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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: July 31, 2012
Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (239.24 and 274.5 of this
chapter), to file reports with the Commission, not later than 60 days after
close of the first and third fiscal quarters, pursuant to Rule 30b1-5under
the Investment Company Act of 1940 (17 CFR 270.30b-5). The Commission may
use the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-Q
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
<PAGE>
ITEM 1. Schedule of Investments.
|
Principal
Amount
USD ($)
|
S&P/Moody's
Rating
|
Value
|
|||
|
ASSET BACKED SECURITIES - 1.1% of Net Assets
|
|||||
|
450,000(a)
|
BB/A2
|
Bear Stearns Asset Backed Securities Trust, Series 2004-BO1, Class M3, 1.296%, 10/25/34
|
$ 354,301
|
||
|
100,000
|
BB/NR
|
CarNow Auto Receivables Trust, Series 2012-1A, Class D, 6.9%, 11/15/16 (144A)
|
100,249
|
||
|
699,000(a)
|
CCC/Caa2
|
Carrington Mortgage Loan Trust, Series 2007-FRE1, Class A2, 0.446%, 2/25/37
|
439,648
|
||
|
443,571(a)
|
CC/NR
|
Countrywide Asset-Backed Certificates, Series 2007-SD1, Class A1, 0.696%, 3/25/47 (144A)
|
179,781
|
||
|
128,555(a)
|
B-/B3
|
GSAMP Trust, Series 2006-HE8, Class A2B, 0.376%, 1/25/37
|
114,516
|
||
|
EUR
|
107,128
|
CCC-/Caa2
|
New Reclamation Group Pty., Ltd., 8.125%, 2/1/13 (144A)
|
$ 92,286
|
|
|
956,414(a)
|
B-/Caa1
|
Aircraft Finance Trust, Series 1999-1A, Class A1, 0.729%, 5/15/24 (144A)
|
$ 430,386
|
||
|
3,554(a)
|
B-/Ba3
|
Aircraft Finance Trust, Series 1999-1A, Class A2, 0.749%, 5/15/24 (144A)
|
3,305
|
||
|
TOTAL ASSET BACKED SECURITIES
|
|||||
|
(Cost $1,876,395)
|
$ 1,714,472
|
||||
|
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.7% of Net Assets
|
|||||
|
369,809(a)
|
D/C
|
Downey Savings & Loan Association Mortgage Loan Trust, Series 2005-AR6, Class 2A1B, 0.617%, 10/19/45
|
$ 85,229
|
||
|
182,628(b)
|
BB-/NR
|
GSR Mortgage Loan Trust, Series 2004-3F, Class B1, 5.736%, 2/25/34
|
155,123
|
||
|
904,548(a)
|
AAA/Ba2
|
Impac CMB Trust, Series 2004-9, Class 1A1, 1.006%, 1/25/35
|
714,577
|
||
|
103,852(a)
|
D/NR
|
WaMu Mortgage Pass Through Certificates, Series 2006-AR16, Class 3A1, 5.01%, 12/25/36
|
85,196
|
||
|
100,000(b)
|
NR/NR
|
Vericrest Opportunity Loan Transferee, Series 2012-NL1A, Class A2, 8.112%, 3/25/49 (144A)
|
$ 100,487
|
||
|
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
|
|||||
|
(Cost $1,348,661)
|
$ 1,140,612
|
||||
|
COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.3% of Net Assets
|
|||||
|
175,340(a)
|
NR/Ba1
|
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-FL2A, Class G, 0.609%, 11/15/18 (144A)
|
$ 142,026
|
||
|
Principal
Amount
USD ($)
|
S&P/Moody's
Rating
|
Value
|
|||
|
250,000(b)
|
BB+/Baa3
|
Bear Stearns Commercial Mortgage Securities, Series 2006-PW12, Class AJ, 5.757%, 9/11/38
|
$ 214,990
|
||
|
200,000(a)
|
BBB+/Baa2
|
Morgan Stanley Capital I, Inc., Series 2007-XLF9, Class C, 0.949%, 12/15/20 (144A)
|
$ 183,154
|
||
|
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
|
|||||
|
(Cost $546,382)
|
$ 540,170
|
||||
|
SENIOR SECURED FLOATING RATE LOAN INTERESTS - 28.9% of Net Assets *
|
|||||
|
AUTOMOBILES & COMPONENTS - 1.9%
|
|||||
|
Auto Parts & Equipment - 0.6%
|
|||||
|
138,733
|
B+/Ba3
|
Federal-Mogul Corp., Tranche B Term Loan, 2.178%, 12/29/14
|
$ 132,252
|
||
|
70,782
|
B+/Ba3
|
Federal-Mogul Corp., Tranche C Term Loan, 2.178%, 12/28/15
|
67,475
|
||
|
158,000
|
B+/B1
|
Metaldyne LLC, Term Loan, 5.25%, 5/18/17
|
158,101
|
||
|
284,288
|
B/B1
|
TI Group Automotive Systems LLC, Term Loan, 6.75%, 3/14/18
|
276,470
|
||
|
223,616
|
BB/Ba2
|
Tomkins LLC, Term Loan B-1, 4.25%, 9/29/16
|
224,664
|
||
|
142,825
|
B+/Ba2
|
UCI International, Inc., Term Loan, 5.5%, 7/26/17
|
143,985
|
||
|
$ 1,002,947
|
|||||
|
Automobile Manufacturers - 0.9%
|
|||||
|
1,485,000
|
BB/Ba2
|
Chrysler Group LLC, Tranche B Term Loan, 6.0%, 5/24/17
|
$ 1,510,751
|
||
|
Tires & Rubber - 0.4%
|
|||||
|
575,000
|
BB/Ba1
|
Goodyear Tire & Rubber Co., Extended Second Lien Term Loan, 4.75%, 4/30/19
|
$ 569,538
|
||
|
Total Automobiles & Components
|
$ 3,083,236
|
||||
|
CAPITAL GOODS - 3.4%
|
|||||
|
Aerospace & Defense - 1.6%
|
|||||
|
895,747
|
B+/B3
|
API Technologies Corp., Term Loan, 8.75%, 6/27/16
|
$ 900,225
|
||
|
605,843
|
B/B2
|
DAE Aviation Holdings, Inc., Tranche B-1 Term Loan, 5.45%, 7/31/14
|
605,843
|
||
|
213,850
|
BB-/B1
|
Hunter Defense Technologies, Inc., Term Loan, 3.5%, 8/22/14
|
186,584
|
||
|
576,069
|
B/B2
|
Standard Aero, Ltd., Tranche B-2 Term Loan, 5.34%, 7/31/14
|
576,069
|
||
|
326,121
|
BB-/B1
|
TASC, Inc., New Tranche B Term Loan, 4.5%, 12/18/15
|
322,656
|
||
|
$ 2,591,377
|
|||||
|
Building Products - 0.7%
|
|||||
|
1,047,188
|
B+/B1
|
Goodman Global, Inc., First Lien Initial Term Loan, 5.75%, 10/28/16
|
$ 1,050,455
|
||
|
Construction & Farm Machinery & Heavy Trucks - 0.6%
|
|||||
|
415,000
|
BB/Ba2
|
Manitowoc Co., Inc., Term Loan B, 4.25%, 11/13/17
|
$ 414,222
|
||
|
560,000
|
BB-/B2
|
Thyssenkrupp Waupaca, Term Loan, 8.5%, 6/29/17
|
564,900
|
||
|
$ 979,122
|
|||||
|
Principal
Amount
USD ($)
|
S&P/Moody's
Rating
|
Value
|
|||
|
Electrical Components & Equipment - 0.4%
|
|||||
|
565,000
|
B/B3
|
WireCo WorldGroup, Inc., Term Loan, 4.75%, 2/15/17
|
$ 566,412
|
||
|
Trading Companies & Distributors - 0.1%
|
|||||
|
200,000
|
BBB-/Ba2
|
AWAS Finance Luxembourg 2012 SA, Term Loan, 4.5%, 7/16/18
|
$ 200,250
|
||
|
Total Capital Goods
|
$ 5,387,616
|
||||
|
COMMERCIAL & PROFESSIONAL SERVICES - 1.0%
|
|||||
|
Commercial Printing - 0.1%
|
|||||
|
204,153
|
BB-/Ba3
|
Cenveo Corp., Facility Term Loan B, 6.625%, 12/21/16
|
$ 204,408
|
||
|
Environmental & Facilities Services - 0.8%
|
|||||
|
1,068,378
|
CCC+/Caa1
|
Synagro Technologies, Inc., First Lien Term Loan, 2.25%, 4/2/14
|
$ 929,489
|
||
|
294,400
|
B/B1
|
Waste Industries USA, Inc., Term Loan B, 4.75%, 3/17/17
|
294,768
|
||
|
$ 1,224,257
|
|||||
|
Security & Alarm Services - 0.1%
|
|||||
|
207,910
|
B+/B1
|
Protection One, Inc., Term Loan, 5.75%, 3/21/19
|
$ 208,819
|
||
|
Total Commercial & Professional Services
|
$ 1,637,484
|
||||
|
CONSUMER DURABLES & APPAREL - 0.1%
|
|||||
|
Housewares & Specialties - 0.1%
|
|||||
|
214,901
|
BB/Ba3
|
Reynolds Group Holdings, Inc., Tranche B Term Loan, 6.5%, 2/9/18
|
$ 217,318
|
||
|
Total Consumer Durables & Apparel
|
$ 217,318
|
||||
|
CONSUMER SERVICES - 1.2%
|
|||||
|
Restaurants - 0.7%
|
|||||
|
550,000
|
B+/B1
|
Landry's Inc., Term Loan B, 6.5%, 4/24/18
|
$ 552,518
|
||
|
553,613
|
B/Ba3
|
NPC International, Inc., 2012 Term Loan, 5.25%, 12/28/18
|
558,457
|
||
|
$ 1,110,975
|
|||||
|
Specialized Consumer Services - 0.5%
|
|||||
|
274,313
|
B/Ba3
|
Monitronics International, Inc., Term Loan, 5.5%, 3/23/18
|
$ 276,713
|
||
|
436,398
|
B+/B1
|
Wash MultiFamily Laundry Systems LLC, Term Loan, 7.0%, 8/28/14
|
434,216
|
||
|
$ 710,929
|
|||||
|
Total Consumer Services
|
$ 1,821,904
|
||||
|
DIVERSIFIED FINANCIALS - 0.6%
|
|||||
|
Other Diversified Financial Services - 0.6%
|
|||||
|
147,789
|
B-/B3
|
BNY ConvergEX Group LLC, Second Lien (EZE) Term Loan, 8.75%, 12/18/17
|
$ 137,444
|
||
|
352,211
|
B-/B3
|
BNY ConvergEX Group LLC, Second Lien (TOP) Term Loan, 8.75%, 12/18/17
|
327,556
|
||
|
433,913
|
