Edgar Filing: Pioneer Diversified High Income Trust

hnwsoi.htm

                                                             OMB APPROVAL
                                                     OMB Number:       3235-0578
                                                     Expires:  January 31, 2016
                                                     Estimated average burden
                                                     hours per response.....
                                                     10.5

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

                                   FORM N-Q

                   QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
    OF REGISTERED MANAGEMENT INVESTMENT COMPANY



  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:  July 31, 2015

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 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5).  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.

File the schedules as of the close of the reporting period as set forth in
ss. 210.12-12  12-14 of Regulation S-X [17 CFR 210.12-12  12-14]. The
schedules need not be audited.



		Pioneer Diversified High
		Income Trust







		NQ \| July 31, 2015


		Ticker Symbol: HNW

Schedule of Investments | 7/31/15 (unaudited)

Principal Amount USD ($)		Value

	ASSET BACKED SECURITIES - 1.6% of Net Assets
670,128(a)	Aircraft Finance Trust, Series 1999-1A, Class A1, 0.667%, 5/15/24 (144A)	$ 174,233
200,000	Ascentium Equipment Receivables LLC, Series 2015-1A, Class E, 5.92%, 6/12/23 (144A)	200,686
81,268	Continental Airlines Pass Through Trust, Series 1998-1, Class B, 6.748%, 3/15/17	85,681
250,000	Delta Air Lines Pass Through Trust, Series 2010-1, Class B, 6.375%, 1/2/16 (144A)	255,313
290,000(b)	GMAT Trust, Series 2013-1A, Class M, 5.0%, 11/25/43 (144A)	277,890
294,742	Monty Parent Issuer LLC, Series 2013-LTR1, Class B, 4.25%, 11/20/28 (144A)	294,706
940,000	Nations Equipment Finance Funding I LLC, Series 2013-1A, Class C, 5.5%, 5/20/21 (144A)	942,350
44,616	Westgate Resorts LLC, Series 2012-2A, Class C, 9.0%, 1/20/25 (144A)	44,883
104,493	Westgate Resorts LLC, Series 2012-BA, Class A, 9.5%, 2/20/25 (144A)	104,407

	TOTAL ASSET BACKED SECURITIES
	(Cost $2,589,138)	$ 2,380,149

	COLLATERALIZED MORTGAGE OBLIGATIONS - 2.1% of Net Assets
375,000(a)	BAMLL Commercial Mortgage Securities Trust, Series 2014-INLD, Class F, 2.71%, 12/15/29 (144A)	$ 345,000
520,000(a)	CFCRE Mortgage Trust, Series 2015-RUM, Class E, 4.8%, 7/15/30 (144A)	519,999
500,000(b)	Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class E, 3.208%, 7/10/47 (144A)	365,628
200,000(b)	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-C4, Class E, 5.135%, 10/15/39 (144A)	203,425
115,766(a)	EQTY Mezzanine Trust, Series 2014-INMZ, Class M, 4.937%, 5/8/31 (144A)	114,122
170,000(a)	EQTY Mortgage Trust, Series 2014-INNS, Class E, 3.635%, 5/8/31 (144A)	168,113
83,342	Global Mortgage Securitization, Ltd., Series 2004-A, Class B1, 5.25%, 11/25/32 (144A)	80,204
152,027	Global Mortgage Securitization, Ltd., Series 2005-A, Class B3, 5.25%, 4/25/32	111,720
164,337	Homeowner Assistance Program Reverse Mortgage Loan Trust, Series 2013-RM1, Class A, 4.0%, 5/26/53 (144A)	161,461
150,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2006-CB16, Class AJ, 5.623%, 5/12/45	151,439
556,571(b)	LB-UBS Commercial Mortgage Trust, Series 2006-C1, Class AJ, 5.276%, 2/15/41	560,776
400,000(b)	Wachovia Bank Commercial Mortgage Trust, Series 2007-C34, Class AJ, 5.946%, 5/15/46	416,063

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
	(Cost $3,187,832)	$ 3,197,950

	COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.4% of Net Assets
150,000(b)	Bear Stearns Commercial Mortgage Securities Trust, Series 2005-PWR7, Class B, 5.214%, 2/11/41	$ 149,908
250,000(b)	COMM Mortgage Trust, Series 2012-CR2, Class E, 4.857%, 8/15/45 (144A)	251,806
150,600(a)	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2006-FL2A, Class G, 0.547%, 11/15/18 (144A)	146,471

	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
	(Cost $495,350)	$ 548,185

	SENIOR SECURED FLOATING RATE LOAN INTERESTS - 30.5% of Net Assets* (a)
	AUTOMOBILES & COMPONENTS - 2.8%
	Auto Parts & Equipment - 1.5%
497,494(a)	Crowne Group LLC, First Lien Initial Term Loan, 6.0%, 9/30/20	$ 496,250
185,994(a)	Federal-Mogul Corp., Tranche C Term Loan, 4.75%, 4/15/21	184,289
162,929(a)	Key Safety Systems, Inc., Initial Term Loan, 4.75%, 8/29/21	163,296
260,234(a)	MPG Holdco I, Inc. Initial Term Loan, 3.75%, 10/20/21	260,883
179,545(a)	TI Group Automotive Systems LLC, Initial US Term Loan, 4.5%, 6/30/22	180,499

Principal Amount USD ($)		Value

	Auto Parts & Equipment - (continued)
904,036(a)	Tower Automotive Holdings USA LLC, Refinancing Term Loan, 4.0%, 4/23/20	$ 905,166
21,726(a)	UCI International, Inc. (United Components), Term Loan, 5.5%, 7/26/17	21,644
		$ 2,212,027

	Automobile Manufacturers - 1.0%
1,440,000(a)	Chrysler Group LLC, Term Loan B, 3.5%, 5/24/17	$ 1,441,440

	Tires & Rubber - 0.3%
479,167(a)	Goodyear Tire & Rubber Co., Second Lien Term Loan, 3.75%, 4/30/19	$ 482,087
	Total Automobiles & Components	$ 4,135,554

	CAPITAL GOODS - 3.0%
	Aerospace & Defense - 0.4%
132,267(a)	TASC, Inc., First Lien Term Loan, 7.0%, 5/22/20	$ 133,341
233,829(a)	Vencore, Inc. (fka SI Organization, Inc.), Initial First Lien Term Loan, 5.75%, 11/23/19	235,108
157,600(a)	WP CPP Holdings LLC, Second Lien Term Loan B-1, 8.75%, 4/30/21	158,388
		$ 526,837

	Building Products - 0.9%
915,196(a)	Builders FirstSource, Inc., Term Loan B, 5.0%, 7/22/22	$ 915,196
399,454(a)	Unifrax Holding Co., New Term B Dollar Loan, 4.25%, 11/28/18	399,454
		$ 1,314,650

	Construction & Farm Machinery & Heavy Trucks - 0.3%
390,000(a)	Navistar, Inc., Tranche B Term Loan, 6.75%, 8/17/17	$ 390,731

	Electrical Components & Equipment - 0.3%
519,526(a)	WireCo WorldGroup, Inc., Term Loan, 6.0%, 2/15/17	$ 521,475

	Industrial Conglomerates - 0.7%
497,277(a)	Doosan Infracore International, Inc. (Doosan Holdings Europe, Ltd.), Tranche B Term Loan, 4.5%, 5/28/21	$ 500,696
104,741(a)	Faenza Acquisition GmbH (CeramTec Acquisition Acquisition Corp.), Dollar Term B-3 Loan, 4.25%, 8/30/20	105,101
347,899(a)	Faenza Acquisition GmbH (CeramTec Acquisition Acquisition Corp.), Initial Dollar Term B-1 Loan, 4.25%, 8/30/20	349,095
35,298(a)	Faenza Acquisition GmbH (CeramTec Acquisition Corp.), Initial Dollar Term B-2 Loan, 4.25%, 8/30/20	35,419
89,694(a)	Filtration Group Corp., Initial Second Lien Term Loan, 8.25%, 11/22/21	90,403
10,685(a)	Kleopatra Holdings 2 SCA, Initial German Borrower Dollar Term Loan, 5.0%, 4/28/20	10,765
25,004(a)	Kleopatra Holdings 2 SCA, Initial US Borrower Dollar Term Loan, 5.0%, 4/28/20	25,191
		$ 1,116,670

	Trading Companies & Distributors - 0.4%
337,588(a)	AWAS Finance Luxembourg 2012 SA, Term Loan, 3.5%, 7/16/18	$ 339,909
284,593(a)	WESCO Distribution, Inc., Tranche B-1 Loan, 3.75%, 12/12/19	284,949
		$ 624,858
	Total Capital Goods	$ 4,495,221

	COMMERCIAL & PROFESSIONAL SERVICES - 0.7%
	Environmental & Facilities Services - 0.3%
500,000(a)	Granite Acquisition, Inc., Second Lien Term B Loan, 8.25%, 12/19/22	$ 505,833

	Research & Consulting Services - 0.3%
374,363(a)	Wyle Services Corp., Term Loan, 5.0%, 5/23/21	$ 374,438

