medical Imaging, Inc., 9.75%, 5/15/17	$	9,119,575
				Life Sciences Tools & Services - 0.1%
	711,055		B/Caa1	Catalent Pharma Solutions, Inc., 9.5%, 4/15/15	$	727,943
				Total Pharmaceuticals, Biotechnology & Life Sciences	$	9,847,518
				Diversified Financials - 0.8%
				Other Diversified Financial Services - 0.7%
	12,630,000		B+/B2	National Money Mart Co., 10.375%, 12/15/16	$	14,082,450
					$	14,082,450
				Specialized Finance - 0.1%
	2,250,000	5.25	BB+/NR	Kibou, Ltd., Floating Rate Note, 2/16/15 (Cat Bond) (144A)	$	2,278,575
				Total Diversified Financials	$	16,361,025
				Insurance - 3.2%
				Insurance Brokers - 0.9%
	11,085,000		CCC/Caa2	Alliant Holdings I, Inc., 11.0%, 5/1/15 (144A)	$	11,542,256
	7,563,000	4.34	CCC/Caa1	USI Holdings Corp., Floating Rate Note, 11/15/14 (144A)		7,109,220
					$	18,651,476
				Multi-line Insurance - 0.2%
	3,869,000	10.75	BB/Baa3	Liberty Mutual Group, Inc., Floating Rate Note, 6/15/58 (144A)	$	5,358,565
				Reinsurance - 2.1%
	250,000	6.41	BB+/NR	Blue Danube, Ltd., Floating Rate Note, 4/10/15 (Cat Bond) (144A)	$	255,800
	1,500,000	6.50	BB+/NR	Caelus Re II, Ltd., Floating Rate Note, 5/24/13 (Cat Bond) (144A)		1,500,600
	1,000,000	17.75	NR/NR	Combine Re, Ltd., Floating Rate Note, 1/7/15 (Cat Bond) (144A)		1,021,100
	700,000	10.00	NR/Ba3	Combine Re, Ltd., Floating Rate Note, 1/7/15 (Cat Bond) (144A)		722,190
	1,400,000	10.25	BB-/NR	Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A)		1,409,240
	400,000	9.00	BB/NR	East Lane Re V, Ltd., Floating Rate Note, 3/16/16 (Cat Bond) (144A)		417,840
	1,500,000	5.00	BB+/NR	Foundation Re III, Ltd., Floating Rate Note, 2/25/15 (Cat Bond)		1,480,650
	1,000,000	5.75	BB/NR	Foundation Re III, Ltd., Floating Rate Note, 2/3/14 (Cat Bond) (144A)		976,900
	1,675,000	9.71	NR/B3	GlobeCat, Ltd., Floating Rate Note, 1/2/13 (Cat Bond) (144A)		1,571,820
	1,200,000	8.35	BB-/NR	Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A)		1,187,520
	1,500,000	13.50	B-/NR	Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A)		1,495,050
	5,100,000	7.25	BB/NR	Lodestone Re, Ltd., Floating Rate Note, 1/8/14 (Cat Bond) (144A)		5,058,690
	250,000	10.22	B/NR	Montana Re, Ltd., Floating Rate Note, 12/7/12 (Cat Bond) (144A)		242,775
	2,500,000	12.00	B/NR	Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat Bond) (144A)		2,553,750
	2,650,000	11.41	NR/B2	Mythen, Ltd., Floating Rate Note, 5/7/15 (Cat Bond) (144A)		2,757,590
	2,000,000	7.50	BB-/NR	Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A)		1,921,600
	900,000	0.00	B+/NR	Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A)		885,150
	250,000	0.00	B/NR	Queen Street VI Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A)		249,600
	1,750,000	8.90	NR/NR	Residential Reinsurance 2011, Ltd., Floating Rate Note, 12/6/15 (Cat Bond) (144A)		1,668,275
	2,000,000	13.25	NR/NR	Residential Reinsurance 2011, Ltd., Floating Rate Note, 12/6/15 (Cat Bond) (144A)		1,923,000
