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 Pioneer Diversified High Income Trust
               (Exact name of registrant as specified in charter)


                       60 State Street, Boston, MA 02109
              (Address of principal executive offices) (ZIP code)


            Terrence J. Cullen, Pioneer Investment Management, Inc.,
                       60 State Street, Boston, MA 02109
                    (Name and address of agent for service)


Registrant's telephone number, including area code:  (617) 742-7825


Date of fiscal year end:  April 30

Date of reporting period:  January 31, 2014

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| January 31, 2014

Ticker Symbol:  HNW

Principal Amount USD ($)	S&P/Moody's Rating		Value
		ASSET BACKED SECURITIES -  2.1% of Net Assets
802,178(a)	CCC/Caa3	Aircraft Finance Trust, Series 1999-1A, Class A1, 0.64%, 5/15/24 (144A)	$ 312,850
100,000	BB/NR	CarNow Auto Receivables Trust, Series 2012-1A, Class D, 6.9%, 11/15/16 (144A)	102,005
81,268	BB+/Ba2	Continental Airlines 1998-1 Class B Pass Through Trust, 6.748%, 3/15/17	86,957
250,000	BBB/Ba2	Delta Air Lines 2010-1 Class B Pass Through Trust, 6.375%, 1/2/16 (144A)	267,500
290,000(b)	NR/NR	GMAT Trust, Series 2013-1A, Class M, 5.0%, 11/25/43 (144A)	278,828
76,649(a)	B-/Caa1	GSAMP Trust, Series 2006-HE8, Class A2B, 0.288%, 1/25/37	73,236
939,719	NR/NR	Monty Parent Issuer LLC, Series 2013-LTR, 4.25%, 10/20/15	940,454
940,000	NR/Ba2	Nations Equipment Finance Funding I LLC, Series 2013-1A, Class C, 5.5%, 5/20/21 (144A)	940,000
137,549	BB/NR	Westgate Resorts LLC, Series 2012-2A, Class C, 9.0%, 1/20/25 (144A)	141,241
346,510	NR/NR	Westgate Resorts LLC, Series 2012-BA, Class A, 9.5%, 2/20/25 (144A)	353,440
		TOTAL ASSET BACKED SECURITIES
		(Cost  $3,506,048)	$ 3,496,511
		COLLATERALIZED MORTGAGE OBLIGATIONS -  2.4% of Net Assets
275,000	NR/NR	CAM Mortgage Trust, Series 2014-1, Class M, 5.5%, 12/15/53 (144A)	$ 273,716
662,185(a)	CCC/Caa2	Carrington Mortgage Loan Trust, Series 2007-FRE1, Class A2, 0.358%, 2/25/37	595,023
200,000(b)	CCC/B3	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-C4, Class E, 5.135%, 10/15/39 (144A)	178,178
101,389	NR/NR	Extended Stay America Trust, Series 2013-ESHM, Class M, 7.625%, 12/5/19 (144A)	101,793
124,911	BBB+/Ba3	Global Mortgage Securitization, Ltd., Series 2004-A, Class B1, 5.25%, 11/25/32 (144A)	119,958
205,788	CCC/Caa3	Global Mortgage Securitization, Ltd., Series 2005-A, Class B3, 5.25%, 4/25/32	164,302
375,000(a)	NR/Ba2	GS Mortgage Securities Corp. II, Series 2013-KYO, Class E, 3.763%, 11/8/29 (144A)	377,827
159,933(b)	B/NR	GSR Mortgage Loan Trust, Series 2004-3F, Class B1, 5.714%, 2/25/34	142,344
213,269	NR/NR	Homeowner Assistance Program Reverse Mortgage Loan Trust, Series 2013-RM1, Class A, 4.0%, 5/26/53 (144A)	208,534
793,195(a)	B/Ba3	Impac CMB Trust, Series 2004-9, Class 1A1, 0.918%, 1/25/35	705,228
150,000(a)	BB/NR	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-FL3, Class E, 3.122%, 4/15/28 (144A)	149,268
556,571(b)	BB/NR	LB-UBS Commercial Mortgage Trust, Series 2006-C1, Class AJ, 5.276%, 2/15/41	560,596
400,000(b)	B-/B1	Wachovia Bank Commercial Mortgage Trust, Series 2007-C34, Class AJ, 5.969%, 5/15/46	409,543
		TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
		(Cost  $3,974,555)	$ 3,986,310
		COMMERCIAL MORTGAGE-BACKED SECURITIES -  0.5% of Net Assets
150,000(b)	NR/Ba1	Bear Stearns Commercial Mortgage Securities Trust, Series 2005-PWR7, Class B, 5.214%, 2/11/41	$ 151,887

Principal Amount USD ($)	S&P/Moody's Rating		Value
250,000(b)	NR/Baa3	COMM 2012-CCRE2 Mortgage Trust, Series 2012-CR2, Class E, 4.858%, 8/15/45 (144A)	$ 236,271
200,000(a)	BB-/NR	COMM 2013-FL3 Mortgage Trust, Series 2013-FL3, Class RGC2, 4.5%, 10/13/28 (144A)	200,188
150,600(a)	NR/Ba1	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-FL2A, Class G, 0.52%, 11/15/18 (144A)	142,726
		TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
		(Cost  $687,536)	$ 731,072
		SENIOR SECURED FLOATING RATE LOAN INTERESTS -  23.9% of Net Assets *(a)
		AUTOMOBILES & COMPONENTS - 2.5%
		Auto Parts & Equipment - 1.2%
118,388	B/B1	Federal-Mogul Corp., Tranche B Term Loan, 2.108%, 12/29/14	$ 117,796
69,670	B/B1	Federal-Mogul Corp., Tranche C Term Loan, 2.108%, 12/28/15	69,322
247,500	B+/B1	Metaldyne LLC, USD Term Loan, 5.0%, 12/18/18	249,913
280,741	B+/B1	TI Group Automotive Systems LLC, Additional Term Loan, 5.5%, 3/28/19	282,496
213,927	BB/Ba2	Tomkins LLC, Term Loan B-2, 3.75%, 9/29/16	215,379
972,662	B+/B1	Tower Automotive Holdings USA, LLC, Refinancing First Lien Term Loan, 4.0%, 4/23/20	980,962
140,650	B/Ba3	UCI International, Inc., (United Components), Term Loan, 5.5%, 7/26/17	141,617
			$ 2,057,485
		Automobile Manufacturers - 0.9%
1,462,500	BB/Ba1	Chrysler Group LLC, Tranche B Term Loan, 3.5%, 5/24/17	$ 1,472,425
		Tires & Rubber - 0.4%
575,000	BB/Ba1	Goodyear Tire & Rubber Co., Second Lien Term Loan, 4.75%, 4/30/19	$ 582,367
		Total Automobiles & Components	$ 4,112,277
		CAPITAL GOODS - 2.5%
		Aerospace & Defense - 1.2%
320,000	CCC+/Caa1	Consolidated Precision Products Corp., Second Lien Term Loan, 8.75%, 4/30/21	$ 325,200
831,525	B/B2	DAE Aviation Holdings, Inc., Tranche B-1 Loan, 6.25%, 11/2/18	839,494
186,560	B/Caa1	Hunter Defense Technologies, Inc., Term Loan, 3.49%, 8/22/14	176,765
376,959	B/B2	Standard Aero, Ltd., Tranche B-2 Loan, 6.25%, 11/2/18	380,571
321,180	BB-/B1	TASC, Inc., New Tranche B Term Loan, 4.5%, 12/18/15	306,125
			$ 2,028,155
		Construction & Farm Machinery & Heavy Trucks - 0.5%
390,000	B/Ba3	Navistar, Inc., Tranche B, Term Loan, 5.75%, 8/17/17	$ 397,800
457,481	B+/B2	Waupaca Foundry, Inc. Term Loan, 4.5%, 6/29/17	458,625
			$ 856,425
		Electrical Components & Equipment - 0.4%
557,938	BB+/Ba2	WireCo WorldGroup, Inc., Term Loan, 6.0%, 2/15/17	$ 563,168
		Trading Companies & Distributors - 0.4%
416,698	BBB/Ba2	AWAS Finance Luxembourg 2012 SA, Term Loan, 3.5%, 7/16/18	$ 419,476