	Security & Alarm Services - 0.1%
127,569(a)	Protection One, Inc., 2012 Term Loan, 5.0%, 7/1/21	$ 128,207
	Total Commercial & Professional Services	$ 1,008,478

	CONSUMER DURABLES & APPAREL - 0.5%
	Home Furnishings - 0.3%
488,464(a)	Tempur Pedic International, Inc., New Term B Loan, 3.5%, 3/18/20	$ 490,296

	Leisure Products - 0.2%
300,000(a)	Bombardier Recreational Products, Inc., Term B Loan, 3.75%, 1/30/19	$ 301,018
	Total Consumer Durables & Apparel	$ 791,314

Principal Amount USD ($)		Value

	CONSUMER SERVICES - 0.9%
	Casinos & Gaming - 0.2%
298,500(a)	Scientific Games International, Inc., Initial Term B-2 Loan, 6.0%, 10/1/21	$ 300,142

	Leisure Facilities - 0.1%
131,459(a)	Fitness International LLC, Term B Loan, 5.5%, 7/1/20	$ 126,653

	Restaurants - 0.6%
414,787(a)	Landry's, Inc. (fka Landry's Restaurants, Inc.), Term Loan B, 4.0%, 4/24/18	$ 416,786
536,963(a)	NPC International, Inc., Term Loan, 4.0%, 12/28/18	532,935
		$ 949,721
	Total Consumer Services	$ 1,376,516

	DIVERSIFIED FINANCIALS - 0.3%
	Consumer Finance - 0.1%
215,714(a)	Trans Union LLC, Term B-2 Loan, 3.75%, 4/9/21	$ 214,690

	Specialized Finance - 0.2%
249,375(a)	DBRS, Ltd., Initial Term Loan, 6.25%, 3/4/22	$ 252,180
	Total Diversified Financials	$ 466,870

	ENERGY - 1.2%
	Coal & Consumable Fuels - 0.1%
352,500(a)	PT Bumi Resources Tbk, Term Loan, 18.153%, 11/7/14	$ 132,187

	Integrated Oil & Gas - 0.3%
500,000(a)	Chief Exploration & Development LLC, Second Lien Term Loan, 7.5%, 5/16/21	$ 462,750

	Oil & Gas Drilling - 0.3%
444,680(a)	Jonah Energy LLC, Initial Second Lien Initial Loan, 7.5%, 5/12/21	$ 406,882
38,236(a)	Offshore Group Investment, Ltd. (Vantage Delaware Holdings LLC), Second Lien Term Loan, 5.75%, 3/28/19	19,740
		$ 426,622

	Oil & Gas Equipment & Services - 0.3%
545,608(a)	FR Dixie Acquisition Corp., Term Loan, 5.75%, 12/18/20	$ 469,223

	Oil & Gas Exploration & Production - 0.2%
632,787(a)	Fieldwood Energy LLC, Closing Date Second Lien Term Loan, 8.375%, 9/30/20	$ 350,010
	Total Energy	$ 1,840,792

	FOOD, BEVERAGE & TOBACCO - 0.8%
	Packaged Foods & Meats - 0.8%
484,527(a)	Dole Food Company, Inc., Tranche B Term Loan, 4.5%, 11/1/18	$ 487,101
646,250(a)	New HB Acquisition LLC, Term B Loan, 6.75%, 4/9/20	662,406
	Total Food, Beverage & Tobacco	$ 1,149,507

	HEALTH CARE EQUIPMENT & SERVICES - 3.9%
	Health Care Equipment & Services - 1.0%
497,481(a)	Accellent, Inc., Initial First Lien Term Loan, 4.5%, 3/12/21	$ 496,548
366,000(a)	Accellent, Inc., Initial Second Lien Term Loan, 7.5%, 3/11/22	350,293
500,000(a)	Concentra, Inc., Initial Second Lien Term Loan, 9.0%, 6/1/23	502,800
236,526(a)	Kinetic Concepts, Inc., Dollar E-1 Term Loan, 4.5%, 5/4/18	237,949
		$ 1,587,590

	Health Care Facilities - 1.4%
265,093	CHS/Community Health Systems, Inc., Incremental 2018 Term F Loan, 3.534%, 12/31/18	$ 266,004
248,782(a)	CHS/Community Health Systems, Inc., Incremental 2019 Term G Loan, 3.75%, 12/31/19	249,611
457,749(a)	CHS/Community Health Systems, Inc., Incremental 2021 Term H Loan, 4.0%, 1/27/21	460,196
194,575(a)	HCA, Inc., Tranche B-5 Term Loan, 2.94%, 3/31/17	195,034
318,539(a)	Kindred Healthcare, Inc., Incremental Term Loan, 4.25%, 4/9/21	320,530
299,237(a)	Steward Health Care System LLC, Term Loan, 6.75%, 4/10/20	297,928
403,337(a)	Surgical Care Affiliates, Inc., Initial Term Loan, 4.25%, 3/17/22	404,345
		$ 2,193,648

	Health Care Services - 0.9%
345,069(a)	AccentCare, Inc., Term Loan, 6.5%, 12/22/16	$ 336,443
208,835(a)	Bioscrip, Inc., Delayed Term Loan, 6.5%, 7/31/20	207,921
348,058(a)	Bioscrip, Inc., Initial Term B Loan, 6.25%, 7/31/20	346,535
202,438(a)	National Mentor Holdings, Inc., Tranche B Term Loan, 4.25%, 1/31/21	203,070

Principal Amount USD ($)		Value

	Health Care Services - (continued)
277,085(a)	Valitas Health Services, Inc., Term Loan B, 6.0%, 6/2/17	$ 273,275
		$ 1,367,244

	Health Care Supplies - 0.2%
250,000(a)	Alere Inc., Term Loan B, 4.25%, 6/20/22	$ 251,284

	Health Care Technology - 0.4%
237,645(a)	IMS Health, Inc., Tranche B-1 Dollar Term Loan, 3.5%, 3/17/21	$ 237,411
330,039(a)	Medical Card System, Inc., Term Loan, 12.0%, 3/17/17	316,838
		$ 554,249
	Total Health Care Equipment & Services	$ 5,954,015

	HOUSEHOLD & PERSONAL PRODUCTS - 0.8%
	Household Products - 0.5%
444,444(a)	Dollar Tree, Inc., Term B-1 Loan, 3.5%, 7/6/22	$ 446,204
375,292(a)	SRAM LLC, First Lien Term Loan, 4.0%, 4/10/20	374,823
		$ 821,027

	Personal Products - 0.2%
100,000(a)	Altrium Innovations, Inc., Second Lien Term Loan, 7.75%, 8/13/21	$ 91,875
215,357(a)	NBTY, Inc., B-2 Term Loan, 3.5%, 10/1/17	214,886
		$ 306,761
	Security & Alarm Services - 0.1%
120,230(a)	Monitronics International, Inc., 2013 Term Loan B, 4.25%, 3/23/18	$ 120,793
	Total Household & Personal Products	$ 1,248,581

	INSURANCE - 2.5%
	Multi-Line Insurance - 0.5%
559,601(a)	Alliant Holdings I LLC, Initial Term Loan, 5.0%, 12/20/19	$ 560,388
168,170(a)	Alliant Holdings I LLC, Term Loan B, 3.5%, 7/27/22	168,406
		$ 728,794

	Property & Casualty Insurance - 2.0%
748,072(a)	Confie Seguros Holding II Co., First Lien Term Loan B, 5.75%, 11/9/18	$ 753,682
593,765(a)	Confie Seguros Holding II Co., Second Lien Term Loan, 10.25%, 5/8/19	591,291
748,125(a)	Hyperion Insurance Group, Ltd., Term B Loan, 5.5%, 4/29/22	757,477
941,153(a)	USI, Inc., Initial Term Loan, 4.25%, 12/27/19	942,525
		$ 3,044,975
	Total Insurance	$ 3,773,769

	MATERIALS - 2.1%
	Diversified Chemicals - 0.2%
275,000(a)	Univar USA, Inc., Initial Dollar Term Loan, 4.25%, 7/1/22	$ 275,859

	Diversified Metals & Mining - 0.0%†
75,256(d)	PT Bakrie & Brothers Tbk, Facility Term Loan B, 8.152%, 11/25/14	$ 28,221

	Metal & Glass Containers - 0.8%
393,717(a)	Tank Holding Corp., Initial Term Loan, 6.5%, 3/16/22	$ 396,013
750,000(a)	Tekni-Plex, Inc., USD Term Loan, 4.5%, 6/1/22	753,080
		$ 1,149,093

	Paper Packaging - 0.4%
497,500(a)	Caraustar Industries, Inc., Incremental Term Loan, 8.0%, 5/1/19	$ 498,536

	Paper Products - 0.4%
595,443(a)	Appvion, Inc., Term Commitment, 5.75%, 6/28/19	$ 560,461
79,541(a)	Exopack Holdings SA, USD Term Loan, 4.5%, 5/8/19	80,038
		$ 640,499

	Specialty Chemicals - 0.0%†
23,810(a)	Chemtura Corp., New Term Loan, 3.5%, 8/29/16	$ 23,839
	Steel - 0.3%
496,250(a)	Essar Steel Algoma, Inc., Initial Term Loan, 7.5%, 8/16/19	$ 450,657
	Total Materials	$ 3,066,704

