Edgar Filing: Pioneer Diversified High Income Trust

divhinct.htm

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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM N-Q

                   CERTIFIED SHAREHOLDER REPORT OF REGISTERED
                        MANAGEMENT INVESTMENT COMPANIES



  Investment Company Act file number 811-22014


                    Pioneer Diversified High Income Trust
               (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:  April 30

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 Diversified

High Income Trust

NQ| January 31, 2013

Ticker Symbol: HNW

Principal Amount USD ($)	S&P/Moody's Rating		Value


		ASSET BACKED SECURITIES - 1.5% of Net Assets

906,477(a)	CCC/Caa1	Aircraft Finance Trust, Series 1999-1A, Class A1, 0.686%, 5/15/24 (144A)	$ 407,915
1,067(a)	B-/Ba3	Aircraft Finance Trust, Series 1999-1A, Class A2, 0.706%, 5/15/24 (144A)	960
450,000(a)	AA+/A2	Bear Stearns Asset Backed Securities Trust, Series 2004-BO1, Class M3, 1.254%, 10/25/34	399,020
100,000	BB/NR	CarNow Auto Receivables Trust, Series 2012-1A, Class D, 6.9%, 11/15/16 (144A)	100,222
699,000(a)	CCC/Caa2	Carrington Mortgage Loan Trust, Series 2007-FRE1, Class A2, 0.404%, 2/25/37	566,920
400,036(a)	D/NR	Countrywide Asset-Backed Certificates, Series 2007-SD1, Class A1, 0.654%, 3/25/47 (144A)	222,977
117,816(a)	B-/B3	GSAMP Trust, Series 2006-HE8, Class A2B, 0.334%, 1/25/37	111,457


214,984	BB/NR	Westgate Resorts LLC, Series 2012-2A, Class C, 9.0%, 1/20/25 (144A)	218,881
474,118	NR/NR	Westgate Resorts LLC, Series 2012-BA, Class A, 9.5%, 8/20/15 (144A)	474,492



		TOTAL ASSET BACKED SECURITIES
		(Cost $2,393,003)	$ 2,502,844

		COLLATERALIZED MORTGAGE OBLIGATIONS - 0.7% of Net Assets



172,105(b)	B/NR	GSR Mortgage Loan Trust, Series 2004-3F, Class B1, 5.73%, 2/25/34	$ 171,825
864,489(a)	B/Ba2	Impac CMB Trust, Series 2004-9, Class 1A1, 0.964%, 1/25/35	810,486
98,078(a)	NR/NR	WaMu Mortgage Pass Through Certificates, Series 2006-AR16, Class 3A1, 4.785%, 12/25/36	91,049


100,000(b)	NR/NR	Vericrest Opportunity Loan Transferee, Series 2012-NL1A, Class A2, 8.112%, 3/25/49 (144A)	100,920


		TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
		(Cost $1,081,220)	$ 1,174,280

		COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.6% of Net Assets

150,000	NR/NR	Bear Stearns Commercial Mortgage Securities Trust, Series 2005-PWR7, 5.214%, 2/11/41	$153,061


250,000(b)	NR/Baa3	COMM 2012-CCRE2 Mortgage Trust, Series 2012-CR2, Class E, 4.858%, 8/15/45 (144A)	244,566
200,000	NR/NR	Extended Stay America Trust, Series 2013-ESHM, Class M, 7.625%, 12/5/19 (144A)	209,000
173,865(a)	NR/Ba1	JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-FL2A, Class G, 0.566%, 11/15/18 (144A)	146,998


200,000(a)	BBB+/A3	Morgan Stanley Capital I, Inc., Series 2007-XLF9, Class C, 0.906%, 12/15/20 (144A)	186,246


		TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
		(Cost $899,826)	$ 939,871

		SENIOR SECURED FLOATING RATE LOAN INTERESTS - 28.3% of Net Assets *

		AUTOMOBILES & COMPONENTS - 1.9%
		Auto Parts & Equipment - 0.7%
138,007	B/B1	Federal-Mogul Corp., Tranche B Term Loan, 2.148%, 12/29/14	$ 131,365
70,412	B/B1	Federal-Mogul Corp., Tranche C Term Loan, 2.148%, 12/28/15	67,023
250,000	B+/B1	Metaldyne, LLC, USD Term Loan, 6.0%, 12/18/18	254,063
282,863	B+/Ba3	TI Group Automotive Systems LLC, Term Loan, 6.75%, 3/14/18	286,398
217,520	BB/Ba2	Tomkins, LLC/Tomkins, Inc., Term Loan B-2, 3.75%, 9/29/16	219,967

Principal Amount USD ($)	S&P/Moody's Rating		Value

		Auto Parts & Equipment (continued)
142,100	B+/Ba2	UCI International, Inc., (United Components) Term Loan, 5.5%, 7/26/17	$143,521
			$ 1,102,337
		Automobile Manufacturers - 0.9%
1,477,500	BB/Ba2	Chrysler Group LLC, Tranche B Term Loan, 6.0%, 5/24/17	$ 1,512,034
		Tires & Rubber - 0.3%
575,000	BB/Ba1	Goodyear Tire & Rubber Co., Extended Second Lien Term Loan, 4.75%, 4/30/19	$ 583,417
		Total Automobiles & Components	$ 3,197,788


		CAPITAL GOODS - 3.6%
		Aerospace & Defense - 1.6%
891,614	B/Caa1	API Technologies Corp., Term Loan, 8.75%, 6/27/16	$ 900,530
839,946	B-/B2	DAE Aviation Holdings, Inc., Tranche B-1 Loan, 6.25%, 11/2/18	857,795
197,831	BB-/B1	Hunter Defense Technologies, Inc., Term Loan, 5.5%, 8/22/14	185,961
380,776	B/B2	Standard Aero, Ltd., Tranche B-2 Loan, 6.25%, 11/2/18	388,868
324,474	BB-/B1	TASC, Inc., New Tranche B Term Loan, 4.5%, 12/18/15	325,995
			$ 2,659,149
		Construction & Farm Machinery & Heavy Trucks - 0.7%
94,295	BB/Ba2	Manitowoc Co., Inc., Term Loan B, 5.25%, 11/13/17	$ 95,532
648,375	B+/Ba3	Navistar International Corp., Tranche B, Term Loan, 7.0%, 8/17/17	659,073
487,084	B+/B2	Waupaca Foundry, Inc. Term Loan, 5.75%, 6/29/17	492,260
			$ 1,246,865
		Electrical Components & Equipment - 0.3%
563,588	BB-/Ba2	WireCo WorldGroup, Inc., Term Loan, 6.0%, 2/15/17	$ 570,632
		Trading Companies & Distributors - 1.0%
443,211	BBB/Ba2	AWAS Finance Luxembourg 2012 SA, Term Loan, 4.75%, 7/16/18	447,643
1,140,000	B+/Ba3	WESCO Distribution, Inc., Tranche B-1 Loan, 4.5%, 12/12/19	1,155,200
			$ 1,602,843
		Total Capital Goods	$ 6,079,489


		COMMERCIAL & PROFESSIONAL SERVICES - 1.0%
		Commercial Printing - 0.1%
203,117	BB-/Ba3	Cenveo Corp., Facility Term Loan B, 6.625%, 12/21/16	$ 204,132
		Environmental & Facilities Services - 0.8%
1,062,755	CCC-/Caa2	Synagro Technologies, Inc., First Lien Term Loan, 2.308%, 4/2/14	991,019
292,900	B+/B1	Waste Industries USA, Inc., Term Loan B, 4.75%, 3/17/17	295,097
			$ 1,286,116
		Security & Alarm Services - 0.1%
206,868	B+/B1	Protection One, Inc., Term Loan, 5.75%, 3/21/19	$ 208,936
		Total Commercial & Professional Services	$ 1,699,184


		CONSUMER DURABLES & APPAREL - 0.1%
		Textiles - 0.1%
142,353	B/Ba3	Klockner Pentaplast of America, Inc., (Kleopatra Acquisition Corp), Term Loan B-1, 5.75%, 12/21/16	$ 145,023

		Total Consumer Durables & Apparel	$ 145,023


		CONSUMER SERVICES - 2.1%
		Hotels, Resorts & Cruise Lines - 1.0%
864,063	NR/NR	Seven Seas Cruises, Inc., Term Loan B, 3.5%, 12/1/18	$ 874,863
864,063	BB-/Ba2	Seven Seas Cruises, Inc., Term Loan B, 6.25%, 12/21/18	874,864
		Restaurants - 0.7%
547,243	B+/B1	Landry's Inc., Term Loan B, 6.5%, 4/24/18	$ 555,723

Principal Amount USD ($)	S&P/Moody's Rating		Value

		Restaurants (continued)
544,825	NR/Ba3	NPC International, Inc., 2012 Term Loan, 4.5%, 12/28/18	$ 551,635
			$ 1,107,358
		Specialized Consumer Services - 0.4%
272,938	B/Ba3	Monitronics International, Inc., Term Loan, 5.5%, 3/23/18	$ 276,350
434,149	B+/B1	Wash MultiFamily Laundry Systems LLC, Term Loan, 7.0%, 8/28/14	433,877
			$ 710,227
		Total Consumer Services	$ 3,567,312


