-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PRB4Scv6cSfJYs5HDhpZDYXCcUBkNe0dVDUJTPZhinH7BtNx8RVVJcqChS484zU1 sWl5UwBikDH7W2xvLYDvdg== 0001257951-09-000032.txt : 20090929 0001257951-09-000032.hdr.sgml : 20090929 20090929122926 ACCESSION NUMBER: 0001257951-09-000032 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090731 FILED AS OF DATE: 20090929 DATE AS OF CHANGE: 20090929 EFFECTIVENESS DATE: 20090929 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PIONEER HIGH YIELD FUND CENTRAL INDEX KEY: 0001094521 IRS NUMBER: 043500606 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-09685 FILM NUMBER: 091092003 BUSINESS ADDRESS: STREET 1: 60 STATE STREET 13TH FLOOR CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6174224947 MAIL ADDRESS: STREET 1: 60 STATE STREET STREET 2: 13TH FLOOR CITY: BOSTON STATE: MA ZIP: 02109 0001094521 S000003994 Pioneer High Yield Fund C000011134 Pioneer High Yield Fund: Class A TAHYX C000011135 Pioneer High Yield Fund: Class B TBHYX C000011136 Pioneer High Yield Fund: Class C PYICX C000011137 Pioneer High Yield Fund: Class Y TYHYX C000011138 Pioneer High Yield Fund: Class R TYHRX C000052211 Pioneer High Yield Fund: Class Z N-Q 1 n-q.txt OMB APPROVAL OMB Number: 3235-0578 Expires: April 30, 2010 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) Dorothy E. Bourassa, 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, 2009 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. ITEM 1. Schedule of Investments. Pioneer High Yield Fund Schedule of Investments 7/31/2009 (unaudited) PrincipalFloating Amount($)Rate (b) Value CONVERTIBLE CORPORATE BONDS - 16.2 % Energy - 1.9 % Coal & Consumable Fuels - 0.6 % 22,813,000 Massey Energy Co., 3.25%, 8/1/15 $17,223,815 Oil & Gas Equipment & Services - 0.4 % 11,610,000 Exterran Holdings, Inc., 4.25%, 6/15/14 $11,522,925 Oil & Gas Refining & Marketing - 0.1 % 11,450,000 Verenium Corp., 5.5%, 4/1/27 (144A) $ 2,504,688 Oil & Gas Exploration & Production - 0.8 % 2,335,000 Carrizo Oil & Gas, Inc., 4.875%, 6/1/28 $ 1,704,550 25,265,000 Chesapeake Energy Corp., 2.5%, 5/15/37 19,296,144 $21,000,694 Total Energy $52,252,122 Materials - 0.2 % Steel - 0.2 % 5,130,000 Steel Dynamics, Inc., 5.125%, 6/15/14 $ 6,181,650 Total Materials $ 6,181,650 Capital Goods - 2.9 % Construction & Farm Machinery & Heavy Trucks - 0.2 % 11,299,000 Greenbrier Co., Inc., 2.375%, 5/15/26 $ 7,174,865 Electrical Component & Equipment - 1.3 % 43,587,000 Roper Industries, Inc., 1.4813%, 1/15/34 $25,879,781 9,945,000 General Cable Corp., 1.0%, 10/15/12 8,353,800 $34,233,581 Trading Companies & Distributors - 1.4 % 39,195,000 Wesco Distribution, Inc., 1.75%, 11/15/26 $38,117,138 Total Capital Goods $79,525,584 Commercial Services & Supplies - 0.5 % Environmental & Facilities Services - 0.5 % 12,475,000 Covanta Holdings, 3.25%, 6/1/14 $13,753,688 Total Commercial Services & Supplies $13,753,688 Transportation - 0.5 % Marine - 0.5 % 17,745,000 Horizon Lines, 4.25%, 8/15/12 $12,421,500 Total Transportation $12,421,500 Consumer Durables & Apparel - 0.5 % Homebuilding - 0.5 % 12,580,000 D.R. Horton, Inc., 2.0%, 5/15/14 (c) $14,073,875 Total Consumer Durables & Apparel $14,073,875 Media - 1.7 % Advertising - 1.5 % 45,689,000 Interpublic Group Cos., 4.25%, 3/15/23 $41,291,434 Movies & Entertainment - 0.1 % 9,137,000 Live Nation, Inc., 2.875%, 7/15/27 $ 5,402,251 Total Media $46,693,685 Retailing - 0.6 % Automotive Retail - 0.6 % 17,896,000 Sonic Automotive, Inc., 6.0%, 5/15/12 $16,352,649 Total Retailing $16,352,649 Food, Beverage & Tobacco - 0.4 % Tobacco - 0.3 % 9,945,000 Alliance One International, Inc., 5.5%, 7/15/14 $10,268,213 Total Food, Beverage & Tobacco $10,268,213 Health Care Equipment & Services - 1.9 % Health Care Equipment - 0.6 % 21,562,000 Hologic, Inc., 2.0%, 12/15/37 $16,548,835 Health Care Facilities - 0.0 % 1,784,000 LifePoint Hospitals, Inc., 3.5%, 5/15/14 $ 1,518,630 Health Care Services - 1.0 % 36,665,000 Omnicare, Inc., 3.25%, 12/15/35 $27,177,931 Health Care Supplies - 0.2 % 5,270,000 Inverness Medical Innovation, 3.0%, 5/15/16 $ 4,914,275 1,240,000 Inverness Medical Innovation, 3.0%, 5/15/16 (144 1,156,300 $ 6,070,575 Total Health Care Equipment & Services $51,315,971 Pharmaceuticals & Biotechnology - 0.9 % Biotechnology - 0.9 % 14,400,000 BioMarin Pharmaceuticals, 1.875%, 4/23/17 $13,284,000 19,255,000 MannKind Corp., 3.75%, 12/15/13 (c) 11,697,413 $24,981,413 Total Pharmaceuticals & Biotechnology $24,981,413 Diversified Financials - 0.1 % Consumer Finance - 0.1 % 4,150,000 Dollar Financial, 2.875%, 6/30/27 (144A) (c) $ 3,112,500 Total Diversified Financials $ 3,112,500 Real Estate - 0.6 % Office Real Estate Investment Trusts - 0.6 % 3,900,000 Alexandria Real