	MEDIA - 3.5%
	Advertising - 0.6%
948,054(a)	Affinion Group, Inc., Tranche B Term Loan, 6.75%, 4/30/18	$ 901,599

	Broadcasting - 0.9%
295,833(a)	Hubbard Radio LLC, Term Loan, 4.25%, 5/27/22	$ 297,775
315,000(a)	Learfield Communications, Inc., Initial Second Lien Term Loan, 8.75%, 10/8/21	315,394

Principal Amount USD ($)		Value

	Broadcasting - (continued)
297,750(a)	MediArena Acquisition BV (fka AP NMT Acquisition BV), First Lien Dollar Term B Loan, 6.75%, 8/13/21	$ 296,122
461,025(a)	Univision Communications, Inc., Replacement First-Lien Term Loan, 4.0%, 3/1/20	461,345
		$ 1,370,636

	Cable & Telecommunications - 0.2%
311,489(a)	WideOpenWest Finance LLC, Replacement Term B Loan, 4.5%, 4/1/19	$ 312,296

	Movies & Entertainment - 0.0%†
52,739(a)	Cinedigm Digital Funding I LLC, Term Loan, 3.75%, 2/28/18	$ 52,805

	Publishing - 1.8%
511,252(a)	Cengage Learning Acquisitions, Inc., Term Loan, 7.0%, 3/31/20	$ 514,311
325,000(a)	Houghton Mifflin Holdings, Inc., Term Loan, 4.0%, 5/28/21	324,797
744,361(a)	Interactive Data Corp., Term Loan, 4.75%, 5/2/21	748,176
135,900(a)	Lee Enterprises, Inc., First Lien Term Loan, 7.25%, 3/31/19	136,066
935,750(a)	McGraw-Hill School Education Holdings LLC, Term B Loan, 6.25%, 12/18/19	943,353
		$ 2,666,703
	Total Media	$ 5,304,039

	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.2%
	Biotechnology - 0.7%
1,050,000(a)	Lantheus Medical Imaging, Inc., Term Loan, 7.0%, 6/30/22	$ 1,038,187

	Life Sciences Tools & Services - 0.3%
428,842(a)	Catalent Pharma Solutions, Inc., Dollar Term Loan, 4.25%, 5/20/21	$ 431,067

	Pharmaceuticals - 0.2%
248,737(a)	Par Pharmaceutical, Inc., Term B-2 Loan, 4.0%, 9/30/19	$ 248,867
	Total Pharmaceuticals, Biotechnology & Life Sciences	$ 1,718,121

	RETAIL REIT - 0.2%
	Retail REIT - 0.2%
277,377(a)	DTZ U.S. Borrower LLC, Delayed Draw Term Loan, 5.5%, 11/4/21	$ 278,533

	Total Retail REIT	$ 278,533

	RETAILING - 0.9%
	Automobiles & Components - 0.4%
665,000(a)	CWGS Group LLC, Term Loan, 5.25%, 2/20/20	$ 668,741

	Computer & Electronics Retail - 0.4%
716,182(a)	Targus Group International, Inc., Term Loan, 14.75%, 5/24/16	$ 585,930

	Specialty Stores - 0.1%
158,088(a)	Petsmart, Inc., Tranche B-1 Loan, 4.25%, 3/11/22	$ 158,887
	Total Retailing	$ 1,413,558

	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.4%
	Semiconductor Equipment - 0.4%
531,318(a)	VAT Lux II S.a.r.l., Term Loan, 4.25%, 2/11/21	$ 532,757

	Total Semiconductors & Semiconductor Equipment	$ 532,757

	SOFTWARE & SERVICES - 1.5%
	Application Software - 0.8%
498,767(a)	Epiq Systems, Inc., Term Loan, 4.5%, 8/27/20	$ 498,767
210,670(a)	Expert Global Solutions, Inc., Advance First Lien Term Loan B, 9.5%, 4/3/18	211,196
500,000(a)	Vertafore, Inc., Second Lien Term Loan, 9.75%, 10/27/17	506,562
		$ 1,216,525

	IT Consulting & Other Services - 0.7%
247,500(a)	Evergreen Skills Lux S.a r.l., First Lien Initial Term Loan, 5.75%, 4/28/21	$ 241,416
772,637(a)	SunGuard Data Systems, Inc., Tranche C Term Loan, 3.938%, 2/28/17	774,201
		$ 1,015,617
	Total Software & Services	$ 2,232,142

	TECHNOLOGY HARDWARE & EQUIPMENT - 0.4%
	Communications Equipment - 0.1%
89,329(a)	CommScope, Inc., Tranche 4 Term Loan, 3.25%, 1/14/18	$ 89,524

Principal Amount USD ($)		Value

	Electronic Components - 0.3%
458,850(a)	Mirion Technologies (Finance) LLC. (Mirion Technologies, Inc.), First Lien Initial Term Loan, 5.75%, 3/31/22	$ 461,572
	Total Technology Hardware & Equipment	$ 551,096

	TELECOMMUNICATION SERVICES - 1.3%
	Integrated Telecommunication Services - 1.0%
997,500(a)	GCI Holdings, Inc., Term B Loan, 4.75%, 2/2/22	$ 1,003,734
500,000(a)	Securus Technologies Holdings, Inc., Term Loan B2, 5.25%, 4/30/20	492,813
		$ 1,496,547

	Wireless Telecommunication Services - 0.3%
333,333(a)	Syniverse Holdings, Inc., Initial Term Loan, 4.0%, 4/23/19	$ 317,917
166,667(a)	Syniverse Holdings, Inc., Tranche B Term Loan, 4.0%, 4/23/19	158,958
		$ 476,875
	Total Telecommunication Services	$ 1,973,422

	TRANSPORTATION - 1.1%
	Air Freight & Logistics - 0.1%
191,100(a)	Ozburn-Hessey Holding Co., LLC, Term Loan, 6.75%, 5/23/19	$ 191,279

	Marine - 0.7%
498,724(a)	Commercial Barge Line Co., Initial First Lien Term Loan, 7.5%, 9/22/19	$ 500,439
474,507(a)	Navios Maritime Partners LP, Term Loan, 5.25%, 6/27/18	477,274
		$ 977,713

	Trucking - 0.3%
498,734(a)	YRC Worldwide, Inc., Initial Term Loan, 8.25%, 2/13/19	$ 488,760
	Total Transportation	$ 1,657,752

	UTILITIES - 0.5%
	Electric Utilities - 0.5%
456,708(a)	Atlantic Power Limited Partnership, Term Loan, 4.75%, 2/24/21	$ 458,706
280,808(a)	Star West Generation LLC, Advance Term Loan B, 4.25%, 3/13/20	281,510
	Total Utilities	$ 740,216

	TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
	(Cost $46,204,664)	$ 45,708,957

	CORPORATE BONDS & NOTES - 88.1% of Net Assets
	AUTOMOBILES & COMPONENTS - 0.8%
	Auto Parts & Equipment - 0.8%
350,000	International Automotive Components Group SA, 9.125%, 6/1/18 (144A)	$ 356,562
248,000	Pittsburgh Glass Works LLC, 8.0%, 11/15/18 (144A)	259,780
640,000	Stackpole International Intermediate Co., SA / Stackpole International Powder, 7.75%, 10/15/21 (144A)	612,800
	Total Automobiles & Components	$ 1,229,142

	BANKS - 2.1%
	Diversified Banks - 2.1%
525,000	Banco de Galicia y Buenos Aires, 8.75%, 5/4/18 (144A)	$ 531,562
400,000(b)	Banco Macro SA, 9.75%, 12/18/36	392,000
200,000(b)(e)	Banco Santander SA, 6.375%	197,796
325,000(b)(e)	Bank of America Corp., 6.25%	325,302
350,000(b)(e)	ING Groep NV, 6.5%	343,438
200,000	Sberbank of Russia Via SB Capital SA, 5.25%, 5/23/23 (144A)	164,000
245,000	Trade & Development Bank of Mongolia LLC, 9.375%, 5/19/20 (144A)	251,370
750,000	UBS AG / Stamford CT, 7.625%, 8/17/22	880,955
	Total Banks	$ 3,086,423

	CAPITAL GOODS - 4.3%
	Aerospace & Defense - 0.9%
400,000	ADS Tactical, Inc., 11.0%, 4/1/18 (144A)	$ 416,000
680,000	DynCorp International, Inc., 10.375%, 7/1/17	516,800
435,000	LMI Aerospace, Inc., 7.375%, 7/15/19	420,862
		$ 1,353,662

	Building Products - 0.2%
300,000	USG Corp., 7.875%, 3/30/20 (144A)	$ 320,631


	Construction & Engineering - 0.4%
900,000	Empresas ICA S.A.B. de CV, 8.9%, 2/4/21 (144A)	$ 666,000


	Construction & Farm Machinery & Heavy Trucks - 0.7%
360,000	Meritor, Inc., 6.75%, 6/15/21	$ 369,900

	Principal Amount USD ($)		Value

		Construction & Farm Machinery & Heavy Trucks (continued)
	660,000	Navistar International Corp., 8.25%, 11/1/21	$ 623,297
			$ 993,197