		DIVERSIFIED FINANCIAL SERVICES - 0.6%
		Consumer Finance - 0.2%
400,000	CCC+/B3	Springleaf Financial Funding Co., Initial Term Loan, 5.5%, 5/10/17	$ 402,150
		Other Diversified Financial Services - 0.4%
147,789	CCC+/B3	BNY ConvergEX Group LLC, Second Lien (EZE) Term Loan, 8.75%, 12/18/17	147,420
352,211	CCC+/B3	BNY ConvergEX Group LLC, Second Lien (TOP) Term Loan, 8.75%, 12/18/17	351,330
72,253	NR/NR	Long Haul Holdings, Ltd., Facility Term Loan A, 0.0%, 1/12/13	43,352
57,668	NR/NR	PT Bakrie & Brothers Tbk, Facility Term Loan B, 0.0%, 1/12/13	34,601
			$ 576,703
		Total Diversified Financial Services	$ 978,853


		ENERGY - 1.4%
		Coal & Consumable Fuels - 0.6%
569,250	B+/B2	Preferred Proppants LLC, Initial Term Loan B, 7.5%, 12/15/16	$ 518,017
450,000	NR/NR	PT Bumi Resources Tbk, Term Loan, 11.208%, 8/7/13	441,000
			$ 959,017
		Environmental Facilities & Services - 0.2%
280,484	NR/B3	Aquilex Holdings LLC, Term Loan, 8.75%, 4/1/16	$ 281,185
		Oil & Gas Exploration & Production - 0.6%
400,000	BB-/Ba3	Chesapeake Energy Corp., Term Loan, 5.75%, 12/2/17	$ 411,000
650,000	B+/B1	Samson Investment Co., Initial Term Loan, 6.0%, 9/25/18	658,938
			$ 1,069,938
		Total Energy	$ 2,310,140


		FOOD, BEVERAGE & TOBACCO - 0.1%
		Packaged Foods & Meats - 0.1%
239,690	B/Ba3	Del Monte Foods Co., Initial Term Loan, 4.5%, 3/8/18	$ 241,287

		Total Food, Beverage & Tobacco	$ 241,287


		HEALTH CARE EQUIPMENT & SERVICES - 3.3%
		Health Care Equipment & Services - 0.1%
242,550	BB-/Ba2	Kinetic Concepts, Inc., Dollar C-1 Term Loan, 5.5%, 5/4/18	$ 246,795
		Health Care Facilities - 0.9%
983,916	BB/Ba3	CHS/Community Health Systems, Inc., Extended Term Loan, 3.862%, 1/25/17	$ 994,106
198,040	BB/Ba3	HCA, Inc., Tranche B-2 Term Loan, 3.612%, 3/31/17	199,773
82,579	BB/Ba3	HCA, Inc., Tranche B-3 Term Loan, 3.452%, 5/1/18	83,301
325,000	NR/B3	Kindred Healthcare, Inc., Incremental Term Loan, 5.25%, 6/1/18	325,609
			$ 1,602,789
		Health Care Services - 1.4%
377,708	B+/B2	AccentCare, Inc., Term Loan, 6.5%, 12/22/16	$ 278,560
345,706	B/B1	Gentiva Health Services, Inc., Term Loan B-1, 6.5%, 8/17/16	349,811
341,123	B/Ba3	Inventiv Health, Inc., Consolidated Term Loan, 6.5%, 8/4/16	338,565
402,825	NR/NR	National Mentor Holdings, Inc., Tranche B-1 Term Loan, 6.5%, 2/9/17	408,867

	Principal Amount USD ($)	S&P/Moody's Rating		Value

			Health Care Services (continued)
	243,289	B/B2	National Specialty Hospitals, Inc., Initial Term Loan, 8.25%, 2/3/17	$ 243,289
	344,750	B/Ba3	Valitas Health Services, Inc., Term Loan B, 5.75%, 6/2/17	345,612
	492,500	NR/B3	Virtual Radiologic Corp., Term Loan B, 7.75%, 12/22/16	431,757
				$ 2,396,461
			Health Care Supplies - 0.4%
	240,722	B+/Ba3	Alere, Inc., Term Loan B, 4.75%, 6/30/17	$ 243,215
	368,150	B+/B1	Bausch & Lomb, Inc., Parent Term Loan, 5.25%, 5/17/19	372,982
				$ 616,197
			Health Care Technology - 0.5%
	243,134	BB-/Ba3	IMS Health, Inc., Tranche B Dollar Term Loan, 4.5%, 8/26/17	$ 245,059
	360,000	CCC/Caa3	Medical Card System, Inc., Term Loan, 12.25%, 9/17/15	327,600
	25,510	B/NR	Physician Oncology Services, LP, Delayed Draw Term Loan, 7.75%, 1/31/17	25,510
	209,980	B/B2	Physician Oncology Services, LP, Effective Date Term Loan, 7.75%, 1/31/17	209,980
				$ 808,149
			Total Health Care Equipment & Services	$ 5,670,391


			HOUSEHOLD & PERSONAL PRODUCTS - 0.5%
			Household Products - 0.2%
	375,646	B+/Ba3	SRAM LLC, First Lien Term Loan, 5.75%, 6/7/18	$ 379,402
			Personal Products - 0.3%
	215,357	BB-/Ba3	NBTY, Inc., Term Loan B-1, 4.25%, 10/1/17	$ 218,705
	243,788	BB-/Ba3	Revlon Consumer Products Corp., Term Loan B, 4.75%, 11/19/17	246,241
				$ 464,946
			Total Household & Personal Products	$ 844,348


			INSURANCE - 1.8%
			Insurance Brokers - 0.4%
	680,822	B+/B1	HUB International, Ltd., 2017 Initial Term Loan, 4.702%, 6/13/17	$ 691,460
			Multi-Line Insurance - 0.8%
	580,000	B-/B1	Alliant Holdings, I LLC Initial Term Loan, 5.0%, 12/20/19	$ 586,525
	750,000	CCC+/B3	AmWINS Group, Inc., Second Lien, Term Loan, 9.25%, 12/6/19	772,500
				$ 1,359,025
			Property & Casualty Insurance - 0.6%
	600,000	CCC/Caa2	Confie Seguros Holding II Co., 10.25%, 5/8/19	$ 603,000
	455,000	B-/B1	USI, Inc., Initial Term Loan, 5.25%, 12/27/19	460,308
				$ 1,063,308
			Total Insurance	$ 3,113,793


			MATERIALS - 2.1%
			Commodity Chemicals - 0.1%
	198,500	BB-/B1	Taminco Global Chemical Corp., Tranche B-2 Dollar Term Loan, 4.25%, 2/15/19	$ 201,229
			Diversified Chemicals - 0.9%
EUR	900,000(c)	NR/NR	Dupont Performance Coating, 4.5%,	$ 1,221,705
	343,000	B+/B2	Univar, Inc., Term Loan B, 5.0%, 6/30/17	346,618
				$ 1,568,323
			Metal & Glass Containers - 0.3%
	512,577	B/B1	Tank Holding Corp., Initial Term Loan, 5.5%, 7/9/19	$ 517,703
			Paper Packaging - 0.3%
	458,025	B/B2	Exopack LLC/Cello-Foil Products, Inc., Term Loan B, 6.5%, 5/31/17	$ 461,269
			Precious Metals & Minerals - 0.1%
	183,375	BB-/B1	Fairmount Minerals, Ltd., Tranche B Term Loan, 5.25%, 3/15/17	$ 183,650
			Specialty Chemicals - 0.4%
	250,000	BB+/Ba1	Chemtura Corp., Facility Term Loan, 5.5%, 8/29/16	$ 253,750

	Principal Amount USD ($)	S&P/Moody's Rating		Value

			Specialty Chemicals (continued)
	344,239	BB+/Ba1	Huntsman International LLC, Extended Term B Loan, 2.757%, 4/19/17	$ 345,530
				$ 599,280
			Total Materials	$ 3,531,454


			MEDIA - 2.0%
			Advertising - 0.6%
	972,534	B+/Ba3	Affinion Group, Inc., Tranche B Term Loan, 5.0%, 10/9/16	$ 932,619
			Broadcasting - 0.8%
	533,543	B+/B2	FoxCo Acquisition Sub LLC, Initial Term Loan, 5.5%, 7/14/17	$ 542,880
	404,958	BB-/Ba3	TWCC Holding Corp., 2011 Term Loan, 4.25%, 2/13/17	410,220
	471,717	B+/B2	Univision Communications, Inc., Extended First Lien Term Loan, 4.459%, 3/31/17	474,015
				$ 1,427,115
			Cable & Satellite - 0.3%
	427,110	B/B1	WideOpenWest Finance LLC, Term Loan, 6.25%, 7/17/18	$ 432,902
			Movies & Entertainment - 0.3%
	129,852	NR/Ba1	Cinedigm Digital Funding I LLC, Term Loan, 5.25%, 4/29/16	$ 130,420
	552,933	D/NR	Lodgenet Interactive Corp., Closing Date Term Loan, 8.5%, 4/4/14	388,712
				$ 519,132
			Total Media	$ 3,311,768


			PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.9%
			Biotechnology - 0.8%
	490,000	BB/B2	Aptalis Pharma, Inc., Term Loan B-1, 5.5%, 2/10/17	$ 495,717
	112,993	BBB-/Ba3	Warner Chilcott Co., LLC, Term Loan B-2, 4.25%, 3/15/18	114,311
–	504,284	BBB-/Ba3	Warner Chilcott Corp., Term Loan B-1, 4.25%, 3/15/18	510,168
	251,270	BBB-/Ba3	WC Luxco S.a.r.l., Term Loan B-3, 4.25%, 3/15/18	254,202
				$ 1,374,398
			Life Sciences Tools & Services - 0.8%
	1,306,808	BB-/Ba3	Catalent Pharma, Inc., Dollar Term Loan, 4.212%, 9/15/16	$ 1,319,059
			Pharmaceuticals - 0.3%
	581,400	NR/NR	KV Pharmaceuticals, 9.0%, 12/5/13	$ 563,958
			Total Pharmaceuticals, Biotechnology & Life Sciences	$ 3,257,415