Estate Equities, 8.0%, 4/15/29 $ 4,372,875 14,100,000 Alexandria Real Estate Equities, 3.7%, 1/15/27 ( 12,231,750 $16,604,625 Total Real Estate $16,604,625 Software & Services - 0.0 % Data Processing & Outsourced Services - 0.0 % 575,000 CSG Systems International, Inc., 2.5%, 6/15/24 $ 541,219 Total Software & Services $ 541,219 Technology Hardware & Equipment - 1.9 % Communications Equipment - 0.8 % 12,950,000 CommScope, Inc., 3.25%, 7/1/15 $14,941,063 16,825,000 Nortel Networks, 2.125%, 4/15/14 (c) 6,835,156 $21,776,219 Electronic Equipment & Instruments - 0.6 % 3,135,000 L-1 Identity Solutions, Inc., 3.75%, 5/15/27 $ 2,715,694 17,000,000 Newport Corp., 2.5%, 2/15/12 (144A) 14,450,000 $17,165,694 Technology Distributors - 0.5 % 11,755,000 Anixter International, Inc., 1.0%, 2/15/13 $ 9,756,650 3,750,000 Anixter International, Inc., 1.0%, 2/15/13 (144A 3,112,500 $12,869,150 Total Technology Hardware & Equipment $51,811,063 Telecommunication Services - 1.2 % Alternative Carriers - 0.4 % 15,385,000 Time Warner Telecommunication, Inc., 2.375%, 4/1$13,154,175 Integrated Telecommunication Services - 0.6 % 8,028,000 MasTec, Inc., 4.0%, 6/15/14 $ 7,696,845 7,872,000 Qwest Communications International, 3.5%, 11/15/ 7,822,800 $15,519,645 Wireless Telecommunication Services - 0.2 % 4,660,000 SBA Communications Corp., 4.0%, 10/1/14 $ 5,038,625 Total Telecommunication Services $33,712,445 Utilities - 0.2 % Multi-Utilities - 0.2 % 4,610,000 CMS Energy Corp., 5.5%, 6/15/29 $ 5,007,610 Total Utilities $ 5,007,610 TOTAL CONVERTIBLE CORPORATE BONDS (Cost $417,782,982) $438,609,812 Shares CONVERTIBLE PREFERRED STOCKS - 5.7 % Energy - 0.7 % Oil & Gas Exploration & Production - 0.7 % 156,500 Whiting Petroleum Corp., 6.25%, 12/31/99 * $19,136,820 Total Energy $19,136,820 Materials - 1.9 % Diversified Metals & Mining - 1.9 % 31,894 Freeport-McMoRan Copper & Gold., 5.5%, 12/31/49 $42,060,213 113,000 Freeport-McMoRan Copper & Gold., 6.75%, 5/1/10 10,384,700 $52,444,913 Total Materials $52,444,913 Capital Goods - 0.5 % Electrical Component & Equipment - 0.5 % 68,400 General Cable Corp., 5.75%, 11/24/13 $13,526,100 Total Capital Goods $13,526,100 Health Care Equipment & Services - 0.6 % Health Care Supplies - 0.6 % 72,162 Inverness Medical Corp., 3.0%, 12/31/49 $16,338,920 Total Health Care Equipment & Services $16,338,920 Banks - 0.6 % Thrifts & Mortgage Finance - 0.6 % 726,432 Sovereign Cap Trust IV, 4.375%, 3/1/34 $15,300,474 Total Banks $15,300,474 Diversified Financials - 0.8 % Asset Management & Custody Banks - 0.2 % 190,000 Legg Mason, Inc., 7.0%, 6/30/11 $ 5,901,400 Diversified Financial Services - 0.5 % 18,485 Bank of America Corp., 7.25%, 12/31/49 $15,527,400 Total Diversified Financials $21,428,800 Utilities - 0.6 % Multi-Utilities - 0.6 % 253,300 CMS Energy Corp., 4.5%, 12/31/49 $17,414,375 Total Utilities $17,414,375 TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $144,525,661) $155,590,402 COMMON STOCKS - 12.0 % Energy - 0.9 % Integrated Oil & Gas - 0.3 % 222,600 Marathon Oil Corp. $ 7,178,850 Oil & Gas Drilling - 0.4 % 2,703,871 Hercules Offshore, Inc. * (c) $12,816,349 Oil & Gas Exploration & Production - 0.1 % 424,463 Sandridge Energy, Inc. * (c) $ 3,968,729 Total Energy $23,963,928 Materials - 0.8 % Construction Materials - 0.3 % 169,094 Texas Industries, Inc. (c) $ 7,693,777 Diversified Chemical - 0.2 % 115,200 FMC Corp. $ 5,603,328 Diversified Metals & Mining - 0.2 % 2,600,200 PolyMet Mining Corp. * (c) $ 4,316,332 272,200 Titanium Metals Corp. (c) 2,278,314 $ 6,594,646 Gold - 0.0 % 38,200 Barrick Gold Corp. $ 1,333,180 Total Materials $21,224,931 Capital Goods - 2.9 % Aerospace & Defense - 0.9 % 873,300 BE Aerospace, Inc. * (c) $14,112,528 211,875 ITT Corp. 10,466,625 $24,579,153 Building Products - 0.3 % 207,312 Lennox International, Inc. (c) $ 7,224,823 Construction & Farm Machinery & Heavy Trucks - 0.0 % 623,514 Commercial Vehicle Group, Inc. * $ 1,253,263 Electrical Component & Equipment - 0.8 % 259,100 Cooper Industries, Inc. $ 8,537,345 349,700 General Cable Corp. * (c) 13,557,869 $22,095,214 Industrial Machinery - 0.8 % 308,480 ESCO Technoligies, Inc. * (c) $12,675,443 480,100 Kennametal, Inc. 10,235,732 $22,911,175 Total Capital Goods $78,063,628 Consumer Services - 1.3 % Casinos & Gaming - 0.7 % 467,300 International Game Technology $ 9,229,175 476,400 Scientific Games Corp. * (c) 8,584,728 $17,813,903 Restaurants - 0.3 % 406,201 Starbucks Corp. * (c) $ 7,189,758 Specialized Consumer Services - 0.3 % 1,563,840 Service Corp. International $ 9,883,469 Total Consumer Services $34,887,130 Media - 0.2 % Movies & Entertainment - 0.0 % 134,390 Cinemark Holdings, Inc. (c) $ 1,490,385 Publishing - 0.2 % 154,300 McGraw-Hill Co., Inc. $ 