Principal Amount USD ($)	S&P/Moody's Rating		Value
		Trading Companies & Distributors (continued)
284,593	B+/Ba3	WESCO Distribution, Inc., Tranche B-1 Loan, 3.75%, 12/12/19	$ 285,660
			$ 705,136
		Total Capital Goods	$ 4,152,884
		COMMERCIAL & PROFESSIONAL SERVICES - 0.2%
		Commercial Printing - 0.1%
121,889	NR/Caa3	Cenveo Corp., Term Loan B, 6.25%, 2/13/17	$ 123,717
		Security & Alarm Services - 0.1%
204,785	B+/B1	Protection One, Inc., 2012 Term Loan, 4.25%, 3/21/19	$ 205,553
		Total Commercial & Professional Services	$ 329,270
		CONSUMER DISCRETIONARY - 1.0%
		Automobiles & Components - 0.4%
700,000	B+/B2	CWGS Group LLC, Term Loan, 5.75%, 2/20/20	$ 705,250
		Education Services - 0.6%
950,000	B+/B2	McGraw-Hill School Education Holdings LLC, Term B Loan, 6.25%, 12/18/19	$ 963,260
		Total Consumer Discretionary	$ 1,668,510
		CONSUMER DURABLES & APPAREL - 0.1%
		Textiles - 0.1%
109,819	NR/Ba3	Klockner Pentaplast of America, Inc., Term Loan B-1, 5.75%, 12/21/16	$ 111,100
		Total Consumer Durables & Apparel	$ 111,100
		CONSUMER SERVICES - 1.2%
		Hotels, Resorts & Cruise Lines - 0.5%
864,063	BB-/Ba2	Seven Sea Cruises S. DE R.L., Term B-1 Loan, 4.75%, 12/21/18	$ 868,923
		Restaurants - 0.7%
526,650	B+/B1	Landry's, Inc., (fka Landry's Restaurants, Inc.), Term Loan B, 4.0%, 4/24/18	$ 532,575
544,825	B/Ba3	NPC International, Inc., Term Loan, 4.0%, 12/28/18	551,295
			$ 1,083,870
		Total Consumer Services	$ 1,952,793
		CONSUMER STAPLES - 0.1%
		Personal Products - 0.1%
100,000	NR/NR	Altrium Innovations, Inc., Second Lien Term Loan, 0.0%, 7/29/21	$ 102,188
		Total Consumer Staples	$ 102,188
		ENERGY - 1.3%
		Coal & Consumable Fuels - 0.2%
352,500	NR/NR	PT Bumi Resources Tbk, Term Loan, 18.165%, 11/7/14	$ 352,500
		Oil & Gas Exploration & Production - 1.1%
400,000	BB-/Ba3	Chesapeake Energy Corp., Term Loan, 5.75%, 12/2/17	$ 409,833
685,000	B-/B2	Fieldwood Energy LLC, Closing Date Second Lien Term Loan, 8.375%, 9/30/20	705,061
650,000	CCC+/B3	Samson Investment Co., Second Initial Term Loan, 5.0%, 9/25/18	657,475
			$ 1,772,369
		Total Energy	$ 2,124,869
		FOOD, BEVERAGE & TOBACCO - 0.7%
		Packaged Foods & Meats - 0.7%
232,449	B/B1	Del Monte Foods Co., Initial Term Loan, 4.0%, 3/8/18	$ 233,960
940,000	B-/NR	New HB Acquisition LLC, Term B Loan, 6.75%, 4/9/20	977,600
		Total Food, Beverage & Tobacco	$ 1,211,560

Principal Amount USD ($)	S&P/Moody's Rating		Value
		HEALTH CARE EQUIPMENT & SERVICES - 3.6%
		Health Care Equipment & Services - 0.1%
240,128	BB-/Ba2	Kinetic Concepts, Inc., Dollar E-1 Term Loan, 4.0%, 5/4/18	$ 242,614
		Health Care Facilities - 1.0%
268,442	BB/Ba2	CHS/Community Health Systems, Inc., Extended Term Loan, 3.487%, 1/25/17	$ 270,812
715,474	BB/Ba2	CHS/Community Health Systems, Inc., Term B Loan, 4.25%, 1/27/21	723,778
82,372	BB/Ba3	HCA, Inc., Tranche B-4 Term Loan, 2.997%, 5/1/18	82,611
197,545	BB/NR	HCA, Inc., Tranche B-5 Term Loan, 2.91%, 3/31/17	198,149
322,567	B+/Ba3	Kindred Healthcare, Inc., Term B-1 Loan, 4.25%, 6/1/18	325,770
			$ 1,601,120
		Health Care Services - 2.0%
377,708	B+/B2	AccentCare, Inc., Term Loan, 6.5%, 12/22/16	$ 201,130
370,313	B/B2	Bioscrip, Inc., Delayed Term Loan, 6.5%, 7/31/20	368,461
617,188	B/B2	Bioscrip, Inc., Initial Term B Loan, 6.5%, 7/31/20	614,102
800,000	B/B2	Gentiva Health Services, Inc., Initial Term Loan B, 6.5%, 10/18/19	805,500
341,123	B-/B2	Inventiv Health, Inc., Consolidated Term Loan, 7.5%, 8/4/16	339,951
462,675	B/NR	Surgical Care Affiliates LLC, Class C Term Loan, 4.25%, 6/29/18	465,277
283,225	B/B2	Valitas Health Services, Inc., Term Loan B, 5.75%, 6/2/17	275,791
487,500	NR/B3	Virtual Radiologic Corp., Term Loan B, 7.25%, 12/22/16	292,012
			$ 3,362,224
		Health Care Supplies - 0.1%
238,284	B+/NR	Alere, Inc., Term Loan B, 5.5%, 6/30/17	$ 240,394
		Health Care Technology - 0.4%
240,653	BB-/Ba3	IMS Health, Inc., Tranche B-1 Dollar Term Loan, 3.75%, 9/1/17	$ 242,507
347,416	CCC/Caa3	Medical Card System, Inc., Term Loan, 0.0%, 9/17/15	331,783
			$ 574,290
		Total Health Care Equipment & Services	$ 6,020,642
		HOUSEHOLD & PERSONAL PRODUCTS - 0.8%
		Household Products - 0.4%
423,777	BB-/B1	SRAM LLC, First Lien Term Loan, 4.0%, 4/10/20	$ 426,425
215,446	B-/B2	Wash MultiFamily Laundry Systems LLC, U.S. Term Loan, 4.5%, 2/21/19	216,793
			$ 643,218
		Personal Products - 0.2%
215,357	BB-/NR	NBTY, Inc., B-2 Term Loan, 3.5%, 10/1/17	$ 217,165
208,828	B+/Ba2	Revlon Consumer Products Corp., Replacement Term Loan, 4.0%, 11/20/17	211,047
			$ 428,212
		Security & Alarm Services - 0.2%
270,204	B/Ba3	Monitronics International, Inc., Term Loan B, 4.25%, 3/23/18	$ 272,569
		Total Household & Personal Products	$ 1,343,999
		INDUSTRIALS - 0.2%
		Industrial Conglomerates - 0.2%
355,000	B-/Caa1	Filtration Group Co., Initial Second Lien Term Loan, 8.25%, 11/22/21	$ 364,911
		Total Industrials	$ 364,911