			REAL ESTATE - 0.1%
			Real Estate Development - 0.1%
	193,750	B-/Ba3	Ozburn-Hessey Holding Co., LLC, First Lien Term Loan, 8.25%, 4/8/16	$ 194,719

			Total Real Estate	$ 194,719


			RETAILING - 0.5%
			Computer & Electronics Retail - 0.5%
	886,501	B/B2	Targus Group International, Inc., Term Loan, 11.0%, 5/24/16	$ 890,933

			Total Retailing	$ 890,933


			SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.8%
			Semiconductor Equipment - 0.8%
	585,466	BB-/B1	Aeroflex, Inc., Tranche B Term Loan, 5.75%, 5/9/18	$ 593,881
	765,247	B/B1	Freescale Semiconductor, Inc., Tranche B Term Loan, 4.465%, 12/1/16	768,196
			Total Semiconductors & Semiconductor Equipment	$ 1,362,077


			SOFTWARE & SERVICES - 2.6%
			Application Software - 1.5%
	672,431	B/Ba3	Expert Global Solutions, Inc., Advance First Lien Term Loan B, 8.0%, 4/3/18	$ 679,715
	431,738	NR/B2	Houghton Mifflin Co., Term Loan, 7.25%, 5/22/18	436,055

	Principal Amount USD ($)	S&P/Moody's Rating		Value

			Application Software (continued)
	950,001	BB+/Baa2	Nuance Communications, Inc., Term Loan C, 3.22%, 3/31/16	958,017
	500,000	CCC+/Caa1	Vertafore, Inc., Second Lien Term Loan, 9.75%, 10/29/17	508,542
				$ 2,582,329
			Data Processing & Outsourced Services - 0.1%
	212,679	BBB-/Ba2	Vantiv LLC, Tranche B Term Loan, 3.75%, 3/27/19	$ 213,476
			Internet Software & Services - 0.2%
	245,625	BB+/Ba3	Autotrader.com, Inc., Tranche B-1 Term Loan, 4.0%, 12/15/16	$ 248,449
			IT Consulting & Other Services - 0.8%
	1,347,567	BB/Ba3	SunGuard Data Systems, Inc., Tranche C Term Loan, 3.958%, 2/28/17	$ 1,362,441
			Total Software & Services	$ 4,406,695


			TECHNOLOGY HARDWARE & EQUIPMENT - 0.4%
			Communications Equipment - 0.1%
	242,531	BB/Ba3	CommScope, Inc., Tranche 1 Term Loan, 4.25%, 1/14/18	$ 245,411
			Electronic Components - 0.3%
	477,897	B/B2	Scitor Corp., Term Loan, 5.0%, 2/15/17	$ 476,702
			Total Technology Hardware & Equipment	$ 722,113


			TELECOMMUNICATION SERVICES - 0.5%
			Integrated Telecommunication Services - 0.5%
	800,000	NR/NR	West Corp., Term Loan B-6, 4.5%, 6/30/18	$ 813,000

			Total Telecommunication Services	$ 813,000


			TRANSPORTATION - 0.8%
			Air Freight & Logistics - 0.8%
	439,482	B/B1	Ceva Group Plc, Dollar Tranche B Pre-Funded L/C Term Loan, 0.262%, 8/31/16	$ 420,942
	919,588	B-/B1	Ceva Group Plc, U.S. Tranche B Term Loan, 5.313%, 8/31/16	880,793
			Total Transportation	$ 1,301,735


			UTILITIES - 0.2%
			Electric Utilities - 0.2%
	629,720	CCC/Caa1	Texas Competitive Electric Holdings Co., LLC, 2017 Term Loan, 4.81%, 10/10/17	$ 415,911

			Total Utilities	$ 415,911

			TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
			(Cost $47,831,400)	$ 48,055,428

			CORPORATE BONDS & NOTES - 102.4% of Net Assets

			AUTOMOBILES & COMPONENTS - 1.0%
			Auto Parts & Equipment - 1.0%
	350,000	B/Caa1	International Automotive Components Group SA, 9.125%, 6/1/18 (144A)	$ 336,000
	1,140,000(c)	NR/NR	Lear Corp., 8.75%, 12/1/16	–
	1,174,000	B+/B1	Tower Automotive Holdings USA LLC / TA Holdings Finance, Inc., 10.625%, 9/1/17 (144A)	1,303,140
			Total Automobiles & Components	$ 1,639,140


			BANKS - 1.8%
			Diversified Banks - 0.9%
	400,000(b)(d)	BB+/B1	ABN Amro North American Holding Preferred Capital Repackage Trust I, 3.407%, 12/29/49 (144A)	$ 400,000
	525,000	B-/B3	Banco de Galicia y Buenos Aires, 8.75%, 5/4/18 (144A)	434,437
	500,000(b)	NR/Caa3	Banco Macro SA, 9.75%, 12/18/36	355,000
BRL	350,000	AAA/NR	International Finance Corp., 9.25%, 3/15/13	176,209
	200,000	NR/Ba2	Turkiye IS Bankasi AS, 6.0%, 10/24/22 (144A)	210,000
				$ 1,575,646
			Regional Banks - 0.9%
	600,000(b)(d)	BBB/Baa3	PNC Financial Services Group, Inc., 8.25%, 5/29/49	$ 607,238

	Principal Amount USD ($)	S&P/Moody's Rating		Value

			Regional Banks (continued)
	750,000	BBB-/NR	UBS AG/Stamford CT, 7.625%, 8/17/22	824,056
				$ 1,431,294
			Total Banks	$ 3,006,940


			CAPITAL GOODS - 7.5%
			Aerospace & Defense - 0.9%
	600,000	B/B3	ADS Tactical, Inc., 11.0%, 4/1/18 (144A)	$ 615,000
	870,000	B-/B2	DynCorp International, Inc., 10.375%, 7/1/17	848,250
	90,000	B/B1	GeoEye, Inc., 9.625%, 10/1/15	99,225
				$ 1,562,475
			Building Products - 0.8%
	850,000	C/Caa3	New Enterprise Stone & Lime Co., Inc., 11.0%, 9/1/18	$ 646,000
	300,000	BB-/B2	USG Corp., 7.875%, 3/30/20 (144A)	342,000
	365,000	BB-/B2	USG Corp., 9.75%, 8/1/14 (144A)	405,150
				$ 1,393,150
			Construction & Engineering - 0.9%
	900,000	B+/B1	Empresas ICA S.A.B. de C.V., 8.9%, 2/4/21 (144A)	$ 945,000
	500,000	BB-/NR	OAS Investments GMBH, 8.25%, 10/19/19 (144A)	524,375
				$ 1,469,375
			Construction & Farm Machinery & Heavy Trucks - 1.3%
	458,000	B+/B3	American Railcar Industries, Inc., 7.5%, 3/1/14	$ 459,695
	250,000	B+/B1	Lonking Holdings, Ltd., 8.5%, 6/3/16 (144A)	251,250
	660,000	CCC+/B3	Navistar International Corp., 8.25%, 11/1/21	648,450
	300,000	NR/NR	OSX 3 Leasing BV, 9.25%, 3/20/15 (144A)	309,750
	160,000	CCC/Caa1	Stanadyne Holdings, Inc., 10.0%, 8/15/14	155,600
	500,000(e)	CCC-/Caa3	Stanadyne Holdings, Inc., 12.0%, 2/15/15	365,000
				$ 2,189,745
			Electrical Components & Equipment - 0.5%
	750,000	B/B3	WireCo WorldGroup, Inc., 9.5%, 5/15/17	$ 787,500

			Industrial Conglomerates - 0.4%
	455,000	B+/B2	JB Poindexter & Co., Inc., 9.0%, 4/1/22 (144A)	$ 474,337
EUR	90,000	BB-/Ba3	Mark IV Europe Lux SCA / Mark IV USA SCA, 8.875%, 12/15/17 (144A)	131,639
				$ 605,976
			Industrial Machinery - 1.4%
	450,000	B/B2	Cleaver-Brooks, Inc., 8.75%, 12/15/19 (144A)	$ 482,062
	500,000(f)	NR/WR	Indalex Holding Corp., 11.5%, 2/1/14	3,750
	335,000	B/Caa2	Liberty Tire Recycling, 11.0%, 10/1/16 (144A)	318,250
	875,000	CCC+/Caa2	Mueller Water Products, Inc., 7.375%, 6/1/17	899,063
	665,000	B+/NR	WPE International Cooperatief UA, 10.375%, 9/30/20 (144A)	611,800
	150,000	B/B3	Xerium Technologies, Inc., 8.875%, 6/15/18	142,500
				$ 2,457,425
			Trading Companies & Distributors - 1.3%
	1,052,000	B-/B3	INTCOMEX, Inc., 13.25%, 12/15/14	$ 1,086,190
	1,090,000	B-/B3	TRAC Intermodal LLC / TRAC Intermodal Corp., 11.0%, 8/15/19 (144A)	1,155,400
				$ 2,241,590
			Total Capital Goods	$ 12,707,236


			COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
			Environmental & Facilities Services - 0.1%
EUR	107,128	D/Caa2	New Reclamation Group Pty., Ltd., 8.125%, 2/1/13 (144A)	$ 145,420

			Total Commercial & Professional Services	$ 145,420


			COMMERCIAL & PROFESSIONAL SERVICES - 0.0%+
			Environmental & Facilities Services - 0.0%+
	700,000(f)	NR/WR	Old AII, Inc., 10.0%, 12/15/16	$ 7

			Total Commercial & Professional Services	$ 7


			CONSUMER DURABLES & APPAREL - 3.5%
			Home Furnishings - 0.3%
	535,000	B+/B3	Tempur-Pedic International, Inc., 6.875%, 12/15/20 (144A)	$ 568,438