4,837,305 Total Media $ 6,327,690 Retailing - 0.3 % Automotive Retail - 0.1 % 210,574 Sonic Automotive, Inc. * $ 2,590,060 Department Stores - 0.2 % 211,400 J.C. Penney Co., Inc. (c) $ 6,373,710 Total Retailing $ 8,963,770 Food, Beverage & Tobacco - 0.2 % Tobacco - 0.2 % 1,334,100 Alliance One International, Inc. * (c) $ 5,523,174 Total Food, Beverage & Tobacco $ 5,523,174 Health Care Equipment & Services - 0.7 % Health Care Supplies - 0.2 % 186,500 Inverness Medical Innovations, Inc. * (c) $ 6,275,725 Managed Health Care - 0.4 % 223,200 Aetna, Inc. $ 6,019,704 204,500 CIGNA Corp. 5,807,800 $11,827,504 Total Health Care Equipment & Services $18,103,229 Pharmaceuticals & Biotechnology - 1.6 % Biotechnology - 0.0 % 4,107,756 Epix Medical, Inc. * $ 69,832 Life Sciences Tools & Services - 1.6 % 220,145 Bio-Rad Laboratories, Inc. * $17,048,029 361,500 Thermo Fisher Scientific, Inc. * 16,368,720 205,600 Waters Corp. * 10,331,400 $43,748,149 Total Pharmaceuticals & Biotechnology $43,817,981 Real Estate - 0.4 % Mortgage Real Estate Investment Trusts - 0.4 % 706,056 Annaly Capital Management, Inc. $12,146,424 Total Real Estate $12,146,424 Technology Hardware & Equipment - 0.9 % Communications Equipment - 0.1 % 162,438 CommScope, Inc. * $ 4,158,413 Electronic Equipment & Instruments - 0.5 % 248,742 Itron, Inc. * (c) $12,976,870 Electronic Manufacturing Services - 0.2 % 290,100 Tyco Electronics, Ltd. (c) $ 6,228,447 Total Technology Hardware & Equipment $23,363,730 Telecommunication Services - 0.4 % Integrated Telecommunication Services - 0.4 % 183,583 General Communication, Inc. * (c) $ 1,257,544 1,085,700 Windstream Corp. 9,521,589 $10,779,133 Total Telecommunication Services $10,779,133 Utilities - 1.5 % Gas Utilities - 0.1 % 115,200 Questar Corp. $ 3,809,664 Independent Power Producer & Energy Traders - 0.9 % 997,582 NRG Energy, Inc. * (c) $27,144,206 Multi-Utilities - 0.3 % 40,900 Public Service Enterprise Group, Inc. $ 1,327,204 140,111 Sempra Energy 7,346,020 $ 8,673,224 Total Utilities $39,627,094 TOTAL COMMON STOCKS (Cost $350,266,852) $326,791,842 ASSET BACKED SECURITIES - 0.1 % Banks - 0.1 % Thrifts & Mortgage Finance - 0.1 % 2,510,000 0.74 Bear Stearns Asset Backed Securities, Inc. $ 322,713 2,166,000 0.64 FBR Securitixation Trust, Floating Rate Trust, 1 1,161,293 $ 1,484,006 TOTAL ASSET BACKED SECURITIES (Cost $2,634,997) $ 1,484,006 Principal Amount ($) COLLATERALIZED MORTGAGE OBLIGATIONS - 0.1 % Telecommunication Services - 0.1 % Integrated Telecommunication Services - 0.1 % 1,585,000 0.00 Global Tower Partners Acquisition, 7.87%, 5/15/3$ 1,378,950 TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $1,200,141) $ 1,378,950 CORPORATE BONDS - 61.3 % Energy - 9.2 % Coal & Consumable Fuels - 0.4 % 11,275,000 Massey Energy Co., 6.875%, 12/15/13 $10,880,375 Oil & Gas Equipment & Services - 0.2 % 6,545,000 Complete Production Service, 8.0%, 12/15/16 $ 5,595,975 Oil & Gas Exploration & Production - 4.1 % 7,455,000 Berry Petroleum Co., 10.25%, 6/1/14 $ 7,790,475 2,370,000 Bill Barrett Corp., 9.875%, 7/15/16 2,470,725 4,950,000 Chesapeake Energy Corp., 9.5%, 2/15/15 5,253,188 3,845,000 Denbury Resources, Inc., 9.75%, 3/1/16 (c) 4,104,538 12,060,000 Hilcorp Energy, 7.75%, 11/1/15 (144A) 10,733,400 10,120,000 Linn Energy LLC, 11.75%, 5/15/17 (144A) 10,221,200 10,565,000 Parallel Petroleum Corp., 10.25%, 8/1/14 7,501,150 4,555,000 PetroHawk Energy Corp., 10.5%, 8/1/14 (144A) 4,873,850 3,350,000 PetroHawk Energy Corp., 7.875%, 6/1/15 3,249,500 4,745,000 PetroHawk Energy Corp., 9.125%, 7/15/13 4,922,938 7,565,000 Plains Exploration & Production Co., 10.0%, 3/1/ 8,179,656 1,030,000 Plains Exploration & Production Co., 7.0%, 3/15/ 975,925 2,770,000 Plains Exploration & Production Co., 7.75%, 6/15 2,749,225 4,380,000 Quicksilver Resources, Inc., 7.125%, 4/1/16 3,679,200 13,440,000 Quicksilver Resources, Inc., 8.25%, 8/1/15 12,902,400 22,850,000 Sandridge Energy, Inc., 8.0%, 6/1/18 20,793,500 1,710,000 Sandridge Energy, Inc., 8.625%, 4/1/15 1,624,500 $112,025,370 Oil & Gas Refining & Marketing - 2.7 % 5,175,000 Tesoro Corp., 6.5%, 6/1/17 (144A) (c) $ 4,528,125 77,195,000 Tesoro Corp., 6.625%, 11/1/15 69,475,500 $74,003,625 Oil & Gas Storage & Transporation - 1.7 % 11,625,00 8.40 Enterprise Products, Floating Rate Note, 8/1/66 $10,113,750 29,747,000 Holly Energy Partners LP, 6.25%, 3/1/15 26,474,830 5,270,000 Regency Energy Partners LP, 9.375%, 6/1/16 5,375,400 5,890,000 7.20 Southern Union Co., 7.2%, 11/1/66 4,240,800 $46,204,780 Total Energy $248,710,125 Materials - 10.8 % Aluminum - 2.3 % 4,185,000 CII Carbon LLC, 11.125%, 11/15/15 $ 3,348,000 15,789,32 6.83 Noranda Aluminum Acquisition, Floating Rate Note 8,447,287 62,583,000 Novelis, Inc., 