OMB APPROVAL
                                                     OMB Number:       3235-0578
                                                     Expires:  April 30, 2013
                                                     Estimated average burden
                                                     hours per response.....
                                                     10.5

                                 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, 2013

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 1/31/13
	Principal Amount ($)	Floating Rate (b)	S&P/Moody's Ratings			Value
				CONVERTIBLE CORPORATE BONDS - 18.8%
				Energy - 2.8%
				Oil & Gas Exploration & Production - 1.5%
	12,316,000		BB-/Ba3	Chesapeake Energy Corp., 2.5%, 5/15/37	$	11,977,310
	4,152,000		BB-/Ba3	Chesapeake Energy Corp., 2.5%, 5/15/37		3,957,375
	12,800,000		NR/NR	Cobalt International Energy, Inc., 2.625%, 12/1/19		13,056,000
	2,825,000		B-/NR	Stone Energy Corp., 1.75%, 3/1/17 (144A)		2,599,000
					$	31,589,685
				Coal & Consumable Fuels - 1.3%
	27,543,000		B+/NR	Alpha Appalachia Holdings, Inc., 3.25%, 8/1/15	$	26,441,280
	4,505,000		CC/B2	James River Coal Co., 3.125%, 3/15/18		1,328,975
					$	27,770,255
				Total Energy	$	59,359,940
				Materials - 0.2%
				Steel - 0.2%
	4,830,000		BB+/NR	Steel Dynamics, Inc., 5.125%, 6/15/14	$	5,415,638
				Total Materials	$	5,415,638
				Capital Goods - 1.9%
				Electrical Components & Equipment - 0.6%
	10,874,000		B/B2	General Cable Corp., 4.5%, 11/15/29 (Step)	$	12,783,746
				Construction & Farm Machinery & Heavy Trucks - 1.0%
	3,700,000		NR/NR	Greenbrier Companies, Inc., 3.5%, 4/1/18	$	3,582,062
	2,545,000		B-/NR	Meritor, Inc., 7.875%, 3/1/26 (144A)		2,393,891
	17,140,000		CCC+/NR	Navistar International Corp., 3.0%, 10/15/14		16,218,725
					$	22,194,678
				Trading Companies & Distributors - 0.3%
	1,897,000		B/NR	WESCO International, Inc., 6.0%, 9/15/29	$	5,040,092
				Total Capital Goods	$	40,018,516
				Transportation - 0.4%
				Airlines - 0.2%
	2,575,000		B/B3	Continental Airlines, Inc., 4.5%, 1/15/15	$	3,749,844
				Marine - 0.2%
	5,993,000		NR/NR	DryShips, Inc., 5.0%, 12/1/14	$	5,060,339
				Total Transportation	$	8,810,183
				Automobiles & Components - 1.3%
				Automobile Manufacturers - 1.3%
	17,861,000		BB+/Baa3	Ford Motor Co., 4.25%, 11/15/16	$	28,544,111
				Total Automobiles & Components	$	28,544,111
				Consumer Durables & Apparel - 0.8%
				Homebuilding - 0.8%
	11,400,000		B/B2	KB Home, 1.375%, 2/1/19	$	11,620,875
	3,015,000		BB-/Ba3	Lennar Corp., 2.75%, 12/15/20 (144A)		5,881,134
					$	17,502,009
				Total Consumer Durables & Apparel	$	17,502,009
				Food, Beverage & Tobacco - 0.4%
				Tobacco - 0.4%
	8,065,000		CCC+/Caa2	Alliance One International, Inc., 5.5%, 7/15/14	$	8,034,756
				Total Food, Beverage & Tobacco	$	8,034,756
				Health Care Equipment & Services - 1.3%
				Health Care Equipment - 0.3%
	2,505,000		B+/NR	Hologic, Inc., 2.0%, 12/15/37 (Step)	$	3,096,806
	3,450,000		B+/NR	Hologic, Inc., 2.0%, 3/1/42 (Step)		3,713,062
					$	6,809,868
				Health Care Supplies - 0.4%
	9,460,000		CCC+/NR	Alere, Inc., 3.0%, 5/15/16	$	8,981,088
				Health Care Technology - 0.6%
	7,700,000		NR/NR	WebMD Health Corp., 2.25%, 3/31/16	$	7,295,750
	6,420,000		NR/NR	WebMD Health Corp., 2.5%, 1/31/18		5,669,662
					$	12,965,412
				Total Health Care Equipment & Services	$	28,756,368
				Pharmaceuticals, Biotechnology & Life Sciences - 3.5%
				Biotechnology - 3.0%
	8,815,000		NR/NR	Corsicanto, Ltd., 3.5%, 1/15/32	$	11,696,403
	9,876,000		NR/NR	Cubist Pharmaceuticals, Inc., 2.5%, 11/1/17		15,801,600
	9,000,000		NR/NR	PDL BioPharma, Inc., 3.75%, 5/1/15		10,417,500
	9,215,000		NR/NR	Theravance, Inc., 2.125%, 1/15/23		9,537,525
	15,092,000		NR/NR	Vertex Pharmaceuticals, Inc., 3.35%, 10/1/15		17,072,825
					$	64,525,853
				Pharmaceuticals - 0.5%
	3,570,000		NR/NR	Auxilium Pharmaceuticals, Inc., 1.5%, 7/15/18	$	3,746,269
	2,370,000		NR/NR	Pacira Pharmaceuticals, Inc. Delaware, 3.25%, 2/1/19 (144A)		2,592,306
	5,270,000		NR/NR	Salix Pharmaceuticals, Ltd., 1.5%, 3/15/19 (144A)		5,474,212
					$	11,812,787
				Total Pharmaceuticals, Biotechnology & Life Sciences	$	76,338,640
				Diversified Financials - 0.5%
				Consumer Finance - 0.5%
	4,150,000		NR/NR	DFC Global Corp., 2.875%, 6/30/27	$	4,170,750
	5,200,000		B+/NR	DFC Global Corp., 3.25%, 4/15/17 (144A)		5,788,250
					$	9,959,000
				Total Diversified Financials	$	9,959,000
				Real Estate - 0.3%
				Specialized REIT - 0.3%
	4,785,000		BB+/NR	Host Hotels & Resorts LP, 2.5%, 10/15/29 (144A)	$	6,471,712
				Total Real Estate	$	6,471,712
				Software & Services - 1.6%
				Internet Software & Services - 0.1%
	600,000		B/NR	Equinix, Inc., 3.0%, 10/15/14	$	1,211,625
				Application Software - 1.5%
	5,815,000		NR/NR	Mentor Graphics Corp., 4.0%, 4/1/31	$	6,727,228
	3,200,000		BB-/NR	Nuance Communications, Inc., 2.75%, 11/1/31		3,570,000
	16,772,000		BB-/NR	Nuance Communications, Inc., 2.75%, 8/15/27		22,977,640
					$	33,274,868
				Total Software & Services	$	34,486,493
				Technology Hardware & Equipment - 0.6%
				Computer Storage & Peripherals - 0.5%
	8,275,000		BB/NR	SanDisk Corp., 1.5%, 8/15/17	$	10,307,547
				Electronic Components - 0.1%
	3,755,000		BB+/NR	Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A)	$	3,001,653
				Total Technology Hardware & Equipment	$	13,309,200
				Semiconductors & Semiconductor Equipment - 2.8%
				Semiconductor Equipment - 1.1%
	5,491,000		BBB-/Baa1	Lam Research Corp., 1.25%, 5/15/18	$	5,707,208
	12,760,000		BBB-/NR	Novellus Systems, Inc., 2.625%, 5/15/41		17,784,250
					$	23,491,458
				Semiconductors - 1.7%
	16,914,000		BB/NR	ON Semiconductor Corp., 2.625%, 12/15/26	$	18,806,254
	6,975,000		NR/NR	SunPower Corp., 4.5%, 3/15/15		6,565,219