	Principal Amount USD ($)	S&P/Moody's Rating		Value

			Homebuilding - 1.1%
	530,000	CCC/Caa2	Beazer Homes USA, Inc., 9.125%, 6/15/18	$ 564,450
	200,000	BB-/Ba3	Corporacion GEO SAB de CV, 8.875%, 3/27/22 (144A)	204,700
	630,000	NR/Ba3	Desarrolladora Homex SAB de CV, 9.5%, 12/11/19 (144A)	648,900
	500,000	NR/Ba3	Urbi Desarrollos Urbanos SAB de CV, 9.75%, 2/3/22 (144A)	416,250
				$ 1,834,300
			Housewares & Specialties - 1.4%
	500,000	CCC+/Caa2	Reynolds Group Issuer, Inc., 9.0%, 4/15/19	$ 527,500
	475,000	CCC+/Caa2	Reynolds Group Issuer, Inc., 9.875%, 8/15/19	518,937
	1,000,000	CCC+/B3	Yankee Candle Co., Inc., 9.75%, 2/15/17	1,037,510
	350,000(g)	CCC+/Caa1	YCC Holdings LLC / Yankee Finance, Inc., 10.25%, 2/15/16	360,504
				$ 2,444,451
			Leisure Products - 0.7%
EUR	275,000	CCC/Caa2	Heckler & Koch GmbH, 9.5%, 5/15/18 (144A)	$ 330,369
	1,000,000	B-/B2	Icon Health & Fitness, Inc., 11.875%, 10/15/16 (144A)	800,000
				$ 1,130,369
			Total Consumer Durables & Apparel	$ 5,977,558


			CONSUMER SERVICES - 5.0%
			Business Services - 0.7%
	750,000	B/B1	Sitel LLC / Sitel Finance Corp., 11.0%, 8/1/17 (144A)	$ 791,250
	600,000	B-/Caa2	Sitel LLC / Sitel Finance Corp., 11.5%, 4/1/18	420,000
				$ 1,211,250
			Casinos & Gaming - 1.9%
	500,000(f)	NR/WR	Buffalo Thunder Development Authority, 9.375%, 12/15/14 (144A)	$ 167,500
EUR	1,155,000	CCC/Caa2	Codere Finance Luxembourg SA, 8.25%, 6/15/15 (144A)	1,277,801
	500,000	CCC/Caa2	Codere Finance Luxembourg SA, 9.25%, 2/15/19 (144A)	377,500
	90,000	NR/NR	Little Traverse Bay Bands of Odawa Indians, 9.0%, 8/31/20 (144A)	86,400
	1,615,000(f)(h)	NR/WR	Mashantucket Western Pequot Tribe, 8.5%, 11/15/15 (144A)	129,200
EUR	500,000	CCC+/Caa1	Peermont Global, Ltd., 7.75%, 4/30/14 (144A)	654,970
	450,000	BB-/B1	Scientific Games International, Inc., 9.25%, 6/15/19	502,875
				$ 3,196,246
			Hotels, Resorts & Cruise Lines - 0.5%
	400,000	CCC+/B2	Seven Seas Cruises S de RL LLC, 9.125%, 5/15/19	$ 424,000
	325,000	B+/B3	Viking Cruises, Ltd., 8.5%, 10/15/22 (144A)	358,313
				$ 782,313
			Leisure Facilities - 0.6%
EUR	300,000	NR/NR	Cirsa Funding Luxembourg, 8.75%, 5/15/18	$ 406,217
EUR	500,000	B+/(P)B3	Cirsa Funding Luxembourg,, 8.75%, 5/15/18 (144A)	670,241
				$ 1,076,458
			Restaurants - 0.9%
	1,235,000(e)	B-/Caa1	Burger King Capital Holdings LLC, 0.0%, 4/15/19 (144A)	$ 1,055,925
	400,000	B/B3	Burger King Corp., 9.875%, 10/15/18	457,000
				$ 1,512,925
			Specialized Consumer Services - 0.4%
	150,000	B/B2	Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 9.625%, 3/15/18	$ 166,500
	500,000	B-/B3	StoneMor Operating LLC, 10.25%, 12/1/17	516,250
				$ 682,750
			Total Consumer Services	$ 8,461,942


			DIVERSIFIED FINANCIALS - 3.7%
			Asset Management & Custody Banks - 0.4%
	590,000	BBB-/Baa3	Janus Capital Group, Inc., 6.7%, 6/15/17	$ 671,601

			Consumer Finance - 0.3%
	610,000	NR/NR	Tarjeta Naranja SA, 9.0%, 1/28/17 (144A)	$ 542,900

	Principal Amount USD ($)	S&P/Moody's Rating		Value

			Investment Banking & Brokerage - 0.2%
	450,000(a)	BB+/Ba2	Goldman Sachs Capital II, 4.0%, 6/1/43	$ 366,750

			Multi-Sector Holdings - 0.4%
	600,000	B/B2	Constellation Enterprises LLC, 10.625%, 2/1/16 (144A)	$ 630,000

			Other Diversified Financial Services - 2.1%
	6,000,000(e)(h)	NR/NR	Fixed Income Trust Series 2012-B, 0.0%, 10/15/97 (144A)	3,310,440
	300,000(d)	BB/NR	Magnesita Finance, Ltd., 8.625%, 4/29/49 (144A)	319,503
				$ 3,629,943
			Specialized Finance - 0.3%
	425,000	B+/B2	National Money Mart Co., 10.375%, 12/15/16	$ 469,094

			Total Diversified Financials	$ 6,310,288


			ENERGY - 11.2%
			Coal & Consumable Fuels - 1.2%
	850,000	B/B1	Bumi Capital Pte, Ltd., 12.0%, 11/10/16 (144A)	$ 784,125
	1,000,000	B/Caa1	Foresight Energy LLC / Foresight Energy Corp., 9.625%, 8/15/17 (144A)	1,085,000
	400,000	CCC+/B3	James River Coal Co., 7.875%, 4/1/19	210,000
				$ 2,079,125
			Oil & Gas Drilling - 1.3%
	1,000,000	CCC+/Caa1	Ocean Rig UDW, Inc., 9.5%, 4/27/16 (144A)	$ 1,040,000
	302,000	B-/B3	Offshore Group Investments, Ltd., 11.5%, 8/1/15	327,670
	500,000	B+/B2	Pioneer Energy Services Corp., 9.875%, 3/15/18	542,500
	320,000	B/B1	Shelf Drill Holdings, Ltd., 8.625%, 11/1/18 (144A)	337,600
				$ 2,247,770
			Oil & Gas Equipment & Services - 1.5%
	1,358,000	B+/B1	American Petroleum Tankers Parent LLC / AP Tankers Co., 10.25%, 5/1/15	$ 1,412,320
	448,000	B/B3	Expro Finance Luxembourg SCA, 8.5%, 12/15/16 (144A)	472,640
	330,000	B/Caa1	Forbes Energy Services, Ltd., 9.0%, 6/15/19	293,700
NOK	1,000,000(a)	NR/NR	Transocean Norway Drilling AS, 8.96%, 2/24/16	191,679
NOK	1,000,000	NR/NR	Transocean Norway Drilling AS, 11.0%, 2/24/16	192,137
				$ 2,562,476
			Oil & Gas Exploration & Production - 7.0%
	505,000	BB-/B1	Berry Petroleum Co., 10.25%, 6/1/14	$ 558,025
	100,000	B-/B3	Comstock Resources, Inc., 7.75%, 4/1/19	103,250
	500,000	B-/B3	Comstock Resources, Inc., 9.5%, 6/15/20	540,000
	600,000	B/NR	EP Energy LLC / EP Energy Finance, Inc., 9.375%, 5/1/20	672,000
	280,000(g)	B/B3	EPE Holdings LLC / EP Energy Bond Co., Inc., 8.125%, 12/15/17 (144A)	282,800
	920,000	B-/B2	Forest Oil Corp., 7.5%, 9/15/20 (144A)	979,800
	570,000	CCC+/B3	Gulfport Energy Corp., 7.75%, 11/1/20 (144A)	601,350
	650,000	CCC+/B3	Halcon Resources Corp., 9.75%, 7/15/20 (144A)	711,750
	444,000	B/B2	Linn Energy LLC / Linn Energy Finance Corp., 11.75%, 5/15/17	479,520
	455,000	B-/Caa1	Midstates Petro Inc.,/Midstates Petroleum Co., LLC, 10.75%, 10/1/20 (144A)	495,950
	800,000	B+/NR	MIE Holdings Corp., 9.75%, 5/12/16 (144A)	864,000
	200,000	NR/NR	National JSC Naftogaz of Ukraine, 9.5%, 9/30/14	205,500
	1,440,000	B-/Caa1	Northern Oil & Gas, Inc., 8.0%, 6/1/20	1,512,000
NOK	2,500,000	NR/NR	Norwegian Energy Co., AS, 12.9%, 11/20/14	469,729
	535,000	B-/B3	PDC Energy, Inc., 7.75%, 10/15/22 (144A)	556,400
	280,000	CCC+/Caa1	PetroBakken Energy, Ltd., 8.625%, 2/1/20 (144A)	285,600
	480,000	B-/Caa1	QR Energy LP / QRE Finance Corp., 9.25%, 8/1/20	508,800
	240,000	CCC/Caa1	Quicksilver Resources, Inc., 7.125%, 4/1/16	200,400
	700,000	B-/B3	Resolute Energy Corp., 8.5%, 5/1/20 (144A)	717,500
	472,000	BB-/B3	Rosetta Resources, Inc., 9.5%, 4/15/18	526,280
	200,000	B-/B3	Samson Investment Co., 9.75%, 2/15/20 (144A)	212,750
CAD	315,000	B/NR	Trilogy Energy Corp., 7.25%, 12/13/19 (144A)	326,086
				$ 11,809,490