NR/B2
|
Houghton Mifflin Company, Term Loan, 7.25%, 11/22/13
|
434,455
|
||
|
72,253
|
NR/NR
|
Long Haul Holdings, Ltd., Facility Term Loan A, 0.0%, 1/12/13
|
56,358
|
||
|
57,668
|
NR/NR
|
PT Bakrie & Brothers Tbk, Facility Term Loan B, 0.0%, 1/12/13
|
44,980
|
||
|
Total Diversified Financials
|
$ 1,000,793
|
||||
|
Principal
Amount
USD ($)
|
S&P/Moody's
Rating
|
Value
|
|||
|
ENERGY - 1.5%
|
|||||
|
Coal & Consumable Fuels - 0.6%
|
|||||
|
572,125
|
B+/B2
|
Preferred Proppants LLC, Initial Term Loan B, 7.5%, 12/15/16
|
$ 540,658
|
||
|
450,000
|
B+/NR
|
PT Bumi Resources Tbk, Term Loan, 11.246%, 8/7/13
|
450,000
|
||
|
$ 990,658
|
|||||
|
Oil & Gas Equipment & Services - 0.3%
|
|||||
|
281,900
|
NR/NR
|
Aquilex Holdings LLC, Term Loan, 8.75%, 4/1/16
|
$ 280,491
|
||
|
180,954
|
B-/B2
|
Hudson Products Holdings, Inc., Term Loan, 9.0%, 8/24/15
|
173,716
|
||
|
$ 454,207
|
|||||
|
Oil & Gas Exploration & Production - 0.6%
|
|||||
|
1,000,000
|
BB-/NR
|
Chesapeake Energy Corp., Term Loan, 8.5%, 12/2/17
|
$ 998,892
|
||
|
Total Energy
|
$ 2,443,757
|
||||
|
FOOD, BEVERAGE & TOBACCO - 0.5%
|
|||||
|
Packaged Foods & Meats - 0.5%
|
|||||
|
239,690
|
B/Ba3
|
Del Monte Foods Co., Initial Term Loan, 4.5%, 3/8/18
|
$ 236,093
|
||
|
500,000
|
BB-/B2
|
Pierre Foods, Inc., Second Lien Term Loan, 11.25%, 9/29/17
|
503,125
|
||
|
Total Food, Beverage & Tobacco
|
$ 739,218
|
||||
|
HEALTH CARE EQUIPMENT & SERVICES - 3.8%
|
|||||
|
Health Care Equipment & Services - 0.2%
|
|||||
|
243,775
|
BB-/Ba2
|
Kinetic Concepts, Inc., Dollar Term Loan B-1, 7.0%, 5/4/18
|
$ 247,675
|
||
|
Health Care Facilities - 1.0%
|
|||||
|
354,557
|
B/B1
|
Ardent Medical Services, Inc., Term Loan, 6.5%, 9/15/15
|
$ 355,444
|
||
|
983,916
|
BB/Ba3
|
CHS/Community Health Systems, Inc., Extended Term Loan, 3.967%, 1/25/17
|
979,226
|
||
|
198,040
|
BB/Ba3
|
HCA, Inc., Tranche B-2 Term Loan, 3.711%, 3/31/17
|
195,503
|
||
|
82,579
|
BB/Ba3
|
HCA, Inc., Tranche B-3 Term Loan, 3.496%, 5/1/18
|
81,485
|
||
|
$ 1,611,658
|
|||||
|
Health Care Services - 1.9%
|
|||||
|
384,375
|
B+/B2
|
AccentCare, Inc., Term Loan, 6.5%, 12/22/16
|
$ 359,391
|
||
|
345,706
|
B/B1
|
Gentiva Health Services, Inc., Term Loan B-1, 6.5%, 8/17/16
|
322,371
|
||
|
633,318
|
B+/Ba3
|
Inventiv Health, Inc., Consolidated Term Loan, 6.5%, 8/4/16
|
594,726
|
||
|
404,875
|
B+/B1
|
National Mentor Holdings, Inc., Tranche B Term Loan, 7.0%, 2/9/17
|
400,826
|
||
|
252,268
|
B/B2
|
National Specialty Hospitals, Inc., Initial Term Loan, 8.25%, 2/3/17
|
247,223
|
||
|
25,510
|
B/NR
|
Physician Oncology Services LP, Delayed Draw Term Loan, 7.75%, 1/31/17
|
24,490
|
||
|
209,980
|
B/B2
|
Physician Oncology Services LP, Effective Date Term Loan, 7.75%, 1/31/17
|
201,581
|
||
|
180,556
|
BB-/Ba1
|
Sun Healthcare Group, Inc., Term Loan, 8.75%, 10/18/16
|
179,991
|
||
|
346,500
|
B/Ba3
|
Valitas Health Services, Inc., Term Loan B, 5.75%, 6/2/17
|
340,869
|
||
|
495,000
|
NR/B3
|
Virtual Radiologic Corp. Term Loan B, 7.75%, 12/22/16
|
420,750
|
||
|
$ 3,092,218
|
|||||
|
Principal
Amount
USD ($)
|
S&P/Moody's
Rating
|
Value
|
|||
|
Health Care Supplies - 0.4%
|
|||||
|
241,941
|
BB-/Ba3
|
Alere, Inc., Term Loan B, 4.75%, 6/30/17
|
$ 241,865
|
||
|
370,000
|
B+/B1
|
Bausch & Lomb, Inc., Parent Term Loan, 5.25%, 5/17/19
|
370,786
|
||
|
$ 612,651
|
|||||
|
Health Care Technology - 0.3%
|
|||||
|
244,379
|
BB/Ba3
|
IMS Health, Inc., Tranche B Dollar Term Loan, 4.5%, 8/26/17
|
$ 244,864
|
||
|
370,000
|
NR/NR
|
Medical Card System, Inc., Term Loan, 12.0%, 9/17/15
|
286,750
|
||
|
$ 531,614
|
|||||
|
Total Health Care Equipment & Services
|
$ 6,095,816
|
||||
|
HOUSEHOLD & PERSONAL PRODUCTS - 0.5%
|
|||||
|
Household Products - 0.2%
|
|||||
|
401,548
|
B+/Ba3
|
SRAM LLC, First Lien Term Loan, 4.75%, 6/7/18
|
$ 402,301
|
||
|
Personal Products - 0.3%
|
|||||
|
215,357
|
BB-/Ba3
|
NBTY, Inc., Term Loan B-1, 4.25%, 10/2/17
|
$ 215,694
|
||
|
245,025
|
BB-/Ba3
|
Revlon Consumer Products Corp., Term Loan B, 4.75%, 11/19/17
|
244,642
|
||
|
$ 460,336
|
|||||
|
Total Household & Personal Products
|
$ 862,637
|
||||
|
INSURANCE - 1.8%
|
|||||
|
Insurance Brokers - 1.3%
|
|||||
|
1,368,444
|
B-/B2
|
Alliant Holdings I, Inc., Term Loan, 3.461%, 8/21/14
|
$ 1,370,155
|
||
|
684,251
|
B+/B1
|
Hub International, Ltd., 2017 Initial Term Loan, 4.746%, 6/13/17
|
682,711
|
||
|
97,250
|
B/B1
|
U.S.I. Holdings Corp., New Term Loan Series C, 7.0%, 5/5/14
|
97,411
|
||
|
$ 2,150,277
|
|||||
|
Multil-Line Insurance - 0.5%
|
|||||
|
750,000
|
CCC-/Caa2
|
AmWINS Group, Inc., Second Lien, Term Loan, 9.25%, 12/6/19
|
$ 746,250
|
||
|
Total Insurance
|
$ 2,896,527
|
||||
|
MATERIALS - 2.4%
|
|||||
|
Diversified Chemicals - 0.2%
|
|||||
|
344,750
|
B+/B2
|
Univar, Inc., Term Loan B, 5.0%, 6/30/17
|
$ 343,180
|
||
|
Forest Products - 0.9%
|
|||||
|
1,500,000
|
B+/Ba3
|
Ainsworth Lumber Co., Ltd., Term Loan, 5.25%, 6/26/14
|
$ 1,436,875
|
||
|
Metal & Glass Containers - 0.3%
|
|||||
|
525,000
|
B/B1
|
Tank Holding Corp., Initial Term Loan, 7.75%, 7/9/19
|
$ 517,781
|
||
|
Paper Products - 0.3%
|
|||||
|
460,350
|
B/B2
|
Exopack LLC/Cello-Foil Products, Inc., Term Loan B, 6.5%, 5/31/17
|
$ 461,789
|
||
|
Precious Metals & Minerals - 0.2%
|
|||||
|
209,250
|
BB-/B1
|
Fairmount Minerals, Ltd., Tranche B Term Loan, 5.25%, 3/15/17
|
$ 208,361
|
||
|
Specialty Chemicals - 0.5%
|
|||||
|
250,000
|
BB+/Ba1
|
Chemtura Corp., Facility Term Loan, 5.5%, 8/29/16
|
$ 251,641
|
||
|
347,751
|
BB+/Ba1
|
Huntsman International LLC, Extended Term B Loan, 2.839%, 4/19/17
|
345,686
|
||
|
Principal
Amount
USD ($)
|
S&P/Moody's
Rating
|
Value
|
|||
|
Specialty Chemicals (continued)
|
|||||
|
199,500
|
BB-/B1
|
Taminco Global Chemical Corp., Tranche B-1 Dollar Term Loan, 5.25%, 2/15/19
|
200,373
|
||
|
$ 797,700
|
|||||
|
Total Materials
|
$ 3,765,686
|
||||
|
MEDIA - 1.8%
|
|||||
|
Advertising - 0.5%
|
|||||
|
977,525
|
B+/Ba3
|
Affinion Group, Inc., Tranche B Term Loan, 5.0%, 10/9/16
|
$ 859,408
|
||
|
Broadcasting - 0.9%
|
|||||
|
395,044
|
BB/Caa2
|
FoxCo Acquisition Sub LLC, Replacement Term Loan, 4.75%, 7/14/15
|
$ 395,540
|
||
|
404,958
|
BB/Ba3
|
TWCC Holding Corp., 2011 Term Loan, 4.25%, 2/13/17
|
406,476
|
||
|
590,050
|
B+/B2
|
Univision Communications, Inc., Extended First Lien Term Loan, 4.496%, 3/31/17
|
566,939
|
||
|
$ 1,368,955
|
|||||
|
Cable & Satellite - 0.1%
|
|||||
|
178,000
|
B/B1
|
WideOpenWest Finance LLC, Term Loan, 6.25%, 7/17/18
|
$ 177,110
|
||
|
Movies & Entertainment - 0.3%
|
|||||
|
155,324
|
NR/Ba1
|
Cinedigm Digital Funding I LLC, Term Loan, 5.25%, 4/29/16
|
$ 155,324
|
||
|
556,933
|
B-/B3
|
Lodgenet Interactive Corp., Closing Date Term Loan, 6.5%, 4/4/14
|
371,753
|
||
|
$ 527,077
|
|||||
|
Total Media
|
$ 2,932,550
|
||||
|
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.2%
|
|||||
|
Biotechnology - 1.4%
|
|||||
|
690,000
|
B/Caa1
|
Alkermes, Inc., Second Lien Term Loan, 9.5%, 9/16/18
|
$ 709,838
|
||
|
492,500
|
BB/B2
|
Aptalis Pharma, Inc., Term Loan B-1, 5.5%, 2/10/17
|
483,060
|
||
|
215,557
|
BBB/Ba3
|
Warner Chilcott Co., LLC, Term Loan B-2, 4.25%, 3/15/18
|
215,845
|
||
|
431,114
|
BBB/Ba3
|
Warner Chilcott Corp., Term Loan B-1, 4.25%, 3/15/18
|
431,690
|
||
|
296,391
|
BBB/Ba3
|
WC Luxco S.a.r.l., Term Loan B-3, 4.25%, 3/15/18