	9,784,000		NR/NR	SunPower Corp., 4.75%, 4/15/14		9,453,790
	1,000,000		NR/NR	Suntech Power Holdings Co., Ltd., 3.0%, 3/15/13		485,000
	813,000		BBB-/NR	Xilinx, Inc., 3.125%, 3/15/37		1,061,473
					$	36,371,736
				Total Semiconductors & Semiconductor Equipment	$	59,863,194
				Telecommunication Services - 0.4%
				Integrated Telecommunication Services - 0.4%
	9,000,000		B/NR	Ciena Corp., 0.875%, 6/15/17	$	8,032,500
				Total Telecommunication Services	$	8,032,500
				TOTAL CONVERTIBLE CORPORATE BONDS
				(Cost $353,922,942)	$	404,902,260
	Shares
				PREFERRED STOCKS - 0.9%
				Energy - 0.2%
				Oil & Gas Storage & Transportation - 0.2%
	130,000	7.62	B+/Ba2	NuStar Logistics LP, Floating Rate Note, 1/15/43	$	3,368,625
				Total Energy	$	3,368,625
				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	$	9,573,863
				Consumer Finance - 0.3%
	6,450		CCC+/B3	Ally Financial, Inc., 7.0%, 12/31/99 (Perpetual) (144A)	$	6,295,402
				Total Diversified Financials	$	15,869,265
				TOTAL PREFERRED STOCKS
				(Cost $18,177,566)	$	19,237,890
				CONVERTIBLE PREFERRED STOCKS - 2.0%
				Energy - 0.5%
				Oil & Gas Exploration & Production - 0.5%
	59,180		NR/NR	PetroQuest Energy, Inc., 6.875%, 12/31/99 (Perpetual)	$	1,951,094
	33,162		CCC/NR	SandRidge Energy, Inc., 7.0%, 12/31/99 (Perpetual)		3,583,569
	46,800		NR/NR	SandRidge Energy, Inc., 8.5%, 12/31/99 (Perpetual)		4,960,800
					$	10,495,463
				Total Energy	$	10,495,463
				Capital Goods - 0.5%
				Electrical Components & Equipment - 0.5%
	68,400		NR/NR	General Cable Corp., 5.75%, 11/24/13	$	11,510,434
				Total Capital Goods	$	11,510,434
				Automobiles & Components - 0.1%
				Tires & Rubber - 0.1%
	56,100		NR/NR	The Goodyear Tire & Rubber Co., 5.875%, 4/1/14	$	2,624,919
				Total Automobiles & Components	$	2,624,919
				Health Care Equipment & Services - 0.9%
				Health Care Supplies - 0.9%
	89,308		CCC/NR	Alere, Inc., 3.0%, 12/31/99 (Perpetual)	$	18,188,467
				Total Health Care Equipment & Services	$	18,188,467
				TOTAL CONVERTIBLE PREFERRED STOCKS
				(Cost $38,331,120)	$	42,819,283
				COMMON STOCKS - 14.0%
				Energy - 0.7%
				Oil & Gas Drilling - 0.2%
	656,637			Hercules Offshore, Inc. *	$	4,320,671
	18,966			Transocean, Ltd.		1,075,562
					$	5,396,233
				Oil & Gas Exploration & Production - 0.2%
	147,800			Marathon Oil Corp.	$	4,967,558
				Oil & Gas Refining & Marketing - 0.3%
	73,900			Marathon Petroleum Corp. *	$	5,484,119
				Total Energy	$	15,847,910
				Materials - 2.6%
				Commodity Chemicals - 0.6%
	228,106			Axiall Corp.	$	12,808,152
				Diversified Chemicals - 0.8%
	268,919			LyondellBasell Industries NV	$	17,054,843
				Metal & Glass Containers - 0.3%
	271,099			Owens-Illinois, Inc. *	$	6,452,156
				Diversified Metals & Mining - 0.9%
	4,128,459			Blaze Recycling & Metals LLC *	$	454,130
	483,460			Freeport-McMoRan Copper & Gold, Inc.		17,041,965
	2,600,200			Polymet Mining Corp. *		2,860,220
					$	20,356,315
				Total Materials	$	56,671,466
				Capital Goods - 3.5%
				Aerospace & Defense - 1.8%
	270,857			B/E Aerospace, Inc. *	$	13,946,427
	266,562			DigitalGlobe, Inc. *		7,455,739
	151,275			Exelis, Inc.		1,662,512
	191,829			GeoEye, Inc. *		6,873,233
	75,637			ITT Corp.		1,942,358
	496,600			Orbital Sciences Corp. *		7,300,020
					$	39,180,289
				Building Products - 0.0%
	9,644			Lennox International, Inc.	$	554,626
				Electrical Components & Equipment - 0.6%
	39,169			Eaton Corp Plc	$	2,230,675
	321,400			General Cable Corp. *		10,805,468
					$	13,036,143
				Construction & Farm Machinery & Heavy Trucks - 0.4%
	565,602			Commercial Vehicle Group, Inc. *	$	4,575,720
	51,100			Joy Global, Inc.		3,227,987
					$	7,803,707
				Industrial Machinery - 0.7%
	107,922			ESCO Technologies, Inc.	$	4,443,149
	144,669			Kennametal, Inc.		5,932,876
	151,275			Xylem, Inc.		4,225,111
					$	14,601,136
				Total Capital Goods	$	75,175,901
				Transportation - 0.3%
				Marine - 0.3%
	4,099,666			Horizon Lines, Inc. *	$	6,108,502
				Total Transportation	$	6,108,502
				Consumer Services - 0.5%
				Restaurants - 0.5%
	177,307			Starbucks Corp.	$	9,950,469
				Total Consumer Services	$	9,950,469
				Food, Beverage & Tobacco - 0.2%
				Tobacco - 0.2%
	965,785			Alliance One International, Inc. *	$	3,496,142
				Total Food, Beverage & Tobacco	$	3,496,142
				Health Care Equipment & Services - 0.7%
				Health Care Supplies - 0.0%
	70,500			Alere, Inc. *	$	1,498,830
				Managed Health Care - 0.7%
	222,180			Aetna, Inc.	$	10,715,741
	67,800			Cigna Corp.		3,955,452
					$	14,671,193
				Total Health Care Equipment & Services	$	16,170,023
				Pharmaceuticals, Biotechnology & Life Sciences - 1.7%
				Life Sciences Tools & Services - 1.7%
	84,456			Bio-Rad Laboratories, Inc. *	$	9,610,248
	239,862			Thermo Fisher Scientific, Inc.		17,303,645
	118,592			Waters Corp. *		10,859,469
					$	37,773,362
				Total Pharmaceuticals, Biotechnology & Life Sciences	$	37,773,362
				Diversified Financials - 0.1%
				Asset Management & Custody Banks - 0.1%
	73,836			Legg Mason, Inc.	$	2,041,565
				Total Diversified Financials	$	2,041,565
				Real Estate - 1.7%
				Real Estate Operating Companies - 1.7%
	2,157,609			Forest City Enterprises, Inc. *	$	36,485,168
				Total Real Estate	$	36,485,168
				Technology Hardware & Equipment - 1.7%
				Computer Storage & Peripherals - 0.1%
	766,603			OCZ Technology Group, Inc. *	$	1,724,857
				Electronic Equipment Manufacturers - 0.6%
	257,584			Itron, Inc. *	$	11,949,322
				Electronic Manufacturing Services - 0.4%
	239,300			TE Connectivity, Ltd.	$	9,303,984
				Technology Distributors - 0.6%
	142,843			Arrow Electronics, Inc. *	$	5,488,028
	417,700			Ingram Micro, Inc. *		7,593,786
					$	13,081,814
				Total Technology Hardware & Equipment	$	36,059,977
				Telecommunication Services - 0.3%