	Principal Amount USD ($)	S&P/Moody's Rating		Value

			Oil & Gas Storage & Transportation - 0.2%
	450,000(b)	BB/Ba1	Southern Union Co., 3.316%, 11/1/66	$ 388,125

			Total Energy	$ 19,086,986


			FOOD, BEVERAGE & TOBACCO - 7.2%
			Agricultural Products - 1.0%
	1,127,000	B/B3	Southern States Cooperative, Inc., 11.25%, 5/15/15 (144A)	$ 1,169,263
	500,000	B/NR	Tonon Bioenergia SA, 9.25%, 1/24/20 (144A)	496,250
				$ 1,665,513
			Packaged Foods & Meats - 4.9%
	225,000	B/(P)B2	Agrokor DD, 8.875%, 2/1/20 (144A)	$ 252,844
EUR	200,000	B/B2	Agrokor DD, 9.875%, 5/1/19 (144A)	305,847
	650,000	BB/B1	Bertin SA / Bertin Finance Ltd., 10.25%, 10/5/16 (144A)	728,000
	500,000	B+/B1	CFG Investment SAC, 9.75%, 7/30/19 (144A)	417,500
	305,000	B/B1	Chiquita Brands International, Inc. / LLC, 7.875%, 2/1/21 (144A)	307,669
	491,000	B+/B2	Corporacion Pesquera Inca SAC, 9.0%, 2/10/17 (144A)	518,005
	1,100,000	B/(P)B3	FAGE Dairy Industry SA/FAGE USA Dairy Industry, Inc., 9.875%, 2/1/20 (144A)	1,196,250
	224,421(f)(h)	NR/NR	Independencia International, Ltd., 12.0%, 12/30/16 (144A)	561
	800,000	B+/B2	Marfrig Holding Europe BV, 8.375%, 5/9/18 (144A)	728,000
	475,000	B+/B2	Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A)	452,437
	700,000	B+/B2	Marfrig Overseas, Ltd., 9.625%, 11/16/16 (144A)	707,000
	1,600,000	B+/B1	Minerva Luxembourg SA, 7.75%, 1/31/23 (144A)	1,640,000
	200,000	B+/B1	Minerva Luxembourg SA, 12.25%, 2/10/22 (144A)	244,000
	600,000	B+/B2	Pesquera Exalmar SAA, 7.375%, 1/31/20 (144A)	588,000
	300,000	B-/Caa1	Pilgrim's Pride Corp., 7.875%, 12/15/18	310,125
				$ 8,396,238
			Tobacco - 1.3%
	2,015,000	B-/B3	Alliance One International, Inc., 10.0%, 7/15/16	$ 2,140,937

			Total Food, Beverage & Tobacco	$ 12,202,688


			GOVERNMENT - 0.2%
			Government - 0.2%
	400,000	B-/NR	Province of Salta Argentina, 9.5%, 3/16/22 (144A)	$ 339,800

			Total Government	$ 339,800


			HEALTH CARE EQUIPMENT & SERVICES - 4.6%
			Health Care Equipment & Services - 1.0%
	915,000	CCC+/Caa2	Accellent, Inc., 10.0%, 11/1/17	$ 805,200
	875,000	B+/B2	Physio-Control International, Inc., 9.875%, 1/15/19 (144A)	980,000
				$ 1,785,200
			Health Care Facilities - 0.5%
	600,000	B-/B3	Kindred Healthcare, Inc., 8.25%, 6/1/19	$ 591,000
	200,000	CCC+/Caa1	United Surgical Partners, 9.0%, 4/1/20	224,500
	26,000(i)	CCC+/Caa1	Vanguard Health Systems, Inc., 0.0%, 2/1/16	19,890
				$ 835,390
			Health Care Services - 2.3%
	378,000	B-/Caa1	BioScrip, Inc., 10.25%, 10/1/15	$ 401,152
	476,000	CCC/Caa2	Gentiva Health Services, Inc., 11.5%, 9/1/18	467,670
–	1,000,000	CCC+/Caa2	Rural / Metro Corp., 10.125%, 7/15/19 (144A)	1,000,000
	796,459	CCC+/B3	Surgical Care Affiliates, Inc., 8.875%, 7/15/15 (144A)	811,393
	1,170,000	CCC+/Caa1	Surgical Care Affiliates, Inc., 10.0%, 7/15/17 (144A)	1,224,113
				$ 3,904,328
			Health Care Supplies - 0.6%
	455,000	B/Caa1	Bausch & Lomb, Inc., 9.875%, 11/1/15	$ 468,650
	500,000	B-/Caa1	Immucor, Inc., 11.125%, 8/15/19	560,000
				$ 1,028,650
			Health Care Technology - 0.2%
	275,000	CCC+/Caa1	Emdeon, Inc., 11.0%, 12/31/19	$ 316,250

			Total Health Care Equipment & Services	$ 7,869,818

	Principal Amount USD ($)	S&P/Moody's Rating		Value

			HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
			Personal Products - 0.2%
	300,000	B/B2	Revlon Consumer Products Corp., 9.75%, 11/15/15	$ 316,500

			Total Household & Personal Products	$ 316,500


			INSURANCE - 26.4%
			Insurance Brokers - 1.1%
	1,000,000	CCC+/Caa2	HUB International, Ltd., 8.125%, 10/15/18 (144A)	$ 1,035,000
GBP	475,000	NR/Caa1	Towergate Finance Plc, 10.5%, 2/15/19 (144A)	790,967
				$ 1,825,967
			Multi-Line Insurance - 1.2%
	1,000,000(b)	BB/Baa3	Liberty Mutual Group, Inc., 7.0%, 3/15/37 (144A)	$ 1,005,000
	670,000(b)	BB/Baa3	Liberty Mutual Group, Inc., 10.75%, 6/15/58 (144A)	1,018,400
				$ 2,023,400
			Property & Casualty Insurance - 0.0%+
	80,000(b)(d)	BB+/Ba2	White Mountains Insurance Group, Ltd., 7.506%, 5/29/49 (144A)	$ 84,817

			Reinsurance - 24.1%
EUR	750,000(a)	BB/NR	ATLAS Reinsurance VII, Ltd., 3.65%, 1/7/16 (144A)	$ 1,026,945
	250,000(a)	BB-/NR	ATLAS Reinsurance VII, Ltd., 8.178%, 1/7/16 (144A)	248,400
EUR	500,000(a)	B/NR	ATLAS VI Capital, Ltd., 9.686%, 4/6/13 (144A)	683,001
EUR	500,000(a)	B-/NR	ATLAS VI Capital, Ltd., 10.5%, 4/7/14 (144A)	700,851
	1,500,000(a)	BB+/NR	Caelus Re II, Ltd., 6.571%, 5/24/13 (144A)	1,510,500
	900,000(a)	NR/B1	Combine Re, Ltd., 10.071%, 1/7/15 (144A)	966,060
	750,000(a)	NR/NR	Combine Re, Ltd., 17.821%, 1/7/15 (144A)	803,850
	500,000(a)	BB-/NR	Compass Re, Ltd., 10.321%, 1/8/15 (144A)	509,650
	500,000(a)	B+/NR	Compass Re, Ltd., 11.321%, 1/8/15 (144A)	502,650
	1,000,000(a)	BB+/NR	Foundation Re III, Ltd., 5.071%, 2/25/15	1,007,300
	1,000,000(a)	BB/NR	Foundation Re III, Ltd., 5.821%, 2/3/14 (144A)	1,001,100
	500,000(a)	BB/NR	East Lane Re Ltd., 6.721%, 3/13/15 (144A)	$ 503,800
	1,300,000(a)	B-/NR	Ibis Re II, Ltd., 13.571%, 2/5/15 (144A)	1,294,800
	1,000,000(a)	BB+/NR	Kibou, Ltd., 5.321%, 2/16/15 (144A)	1,029,300
	1,800,000(a)	BB/NR	Lodestone Re, Ltd., 7.321%, 1/8/14 (144A)	1,813,860
	1,250,000(a)	BB-/NR	Lodestone Re, Ltd., 8.321%, 5/17/13 (144A)	1,262,125
	1,000,000(a)	B/NR	Montana Re, Ltd., 12.211%, 1/8/14 (144A)	991,600
	2,000,000(a)	NR/NR	Montana Re, Ltd., 16.711%, 1/8/14 (144A)	1,978,800
	1,500,000(a)	NR/B2	Mythen Re, Ltd., 11.216%, 5/7/15 (144A)	1,521,600
	725,000(a)	B-/NR	Mythen Re, Ltd., 11.94%, 11/10/16 (144A)	717,315
	500,000(a)	NR/NR	Pelican Re, Ltd., 13.821%, 4/13/15 (144A)	531,100
	1,200,000(a)	BB-/NR	Queen Street II Capital, Ltd., 7.571%, 4/9/14 (144A)	1,206,600
	1,000,000(a)	B+/NR	Queen Street III Capital, Ltd., 4.821%, 7/28/14 (144A)	1,012,800
	2,000,000(a)	BB-/NR	Queen Street IV Capital, Ltd., 7.571%, 4/9/15 (144A)	1,999,200
	250,000(a)	B/NR	Queen Street VII Capital, Ltd., 8.671%, 4/8/16 (144A)	249,900
	250,000(a)	NR/NR	Residential Reinsurance 2010, Ltd., 7.321%, 6/6/13 (144A)	252,900
	1,250,000(a)	NR/NR	Residential Reinsurance 2010, Ltd., 10.821%, 6/6/13 (144A)	1,269,250
	250,000(a)	B-/NR	Residential Reinsurance 2010, Ltd., 13.071%, 6/6/13 (144A)	255,650
	1,250,000(a)	B-/NR	Residential Reinsurance 2011, Ltd., 12.071%, 6/6/15 (144A)	1,270,875
	250,000(a)	NR/NR	Residential Reinsurance 2012, Ltd., 12.821%, 12/6/16 (144A)	249,325
	1,250,000(a)	NR/NR	Residential Reinsurance 2012, Ltd., 19.071%, 12/6/16 (144A)	1,241,250
	1,000,000(a)	NR/NR	Residential Reinsurance 2012, Ltd., 22.071%, 6/6/16 (144A)	958,300
	1,000,000(i)	NR/NR	Sector Re V Ltd., 0.0%, 12/1/17 (144A)	1,023,400
	500,000(a)	B-/NR	Successor X, Ltd., 9.821%, 4/4/13 (144A)	502,450
	500,000(a)	NR/B2	Successor X, Ltd., 11.071%, 1/27/15 (144A)	515,000
	1,500,000(a)	B-/NR	Successor X, Ltd., 11.321%, 11/10/15 (144A)	1,497,450
	1,250,000(a)	NR/NR	Successor X, Ltd., 11.821%, 4/4/13 (144A)	1,256,000
	2,000,000(a)	B-/NR	Successor X, Ltd., 14.683%, 1/7/14 (144A)	2,000,200
	2,000,000(a)	NR/NR	Successor X, Ltd., 16.183%, 1/7/14 (144A)	1,973,400
	1,000,000(a)	NR/NR	Successor X, Ltd., 16.571%, 1/27/15 (144A)	1,011,500
	500,000(a)	NR/NR	Successor X, Ltd., 16.821%, 4/4/13 (144A)	500,050
				$ 40,850,107
			Total Insurance	$ 44,784,292