|
296,787
|
||
|
$ 2,137,220
|
|||||
|
Life Sciences Tools & Services - 0.8%
|
|||||
|
1,313,722
|
BB-/Ba3
|
Catalent Pharma, Inc., Dollar Term Loan, 4.246%, 9/15/16
|
$ 1,313,723
|
||
|
Total Pharmaceuticals, Biotechnology & Life Sciences
|
$ 3,450,943
|
||||
|
REAL ESTATE - 0.1%
|
|||||
|
Real Estate Development - 0.1%
|
|||||
|
217,102
|
B-/B1
|
Ozburn-Hessey Holding Co., LLC, First Lien Term Loan, 8.25%, 4/8/16
|
$ 202,991
|
||
|
Total Real Estate
|
$ 202,991
|
||||
|
RETAILING - 0.9%
|
|||||
|
Automotive Retail - 0.3%
|
|||||
|
246,875
|
BB+/Ba3
|
Autotrader.com, Inc., Tranche B-1 Term Loan, 4.0%, 12/15/16
|
$ 247,029
|
||
|
246,875
|
BB-/Ba3
|
TowerCo Finance LLC, Term Loan, 4.5%, 2/2/17
|
247,801
|
||
|
$ 494,830
|
|||||
|
Computer & Electronics Retail - 0.6%
|
|||||
|
891,000
|
B/B2
|
Targus Group International, Inc., Term Loan, 11.0%, 5/24/16
|
$ 888,773
|
||
|
Total Retailing
|
$ 1,383,603
|
||||
|
Principal
Amount
USD ($)
|
S&P/Moody's
Rating
|
Value
|
|||
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.8%
|
|||||
|
Semiconductor Equipment - 0.8%
|
|||||
|
619,259
|
BB-/B1
|
Aeroflex, Inc., Tranche B Term Loan, 5.75%, 5/19/18
|
$ 606,484
|
||
|
765,247
|
B/B1
|
Freescale Semiconductor, Inc., Tranche B Term Loan, 4.495%, 12/1/16
|
721,245
|
||
|
Total Semiconductors & Semiconductor Equipment
|
$ 1,327,729
|
||||
|
SOFTWARE & SERVICES - 2.6%
|
|||||
|
Application Software - 1.6%
|
|||||
|
467,586
|
BB-/Ba3
|
Allen Systems Group, Inc., Term Loan B, 7.5%, 11/21/15
|
$ 455,897
|
||
|
678,300
|
B/Ba3
|
Expert Global Solutions, Inc., Advance First Lien Term Loan B, 8.0%, 4/3/18
|
681,408
|
||
|
954,769
|
BB+/Baa3
|
Nuance Communications, Inc., Term Loan C, 3.25%, 3/31/16
|
955,366
|
||
|
500,000
|
CCC+/Caa1
|
Vertafore, Inc., Second Lien Term Loan, 9.75%, 10/29/17
|
498,125
|
||
|
$ 2,590,796
|
|||||
|
Data Processing & Outsourced Services - 0.1%
|
|||||
|
213,750
|
NR/NR
|
Vantiv LLC, Tranche B Term Loan, 3.75%, 3/27/19
|
$ 214,195
|
||
|
IT Consulting & Other Services - 0.9%
|
|||||
|
1,347,567
|
BB/NR
|
SunGuard Data Systems, Inc., Tranche C Term Loan, 3.996%, 2/28/17
|
$ 1,348,409
|
||
|
Total Software & Services
|
$ 4,153,400
|
||||
|
TECHNOLOGY HARDWARE & EQUIPMENT - 0.5%
|
|||||
|
Communications Equipment - 0.2%
|
|||||
|
243,766
|
BB/Ba3
|
CommScope, Inc., Tranche 1, Term Loan, 4.25%, 1/14/18
|
$ 243,996
|
||
|
Electronic Components - 0.3%
|
|||||
|
488,548
|
B/B2
|
Scitor Corp., Term Loan, 5.0%, 2/15/17
|
$ 480,202
|
||
|
Total Technology Hardware & Equipment
|
$ 724,198
|
||||
|
TRANSPORTATION - 1.0%
|
|||||
|
Air Freight & Logistics - 0.8%
|
|||||
|
439,482
|
B-/Caa1
|
Ceva Group Plc, Dollar Tranche B Pre-Funded LC Term Loan, 0.361%, 8/31/16
|
$ 415,860
|
||
|
919,588
|
B+/Ba3
|
Ceva Group Plc, U.S. Tranche B Term Loan, 5.447%, 8/31/16
|
869,585
|
||
|
$ 1,285,445
|
|||||
|
Airlines - 0.2%
|
|||||
|
271,563
|
BB-/Ba2
|
Delta Air Lines, Inc., 2009 Term Loan, 4.25%, 3/7/16
|
$ 268,168
|
||
|
Total Transportation
|
$ 1,553,613
|
||||
|
UTILITIES - 0.3%
|
|||||
|
Electric Utilities - 0.3%
|
|||||
|
629,720
|
CCC/B2
|
Texas Competitive Electric Holdings Co. LLC, 2017 Term Loan, 4.746%, 10/10/17
|
$ 402,234
|
||
|
Total Utilities
|
$ 402,234
|
||||
|
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
|
|||||
|
(Cost $46,685,838)
|
$ 46,083,253
|
||||
|
Principal
Amount
USD ($)
|
S&P/Moody's
Rating
|
Value
|
|||
|
CORPORATE BONDS & NOTES - 100.1% of Net Assets
|
|||||
|
AUTOMOBILES & COMPONENTS - 1.3%
|
|||||
|
Auto Parts & Equipment - 1.3%
|
|||||
|
350,000
|
B/Caa1
|
International Automotive Components Group SA, 9.125%, 6/1/18 (144A)
|
$ 323,313
|
||
|
160,000
|
CCC/Caa1
|
Stanadyne Holdings, Inc., 10.0%, 8/15/14
|
149,400
|
||
|
500,000(c)
|
CCC-/Caa3
|
Stanadyne Holdings, Inc., 12.0%, 2/15/15
|
314,375
|
||
|
1,174,000
|
B+/B1
|
Tower Automotive Holdings USA LLC / TA Holdings Finance, Inc., 10.625%, 9/1/17 (144A)
|
1,231,232
|
||
|
Total Automobiles & Components
|
$ 2,018,320
|
||||
|
BANKS - 1.2%
|
|||||
|
Diversified Banks - 0.8%
|
|||||
|
400,000(b)(d)
|
BB+/B1
|
ABN Amro North American Holding Preferred Capital Repackage Trust I, 6.523%, 12/29/49 (144A)
|
$ 374,000
|
||
|
525,000
|
B/B2
|
Banco de Galicia y Buenos Aires, 8.75%, 5/4/18 (144A)
|
407,662
|
||
|
500,000(b)
|
NR/Caa3
|
Banco Macro SA, 9.75%, 12/18/36
|
353,500
|
||
|
BRL
|
350,000
|
AAA/NR
|
International Finance Corp., 9.25%, 3/15/13
|
174,282
|
|
|
$ 1,309,444
|
|||||
|
Regional Banks - 0.4%
|
|||||
|
600,000(b)(d)
|
BBB/Baa3
|
PNC Financial Services Group, Inc., 8.25%,
|
$ 618,146
|
||
|
Total Banks
|
$ 1,927,590
|
||||
|
CAPITAL GOODS - 7.1%
|
|||||
|
Aerospace & Defense - 1.1%
|
|||||
|
600,000
|
B/B3
|
ADS Tactical, Inc., 11.0%, 4/1/18 (144A)
|
$ 609,000
|
||
|
1,170,000
|
B-/B2
|
DynCorp International, Inc., 10.375%, 7/1/17
|
982,800
|
||
|
90,000
|
B/B1
|
GeoEye, Inc., 9.625%, 10/1/15
|
99,675
|
||
|
$ 1,691,475
|
|||||
|
Building Products - 0.4%
|
|||||
|
300,000
|
BB-/B2
|
USG Corp., 7.875%, 3/30/20 (144A)
|
$ 319,125
|
||
|
365,000
|
BB-/B2
|
USG Corp., 9.75%, 8/1/14 (144A)
|
401,500
|
||
|
$ 720,625
|
|||||
|
Construction & Engineering - 0.9%
|
|||||
|
900,000
|
B+/B1
|
Empresas ICA S.A.B. de C.V., 8.9%, 2/4/21 (144A)
|
$ 895,500
|
||
|
850,000
|
C /Caa3
|
New Enterprise Stone & Lime Co., Inc., 11.0%, 9/1/18
|
599,250
|
||
|
$ 1,494,750
|
|||||
|
Construction & Farm Machinery & Heavy Trucks - 1.5%
|
|||||
|
720,000
|
B+/Caa1
|
American Railcar Industries, Inc., 7.5%, 3/1/14
|
$ 732,600
|
||
|
750,000
|
BB- /B1
|
Lonking Holdings, Ltd., 8.5%, 6/3/16 (144A)
|
678,750
|
||
|
660,000
|
CCC+/B2
|
Navistar International Corp., 8.25%, 11/1/21
|
618,750
|
||
|
300,000
|
NR/NR
|
OSX 3 Leasing BV, 9.25%, 3/20/15 (144A)
|
304,950
|
||
|
$ 2,335,050
|
|||||
|
Electrical Components & Equipment - 0.5%
|
|||||
|
750,000
|
B/B3
|
WireCo WorldGroup, Inc., 9.5%, 5/15/17
|
$ 753,750
|
||
|
Industrial Conglomerates - 0.2%
|
|||||
|
265,000
|
B/B2
|
JB Poindexter & Co., Inc., 9.0%, 4/1/22 (144A)
|
$ 264,337
|
||
|
Principal
Amount
USD ($)
|
S&P/Moody's
Rating
|
Value
|
|||
|
Industrial Conglomerates (continued)
|
|||||
|
EUR
|
90,000
|
BB-/Ba3
|
Mark IV Europe Lux SCA / Mark IV USA SCA, 8.875%, 12/15/17 (144A)
|
115,189
|
|
|
$ 379,526
|
|||||
|
Industrial Machinery - 1.2%
|
|||||
|
500,000(e)
|
NR/WR
|
Indalex Holding Corp., 11.5%, 2/1/14
|
$ 2,500
|
||
|
335,000
|
B/Caa2
|
Liberty Tire Recycling, 11.0%, 10/1/16 (144A)
|
312,388
|
||
|
875,000
|
CCC+/Caa2
|
Mueller Water Products, Inc., 7.375%, 6/1/17
|
888,125
|
||
|
665,000
|
B+/NR
|
WPE International Cooperatief UA, 10.375%, 9/30/20 (144A)
|
544,701
|
||
|
150,000
|
B/B3
|
Xerium Technologies, Inc., 8.875%, 6/15/18
|
123,750
|
||
|
$ 1,871,464
|
|||||
|
Trading Companies & Distributors - 1.3%
|
|||||
|
1,090,000
|
B-/B3
|
INTCOMEX, Inc., 13.25%, 12/15/14
|
$ 1,111,800
|
||
|
1,000,000
|
B/B1
|
WESCO Distribution, Inc., 7.5%, 10/15/17
|
1,020,000
|
||
|
$ 2,131,800
|
|||||
|
Total Capital Goods
|
$ 11,378,440
|
||||
|
COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
|
|||||
|
Environmental & Facilities Services - 0.1%
|
|||||
|
700,000(e)
|
NR/WR
|
Aleris International, Inc., 10.0%, 12/15/16
|
$ 70
|
||
|
210,000
|
BB-/B3
|
Casella Waste Systems, Inc., 11.0%, 7/15/14
|
222,600
|
||
|