Principal Amount USD ($)	S&P/Moody's Rating		Value
		INSURANCE - 1.0%
		Multi-Line Insurance - 0.4%
574,200	B-/B1	Alliant Holdings I LLC, Initial Term Loan, 4.25%, 12/20/19	$ 577,160
		Property & Casualty Insurance - 0.6%
593,765	CCC/Caa2	Confie Seguros Holding II  Co., Second Lien Term Loan, 10.25%, 5/8/19	$ 598,961
450,459	NR/B1	USI, Inc., Initial Term Loan, 4.25%, 12/27/19	453,837
			$ 1,052,798
		Total Insurance	$ 1,629,958
		MATERIALS - 1.2%
		Commodity Chemicals - 0.1%
196,515	BB-/B1	Taminco Global Chemical Corp., Tranche B-2 Dollar Term Loan, 4.25%, 2/15/19	$ 197,579
		Diversified Chemicals - 0.2%
299,417	B+/B2	Univar, Inc., Term Loan B, 5.0%, 6/30/17	$ 298,160
		Diversified Metals & Mining - 0.3%
72,253(c)	NR/NR	Long Haul Holdings, Ltd., Facility Term Loan A, 0.0%, 1/12/13	$ 28,179
566,375(c)	B+/Caa1	Preferred Proppants LLC, Initial Term Loan B, 11.75%, 12/15/16	448,381
57,668(c)	NR/NR	PT Bakrie & Brothers Tbk, Facility Term Loan B, 0.0%, 1/20/13	22,490
			$ 499,050
		Metal & Glass Containers - 0.3%
469,690	B/B1	Tank Holding Corp., Initial Term Loan, 4.25%, 7/9/19	$ 469,984
		Paper Products - 0.0%
100,000	B/B2	Exopack LLC/Cello-Foil Products, Inc., USD Term Loan, 5.25%, 5/8/19	$ 101,969
		Specialty Chemicals - 0.3%
123,694	BB+/Ba1	Chemtura Corp., New Term Loan, 3.5%, 8/29/16	$ 124,622
344,239	BB+/Ba2	Huntsman International LLC, Extended Term B Loan, 2.712%, 4/19/17	346,031
			$ 470,653
		Total Materials	$ 2,037,395
		MEDIA - 1.6%
		Advertising - 0.6%
962,550	B-/B1	Affinion Group, Inc., Tranche B Term Loan, 6.75%, 10/9/16	$ 957,081
		Broadcasting - 0.7%
315,000	CCC+/Caa2	Learfield Communications, Inc., Initial Second Lien Term Loan, 8.75%, 10/8/21	$ 322,875
404,700	B+/Ba3	TWCC Holding Corp., Term Loan, 3.5%, 2/13/17	405,523
468,180	B+/B2	Univision Communications, Inc., Converted Extended First-Lien Term Loan, 4.0%, 3/1/20	471,313
			$ 1,199,711
		Cable & Telecommunications - 0.2%
422,842	B/B1	WideOpenWest Finance LLC, Term Loan B, 4.75%, 4/1/19	$ 426,775
		Movies & Entertainment - 0.1%
100,450	NR/Baa3	Cinedigm Digital Funding I LLC, Term Loan, 3.75%, 2/28/18	$ 100,827
		Total Media	$ 2,684,394
		PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.8%
		Life Sciences Tools & Services - 0.8%
1,293,360	BB-/B3	Catalent Pharma, Inc., Dollar Term Loan, 3.66%, 9/15/16	$ 1,302,386
		Total Pharmaceuticals, Biotechnology & Life Sciences	$ 1,302,386

Principal Amount USD ($)	S&P/Moody's Rating		Value
		RETAILING - 0.5%
		Computer & Electronics Retail - 0.5%
839,012	B/B2	Targus Group International, Inc., Term Loan, 12.0%, 5/24/16	$ 755,111
		Total Retailing	$ 755,111
		SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.3%
		Semiconductor Equipment - 0.3%
561,549	BB-/B1	Aeroflex, Inc., Tranche B-1 Term Loan, 4.5%, 11/9/19	$ 567,516
		Total Semiconductors & Semiconductor Equipment	$ 567,516
		SOFTWARE & SERVICES - 2.2%
		Application Software - 1.5%
617,369	B-/Ba3	Expert Global Solutions, Inc., Advance First Lien Term Loan B, 8.5%, 4/3/18	$ 614,153
427,388	NR/B2	Houghton Mifflin Co., Term Loan, 0.0%, 5/22/18	429,792
940,531	BB+/NR	Nuance Communications, Inc., Term Loan C, 2.91%, 8/7/19	939,747
500,000	CCC+/Caa1	Vertafore, Inc., Second Lien Term Loan, 9.75%, 10/29/17	510,000
			$ 2,493,692
		Internet Software & Services - 0.2%
243,125	BB+/Ba3	Autotrader.com, Inc., Tranche B-1 Term Loan, 4.0%, 12/15/16	$ 244,645
		IT Consulting & Other Services - 0.5%
823,970	BB/Ba3	SunGuard Data Systems, Inc., Tranche C Term Loan, 3.918%, 2/28/17	$ 829,037
		Total Software & Services	$ 3,567,374
		TECHNOLOGY HARDWARE & EQUIPMENT - 0.4%
		Communications Equipment - 0.1%
86,182	BB+/Ba2	CommScope, Inc., Tranche 2 Term Loan, 2.739%, 1/21/17	$ 86,613
129,273	BB+/Ba2	CommScope, Inc., Tranche 4 Term Loan, 3.25%, 1/14/18	130,323
			$ 216,936
		Electronic Components - 0.3%
477,897	B/B2	Scitor Corp., Term Loan, 5.0%, 2/15/17	$ 473,217
		Total Technology Hardware & Equipment	$ 690,153
		TELECOMMUNICATION SERVICES - 0.5%
		Integrated Telecommunication Services - 0.5%
782,433	BB/Ba3	West Corp., Term B-8 Loan, 3.25%, 6/30/18	$ 785,204
		Total Telecommunication Services	$ 785,204
		TRANSPORTATION - 0.9%
		Air Freight & Logistics - 0.9%
439,482	B/B1	Ceva Group Plc, Dollar Tranche B Pre-Funded L/C, 0.147%, 8/31/16	$ 438,658
919,588	CCC+/B2	Ceva Group Plc, U.S. Tranche B Term Loan, 5.247%, 8/31/16	917,864
194,025	B-/B2	Ozburn-Hessey Holding Co., LLC, Term Loan, 6.75%, 5/23/19	196,208
		Total Transportation	$ 1,552,730
		UTILITIES - 0.3%
		Electric Utilities - 0.3%
629,720	CCC-/Caa3	Texas Competitive Electric Holdings Co., LLC, 2017 Term Loan, 4.739%, 10/10/17	$ 439,342
		Total Utilities	$ 439,342
		TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
		(Cost  $39,667,086)	$ 39,506,565

Principal Amount USD ($)	S&P/Moody's Rating		Value
		CORPORATE BONDS & NOTES -  96.4% of Net Assets
		AUTOMOBILES & COMPONENTS - 0.6%
		Auto Parts & Equipment - 0.6%
350,000	B/Caa1	International Automotive Components Group SA, 9.125%, 6/1/18 (144A)	$ 364,875
275,000	B/B3	Pittsburgh Glass Works LLC, 8.0%, 11/15/18 (144A)	297,000
290,000	B+/B2	Stackpole International Intermediate Co. SA / Stackpole International Powder, 7.75%, 10/15/21 (144A)	302,325
		Total Automobiles & Components	$ 964,200
		BANKS - 1.5%
		Diversified Banks - 1.1%
525,000	CCC+/B3	Banco de Galicia y Buenos Aires, 8.75%, 5/4/18 (144A)	$ 466,975
500,000(b)	NR/Caa3	Banco Macro SA, 9.75%, 12/18/36	400,000
200,000	NR/Ba1	Turkiye IS Bankasi AS, 6.0%, 10/24/22 (144A)	173,500
750,000	BBB-/NR	UBS AG/Stamford CT, 7.625%, 8/17/22	862,009
			$ 1,902,484
		Regional Banks - 0.4%
600,000(b)(d)	BBB/Baa3	PNC Financial Services Group, Inc., 4.459%, 5/29/49	$ 600,750
		Total Banks	$ 2,503,234
		CAPITAL GOODS - 6.9%
		Aerospace & Defense - 0.9%
600,000	B-/Caa1	ADS Tactical, Inc., 11.0%, 4/1/18 (144A)	$ 570,000
870,000	B-/B2	DynCorp International, Inc., 10.375%, 7/1/17	895,013
			$ 1,465,013
		Building Products - 0.4%
300,000	BB-/B2	USG Corp., 7.875%, 3/30/20 (144A)	$ 339,000
365,000	BB-/B2	USG Corp., 9.75%, 8/1/14 (144A)	380,969
			$ 719,969
		Construction & Engineering - 1.1%
900,000	B/B2	Empresas ICA S.A.B. de C.V., 8.9%, 2/4/21 (144A)	$ 909,000
1,000,000	BB-/B1	OAS Investments GMBH, 8.25%, 10/19/19 (144A)	963,750
			$ 1,872,750
		Construction & Farm Machinery & Heavy Trucks - 1.0%
360,000	B-/B3	Meritor, Inc., 6.75%, 6/15/21	$ 376,200
660,000	CCC-/B3	Navistar International Corp., 8.25%, 11/1/21	679,800
160,000	CCC-/Caa2	Stanadyne Holdings, Inc., 10.0%, 8/15/14	157,200
500,000(e)	CC/Ca	Stanadyne Holdings, Inc., 12.0%, 2/15/15	350,625
			$ 1,563,825
		Electrical Components & Equipment - 0.5%
750,000	B-/B3	WireCo WorldGroup, Inc., 9.5%, 5/15/17	$ 776,250
		Industrial Conglomerates - 0.3%
455,000	B+/B2	JB Poindexter & Co., Inc., 9.0%, 4/1/22 (144A)	$ 489,125
		Industrial Machinery - 1.4%
450,000	B/B2	Cleaver-Brooks, Inc., 8.75%, 12/15/19 (144A)	$ 495,000
500,000(c)(f)	NR/WR	Indalex Holding Corp., 11.5%, 2/1/14	3,750
335,000	B-/Caa2	Liberty Tire Recycling, 11.0%, 10/1/16 (144A)	328,300
875,000	B/Caa1	Mueller Water Products, Inc., 7.375%, 6/1/17	899,062
665,000	CCC+/NR	WPE International Cooperatief UA, 10.375%, 9/30/20 (144A)	414,794
150,000	B/B3	Xerium Technologies, Inc., 8.875%, 6/15/18	159,000
			$ 2,299,906