	Principal Amount USD ($)	S&P/Moody's Rating		Value

			MATERIALS - 12.5%
			Aluminum - 0.0%+
	670(g)	CCC+/Caa1	Noranda Aluminum Acquisition Corp., 4.524%, 5/15/15	$ 638

			Commodity Chemicals - 0.5%
	300,000	BB+/WR	Basell Finance Co. BV, 8.1%, 3/15/27 (144A)	$ 396,000
EUR	250,000	CCC/Caa1	KP Germany Erste GmbH, 11.625%, 7/15/17 (144A)	381,851
				$ 777,851
			Construction Materials - 0.8%
	865,000	C/Caa3	AGY Holding Corp., 11.0%, 11/15/14	$ 430,337
	389,000	B/NR	CEMEX Espana Luxembourg, 9.875%, 4/30/19 (144A)	436,653
	400,000	B/NR	CEMEX Finance LLC, 9.5%, 12/14/16 (144A)	427,000
	100,000	B/NR	CEMEX SAB de CV, 9.0%, 1/11/18 (144A)	108,000
				$ 1,401,990
			Diversified Chemicals - 1.2%
EUR	1,375,000	CCC+/Caa1	INEOS Group Holdings SA, 7.875%, 2/15/16 (144A)	$ 1,871,160
	275,000	CC/Caa1	Momentive Performance Materials, Inc., 9.0%, 1/15/21	213,125
				$ 2,084,285
			Diversified Metals & Mining - 1.7%
	300,000	CCC+/Caa2	Midwest Vanadium Pty., Ltd., 11.5%, 2/15/18 (144A)	$ 193,500
	650,000	CCC+/Caa1	Mirabela Nickel, Ltd., 8.75%, 4/15/18 (144A)	617,500
	550,000	CCC+/B3	Molycorp, Inc., 10.0%, 6/1/20 (144A)	550,000
	400,000	B+/B1	Mongolian Mining Corp., 8.875%, 3/29/17 (144A)	410,000
	180,000	B/Caa1	Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A)	194,850
	750,000	BB/Ba3	Vedanta Resources Plc, 9.5%, 7/18/18 (144A)	886,875
				$ 2,852,725
			Metal & Glass Containers - 0.9%
	560,882(g)	CCC+/Caa1	Ardagh Finance SA, 11.125%, 6/1/18 (144A)	$ 604,350
EUR	250,000	CCC+/B3	Ardagh Glass Finance Plc, 8.75%, 2/1/20 (144A)	352,089
EUR	255,000	B+/Ba3	Ardagh Glass Finance Plc, 9.25%, 7/1/16 (144A)	366,919
	175,000	CCC+/B3	BWAY Holdings Co., 10.0%, 6/15/18	195,562
				$ 1,518,920
			Paper Packaging - 0.7%
	750,103(e)	NR/NR	Bio Pappel SAB de CV, 7.0%, 8/27/16	$ 723,849
	500,000	B-/Caa1	Pretium Packaging LLC / Pretium Finance, Inc., 11.5%, 4/1/16	525,000
				$ 1,248,849
			Paper Products - 2.0%
	500,000	B+/B1	Appleton Papers, Inc., 10.5%, 6/15/15 (144A)	$ 527,500
	200,000	CCC+/B3	Appleton Papers, Inc., 11.25%, 12/15/15	216,500
	260,000	BB/Ba2	Clearwater Paper Corp., 10.625%, 6/15/16	282,100
	580,000	CCC+/Caa2	Exopack Holdings Corp., 10.0%, 6/1/18	539,400
	186,000	B+/B1	Grupo Papelero Scribe SA de CV, 8.875%, 4/7/20 (144A)	180,420
	344,000	B+/B3	Mercer International, Inc., 9.5%, 12/1/17	372,380
	392,000	BB/Ba3	Resolute Forest Products, 10.25%, 10/15/18	451,780
	545,000	BB/Ba2	Sappi Papier Holding GmbH, 8.375%, 6/15/19 (144A)	615,850
	255,000	NR/NR	Unifrax I LLC/Unifrax HO, 7.5%, 2/15/19	255,000
				$ 3,440,930
			Precious Metals & Minerals - 0.3%
	500,000	BB-/Ba3	ALROSA Finance SA, 8.875%, 11/17/14 (144A)	$ 554,300

			Steel - 4.4%
	750,000	B+/B3	AM Castle & Co., 12.75%, 12/15/16	$ 885,000
	250,000	B+/B3	APERAM, 7.375%, 4/1/16 (144A)	242,500
	350,000	B/Caa1	Atkore International, Inc., 9.875%, 1/1/18	385,875
	450,000	B/B3	Essar Steel Algoma, Inc., 9.375%, 3/15/15 (144A)	435,375
	1,245,000	CCC/Caa2	Essar Steel Algoma, Inc., 9.875%, 6/15/15 (144A)	971,100
	250,000	B+/B1	Evraz Group SA, 8.875%, 4/24/13 (144A)	253,900
	250,000	B+/B1	Evraz Group SA, 9.5%, 4/24/18 (144A)	289,503
	900,000	B/Caa1	Ferrexpo Finance Plc, 7.875%, 4/7/16 (144A)	906,750
	900,000	NR/B3	Metinvest BV, 8.75%, 2/14/18 (144A)	913,095
	600,000	NR/B3	Metinvest BV, 10.25%, 5/20/15 (144A)	634,500
	585,000	B/B2	Optima Specialty Steel, Inc., 12.5%, 12/15/16 (144A)	628,875
	750,000	CCC+/Caa2	Ryerson, Inc., 9.0%, 10/15/17 (144A)	806,250

	Principal Amount USD ($)	S&P/Moody's Rating		Value

			Steel (continued)
EUR	50,000	CCC/Caa2	Zlomrex International Finance SA, 8.5%, 2/1/14 (144A)	50,904
				$ 7,403,627
			Total Materials	$ 21,284,115


			MEDIA - 6.3%
			Advertising - 1.4%
	1,100,000	NR/B3	Good Sam Enterprises LLC, 11.5%, 12/1/16	$ 1,168,750
	716,000	B/B3	MDC Partners, Inc., 11.0%, 11/1/16	787,600
	375,000	B/B3	MDC Partners, Inc.,, 11.0%, 11/1/16 (144A)	412,500
				$ 2,368,850
			Broadcasting - 3.3%
	1,139,556	CCC+/Caa3	Intelsat Bermuda, Ltd., 11.5%, 2/4/17	$ 1,207,929
	125,000(g)	CCC+/Caa3	Intelsat Luxembourg SA, 11.5%, 2/4/17 (144A)	132,500
EUR	150,000	NR/NR	Nara Cable Funding II Ltd., 8.5%, 3/1/20	200,950
–	400,000	B+/B1	Nara Cable Funding, Ltd., 8.875%, 12/1/18 (144A)	482,413
	430,000	B-/B3	Telesat Canada / Telesat LLC, 12.5%, 11/1/17	467,625
	1,655,000	B/B3	Townsquare Radio LLC / Townsquare Radio, Inc., 9.0%, 4/1/19 (144A)	1,828,775
	990,000	CCC+/Caa1	Truven Health Analytics, Inc., 10.625%, 6/1/20 (144A)	1,093,950
EUR	200,000	B+/B1	TVN Finance Corp. II AB, 10.75%, 11/15/17 (144A)	293,888
				$ 5,708,030
			Movies & Entertainment - 1.3%
	1,710,000	CCC+/Caa1	AMC Entertainment, Inc., 9.75%, 12/1/20	$ 1,992,150
	200,000	CCC+/Caa1	Production Resource Group, Inc., 8.875%, 5/1/19	155,500
				$ 2,147,650
			Publishing - 0.3%
	600,000	CC/Ca	Cengage Learning Acquisitions, Inc., 10.5%, 1/15/15 (144A)	$ 189,000
	245,000	B-/B3	Interactive Data Corp., 10.25%, 8/1/18	277,463
				$ 466,463
			Total Media	$ 10,690,993


			PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.5%
			Biotechnology - 0.8%
	300,000	B/Caa1	ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A)	$ 333,000
	1,043,000	B+/Caa2	Lantheus Medical Imaging, Inc., 9.75%, 5/15/17	972,598
				$ 1,305,598
			Life Sciences Tools & Services - 0.0%+
	61,297	B/Caa1	Catalent Pharma Solutions, Inc., 9.5%, 4/15/15	$ 61,910

			Pharmaceuticals - 0.7%
	1,215,000(f)	NR/NR	KV Pharmaceutical Co., 12.0%, 3/15/15	$ 1,154,250

			Total Pharmaceuticals, Biotechnology & Life Sciences	$ 2,521,758


			REAL ESTATE - 0.3%
			Diversified REIT's - 0.1%
	200,000	B+/Ba3	CNL Lifestyle Properties, Inc., 7.25%, 4/15/19	$ 198,500

			Real Estate Operating Companies - 0.2%
	410,000	B-/NR	IRSA Inversiones y Representaciones SA, 8.5%, 2/2/17 (144A)	$ 373,100

			Total Real Estate	$ 571,600


			SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.5%
			Semiconductor Equipment - 0.2%
	465,000	B+/Caa1	MEMC Electronic Materials, Inc., 7.75%, 4/1/19	$ 413,850

			Semiconductors - 0.3%
	500,000	B/B2	Advanced Micro Devices, 7.5%, 8/15/22 (144A)	$ 417,500

			Total Semiconductors & Semiconductor Equipment	$ 831,350


			SOFTWARE & SERVICES - 1.3%
			Application Software - 0.5%
	689,000	CCC-/Caa2	Allen Systems Group, Inc., 10.5%, 11/15/16 (144A)	$ 468,520
	415,000	B-/B3	Interface Security Systems Holdings, Inc. / Interface Security Systems LLC, 9.25%, 1/15/18 (144A)	422,262
				$ 890,782

Principal Amount USD ($)	S&P/Moody's Rating		Value

		Data Processing & Outsourced Services - 0.3%
404,000	B-/Caa1	First Data Corp., 8.25%, 1/15/21 (144A)	$ 416,120
91,000	B-/Caa1	First Data Corp., 9.875%, 9/24/15	93,275
			$ 509,395
		Systems Software - 0.5%
938,504(g)(h)	NR/NR	Pegasus Solutions, Inc., 13.0%, 4/15/14 (144A)	$ 844,654

		Total Software & Services	$ 2,244,831


		TECHNOLOGY HARDWARE & EQUIPMENT - 0.3%
		Computer Storage & Peripherals - 0.3%
415,000	BBB/Baa3	Seagate Technology International, Inc., 10.0%, 5/1/14 (144A)	$ 444,050

		Total Technology Hardware & Equipment	$ 444,050


		TELECOMMUNICATION SERVICES - 2.1%
		Alternative Carriers - 0.2%
350,000	NR/WR	PAETEC Holding Corp., 9.875%, 12/1/18	$ 403,813

		Integrated Telecommunication Services - 0.5%
388,000	CCC+/B3	Cincinnati Bell, Inc., 8.75%, 3/15/18	$ 409,825
300,000	BB-/Ba2	Frontier Communications Corp., 8.75%, 4/15/22	347,250
			$ 757,075
		Wireless Telecommunication Services - 1.4%
300,000	NR/Caa1	Digicel Group, Ltd., 10.5%, 4/15/18 (144A)	$ 334,500
750,000	B-/B2	NII Capital Corp., 10.0%, 8/15/16	725,625
1,115,000	BB/Ba3	Vimpel Communications Via VIP Finance Ireland Ltd. OJSC, 9.125%, 4/30/18 (144A)	1,324,062
			$ 2,384,187
		Total Telecommunication Services	$ 3,545,075


		TRANSPORTATION - 3.4%
		Air Freight & Logistics - 0.7%
1,329,000	CCC+/Caa2	CEVA Group Plc, 11.5%, 4/1/18 (144A)	$ 1,169,520

		Airlines - 1.1%
109,515	BB+/Ba2	Continental Airlines 1998-1 Class B Pass Through Trust, 6.748%, 3/15/17	$ 115,133
250,000	BB+/Ba3	Delta Air Lines 2010-1 Class B Pass Through Trust, 6.375%, 1/2/16	260,000
1,000,000	B-/NR	Gol Finance, 9.25%, 7/20/20 (144A)	980,000
500,000	BB-/NR	TAM Capital 3, Inc., 8.375%, 6/3/21 (144A)	552,500
			$ 1,907,633
		Airport Services - 0.3%
552,000	B-/B3	Aeropuertos Argentina 2000 SA, 10.75%, 12/1/20 (144A)	$ 518,880

		Marine - 0.3%
525,000	B+/B3	Navios South American Logistics, Inc./Navios Logistics Finance US, Inc., 9.25%, 4/15/19	$ 525,000

		Railroads - 0.2%
293,732(g)	CCC/Caa3	Florida East Coast Holdings Corp., 10.5%, 8/1/17	$ 301,810

		Trucking - 0.8%
250,000	BB-/Ba3	Aeropuertos Dominicanos Siglo XXI SA, 9.25%, 11/13/19 (144A)	$ 266,250
425,000	B+/B3	Swift Services Holdings, Inc., 10.0%, 11/15/18	479,719
300,000	B/B3	Syncreon Global Ireland, Ltd., 9.5%, 5/1/18 (144A)	315,000
250,000	B/B3	Syncreon Global Ireland, Ltd. / Syncreon Global Finance US, Inc., 9.5%, 5/1/18 (144A)	262,500
			$ 1,323,469
		Total Transportation	$ 5,746,312


		UTILITIES – 1.8%
		Electric Utilities - 0.6%
750,000	CCC/NR	Cia de Energia Electrica en Alta Tension Transener SA, 9.75%, 8/15/21 (144A)	$ 270,000
419,000	NR/Caa1	Empresa Distrbuidora Y Comercializadora Norte, 9.75%, 10/25/22 (144A)	192,740
225,000	BB+/Ba1	PNM Resources, Inc., 9.25%, 5/15/15	256,500
240,000	CCC/Caa1	Texas Competitive Electric Holdings Co., LLC / TCEH Finance, Inc., 11.5%, 10/1/20 (144A)	189,600

	Principal Amount USD ($)	S&P/Moody's Rating		Value

			Electric Utilities (continued)
	510,000	D/Caa3	Texas Competitive Electric Holdings Co., LLC / TCEH Finance, Inc., 15.0%, 4/1/21	173,400
				$ 1,082,240
			Gas Utilities - 0.6%
	1,135,000	B-/B3	Transportadora de Gas del Sur SA, 7.875%, 5/14/17 (144A)	$ 987,450

			Independent Power Producers & Energy Traders - 0.6%
	500,000	B/B1	InterGen NV, 9.0%, 6/30/17 (144A)	465,000
	500,000	NR/B2	Star Energy Geothermal Wayang Windu Ltd., 11.5%, 2/12/15 (144A)	530,000
				$ 995,000
			Total Utilities	$ 3,064,690

			TOTAL CORPORATE BONDS & NOTES
			(Cost $172,267,152)	$ 173,793,388

			CONVERTIBLE BONDS & NOTES - 2.7% of Net Assets

			DIVERSIFIED FINANCIALS - 0.1%
			Asset Management & Custody Banks - 0.1%
	120,000	BBB/NR	Apollo Investment Corp., 5.75%, 1/15/16	$ 126,150

			Total Diversified Financials	$ 126,150


			HEALTH CARE EQUIPMENT & SERVICES - 1.0%
			Health Care Equipment & Services - 0.8%
	1,040,000(e)	B+/NR	Hologic, Inc., 2.0%, 12/15/37	$ 1,285,700

			Health Care Facilities - 0.2%
	405,000	B/NR	LifePoint Hospitals, Inc., 3.5%, 5/15/14	$ 430,566

			Health Care Services - 0.0%+
	15,000	B+/B2	Omnicare, Inc., 3.25%, 12/15/35	$ 14,962

			Total Health Care Equipment & Services	$ 1,731,228


			MATERIALS - 1.0%
			Diversified Chemicals - 0.9%
	1,900,000(j)	B+/NR	Hercules, Inc., 6.5%, 6/30/29	$ 1,588,875

			Diversified Metals & Mining - 0.1%
	100,000	BB/NR	Vedanta Resources Jersey, Ltd., 5.5%, 7/13/16	$ 103,200

			Total Materials	$ 1,692,075


			MEDIA - 0.4%
			Movies & Entertainment - 0.4%
	659,000	B-/NR	Live Nation Entertainment, Inc., 2.875%, 7/15/27 (144A)	$ 657,353

			Total Media	$ 657,353


			SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
			Semiconductors - 0.2%
	150,000	NR/NR	JA Solar Holdings Co., Ltd., 4.5%, 5/15/13	$ 142,500
	250,000	NR/NR	ReneSola, Ltd., 4.125%, 3/15/18 (144A)	132,187
	271,000	NR/NR	Suntech Power Holdings Co., Ltd., 3.0%, 3/15/13	131,435
			Total Semiconductors & Semiconductor Equipment	$ 406,122

			TOTAL CONVERTIBLE BONDS & NOTES
			(Cost $3,670,825)	$ 4,612,928
			SOVEREIGN DEBT OBLIGATIONS - 1.4% of Net Assets
			Brazil - 0.3%
BRL	750,000	BBB/Baa2	Brazilian Government International Bond, 10.25%, 1/10/28	$ 472,788