		Electrical Components & Equipment - 0.5%
	750,000	WireCo WorldGroup, Inc., 9.5%, 5/15/17	$ 693,750


		Industrial Conglomerates - 0.3%
	455,000	JB Poindexter & Co., Inc., 9.0%, 4/1/22 (144A)	$ 492,538


		Industrial Machinery - 0.8%
	560,000	Apex Tool Group LLC, 7.0%, 2/1/21 (144A)	$ 501,200
	450,000	Cleaver-Brooks, Inc., 8.75%, 12/15/19 (144A)	427,500
	207,000(f)(g)	Liberty Tire Recycling LLC, 11.0% (11.0% PIK 0.0% cash), 3/31/21 (144A)	132,480
	150,000	Xerium Technologies, Inc., 8.875%, 6/15/18	154,500
			$ 1,215,680

		Trading Companies & Distributors - 0.5%
	150,000	H&E Equipment Services, Inc., 7.0%, 9/1/22	$ 149,250
	544,000	TRAC Intermodal LLC / TRAC Intermodal Corp., 11.0%, 8/15/19	590,240
			$ 739,490
		Total Capital Goods	$ 6,474,948

		COMMERCIAL & PROFESSIONAL SERVICES - 1.6%
		Commercial Printing - 0.7%
	340,000	Cenveo Corp., 6.0%, 8/1/19 (144A)	$ 304,300
	700,000	Multi-Color Corp., 6.125%, 12/1/22 (144A)	714,000
			$ 1,018,300

		Diversified Support Services - 0.9%
	950,000	NANA Development Corp., 9.5%, 3/15/19 (144A)	$ 893,000
	260,000	TMS International Corp., 7.625%, 10/15/21 (144A)	252,061
	280,000	Transfield Services, Ltd., 8.375%, 5/15/20 (144A)	295,400
			$ 1,440,461
		Total Commercial & Professional Services	$ 2,458,761

		CONSUMER DURABLES & APPAREL - 2.1%
		Home Furnishings - 0.4%
	535,000	Tempur Sealy International, Inc., 6.875%, 12/15/20	$ 573,119


		Homebuilding - 0.6%
	350,000	Brookfield Residential Properties, Inc., 6.375%, 5/15/25 (144A)	$ 340,375
	605,000(d)	Desarrolladora Homex SAB de CV, 9.5%, 12/11/19 (144A)	18,210
	250,000	KB Home, 7.0%, 12/15/21	258,438
	340,000	KB Home, 7.625%, 5/15/23	356,150
			$ 973,173

		Household Products - 0.3%
	460,000	Springs Industries, Inc., 6.25%, 6/1/21	$ 457,700


		Leisure Products - 0.7%
	1,000,000	Icon Health & Fitness, Inc., 11.875%, 10/15/16 (144A)	$ 995,000


		Textiles - 0.1%
	195,000	Polymer Group, Inc., 6.875%, 6/1/19 (144A)	$ 198,900

		Total Consumer Durables & Apparel	$ 3,197,892

		CONSUMER SERVICES - 3.6%
		Business Services - 0.9%
	750,000	Sitel LLC / Sitel Finance Corp., 11.0%, 8/1/17 (144A)	$ 776,250
	500,000	Sitel LLC / Sitel Finance Corp., 11.5%, 4/1/18	507,500
			$ 1,283,750

		Casinos & Gaming - 1.1%
	780,661(d)(f)	Mashantucket Western Pequot Tribe, 6.5% (5.5% PIK 1.0% cash), 7/1/36	$ 7,807
	365,000	MGM Resorts International, 6.0%, 3/15/23	371,387
	100,000	Scientific Games International, Inc., 6.25%, 9/1/20	79,595
	1,200,000	Scientific Games International, Inc., 10.0%, 12/1/22	1,165,500
			$ 1,624,289

		Hotels, Resorts & Cruise Lines - 0.4%
	245,000	Viking Cruises, Ltd., 6.25%, 5/15/25 (144A)	$ 243,163
	325,000	Viking Cruises, Ltd., 8.5%, 10/15/22 (144A)	361,156
			$ 604,319

		Leisure Facilities - 0.4%
EUR	566,487	Cirsa Funding Luxembourg SA, 8.75%, 5/15/18 (144A)	$ 637,729

	Principal Amount USD ($)		Value

		Specialized Consumer Services - 0.8%
	890,000	Constellis Holdings LLC / Constellis Finance Corp., 9.75%, 5/15/20 (144A)	$ 849,950
	315,000	StoneMor Partners LP / Cornerstone Family Services of WV, 7.875% , 6/1/21	327,600
			$ 1,177,550
		Total Consumer Services	$ 5,327,637

		DIVERSIFIED FINANCIALS - 1.8%
		Asset Management & Custody Banks - 0.4%
	590,000	Janus Capital Group, Inc., 6.7%, 6/15/17	$ 640,425


		Consumer Finance - 0.8%
	445,000	Jefferies Finance LLC / JFIN Co-Issuer Corp., 7.375%, 4/1/20 (144A)	$ 445,000
	406,687	Tarjeta Naranja SA, 9.0%, 1/28/17 (144A)	415,348
	440,000	TMX Finance LLC / TitleMax Finance Corp., 8.5%, 9/15/18 (144A)	349,800
			$ 1,210,148

		Investment Banking & Brokerage - 0.2%
	450,000(b)(e)	Goldman Sachs Capital II, 4.0%	$ 338,625

		Specialized Finance - 0.4%
	375,000(f)	Igloo Holdings Corp., 8.25%(9.0% PIK 8.25% cash), 12/15/17 (144A)	$ 381,094
	175,000	Nationstar Mortgage LLC / Nationstar Capital Corp., 6.5% , 7/1/21	163,406
			$ 544,500
		Total Diversified Financials	$ 2,733,698

		ENERGY - 10.3%
		Coal & Consumable Fuels - 0.2%
	400,000(d)	James River Coal Co., 7.875%, 4/1/19	$ 500
	715,000	Penn Virginia Corp., 8.5%, 5/1/20	336,050
			$ 336,550

		Integrated Oil & Gas - 0.3%
MXN	540,000	Petroleos Mexicanos, 7.19%, 9/12/24 (144A)	$ 32,862
	325,000	YPF SA, 8.875% , 12/19/18 (144A)	338,000
			$ 370,862

		Oil & Gas Drilling - 0.5%
	730,000	Ocean Rig UDW, Inc., 7.25%, 4/1/19 (144A)	$ 459,900
	320,000	Shelf Drill Holdings, Ltd., 8.625%, 11/1/18 (144A)	279,200
			$ 739,100

		Oil & Gas Equipment & Services - 0.5%
	330,000(a)	FTS International, Inc., 7.783%, 6/15/20 (144A)	$ 317,040
	425,000	McDermott International, Inc., 8.0%, 5/1/21 (144A)	366,563
			$ 683,603

		Oil & Gas Exploration & Production - 6.1%
	100,000	Comstock Resources, Inc., 7.75%, 4/1/19	$ 36,000
	750,000	Comstock Resources, Inc., 9.5%, 6/15/20	277,500
	750,000	EP Energy LLC / EP Energy Finance, Inc., 9.375%, 5/1/20	774,375
	360,000	GeoPark Latin America, Ltd., Agencia en Chile, 7.5%, 2/11/20 (144A)	273,600
	570,000	Gulfport Energy Corp., 7.75%, 11/1/20	584,250
	60,000	Halcon Resources Corp., 8.875%, 5/15/21	31,200
	705,000	Halcon Resources Corp., 9.75%, 7/15/20	380,700
	630,000	Memorial Production Partners LP / Memorial Production Finance Corp., 7.625%, 5/1/21	529,200
	600,000	Midstates Petroleum Co., Inc., 9.25%, 6/1/21	207,000
	350,000	MIE Holdings Corp., 7.5%, 4/25/19 (144A)	245,847
	285,000	Noble Energy, Inc., 5.875%, 6/1/24	309,252
	1,365,000	Northern Oil & Gas, Inc., 8.0%, 6/1/20	1,201,200
	450,000	Novatek OAO via Novatek Finance, Ltd., 4.422%, 12/13/22 (144A)	389,992
	535,000	PDC Energy, Inc., 7.75%, 10/15/22	551,719
	750,000	PetroQuest Energy, Inc., 10.0%, 9/1/17	678,750
	240,000(d)	Quicksilver Resources, Inc., 7.125%, 4/1/16	1,200
	375,000	Rice Energy, Inc., 6.25%, 5/1/22	354,375
	310,000	RSP Permian, Inc., 6.625%, 10/1/22 (144A)	312,325

	Principal Amount USD ($)		Value

		Oil & Gas Exploration & Production - (continued)
	1,170,000	Sanchez Energy Corp., 7.75%, 6/15/21	$ 1,053,000
	300,000	WPX Energy, Inc., 7.5%, 8/1/20	304,500
	650,000	WPX Energy, Inc., 8.25%, 8/1/23	660,563
			$ 9,156,548

		Oil & Gas Refining & Marketing - 0.4%
	669,000	Calumet Specialty Products Partners LP / Calumet Finance Corp., 6.5%, 4/15/21	$ 658,028