	Principal Amount USD ($)	S&P/Moody's Rating		Value
			Trading Companies & Distributors - 1.3%
	956,000	NR/Caa1	INTCOMEX, Inc., 13.25%, 12/15/14	$ 958,103
	1,090,000	B-/B3	TRAC Intermodal LLC / TRAC Intermodal Corp., 11.0%, 8/15/19	1,242,600
				$ 2,200,703
			Total Capital Goods	$ 11,387,541
			COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
			Diversified Support Services - 0.6%
	750,000	B+/B3	NANA Development Corp., 9.5%, 3/15/19 (144A)	$ 778,125
	260,000	B-/B3	TMS International Corp., 7.625%, 10/15/21 (144A)	276,250
				$ 1,054,375
			Environmental & Facilities Services - 0.0%†
	700,000(c)(f)	NR/WR	Old AII, Inc., 10.0%, 12/15/16	$ 70
			Total Commercial & Professional Services	$ 1,054,445
			CONSUMER DURABLES & APPAREL - 1.8%
			Home Furnishings - 0.4%
	535,000	B+/B3	Tempur Sealy International, Inc., 6.875%, 12/15/20	$ 585,156
			Homebuilding - 0.4%
	530,000	CCC/Caa2	Beazer Homes USA, Inc., 9.125%, 6/15/18	$ 564,450
	605,000(c)(f)	NR/C	Desarrolladora Homex SAB de CV, 9.5%, 12/11/19 (144A)	72,600
	500,000(c)(f)	NR/Ca	Urbi Desarrollos Urbanos SAB de CV, 9.75%, 2/3/22 (144A)	65,000
				$ 702,050
			Leisure Products - 1.0%
EUR	275,000	CCC+/Caa2	Heckler & Koch GmbH, 9.5%, 5/15/18 (144A)	$ 380,193
	1,000,000	CCC+/Caa1	Icon Health & Fitness, Inc., 11.875%, 10/15/16 (144A)	895,000
	375,000(g)	CCC+/Caa2	PC Nextco Holdings LLC / PC Nextco Finance, Inc., 8.75%, 8/15/19 (144A)	386,250
				$ 1,661,443
			Total Consumer Durables & Apparel	$ 2,948,649
			CONSUMER SERVICES - 4.7%
			Business Services - 0.8%
	750,000	B/B2	Sitel LLC / Sitel Finance Corp., 11.0%, 8/1/17 (144A)	$ 795,000
	500,000	B-/Caa2	Sitel LLC / Sitel Finance Corp., 11.5%, 4/1/18	472,500
				$ 1,267,500
			Casinos & Gaming - 1.2%
EUR	1,155,000(c)	D/Ca	Codere Finance Luxembourg SA, 8.25%, 6/15/15 (144A)	$ 701,039
	90,000	NR/NR	Little Traverse Bay Bands of Odawa Indians, 9.0%, 8/31/20 (144A)	81,900
	712,691	NR/NR	Mashantucket Western Pequot Tribe, 6.5%, 7/1/36	114,030
EUR	500,000	CCC/Caa1	Peermont Global, Ltd., 7.75%, 4/30/14 (144A)	675,412
	450,000	B/B2	Scientific Games International, Inc., 9.25%, 6/15/19	478,125
				$ 2,050,506
			Hotels, Resorts & Cruise Lines - 0.9%
	720,000(g)	B-/B3	MISA Investments, Ltd., 8.625%, 8/15/18 (144A)	$ 744,300
	400,000	B-/B2	Seven Seas Cruises S de RL LLC, 9.125%, 5/15/19	442,000
	325,000	B+/B3	Viking Cruises, Ltd., 8.5%, 10/15/22 (144A)	368,063
				$ 1,554,363

	Principal Amount USD ($)	S&P/Moody's Rating		Value
			Leisure Facilities - 0.7%
EUR	800,000	B+/B3	Cirsa Funding Luxembourg SA, 8.75%, 5/15/18 (144A)	$ 1,089,830
			Restaurants - 0.9%
	1,235,000(e)	B-/Caa1	Burger King Capital Holdings LLC, 0.0%, 4/15/19 (144A)	$ 1,111,500
	400,000	B/B3	Burger King Corp., 9.875%, 10/15/18	440,000
				$ 1,551,500
			Specialized Consumer Services - 0.2%
	315,000	B-/B3	StoneMor Partners LP / Cornerstone Family Services of WV, 7.875%, 6/1/21 (144A)	$ 327,600
			Total Consumer Services	$ 7,841,299
			DIVERSIFIED FINANCIALS - 2.1%
			Asset Management & Custody Banks - 0.4%
	590,000	BBB-/Baa3	Janus Capital Group, Inc., 6.7%, 6/15/17	$ 660,343
			Consumer Finance - 0.9%
	445,000	B+/B1	Jefferies Finance LLC / JFIN Co-Issuer Corp., 7.375%, 4/1/20 (144A)	$ 466,137
	610,000	NR/NR	Tarjeta Naranja SA, 9.0%, 1/28/17 (144A)	612,867
	440,000	B+/B3	TMX Finance LLC / TitleMax Finance Corp., 8.5%, 9/15/18 (144A)	470,800
				$ 1,549,804
			Investment Banking & Brokerage - 0.2%
	450,000(a)(d)	BB+/Ba2	Goldman Sachs Capital II, 4.0%, 12/1/49	$ 336,937
			Multi-Sector Holdings - 0.3%
	600,000	B/B3	Constellation Enterprises LLC, 10.625%, 2/1/16 (144A)	$ 528,000
			Specialized Finance - 0.3%
	425,000	B/B2	National Money Mart Co., 10.375%, 12/15/16	$ 419,688
			Total Diversified Financials	$ 3,494,772
			ENERGY - 15.1%
			Coal & Consumable Fuels - 1.2%
	650,000	CC/Ca	Bumi Capital Pte, Ltd., 12.0%, 11/10/16 (144A)	$ 433,062
	400,000	CCC/Caa2	James River Coal Co., 7.875%, 4/1/19	108,000
	400,000	B-/Caa2	Mongolian Mining Corp., 8.875%, 3/29/17 (144A)	284,500
	300,000	B-/Caa1	Murray Energy Corp., 8.625%, 6/15/21 (144A)	314,250
	715,000	B-/Caa1	Penn Virginia Corp., 8.5%, 5/1/20	779,350
				$ 1,919,162
			Integrated Oil & Gas - 0.2%
	325,000	NR/B3	YPF SA, 8.875%, 12/19/18 (144A)	$ 305,500
			Oil & Gas Drilling - 1.6%
	645,000	B/B3	Hercules Offshore, Inc., 8.75%, 7/15/21 (144A)	$ 719,175
	1,000,000	CCC+/Caa3	Ocean Rig UDW, Inc., 9.5%, 4/27/16 (144A)	1,057,250
	500,000	B+/B2	Pioneer Energy Services Corp., 9.875%, 3/15/18	529,375
	320,000	B+/B1	Shelf Drill Holdings, Ltd., 8.625%, 11/1/18 (144A)	344,800
				$ 2,650,600
			Oil & Gas Equipment & Services - 0.9%
	448,000	B/B1	Expro Finance Luxembourg SCA, 8.5%, 12/15/16 (144A)	$ 468,160
	690,000	B/Caa1	Forbes Energy Services, Ltd., 9.0%, 6/15/19	674,475
	330,000	B/B3	Seitel, Inc., 9.5%, 4/15/19	334,950
				$ 1,477,585
			Oil & Gas Exploration & Production - 11.0%
	520,000	CCC+/Caa1	Athlon Holdings LP / Athlon Finance Corp., 7.375%, 4/15/21 (144A)	$ 544,700
	505,000	BB-/B1	Berry Petroleum Co., 10.25%, 6/1/14	516,362
	100,000	B-/B3	Comstock Resources, Inc., 7.75%, 4/1/19	106,500
	500,000	B-/B3	Comstock Resources, Inc., 9.5%, 6/15/20	565,000