	3,450,000	12.00	B-/NR	Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A)		3,343,740
	1,100,000	10.00	BB-/NR	Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A)		1,115,950
	900,000	8.00	BB-/NR	Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A)		900,270
	1,750,000	22.00	NR/NR	Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A)		1,716,050
	875,000	16.50	NR/NR	Successor X, Ltd., Floating Rate Note, 1/27/15 (Cat Bond) (144A)		860,912
	1,175,000	14.92	B-/NR	Successor X, Ltd., Floating Rate Note, 1/7/14 (Cat Bond) (144A)		1,163,955
	2,600,000	16.42	NR/NR	Successor X, Ltd., Floating Rate Note, 1/7/14 (Cat Bond) (144A)		2,511,080
	375,000	11.25	B-/NR	Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A)		356,138
	4,000,000	13.00	NR/NR	Successor X, Ltd., Floating Rate Note, 2/25/14 (Cat Bond) (144A)		3,832,400
					$	45,099,635
				Total Insurance	$	69,109,676
				Real Estate - 2.8%
				Diversified REIT's - 0.5%
	12,150,000		B+/Ba3	CNL Lifestyle Properties, Inc., 7.25%, 4/15/19	$	11,178,000
				Real Estate Operating Companies - 2.3%
	50,885,000		B-/B3	Forest City Enterprises, Inc., 6.5%, 2/1/17	$	48,976,812
	559,000		B-/B3	Forest City Enterprises, Inc., 7.625%, 6/1/15		554,109
					$	49,530,921
				Total Real Estate	$	60,708,921
				Software & Services - 0.9%
				Internet Software & Services - 0.3%
	6,860,000		BB-/B1	j2 Global, Inc., 8.0%, 8/1/20 (144A)	$	6,902,875
				Data Processing & Outsourced Services - 0.6%
	6,047,000		B-/Caa1	First Data Corp., 12.625%, 1/15/21	$	6,107,470
	615,000		B+/B1	First Data Corp., 7.375%, 6/15/19 (144A)		641,906
	4,722,000		B-/Caa1	First Data Corp., 8.25%, 1/15/21 (144A)		4,710,195
					$	11,459,571
				Total Software & Services	$	18,362,446
				Technology Hardware & Equipment - 1.1%
				Computer Storage & Peripherals - 0.9%
	12,100,000		BB+/Ba1	Seagate HDD Cayman, 7.0%, 11/1/21	$	13,143,625
	4,385,000		BB+/Ba1	Seagate HDD Cayman, 7.75%, 12/15/18		4,856,388
					$	18,000,013
				Electronic Equipment Manufacturers - 0.2%
	5,300,000		BB-/B2	Viasystems, Inc., 7.875%, 5/1/19 (144A)	$	5,220,500
				Total Technology Hardware & Equipment	$	23,220,513
				Telecommunication Services - 4.0%
				Alternative Carriers - 0.5%
	9,775,000		BB-/WR	PAETEC Holding Corp., 8.875%, 6/30/17	$	10,581,438
				Integrated Telecommunication Services - 3.4%
	13,440,000		B/B1	Cincinnati Bell, Inc., 8.25%, 10/15/17	$	14,212,800
	16,520,000		B/B1	Cincinnati Bell, Inc., 8.375%, 10/15/20		17,222,100
	9,705,000		BB/Ba2	Frontier Communications Corp., 8.5%, 4/15/20		10,505,662
	3,100,000		BB/Ba2	Frontier Communications Corp., 8.75%, 4/15/22		3,317,000
	1,858,000		BB-/B2	GCI, Inc., 8.625%, 11/15/19		1,974,125
	12,580,000		B/Ba3	Windstream Corp., 7.5%, 6/1/22		13,146,100
	8,460,000		B/Ba3	Windstream Corp., 7.75%, 10/15/20		9,009,900