				Integrated Telecommunication Services - 0.3%
	585,800			Windstream Corp.	$	5,705,692
				Total Telecommunication Services	$	5,705,692
				TOTAL COMMON STOCKS
				(Cost $232,740,291)	$	301,486,177
	Principal Amount ($)
				ASSET BACKED SECURITY - 0.1%
				Banks - 0.1%
				Thrifts & Mortgage Finance - 0.1%
	2,510,000	0.65	CCC/Caa3	Bear Stearns Asset Backed Securities Trust 2007-2, Floating Rate Note, 1/25/47	$	1,204,346
				TOTAL ASSET BACKED SECURITY
				(Cost $1,170,345)	$	1,204,346
				COLLATERALIZED MORTGAGE OBLIGATION - 0.1%
				Banks - 0.1%
				Thrifts & Mortgage Finance - 0.1%
	1,700,000		NR/NR	Extended Stay America Trust, 7.625%, 12/5/19 (144A)	$	1,776,500
				TOTAL COLLATERALIZED MORTGAGE OBLIGATION
				(Cost $1,776,500)	$	1,776,500
				CORPORATE BONDS - 54.2%
				Energy - 12.0%
				Oil & Gas Drilling - 1.3%
	6,242,000		B-/B3	Offshore Group Investment, Ltd., 11.5%, 8/1/15	$	6,772,570
	5,500,000		B-/B3	Offshore Group Investment, Ltd., 7.5%, 11/1/19 (144A)		5,623,750
	6,830,000		B+/B2	Pioneer Energy Services Corp., 9.875%, 3/15/18		7,410,550
	2,960,000		B/B1	Shelf Drilling Holdings, Ltd., 8.625%, 11/1/18 (144A)		3,122,800
	3,425,000		BB-/B2	Unit Corp., 6.625%, 5/15/21		3,553,438
					$	26,483,108
				Oil & Gas Equipment & Services - 0.9%
	3,248,000		B+/B1	American Petroleum Tankers Parent LLC, 10.25%, 5/1/15	$	3,377,920
	7,930,000		B+/B2	Basic Energy Services, Inc., 7.75%, 10/15/22		7,791,225
	4,245,000		BB/Ba3	Bristow Group, Inc., 6.25%, 10/15/22		4,584,600
	1,725,000		BB/Ba3	Exterran Holdings, Inc., 7.25%, 12/1/18		1,828,500
	54,000		NR/NR	Green Field Energy Services, Inc., 13.25%, 11/15/16 (144A)		54,000
	2,275,000		CCC/Caa2	Green Field Energy Services, Inc., 13.25%, 11/15/16 (144A)		2,275,000
					$	19,911,245
				Oil & Gas Exploration & Production - 8.6%
	3,360,000		B+/B2	Antero Resources Finance Corp., 6.0%, 12/1/20 (144A)	$	3,465,000
	2,150,000		B-/B3	Carrizo Oil & Gas, Inc., 7.5%, 9/15/20		2,236,000
	10,736,000		B-/B3	Carrizo Oil & Gas, Inc., 8.625%, 10/15/18		11,568,040
	3,310,000		B-/B3	Chaparral Energy, Inc., 8.25%, 9/1/21		3,674,100
	3,110,000		BB+/Ba1	Cimarex Energy Co., 5.875%, 5/1/22		3,327,700
	4,682,000		B-/B3	Comstock Resources, Inc., 7.75%, 4/1/19		4,834,165
	2,925,000		BB+/B1	Concho Resources, Inc., 6.5%, 1/15/22		3,188,250
	800,000		BB+/Ba2	Continental Resources, Inc., 5.0%, 9/15/22		852,000
	5,520,000		BB/B1	Denbury Resources, Inc., 4.625%, 7/15/23		5,409,600
	13,000,000		B/NR	EP Energy LLC, 9.375%, 5/1/20		14,560,000
	2,120,000		B/B3	EPE Holdings LLC, 8.125%, 12/15/17 (144A) (PIK)		2,141,200
	5,205,000		B-/Caa1	EPL Oil & Gas, Inc., 8.25%, 2/15/18 (144A)		5,478,262
	2,775,000		CCC/Caa1	Goodrich Petroleum Corp., 8.875%, 3/15/19		2,719,500
	7,615,000		CCC+/B3	Gulfport Energy Corp., 7.75%, 11/1/20 (144A)		8,033,825
	7,255,000		CCC+/B3	Halcon Resources Corp., 8.875%, 5/15/21 (144A)		7,744,712
	1,400,000		B-/B3	Kodiak Oil & Gas Corp., 5.5%, 1/15/21 (144A)		1,410,500
	5,200,000		B-/B3	Kodiak Oil & Gas Corp., 8.125%, 12/1/19		5,798,000
	19,735,000		B/B2	Linn Energy LLC, 6.25%, 11/1/19 (144A)		19,685,662
	4,255,000		B-/Caa1	Midstates Petroleum Co, Inc., 10.75%, 10/1/20 (144A)		4,637,950
	2,820,000		B/B3	Oasis Petroleum, Inc., 6.5%, 11/1/21		3,017,400
	4,960,000		B-/B3	PDC Energy, Inc., 7.75%, 10/15/22 (144A)		5,158,400
	5,945,000		B-/B3	Penn Virginia Corp., 7.25%, 4/15/19		5,766,650
	3,020,000		CCC+/Caa1	PetroBakken Energy, Ltd., 8.625%, 2/1/20 (144A)		3,080,400
	1,830,000		CCC/Caa1	Quicksilver Resources, Inc., 7.125%, 4/1/16		1,528,050
	11,178,000		CCC+/B3	Quicksilver Resources, Inc., 8.25%, 8/1/15		10,786,770
	3,430,000		B-/B3	Samson Investment Co., 9.75%, 2/15/20 (144A)		3,648,662
	8,570,000		B/B2	SandRidge Energy, Inc., 8.0%, 6/1/18 (144A)		8,998,500
	3,085,000		BB/B1	SM Energy Co., 6.5%, 11/15/21		3,285,525
	650,000		BB/B1	SM Energy Co., 6.625%, 2/15/19		687,375
	3,945,000		B-/B3	Stone Energy Corp., 7.5%, 11/15/22		4,260,600
	18,920,000		B+/B3	Swift Energy Co., 7.875%, 3/1/22		19,866,000
	3,300,000		B/Caa1	Vanguard Natural Resources LLC, 7.875%, 4/1/20		3,473,250
					$	184,322,048
				Oil & Gas Refining & Marketing - 0.3%
	6,330,000		BB+/Ba1	Tesoro Corp., 5.375%, 10/1/22	$	6,583,200
				Oil & Gas Storage & Transportation - 0.5%
	3,500,000	7.00	BB+/Baa3	Enterprise Products Operating LLC, Floating Rate Note, 6/1/67	$	3,762,500
	925,000		NR/B1	Holly Energy Partners LP, 8.25%, 3/15/18		999,000
	6,170,000		BB+/Ba3	Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 (144A)		6,193,138
					$	10,954,638
				Coal & Consumable Fuels - 0.4%
	795,000		B+/B2	Alpha Natural Resources, Inc., 6.0%, 6/1/19	$	715,500
	4,170,000		CCC+/B3	James River Coal Co., 7.875%, 4/1/19		2,189,250
	3,027,000		B/B3	Murray Energy Corp., 10.25%, 10/15/15 (144A)		3,027,000
	3,000,000		BB-/B1	SunCoke Energy Partners LP, 7.375%, 2/1/20 (144A)		3,112,500
					$	9,044,250
				Total Energy	$	257,298,489
				Materials - 8.3%
				Commodity Chemicals - 3.0%
	1,705,000		B-/NR	Hexion US Finance Corp., 6.625%, 4/15/20 (144A)	$	1,679,425
	2,756,000		CCC+/B3	Hexion US Finance Corp., 8.875%, 2/1/18		2,783,560
	4,445,000		CCC+/NR	Hexion US Finance Corp., 9.0%, 11/15/20		4,133,850
	50,935,000		BB+/Ba2	NOVA Chemicals Corp., 7.875%, 9/15/25		51,380,687
	2,625,000		BB-/B1	Rain CII Carbon LLC, 8.0%, 12/1/18 (144A)		2,743,125
	1,110,000		B-/Caa1	US Coatings Acquisition, Inc., 7.375%, 5/1/21 (144A)		1,143,300
					$	63,863,947
				Diversified Chemicals - 1.7%
	1,500,000		BB/Ba3	Eagle Spinco, Inc., 4.625%, 2/15/21 (144A)	$	1,509,375
	6,635,000		B+/B1	Ineos Finance Plc, 9.0%, 5/15/15 (144A)		7,033,100
	8,858,000		CCC+/Caa1	INEOS Group Holdings SA, 8.5%, 2/15/16 (144A)		8,924,435
	16,865,000		BB+/Baa3	LyondellBasell Industries NV, 5.0%, 4/15/19		18,593,662
					$	36,060,572
				Specialty Chemicals - 0.2%