		Oil & Gas Storage & Transportation - 2.3%
	450,000(a)	Energy Transfer Partners LP, 3.318%, 11/1/66	$ 373,500
	950,000	Genesis Energy LP / Genesis Energy Finance Corp., 6.75%, 8/1/22	947,625
	480,000	Global Partners LP / GLP Finance Corp., 7.0%, 6/15/23 (144A)	462,000
	170,000	PBF Logistics LP / PBF Logistics Finance Corp., 6.875%, 5/15/23 (144A)	169,575
	925,000	Sunoco LP / Sunoco Finance Corp., 6.375%, 4/1/23 (144A)	950,437
	520,000	Western Refining Logistics LP / WNRL Finance Corp., 7.5%, 2/15/23	534,300
			$ 3,437,437
		Total Energy	$ 15,382,128

		FOOD & STAPLES RETAILING - 0.9%
		Food Distributors - 0.6%
	900,000	JBS Investments GmbH, 7.25%, 4/3/24 (144A)	$ 924,750


		Food Retail - 0.3%
	460,000	Tops Holding LLC / Tops Markets II Corp., 8.0%, 6/15/22 (144A)	$ 456,550

		Total Food & Staples Retailing	$ 1,381,300

		FOOD, BEVERAGE & TOBACCO - 8.2%
		Agricultural Products - 1.0%
	900,000	Pinnacle Operating Corp., 9.0% , 11/15/20 (144A)	$ 895,500
	520,000	Southern States Cooperative, Inc., 10.0% , 8/15/21 (144A)	473,200
	225,000	Tonon Luxembourg SA, 10.5% , 5/14/24 (144A)	132,750
			$ 1,501,450

		Packaged Foods & Meats - 6.0%
	225,000	Agrokor DD, 8.875%, 2/1/20 (144A)	$ 243,130
EUR	200,000	Agrokor DD, 9.875%, 5/1/19 (144A)	236,004
	650,000	Bertin SA / Bertin Finance, Ltd., 10.25%, 10/5/16 (144A)	695,120
	500,000	CFG Investment SAC, 9.75%, 7/30/19 (144A)	490,000
	136,000	Chiquita Brands International, Inc. / Chiquita Brands LLC, 7.875%, 2/1/21	145,860
	1,100,000	FAGE Dairy Industry SA / FAGE USA Dairy Industry, Inc., 9.875%, 2/1/20 (144A)	1,152,250
	515,000	Marfrig Holding Europe BV, 6.875%, 6/24/19 (144A)	473,800
	800,000	Marfrig Holding Europe BV, 8.375%, 5/9/18 (144A)	792,000
	700,000	Marfrig Holding Europe BV, 11.25%, 9/20/21 (144A)	714,000
	475,000	Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A)	482,719
	700,000	MHP SA, 8.25%, 4/2/20 (144A)	567,000
	1,600,000	Minerva Luxembourg SA, 7.75%, 1/31/23 (144A)	1,607,520
	200,000	Minerva Luxembourg SA, 12.25%, 2/10/22 (144A)	220,000
	600,000	Pesquera Exalmar SAA, 7.375%, 1/31/20 (144A)	496,500
	640,000	Post Holdings, Inc., 6.75%, 12/1/21 (144A)	644,800
			$ 8,960,703

		Soft Drinks - 0.2%
	355,000	Cott Beverages, Inc., 5.375%, 7/1/22	$ 347,013

		Tobacco - 1.0%
	1,645,000	Alliance One International, Inc., 9.875%, 7/15/21	$ 1,443,487

		Total Food, Beverage & Tobacco	$ 12,252,653

		HEALTH CARE EQUIPMENT & SERVICES - 2.0%
		Health Care Facilities - 0.5%
	700,000	Kindred Healthcare, Inc., 6.375%, 4/15/22	$ 716,625

		Health Care Services - 0.9%
	425,000	BioScrip, Inc., 8.875%, 2/15/21	$ 350,625
	990,000	Truven Health Analytics, Inc., 10.625%, 6/1/20	1,034,550
			$ 1,385,175

	Principal Amount USD ($)		Value

		Health Care Supplies - 0.4%
	500,000	Immucor, Inc., 11.125%, 8/15/19	$ 525,000

		Health Care Technology - 0.2%
	275,000	Emdeon, Inc., 11.0%, 12/31/19	$ 297,688

		Total Health Care Equipment & Services	$ 2,924,488

		HOUSEHOLD & PERSONAL PRODUCTS - 0.5%
		Household Products - 0.3%
EUR	350,000(a)	Hydra Dutch Holdings 2BV, 5.481%, 4/15/19 (144A)	$ 359,971

		Personal Products - 0.2%
	345,000	Monitronics International, Inc., 9.125%, 4/1/20	$ 334,650

		Total Household & Personal Products	$ 694,621

		INDUSTRIALS - 0.1%
		Agricultural & Farm Machinery - 0.1%
	160,000	Titan International, Inc., 6.875%, 10/1/20	$ 141,459

		Total Industrials	$ 141,459

		INSURANCE - 26.6%
		Insurance Brokers - 0.0%†
GBP	10,489(a)	Towergate Finance Plc, 8.5%, 3/2/20 (144A)	$ 17,123

		Life & Health Insurance - 0.1%
GBP	59,442	TIG FINCO Plc, 8.75%, 4/2/20 (144A)	$ 90,071

		Property & Casualty Insurance - 2.9%
	6,000,000(c)(g)	Fixed Income Trust, Series 2013-A, 0.0%, 10/15/97 (144A)	$ 4,311,429
	80,000(b)(e)	White Mountains Insurance Group, Ltd., 7.506% (144A)	81,800
			$ 4,393,229

		Reinsurance - 23.6%
	1,563,217(h)(j)	Altair Re II, Ltd.	$ 266,372
	1,000,000(h)(j)	Altair Re III, Ltd.	1,035,200
EUR	750,000(a)	ATLAS Reinsurance VII, Ltd., 3.65%, 1/7/16 (144A)	824,113
	1,000,000(a)	Bosphorus Re, Ltd., 2.556%, 5/3/16 (144A) (Cat Bond)	994,800
	800,000(h)	Carnoustie Segregated Account (Kane SAC, Ltd.), Variable Rate Notes, 2/19/16	856,320
	1,750,000(a)	East Lane Re VI, Ltd., 2.806%, 3/14/18 (144A) (Cat Bond)	1,706,775
	2,740,500(h)	Exeter Segregated Account (Kane SAC, Ltd.), Variable Rate Notes, 1/7/16	2,787,363
	1,000,000(h)	Fairfield Segregated Account (Kane SAC, Ltd.), Variable Rate Notes, 2/2/16	963,300
	2,000,000(a)	Gator Re, Ltd., 6.736%, 1/9/17 (144A) (Cat Bond)	1,822,000
	1,500,000(a)	Ibis Re II, Ltd., 4.061%, 6/28/16 (144A) (Cat Bond)	1,494,900
	2,000,000(h)	Lahinch Segregated Account (Kane SAC, Ltd.), Variable Rate Notes, 6/15/16	1,963,000
	1,750,000(a)	Longpoint Re, Ltd. III, 4.256%, 5/18/16 (144A) (Cat Bond)	1,752,625
	1,450,000(h)	Lorenz Re, Ltd. (Prime, Ltd.), Variable Rate Notes, 3/31/18	1,496,255
	1,000,000(a)	Merna Reinsurance V, Ltd., 2.056%, 4/7/17 (144A) (Cat Bond)	994,800
	750,000(a)	MetroCat Re, Ltd., 4.556%, 8/5/16 (144A) (Cat Bond)	752,400
	2,000,000(a)	MultiCat Mexico, Ltd., Class A, 7.556%, 12/4/15 (144A) (Cat Bond)	1,974,600
	3,000,000(h)	Pangaea Re Segregated Account (Kane SAC, Ltd.), Series 2015-1, Variable Rate Notes, 2/1/19	3,221,700
	2,004,948(h)	PI-6 Segregated Account (Kane SAC, Ltd.), Series C, Variable Rate Notes, 7/7/16	2,013,770
	1,000,000(a)	Queen Street VIII Re, Ltd., 6.556%, 6/8/16 (144A) (Cat Bond)	991,000
	2,000,000(a)	Queen Street X Re, Ltd., 5.806%, 6/8/18 (144A) (Cat Bond)	1,960,600
	1,000,000(a)	Residential Reinsurance 2012, Ltd., 22.056%, 6/6/16 (144A) (Cat Bond)	1,091,800
	5,731(h)	Sector Re V, Ltd. (Swiss Re), Series 3, Class C, 12/1/17 (144A)	41,633
	2,582(h)	Sector Re V, Ltd. (Swiss Re), Series 4, Class A, 3/30/19 (144A)	356,712
	1,000,000(h)	Silverton Re, Ltd. (Aon Benefield Securities, Inc.), Variable Rate Notes, 9/18/17 (144A)	1,108,600
	1,000,000(h)	Silverton Re, Ltd. (Aon Benefield Securities, Inc.), Variable Rate Notes, 9/16/16 (144A)	39,000
	1,000,000(h)	St. Andrews Segregated Account (Kane SAC, Ltd.), Variable Rate Notes, 1/22/16	1,025,100
JPY	150,000,000(h)	Tralee Segregated Account (Kane SAC, Ltd.), Variable Rate Notes, 7/15/17	1,210,265
	500,000(a)	Vitality Re VI, Ltd., 2.156%, 1/8/18 (144A) (Cat Bond)	499,350
			$ 35,244,353
		Total Insurance	$ 39,744,776