	1,895,000		B/Ba3	Windstream Corp., 8.125%, 9/1/18		2,022,912
					$	71,410,599
				Wireless Telecommunication Services - 0.1%
	2,300,000		NR/NR	Richland Towers Funding LLC, 7.87%, 3/15/16 (144A)	$	2,364,108
				Total Telecommunication Services	$	84,356,145
				Utilities - 2.1%
				Electric Utilities - 0.3%
	2,340,000		CCC/B2	Texas Competitive Electric Holdings Co. LLC, 11.5%, 10/1/20 (144A)	$	1,731,600
	13,500,000		CC/Caa3	Texas Competitive Electric Holdings Co. LLC, 15.0%, 4/1/21		4,927,500
					$	6,659,100
				Gas Utilities - 0.6%
	8,600,000		NR/Ba2	AmeriGas Finance LLC, 7.0%, 5/20/22	$	9,137,500
	2,850,000		B-/B2	Ferrellgas LP, 6.5%, 5/1/21		2,707,500
					$	11,845,000
				Independent Power Producers & Energy Traders - 1.2%
	800,000		BB-/Ba3	InterGen NV, 9.0%, 6/30/17 (144A)	$	778,000
	8,050,000		BB-/B1	NRG Energy, Inc., 7.625%, 1/15/18		8,573,250
	2,820,000		BB-/B1	NRG Energy, Inc., 7.625%, 5/15/19		2,946,900
	4,700,000		BB-/B1	NRG Energy, Inc., 7.875%, 5/15/21		4,993,750
	8,750,000		BB-/B1	NRG Energy, Inc., 8.25%, 9/1/20		9,428,125
					$	26,720,025
				Total Utilities	$	45,224,125
				TOTAL CORPORATE BONDS
				(Cost $1,101,987,498)	$	1,079,702,150
				SENIOR FLOATING RATE LOAN INTERESTS - 8.5%
				Energy - 1.0%
				Oil & Gas Equipment & Services - 1.0%
	11,986,673	0.00	B-/B3	FTS International Services LLC, Term Loan, 5/6/16	$	10,398,439
	3,313,070	9.00	B-/B2	Hudson Products Holdings, Inc., Term Loan, 8/24/15		3,180,547
	7,502,300	7.50	B+/B2	Preferred Sands Holding Co. LLC, Term B Loan, 12/15/16		7,089,674
				Total Energy	$	20,668,660
				Materials - 0.4%
				Commodity Chemicals - 0.2%
	4,589,939	6.00	B/B2	CPG International I, Inc., Term Loan, 1/26/17	$	4,454,155
				Diversified Chemicals - 0.1%
	2,019,938	6.50	NR/B1	Ineos Group Holdings, Ltd., Cash Dollar Term Loan, 5/4/18	$	1,983,506
				Paper Packaging - 0.1%
	2,369,549	6.50	B/B2	Exopack Holding Corp., Term Loan B, 5/6/17	$	2,376,954
				Total Materials	$	8,814,615
				Capital Goods - 0.4%
				Aerospace & Defense - 0.3%
	1,419,160	5.47	B/B2	Dubai Aerospace Enterprise (DAE), Tranche B-1 Loan, 7/31/14	$	1,419,160
	1,349,417	5.47	B/B2	Dubai Aerospace Enterprise (DAE), Tranche B-2 Loan, 7/31/14		1,349,417
	2,016,829	3.50	BB-/B1	Hunter Defense Technologies, Inc., Term Loan, 8/22/14		1,759,684
	2,905,573	9.25	CCC/WR	IAP Worldwide Services, Inc., Term Loan (First-Lien), 12/20/12		2,489,109
					$	7,017,370
				Electrical Components & Equipment - 0.1%
	1,099,202	5.77	B+/B1	Scotsman Industries, Inc., Term Loan, 4/30/16	$	1,099,202
				Total Capital Goods	$	8,116,572
				Commercial Services & Supplies - 0.2%
				Environmental & Facilities Services - 0.2%
	3,154,187	8.75	NR/WR	Aquilex Holdings LLC, Term Loan, 4/1/16	$	3,138,416
	633,413	5.50	B+/B1	WCA Waste Corp., Term Loan, 3/1/18		634,600
					$	3,773,016
				Total Commercial Services & Supplies	$	3,773,016
				Transportation - 0.3%