	5,295,000		BB-/B1	Tronox Finance LLC, 6.375%, 8/15/20 (144A)	$	5,321,475
				Construction Materials - 0.2%
	3,300,000		B-/Caa2	Texas Industries, Inc., 9.25%, 8/15/20	$	3,646,500
				Metal & Glass Containers - 1.1%
	5,300,000		CCC+/B3	Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A)	$	5,339,750
	1,000,000		B+/Ba3	Ardagh Packaging Finance Plc, 7.375%, 10/15/17 (144A)		1,098,750
	1,900,000		B+/Ba3	Ardagh Packaging Finance Plc, 7.375%, 10/15/17 (144A)		2,090,000
	13,120,000		BB-/Ba3	Crown Cork & Seal Co., Inc., 7.375%, 12/15/26		14,760,000
					$	23,288,500
				Paper Packaging - 0.1%
	2,915,000		B/B3	Packaging Dynamics Corp., 8.75%, 2/1/16 (144A)	$	3,053,462
				Aluminum - 0.0%
	436		CCC+/Caa1	Noranda Aluminum Acquisition Corp., 4.524%, 5/15/15 (PIK)	$	415
				Diversified Metals & Mining - 0.3%
	8,775,000		CCC+/Caa2	Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18 (144A)	$	5,659,875
	1,595,000		B/Caa1	Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A)		1,726,588
					$	7,386,463
				Gold - 0.2%
	5,095,000		BB-/B1	IAMGOLD Corp., 6.75%, 10/1/20 (144A)	$	4,993,100
				Steel - 0.9%
	2,615,000		B+/B3	APERAM, 7.375%, 4/1/16 (144A)	$	2,536,550
	2,800,000		B/Caa1	Atkore International, Inc., 9.875%, 1/1/18		3,087,000
	12,145,000		CCC/Caa2	Essar Steel Algoma, Inc., 9.875%, 6/15/15 (144A)		9,473,100
	3,280,000		B/B3	JMC Steel Group, Inc., 8.25%, 3/15/18 (144A)		3,493,200
					$	18,589,850
				Forest Products - 0.4%
	7,810,000		B-/B3	Millar Western Forest Products, Ltd., 8.5%, 4/1/21	$	7,556,175
				Paper Products - 0.2%
	2,625,000		B+/B1	Appleton Papers, Inc., 10.5%, 6/15/15 (144A)	$	2,769,375
	2,050,000		BB/Ba2	Clearwater Paper Corp., 4.5%, 2/1/23 (144A)		2,034,625
					$	4,804,000
				Total Materials	$	178,564,459
				Capital Goods - 3.0%
				Aerospace & Defense - 0.6%
	3,170,000		BB/Ba2	Bombardier, Inc., 6.125%, 1/15/23 (144A)	$	3,225,475
	3,095,000		BB/B1	DigitalGlobe, Inc., 5.25%, 2/1/21 (144A)		3,087,262
	3,953,000		B-/B2	DynCorp International, Inc., 10.375%, 7/1/17		3,854,175
	2,050,000		CCC+/Caa1	Silver II Borrower, 7.75%, 12/15/20 (144A)		2,147,375
					$	12,314,287
				Building Products - 0.1%
	1,750,000		BB-/B2	Gibraltar Industries, Inc., 6.25%, 2/1/21 (144A)	$	1,817,812
				Construction & Engineering - 0.4%
	3,000,000		BB-/Ba3	Dycom Investments, Inc., 7.125%, 1/15/21 (144A)	$	3,165,000
	7,350,000		C/Caa3	New Enterprise Stone & Lime Co., Inc., 11.0%, 9/1/18		5,586,000
					$	8,751,000
				Electrical Components & Equipment - 0.1%
	2,079,000		B/B3	Coleman Cable, Inc., 9.0%, 2/15/18	$	2,255,715
				Industrial Conglomerates - 0.3%
	2,865,000		B+/B2	JB Poindexter & Co., Inc., 9.0%, 4/1/22 (144A)	$	2,986,762
	4,025,000		CCC+/B3	Park-Ohio Industries, Inc., 8.125%, 4/1/21		4,306,750
					$	7,293,512
				Construction & Farm Machinery & Heavy Trucks - 0.5%
	7,525,000		CCC+/B3	Navistar International Corp., 8.25%, 11/1/21	$	7,393,312
	2,600,000		B+/B3	Terex Corp., 6.0%, 5/15/21		2,723,500
					$	10,116,812
				Industrial Machinery - 0.7%
	2,750,000		NR/B3	BC Mountain LLC, 7.0%, 2/1/21 (144A)	$	2,818,750
	2,400,000		B/Caa2	Liberty Tire Recycling, 11.0%, 10/1/16 (144A)		2,280,000
	7,076,000		CCC+/Caa2	Mueller Water Products, Inc., 7.375%, 6/1/17		7,270,590
	2,760,000		B/B3	Xerium Technologies, Inc., 8.875%, 6/15/18		2,622,000
					$	14,991,340
				Trading Companies & Distributors - 0.3%
	1,400,000		BB+/Ba3	Aircastle, Ltd., 7.625%, 4/15/20	$	1,606,500
	4,725,000		BB+/NR	Aviation Capital Group Corp., 6.75%, 4/6/21 (144A)		5,131,681
					$	6,738,181
				Total Capital Goods	$	64,278,659
				Commercial Services & Supplies - 0.3%
				Diversified Support Services - 0.3%
	5,855,000		B/B3	ADS Tactical, Inc., 11.0%, 4/1/18 (144A)	$	6,001,375
				Total Commercial Services & Supplies	$	6,001,375
				Transportation - 0.8%
				Air Freight & Logistics - 0.6%
	10,175,000		CCC+/Caa2	CEVA Group Plc, 11.5%, 4/1/18 (144A)	$	8,954,000
	3,205,000		CCC+/Caa1	CEVA Group Plc, 11.625%, 10/1/16 (144A)		3,317,175
					$	12,271,175
				Trucking - 0.2%
	4,540,000		B/B3	Syncreon Global Ireland, Ltd., 9.5%, 5/1/18 (144A)	$	4,767,000
				Total Transportation	$	17,038,175
				Automobiles & Components - 0.9%
				Auto Parts & Equipment - 0.2%
	1,000,000		BB/Ba2	Lear Corp., 4.75%, 1/15/23 (144A)	$	995,000
	4,240,000		B+/B2	Pittsburgh Glass Works LLC, 8.5%, 4/15/16 (144A)		4,134,000
					$	5,129,000
				Tires & Rubber - 0.1%
	2,765,000		B+/B1	The Goodyear Tire & Rubber Co., 7.0%, 5/15/22	$	2,965,462
				Automobile Manufacturers - 0.6%
	3,000,000		B/B2	Chrysler Group LLC, 8.0%, 6/15/19	$	3,285,000
	7,905,000		B/B2	Chrysler Group LLC, 8.25%, 6/15/21		8,774,550
					$	12,059,550
				Total Automobiles & Components	$	20,154,012
				Consumer Durables & Apparel - 3.2%
				Homebuilding - 1.2%
	11,595,000		CCC/Caa2	Beazer Homes USA, Inc., 9.125%, 6/15/18	$	12,348,675
	2,100,000		BB-/B2	Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A)		2,215,500
	2,735,000		B/B2	KB Home, 8.0%, 3/15/20		3,169,181
	4,410,000		BB-/Ba3	Lennar Corp., 4.75%, 11/15/22 (144A)		4,321,800
	3,660,000		B+/B1	Meritage Homes Corp., 7.0%, 4/1/22		4,035,150
					$	26,090,306
				Housewares & Specialties - 2.0%
	6,700,000		CCC+/Caa2	Reynolds Group Issuer, Inc., 8.25%, 2/15/21	$	7,018,250
	7,495,000		CCC+/Caa2	Reynolds Group Issuer, Inc., 8.5%, 5/15/18		7,869,750
	5,675,000		CCC+/Caa2	Reynolds Group Issuer, Inc., 9.875%, 8/15/19		6,199,938
	13,375,000		CCC+/B3	Yankee Candle Co., Inc., 9.75%, 2/15/17		13,876,696
	6,815,000		CCC+/Caa1	YCC Holdings LLC, 10.25%, 2/15/16 (PIK)		7,019,518
					$	41,984,152
				Total Consumer Durables & Apparel	$	68,074,458
				Consumer Services - 0.9%
				Casinos & Gaming - 0.5%
	33,735,000		NR/WR	Mashantucket Western Pequot Tribe, 8.5%, 11/15/15 (144A) (e)	$	2,698,800
	3,000,000		B+/B3	MGM Resorts International, 6.75%, 10/1/20 (144A)		3,150,000