	Principal Amount USD ($)	S&P/Moody's Rating		Value
			Oil & Gas Exploration & Production (continued)
	515,000	B+/B3	Energy XXI Gulf Coast, Inc., 7.5%, 12/15/21 (144A)	$ 534,312
	600,000	B/B2	EP Energy LLC / EP Energy Finance, Inc., 9.375%, 5/1/20	690,000
	304,967(g)	B/B3	EPE Holdings LLC / EP Energy Bond Co., Inc., 8.875%, 12/15/17 (144A)	315,580
	920,000	B-/B3	Forest Oil Corp., 7.5%, 9/15/20	906,200
	360,000	B/NR	GeoPark Latin America, Ltd., Agencia en Chile, 7.5%, 2/11/20 (144A)	370,800
	570,000	CCC+/B3	Gulfport Energy Corp., 7.75%, 11/1/20	612,750
	165,000	CCC+/Caa1	Halcon Resources Corp., 9.25%, 2/15/22 (144A)	166,237
	890,000	CCC+/Caa1	Halcon Resources Corp., 9.75%, 7/15/20	923,375
	680,000	B-/Caa1	Lightstream Resources, Ltd., 8.625%, 2/1/20 (144A)	690,200
	220,000	B-/Caa1	Memorial Production Partners LP / Memorial Production Finance Corp., 7.625%, 5/1/21 (144A)	227,700
	410,000	B-/Caa1	Memorial Production Partners LP / Memorial Production Finance Corp., 7.625%, 5/1/21	424,350
	600,000	B-/Caa1	Midstates Petroleum Co., Inc., 9.25%, 6/1/21	624,000
	455,000	B-/Caa1	Midstates Petroleum Co., Inc., 10.75%, 10/1/20	492,538
	800,000	B+/NR	MIE Holdings Corp., 9.75%, 5/12/16 (144A)	838,000
	200,000	NR/NR	National JSC Naftogaz of Ukraine, 9.5%, 9/30/14	190,000
	1,440,000	B-/Caa1	Northern Oil & Gas, Inc., 8.0%, 6/1/20	1,519,200
	535,000	B-/B3	PDC Energy, Inc., 7.75%, 10/15/22	576,463
	750,000	B/Caa1	PetroQuest Energy, Inc., 10.0%, 9/1/17	785,625
	480,000	B-/Caa1	QR Energy LP / QRE Finance Corp., 9.25%, 8/1/20	504,000
	240,000	CCC-/Caa3	Quicksilver Resources, Inc., 7.125%, 4/1/16	230,400
	700,000	B-/B3	Resolute Energy Corp., 8.5%, 5/1/20	731,500
	870,000	B-/B3	RKI Exploration & Production LLC / RKI Finance Corp., 8.5%, 8/1/21 (144A)	922,200
	472,000	BB-/B2	Rosetta Resources, Inc., 9.5%, 4/15/18	500,320
	700,000	CCC+/B3	Samson Investment Co., 10.5%, 2/15/20 (144A)	770,000
	1,170,000	CCC+/Caa1	Sanchez Energy Corp., 7.75%, 6/15/21 (144A)	1,208,025
	335,000	CCC+/Caa1	Talos Production LLC / Talos Production Finance, Inc., 9.75%, 2/15/18 (144A)	344,213
CAD	315,000	B/NR	Trilogy Energy Corp., 7.25%, 12/13/19 (144A)	295,848
				$ 18,126,398
			Oil & Gas Storage & Transportation - 0.2%
	450,000(a)	NR/Ba1e	Energy Transfer Partners LP, 3.255%, 11/1/66	$ 409,500
			Total Energy	$ 24,888,745
			FOOD, BEVERAGE & TOBACCO - 7.4%
			Agricultural Products - 1.1%
	900,000	CCC+/Caa1	Pinnacle Operating Corp., 9.0%, 11/15/20 (144A)	$ 969,750
	520,000	B/B2	Southern States Cooperative, Inc., 10.0%, 8/15/21 (144A)	512,200
	500,000	B/NR	Tonon Bioenergia SA, 9.25%, 1/24/20 (144A)	381,875
				$ 1,863,825
			Packaged Foods & Meats - 5.3%
	225,000	B/B2	Agrokor DD, 8.875%, 2/1/20 (144A)	$ 241,897
EUR	200,000	B/B2	Agrokor DD, 9.875%, 5/1/19 (144A)	302,806
	650,000	BB/Ba3	Bertin SA / Bertin Finance, Ltd., 10.25%, 10/5/16 (144A)	715,000

	Principal Amount USD ($)	S&P/Moody's Rating		Value
			Packaged Foods & Meats (continued)
	500,000	B+/B1	CFG Investment SAC, 9.75%, 7/30/19 (144A)	$ 489,500
	297,000	B/B1	Chiquita Brands International, Inc. / Chiquita Brands LLC, 7.875%, 2/1/21 (144A)	320,389
	491,000	B+/B2	Corporacion Pesquera Inca SAC, 9.0%, 2/10/17 (144A)	482,407
	1,100,000	B/B3	FAGE Dairy Industry SA/FAGE USA Dairy Industry, Inc., 9.875%, 2/1/20 (144A)	1,160,500
	224,421(c)(f)	NR/NR	Independencia International, Ltd., 12.0%, 12/30/16 (144A)	561
	800,000	B/B2	Marfrig Holding Europe BV, 8.375%, 5/9/18 (144A)	736,000
	700,000	B/B2	Marfrig Holding Europe BV, 11.25%, 9/20/21 (144A)	683,375
	475,000	B/B2	Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A)	451,250
	700,000	B-/NR	MHP SA, 8.25%, 4/2/20 (144A)	577,640
	1,600,000	BB-/B1	Minerva Luxembourg SA, 7.75%, 1/31/23 (144A)	1,556,000
	200,000	BB-/B1	Minerva Luxembourg SA, 12.25%, 2/10/22 (144A)	222,000
	600,000	B+/B2	Pesquera Exalmar SAA, 7.375%, 1/31/20 (144A)	545,250
	300,000	BB-/B3	Pilgrim's Pride Corp., 7.875%, 12/15/18	325,125
				$ 8,809,700
			Tobacco - 1.0%
	1,645,000	B-/Caa1	Alliance One International, Inc., 9.875%, 7/15/21	$ 1,583,313
			Total Food, Beverage & Tobacco	$ 12,256,838
			HEALTH CARE EQUIPMENT & SERVICES - 2.5%
			Health Care Equipment & Services - 1.2%
	915,000	CCC+/Caa2	Accellent, Inc., 10.0%, 11/1/17	$ 976,762
	831,000	B+/B2	Physio-Control International, Inc., 9.875%, 1/15/19 (144A)	931,759
				$ 1,908,521
			Health Care Facilities - 0.5%
	600,000	B-/B3	Kindred Healthcare, Inc., 8.25%, 6/1/19	$ 643,500
	200,000	CCC+/Caa1	United Surgical Partners International, 9.0%, 4/1/20	223,500
				$ 867,000
			Health Care Services - 0.3%
	476,000	CCC+/Caa2	Gentiva Health Services, Inc., 11.5%, 9/1/18	$ 500,990
			Health Care Supplies - 0.3%
	500,000	B-/Caa2	Immucor, Inc., 11.125%, 8/15/19	$ 561,875
			Health Care Technology - 0.2%
	275,000	CCC+/Caa1	Emdeon, Inc., 11.0%, 12/31/19	$ 316,594
			Total Health Care Equipment & Services	$ 4,154,980
			HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
			Personal Products - 0.2%
	345,000	CCC+/Caa1	Monitronics International, Inc., 9.125%, 4/1/20	$ 367,425
			Total Household & Personal Products	$ 367,425
			INFORMATION TECHNOLOGY - 0.2%
			Internet Software & Services - 0.2%
	420,000(g)	NR/NR	First Data Holdings, Inc., 14.5%, 9/24/19 (144A)	$ 388,500
			Total Information Technology	$ 388,500
			INSURANCE - 24.1%
			Insurance Brokers - 0.5%
GBP	475,000	NR/Caa2	Towergate Finance Plc, 10.5%, 2/15/19 (144A)	$ 807,299