				Air Freight & Logistics - 0.3%
	1,365,849	5.46	NR/NR	CEVA Group Plc, Dollar Tranche B Pre Funded L/C, 8/31/16	$	1,292,435
	3,702,650	5.47	NR/NR	CEVA Group Plc, EGL Tranche B Term Loan, 8/31/16		3,503,633
	1,971,385	5.47	B+/Ba3	CEVA Group Plc, US Tranche B Term Loan, 8/31/16		1,864,191
					$	6,660,259
				Total Transportation	$	6,660,259
				Automobiles & Components - 0.7%
				Auto Parts & Equipment - 0.1%
	50,340	2.75	BB-/Ba3	Allison Transmission, Inc., Term B-1 Loan, 8/7/14	$	50,269
	3,072,300	6.75	NR/NR	TI Group Automotive Systems LLC, Term Loan, 3/1/19		2,987,812
					$	3,038,081
				Automobile Manufacturers - 0.6%
	12,633,597	6.00	BB/Ba2	Chrysler Group LLC, Tranche B Term Loan, 4/28/17	$	12,852,676
				Total Automobiles & Components	$	15,890,757
				Consumer Durables & Apparel - 0.1%
				Housewares & Specialties - 0.1%
	2,239,388	5.25	B+/B1	Yankee Candle Co., Inc., Initial Term Loan, 3/2/19	$	2,253,733
				Total Consumer Durables & Apparel	$	2,253,733
				Consumer Services - 0.3%
				Specialized Consumer Services - 0.3%
	6,099,713	5.50	B/Ba3	Ascent Capital Group, Inc., Term Loan, 3/6/18	$	6,153,085
				Total Consumer Services	$	6,153,085
				Media - 0.3%
				Advertising - 0.1%
	2,034,417	5.00	B+/Ba3	Affinion Group, Inc., Tranche B Term Loan, 10/9/16	$	1,788,592
				Broadcasting - 0.1%
	1,800,000	4.50	B+/B2	Univision Communications, Inc., Extended First-Lien Term Loan, 3/29/17	$	1,729,499
				Movies & Entertainment - 0.1%
	2,252,197	5.25	NR/Ba1	Cinedigm Digital Funding I LLC, Term Loan, 3/31/16	$	2,252,197
				Publishing - 0.0%
	937,846	2.50	B/B2	Cengage Learning Acquisitions, Inc., Original Term Loan, 7/4/14	$	861,354
				Total Media	$	6,631,642
				Food, Beverage & Tobacco - 0.5%
				Packaged Foods & Meats - 0.5%
	7,827,908	7.00	B+/B1	Pierre Foods, Inc., Loan (First Lien), 9/30/16	$	7,873,161
	2,900,000	11.25	BB-/B2	Pierre Foods, Inc., Loan (Second Lien), 7/29/17		2,918,125
					$	10,791,286
				Total Food, Beverage & Tobacco	$	10,791,286
				Health Care Equipment & Services - 2.0%
				Health Care Equipment - 0.1%
	2,452,675	7.00	BB-/Ba2	Kinetic Concepts, Inc., Dollar Term B-1 Loan, 1/12/18	$	2,491,918
				Health Care Services - 1.3%
	1,607,087	7.25	B+/Ba3	Alliance HealthCare Services, Inc., Initial Term Loan, 6/1/16	$	1,502,626
	7,205,743	6.50	B/B1	Gentiva Health Services, Inc., Term B1 Term Loan, 2/22/16		6,719,356
	5,115,250	7.00	B+/B1	National Mentor Holdings, Inc., Tranche B Term Loan, 1/18/17		5,064,098
	757,426	0.75	B/B2	National Surgical Hospitals, Inc., Delayed Draw Term Loan, 1/4/17		742,277
	4,288,563	8.25	B/B2	National Surgical Hospitals, Inc., Initial Term Loan, 1/4/17		4,202,792
	2,888,889	8.75	BB-/Ba1	Sun Healthcare Group, Inc., Term Loan, 10/18/16		2,879,861
	4,636,406	6.50	B/B1	Surgery Center Holdings, Inc., Term Loan, 9/20/16		4,613,224
	1,502,125	7.75	B+/B1	Virtual Radiologic Corp., Term Loan A, 11/3/16		1,291,828