	Principal Amount USD ($)		Value

		MATERIALS - 7.9%
		Commodity Chemicals - 0.4%
	300,000	Basell Finance Co., BV, 8.1%, 3/15/27 (144A)	$ 393,514
	175,000	Hexion US Finance Corp., 6.625%, 4/15/20	160,344
			$ 553,858
		Construction Materials - 0.4%
	389,000	Cemex Espana Luxembourg, 9.875%, 4/30/19 (144A)	$ 425,955
	300,000(e)	Magnesita Finance, Ltd., 8.625% (144A)	242,250
			$ 668,205

		Diversified Chemicals - 0.4%
	660,000	Evolution Escrow Issuer LLC, 7.5%, 3/15/22 (144A)	$ 541,200


		Diversified Metals & Mining - 1.1%
	109,000	Boart Longyear Management Pty, Ltd., 10.0%, 10/1/18 (144A)	$ 100,280
	300,000	FMG Resources August 2006 Pty, Ltd., 9.75%, 3/1/22 (144A)	276,000
	409,276	Mirabela Nickel, Ltd., 9.5%, 6/24/19	290,586
	180,000	Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A)	162,900
	750,000	Vedanta Resources Plc, 9.5%, 7/18/18 (144A)	780,000
			$ 1,609,766

		Gold - 0.0%†
	85,000	IAMGOLD Corp., 6.75%, 10/1/20 (144A)	$ 62,475


		Metal & Glass Containers - 0.3%
	261,325(f)	Ardagh Finance Holdings SA, 8.625% (8.625% PIK 0.0% cash), 6/15/19 (144A)	$ 273,084
EUR	150,000	Horizon Holdings I SASU, 7.25%, 8/1/23 (144A)	168,708
			$ 441,792

		Paper Packaging - 2.1%
	580,000	Exopack Holding Corp., 10.0%, 6/1/18 (144A)	$ 606,100
	500,000	Reynolds Group Issuer, Inc., 9.0%, 4/15/19	514,375
	475,000	Reynolds Group Issuer, Inc., 9.875%, 8/15/19	499,641
EUR	1,365,000	SIG Combibloc Holdings SCA, 7.75%, 2/15/23 (144A)	1,578,894
			$ 3,199,010

		Paper Products - 1.2%
	675,000	Appvion, Inc., 9.0%, 6/1/20 (144A)	$ 371,250
	500,000	Mercer International, Inc., 7.0%, 12/1/19	518,750
	840,000	Resolute Forest Products, Inc., 5.875%, 5/15/23	701,400
	255,000	Unifrax I LLC / Unifrax Holding Co., 7.5%, 2/15/19 (144A)	255,000
			$ 1,846,400

		Specialty Chemicals - 0.3%
	410,000	A Schulman, Inc., 6.875%, 6/1/23 (144A)	$ 415,125


		Steel - 1.7%
	500,000	Cliffs Natural Resources, Inc., 8.25%, 3/31/20 (144A)	$ 453,750
	250,000	Evraz Group SA, 9.5%, 4/24/18 (144A)	260,337
	190,000	JMC Steel Group, Inc., 8.25%, 3/15/18 (144A)	168,625
	499,000	Optima Specialty Steel, Inc., 12.5%, 12/15/16 (144A)	495,258
	850,000	Ryerson, Inc., 9.0%, 10/15/17	839,375
	350,000	United States Steel Corp., 7.5%, 3/15/22	332,500
			$ 2,549,845
		Total Materials	$ 11,887,676

		MEDIA - 3.2%
		Broadcasting - 0.2%
	400,000	Intelsat Luxembourg SA, 7.75%, 6/1/21	$ 318,000


		Movies & Entertainment - 2.2%
	1,710,000	AMC Entertainment, Inc., 9.75%, 12/1/20	$ 1,829,700
	600,000	Gibson Brands, Inc., 8.875%, 8/1/18 (144A)	589,500
	225,000	Regal Entertainment Group, 5.75%, 2/1/25	218,531
	625,000	WMG Acquisition Corp., 6.75%, 4/15/22 (144A)	603,125
			$ 3,240,856

		Publishing - 0.8%
	855,000	Gannett Co., Inc., 6.375%, 10/15/23	$ 904,163
	250,000	MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A)	263,125
			$ 1,167,288
		Total Media	$ 4,726,144

		PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.9%
		Biotechnology - 0.2%
	300,000	ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A)	$ 315,750

	Principal Amount USD ($)		Value

		Pharmaceuticals - 0.7%
	208,000	DPx Holdings BV, 7.5%, 2/1/22 (144A)	$ 218,400
	650,000	Endo Finance LLC / Endo, Ltd. / Endo Finco, Inc., 6.0%, 7/15/23 (144A)	676,000
			$ 894,400
		Total Pharmaceuticals, Biotechnology & Life Sciences	$ 1,210,150

		REAL ESTATE - 1.2%
		Real Estate Operating Companies - 0.3%
	410,000	IRSA Inversiones y Representaciones SA, 8.5%, 2/2/17 (144A)	$ 410,000

		Specialized REIT - 0.9%
	1,520,000	Communications Sales & Leasing, Inc., 8.25%, 10/15/23 (144A)	$ 1,451,600

		Total Real Estate	$ 1,861,600

		RETAILING - 1.7%
		Automotive Retail - 0.7%
	1,100,000	DriveTime Automotive Group, Inc. / DT Acceptance Corp., 8.0% , 6/1/21 (144A)	$ 1,033,431


		Computer & Electronics Retail - 0.1%
	235,000	Rent-A-Center, Inc., 6.625%, 11/15/20	$ 232,356


		Department Stores - 0.8%
	300,000	Argos Merger Sub, Inc., 7.125%, 3/15/23 (144A)	$ 317,250
	625,000	Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A)	573,438
	350,000	Neiman Marcus Group, Ltd. LLC, 8.0%, 10/15/21 (144A)	371,000
			$ 1,261,688

		Specialty Stores - 0.1%
	85,000	Outerwall, Inc., 6.0%, 3/15/19	$ 85,850

		Total Retailing	$ 2,613,325

		SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.3%
		Semiconductors - 0.3%
	85,000	Advanced Micro Devices, Inc., 6.75%, 3/1/19	$ 61,838
	235,000	Advanced Micro Devices, Inc., 7.0%, 7/1/24	156,275
	400,000	Advanced Micro Devices, Inc., 7.5%, 8/15/22	276,000
		Total Semiconductors & Semiconductor Equipment	$ 494,113

		SOFTWARE & SERVICES - 0.5%
		Data Processing & Outsourced Services - 0.5%
	162,000	First Data Corp., 10.625%, 6/15/21	$ 180,630
	404,000	First Data Corp., 8.25%, 1/15/21 (144A)	427,735
	225,000	NeuStar, Inc., 4.5%, 1/15/23	191,250
		Total Software & Services	$ 799,615

		TECHNOLOGY HARDWARE & EQUIPMENT - 0.4%
		Communications Equipment - 0.2%
	280,000	CommScope Technologies Finance LLC, 6.0%, 6/15/25 (144A)	$ 276,500

		Electronic Equipment & Instruments - 0.2%
	315,000	Zebra Technologies Corp., 7.25%, 10/15/22 (144A)	$ 344,925

		Total Technology Hardware & Equipment	$ 621,425

		TELECOMMUNICATION SERVICES - 2.2%
		Integrated Telecommunication Services - 1.0%
	300,000	Frontier Communications Corp., 8.75%, 4/15/22	$ 297,563
	750,000	GCI, Inc., 6.875%, 4/15/25	763,125
	600,000	Windstream Corp., 7.5%, 6/1/22	493,500
			$ 1,554,188

		Wireless Telecommunication Services - 1.2%
	250,000	Altice Finco SA, 8.125%, 1/15/24 (144A)	$ 260,000
	300,000	Altice SA, 7.75%, 5/15/22 (144A)	302,250
	200,000	Mobile Telesystems OJSC via MTS International Funding, Ltd., 5.0%, 5/30/23 (144A)	181,000
	340,000	Sprint Corp., 7.125%, 6/15/24	311,100
	275,000	Sprint Corp., 7.25%, 9/15/21	262,969
	250,000	Unison Ground Lease Funding LLC, 5.78%, 3/15/20 (144A)	249,652
RUB	14,100,000	VimpelCom Holdings BV, 9.0%, 2/13/18 (144A)	210,844
			$ 1,777,815
		Total Telecommunication Services	$ 3,332,003