7.25%, 2/15/15 51,318,060 $63,113,347 Commodity Chemicals - 1.5 % 26,755,000 Georgia Gulf Corp., 10.75%, 10/15/16 $ 4,548,350 57,909,000 Georgia Gulf Corp., 9.5%, 10/15/14 (c) 37,061,760 $41,610,110 Construction Materials - 0.1 % 3,658,000 Texas Industries, Inc., 7.25%, 7/15/13 $ 3,365,360 Diversified Chemical - 0.2 % 4,190,000 Ashland, Inc., 9.125%, 6/1/17 $ 4,420,450 3,579,000 Ineos Group Holdings Plc, 8.5%, 2/15/16 (144A) ( 1,619,498 $ 6,039,948 Diversified Metals & Mining - 0.8 % 1,023,500 Blaze Recycling & Metals, 15.0%, 5/14/12 $ 1,023,500 3,560,000 Blaze Recycling & Metals, 13.0%, 7/15/12 2,207,200 16,490,000 Teck Resources, Ltd., 10.25%, 5/15/16 18,674,925 $21,905,625 Metal & Glass Containers - 1.4 % 3,500,000 AEP Industries, Inc., 7.875%, 3/15/13 $ 3,158,750 39,025,000 Crown Cork and Seal Co., Inc., 7.375%, 12/15/26 33,659,063 $36,817,813 Paper Packaging - 1.4 % 2,320,000 Graham Packaging Co., 8.5%, 10/15/12 $ 2,302,600 18,430,000 Graham Packaging Co., 9.875%, 10/15/14 (c) 17,646,725 18,480,000 Graphic Packaging Co., 9.5%, 8/15/13 (c) 18,410,700 $38,360,025 Paper Products - 0.5 % 28,440,000 Bowater, Inc., 6.5%, 6/15/13 (c) $ 4,550,400 6,230,000 Cellu Tissue Holdings, Inc., 11.5%, 6/1/14 6,479,200 3,795,000 Clearwater Paper Corp., 10.625%, 6/15/16 4,003,725 $15,033,325 Commodity Chemicals - 1.9 % 22,445,000 Arco Chemical Co., 9.8%, 2/1/20 (c) $ 5,947,925 42,275,000 Millenium America, Inc., 7.625%, 11/15/26 3,170,625 53,500,000 Nova Chemicals Corp., 7.875%, 9/15/25 43,870,000 $52,988,550 Steel - 0.6 % 23,405,000 Algoma Acquisition Corp., 9.875%, 6/15/15 (144A)$16,149,450 Total Materials $295,383,553 Capital Goods - 9.4 % Aerospace & Defense - 2.4 % 14,830,000 Aeroflex, Inc., 11.75%, 2/15/15 $12,012,300 16,235,000 BE Aerospace, Inc., 8.5%, 7/1/18 16,153,825 5,720,000 Bombardier, Inc., 8.0%, 11/15/14 (144A) (c) 5,519,800 5,870,000 DigitalGlobe, Inc., 10.5%, 5/1/14 6,119,475 27,380,000 Esterline Technology, 7.75%, 6/15/13 26,832,400 $66,637,800 Building Products - 0.2 % 5,230,000 USG Corp., 9.75%, 8/1/14 (144A) $ 5,334,600 Construction & Engineering - 0.1 % 3,250,000 Esco Corp., 8.625%, 12/15/13 (144A) $ 2,990,000 525,000 6.65 Esco Corp., Floating Rate Note, 12/15/13 (144A) 441,000 $ 3,431,000 Construction & Farm Machinery & Heavy Trucks - 0.9 % 6,230,000 American Railcar, 7.5%, 3/1/14 $ 5,700,450 22,055,000 Greenbrier Co., Inc., 8.375%, 5/15/15 (c) 16,320,700 3,605,000 Titan Wheel International, Inc., 8.0%, 1/15/12 3,316,600 $25,337,750 Electrical Component & Equipment - 2.8 % 42,733,000 Anixter International Corp., 5.95%, 3/1/15 $37,391,375 29,845,000 Baldor Electric, 8.625%, 2/15/17 (c) 29,919,613 1,135,000 Belden CDT, Inc., 7.0%, 3/15/17 998,800 9,336,000 General Cable Corp., 7.125%, 4/1/17 (c) 8,869,200 $77,178,988 Industrial Conglomerates - 0.5 % 12,710,000 Kansas City Southern, 8.0%, 6/1/15 $12,392,250 Industrial Machinery - 1.4 % 23,330,000 Gardner Denver, Inc., 8.0%, 5/1/13 (144A) $21,171,975 24,161,000 Mueller Water Products, 7.375%, 6/1/17 17,697,933 $38,869,908 Trading Companies & Distributors - 1.0 % 33,935,000 Wesco Distribution, Inc., 7.5%, 10/15/17 $27,148,000 Total Capital Goods $256,330,296 Transportation - 0.5 % Air Freight & Couriers - 0.4 % 11,710,000 Ceva Group Plc, 10.0%, 9/1/14 (144A) $ 8,665,400 Railroads - 0.1 % 3,535,000 Kansas City Southern Mex 7.375%, 6/1/14 $ 3,110,800 Total Transportation $11,776,200 Automobiles & Components - 1.7 % Auto Parts & Equipment - 1.4 % 12,770,000 Allison Transmissions, Inc., 11.0%, 11/1/15 (144$11,620,700 9,445,000 Allison Transmissions, Inc., 11.25%, 11/1/15 (14 7,744,900 10,055,000 Cooper Standard Automotive, Inc., 7.0%, 12/15/12 2,262,375 29,375,000 Lear Corp., 8.75%, 12/1/16 13,145,313 5,380,000 Tenneco Automotive, Inc., 8.625%, 11/15/14 4,626,800 $39,400,088 Tires & Rubber - 0.2 % 5,125,000 Goodyear Tire & Rubber Co. 10.5%, 5/15/16 $ 5,496,563 Total Automobiles & Components $44,896,651 Consumer Durables & Apparel - 1.0 % Homebuilding - 0.1 % 4,875,000 Meritage Homes Corp., 6.25%, 3/15/15 $ 3,985,313 Housewares & Specialties - 0.9 % 9,145,000 Yankee Acquisition Corp., 8.5%, 2/15/15 (c) $ 8,184,775 19,590,000 Yankee Acquisition Corp., 9.75%, 2/15/17 (c) 16,259,700 $24,444,475 Total Consumer Durables & Apparel $28,429,788 Consumer Services - 1.3 % Casinos & Gaming - 1.3 % 7,825,000 Firekeepers Development Authority, 13.875%, 5/1/$ 7,825,000 33,735,000 Mashantucket Pequot Tribe, 8.5%, 11/15/15 (144A) 16,530,150 7,147,000 Scientific Games Corp., 6.25%, 12/15/12 (c) 6,932,590 2,670,000 Scientific Games International, Inc., 9.25%, 6/1 2,763,450 $34,051,190 Total Consumer Services $34,051,190 Media - 3.7 % Advertising - 0.9 % 22,885,000 Interpublic Group, Inc., 