	3,718,000		BB-/B1	Scientific Games International, Inc., 9.25%, 6/15/19		4,154,865
					$	10,003,665
				Hotels, Resorts & Cruise Lines - 0.1%
	2,990,000		B+/B3	Viking Cruises, Ltd., 8.5%, 10/15/22 (144A)	$	3,296,475
				Restaurants - 0.2%
	4,090,000		B-/Caa1	Burger King Capital Holdings LLC, 0.0%, 4/15/19 (Step) (144A)	$	3,496,950
				Education Services - 0.1%
	3,695,000		CCC-/B3	Cambium Learning Group, Inc., 9.75%, 2/15/17	$	3,048,375
				Total Consumer Services	$	19,845,465
				Media - 4.2%
				Advertising - 0.7%
	4,275,000		B/B3	MDC Partners, Inc., 11.0%, 11/1/16	$	4,702,500
	2,160,000		B/B3	MDC Partners, Inc., 11.0%, 11/1/16 (144A)		2,376,000
	9,985,000		B-/Caa2	Sitel LLC, 11.5%, 4/1/18		6,989,500
					$	14,068,000
				Broadcasting - 2.7%
	9,250,000		BB-/B1	CCO Holdings LLC, 6.5%, 4/30/21	$	9,897,500
	984,969		CCC+/Caa3	Intelsat Luxembourg SA, 11.5%, 2/4/17		1,044,067
	16,600,000		CCC+/Caa3	Intelsat Luxembourg SA, 11.5%, 2/4/17 (144A) (PIK)		17,596,000
	8,875,000		B+/B2	Quebecor Media, Inc., 5.75%, 1/15/23 (144A)		9,296,562
	4,665,000		B-/B3	Telesat Canada, 12.5%, 11/1/17		5,073,188
	14,880,000		B+/B2	Univision Communications, Inc., 6.875%, 5/15/19 (144A)		15,624,000
					$	58,531,317
				Movies & Entertainment - 0.3%
	5,300,000		B/B3	Live Nation Entertainment, Inc., 7.0%, 9/1/20 (144A)	$	5,644,500
	1,550,000		B-/B3	Regal Entertainment Group, 5.75%, 2/1/25		1,534,500
					$	7,179,000
				Publishing - 0.5%
	7,255,000		B-/B3	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)		1,637,312
					$	9,853,600
				Total Media	$	89,631,917
				Retailing - 0.2%
				Apparel Retail - 0.2%
	3,850,000		B/B3	Brown Shoe Co., Inc., 7.125%, 5/15/19	$	4,023,250
				Total Retailing	$	4,023,250
				Food, Beverage & Tobacco - 1.2%
				Packaged Foods & Meats - 0.5%
	2,745,000		B/B1	Chiquita Brands International, Inc., 7.875%, 2/1/21 (144A)	$	2,769,019
	7,360,000		B-/Caa1	Pilgrim's Pride Corp., 7.875%, 12/15/18		7,608,400
	1,550,000		B+/B1	Post Holdings, Inc., 7.375%, 2/15/22		1,720,500
					$	12,097,919
				Tobacco - 0.7%
	13,655,000		B-/B3	Alliance One International, Inc., 10.0%, 7/15/16	$	14,508,438
				Total Food, Beverage & Tobacco	$	26,606,357
				Household & Personal Products - 0.1%
				Personal Products - 0.1%
	2,550,000		CCC+/Caa1	Monitronics International, Inc., 9.125%, 4/1/20	$	2,671,125
				Total Household & Personal Products	$	2,671,125
				Health Care Equipment & Services - 2.8%
				Health Care Equipment - 0.2%
	3,875,000		CCC+/Caa2	Accellent, Inc., 10.0%, 11/1/17	$	3,410,000
	1,000,000		B+/B1	Accellent, Inc., 8.375%, 2/1/17		1,055,000
					$	4,465,000
				Health Care Services - 1.2%
	3,429,000		CCC/Caa2	Gentiva Health Services, Inc., 11.5%, 9/1/18	$	3,368,992
	4,435,000		CCC+/Caa1	Surgical Care Affiliates, Inc., 10.0%, 7/15/17 (144A)		4,640,119
	16,647,387		CCC+/B3	Surgical Care Affiliates, Inc., 8.875%, 7/15/15 (144A)		16,959,526
					$	24,968,637
				Health Care Facilities - 1.1%
	3,175,000		B+/B1	Aviv Healthcare Properties LP, 7.75%, 2/15/19	$	3,405,188
	12,100,000		B/B3	CHS, 8.0%, 11/15/19		13,279,750
	3,400,000		B-/B3	Kindred Healthcare, Inc., 8.25%, 6/1/19		3,349,000
	4,000,000		B-/B3	Vanguard Health Holding Co. II LLC, 7.75%, 2/1/19 (144A)		4,225,000
	176,000		CCC+/Caa1	Vanguard Health Systems, Inc., 0.0%, 2/1/16		134,640
					$	24,393,578
				Health Care Technology - 0.3%
	3,315,000		CCC+/Caa1	Emdeon, Inc., 11.0%, 12/31/19	$	3,812,250
	1,900,000		B-/B3	MedAssets, Inc., 8.0%, 11/15/18		2,066,250
					$	5,878,500
				Total Health Care Equipment & Services	$	59,705,715
				Pharmaceuticals, Biotechnology & Life Sciences - 1.0%
				Biotechnology - 0.4%
	9,859,000		B+/Caa2	Lantheus Medical Imaging, Inc., 9.75%, 5/15/17	$	9,193,518
				Pharmaceuticals - 0.6%
	3,365,000		BB-/B1	Valeant Pharmaceuticals International, 6.375%, 10/15/20 (144A)	$	3,474,362
	8,975,000		BB-/B1	VPI Escrow Corp., 6.375%, 10/15/20 (144A)		9,311,562
					$	12,785,924
				Life Sciences Tools & Services - 0.0%
	55		B/Caa1	Catalent Pharma Solutions, Inc., 9.5%, 4/15/15	$	56
				Total Pharmaceuticals, Biotechnology & Life Sciences	$	21,979,498
				Diversified Financials - 0.8%
				Other Diversified Financial Services - 0.7%
	12,630,000		B+/B2	National Money Mart Co., 10.375%, 12/15/16	$	13,940,362
				Specialized Finance - 0.1%
	3,100,000		B/B1	Oxford Finance LLC, 7.25%, 1/15/18 (144A)	$	3,177,500
				Total Diversified Financials	$	17,117,862
				Insurance - 3.2%
				Insurance Brokers - 0.2%
	4,900,000		CCC/Caa2	Onex USI Acquisition Corp., 7.75%, 1/15/21 (144A)	$	4,802,000
				Multi-line Insurance - 0.3%
	3,869,000	10.75	BB/Baa3	Liberty Mutual Group, Inc., Floating Rate Note, 6/15/58 (144A)	$	5,880,880
				Reinsurance - 2.7%
	450,000	8.18	BB-/NR	Atlas Reinsurance VII, Ltd., Floating Rate Note, 1/7/16 (Cat Bond) (144A)	$	447,120
	250,000	6.30	BB+/NR	Blue Danube, Ltd., Floating Rate Note, 4/10/15 (Cat Bond) (144A)		258,225
	1,500,000	6.50	BB+/NR	Caelus Re II, Ltd., Floating Rate Note, 5/24/13 (Cat Bond) (144A)		1,510,500
	1,250,000	17.75	NR/NR	Combine Re, Ltd., Floating Rate Note, 1/7/15 (Cat Bond) (144A)		1,339,750
	700,000	10.00	NR/B1	Combine Re, Ltd., Floating Rate Note, 1/7/15 (Cat Bond) (144A)		751,380
	1,400,000	10.25	BB-/NR	Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A)		1,427,020
	400,000	9.00	BB/NR	East Lane Re V, Ltd., Floating Rate Note, 3/16/16 (Cat Bond) (144A)		429,240
	1,500,000	6.65	BB/NR	East Lane Re, Ltd., Floating Rate Note, 3/13/15 (Cat Bond) (144A)		1,511,400
	1,500,000	5.00	BB+/NR	Foundation Re III, Ltd., Floating Rate Note, 2/25/15 (Cat Bond)		1,510,950
	1,000,000	5.75	BB/NR	Foundation Re III, Ltd., Floating Rate Note, 2/3/14 (Cat Bond) (144A)		1,001,100
	1,200,000	8.35	BB-/NR	Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A)		1,231,200