	Principal Amount USD ($)		Value

		TRANSPORTATION - 3.8%
		Airlines - 1.0%
	545,000	Gol LuxCo SA, 8.875%, 1/24/22 (144A)	$ 438,725
	155,000	Intrepid Aviation Group Holdings LLC / Intrepid Finance Co., 6.875%, 2/15/19 (144A)	144,538
	450,000	Intrepid Aviation Group Holdings LLC / Intrepid Finance Co., 8.25%, 7/15/17 (144A)	450,000
	500,000	TAM Capital 3, Inc., 8.375%, 6/3/21 (144A)	514,375
			$ 1,547,638

		Airport Services - 0.9%
	511,280	Aeropuertos Argentina 2000 SA, 10.75%, 12/1/20 (144A)	$ 546,047
	800,000	Aguila 3 SA, 7.875%, 1/31/18 (144A)	821,000
			$ 1,367,047

		Highways & Railtracks - 0.2%
MXN	4,500,000	Red de Carreteras de Occidente SAPIB de CV, 9.0%, 6/10/28 (144A)	$ 272,404


		Marine - 0.5%
	500,000	Far East Capital, Ltd. SA, 8.0%, 5/2/18	$ 305,000
	375,000	Navios South American Logistics, Inc. / Navios Logistics Finance US, Inc., 7.25%, 5/1/22 (144A)	352,500
			$ 657,500

		Railroads - 0.6%
	377,991(f)	AAF Holdings LLC / AAF Finance Co., 12.0%(12.75% PIK 12.0% cash), 7/1/19 (144A)	$ 375,156
	485,000	Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A)	489,850
			$ 865,006

		Trucking - 0.6%
	1,000,000	Jack Cooper Holdings Corp., 10.25%, 6/1/20 (144A)	$ 917,500

		Total Transportation	$ 5,627,095

		UTILITIES - 1.1%
		Electric Utilities - 0.6%
	375,000	ContourGlobal Power Holdings SA, 7.125%, 6/1/19 (144A)	$ 390,000
	460,000(b)	Enel SpA, 8.75%, 9/24/73 (144A)	539,235
			$ 929,235

		Gas Utilities - 0.4%
	492,450	Transportadora de Gas del Sur SA, 9.625%, 5/14/20 (144A)	$ 499,837


		Independent Power Producers & Energy Traders - 0.1%
	185,000	TerraForm Power Operating LLC, 6.125%, 6/15/25 (144A)	$ 185,462

		Total Utilities	$ 1,614,534

		TOTAL CORPORATE BONDS & NOTES
		(Cost $135,321,876)	$ 131,817,606

		CONVERTIBLE BONDS & NOTES - 2.7% of Net Assets
		DIVERSIFIED FINANCIALS - 0.1%
		Asset Management & Custody Banks - 0.1%
	120,000	Apollo Investment Corp., 5.75%, 1/15/16	$ 121,500

		Total Diversified Financials	$ 121,500

		HEALTH CARE EQUIPMENT & SERVICES - 1.3%
		Health Care Equipment & Services - 1.3%
	1,040,000(c)	Hologic, Inc., 2.0%, 12/15/37	$ 1,893,450


		Health Care Services - 0.0%†
	15,000	Omnicare, Inc., 3.25%, 12/15/35	$ 18,862

		Total Health Care Equipment & Services	$ 1,912,312

		MATERIALS - 1.2%
		Diversified Chemicals - 1.1%
	1,900,000(i)	Hercules, Inc., 6.5%, 6/30/29	$ 1,699,313


		Diversified Metals & Mining - 0.1%
	100,000	Vedanta Resources Jersey, Ltd., 5.5%, 7/13/16	$ 96,750
		Total Materials	$ 1,796,063

	Principal Amount USD ($)		Value

		PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.1%
		Biotechnology - 0.1%
	250,000	Corsicanto, Ltd., 3.5%, 1/15/32	$ 253,906

		Total Pharmaceuticals, Biotechnology & Life Sciences	$ 253,906

		TOTAL CONVERTIBLE BONDS & NOTES
		(Cost $2,587,686)	$ 4,083,781

		U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 5.9% of Net Assets
	3,000,000(a)	U.S. Treasury Notes, 0.12%, 7/31/16	$ 3,000,606
	2,975,000(a)	U.S. Treasury Notes, 0.103%, 10/31/16	2,974,970
	2,850,000(a)	U.S. Treasury Notes, 0.119%, 4/30/16	2,850,462
			$ 8,826,038

		TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
		(Cost $8,824,625)	$ 8,826,038
		SOVEREIGN DEBT OBLIGATIONS - 1.3% of Net Assets
		Argentina - 0.4%
	317,680	Province of Salta Argentina, 9.5%, 3/16/22 (144A)	$ 314,503
	230,000	Provincia de Buenos Aires/Argentina, 9.95%, 6/9/21 (144A)	227,125
			$ 541,628
		Ireland - 0.3%
	450,000	Vnesheconombank Via VEB Finance Plc, 6.902%, 7/9/20 (144A)	$ 440,460


		Mexico - 0.4%
MXN	8,870,000	Mexican Bonos, 7.75%, 11/13/42	$ 622,203
MXN	317,105	Mexican Udibonos, 3.5%, 12/14/17	20,849
			$ 643,052

		Zambia - 0.2%
	300,000	Zambia Government International Bond, 5.375%, 9/20/22 (144A)	$ 253,314


		TOTAL SOVEREIGN DEBT OBLIGATIONS
		(Cost $1,985,002)	$ 1,878,454
	Shares

		COMMON STOCKS - 0.5% of Net Assets
		CAPITAL GOODS - 0.0%†
		Industrial Machinery - 0.0%†
	10,289(g)(j)	Liberty Tire Recycling LLC	$ 103

		Total Capital Goods	$ 103

		INSURANCE - 0.0%†
		Insurance Brokers - 0.0%†
GBP	10,233(g)(j)	TopCo. Ltd.	$ 2,558
GBP	475(g)(j)	Towergate Finance Plc	119
			$ 2,677
		Total Insurance	$ 2,677

		MATERIALS - 0.0%†
		Diversified Metals & Mining - 0.0%†
AUD	1,087,442(j)	Mirabela Nickel, Ltd.	$ 77,833

		Total Materials	$ 77,833

		TRANSPORTATION - 0.5%
		Air Freight & Logistics - 0.5%
	943(j)	CEVA Holdings LLC	$ 698,049
		Total Transportation	$ 698,049

		TOTAL COMMON STOCKS
		(Cost $942,792)	$ 778,662


		CONVERTIBLE PREFERRED STOCKS - 0.5% of Net Assets
		DIVERSIFIED FINANCIALS - 0.3%
		Other Diversified Financial Services - 0.3%
	470(e)	Bank of America Corp., 7.25%	$ 522,781

		Total Diversified Financials	$ 522,781

		ENERGY - 0.0%†
		Oil & Gas Exploration & Production - 0.0%†
	200(e)	Halcon Resources Corp., 5.75%	$ 35,300

		Total Energy	$ 35,300

	Shares

		TELECOMMUNICATION SERVICES - 0.2%
		Integrated Telecommunication Services - 0.2%
	3,250(j)	Frontier Communications Corp., 11.125%	$ 317,688

		Total Telecommunication Services	$ 317,688

		TOTAL CONVERTIBLE PREFERRED STOCKS
		(Cost $849,900)	$ 875,769

		PREFERRED STOCKS - 1.6% of Net Assets
		BANKS - 0.4%
		Diversified Banks - 0.4%
	500(b)(e)	AgStar Financial Services ACA, 6.75%	$ 522,313

		Total Banks	$ 522,313

		DIVERSIFIED FINANCIALS - 0.7%
		Other Diversified Financial Services - 0.7%
	40,675(b)	GMAC Capital Trust I, 8.125%	$ 1,066,905

		Total Diversified Financials	$ 1,066,905

		INSURANCE - 0.5%
		Insurance Brokers - 0.5%
	452,745(g)(j)	Towergate Finance Plc Class B	$ 693,110
		Reinsurance - 0.0%†
	15,000(h)(j)	Lorenz Re, Ltd.	$ 37,500

		Total Insurance	$ 730,610

		TOTAL PREFERRED STOCKS
		(Cost $2,106,322)	$ 2,319,828

		WARRANTS - 0.0%†
		Insurance - 0.0%†
		Insurance Brokers
GBP	136(g)(j)(k)	Towergate Finance Plc	$ –

		TOTAL WARRANTS
		(Cost $ –)	$ –

	Principal Amount USD ($)

		TEMPORARY CASH INVESTMENTS - 1.3% of Net Assets

		COMMERCIAL PAPER - 1.3%
	535,000	BNP Paribas SA, 0.08%, 8/3/15	$ 534,995
	535,000	Exxon Mobil Co., 0.05%, 8/3/15	534,995
	375,000	Prudential Funding LLC, 0.08%, 8/3/15	374,996
	535,000	Wal-Mart Stores, 0.07%, 8/3/15	534,999
			$ 1,979,985
		TOTAL TEMPORARY CASH INVESTMENTS
		(Cost $1,979,992)	$ 1,979,985
		TOTAL INVESTMENTS IN SECURITIES - 136.5%
		(Cost - $207,075,179) (l)(m)	$ 204,395,364
		OTHER ASSETS AND LIABILITIES - (36.5)%	$ (54,708,795)
		NET ASSETS APPLICABLE TO COMMON SHAREOWNERS -100.0%	$ 149,686,569