Total Commercial & Professional Services
|
$ 222,670
|
||||
|
CONSUMER DURABLES & APPAREL - 3.4%
|
|||||
|
Homebuilding - 1.2%
|
|||||
|
530,000
|
CCC/Caa3
|
Beazer Homes USA, Inc., 9.125%, 6/15/18
|
$ 516,750
|
||
|
200,000
|
BB-/Ba3
|
Corporacion GEO SAB de CV, 8.875%, 3/27/22 (144A)
|
208,000
|
||
|
630,000
|
NR/Ba3
|
Desarrolladora Homex SAB de CV, 9.5%, 12/11/19 (144A)
|
654,444
|
||
|
500,000
|
NR/Ba3
|
Urbi Desarrollos Urbanos SAB de CV, 9.75%, 2/3/22 (144A)
|
507,500
|
||
|
$ 1,886,694
|
|||||
|
Housewares & Specialties - 1.5%
|
|||||
|
475,000
|
B-/Caa1
|
Reynolds Group Holdings, Ltd., 9.875%, 8/15/19 (144A)
|
$ 503,500
|
||
|
500,000
|
B-/Caa1
|
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC, 9.0%, 4/15/19
|
508,750
|
||
|
1,000,000
|
CCC+/B3
|
Yankee Candle Co., Inc., 9.75%, 2/15/17
|
1,041,250
|
||
|
350,000(f)
|
CCC+/Caa1
|
YCC Holdings LLC / Yankee Finance, Inc., 10.25%, 2/15/16
|
356,562
|
||
|
$ 2,410,062
|
|||||
|
Leisure Products - 0.7%
|
|||||
|
EUR
|
275,000
|
CCC/Caa2
|
Heckler & Koch GmbH, 9.5%, 5/15/18 (144A)
|
$ 245,361
|
|
|
1,000,000
|
B/B2
|
Icon Health & Fitness, Inc., 11.875%, 10/15/16 (144A)
|
892,500
|
||
|
$ 1,137,861
|
|||||
|
Total Consumer Durables & Apparel
|
$ 5,434,617
|
||||
|
Principal
Amount
USD ($)
|
S&P/Moody's
Rating
|
Value
|
|||
|
CONSUMER SERVICES - 4.2%
|
|||||
|
Business Services - 0.7%
|
|||||
|
750,000
|
B/B1
|
Sitel LLC / Sitel Finance Corp., 11.0%, 8/1/17 (144A)
|
$ 735,000
|
||
|
600,000
|
B-/Caa2
|
Sitel LLC / Sitel Finance Corp., 11.5%, 4/1/18
|
444,000
|
||
|
$ 1,179,000
|
|||||
|
Casinos & Gaming - 1.9%
|
|||||
|
500,000(e)
|
NR/WR
|
Buffalo Thunder Development Authority, 9.375%, 12/15/14 (144A)
|
$ 182,500
|
||
|
EUR
|
1,155,000
|
B-/B3
|
Codere Finance Luxembourg SA, 8.25%, 6/15/15 (144A)
|
1,144,228
|
|
|
500,000
|
B-/B3
|
Codere Finance Luxembourg SA, 9.25%, 2/15/19 (144A)
|
375,000
|
||
|
90,000
|
NR/NR
|
Little Traverse Bay Bands of Odawa Indians, 9.0%, 8/31/20 (144A)
|
81,900
|
||
|
1,615,000(e)(g)
|
NR/WR
|
Mashantucket Western Pequot Tribe, 8.5%, 11/15/15 (144A)
|
133,237
|
||
|
EUR
|
500,000
|
B-/B3
|
Peermont Global, Ltd., 7.75%, 4/30/14 (144A)
|
575,329
|
|
|
450,000
|
BB-/B1
|
Scientific Games International, Inc., 9.25%, 6/15/19
|
496,125
|
||
|
$ 2,988,319
|
|||||
|
Hotels, Resorts, Cruise lines - 0.3%
|
|||||
|
400,000
|
B-/B2
|
Seven Seas Cruises S de RL LLC, 9.125%, 5/15/19
|
$ 417,000
|
||
|
Restaurants - 0.9%
|
|||||
|
1,235,000(c)
|
B-/Caa1
|
Burger King Capital Holdings LLC, 0.0%, 4/15/19 (144A)
|
$ 974,106
|
||
|
400,000
|
B/B3
|
Burger King Corp., 9.875%, 10/15/18
|
458,500
|
||
|
$ 1,432,606
|
|||||
|
Specialized Consumer Services - 0.4%
|
|||||
|
150,000
|
B/B2
|
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 9.625%, 3/15/18
|
$ 165,938
|
||
|
500,000
|
B-/B3
|
StoneMor Operating LLC, 10.25%, 12/1/17
|
492,500
|
||
|
$ 658,438
|
|||||
|
Total Consumer Services
|
$ 6,675,363
|
||||
|
DIVERSIFIED FINANCIALS - 4.8%
|
|||||
|
Asset Management & Custody Banks - 0.4%
|
|||||
|
590,000
|
BBB-/Baa3
|
Janus Capital Group, Inc., 6.7%, 6/15/17
|
$ 639,505
|
||
|
Consumer Finance - 0.3%
|
|||||
|
610,000
|
NR/NR
|
Tarjeta Naranja SA, 9.0%, 1/28/17 (144A)
|
$ 512,400
|
||
|
Investment Banking & Brokerage - 0.2%
|
|||||
|
450,000(b)
|
BB+/Ba2
|
Goldman Sachs Capital II, 4.0%, 6/1/43
|
$ 322,114
|
||
|
Multi-Sector Holdings - 0.4%
|
|||||
|
600,000
|
B/B2
|
Constellation Enterprises LLC, 10.625%, 2/1/16 (144A)
|
$ 601,500
|
||
|
Other Diversified Financial Services - 0.2%
|
|||||
|
300,000(d)
|
BB/NR
|
Magnesita Finance, Ltd., 8.625%, (144A)
|
$ 301,650
|
||
|
Reinsurance - 2.0%
|
|||||
|
1,500,000(a)
|
BB+/NR
|
Caelus Re II, Ltd., 6.596%, 5/24/13 (144A)
|
$ 1,500,600
|
||
|
1,750,000(a)
|
BB-/NR
|
Lodestone Re, Ltd., 8.351%, 5/17/13 (144A)
|
1,738,975
|
||
|
$ 3,239,575
|
|||||
|
Principal
Amount
USD ($)
|
S&P/Moody's
Rating
|
Value
|
|||
|
Specialized Finance - 1.3%
|
|||||
|
500,000
|
BB+/Baa3
|
Capital One Capital V, 10.25%, 8/15/39
|
$ 517,500
|
||
|
1,000,000(a)
|
BB+/NR
|
Kibou, Ltd., 5.351%, 2/16/15 (144A)
|
1,012,700
|
||
|
425,000
|
B+/B2
|
National Money Mart Co., 10.375%, 12/15/16
|
473,875
|
||
|
$ 2,004,075
|
|||||
|
Total Diversified Financials
|
$ 7,620,819
|
||||
|
ENERGY - 10.0%
|
|||||
|
Coal & Consumable Fuels - 1.4%
|
|||||
|
100,000
|
B-/B3
|
Arch Coal, Inc., 7.0%, 6/15/19
|
$ 87,250
|
||
|
850,000
|
BB/Ba3
|
Bumi Capital Pte, Ltd., 12.0%, 11/10/16 (144A)
|
905,250
|
||
|
1,000,000
|
B/Caa1
|
Foresight Energy LLC / Foresight Energy Corp., 9.625%, 8/15/17 (144A)
|
990,000
|
||
|
400,000
|
B-/B2
|
James River Coal Co., 7.875%, 4/1/19
|
202,000
|
||
|
$ 2,184,500
|
|||||
|
Oil & Gas Drilling - 1.7%
|
|||||
|
500,000
|
NR/NR
|
Deep Drilling 1 Pte, Ltd., 12.0%, 12/21/15
|
$ 459,950
|
||
|
1,000,000
|
CCC+/Caa2
|
Ocean Rig UDW, Inc., 9.5%, 4/27/16
|
965,000
|
||
|
670,000
|
B-/B3
|
Offshore Group Investments, Ltd., 11.5%, 8/1/15
|
737,000
|
||
|
500,000
|
B+/B2
|
Pioneer Energy Services Corp., 9.875%, 3/15/18
|
537,500
|
||
|
$ 2,699,450
|
|||||
|
Oil & Gas Equipment & Services - 1.6%
|
|||||
|
1,358,000
|
B+/B1
|
American Petroleum Tankers Parent LLC / AP Tankers Co., 10.25%, 5/1/15
|
$ 1,419,110
|
||
|
448,000
|
B/B3
|
Expro Finance Luxembourg SCA, 8.5%, 12/15/16 (144A)
|
444,640
|
||
|
330,000
|
B/Caa1
|
Forbes Energy Services, Ltd., 9.0%, 6/15/19
|
315,150
|
||
|
65,067(e)
|
NR/NR
|
Nexus 1 Pte., Ltd., 10.5%, 4/9/12 (144A)
|
65
|
||
|
NOK
|
1,000,000(a)
|
NR/NR
|
Transocean Drilling Norway AS, 9.34%, 2/24/16
|
175,931
|
|
|
NOK
|
1,000,000
|
NR/NR
|
Transocean Norway Drilling AS, 11.0%, 2/24/16
|
177,590
|
|
|
$ 2,532,486
|
|||||
|
Oil & Gas Exploration & Production - 4.7%
|
|||||
|
505,000
|
B+/B1
|
Berry Petroleum Co., 10.25%, 6/1/14
|
$ 566,862
|
||
|
100,000
|
B-/B3
|
Comstock Resources, Inc., 7.75%, 4/1/19
|
96,500
|
||
|
500,000
|
B-/B3
|
Comstock Resources, Inc., 9.5%, 6/15/20
|
523,750
|
||
|
650,000
|
CCC+/B3
|
Halcon Resources Corp., 9.75%, 7/15/20 (144A)
|
661,375
|
||
|
444,000
|
B /B2
|
Linn Energy LLC / Linn Energy Finance Corp., 11.75%, 5/15/17
|
496,170
|
||
|
800,000
|
B+/NR
|
MIE Holdings Corp., 9.75%, 5/12/16 (144A)
|
794,000
|
||
|
200,000
|
NR/NR
|
National JSC Naftogaz of Ukraine, 9.5%, 9/30/14
|
198,500
|
||
|
1,440,000
|
B-/Caa1
|
Northern Oil & Gas, Inc., 8.0%, 6/1/20 (144A)
|
1,454,400
|
||
|
NOK
|
2,500,000
|
NR/NR
|
Norwegian Energy Co., AS, 12.9%, 11/20/14
|
396,612
|
|
|
Principal
Amount
USD ($)
|
S&P/Moody's
Rating
|
Value
|
|||
|
Oil & Gas Exploration & Production (continued)
|
|||||
|
280,000
|
CCC+/Caa1
|
PetroBakken Energy, Ltd., 8.625%, 2/1/20 (144A)
|
281,400
|
||
|
480,000
|
B-/Caa1
|
QR Energy LP / QRE Finance Corp., 9.25%, 8/1/20 (144A)
|
482,400
|
||
|
240,000
|
CCC/Caa1
|
Quicksilver Resources, Inc., 7.125%, 4/1/16
|
192,000
|
||
|
700,000
|
B-/B3
|
Resolute Energy Corp., 8.5%, 5/1/20 (144A)
|
714,000
|
||
|
472,000
|
BB-/Caa1
|
Rosetta Resources, Inc., 9.5%, 4/15/18
|
516,840
|
||
|
200,000
|
B/B1
|
Samson Investment Co., 9.75%, 2/15/20 (144A)
|
207,500
|
||
|
$ 7,582,309
|
|||||
|
Oil & Gas Storage & Transportation - 0.6%
|
|||||
|
600,000
|
B/B2
|
EP Energy LLC / EP Energy Finance, Inc., 9.375%, 5/1/20 (144A)
|
$ 645,750
|
||
|
450,000(b)
|
BB/Ba1
|
Southern Union Co., 3.462%, 11/1/66
|