7.25%, 8/15/11 (c) $23,914,825 Broadcasting - 2.7 % 11,430,000 Hughes Network Systems LLC 9.5%, 4/15/14 $11,430,000 6,750,000 Intelsat Bermuda Ltd., 11.5%, 2/4/17 (144A) 5,805,000 21,650,000 Intelsat Subsidary Holdings Co., Ltd., 8.5%, 1/1 21,866,500 4,750,000 Telesat Canada, 11.0%, 11/1/15 (c) 4,916,250 8,690,000 Telesat Canada, 12.5%, 11/1/17 (c) 8,863,800 33,650,000 Univision Communications, 9.75%, 3/15/15 (144A) 22,545,500 $75,427,050 Total Media $99,341,875 Retailing - 2.3 % Apparel Retail - 0.4 % 12,760,000 Brown Shoe Co., Inc., 8.75%, 5/1/12 $12,217,700 Automotive Retail - 0.6 % 18,994,000 Sonic Automotive, Inc., 8.625%, 8/15/13 $15,005,260 Internet Retail - 1.0 % 16,315,000 Expedia, Inc., 8.5%, 7/1/16 (144A) $16,559,725 13,745,000 Ticketmaster, 10.75%, 7/28/16 13,195,200 $29,754,925 Specialty Stores - 0.2 % 6,065,000 Sally Holdings LLC, 10.5%, 11/15/16 (c) $ 6,246,950 Total Retailing $63,224,835 Food, Beverage & Tobacco - 1.0 % Tobacco - 0.9 % 26,870,000 Alliance One International, Inc., 10.0%, 7/15/16$26,466,950 Total Food, Beverage & Tobacco $26,466,950 Household & Personal Products - 0.1 % Household Products - 0.1 % 2,860,000 Central Garden, 9.125%, 2/1/13 $ 2,852,850 Total Household & Personal Products $ 2,852,850 Health Care Equipment & Services - 4.3 % Health Care Facilities - 1.5 % 6,040,000 HCA Inc., 6.25%, 2/15/13 $ 5,647,400 12,859,175 HCA Inc., 9.625%, 11/15/16 13,405,690 9,185,000 HCA, Inc. 8.5%, 4/15/19 9,414,625 2,120,000 HCA, Inc. 9.875%, 2/15/17 (c) 2,231,300 3,215,000 Psychiatric Solutions, Inc., 7.75%, 7/15/15 (c) 3,046,213 8,090,000 Psychiatric Solutions, Inc., 7.75%, 7/15/15 7,463,025 $41,208,253 Health Care Services - 1.1 % 13,785,000 Surgical Care Affiliates, 10.0%, 7/15/17 (144A) $ 9,787,350 16,686,150 Surgical Care Affiliates, 8.875%, 7/15/15 (144A) 12,180,890 7,800,000 US Oncology, Inc., 9.125%, 8/15/17 8,053,500 $30,021,740 Health Care Supplies - 1.6 % 11,900,000 Bausch & Lomb, Inc., 9.875%, 11/1/15 (c) $11,870,250 24,815,000 Biomet, Inc., 10.375%, 10/15/17 (c) 26,552,050 6,070,000 Inverness Medical Innovation, 9.0%, 5/15/16 (c) 6,070,000 $44,492,300 Total Health Care Equipment & Services $115,722,293 Pharmaceuticals & Biotechnology - 0.1 % Biotechnology - 0.1 % 3,290,000 Warner Chilcott Corp., 8.75%, 2/1/15 $ 3,290,000 Total Pharmaceuticals & Biotechnology $ 3,290,000 Diversified Financials - 0.8 % Asset Management & Custody Banks - 0.6 % 5,565,000 Janus Capital Group, Inc., 6.5%, 6/15/12 $ 5,399,875 11,439,000 Janus Capital Group, Inc., 6.95%, 6/15/17 10,220,449 $15,620,324 Diversified Financial Services - 0.0 % 2,265,000 Ibis Re, Ltd., 11.2775%, 5/10/12 $ 2,285,612 Specialized Finance - 0.2 % 3,850,000 NCO Group, Inc., 11.875%, 11/15/14 $ 2,233,000 3,520,000 7.68 NCO Group, Inc., Floating Rate Note, 11/15/13 2,393,600 $ 4,626,600 Total Diversified Financials $22,532,536 Insurance - 2.6 % Insurance Brokers - 1.4 % 19,710,000 Alliant Holdings, Inc., 11.0%, 5/1/15 (144A) $17,344,800 4,550,000 Hub International Holdings, 10.25%, 6/15/15 (144 3,605,875 5,000,000 Leucadia National, 7.125%, 3/15/17 (144A) 4,425,000 13,265,000 Leucadia National, 8.125%, 9/15/15 12,767,563 $38,143,238 Multi-Line Insurance - 0.5 % 18,792,0010.75 Liberty Mutual Group, Floating Rate Note, 6/15/5$15,832,260 Property & Casualty Insurance - 0.1 % 3,280,000 Hanover Insurance Group, 7.625%, 10/15/25 $ 2,755,200 Reinsurance - 0.5 % 2,500,000 7.19 Blue Fin, Ltd., Floating Rate Note, 4/10/12 $ 2,170,750 2,000,000 8.92 Caelus Re, Ltd., Floating Rate Note, 6/7/11 1,820,600 1,675,00012.03 Globecat, Ltd., Cat Bond, Floating Rate Note, 1/ 1,313,870 625,000 8.78 Globecat, Ltd., Cat Bond, Floating Rate Note, 1/ 572,313 12,585,0014.00 MBIA Insurance Corp., Floating Rate Note, 1/15/3 4,451,944 750,000 7.20 Muteki, Ltd., Cat Bond, Floating Rate Note, 5/24 713,925 790,000 7.45 Newton Re, Ltd., Cat Bond, Floating Rate Note, 1 778,940 1,150,000 9.75 Newton Re, Ltd., Cat Bond, Floating Rate Note, 1 1,052,365 $12,874,707 Total Insurance $69,605,405 Real Estate - 3.1 % Real Estate Operating Companies - 3.1 % 83,340,000 Forest City Enterprises, 6.50%, 2/1/17 $47,503,800 55,755,000 Forest City Enterprises, 7.625%, 6/1/15 36,798,300 $84,302,100 Total Real Estate $84,302,100 Software & Services - 2.4 % Application Software - 0.1 % 3,205,000 Vangent, Inc., 9.625%, 2/15/15 $ 2,852,450 Data Processing & Outsourced Services - 1.1 % 35,565,000 First Data Corp., 9.875%, 9/24/15 (144A) (c) $30,007,969 Internet Software & Services - 0.6 % 16,557,000 Terremark Worldwide, Inc., 12.0%, 6/15/17 $16,722,570 IT Consulting & Other Services - 0.6 % 14,035,000 Sungard Data Systesm, Inc., 9.125%, 8/15/13 (c) $14,315,700 Total Software & Services $63,898,689 Technology