†	Amount rounds to less than 0.1%.
REIT	Real Estate Investment Trust.
(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, 2015, the value of these securities amounted to $83,093,153, or 55.5% of total net assets applicable to common shareowners.
(Cat Bond)	Catastrophe or Event linked bond. At July 31, 2015, the value of these securities amounted to $16,035,650, or 10.7% 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 rate of a certificate of deposit or (iv) other base lending rates used by commercial lenders. The interest rate shown is the rate accruing at July 31, 2015.
(a)	Floating rate note. The rate shown is the coupon rate at July 31, 2015.
(b)	The interest rate is subject to change periodically. The interest rate shown is the rate at July 31, 2015.
(c)	Debt obligation initially issued at one coupon which converts to a higher coupon at a specific date. The rate shown is the rate at July 31, 2015.
(d)	Security is in default and is non income producing.
(e)	Security is perpetual in nature and has no stated maturity date.
(f)	Payment in Kind (PIK) security which may pay interest in the form of additional principal amount.
(g)	Security is valued using fair value methods (other than prices supplied by independent pricing services).
(h)	Structured reinsurance investment. At July 31, 2015, the value of these securities amounted to $18,422,090 or 12.31% of total net assets applicable to common shareowners.
(i)	Security is priced as a unit.
(j)	Non-income producing.

(k) Towergate B Preferred warrants are exercisable into 136 Tig FinCo A shares.

(l)	At July 31, 2015, the net unrealized depreciation on investments based on cost for federal tax purposes of $209,153,271 was as follows:

	Aggregate gross unrealized appreciation for all investments in which there
	is an excess of value over tax cost	$ 7,445,962
	Aggregate gross unrealized depreciation for all investments in which there
	is an excess of tax cost over value	(12,203,869)

	Net unrealized depreciation	$ (4,757,907)

For financial reporting purposes net unrealized depreciation on investments was $2,679,815 and cost of investments aggregated $207,075,179.

(m)	Distributions of Investments by country of issue, as a percentage of total investments in securities, is as follows:

	United States	68.3%
	Bermuda	7.9
	Luxembourg	5.0
	Cayman Islands	4.8
	Ireland	2.0
	Netherlands	1.9
	Argentina	1.8
	Mexico	1.1
	Other (individually less than 1%)	7.2
		100.0%

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

AUD	-	Australian Dollar
EUR	-	Euro
GBP	-	Great British Pound
JPY	-	Japanes Yen
MXN	-	Mexican Peso
RUB	-	Russian Ruble

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 or broker–dealers) as Level 3.

The following is a summary of the inputs used as of July 31, 2015, in valuing the Trust's investments.

Level 1

Level 2

Level 3

Total

Asset Backed Securities

–

2,380,149

–

2,380,149

Collateralized Mortgage Obligations

–

3,197,950

–

3,197,950

Commercial Mortgage-Backed Securities

–

548,185

–

548,185

Senior Secured Floating Rate Loan Interests

–

45,708,957

–

45,708,957

Corporate Bonds & Notes

Capital Goods

Industrial Machinery

–

1,083,200

132,480

1,215,680

Insurance

Property & Casualty Insurance

–

81,800

4,311,429

4,393,229

Reinsurance

–

16,859,763

18,384,590

35,244,353

All Other Corporate Bonds & Notes

–

90,964,344

–

90,964,344

Convertible Bonds & Notes

–

4,083,781

–

4,083,781

U.S. Government and Agency Obligations

–

8,826,038

–

8,826,038

Sovereign Debt Obligations

–

1,878,454

–

1,878,454

Common Stocks

Capital Goods

Industrial Machinery

–

103

Insurance

Insurance Brokers

–

2,677

Transportation

Air Freight & Logistics

–

698,049

–

698,049

All Other Common Stocks

77,833

–

77,833

Convertible Preferred Stocks

Energy

Oil & Gas Exploration & Production

–

35,300

–

35,300

All Other Convertible Preferred Stocks

840,469

–

840,469

Preferred Stocks

Banks

Diversified Banks

–

522,313

–

522,313

Insurance

Insurance Brokers

–

693,110

Reinsurance

–

37,500

All Other Preferred Stocks

1,066,905

–

1,066,905

Warrants

Insurance Brokers

–

Commercial Paper

–

1,979,985

–

1,979,985

Total Investments in Securities

1,985,207

178,848,268

23,561,889

204,395,364

The following is a summary of the fair valuation of certain of the Trust's assets and liabilities as of July 31, 2015.
	Level 1	Level 2	Level 3	Total
Assets:
Foreign currencies, at value	$ –	$ 2,621,351	$ –	$ 2,621,351
Liabilities:	–		–
Outstanding borrowings	–	(64,000,000)	–	(64,000,000)
Total	$ –	$ (61,378,649)	$ –	$ (61,378,649)

* Includes securities that are fair valued at $0.

The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):
							Change in
	Balance			Realized			unrealized								Accrued			Transfers		Transfers			Balance
	as of			gain			appreciation								discounts/			in to		out of			as of
	4/30/15			(loss)			(depreciation)			Purchases		Sales			premiums			Level 3*		Level 3*			7/31/15
Collateralized Mortgage Obligations	$	165,062		$	52		$	152		$	–	$	–		$	(3,805	)	$	–	$	(161,461	)	$	–
Corporate Bonds & Notes
Capital Goods
Industrial Machinery		239,330			4,677			(56,694	)		–		(56,000	)		1,167			–		–			132,480
Insurance
Insurance Brokers		16,096			–			1,027			–		–			–			–		(17,123	)		–
Life & Health Insurance		500,600			–			(1,250	)		–		–			–			–		(499,350	)		–
Property & Casualty Insurance		4,354,042			–			(42,613	)		–		–			–			–		–			4,311,429
Reinsurance		22,537,165			(248,629	)		(222,161	)		2,518,431		(6,271,019	)		70,803			–		–			18,384,590
Common Stocks
Capital Goods
Industrial Machinery		103			–			–			–		–			–			–		–			103
Insurance
Insurance Brokers		2,540			–			137			–		–			–			–		–			2,677
Reinsurance		1,019,800			–			15,400			–		(1,035,200	)		–			–		–			–
Preferred Stocks
Insurance
Insurance Brokers		671,036			–			22,074			–		–			–			–		–			693,110
Reinsurance		941,821			–			(637,949	)		–		(266,372	)		–			–		–			37,500
Warrants
Insurance
Insurance Brokers		–	**		–			–			–		–			–			–		–			–	**
Total	$	30,447,595		$	(243,900	)	$	(921,877	)	$	2,518,431	$	(7,628,591	)	$	68,165		$	–	$	(677,934	)	$	23,561,889

*Transfers are calculated on the beginning of period value. For the three months ended July 31, 2015, there were no transfers between Levels 1 and 2. For the three months ended July 31, 2015, securities with an aggregate market value of $677,934 transferred from Level 3 to Level 2 as there were observable inputs available to determine their value.
** Includes securities that are fair valued at $0.

Net change in unrealized appreciation of Level 3 investments still held and considered Level 3 at July 31, 2015: $28,403.

The following table presents additional information about valuation techniques and inputs used for investments categorized as Level 3 at July 31, 2015. These amounts exclude valuations provided by a broker or through a third party insurance industry pricing model.

	Fair Value		Valuation	Unobservable	Value/
Asset Type	7/31/15		Technique (s)	Input	Range
Corporate Bonds & Notes	$	4,443,909	Market Comparables	EBITDA Multiples(1) Yield Premium(2)	5.0x to 6.5x 1.05%
Common Stocks	$	2,779	Market Comparables	EBITDA Multiples(1)	5.0x to 6.5x
Preferred Stocks	$	693,110	Market Comparables	EBITDA Multiples(1)	5.0x to 5.5x
Warrants	$	–	Enterprise Value	Residual Value	$0

(1)	An increase in this unobservable input would result in a higher fair value measurement, while a decrease would result in a lower fair value measurement.

(2)	An increase in this unobservable input would result in a lower fair value measurement, while a decrease would result in a higher fair value measurement.

ITEM 2. CONTROLS AND PROCEDURES. (a) Disclose the conclusions of the registrant's principal executive and principal financial officers, or persons performing similar functions, regarding 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 the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b))) and Rule 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-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 CFR 270.30a-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. File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), exactly as set forth below: CERTIFICATIONS I, [identify the certifying individual], certify that: 1. I have reviewed this report on Form N-Q of [identify registrant]; 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 schedules of investments included in this report fairly present 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 registrants other certifying officer(s) 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 registrants 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and 5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial reporting. Date: [Signature] [Title] 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/ Lisa M.Jones ----------------------- Lisa M.Jones, President and Chief Executive Officer Date September 29, 2015 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/ Lisa M.Jones ----------------------- Lisa M.Jones, President and Chief Executive Officer Date September 29, 2015 By (Signature and Title)* /s/ Mark E. Bradley ----------------- Mark E. Bradley, Treasurer and Chief Accounting and Financial Officer Date September 29, 2015 * Print the name and title of each signing officer under his or her signature.