	Principal Amount USD ($)	S&P/Moody's Rating		Value
			Multi-Line Insurance - 0.6%
	1,000,000(b)	BB/Baa3	Liberty Mutual Group, Inc., 7.0%, 3/15/37 (144A)	$ 1,040,000
			Property & Casualty Insurance - 2.2%
	6,000,000(e)(f)(i)	BBB/NR	Fixed Income Trust Series 2013-A, 0.0%, 10/15/97 (144A)	$ 3,499,682
	80,000(b)(d)	BB+/Ba2	White Mountains Insurance Group, Ltd., 7.506%, 5/29/49	83,060
				$ 3,582,742
			Reinsurance - 20.8%
EUR	750,000(a)	BB/NR	ATLAS Reinsurance VII, 3.65%, 1/7/16 (144A)	$ 1,034,260
EUR	500,000(a)	B-/NR	ATLAS VI Capital, Ltd., 10.548%, 4/7/14 (144A)	675,479
	1,000,000(a)	BB+/NR	Bosphorus 1 Re, Ltd., 2.51%, 5/3/16 (144A)	999,400
	750,000(a)	NR/NR	Combine Re, Ltd., 17.76%, 1/7/15 (144A)	814,575
	500,000(a)	BB-/NR	Compass Re, Ltd., 10.26%, 1/8/15 (144A)	521,900
	500,000(a)	B+/NR	Compass Re, Ltd., 11.26%, 1/8/15 (144A)	521,800
	1,000,000(a)	BB+/NR	Foundation Re III, Ltd., 5.01%, 2/25/15	1,024,100
	750,000(a)	BB/NR	Foundation Re III, Ltd., 5.76%, 2/3/14 (144A)	750,000
	1,300,000(a)	B-/NR	Ibis Re II, Ltd., 13.51%, 2/5/15 (144A)	1,371,240
	2,006,000(f)	NR/NR	Kane SAC, Ltd., 0.0%, 7/8/16	2,018,437
	500,000(a)	BB+/NR	Kibou, Ltd., 5.26%, 2/16/15 (144A)	514,400
	250,000(a)	NR/NR	Loma Reinsurance, Ltd., 12.01%, 1/8/18 (144A)	253,150
	500,000(a)	NR/NR	Loma Reinsurance, Ltd., 17.01%, 1/8/18 (144A)	507,250
	1,750,000(a)	BB-/NR	MetroCat Re, Ltd., 4.51%, 8/5/16 (144A)	1,793,750
	975,000(a)	B-/NR	Mythen Re, Ltd., 11.779%, 11/10/16 (144A)	1,033,207
	500,000(a)	B+/NR	Mythen Re, Ltd. Series 2012-2 Class A, 8.549%, 1/5/17 (144A)	528,850
	1,500,000(a)	NR/B2	Mythen, Ltd., 11.032%, 5/7/15 (144A)	1,616,250
	1,250,000(a)	NR/NR	Pelican Re, Ltd., 6.01%, 5/15/17 (144A)	1,276,250
	1,200,000(a)	BB-/NR	Queen Street II Capital, Ltd., 7.51%, 4/9/14 (144A)	1,209,480
	2,000,000(a)	BB-/NR	Queen Street IV Capital, Ltd., 7.51%, 4/9/15 (144A)	2,057,400
	500,000(a)	B/NR	Queen Street VII Re, Ltd., 8.61%, 4/8/16 (144A)	522,200
	1,250,000(a)	B-/NR	Residential Reinsurance 2011, Ltd., 12.01%, 6/6/15 (144A)	1,330,625
	250,000(a)	NR/NR	Residential Reinsurance 2012, Ltd., 12.76%, 12/6/16 (144A)	272,700
	1,250,000(a)	NR/NR	Residential Reinsurance 2012, Ltd., 19.01%, 12/6/16 (144A)	1,401,000
	1,000,000(a)	NR/NR	Residential Reinsurance 2012, Ltd., 22.01%, 6/6/16 (144A)	1,184,200
	500,000(a)	NR/NR	Residential Reinsurance 2013 Ltd., 20.01%, 12/6/17 (144A)	504,250
	1,005,999(f)(h)	NR/NR	Sector Re V, Ltd., 0.0%, 12/1/17 (144A)	1,011,300
	1,500,000(f)(h)	NR/NR	Sector Re V, Ltd., 0.0%, 3/1/18 (144A)	1,776,900
	1,000,000(f)(h)	NR/NR	Silverton RE, Ltd., 0.0%, 9/16/16 (144A)	1,014,300
	500,000(a)	NR/B2	Successor X, Ltd., 11.01%, 1/27/15 (144A)	520,150
	1,500,000(a)	B-/NR	Successor X, Ltd., 11.26%, 11/10/15 (144A)	1,598,100
	500,000(a)	NR/NR	Successor X, Ltd., 16.26%, 11/10/15 (144A)	523,250
	1,000,000(a)	NR/NR	Successor X, Ltd., 16.51%, 1/27/15 (144A)	1,063,100
	1,000,000(a)	B+/NR	Tar Heel Re, Ltd., 8.51%, 5/9/16 (144A)	1,077,900
				$ 34,321,153
			Total Insurance	$ 39,751,194
			MATERIALS - 12.5%
			Commodity Chemicals - 0.5%
	300,000	BBB/WR	Basell Finance Co. BV, 8.1%, 3/15/27 (144A)	$ 383,732

	Principal Amount USD ($)	S&P/Moody's Rating		Value
			Commodity Chemicals - (continued)
EUR	250,000	CCC/B3	KP Germany Erste GmbH, 11.625%, 7/15/17 (144A)	$ 384,421
				$ 768,153
			Construction Materials - 0.5%
	389,000	B+/NR	Cemex Espana Luxembourg, 9.875%, 4/30/19 (144A)	$ 437,625
	100,000	B+/NR	Cemex SAB de CV, 9.0%, 1/11/18 (144A)	108,000
	300,000(d)	BB/NR	Magnesita Finance, Ltd., 8.625%, 4/29/49 (144A)	288,000
				$ 833,625
			Diversified Chemicals - 0.9%
EUR	926,278	B-/Caa1	INEOS Group Holdings SA, 7.875%, 2/15/16 (144A)	$ 1,250,089
	275,000	CC/Caa2	Momentive Performance Materials, Inc., 9.0%, 1/15/21	249,562
				$ 1,499,651
			Diversified Metals & Mining - 1.8%
	590,000	B/B3	Boart Longyear Management Pty, Ltd., 7.0%, 4/1/21 (144A)	$ 443,975
	330,000	BB-/B1	Boart Longyear Management Pty, Ltd., 10.0%, 10/1/18 (144A)	344,850
	300,000	CCC/Caa2	Midwest Vanadium Pty., Ltd., 11.5%, 2/15/18 (144A)	246,000
	146,667(f)(g)(i)	NR/NR	Mirabela Nickel, Ltd., 3.5%, 3/28/14 (144A)	143,000
	650,000(c)(f)	D/WR	Mirabela Nickel, Ltd., 8.75%, 4/15/18 (144A)	143,000
	550,000	CCC+/B3	Molycorp, Inc., 10.0%, 6/1/20	554,125
	180,000	B/Caa1	Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A)	202,050
	750,000	BB/Ba3	Vedanta Resources Plc, 9.5%, 7/18/18 (144A)	825,000
				$ 2,902,000
			Metal & Glass Containers - 0.7%
	625,015(g)	CCC+/Caa2	Ardagh Finance SA, 11.125%, 6/1/18 (144A)	$ 667,203
EUR	250,000	CCC+/Caa1	Ardagh Glass Finance Plc, 8.75%, 2/1/20 (144A)	358,302
	175,000	CCC+/Caa1	BWAY Holdings Co., 10.0%, 6/15/18	189,000
				$ 1,214,505
			Paper Packaging - 1.7%
	606,510(e)	NR/NR	Bio Pappel SAB de CV, 10.0%, 8/27/16	$ 608,784
	580,000	B-/NR	Exopack Holding Corp., 10.0%, 6/1/18 (144A)	632,200
	500,000	B-/Caa1	Pretium Packaging LLC / Pretium Finance, Inc., 11.5%, 4/1/16	533,750
	500,000	CCC+/Caa2	Reynolds Group Issuer, Inc., 9.0%, 4/15/19	533,125
	475,000	CCC+/Caa2	Reynolds Group Issuer, Inc., 9.875%, 8/15/19	524,875
				$ 2,832,734
			Paper Products - 1.8%
	675,000	CCC+/B2	Appvion, Inc., 9.0%, 6/1/20 (144A)	$ 693,563
	186,000	B+/B1	Grupo Papelero Scribe SA de CV, 8.875%, 4/7/20 (144A)	182,280
	344,000	B/B3	Mercer International, Inc., 9.5%, 12/1/17	374,960
	840,000	BB-/Ba3	Resolute Forest Products, Inc., 5.875%, 5/15/23 (144A)	802,200
	545,000	BB/Ba2	Sappi Papier Holding GmbH, 8.375%, 6/15/19 (144A)	602,225
	255,000	B-/Caa1	Unifrax I LLC / Unifrax Holding Co., 7.5%, 2/15/19 (144A)	267,750
				$ 2,922,978
			Precious Metals & Minerals - 0.3%
	500,000	BB-/Ba3	ALROSA Finance SA, 8.875%, 11/17/14 (144A)	$ 527,350
			Steel - 4.3%
	750,000	B-/Caa1	AM Castle & Co., 12.75%, 12/15/16	$ 840,000
	250,000	B+/B3	APERAM, 7.375%, 4/1/16 (144A)	259,375