Hardware & Equipment - 1.8 % Computer Storage & Peripherals - 0.2 % 6,135,000 Seagate Technology Intl, 10.0%, 5/1/14 $ 6,717,825 Electronic Components - 0.9 % 22,340,000 Corning, Inc., 8.875%, 8/16/21 $25,687,604 Technology Distributors - 0.6 % 19,327,000 Arrow Electronic, Inc., 7.5%, 1/15/27 $17,231,528 Total Technology Hardware & Equipment $49,636,957 Semiconductors - 0.2& Semiconductor Equipment - 0.2 % 4,537,927 Freescale Semiconductor, Inc., 12.5%, 12/15/14 $ 4,191,910 Total Semiconductors $ 4,191,910 Telecommunication Services - 2.4 % Alternative Carriers - 0.4 % 14,200,000 Paetec Holding Corp., 8.875%, 6/30/17 $13,490,000 Integrated Telecommunication Services - 1.3 % 14,025,000 Frontier Communications Corp., 8.25%, 5/1/14 (c)$14,270,438 3,365,000 GCI, Inc., 7.25%, 2/15/14 3,129,450 4,280,000 Mastec, Inc., 7.625%, 2/1/17 3,809,200 6,300,000 Paetec Holdings Corp., 9.5%, 7/15/15 5,449,500 8,250,000 Qwest Corp., 8.375%, 5/1/16 8,456,250 $35,114,838 Wireless Telecommunication Services - 0.6 % 7,930,000 Cricket Communications Inc., 9.375%, 11/1/14 (c)$ 8,048,950 8,665,000 Metropcs Wireless, Inc., 9.25%, 11/1/14 8,968,275 $17,017,225 Total Telecommunication Services $65,622,063 Utilities - 2.7 % Electric Utilities - 0.9 % 33,030,000 TXU Energy Co., 10.25%, 11/1/15 (c) $25,928,542 Independent Power Producer & Energy Traders - 1.6 % 8,400,000 Allegheny Generating Co., 6.875%, 9/1/23 $ 7,847,414 17,000,000 Intergen NV, 9.0%, 6/30/17 16,745,000 19,225,000 NRG Energy, Inc., 7.375%, 1/15/17 18,552,125 $43,144,539 Multi-Utilities - 0.2 % 5,335,000 Public Service of New Mexico 9.25%, 5/15/15 $ 5,174,950 Total Utilities $74,248,031 TOTAL CORPORATE BONDS (Cost $1,972,884,408) $1,664,514,297 SENIOR SECURED FLOATING RATE LOAN INTERESTS - 2.7 % ** Energy - 0.3 % Oil & Gas Equipment Services- 0.2 % 6,178,313 8.00 Hudson Products Holdings, Inc., Term Loan, 8/24/$ 5,807,614 Oil & Gas Exploration & Production - 0.1 % 3,709,267 4.31 Venoco, Inc., Second Lien Loan, 9/20/11 $ 2,888,591 Total Energy $ 8,696,205 Materials - 0.0 % Steel - 0.0 % 2,394,892 7.25 Niagara Corp., Term Loan, 6/29/14 $ 1,221,395 Total Materials $ 1,221,395 Capital Goods - 0.0 % Construction & Farm Machinery & Heavy Trucks - 0.0 % 500,000 8.00 Accuride Corp.,Term Advance Loan, 1/31/12 $ 461,250 Total Capital Goods $ 461,250 Transportation - 0.1 % Air Freight & Couriers - 0.1 % 828,244 3.60 Ceva Group Plc, Additional Pre Term Loan, 11/4/1 594,956 2,474,547 3.29 Ceva Group Plc, U.S. Term Loan, 11/4/13 1,847,661 $ 2,442,617 Total Transportation $ 2,442,617 Automobiles & Components - 0.3 % Tires & Rubber - 0.2 % 7,817,000 2.04 Goodyear Tire & Rubber Co., Second Term Loan, 4/$ 7,243,752 Total Automobiles & Components $ 7,243,752 Consumer Services - 0.3 % Casinos & Gaming - 0.3 % 1,798,668 3.10 Gateway Casinos & Entertainment, Delayed Draw Te$ 1,178,127 8,880,639 3.10 Gateway Casinos & Entertainment, Term Advance Lo 5,816,819 10,000,00 6.10 Gateway Casinos & Entertainment, 2nd Lien Advanc 2,075,000 $ 9,069,946 Total Consumer Services $ 9,069,946 Health Care Equipment & Services - 0.3 % Health Care Supplies - 0.3 % 9,200,000 4.54 IM U.S. Holding LLC, Term Loan, 6/26/15 $ 8,567,500 Total Health Care Equipment & Services $ 8,567,500 Insurance - 0.9 % Insurance Brokers - 0.7 % 5,305,500 3.60 Alliant Holdings I, Inc., Term Loan, 8/21/14 $ 4,841,269 1,772,356 2.79 HUB International Holdings, Delayed Draw Term Lo 1,633,890 7,885,147 2.79 HUB International Holdings, Initial Term Loan, 6 7,269,120 5,439,000 3.35 USI Holdings Corp., Trance B Term Loan, 5/15/14 4,623,150 $18,367,429 Multi-Line Insurance - 0.1 % 7,623,490 3.14 AmWINS Group, Inc., Initial Term Loan, 6/8/13 $ 4,907,621 Total Insurance $23,275,050 Software & Services - 0.1 % Systems Software - 0.1 % 1,850,000 2.92 Vangent, Inc., Term Loan, 2/14/13 $ 1,706,625 Total Software & Services $ 1,706,625 .. Telecommunication Services - 0.1 % Wireless Telecommunication Services - 0.0 % 2,770,000 3.30 Intelsat Jackson Holdings, Ltd., Term Loan, 2/1/$ 2,409,900 Total Telecommunication Services $ 2,409,900 Utilities - 0.3 % Independent Power Producer & Energy Traders - 0.2 % 5,501,356 2.01 NRG Energy, Inc., Credit Linked Loan, 2/1/13 $ 5,230,413 2,957,275 0.50 NRG Energy, Inc., Term Loan, 2/1/13 2,811,630 $ 8,042,043 Total Utilities $ 8,042,043 TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS (Cost $90,100,928) $73,136,283 MUNICIPAL BONDS - 0.0 % Commercial Services & Supplies - 0.0 % Environmental & Facilities Services - 0.0 % 10,000,00 7.60 Ohio Air Quality Development, Floating Rate Note$ 1,000,000 TOTAL MUNICIPAL BONDS (Cost $10,000,000) $ 1,000,000 TEMPORARY CASH INVESTMENTS - 10.6 % Repurchase Agreements - 0.7 % 5,000,000 Bank of