					$	27,016,062
				Health Care Facilities - 0.2%
	5,066,022	6.50	B/B1	Ardent Medical Services, Inc., Term Loan, 9/15/15	$	5,078,687
				Managed Health Care - 0.2%
	2,166,109	8.50	B+/B1	Aveta, Inc., MMM Term Loan, 3/20/17	$	2,167,914
	2,166,109	8.50	B+/B1	Aveta, Inc., NAMM Term Loan, 4/4/17		2,172,878
					$	4,340,792
				Health Care Technology - 0.2%
	357,143	7.75	B/NR	Physician Oncology Services LP, Delayed Draw Term Loan, 1/31/17	$	342,857
	2,939,724	7.75	B/B2	Physician Oncology Services LP, Effective Date Term Loan, 2/10/17		2,822,135
					$	3,164,992
				Total Health Care Equipment & Services	$	42,092,451
				Pharmaceuticals, Biotechnology & Life Sciences - 0.3%
				Biotechnology - 0.3%
	4,215,788	5.50	BB/B2	Axcan Intermediate Holdings, Inc., Term B-1 Loan, 1/25/17	$	4,134,984
	1,215,033	6.50	B+/B1	Generic Drug Holdings, Inc., Closing Date Term Loan, 4/7/16		1,211,995
	167,065	6.50	B+/B1	Generic Drug Holdings, Inc., Delayed Draw Term Loan, 4/8/16		166,648
					$	5,513,627
				Total Pharmaceuticals, Biotechnology & Life Sciences	$	5,513,627
				Diversified Financials - 0.5%
				Other Diversified Financial Services - 0.4%
	2,469,527	5.25	NR/Ba2	WorldPay, Facility B2A Term Loan, 8/6/17	$	2,473,231
					$	2,473,231
				Consumer Finance - 0.1%
	1,770,000	5.50	CCC+/B3	Springleaf Finance Corp., Initial Loan, 5/28/17	$	1,691,088
				Total Diversified Financials	$	4,164,319
				Insurance - 1.0%
				Insurance Brokers - 1.0%
	3,017,564	3.46	B-/B2	Alliant Holdings I, Inc., Term Loan, 8/21/14	$	3,021,336
	5,733,256	6.75	B+/B1	HUB International Holdings, Inc., 2017 Additional Term Loan (Extended), 12/13/17		5,773,865
	8,596,219	4.75	B+/B1	HUB International Holdings, Inc., 2017 Initial Term Loan (Extended), 6/13/17		8,576,878
	1,439,300	7.00	B/B1	USI Holdings Corp., Series C New Term Loan, 5/5/14		1,441,686
	2,923,938	2.75	B/B1	USI Holdings Corp., Tranche B Term Loan, 5/5/14		2,893,766
					$	21,707,531
				Total Insurance	$	21,707,531
				Software & Services - 0.7%
				Application Software - 0.7%
	14,932,575	8.00	B/Ba3	Expert Global Solutions, Inc., Term B Advance (First Lien), 3/13/18	$	15,001,011
	696,467	5.25	B+/B1	Vertafore, Inc., Term Loan (First Lien), 7/31/16		696,612
					$	15,697,623
				Total Software & Services	$	15,697,623
				Utilities - 0.2%
				Electric Utilities - 0.2%
	1,632,063	7.75	BB/Ba2	Race Point Power, Term Loan, 1/11/18	$	1,619,823
	2,392,542	4.75	CCC/B2	Texas Competitive Electric Holdings Co. LLC, 2017 Term Loan (Extending), 10/10/17		1,528,236
					$	3,148,059
				Total Utilities	$	3,148,059
				TOTAL SENIOR FLOATING RATE LOAN INTERESTS
				(Cost $183,651,870)	$	182,077,235
	Shares
				RIGHTS / WARRANTS - 0.0%
				Energy - 0.0%
				Oil & Gas Equipment & Services - 0.0%
	2,275			Green Field Energy Services, Inc. (144A)	$	47,775
				TOTAL RIGHTS / WARRANTS
				(Cost $90,991)	$	47,775