	1,500,000	13.50	B-/NR	Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A)		1,494,000
	2,250,000	5.25	BB+/NR	Kibou, Ltd., Floating Rate Note, 2/16/15 (Cat Bond) (144A)		2,315,925
	5,100,000	7.25	BB/NR	Lodestone Re, Ltd., Floating Rate Note, 1/8/14 (Cat Bond) (144A)		5,139,270
	1,000,000	8.25	BB-/NR	Lodestone Re, Ltd., Floating Rate Note, 5/17/13 (Cat Bond) (144A)		1,009,700
	2,500,000	12.00	B/NR	Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat Bond) (144A)		2,529,500
	825,000	8.71	B+/NR	Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 1/5/17 (Cat Bond) (144A)		827,640
	675,000	11.94	B-/NR	Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 11/10/16 (Cat Bond) (144A)		667,845
	2,650,000	11.22	NR/B2	Mythen, Ltd., Floating Rate Note, 5/7/15 (Cat Bond) (144A)		2,688,160
	750,000	13.75	NR/NR	Pelican Re, Ltd., Floating Rate Note, 4/13/15 (Cat Bond) (144A)		796,650
	2,000,000	7.50	BB-/NR	Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A)		1,999,200
	900,000	8.50	B+/NR	Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A)		914,940
	250,000	10.35	B/NR	Queen Street VI Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A)		258,625
	800,000	8.60	B/NR	Queen Street VII Re, Ltd., Floating Rate Note, 4/8/16 (Cat Bond) (144A)		799,680
	1,750,000	8.90	NR/NR	Residential Reinsurance 2011, Ltd., Floating Rate Note, 12/6/15 (Cat Bond) (144A)		1,775,900
	2,000,000	13.25	NR/NR	Residential Reinsurance 2011, Ltd., Floating Rate Note, 12/6/15 (Cat Bond) (144A)		2,009,400
	3,450,000	12.00	B-/NR	Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A)		3,507,615
	2,100,000	0.00	NR/NR	Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A)		2,094,330
	250,000	0.00	BB/NR	Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A)		250,250
	950,000	0.00	NR/NR	Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A)		943,350
	1,100,000	10.00	BB-/NR	Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A)		1,189,980
	900,000	8.00	BB/NR	Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A)		932,760
	1,750,000	22.00	NR/NR	Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A)		1,677,025
	2,300,000		NR/NR	Sector Re V, Ltd., 12/1/17 (Cat Bond) (144A)		2,353,820
	1,175,000	14.68	B-/NR	Successor X, Ltd. Class III-S3, Floating Rate Note, 1/7/14 (Cat Bond) (144A)		1,175,118
	4,000,000	13.00	NR/NR	Successor X, Ltd. Class IV-AL3, Floating Rate Note, 2/25/14 (Cat Bond) (144A)		4,044,400
	875,000	16.50	NR/NR	Successor X, Ltd., Floating Rate Note, 1/27/15 (Cat Bond) (144A)		885,062
	2,600,000	16.18	NR/NR	Successor X, Ltd., Floating Rate Note, 1/7/14 (Cat Bond) (144A)		2,565,420
	375,000	11.25	B-/NR	Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A)		374,362
					$	58,637,812
				Total Insurance	$	69,320,692
				Real Estate - 2.8%
				Diversified REIT - 0.5%
	12,150,000		B+/Ba3	CNL Lifestyle Properties, Inc., 7.25%, 4/15/19	$	12,058,875
				Real Estate Operating Companies - 2.3%
	50,885,000		B/B3	Forest City Enterprises, Inc., 6.5%, 2/1/17	$	48,849,600
	165,000		B/B3	Forest City Enterprises, Inc., 7.625%, 6/1/15		164,175
					$	49,013,775
				Total Real Estate	$	61,072,650
				Software & Services - 1.1%
				Internet Software & Services - 0.3%
	6,285,000		BB-/B1	j2 Global, Inc., 8.0%, 8/1/20	$	6,536,400
				Data Processing & Outsourced Services - 0.8%
	6,047,000		B-/Caa1	First Data Corp., 12.625%, 1/15/21	$	6,440,055
	615,000		B+/B1	First Data Corp., 7.375%, 6/15/19 (144A)		647,288
	4,722,000		B-/Caa1	First Data Corp., 8.25%, 1/15/21 (144A)		4,863,660
	5,300,000		BB/Ba3	WEX, Inc., 4.75%, 2/1/23 (144A)		5,286,750
					$	17,237,753
				Total Software & Services	$	23,774,153
				Technology Hardware & Equipment - 1.1%
				Communications Equipment - 0.1%
	1,050,000		BB+/B1	Brocade Communications Systems, Inc., 4.625%, 1/15/23 (144A)	$	1,047,375
				Computer Storage & Peripherals - 0.8%
	12,100,000		BB+/Ba1	Seagate HDD Cayman, 7.0%, 11/1/21	$	13,279,750
	4,385,000		BB+/Ba1	Seagate HDD Cayman, 7.75%, 12/15/18		4,834,462
					$	18,114,212
				Electronic Equipment Manufacturers - 0.2%
	5,300,000		BB-/B1	Viasystems, Inc., 7.875%, 5/1/19 (144A)	$	5,286,750
				Total Technology Hardware & Equipment	$	24,448,337
				Telecommunication Services - 4.1%
				Integrated Telecommunication Services - 4.0%
	13,440,000		B/B1	Cincinnati Bell, Inc., 8.25%, 10/15/17	$	14,431,200
	13,358,000		B/B1	Cincinnati Bell, Inc., 8.375%, 10/15/20		14,526,825
	5,450,000		BB-/Ba2	Frontier Communications Corp., 7.125%, 1/15/23		5,790,625
	9,705,000		BB-/Ba2	Frontier Communications Corp., 8.5%, 4/15/20		11,209,275
	3,100,000		BB-/Ba2	Frontier Communications Corp., 8.75%, 4/15/22		3,588,250
	1,858,000		B+/B2	GCI, Inc., 8.625%, 11/15/19		1,964,835
	2,840,000		BB-/B1	TW Telecom Holdings Inc, 5.375%, 10/1/22		2,982,000
	5,275,000		B/Ba3	Windstream Corp., 6.375%, 8/1/23 (144A)		5,288,188
	12,580,000		B/Ba3	Windstream Corp., 7.5%, 6/1/22		13,617,850
	8,460,000		B/Ba3	Windstream Corp., 7.75%, 10/15/20		9,200,250
	1,895,000		B/Ba3	Windstream Corp., 8.125%, 9/1/18		2,079,762
					$	84,679,060
				Wireless Telecommunication Services - 0.1%
	2,300,000		NR/NR	Richland Towers Funding LLC, 7.87%, 3/15/16 (144A)	$	2,354,685
				Total Telecommunication Services	$	87,033,745
				Utilities - 2.2%
				Electric Utilities - 0.3%
	2,340,000		CCC/Caa1	Texas Competitive Electric Holdings Co. LLC, 11.5%, 10/1/20 (144A)	$	1,848,600
	13,500,000		D/Caa3	Texas Competitive Electric Holdings Co. LLC, 15.0%, 4/1/21		4,590,000
					$	6,438,600
				Gas Utilities - 0.6%
	8,600,000		NR/Ba2	AmeriGas Finance LLC, 7.0%, 5/20/22	$	9,417,000
	2,850,000		B-/B2	Ferrellgas LP, 6.5%, 5/1/21		2,878,500
					$	12,295,500
				Independent Power Producers & Energy Traders - 1.3%
	800,000		BB-/B1	InterGen NV, 9.0%, 6/30/17 (144A)	$	744,000
	8,050,000		BB-/B1	NRG Energy, Inc., 7.625%, 1/15/18		9,036,125