America, 0.19%, dated 7/31/09, repurchase price of $5,000,000 plus accrued interest on 8/3/09 collateralized by $5,100,000 Federal National Mortgage Association$ 5,000,000 5,000,000 BNP Paribas, 0.21%, dated 7/31/09, repurchase pr of $5,000,000 plus accrued interest on 8/3/09 collateralized by the following: $1,688,615 Federal National Mortgage Association (ARM), 2.539- 6.464%, 4/1/34-10/1/37 $1,555,676 Federal Home Loan Mortgage Corp., 3.09-6.21%, 9/1/33- 11/1/37 $1,060,491 Freddie Mac Giant, 4.5-6.0%, 5/1/21-7/1/39 $815,218 Federal National Mortgage Association., 5,000,000 5,000,000 0.20 Deutsche Bank, 0.20%, dated 7/31/09, repurchase $5,000,000 plus accrued interest on 8/3/09 collateralized by the following: $1,220,511 Government National Mortgage Association I, 4.5-7.0%, 6/15/24-7/15/39 $59,735 Government National Mortgage Association, 4.625%, 9/20/33 $623,009 Federal Home Loan Mortgage Corp., 5.949-6.039%, 1/1/37- 10/1/37 $1,827,437 Federal National Mortgage Association (ARM), 3.151- 6.072%, 5/1/19-5/1/38 $1,369,308 Freddie Mac Giant, 5.0-7.0%, 7/1/21-7/ 5,000,000 5,000,000 0.20 JPMorgan, 0.20%, dated 7/31/09, repurchase price $5,000,000 plus accrued interest on 8/3/09 collateralized by $5,079,088 Freddie Mac Giant, 4.0-7.0%, 2/1/24 5,000,000 Total Repurchase Agreements $20,000,000 Securities Lending Collateral - 9.9 % (d) Certificates of Deposit: 6,342,382 Abbey National Plc, 1.27%, 8/13/09 $ 6,342,382 9,513,572 Royal Bank of Canada NY, 1.19%, 8/7/09 9,513,572 12,676,166 Cafco, 0.40%, 10/1/09 12,676,166 8,875,486 Ciesco, 0.40%, 9/9/09 8,875,486 12,677,575 Kithaw, 0.40%, 9/21/09 12,677,575 9,508,419 Char FD, 0.30%, 10/5/09 9,508,419 3,169,070 Char FD, 0.28%, 10/26/09 3,169,070 7,984,818 Old LLC, 0.30%, 10/16/09 7,984,818 5,075,466 Old LLC, 0.32%, 10/15/09 5,075,466 2,307,563 TB LLC, 0.25%, 8/12/09 2,307,563 12,683,836 Merrill Lynch, 0.38%, 8/14/09 12,683,836 12,684,763 Societe Generale, 1.06%, 9/4/09 12,684,763 12,684,763 U.S. Bank NA, 0.76%, 8/24/09 12,684,763 $116,183,879 Commercial Paper: 12,684,763 Monumental Global Funding, Ltd., 1.28%, 8/17/09 $12,684,763 6,342,382 CME Group, Inc., 1.21%, 8/6/09 6,342,382 9,515,708 GE, 0.59%, 9/18/09 9,515,708 2,561,271 GE, 0.32%, 10/26/09 2,561,271 12,684,763 HSBC Bank, Inc., 1.31%, 8/14/09 12,684,763 3,171,191 IBM, 0.90%, 9/25/09 3,171,191 11,416,287 New York Life Global, 0.75%, 9/4/09 11,416,287 $58,376,365 Tri-party Repurchase Agreements: 44,396,671 Deutsche Bank, 0.19%, 8/3/09 $44,396,671 37,092,911 Barclays Capital Markets, 0.19%, 8/3/09 37,092,911 $81,489,582 Shares Money Market Mutual Fund: 6,342,382 Fidelity Prime Money Market Fund $ 6,342,380 6,342,382 Dreyfus Prefferred Money Market Fund 6,342,382 $12,684,762 Total Securities Lending Collateral $268,734,588 TOTAL TEMPORARY CASH INVESTMENTS (Cost $288,734,588) $288,734,588 TOTAL INVESTMENT IN SECURITIES - 108.6% (Cost $3,268,235,144) $2,951,240,180 OTHER ASSETS AND LIABILITIES - (8.6)% $(232,613,620) TOTAL NET ASSETS - 100.0% $2,718,626,560 * Senior floating rate loan interests in which the Portfolio invests generally pay interest 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. (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, 2009, the value of these securities amounted to $331,832,250 or 12.2% of total net assets. (a) At July 31, 2009, the net unrealized loss on investments based on cost for federal income tax purposes of $3,268,235,144 was as follows: Aggregate gross unrealized gain for all investments in which there is an excess of value over tax cost $71,042,334 Aggregate gross unrealized loss for all investments in which there is an excess of tax cost over value (388,037,298) Net unrealized loss $(316,994,964) (b) Debt obligation with a variable interest rate. Rate shown is rate at period end (c) At July 31, 2009, the following securities were out on loan: Principal Amount Security Value $12,609,000 Allison Transmissions, Inc., 11.0%, 11/1/15 (144$11,474,190 2,000,000 Arco Chemical Co., 9.8%, 2/1/20 530,000 16,701,000 Baldor Electric, 8.625%, 2/15/17 16,742,753 1,061,000 Bausch & Lomb, Inc., 9.875%, 11/1/15 1,058,348 2,974,000 Biomet, Inc., 10.375%, 10/15/17 3,182,180 5,566,000 Bombardier, Inc., 8.0%, 11/15/14 (144A) 5,371,190 28,155,000 Bowater, Inc., 6.5%, 6/15/13 4,504,800 2,025,000 Cooper Standard Automotive, Inc., 7.0%, 12/15/12 455,625 5,941,000 Cricket Communications Inc., 9.375%, 11/1/14 6,030,115 7,680,000 Crown Cork and Seal Co., Inc., 7.375%, 12/15/26 6,624,000 11,400,000 D.R. Horton, Inc., 2.0%, 5/15/14 12,753,750 1,835,000 Denbury Resources, Inc., 9.75%, 3/1/16 1,958,863 240,000 Dollar Financial, 2.875%, 6/30/27 (144A) 180,000 14,858,000 First Data Corp., 9.875%, 9/24/15 (144A) 12,536,438 