366,750
|
||
|
$ 1,012,500
|
|||||
|
Total Energy
|
$ 16,011,245
|
||||
|
FOOD, BEVERAGE & TOBACCO - 4.8%
|
|||||
|
Agricultural Products - 0.8%
|
|||||
|
1,127,000
|
B+/B3
|
Southern States Cooperative, Inc., 11.25%, 5/15/15 (144A)
|
$ 1,181,941
|
||
|
Packaged Foods & Meats - 2.7%
|
|||||
|
EUR
|
200,000
|
B/B2
|
Agrokor DD, 9.875%, 5/1/19 (144A)
|
$ 253,206
|
|
|
650,000
|
BB/B1
|
Bertin SA / Bertin Finance, Ltd., 10.25%, 10/5/16 (144A)
|
663,000
|
||
|
500,000
|
BB-/Ba3
|
CFG Investment SAC, 9.75%, 7/30/19 (144A)
|
498,150
|
||
|
491,000
|
NR/B2
|
Corporacion Pesquera Inca SAC, 9.0%, 2/10/17 (144A)
|
527,825
|
||
|
750,000
|
B /B3
|
FAGE Dairy Industry SA/FAGE USA Dairy Industry, Inc., 9.875%, 2/1/20 (144A)
|
671,250
|
||
|
224,421(e)
|
NR/NR
|
Independencia International, Ltd., 12.0%, 12/30/16 (144A)
|
281
|
||
|
475,000
|
B+/B2
|
Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A)
|
363,375
|
||
|
700,000
|
B+/B1
|
Marfrig Overseas, Ltd., 9.625%, 11/16/16 (144A)
|
637,000
|
||
|
200,000
|
B+/B2
|
Minerva Luxembourg SA, 12.25%, 2/10/22 (144A)
|
212,500
|
||
|
300,000
|
B-/Caa1
|
Pilgrim's Pride Corp., 7.875%, 12/15/18
|
279,000
|
||
|
275,000(c)
|
NR/B2
|
SA Fabrica de Produtos Alimenticios Vigor, 9.25%, 2/23/17 (144A)
|
269,500
|
||
|
$ 4,375,087
|
|||||
|
Tobacco - 1.3%
|
|||||
|
2,015,000
|
B-/B3
|
Alliance One International, Inc., 10.0%, 7/15/16
|
$ 2,045,225
|
||
|
Total Food, Beverage & Tobacco
|
$ 7,602,253
|
||||
|
GOVERNMENT - 0.2%
|
|||||
|
Government - 0.2%
|
|||||
|
400,000
|
B/NR
|
Province of Salta Argentina, 9.5%, 3/16/22 (144A)
|
$ 328,000
|
||
|
Total Government
|
$ 328,000
|
||||
|
HEALTH CARE EQUIPMENT & SERVICES - 5.5%
|
|||||
|
Health Care Equipment & Services - 1.0%
|
|||||
|
750,000
|
CCC+/Caa2
|
Accellent, Inc., 10.0%, 11/1/17
|
$ 639,375
|
||
|
Principal
Amount
USD ($)
|
S&P/Moody's
Rating
|
Value
|
|||
|
Health Care Equipment & Services (continued)
|
|||||
|
875,000
|
B+/B2
|
Physio-Control International, Inc., 9.875%, 1/15/19 (144A)
|
942,812
|
||
|
$ 1,582,187
|
|||||
|
Health Care Facilities - 0.5%
|
|||||
|
600,000
|
B-/B3
|
Kindred Healthcare, Inc., 8.25%, 6/1/19
|
$ 570,000
|
||
|
200,000
|
CCC+/(P)Caa1
|
United Surgical Partners International, Inc., 9.0%, 4/1/20 (144A)
|
215,500
|
||
|
26,000(h)
|
CCC+/Caa1
|
Vanguard Health Systems, Inc., 0.0%, 2/1/16
|
17,680
|
||
|
$ 803,180
|
|||||
|
Health Care Services - 2.4%
|
|||||
|
378,000
|
B-/Caa1
|
BioScrip, Inc., 10.25%, 10/1/15
|
$ 411,075
|
||
|
476,000
|
CCC/Caa2
|
Gentiva Health Services, Inc., 11.5%, 9/1/18
|
427,210
|
||
|
–
|
1,000,000
|
CCC+/Caa1
|
Rural / Metro Corp., 10.125%, 7/15/19 (144A)
|
975,000
|
|
|
796,459
|
CCC+/B3
|
Surgical Care Affiliates, Inc., 8.875%, 7/15/15 (144A)
|
808,406
|
||
|
1,170,000
|
CCC+/Caa1
|
Surgical Care Affiliates, Inc., 10.0%, 7/15/17 (144A)
|
1,190,475
|
||
|
$ 3,812,166
|
|||||
|
Health Care Supplies - 1.4%
|
|||||
|
750,000
|
B/Caa1
|
Bausch & Lomb, Inc., 9.875%, 11/1/15
|
$ 782,812
|
||
|
815,000(f)
|
B-/B3
|
Biomet, Inc., 10.375%, 10/15/17
|
872,050
|
||
|
500,000
|
B-/Caa1
|
Immucor, Inc., 11.125%, 8/15/19
|
553,750
|
||
|
$ 2,208,612
|
|||||
|
Health Care Technology - 0.2%
|
|||||
|
275,000
|
CCC+/Caa1
|
Emdeon, Inc., 11.0%, 12/31/19 (144A)
|
$ 312,813
|
||
|
Total Health Care Equipment & Services
|
$ 8,718,958
|
||||
|
HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
|
|||||
|
Personal Products - 0.2%
|
|||||
|
300,000
|
B/B2
|
Revlon Consumer Products Corp., 9.75%, 11/15/15
|
$ 320,250
|
||
|
Total Household & Personal Products
|
$ 320,250
|
||||
|
INSURANCE - 25.7%
|
|||||
|
Insurance Brokers - 2.3%
|
|||||
|
250,000
|
CCC/Caa2
|
Alliant Holdings I, Inc., 11.0%, 5/1/15 (144A)
|
$ 260,313
|
||
|
1,175,000
|
CCC+/Caa2
|
HUB International Holdings, Inc., 10.25%, 6/15/15 (144A)
|
1,180,875
|
||
|
GBP
|
475,000
|
NR/Caa1
|
Towergate Finance Plc, 10.5%, 2/15/19 (144A)
|
677,811
|
|
|
827,000(a)
|
CCC/Caa1
|
USI Holdings Corp., 4.342%, 11/15/14 (144A)
|
777,380
|
||
|
804,000
|
CCC/Caa2
|
USI Holdings Corp., 9.75%, 5/15/15 (144A)
|
812,040
|
||
|
$ 3,708,419
|
|||||
|
Multi-Line Insurance - 1.1%
|
|||||
|
1,000,000(b)
|
BB/Baa3
|
Liberty Mutual Group, Inc., 7.0%, 3/15/37 (144A)
|
$ 900,000
|
||
|
670,000(b)
|
BB/Baa3
|
Liberty Mutual Group, Inc., 10.75%, 6/15/58 (144A)
|
927,950
|
||
|
$ 1,827,950
|
|||||
|
Property & Casualty Insurance - 0.1%
|
|||||
|
80,000(b)(d)
|
BB+/Ba2
|
White Mountains Insurance Group, Ltd., 7.506%, (144A)
|
$ 80,401
|
||
|
Principal
Amount
USD ($)
|
S&P/Moody's
Rating
|
Value
|
|||
|
Reinsurance - 22.2%
|
|||||
|
EUR
|
500,000(a)
|
B/NR
|
ATLAS VI Capital, Ltd., 10.153%, 4/6/13 (144A)
|
$ 618,032
|
|
|
EUR
|
500,000(a)
|
B-/NR
|
ATLAS VI Capital, Ltd., 10.913%, 4/7/14 (144A)
|
631,939
|
|
|
400,000(a)
|
NR/Ba3
|
Combine Re, Ltd., 10.096%, 1/7/15 (144A)
|
412,680
|
||
|
500,000(a)
|
NR/NR
|
Combine Re, Ltd., 17.846%, 1/7/15 (144A)
|
510,550
|
||
|
500,000(a)
|
BB-/NR
|
Compass Re, Ltd., 10.346%, 1/8/15 (144A)
|
503,300
|
||
|
500,000(a)
|
B+/NR
|
Compass Re, Ltd., 11.346%, 1/8/15 (144A)
|
499,050
|
||
|
1,000,000(a)
|
BB+/NR
|
Foundation Re III, Ltd., 5.096%, 2/25/15
|
987,100
|
||
|
1,000,000(a)
|
BB/NR
|
Foundation Re III, Ltd., 5.846%, 2/3/14 (144A)
|
976,900
|
||
|
750,000(a)
|
NR/B1
|
GlobeCat, Ltd., 6.461%, 1/2/13 (144A)
|
751,875
|
||
|
350,000(a)
|
NR/B3
|
GlobeCat, Ltd., 9.711%, 1/2/13 (144A)
|
328,440
|
||
|
1,300,000(a)
|
B-/NR
|
Ibis Re II, Ltd., 13.596%, 2/5/15 (144A)
|
1,295,710
|
||
|
500,000(a)
|
BB-/NR
|
Ibis Re, Ltd., 6.296%, 5/3/13 (144A)
|
494,000
|
||
|
1,000,000(a)
|
B/NR
|
Ibis Re, Ltd., 9.346%, 5/3/13 (144A)
|
980,600
|
||
|
1,800,000(a)
|
BB/NR
|
Lodestone Re, Ltd., 7.351%, 1/8/14 (144A)
|
1,785,420
|
||
|
1,000,000(b)
|
BB-/NR
|
Loma Reinsurance, Ltd., 9.967%, 12/21/12 (144A)
|
992,300
|
||
|
750,000(a)
|
B/NR
|
Montana Re, Ltd., 10.218%, 12/7/12 (144A)
|
728,325
|
||
|
1,000,000(a)
|
B/NR
|
Montana Re, Ltd., 12.368%, 1/8/14 (144A)
|
977,300
|
||
|
750,000(a)
|
CCC+/NR
|
Montana Re, Ltd., 13.718%, 12/7/12 (144A)
|
713,925
|
||
|
2,000,000(a)
|
NR/NR
|
Montana Re, Ltd., 16.868%, 1/8/14 (144A)
|
1,922,800
|
||
|
–
|
500,000(a)
|
B/NR
|
MultiCat Mexico 2009, Ltd., 10.351%, 10/19/12 (144A)
|
491,300
|
|
|
250,000(a)
|
B/NR
|
MultiCat Mexico 2009, Ltd., 11.601%, 10/19/12 (144A)
|
251,700
|
||
|
1,500,000(a)
|
NR/B2
|
Mythen, Ltd., 11.407%, 5/7/15 (144A)
|
1,560,900
|
||
|
1,200,000(a)
|
BB-/NR
|
Queen Street II Capital, Ltd., 7.596%, 4/9/14 (144A)
|
1,172,520
|
||
|
1,000,000(a)
|
B+/NR
|
Queen Street III Capital, Ltd., 4.846%, 7/28/14 (144A)
|
999,600
|
||
|
2,000,000(a)
|
BB-/NR
|
Queen Street IV Capital, Ltd., 7.596%, 4/9/15 (144A)
|
1,921,600
|
||
|
250,000(a)
|
NR/NR
|
Residential Reinsurance 2010, Ltd., 7.346%, 6/6/13 (144A)
|
243,525
|
||
|
1,250,000(a)
|
NR/NR
|
Residential Reinsurance 2010, Ltd., 10.846%, 6/6/13 (144A)
|
1,213,000
|
||
|
250,000(a)
|
B-/NR
|
Residential Reinsurance 2010, Ltd., 13.096%, 6/6/13 (144A)
|
247,325
|
||
|
1,250,000(a)
|
B-/NR
|
Residential Reinsurance 2011, Ltd., 12.096%, 6/6/15 (144A)
|
1,211,500
|
||
|
1,000,000(a)
|
NR/NR
|
Residential Reinsurance 2012, Ltd., 22.096%, 6/6/16 (144A)
|
980,600
|
||
|
500,000(a)
|
B-/NR
|
Successor X, Ltd., 9.846%, 4/4/13 (144A)
|
489,300
|
||
|
500,000(a)
|
NR/B2
|