				TOTAL INVESTMENT IN SECURITIES - 98.0%
				(Cost $2,009,221,570) (a)	$	2,087,485,727
				OTHER ASSETS & LIABILITIES - 2.0%	$	41,764,213
				TOTAL NET ASSETS - 100.0%	$	2,129,249,940
	(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.
	(Perpetual)			Security with no stated maturity date.
	(Step)			Bond issued with an initial coupon rate which converts to a higher rate at a later date.
	REIT's			Real Estate Investment Trust.
	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, 2012, the value of these securities amounted to $382,745,654 or 18.0% 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 July 31, 2012, the net unrealized gain on investments based on cost for federal income tax purposes of $2,009,221,570 was as follows:
				Aggregate gross unrealized gain for all investments in which there is an excess of value over tax cost		$         213,871,850
				Aggregate gross unrealized loss for all investments in which there is an excess of tax cost over value		(135,607,693)
				Net unrealized gain		$           78,264,157
	(b)			Debt obligation with a variable interest rate.  Rate shown is rate at end of period.
	(c)			Security is in default and is non-income producing.
	(d)			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 July 31, 2012, in valuing the Fund’s assets:

	Level 1		Level 2		Level 3		Total
Asset Backed Securities	$	-	$	1,626,124	$	-	$	1,626,124
Corporate Bonds		-		1,079,702,150		-		1,079,702,150
Convertible Corporate Bonds		-		439,807,036		-		439,807,036
Senior Floating Rate Loan Interests		-		182,077,235		-		182,077,235
Common Stocks		283,638,641		-		1,857,807		285,496,448
Preferred Stocks		8,751,810		5,796,534		-		14,548,344
Convertible Preferred Stocks		21,092,055		63,088,560		-		84,180,615
Warrants		-		47,775		-		47,775
Total	$	313,482,506	$	1,772,145,414	$	1,857,807	$	2,087,485,727
Other Financial Instruments*	$	-	$	-		-	$	-
*Other financial instruments include credit default swaps and the unrealized gain (loss) on foreign exchange contracts

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

		Common Stocks			Corporate Bonds			Total
	Balance as of 10/31/11	$	3,253,727		$	1,047,000			4,300,727
	Realized gain (loss)		262,929			(9,571,429	)		(9,308,500	)
	Change in unrealized appreciation (depreciation)1		(1,179,775	)		8,953,000			7,773,225
	Net purchases (sales)		(479,074	)		(428,571	)		(907,645	)
	Transfers in and out of Level 3		-			-			-
	Balance as of 7/31/12	$	1,857,807		$	-			1,857,807
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 7/31/12				$	(1,179,775	)

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 28, 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 September 28, 2012 By (Signature and Title)* /s/ Mark Bradley Mark Bradley, Treasurer Date September 28, 2012 * Print the name and title of each signing officer under his or her signature.