2,500,000 Frontier Communications Corp., 8.25%, 5/1/14 2,543,750 8,160,000 General Cable Corp., 7.125%, 4/1/17 7,752,000 5,692,000 Georgia Gulf Corp., 9.5%, 10/15/14 3,642,880 3,835,000 Graham Packaging Co., 9.875%, 10/15/14 3,672,013 6,335,000 Graphic Packaging Co., 9.5%, 8/15/13 6,311,244 685,000 Greenbrier Co., Inc., 8.375%, 5/15/15 506,900 1,680,000 HCA, Inc. 9.875%, 2/15/17 1,768,200 1,290,000 Ineos Group Holdings Plc, 8.5%, 2/15/16 (144A) 583,725 2,000,000 Intelsat Subsidary Holdings Co., Ltd., 8.5%, 1/15 2,020,000 3,000,000 Interpublic Group, Inc., 7.25%, 8/15/11 3,135,000 1,800,000 Inverness Medical Innovation, 9.0%, 5/15/16 1,800,000 5,000,000 MannKind Corp., 3.75%, 12/15/13 3,037,500 5,582,000 MBIA Insurance Corp., Floating Rate Note, 1/15/33 1,974,633 500,000 Nortel Networks, 2.125%, 4/15/14 203,125 6,750,000 Plains Exploration & Production Co., 10.0%, 3/1/1 7,298,437 1,290,000 Plains Exploration & Production Co., 7.75%, 6/15/ 1,280,325 2,290,000 Psychiatric Solutions, Inc., 7.75%, 7/15/15 2,169,775 2,675,900 Sally Holdings LLC, 10.5%, 11/15/16 2,756,177 2,265,000 Scientific Games Corp., 6.25%, 12/15/12 2,197,050 2,117,000 Scientific Games International, Inc., 9.25%, 6/15 2,191,095 5,749,000 Sungard Data Systesm, Inc., 9.125%, 8/15/13 5,863,980 585,000 Telesat Canada, 11.0%, 11/1/15 605,475 2,000,000 Telesat Canada, 12.5%, 11/1/17 2,040,000 600,000 Tesoro Corp., 6.5%, 6/1/17 (144A) 525,000 31,505,700 TXU Energy Co., 10.25%, 11/1/15 24,731,967 2,199,000 Univision Communications, 9.75%, 3/15/15 (144A) 1,473,330 9,053,000 Yankee Acquisition Corp., 8.5%, 2/15/15 8,102,435 8,378,000 Yankee Acquisition Corp., 9.75%, 2/15/17 6,953,740 Shares 28,000 Alliance One International, Inc. * 115,920 4,688,000 BE Aerospace, Inc. * 75,758,080 1,100 Cinemark Holdings, Inc. 12,199 100,000 ESCO Electronics Corp. * 4,109,000 163,700 General Cable Corp. * 6,346,649 21,100 General Communication, Inc. * 144,535 20,000 Hercules Offshore, Inc. * 94,800 85,000 Inverness Medical Innovations, Inc. * 2,860,250 12,500 Itron, Inc. * 652,125 148,100 J.C. Penney Co., Inc. 4,465,215 34,100 Lennox International, Inc. 1,188,385 987,375 NRG Energy, Inc. * 26,866,474 672,600 PolyMet Mining Corp. * 1,116,516 260,000 SandRidge Energy, Inc. * 2,431,000 436,800 Scientific Games Corp. * 7,871,136 156,000 Starbucks Corp. * 2,761,200 167,400 Texas Industries, Inc. 7,616,700 25,000 Titanium Metals Corp. 209,250 100,000 Tyco Electronics, Ltd. 2,147,000 Total $337,308,440 (d) Securities lending collateral is managed by Credit Suisse, New York Branch. Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below. Highest priority is given to Level 1 inputs and lowest priority is given to Level 3. Level 1 - quoted prices in active markets for identical securities Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments) The following is a summary of the inputs used as of July 31, 2009, in valuing the Fund's assets: Level 1 Level 2 Level 3 Total Asset backed securities $0 $1,484,006 $0 $1,484,006 Collateralized Mortgage Oblig 0 1,378,950 0 1,378,950 Corporate bonds 0 1,664,514,297 0 1,664,514,297 Convertible bond 0 438,609,812 0 438,609,812 Municipal bonds 0 1,000,000 0 1,000,000 Floating rate loans 0 73,136,283 0 73,136,283 Common stocks 326,791,842 0 0 326,791,842 Covertible preferred stock 50,950,320 104,640,082 0 155,590,402 Temporary cash 12,684,762 276,049,826 0 288,734,588 Total $390,426,924 $2,560,813,256 $0 $2,951,240,180 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. 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, 2009 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, 2009 By (Signature and Title)* /s/ Mark Bradley Mark Bradley, Treasurer Date September 28, 2009 * Print the name and title of each signing officer under his or her signature. EX-99 2 cert.txt CERTIFICATIONS - -------------- I, John F. Cogan, Jr., certify that: 1. I have reviewed this report on Form N-Q of Pioneer High Yield Fund: 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedule of investments included in this report fairly presents in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting ( as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: September 28, 2009 /s/ John F. Cogan, Jr. John F. Cogan, Jr. President CERTIFICATIONS - -------------- I, Mark Bradley, certify that: 1. I have reviewed this report on Form N-Q of Pioneer High Yield Fund: 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedule of investments included in this report fairly presents in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting ( as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: September 28, 2009 /s/ Mark Bradley Mark Bradley Treasurer -----END PRIVACY-ENHANCED MESSAGE-----