Successor X, Ltd., 11.096%, 1/27/15 (144A)
|
483,500
|
||
|
1,500,000(a)
|
B-/NR
|
Successor X, Ltd., 11.346%, 11/10/15 (144A)
|
1,424,550
|
||
|
1,250,000(a)
|
NR/NR
|
Successor X, Ltd., 11.846%, 4/4/13 (144A)
|
1,206,625
|
||
|
2,000,000(a)
|
B-/NR
|
Successor X, Ltd., 14.916%, 1/7/14 (144A)
|
1,981,200
|
||
|
Principal
Amount
USD ($)
|
S&P/Moody's
Rating
|
Value
|
|||
|
Reinsurance (continued)
|
|||||
|
2,000,000(a)
|
NR/NR
|
Successor X, Ltd., 16.416%, 1/7/14 (144A)
|
1,931,600
|
||
|
1,000,000(a)
|
NR/NR
|
Successor X, Ltd., 16.596%, 1/27/15 (144A)
|
983,900
|
||
|
500,000(a)
|
NR/NR
|
Successor X, Ltd., 16.846%, 4/4/13 (144A)
|
482,950
|
||
|
$ 35,387,441
|
|||||
|
Total Insurance
|
$ 41,004,211
|
||||
|
MATERIALS - 13.1%
|
|||||
|
Aluminum - 0.0%
|
|||||
|
670(f)
|
B-/B3
|
Noranda Aluminum Acquisition Corp., 4.73%, 5/15/15
|
$ 640
|
||
|
Commodity Chemicals - 0.4%
|
|||||
|
300,000
|
NR/WR
|
Basell Finance Co. BV, 8.1%, 3/15/27 (144A)
|
$ 384,000
|
||
|
EUR
|
250,000
|
NR/Caa1e
|
KP Germany Erste GmbH, 11.625%, 7/15/17 (144A)
|
316,889
|
|
|
$ 700,889
|
|||||
|
Construction Materials - 0.5%
|
|||||
|
865,000
|
CC/Caa3
|
AGY Holding Corp., 11.0%, 11/15/14
|
$ 402,225
|
||
|
389,000
|
B- /NR
|
Cemex Espana Luxembourg, 9.875%, 4/30/19 (144A)
|
360,798
|
||
|
100,000
|
B- /NR
|
Cemex SAB de CV, 9.0%, 1/11/18 (144A)
|
93,000
|
||
|
$ 856,023
|
|||||
|
Diversified Chemicals - 1.0%
|
|||||
|
EUR
|
1,375,000
|
CCC+/Caa1
|
INEOS Group Holdings SA, 7.875%, 2/15/16 (144A)
|
$ 1,446,783
|
|
|
275,000
|
CCC/Caa1
|
Momentive Performance Materials, Inc., 9.0%, 1/15/21
|
200,750
|
||
|
$ 1,647,533
|
|||||
|
Diversified Metals & Mining - 1.8%
|
|||||
|
300,000
|
CCC+/Caa1
|
Midwest Vanadium Pty., Ltd., 11.5%, 2/15/18 (144A)
|
$ 201,000
|
||
|
650,000
|
CCC+/Caa1
|
Mirabela Nickel, Ltd., 8.75%, 4/15/18 (144A)
|
468,000
|
||
|
550,000
|
B/B2
|
Molycorp, Inc., 10.0%, 6/1/20 (144A)
|
517,000
|
||
|
400,000
|
B+/B1
|
Mongolian Mining Corp., 8.875%, 3/29/17 (144A)
|
404,108
|
||
|
428,000
|
BBB/Baa2
|
Teck Resources, Ltd., 10.25%, 5/15/16
|
472,940
|
||
|
750,000
|
BB/Ba3
|
Vedanta Resources Plc, 9.5%, 7/18/18 (144A)
|
755,625
|
||
|
$ 2,818,673
|
|||||
|
Metal & Glass Containers - 1.6%
|
|||||
|
531,327(f)
|
B- /Caa1
|
Ardagh Finance SA, 11.125%, 6/1/18 (144A)
|
$ 483,508
|
||
|
EUR
|
250,000
|
B- /B3
|
Ardagh Glass Finance Plc, 8.75%, 2/1/20 (144A)
|
301,509
|
|
|
EUR
|
255,000
|
BB- /Ba3
|
Ardagh Glass Finance Plc, 9.25%, 7/1/16 (144A)
|
343,628
|
|
|
175,000
|
CCC+/B3
|
BWAY Holdings Co., 10.0%, 6/15/18
|
193,375
|
||
|
1,173,833(f)
|
CCC+/Caa1
|
BWAY Parent Co., Inc., 10.125%, 11/1/15
|
1,200,244
|
||
|
$ 2,522,264
|
|||||
|
Paper Packaging - 0.7%
|
|||||
|
750,103(c)
|
NR/NR
|
Bio Pappel SAB de CV, 7.0%, 8/27/16
|
$ 607,583
|
||
|
500,000
|
B-/Caa1
|
Pretium Packaging LLC / Pretium Finance, Inc., 11.5%, 4/1/16
|
510,000
|
||
|
$ 1,117,583
|
|||||
|
Principal
Amount
USD ($)
|
S&P/Moody's
Rating
|
Value
|
|||
|
Paper Products - 2.0%
|
|||||
|
500,000
|
B+/B1
|
Appleton Papers, Inc., 10.5%, 6/15/15 (144A)
|
$ 533,750
|
||
|
200,000
|
CCC+/B3
|
Appleton Papers, Inc., 11.25%, 12/15/15
|
199,500
|
||
|
260,000
|
BB/Ba3
|
Clearwater Paper Corp., 10.625%, 6/15/16
|
289,900
|
||
|
580,000
|
CCC+/Caa2
|
Exopack Holdings Corp., 10.0%, 6/1/18
|
568,400
|
||
|
186,000
|
B+/B1
|
Grupo Papelero Scribe SA de CV, 8.875%, 4/7/20 (144A)
|
149,730
|
||
|
344,000
|
B+/B3
|
Mercer International, Inc., 9.5%, 12/1/17
|
359,480
|
||
|
459,000
|
BB-/B1
|
Resolute Forest Products, 10.25%, 10/15/18
|
515,228
|
||
|
545,000
|
BB/Ba2
|
Sappi Papier Holding GmbH, 8.375%, 6/15/19 (144A)
|
558,625
|
||
|
$ 3,174,613
|
|||||
|
Precious Metals & Minerals - 0.4%
|
|||||
|
500,000
|
BB-/Ba3
|
ALROSA Finance SA, 8.875%, 11/17/14 (144A)
|
$ 554,375
|
||
|
Steel - 4.7%
|
|||||
|
750,000
|
B+/B3
|
AM Castle & Co., 12.75%, 12/15/16
|
$ 813,750
|
||
|
250,000
|
BB-/B2
|
APERAM, 7.375%, 4/1/16 (144A)
|
218,750
|
||
|
350,000
|
B/Caa1
|
Atkore International, Inc., 9.875%, 1/1/18
|
336,000
|
||
|
450,000
|
B- /B3
|
Essar Steel Algoma, Inc., 9.375%, 3/15/15 (144A)
|
436,500
|
||
|
1,245,000
|
CCC- /Caa2
|
Essar Steel Algoma, Inc., 9.875%, 6/15/15 (144A)
|
1,020,900
|
||
|
250,000
|
B+/B1
|
Evraz Group SA, 8.875%, 4/24/13 (144A)
|
260,687
|
||
|
250,000
|
B+/B1
|
Evraz Group SA, 9.5%, 4/24/18 (144A)
|
269,375
|
||
|
900,000
|
B+/B3
|
Ferrexpo Finance Plc, 7.875%, 4/7/16 (144A)
|
839,250
|
||
|
900,000
|
NR/B2
|
Metinvest BV, 8.75%, 2/14/18 (144A)
|
834,750
|
||
|
600,000
|
NR/B2
|
Metinvest BV, 10.25%, 5/20/15 (144A)
|
595,500
|
||
|
850,000
|
B/B2
|
Optima Specialty Steel, Inc., 12.5%, 12/15/16 (144A)
|
886,125
|
||
|
920,000
|
CCC+/Caa1
|
Ryerson, Inc., 12.0%, 11/1/15
|
924,600
|
||
|
EUR
|
50,000
|
CCC/Caa2
|
Zlomrex International Finance S.A., 8.5%, 2/1/14 (144A)
|
46,765
|
|
|
$ 7,482,952
|
|||||
|
Total Materials
|
$ 20,875,545
|
||||
|
MEDIA - 6.3%
|
|||||
|
Advertising - 1.2%
|
|||||
|
1,100,000
|
NR/B3
|
Good Sam Enterprises LLC, 11.5%, 12/1/16
|
$ 1,141,250
|
||
|
716,000
|
B+/B3
|
MDC Partners, Inc., 11.0%, 11/1/16
|
769,700
|
||
|
$ 1,910,950
|
|||||
|
Broadcasting - 3.3%
|
|||||
|
1,139,556(f)
|
CCC+/Caa3
|
Intelsat Bermuda, Ltd., 11.5%, 2/4/17
|
$ 1,185,138
|
||
|
125,000(f)
|
CCC+/Caa3
|
Intelsat Luxembourg SA, 11.5%, 2/4/17 (144A)
|
130,000
|
||
|
–
|
400,000
|
B+/B1
|
Nara Cable Funding, Ltd., 8.875%, 12/1/18 (144A)
|
392,594
|
|
|
430,000
|
B-/B3
|
Telesat Canada / Telesat LLC, 12.5%, 11/1/17
|
479,450
|
||
|
1,655,000
|
B/B3
|
Townsquare Radio LLC / Townsquare Radio, Inc., 9.0%, 4/1/19 (144A)
|
1,750,163
|
||
|
990,000
|
CCC+/Caa1
|
Truven Health Analytics, Inc., 10.625%, 6/1/20 (144A)
|
1,051,875
|
||
|
Principal
Amount
USD ($)
|
S&P/Moody's
Rating
|
Value
|
|||
|
Broadcasting (continued)
|
|||||
|
EUR
|
200,000
|
B+/B1
|
TVN Finance Corp. II AB, 10.75%, 11/15/17 (144A)
|
264,590
|
|
|
$ 5,253,810
|
|||||
|
Cable - 0.1%
|
|||||
|
182,676
|
B/B2
|
CCH II LLC / CCH II Capital Corp., 13.5%, 11/30/16
|
$ 202,314
|
||
|
Movies & Entertainment - 1.3%
|
|||||
|
1,710,000
|
CCC+ /Caa1
|
AMC Entertainment, Inc., 9.75%, 12/1/20
|
$ 1,855,350
|
||
|
200,000
|
CCC+/B3
|
Production Resource Group, Inc., 8.875%, 5/1/19
|
151,000
|
||
|
$ 2,006,350
|
|||||
|
Publishing - 0.4%
|
|||||
|
600,000
|
CCC/Caa3
|
Cengage Learning Acquisitions, Inc., 10.5%, 1/15/15 (144A)
|
$ 414,000
|
||
|
245,000
|
B/Caa1
|
Interactive Data Corp., 10.25%, 8/1/18
|
277,462
|
||
|
$ 691,462
|
|||||
|
Total Media
|
$ 10,064,886
|
||||
|
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.2%
|
|||||
|
Biotechnology - 0.8%
|
|||||
|
300,000
|
B/Caa1
|
ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A)
|
$ 310,125
|
||
|
1,043,000
|
B+ /Caa2
|
Lantheus Medical Imaging, Inc., 9.75%, 5/15/17
|
964,775
|
||
|
$ 1,274,900
|
|||||
|
Life Sciences Tools & Services - 0.1%
|
|||||
|
130,297
|
B/Caa1
|
Catalent Pharma Solutions, Inc., 9.5%, 4/15/15
|
$ 133,392
|
||
|
Pharmaceuticals - 0.3%
|
|||||
|
1,215,000(e)
|
NR/NR
|
KV Pharmaceutical Co., 12.0%, 3/15/15
|
$ 452,587
|
||
|
Total Pharmaceuticals, Biotechnology & Life Sciences
|
$ 1,860,879
|
||||
|
REAL ESTATE - 0.3%
|
|||||
|
Diversified REIT's - 0.1%
|
|||||
|
200,000
|
B+/Ba3
|
CNL Lifestyle Properties, Inc., 7.25%, 4/15/19
|
$ 184,000
|
||
|
Real Estate Operating Companies - 0.2%