	2,820,000		BB-/B1	NRG Energy, Inc., 7.625%, 5/15/19		3,017,400
	4,700,000		BB-/B1	NRG Energy, Inc., 7.875%, 5/15/21		5,264,000
	8,750,000		BB-/B1	NRG Energy, Inc., 8.25%, 9/1/20		9,887,500
					$	27,949,025
				Total Utilities	$	46,683,125
				TOTAL CORPORATE BONDS
				(Cost $1,158,388,291)	$	1,165,323,518
				SENIOR FLOATING RATE LOAN INTERESTS - 8.2%**
				Energy - 0.9%
				Oil & Gas Equipment & Services - 0.7%
	8,987,458	8.50	CCC+/B3	FTS International Services LLC, Term Loan, 5/6/16	$	7,876,510
	7,464,600	7.50	B+/B2	Preferred Sands Holding Co. LLC, Term B Loan, 12/15/16		6,792,786
					$	14,669,296
				Oil & Gas Exploration & Production - 0.2%
	5,100,000	0.00	NR/NR	Talos Energy LLC, Term Loan, 1/24/14	$	5,100,000
				Total Energy	$	19,769,296
				Materials - 1.0%
				Commodity Chemicals - 0.2%
	4,578,525	5.75	B/B1	CPG International I, Inc., Term Loan, 9/21/19	$	4,621,449
				Diversified Chemicals - 0.7%
EURO	8,300,000	0.00	NR/NR	DuPont Performance Coatings, Inc., Term Loan 10/24/13	$	11,266,835
	2,100,000	0.00	B+/NR	DuPont Performance Coatings, Inc., Term Loan 2/1/20		2,134,994
	2,009,813	6.50	NR/B1	Ineos Group Holdings, Ltd., Cash Dollar Term Loan, 5/4/18		2,058,796
					$	15,460,625
				Paper Packaging - 0.1%
	2,357,581	6.50	B/B2	Exopack Holding Corp., Term Loan B, 5/6/17	$	2,374,280
				Total Materials	$	22,456,354
				Capital Goods - 0.2%
				Aerospace & Defense - 0.2%
	1,967,536	6.25	B-/B2	DAE Aviation Holdings, Inc., Tranche B-1 Loan, 10/18/18	$	2,009,347
	891,952	6.25	B/B2	DAE Aviation Holdings, Inc., Tranche B-2 Loan, 10/18/18		910,906
	1,865,753	3.51	BB-/B1	Hunter Defense Technologies, Inc., Term Loan, 8/22/14		1,753,808
					$	4,674,061
				Total Capital Goods	$	4,674,061
				Commercial Services & Supplies - 0.3%
				Environmental & Facilities Services - 0.2%
	3,138,337	8.75	NR/WR	Aquilex Holdings LLC, Term Loan, 4/1/16	$	3,146,182
	630,238	5.50	B+/B1	WCA Waste Corp., Term Loan, 3/1/18		636,540
					$	3,782,722
				Diversified Support Services - 0.1%
	2,815,564	10.00	NR/NR	IAP Worldwide Services, Inc., Term Loan (First Lien), 12/31/15	$	2,224,296
				Total Commercial Services & Supplies	$	6,007,018
				Transportation - 0.3%
				Air Freight & Logistics - 0.3%
	1,365,849	5.31	NR/NR	CEVA Group Plc, Dollar Tranche B Pre Funded Term Loan, 8/31/16	$	1,308,228
	3,702,650	5.30	NR/NR	CEVA Group Plc, EGL Tranche B Term Loan, 8/31/16		3,543,732
	1,971,385	5.30	B-/B1	CEVA Group Plc, US Tranche B Term Loan, 8/31/16		1,888,218
					$	6,740,178
				Total Transportation	$	6,740,178
				Automobiles & Components - 0.7%
				Auto Parts & Equipment - 0.1%
	12,025	2.71	BB-/Ba3	Allison Transmission, Inc., Term B-1 Loan, 8/7/14	$	12,081
	3,056,900	6.75	NR/NR	TI Group Automotive Systems LLC, Term Loan, 3/1/19		3,095,111
					$	3,107,192
				Automobile Manufacturers - 0.6%
	12,569,791	6.00	BB/Ba2	Chrysler Group LLC, Tranche B Term Loan, 4/28/17	$	12,863,585
				Total Automobiles & Components	$	15,970,777
				Consumer Durables & Apparel - 0.3%
				Home Furnishings - 0.2%
	3,530,000	0.00	NR/NR	Tempur-Pedic International, Inc., 11/17/13	$	3,530,000
				Housewares & Specialties - 0.1%
	2,026,306	5.25	B+/B1	Yankee Candle Co., Inc., Initial Term Loan, 3/2/19	$	2,051,635
				Total Consumer Durables & Apparel	$	5,581,635
				Consumer Services - 0.3%
				Specialized Consumer Services - 0.3%
	6,069,154	5.50	B/Ba3	Ascent Capital Group, Inc., Term Loan, 3/6/18	$	6,145,018
				Total Consumer Services	$	6,145,018
				Media - 0.3%
				Advertising - 0.1%
	2,024,029	6.50	B/Ba3	Affinion Group, Inc., Tranche B Term Loan, 10/9/16	$	1,940,959
				Broadcasting - 0.1%
	1,439,017	4.45	B+/B2	Univision Communications, Inc., Extended First-Lien Term Loan, 3/29/17	$	1,446,025
				Movies & Entertainment - 0.1%
	1,882,860	5.25	NR/Ba1	Cinedigm Digital Funding I LLC, Term Loan, 3/31/16	$	1,891,097
				Publishing - 0.0%
	932,923	2.71	CCC+/Caa2	Cengage Learning Acquisitions, Inc., Original Term Loan, 7/4/14	$	744,783
				Total Media	$	6,022,864
				Retailing - 0.3%
				Automotive Retail - 0.3%
	5,700,000	0.00	BB/Ba1	Avis Budget Car Rental LLC, Bridge Loan, 1/2/14	$	5,700,000
				Total Retailing	$	5,700,000
				Food & Staples Retailing - 0.1%
				Food Distributors - 0.1%
	1,315,000	5.75	B/B1	AdvancePierre Foods, Term Loan (First Lien), 6/17/17	$	1,339,246
				Total Food & Staples Retailing	$	1,339,246
				Health Care Equipment & Services - 1.5%
				Health Care Equipment - 0.1%
	2,440,350	5.50	BB-/Ba2	Kinetic Concepts, Inc., Dollar Term C-1 Loan, 5/4/18	$	2,483,056
				Health Care Services - 1.1%
	1,279,512	7.25	BB-/Ba3	Alliance HealthCare Services, Inc., Initial Term Loan, 6/1/16	$	1,271,515
	7,205,743	6.50	B/B1	Gentiva Health Services, Inc., Term B1 Term Loan, 2/22/16		7,291,311
	5,089,350	6.50	NR/NR	National Mentor Holdings, Inc., Tranche B-1 Term Loan, 2/9/17		5,165,690
	4,135,910	8.25	B/B2	National Surgical Hospitals, Inc., Initial Term Loan, 1/4/17		4,135,910
	4,612,781	6.50	B/B2	Surgery Center Holdings, Inc., Term Loan, 9/20/16		4,624,313
	1,494,500	7.75	B+/B1	Virtual Radiologic Corp., Term Loan A, 11/3/16		1,303,951
					$	23,792,690
				Managed Health Care - 0.1%
	2,100,000	9.75	B+/B2	MMM Holdings, Inc., Term Loan, 10/9/17	$	2,115,750
				Health Care Technology - 0.2%
	357,143	7.75	B/NR	Physician Oncology Services LP, Delayed Draw Term Loan, 1/31/17	$	357,143
	2,939,724	7.75	B/B2	Physician Oncology Services LP, Effective Date Term Loan, 2/10/17		2,939,724
					$	3,296,867
				Total Health Care Equipment & Services	$	31,688,363
				Pharmaceuticals, Biotechnology & Life Sciences - 0.3%
				Biotechnology - 0.2%
	4,194,388	5.50	BB/B2	Axcan Intermediate Holdings, Inc., Term B-1 Loan, 1/25/17	$	4,243,324
				Pharmaceuticals - 0.1%
	1,198,735	6.00	NR/B1	Generic Drug Holdings, Inc., Closing Date Term Loan, 10/4/19	$	1,218,214