	Principal Amount USD ($)	S&P/Moody's Rating		Value
			Steel - (continued)
	315,000	B/Caa1	Atkore International, Inc., 9.875%, 1/1/18	$ 339,412
	450,000	B/B3	Essar Steel Algoma, Inc., 9.375%, 3/15/15 (144A)	441,000
	950,000	CCC/Caa2	Essar Steel Algoma, Inc., 9.875%, 6/15/15 (144A)	665,000
	250,000	B+/B1	Evraz Group SA, 9.5%, 4/24/18 (144A)	269,063
	900,000	B-/Caa1	Ferrexpo Finance Plc, 7.875%, 4/7/16 (144A)	823,932
	900,000	NR/Caa1	Metinvest BV, 8.75%, 2/14/18 (144A)	823,500
	600,000	NR/Caa1	Metinvest BV, 10.25%, 5/20/15 (144A)	596,496
	585,000	B/B2	Optima Specialty Steel, Inc., 12.5%, 12/15/16 (144A)	642,038
	677,000	B-/B3	Permian Holdings, Inc., 10.5%, 1/15/18 (144A)	670,230
	750,000	CCC+/NR	Ryerson, Inc., 9.0%, 10/15/17	811,875
				$ 7,181,921
			Total Materials	$ 20,682,917
			MEDIA - 4.9%
			Broadcasting - 2.3%
	400,000	B-/Caa2	Intelsat Luxembourg SA, 7.75%, 6/1/21 (144A)	$ 429,000
EUR	150,000	B+/B1	Nara Cable Funding II, Ltd., 8.5%, 3/1/20 (144A)	239,761
	200,000	B+/B1	Nara Cable Funding, Ltd., 8.875%, 12/1/18 (144A)	217,000
	1,655,000	B/B3	Townsquare Radio LLC / Townsquare Radio, Inc., 9.0%, 4/1/19 (144A)	1,812,225
	990,000	CCC+/Caa1	Truven Health Analytics, Inc., 10.625%, 6/1/20	1,121,175
				$ 3,819,161
			Cable - 0.2%
EUR	200,000	B+/B1	Nara Cable Funding, Ltd., 8.875%, 12/1/18 (144A)	$ 292,420
			Movies & Entertainment - 1.7%
	1,710,000	CCC+/Caa1	AMC Entertainment, Inc., 9.75%, 12/1/20	$ 1,962,225
	600,000	B/B2	Gibson Brands, Inc., 8.875%, 8/1/18 (144A)	637,500
	200,000	CCC+/Caa1	Production Resource Group, Inc., 8.875%, 5/1/19	155,000
				$ 2,754,725
			Publishing - 0.7%
	855,000	BB/Ba1	Gannett Co., Inc., 6.375%, 10/15/23 (144A)	$ 876,375
	245,000	B/B3	Interactive Data Corp., 10.25%, 8/1/18	269,500
				$ 1,145,875
			Total Media	$ 8,012,181
			PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.8%
			Biotechnology - 0.8%
	300,000	B/B3	ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A)	$ 333,750
	1,043,000	B-/Caa2	Lantheus Medical Imaging, Inc., 9.75%, 5/15/17	964,775
			Total Pharmaceuticals, Biotechnology & Life Sciences	$ 1,298,525
			REAL ESTATE - 0.4%
			Diversified REIT's - 0.1%
	200,000	B/Ba3	CNL Lifestyle Properties, Inc., 7.25%, 4/15/19	$ 207,500
			Real Estate Operating Companies - 0.3%
	410,000	CCC+/NR	IRSA Inversiones y Representaciones SA, 8.5%, 2/2/17 (144A)	$ 380,788
			Total Real Estate	$ 588,288

	Principal Amount USD ($)	S&P/Moody's Rating		Value
			RETAILING - 0.6%
			Department Stores - 0.6%
	625,000	B/NR	Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A)	$ 633,594
	350,000	CCC+/Caa2	Neiman Marcus Group, Inc., 8.0%, 10/15/21 (144A)	366,625
			Total Retailing	$ 1,000,219
			SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.3%
			Semiconductors - 0.3%
	500,000	B/B2	Advanced Micro Devices, Inc., 7.5%, 8/15/22	$ 482,500
			Total Semiconductors & Semiconductor Equipment	$ 482,500
			SOFTWARE & SERVICES - 1.3%
			Application Software - 0.3%
	415,000	B-/B3	Interface Security Systems Holdings, Inc. / Interface Security Systems LLC, 9.25%, 1/15/18 (144A)	$ 415,000
			Data Processing & Outsourced Services - 0.4%
	404,000	B-/Caa1	First Data Corp., 8.25%, 1/15/21 (144A)	$ 428,240
	250,000	B-/Caa1	First Data Corp., 10.625%, 6/15/21 (144A)	272,500
				$ 700,740
			Systems Software - 0.6%
	1,064,473(f)(g)	NR/NR	Pegasus Solutions, Inc., 13.0%, 4/15/14 (144A)	$ 989,960
			Total Software & Services	$ 2,105,700
			TELECOMMUNICATION SERVICES - 2.5%
			Integrated Telecommunication Services - 0.7%
	388,000	CCC+/Caa1	Cincinnati Bell, Inc., 8.75%, 3/15/18	$ 406,430
	300,000	BB-/Ba2	Frontier Communications Corp., 8.75%, 4/15/22	327,375
	350,000	NR/WR	PAETEC Holding Corp., 9.875%, 12/1/18	386,750
				$ 1,120,555
			Wireless Telecommunication Services - 1.8%
	250,000	B-/B3	Altice Finco SA, 8.125%, 1/15/24 (144A)	$ 261,250
	300,000	NR/Caa1	Digicel Group, Ltd., 10.5%, 4/15/18 (144A)	318,900
	750,000	CCC-/Caa2	NII Capital Corp., 10.0%, 8/15/16	468,750
	250,000	NR/NR	Unison Ground Lease Funding LLC, 5.78%, 3/15/20 (144A)	240,547
	1,115,000	BB/Ba3	Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC, 9.125%, 4/30/18 (144A)	1,278,069
RUB	14,400,000	BB/Ba3	VimpelCom Holdings BV, 9.0%, 2/13/18 (144A)	401,251
				$ 2,968,767
			Total Telecommunication Services	$ 4,089,322
			TRANSPORTATION - 3.4%
			Airlines - 0.9%
	1,000,000	B-/NR	Gol Finance, 9.25%, 7/20/20 (144A)	$ 917,500
	500,000	BB-/NR	TAM Capital 3, Inc., 8.375%, 6/3/21 (144A)	516,875
				$ 1,434,375
			Airport Services - 0.6%
	584,320	CCC+/B3	Aeropuertos Argentina 2000 SA, 10.75%, 12/1/20 (144A)	$ 552,182
	650,000	B+/Ba3	Aeropuertos Dominicanos Siglo XXI SA, 9.25%, 11/13/19 (144A)	513,500
				$ 1,065,682
			Highways & Railtracks - 0.2%
MXN	4,500,000	BBB/NR	Red de Carreteras de Occidente SAPIB de CV, 9.0%, 6/10/28 (144A)	$ 295,293
			Marine - 0.6%
	500,000	BB-/NR	Far East Capital, Ltd. SA, 8.0%, 5/2/18 (144A)	$ 446,250