|
|||||
|
410,000
|
B/NR
|
IRSA Inversiones y Representaciones SA, 8.5%, 2/2/17 (144A)
|
$ 330,050
|
||
|
Total Real Estate
|
$ 514,050
|
||||
|
RETAILING - 1.3%
|
|||||
|
Distributors - 0.9%
|
|||||
|
1,438,000
|
B+/B2
|
Minerva Overseas II, Ltd., 10.875%, 11/15/19 (144A)
|
$ 1,473,950
|
||
|
Internet Retail - 0.4%
|
|||||
|
640,000
|
B/B3
|
Ticketmaster Entertainment LLC / Ticketmaster Noteco, Inc., 10.75%, 8/1/16
|
$ 676,006
|
||
|
Total Retailing
|
$ 2,149,956
|
||||
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
|
|||||
|
Semiconductor Equipment - 0.2%
|
|||||
|
465,000
|
B+/Caa1
|
MEMC Electronic Materials, Inc., 7.75%, 4/1/19
|
$ 361,538
|
||
|
Total Semiconductors & Semiconductor Equipment
|
$ 361,538
|
||||
|
Principal
Amount
USD ($)
|
S&P/Moody's
Rating
|
Value
|
|||
|
SOFTWARE & SERVICES - 1.1%
|
|||||
|
Application Software - 0.3%
|
|||||
|
689,000
|
B/Caa1
|
Allen Systems Group, Inc., 10.5%, 11/15/16 (144A)
|
$ 561,535
|
||
|
Data Processing & Outsourced Services - 0.3%
|
|||||
|
404,000
|
B-/Caa1
|
First Data Corp., 8.25%, 1/15/21 (144A)
|
$ 402,990
|
||
|
91,000
|
B-/Caa1
|
First Data Corp., 9.875%, 9/24/15
|
92,365
|
||
|
$ 495,355
|
|||||
|
Systems Software - 0.5%
|
|||||
|
881,225(f)(g)
|
NR/NR
|
Pegasus Solutions, Inc., 13.0%, 4/15/14 (144A)
|
$ 749,041
|
||
|
Total Software & Services
|
$ 1,805,931
|
||||
|
TECHNOLOGY HARDWARE & EQUIPMENT - 0.3%
|
|||||
|
Computer Storage & Peripherals - 0.3%
|
|||||
|
415,000
|
BBB/Baa3
|
Seagate Technology International, Inc., 10.0%, 5/1/14 (144A)
|
$ 460,650
|
||
|
Total Technology Hardware & Equipment
|
$ 460,650
|
||||
|
TELECOMMUNICATION SERVICES - 2.6%
|
|||||
|
Alternative Carriers - 0.8%
|
|||||
|
750,000
|
BB-/WR
|
PAETEC Holding Corp., 8.875%, 6/30/17
|
$ 811,875
|
||
|
350,000
|
NR/WR
|
PAETEC Holding Corp., 9.875%, 12/1/18
|
394,625
|
||
|
$ 1,206,500
|
|||||
|
Integrated Telecommunication Services - 0.4%
|
|||||
|
388,000
|
CCC+/B3
|
Cincinnati Bell, Inc., 8.75%, 3/15/18
|
$ 379,270
|
||
|
300,000
|
BB/Ba2
|
Frontier Communications Corp., 8.75%, 4/15/22
|
321,000
|
||
|
$ 700,270
|
|||||
|
Wireless Telecommunication Services - 1.4%
|
|||||
|
300,000
|
NR/Caa1
|
Digicel Group, Ltd., 10.5%, 4/15/18 (144A)
|
$ 320,250
|
||
|
750,000
|
B/B2
|
NII Capital Corp., 10.0%, 8/15/16
|
753,750
|
||
|
1,115,000
|
BB/Ba3
|
Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC, 9.125%, 4/30/18 (144A)
|
1,218,138
|
||
|
$ 2,292,138
|
|||||
|
Total Telecommunication Services
|
$ 4,198,908
|
||||
|
TRANSPORTATION - 3.4%
|
|||||
|
Air Freight & Logistics - 0.8%
|
|||||
|
1,329,000
|
B-/Caa1
|
CEVA Group Plc, 11.5%, 4/1/18 (144A)
|
$ 1,244,276
|
||
|
Airlines - 1.3%
|
|||||
|
109,515
|
BB/Ba2
|
Continental Airlines 1998-1 Class B Pass Through Trust, 6.748%, 3/15/17
|
$ 109,515
|
||
|
250,000
|
BB+/Ba3
|
Delta Air Lines 2010-1 Class B Pass Through Trust, 6.375%, 1/2/16
|
250,000
|
||
|
269,000
|
BB-/Ba2
|
Delta Air Lines, Inc., 9.5%, 9/15/14 (144A)
|
283,459
|
||
|
1,000,000
|
B/NR
|
Gol Finance, 9.25%, 7/20/20 (144A)
|
920,000
|
||
|
500,000
|
BB-/NR
|
TAM Capital 3, Inc., 8.375%, 6/3/21 (144A)
|
534,400
|
||
|
$ 2,097,374
|
|||||
|
Principal
Amount
USD ($)
|
S&P/Moody's
Rating
|
Value
|
|||
|
Airport Services - 0.3%
|
|||||
|
564,000
|
B/B2
|
Aeropuertos Argentina 2000 SA, 10.75%, 12/1/20 (144A)
|
$ 532,980
|
||
|
Marine - 0.3%
|
|||||
|
525,000
|
B+/B3
|
Navios South American Logistics, Inc./Navios Logistics Finance US, Inc., 9.25%, 4/15/19
|
$ 480,375
|
||
|
Railroads - 0.2%
|
|||||
|
278,090(f)
|
CCC/Caa3
|
Florida East Coast Holdings Corp., 10.5%, 8/1/17
|
$ 249,586
|
||
|
Trucking - 0.5%
|
|||||
|
425,000
|
B+/Caa1
|
Swift Services Holdings, Inc., 10.0%, 11/15/18
|
$ 462,188
|
||
|
300,000
|
B/B3
|
Syncreon Global Ireland, Ltd., 9.5%, 5/1/18 (144A)
|
300,000
|
||
|
$ 762,188
|
|||||
|
Total Transportation
|
$ 5,366,779
|
||||
|
UTILITIES - 1.8%
|
|||||
|
Electric Utilities - 0.7%
|
|||||
|
750,000
|
CCC+/NR
|
Cia de Energia Electrica en Alta Tension Transener SA, 9.75%, 8/15/21 (144A)
|
$ 326,250
|
||
|
419,000
|
NR/B3
|
Empresa ICA S.A.B. de C.V., 9.75%, 10/25/22 (144A)
|
157,125
|
||
|
225,000
|
BB+/Ba1
|
PNM Resources, Inc., 9.25%, 5/15/15
|
257,062
|
||
|
240,000
|
CCC/Caa1
|
Texas Competitive Electric Holdings Co. LLC / TCEH Finance, Inc., 11.5%, 10/1/20 (144A)
|
177,600
|
||
|
510,000
|
CC/Caa3
|
Texas Competitive Electric Holdings Co. LLC / TCEH Finance, Inc., 15.0%, 4/1/21
|
186,150
|
||
|
$ 1,104,187
|
|||||
|
Gas Utilities - 0.5%
|
|||||
|
1,135,000
|
B/B2
|
Transportadora de Gas del Sur SA, 7.875%, 5/14/17 (144A)
|
$ 814,930
|
||
|
Independent Power Producers & Energy Traders - 0.6%
|
|||||
|
500,000
|
BB-/Ba3
|
InterGen NV, 9.0%, 6/30/17 (144A)
|
$ 486,250
|
||
|
500,000
|
NR/B2
|
Star Energy Geothermal Wayang Windu Ltd., 11.5%, 2/12/15 (144A)
|
540,000
|
||
|
$ 1,026,250
|
|||||
|
Total Utilities
|
$ 2,945,367
|
||||
|
TOTAL CORPORATE BONDS & NOTES
|
|||||
|
(Cost $164,947,731)
|
$ 159,867,225
|
||||
|
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
|
$ 120,600
|
||
|
Total Diversified Financials
|
$ 120,600
|
||||
|
HEALTH CARE EQUIPMENT & SERVICES - 1.0%
|
|||||
|
Health Care Equipment & Services - 0.7%
|
|||||
|
1,040,000(c)
|
B+/NR
|
Hologic, Inc., 2.0%, 12/15/37
|
$ 1,125,800
|
||
|
Health Care Facilities - 0.3%
|
|||||
|
405,000
|
B/NR
|
LifePoint Hospitals, Inc., 3.5%, 5/15/14
|
$ 426,263
|
||
|
Principal
Amount
USD ($)
|
S&P/Moody's
Rating
|
Value
|
|||
|
Health Care Services - 0.0%
|
|||||
|
15,000
|
B+/B2
|
Omnicare, Inc., 3.25%, 12/15/35
|
$ 14,419
|
||
|
Total Health Care Equipment & Services
|
$ 1,566,482
|
||||
|
MATERIALS - 1.0%
|
|||||
|
Diversified Chemicals - 1.0%
|
|||||
|
1,900,000
|
B+/NR
|
Hercules, Inc., 6.5%, 6/30/29
|
$ 1,571,072
|
||
|
Diversified Metals & Mining - 0.0%
|
|||||
|
100,000
|
BB/NR
|
Vedanta Resources Jersey, Ltd., 5.5%, 7/13/16
|
$ 95,700
|
||
|
Total Materials
|
$ 1,666,772
|
||||
|
MEDIA - 0.4%
|
|||||
|
Movies & Entertainment - 0.4%
|
|||||
|
659,000
|
B-/NR
|
Live Nation Entertainment, Inc., 2.875%, 7/15/27
|
$ 635,111
|
||
|
Total Media
|
$ 635,111
|
||||
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
|
|||||
|
Semiconductors - 0.2%
|
|||||
|
150,000
|
NR/NR
|
JA Solar Holdings Co., Ltd., 4.5%, 5/15/13
|
$ 137,250
|
||
|
250,000
|
NR/NR
|
ReneSola, Ltd., 4.125%, 3/15/18 (144A)
|
129,063
|
||
|
271,000
|
NR/NR
|
Suntech Power Holdings Co., Ltd., 3.0%, 3/15/13
|
121,272
|
||
|
Total Semiconductors & Semiconductor Equipment
|
$ 387,585
|
||||
|
TOTAL CONVERTIBLE BONDS & NOTES
|
|||||
|
(Cost $3,558,715)
|
$ 4,376,550
|
||||
|
SOVEREIGN DEBT OBLIGATIONS - 1.7% of Net Assets
|
|||||
|
Brazil - 0.7%
|
|||||
|
BRL
|
1,750,000
|
BBB/Baa2
|
Brazilian Government International Bond, 10.25%, 1/10/28
|
$ 1,109,679
|
|
|
Mexico - 0.5%
|
|||||
|
MXN
|
8,870,000
|
A-/Baa1
|
Mexican Bonos, 7.75%, 11/13/42
|
$ 784,163
|
|
|
Ukraine - 0.5%
|
|||||
|
800,000
|
B+/(P)B2
|
Ukraine Government International Bond, 9.25%, 7/24/17 (144A)
|
$ 795,000
|
||
|
TOTAL SOVEREIGN DEBT OBLIGATIONS
|
|||||
|
(Cost $2,446,072)
|
$ 2,688,842
|
||||
|
Shares
|
Value
|
||||
|
COMMON STOCKS - 0.6% of Net Assets
|
|||||
|
AUTOMOBILES & COMPONENTS - 0.1%
|
|||||
|
Auto Parts & Equipment - 0.1%
|
|||||
|
5,787
|
Lear Corp.