				Total Pharmaceuticals, Biotechnology & Life Sciences	$	5,461,538
				Diversified Financials - 0.2%
				Other Diversified Financial Services - 0.1%
	2,469,527	5.25	NR/Ba2	WorldPay, Facility B2A Term Loan, 8/6/17	$	2,491,135
					$	2,491,135
				Consumer Finance - 0.1%
	1,770,000	5.50	CCC+/B3	Springleaf Finance Corp., Initial Term Loan, 5/28/17	$	1,779,514
				Total Diversified Financials	$	4,270,649
				Insurance - 0.7%
				Insurance Brokers - 0.7%
	5,704,518	6.75	B+/B1	HUB International Holdings, Inc., 2017 Additional Term Loan (Extended), 12/13/17	$	5,775,824
	8,553,140	4.70	B+/B1	HUB International Holdings, Inc., 2017 Initial Term Loan (Extended), 6/13/17		8,686,783
					$	14,462,607
				Multi-line Insurance - 0.0%
	1,275,000	5.00	B-/B1	Alliant Insurance Services, Inc., Initial Term Loan, 12/7/19	$	1,289,344
				Total Insurance	$	15,751,951
				Software & Services - 0.7%
				Application Software - 0.7%
	14,803,367	8.00	B/Ba3	Expert Global Solutions, Inc., Term B Advance (First Lien), 3/13/18	$	14,963,732
	692,934	5.25	B+/B1	Vertafore, Inc., Term Loan (First Lien), 7/31/16		702,245
					$	15,665,977
				Total Software & Services	$	15,665,977
				Utilities - 0.1%
				Electric Utilities - 0.1%
	986,129	7.75	BB/Ba2	Race Point Power, Term Loan, 1/11/18	$	983,664
	1,195,037	4.74	CCC/Caa1	Texas Competitive Electric Holdings Co. LLC, 2017 Term Loan (Extending), 10/10/17		789,285
					$	1,772,949
				Total Utilities	$	1,772,949
				TOTAL SENIOR FLOATING RATE LOAN INTERESTS
				(Cost $173,965,002)	$	175,017,874
	Shares
				WARRANT - 0.0%
				Energy - 0.0%
				Oil & Gas Equipment & Services - 0.0%
	2,275			Green Field Energy Services, Inc. (144A)	$	68,250
				TOTAL WARRANTS
				(Cost $90,991)	$	68,250
	Principal Amount ($)
				TEMPORARY CASH INVESTMENTS - 2.4%
				Repurchase Agreements - 2.4%
	12,950,000			Bank of Nova Scotia, Inc., 0.16%, dated 1/31/13, repurchase price of $12,950,000
				plus accrued interest on 2/1/13 collateralized by $13,209,059 Federal National ,
				Mortgage Association, 4.0%, 3/1/42	$	12,950,000
	9,950,000			Deutsche Bank AG, 0.15%, dated 1/31/13, repurchase price of $9,950,000
				plus accrued interest on 2/1/13 collateralized by the following:
				$595,259 U.S. Treasury Bond, 0-8.875%, 2/14/13-2/15/41
				$1,140,882 U.S. Treasury Bill, 0.0%, 2/14/13-10/17/13
				$2,506,972 U.S. Treasury Notes, 0.25-4.75%, 2/15/13-8/15/22
				$5,906,141 U.S. Treasury Strip, 0.0-4.375%, 2/15/13-8/15/42		9,950,000
	15,950,000			RBC Capital Markets, Inc., 0.15%, dated 1/31/13, repurchase price of $18,685,000
				plus accrued interest on 2/1/13 collateralized by $16,269,000 Federal National ,
				Mortgage Association, 4.0%, 3/1/42		15,950,000
	12,950,000			TD Securities, Inc., 0.11%, dated 1/31/13, repurchase price of $12,950,000
				plus accrued interest on 2/1/13 collateralized by $13,209,078 U.S. Treasury,
				Note, 2.625%, 12/31/14		12,950,000
					$	51,800,000
				TOTAL TEMPORARY CASH INVESTMENTS
				(Cost $38,850,000)	$	51,800,000
				TOTAL INVESTMENT IN SECURITIES - 100.7%
				(Cost $2,030,363,047) (a)	$	2,163,636,098
				OTHER ASSETS & LIABILITIES - (0.7)%	$	(15,115,129)
				TOTAL NET ASSETS - 100.0%	$	2,148,520,969
	*			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			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 January 31, 2013, the value of these securities amounted to $477,772,877 or 22.2% 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, 2013, the net unrealized gain on investments based on cost for federal income tax purposes of $2,030,363,047 was as follows:
				Aggregate gross unrealized gain for all investments in which there is an excess of value over tax cost		235,332,367
				Aggregate gross unrealized loss for all investments in which there is an excess of tax cost over value		(102,059,316)
				Net unrealized gain		$      133,273,051
	(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).
	(e)			Zero coupon bond: security earns income through accretion of discount.
	NOTE:			Principal amounts are denominated in U.S. Dollars unless otherwise noted:
	EURO			Euro
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, 2013, in valuing the Fund’s assets:

	Level 1		Level 2		Level 3		Total
Asset Backed Securities	$	-	$	1,204,346	$	-	$	1,204,346
Collateralized Mortgage Obligations		-		1,776,500		-		1,776,500
Corporate Bonds		-		1,165,323,518		-		1,165,323,518
Convertible Corporate Bonds		-		404,902,260		-		404,902,260
Municipal Bonds		-		-		-		-
Foreign Government Bonds		-		-		-		-
Senior Floating Rate Loan Interests		-		175,017,874		-		175,017,874
Common Stocks		301,032,047		-		454,130		301,486,177
Preferred Stocks		9,573,863		9,664,027		-		19,237,890
Convertible Preferred Stocks		25,774,186		17,045,097		-		42,819,283
Warrants		-		68,250		-		68,250
Repurchase Agreements		-		51,800,000		-		51,800,000
Total	$	336,380,096	$	1,826,801,872	$	454,130	$	2,163,636,098
Other Financial Instruments*	$	-	$	-		-	$	-
*Other financial instruments include the unrealized gain (loss) on foreign exchange contracts

The following is a reconciliation of assets valued using significant observable inputs (Level 3):
			Common Stocks
		Balance as of 10/31/12	$	1,857,807
		Realized gain (loss)		-
		Change in unrealized appreciation (depreciation)1		(1,403,677	)
		Net purchases (sales)		-
		Transfers in and out of Level 3		-
		Balance as of 1/31/13	$	454,130
	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 1/31/13	$	(1,403,677	)

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 April 1, 2013 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 April 1, 2013 By (Signature and Title)* /s/ Mark Bradley Mark Bradley, Treasurer Date April 1, 2013 * Print the name and title of each signing officer under his or her signature.