			Mexico - 0.5%
–	9,370,000	A-/Baa1	Mexican Bonos, 7.5%, 6/3/27	$ 894,486

	Principal Amount USD ($)	S&P/Moody's Rating		Value

			Ukraine - 0.6%
–	900,000	B/B3	Ukraine Government International Bond, 6.75%, 11/14/17 (144A)	$ 970,750

			TOTAL SOVEREIGN DEBT OBLIGATIONS
			(Cost $2,041,547)	$ 2,338,024


	Shares


			COMMON STOCKS - 0.4% of Net Assets

			AUTOMOBILES & COMPONENTS - 0.1%
			Auto Parts & Equipment - 0.1%
	2,010		Lear Corp.	$ 98,490

			Total Automobiles & Components	$ 98,490


			DIVERSIFIED FINANCIALS - 0.0%+
			Other Diversified Financial Services - 0.0%+
	731(k)		BTA Bank JSC (G.D.R.)	$ 727

			Total Diversified Financials	$ 727


			ENERGY - 0.1%
			Oil & Gas Drilling - 0.1%
	1,109(k)		Rowan Companies, Plc, Class A	$ 38,238

			Oil & Gas Equipment & Services - 0.0%+
NOK	8,343(k)		Sevan Marine ASA	$ 32,366

			Total Energy	$ 70,604


			MATERIALS - 0.0%+
			Forest Products - 0.0%+
CAD	13,963(k)		Ainsworth Lumber Co., Ltd.	$ 37,868

			Total Materials	$ 37,868


			SOFTWARE & SERVICES - 0.0%+
			Systems Software - 0.0%+
	2,114(h)(k)		Perseus Holding Corp.	$ 5,285

			Total Software & Services	$ 5,285


			TRANSPORTATION - 0.2%
			Marine - 0.2%
	247,509(h)(k)		Horizon Lines, Inc., Class A	$ 368,788

			Total Transportation	$ 368,788

			TOTAL COMMON STOCKS
			(Cost $823,098)	$ 581,762


			CONVERTIBLE PREFERRED STOCK - 0.3% of Net Assets

			DIVERSIFIED FINANCIALS - 0.3%
			Other Diversified Financial Services - 0.3%
	470(d)		Bank of America Corp., 7.25	$ 557,312

			Total Diversified Financials	$ 557,312

			TOTAL CONVERTIBLE PREFERRED STOCK
			(Cost $382,900)	$ 557,312


			PREFERRED STOCKS - 0.7% of Net Assets

			DIVERSIFIED FINANCIALS - 0.6%
			Other Diversified Financial Services - (continued) - 0.6%
	40,675(b)		GMAC Capital Trust I, 8.125	$ 1,084,802

			Total Diversified Financials	$ 1,084,802


			SOFTWARE & SERVICES - 0.1%
			Data Processing & Outsourced Services - 0.1%
	1,110(h)(k)		Perseus Holding Corp., 14.0	$ 86,025

			Total Software & Services	$ 86,025

			TOTAL PREFERRED STOCKS
			(Cost $933,996)	$ 1,170,827

Principal Amount		Value

	TEMPORARY CASH INVESTMENTS - 2.3% - of Net Assets
	REPURCHASE AGREEMENT: 2.3%
3,925,000	Scotia Bank, 0.16%, dated 2/1/13, dated 12/31/12, repurchase price of $3,580,000 plus accrued interest on 1/2/13 collateralized by 3,651,662 Federal National Mortgage Association, 3.0% - 5.5%, 7/1/22 - 9/1/42.	$ 3,925,000

	TOTAL TEMPORARY CASH INVESTMENTS
	(Cost $3,925,000)	$ 3,925,000
	TOTAL INVESTMENTS IN SECURITIES - 141.3%
	(Cost - $236,249,967) (l)	239,651,664
	OTHER ASSETS AND LIABILITIES - (41.3)%	$ (70,005,649)
	NET ASSETS APPLICABLE TO COMMON SHAREOWNERS - 100.0%	$ 169,646,015

+ Amount rounds less than 0.1%

NR		Security not rated by S&P or Moody's.
WR		Rating withdrawn by either S&P or Moody's.
(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 $126,850,906, or 74.8% of total net assets applicable to common shareowners.

*	Senior secured floating rate loan interests in which the Trust invests generally pay interest at rates that are periodically redetermined by reference to a base lending 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 interest rate shown is the rate accruing at January 31, 2013.
(a)	Floating rate note. The rate shown is the coupon rate at January 31, 2013.
(b)	The interest rate is subject to change periodically. The interest is shown is the rate at January 31, 2013.
(c)	Security is valued using fair value methods.
(d)	Security is perpetual in nature and has no stated maturity date.
(e)	Debt obligation initially issued at one coupon which converts to a higher coupon at a specific date. The rate shown is the rate at January 31, 2013.
(f)	Security is in default and is non income producing.
(g)	Payment in Kind (PIK) security which may pay interest in the form of additional principal amount.
(h)	Indicates a security that has been deemed as illiquid. The aggregate cost of illiquid securities is $6,937,602. The aggregate fair value of $4,744,953 represents 2.8% of total net assets applicable to common shareowners.
(i)	Security issued with a zero coupon. Income is recognized through accretion of discount.
(j)	Security is priced as a unit.
(k)	Non-income producing.

(l)	At January 31, 2013, the net unrealized gain on investments based on cost for federal tax purposes of $236,249,967 was as follows:

	Aggregate gross unrealized gain for all investments in which there is an excess of value over tax cost	$ 13,426,106
	Aggregate gross unrealized loss for all investments in which there is an excess of tax cost over value	(10,024,409)

	Net unrealized gain	$ 3,401,697

For financial reporting purposes net unrealized gain on investments was $ 3,401,697 and cost of investments aggregated $236,249,967.

Principal amounts are denominated in U.S. dollars unless otherwise noted.

BRL	-	Brazilian Real
EUR	-	Euro
GBP	-	Great British Pound
NOK	-	Norwegian Krone
MXN	-	Mexican Peso

Various inputs are used in determining the value of the Trust's investments. These inputs are summarized in the three broad levels 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 risks, etc.)
Level 3 - significant unobservable inputs (including the Trust's own assumptions in determining fair value of investments)

Generally, equity securities are categorized as Level 1, fixed income securities and senior loans are categorized as Level 2, and securities valued using fair value methods (other than prices supplied by independent pricing services) as level 3.

The following is a summary of the inputs used as of January 31, 2013, in valuing the Trust's investments.


	Level 1		Level 2			Level 3			Total



ASSET BACKED SECURITIES	$	–	$	2,502,844		$	–		$	2,502,844


COLLATERALIZED MORTGAGE OBLIGATIONS		–		1,383,280			–			1,383,280


COMMERCIAL MORTGAGE-BACKED SECURITIES		–		730,871			–			730,871

SENIOR SECURED FLOATING RATE LOAN INTERESTS

Diversified Chemicals		–		346,618			1,221,705			1,568,323
All Other		–		46,487,105			–			46,487,105

CORPORATE BONDS & NOTES

Auto Parts & Equipment		–		1,639,140			–	*		1,639,140
All Other		–		172,154,248			–			172,154,248


CONVERTIBLE BONDS & NOTES		–		4,612,928			–			4,612,928


SOVEREIGN DEBT OBLIGATIONS		–		2,338,024			–			2,338,024

COMMON STOCKS

Systems Software		–		5,285			–			5,285
All Other		576,477		–			–			576,477


CONVERTIBLE PREFERRED STOCK:		557,312		–			–			557,312

PREFERRED STOCKS

Data Processing & Outsourced Services		–		86,025			–			86,025
All Other		1,084,802		–			–			1,084,802

TEMPORARY CASH INVESTMENTS
REPURCHASE AGREEMENT		–		3,925,000			–			3,925,000
TOTAL INVESTMENTS IN SECURITIES- Assets	$	2,218,591	$	236,211,368		$	1,221,705		$	239,651,664
OTHER FINANCIAL INSTRUMENTS**		–		(324,701	)		–			(324,701	)

* Security is valued at $0.

** Other financial instruments include the unrealized depreciation on forward foreign currency contracts and unrealized depreciation

on unfunded loan commitments.

The following is a reconciliation of assets valued using significant unobservable inputs (level 3):
	Balance as of 4/30/12		Realized gain (loss)			Change in Unrealized appreciation (depreciation)(1)			Purchases		Sales			Accrued discounts/ premiums		Transfers in to Level 3*		Transfers out of Level 3*		Balance as of 1/31/13





SENIOR SECURED FLOATING RATE LOAN INTERESTS

Diversified Chemicals	$	–	$	–		$	56,610		$	1,165,095	$	–		$	–	$	–	$	–	$	1,221,705
COPORATE BONDS & NOTES

Auto Parts & Equipment		–		–			-			-		–			–		–		–		-
CONVERTIBLE BONDS & NOTES
Marine		296,699		(324,430	)		(432,867	)		21,875		(429,276	)		6,265		–		–		-
COMMON STOCKS
Diversified Metals & Mining		244,923		(256,250	)		52,148			-		(40,821	)		–		–		–		-








Total	$	541,622	$	(584,680	)	$	541,625		$	1,186,970	$	(470,097	)	$	6,265	$	–	$	–	$	1,221,705

Transfers are calculated on the end of period value.

The change in unrealized appreciation of Level 3 investments still held at 1/31/13 is $56,610.

For the nine months ended January 31, 2013, there were no transfers between Levels 1, 2, and 3.

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 Diversified High Income Trust 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.