|
$ 205,728
|
|||
|
Total Automobiles & Components
|
$ 205,728
|
||||
|
DIVERSIFIED FINANCIALS - 0.0%
|
|||||
|
Other Diversified Financial Services - 0.0%
|
|||||
|
731(i)
|
BTA Bank JSC (G.D.R.)
|
$ 731
|
|||
|
Total Diversified Financials
|
$ 731
|
||||
|
ENERGY - 0.1%
|
|||||
|
Oil & Gas Drilling - 0.0%
|
|||||
|
1,109(i)
|
Rowan Cos Plc, Class A
|
$ 38,959
|
|||
|
Shares
|
Value
|
||||
|
Oil & Gas Equipment & Services - 0.1%
|
|||||
|
NOK
|
19,571(e)(i)
|
Sevan Marine ASA
|
$ 44,176
|
||
|
Total Energy
|
$ 83,135
|
||||
|
MATERIALS - 0.1%
|
|||||
|
Diversified Metals & Mining - 0.1%
|
|||||
|
371,096(g)(i)(j)
|
Blaze Recycling and Metals LLC Class A Units
|
$ 166,993
|
|||
|
Forest Products - 0.0%
|
|||||
|
CAD
|
13,963(i)
|
Ainsworth Lumber Co., Ltd.
|
$ 26,729
|
||
|
Total Materials
|
$ 193,722
|
||||
|
SOFTWARE & SERVICES - 0.0%
|
|||||
|
Systems Software - 0.0%
|
|||||
|
2,114(g)(i)
|
Perseus Holding Corp.
|
$ 5,285
|
|||
|
Total Software & Services
|
$ 5,285
|
||||
|
TRANSPORTATION - 0.3%
|
|||||
|
Marine - 0.3%
|
|||||
|
247,509(i)
|
Horizon Lines, Inc., Class A
|
$ 445,516
|
|||
|
Total Transportation
|
$ 445,516
|
||||
|
TOTAL COMMON STOCKS
|
|||||
|
(Cost $1,258,135)
|
$ 934,117
|
||||
|
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
|
$ 477,990
|
|||
|
Total Diversified Financials
|
$ 477,990
|
||||
|
TOTAL CONVERTIBLE PREFERRED STOCK
|
|||||
|
(Cost $382,900)
|
$ 477,990
|
||||
|
PREFERRED STOCKS - 0.6% of Net Assets
|
|||||
|
DIVERSIFIED FINANCIALS - 0.6%
|
|||||
|
Other Diversified Financial Services - (continued) - 0.6%
|
|||||
|
40,675(b)
|
GMAC Capital Trust I, Series Z, 8.125
|
$ 991,657
|
|||
|
Total Diversified Financials
|
$ 991,657
|
||||
|
SOFTWARE & SERVICES - 0.0%
|
|||||
|
Data Processing & Outsourced Services - 0.0%
|
|||||
|
1,110(g)(i)
|
Perseus Holding Corp., 14.0
|
$ 19,425
|
|||
|
Total Software & Services
|
$ 19,425
|
||||
|
TOTAL PREFERRED STOCKS
|
|||||
|
(Cost $933,996)
|
$ 1,011,082
|
||||
|
RIGHT/WARRANT - 0.0% of Net Assets
|
|||||
|
AUTOMOBILES & COMPONENTS - 0.0%
|
|||||
|
Auto Parts & Equipment - 0.0%
|
|||||
|
1,140,000(j)
|
Lear Corp., Expires
|
$ –
|
|||
|
Total Automobiles & Components
|
$ –
|
||||
|
TOTAL RIGHT/WARRANT
|
|||||
|
(Cost $–)
|
$ –
|
||||
|
Principal
Amount
|
Value
|
||||
|
TEMPORARY CASH INVESTMENTS - 3.7% - of Net Assets
|
|||||
|
TIME DEPOSITS: 3.7%
|
|||||
|
GBP
|
28,949
|
JPMorgan Chase London, .05%, 8/1/12
|
$ 45,368
|
||
|
NOK
|
4,366,082
|
JPMorgan Chase London, .3%, 8/1/12
|
725,685
|
||
|
5,069,676
|
Bank of New York Mellon Grand Cayman, .03%, 8/1/12
|
5,069,676
|
|||
|
$ 5,840,729
|
|||||
|
TOTAL TEMPORARY CASH INVESTMENTS
|
|||||
|
(Cost $5,840,729)
|
5,840,729
|
||||
|
TOTAL INVESTMENTS IN SECURITIES - 140.7%
|
|||||
|
(Cost - $229,825,554) (k)
|
224,675,042
|
||||
|
OTHER ASSETS AND LIABILITIES -(40.7)%
|
$ (64,956,970)
|
||||
|
NET ASSETS APPLICABLE TO
COMMON SHAREHOLDERS -100.0%
|
$ 159,718,072
|
||||
|
NR
|
Security not rated by S&P or Moody's.
|
|
|
LC
|
Letters of Credit
|
|
|
WR
|
Rating Withdrawn.
|
|
|
(144A)
|
Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At July 31, 2012, the value of these securities amounted to $108,915,046, or 68.2% 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 July 31, 2012.
|
|
(a)
|
Floating rate note. The rate shown is the coupon rate at July 31, 2012.
|
|
(b)
|
The interest rate is subject to change periodically. The interest is shown is the rate at July 31, 2012.
|
|
(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, 2012.
|
|
(d)
|
Security is perpetual in nature and has no stated maturity date.
|
|
(e)
|
Security is in default and is non income producing.
|
|
(f)
|
Payment in Kind (PIK) security which may pay interest in the form of additional principal amount.
|
|
(g)
|
Indicates a security that has been deemed as illiquid. The aggregate cost of illiquid securities is $2,917,890. The aggregate fair value of $1,073,981 represents 0.7% of total net assets applicable to common shareholders.
|
|
(h)
|
Security issued with a zero coupon. Income is recognized through accretion of discount.
|
|
(i)
|
Non-income producing.
|
|
(j)
|
Security is valued using fair value methods.
|
|
(k)
|
At July 31, 2012, the net unrealized loss on investments based on cost for federal tax purposes of $229,825,554 was as follows:
|
|
|
Aggregate gross unrealized gain for all investments in which there is an excess of value over tax cost
|
$ 8,848,762
|
|
|
Aggregate gross unrealized loss for all investments in which there is an excess of tax cost over value
|
(14,043,828)
|
|
|
Net unrealized loss
|
$ (5,195,066)
|
|
|
For financial reporting purposes net unrealized loss on investments was $5,150,512 and cost of investments aggregated $229,825,554.
|
||
|
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
|
|
USD
|
-
|
United States Dollar
|
|
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.
|
||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
Investments in Securities - Assets
|
||||||||||||||||
|
ASSET BACKED SECURITIES
|
$ | – | $ | 1,714,472 | $ | – | $ | 1,714,472 | ||||||||
|
COLLATERALIZED MORTGAGE OBLIGATIONS
|
– | 1,140,612 | – | 1,140,612 | ||||||||||||
|
COMMERCIAL MORTGAGE-BACKED SECURITIES
|
– | 540,170 | – | 540,170 | ||||||||||||
|
SENIOR SECURED FLOATING RATE LOAN INTERESTS
|
– | 46,083,253 | – | 46,083,253 | ||||||||||||
|
CORPORATE BONDS & NOTES
|
– | 159,867,225 | – | 159,867,225 | ||||||||||||
|
CONVERTIBLE BONDS & NOTES
|
– | 4,376,550 | – | 4,376,550 | ||||||||||||
|
SOVEREIGN DEBT OBLIGATIONS
|
– | 2,688,842 | – | 2,688,842 | ||||||||||||
|
COMMON STOCKS
|
||||||||||||||||
|
Diversified Metals & Mining
|
– | – | 166,993 | 166,993 | ||||||||||||
|
Systems Software
|
– | 5,285 | – | 5,285 | ||||||||||||
|
All Other
|
761,839 | – | – | 761,839 | ||||||||||||
|
CONVERTIBLE PREFERRED STOCK:
|
477,990 | – | – | 477,990 | ||||||||||||
|
PREFERRED STOCKS
|
||||||||||||||||
|
Data Processing & Outsourced Services
|
– | 19,425 | – | 19,425 | ||||||||||||
|
All Other
|
991,657 | – | – | 991,657 | ||||||||||||
|
RIGHT/WARRANT
|
||||||||||||||||
|
Auto Parts & Equipment
|
– | – | – | – | ||||||||||||
|
TEMPORARY CASH INVESTMENTS
|
||||||||||||||||
|
TIME DEPOSITS
|
– | 5,840,729 | – | 5,840,729 | ||||||||||||
|
Total Investments in Securities - Assets
|
$ | 2,231,486 | $ | 222,276,563 | $ | 166,993 | $ | 224,675,042 | ||||||||
|
The following is a reconciliation of assets valued using significant unobservable inputs (level 3):
|
||||||||||||||||||||||||||||||||||||
|
Balance as of 4/30/12
|
Realized
gain (loss)(1)
|
Change in
Unrealized appreciation
(depreciation)(1)
|
Purchases
|
Sales
|
Accrued
discounts/ premiums
|
Transfers in to
Level 3*
|
Transfers out of
Level 3*
|
Balance as of 7/31/12
|
||||||||||||||||||||||||||||
|
Investments in Securities - Assets
|
||||||||||||||||||||||||||||||||||||
|
CONVERTIBLE BONDS & NOTES
|
||||||||||||||||||||||||||||||||||||
|
Marine
|
$ | 296,699 | $ | (328,430 | ) | $ | 432,866 | $ | 21,875 | $ | (429,276 | ) | $ | 6,265 | $ | – | $ | – | $ | – | ||||||||||||||||
|
COMMON STOCKS
|
||||||||||||||||||||||||||||||||||||
|
Diversified Metals & Mining
|
244,923 | – | (77,930 | ) | – | – | – | – | – | 166,993 | ||||||||||||||||||||||||||
|
Total Investment
in Securities - Assets
|
$ | 541,622 | $ | (328,430 | ) | $ | 354,936 | $ | 21,875 | $ | (429,276 | ) | $ | 6,265 | $ | – | $ | – | $ | 166,993 | ||||||||||||||||
|
* Transfers are calculated on the beginning of period value
|
||||||||||||||||||||||||||||||||||||
|
Net change in unrealized appreciation of Level 3 investments still held and considered
Level 3 at 07/31/12: (77,930)
|
||||||||||||||||||||||||||||||||||||
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 September 28, 2012
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date September 28, 2012
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date September 28, 2012
* Print the name and title of each signing officer under his or her signature.