Principal Amount USD ($)	S&P/Moody's Rating		Value
		Marine – (continued)
525,000	B+/B3	Navios South American Logistics, Inc./Navios Logistics Finance US, Inc., 9.25%, 4/15/19	$ 562,406
			$ 1,008,656
		Railroads - 0.2%
310,254(g)	CCC/Caa3	Florida East Coast Holdings Corp., 10.5%, 8/1/17	$ 318,786
		Trucking - 0.9%
1,000,000	B-/B2	Jack Cooper Holdings Corp., 9.25%, 6/1/20 (144A)	$ 1,092,500
425,000	B+/B3	Swift Services Holdings, Inc., 10.0%, 11/15/18	468,563
			$ 1,561,063
		Total Transportation	$ 5,683,855
		UTILITIES - 2.0%
		Electric Utilities - 1.3%
750,000	CCC/NR	Cia de Energia Electrica en Alta Tension Transener SA, 9.75%, 8/15/21 (144A)	$ 471,563
625,000	NR/Caa1	DTEK Finance Plc, 7.875%, 4/4/18 (144A)	554,688
419,000	NR/Caa3	Empresa Distrbuidora Y Comercializadora Norte, 9.75%, 10/25/22 (144A)	250,876
460,000(b)	BB+/Ba1	Enel SpA, 8.75%, 9/24/73 (144A)	499,100
225,000	BBB-/Baa3	PNM Resources, Inc., 9.25%, 5/15/15	248,627
240,000	CCC-/Caa3	Texas Competitive Electric Holdings Co., LLC / TCEH Finance, Inc., 11.5%, 10/1/20 (144A)	177,000
			$ 2,201,854
		Gas Utilities - 0.7%
1,135,000	CCC+/B3	Transportadora de Gas del Sur SA, 7.875%, 5/14/17 (144A)	$ 1,055,550
		Total Utilities	$ 3,257,404
		TOTAL CORPORATE BONDS & NOTES
		(Cost  $157,690,550)	$ 159,202,733
		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	$ 127,200
		Total Diversified Financials	$ 127,200
		HEALTH CARE EQUIPMENT & SERVICES - 1.0%
		Health Care Equipment & Services - 0.7%
1,040,000(e)	B+/NR	Hologic, Inc., 2.0%, 12/15/37	$ 1,183,650
		Health Care Facilities - 0.3%
405,000	B/NR	LifePoint Hospitals, Inc., 3.5%, 5/15/14	$ 431,578
		Health Care Services - 0.0%†
15,000	B+/B2	Omnicare, Inc., 3.25%, 12/15/35	$ 16,069
		Total Health Care Equipment & Services	$ 1,631,297
		MATERIALS - 1.0%
		Diversified Chemicals - 1.0%
1,900,000(j)	B+/NR	Hercules, Inc., 6.5%, 6/30/29	$ 1,603,125
		Diversified Metals & Mining - 0.0%†
100,000	BB/NR	Vedanta Resources Jersey, Ltd., 5.5%, 7/13/16	$ 100,450
		Total Materials	$ 1,703,575
		MEDIA - 0.4%
		Movies & Entertainment - 0.4%
659,000	B/NR	Live Nation Entertainment, Inc., 2.875%, 7/15/27	$ 670,533
		Total Media	$ 670,533

	Principal Amount USD ($)	S&P/Moody's Rating		Value
			PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.1%
			Biotechnology - 0.1%
	250,000	NR/NR	Corsicanto, Ltd., 3.5%, 1/15/32	$ 169,062
			Total Pharmaceuticals, Biotechnology & Life Sciences	$ 169,062
			SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
			Semiconductors - 0.1%
	250,000	NR/NR	ReneSola, Ltd., 4.125%, 3/15/18 (144A)	$ 196,406
			Total Semiconductors & Semiconductor Equipment	$ 196,406
			TOTAL CONVERTIBLE BONDS & NOTES
			(Cost  $3,659,122)	$ 4,498,073
			SOVEREIGN DEBT OBLIGATIONS -  2.1% of Net Assets
			Argentina - 0.2%
	388,240	CCC+/NR	Province of Salta Argentina, 9.5%, 3/16/22 (144A)	$ 364,946
			Brazil - 0.2%
BRL	750,000	BBB/Baa2	Brazilian Government International Bond, 10.25%, 1/10/28	$ 295,300
			Ghana - 0.6%
GHS	600,000	NR/NR	Ghana Government Bond, 19.24%, 5/30/16	$ 249,759
GHS	300,000	NR/NR	Ghana Government Bond, 21.0%, 10/26/15	128,493
GHS	150,000	NR/NR	Ghana Government Bond, 26.0%, 6/5/17	72,370
	500,000	B/B1	Republic of Ghana, 7.875%, 8/7/23 (144A)	465,000
				$ 915,622
			Mexico - 0.4%
MXN	500,000	A/Baa1	Mexican Bonos, 7.5%, 6/3/27	$ 39,030
MXN	8,870,000	A/Baa1	Mexican Bonos, 7.75%, 11/13/42	664,457
MXN	306,154	A/Baa1	Mexican Udibonos, 3.5%, 12/14/17	24,688
				728,175
			Nigeria - 0.7%
NGN	79,000,000	NR/NR	Nigeria Government Bond, 16.0%, 6/29/19	$ 526,472
NGN	7,970,000	NR/NR	Nigeria Treasury Bill, 11.814%, 4/24/14	47,749
NGN	57,000,000(h)	NR/NR	Nigeria Treasury Bill, 11.852%, 2/6/14	350,317
NGN	28,000,000(h)	NR/NR	Nigeria Treasury Bill, 12.017%, 4/10/14	168,534
				1,093,072
			Ukraine - 0.0%†
	100,000	CCC+/Caa1	Ukraine Government International Bond, 6.75%, 11/14/17 (144A)	$ 86,375
			TOTAL SOVEREIGN DEBT OBLIGATIONS
			(Cost  $3,876,235)	$ 3,483,490
	Shares			Value
			COMMON STOCKS -  0.7% of Net Assets
			DIVERSIFIED FINANCIALS - 0.0%†
			Other Diversified Financial Services - 0.0%†
	731(k)		BTA Bank JSC (G.D.R.) (144A)	$ 470
			Total Diversified Financials	$ 470
			SOFTWARE & SERVICES - 0.0%†
			Systems Software - 0.0%†
	2,114(f)(k)		Perseus Holding Corp.	$ 5,285
			Total Software & Services	$ 5,285
			TRANSPORTATION - 0.7%
			Air Freight & Logistics - 0.6%
	943(k)		CEVA Holdings LLC	$ 943,310

Shares		Value
	Marine - 0.1%
247,509(f)(k)	Horizon Lines, Inc., Class A	$ 173,256
	Total Transportation	$ 1,116,566
	TOTAL COMMON STOCKS
	(Cost  $1,555,677)	$ 1,122,321
	CONVERTIBLE PREFERRED STOCKS -  0.4% of Net Assets
	DIVERSIFIED FINANCIALS - 0.3%
	Other Diversified Financial Services - 0.3%
470(d)	Bank of America Corp., 7.25	$ 525,747
	Total Diversified Financials	$ 525,747
	ENERGY - 0.1%
	Oil & Gas Exploration & Production - 0.1%
200(d)(k)	Halcon Resources Corp., 5.75	$ 141,675
	Total Energy	$ 141,675
	TOTAL CONVERTIBLE PREFERRED STOCKS
	(Cost  $524,900)	$ 667,422
	PREFERRED STOCKS -  4.6% of Net Assets
	Banks - 0.4%
	Diversified Banks - 0.4%
500(b)(d)	AgStar Financial Services ACA, 6.75 (144A)	$ 496,375
	Total Banks	$ 496,375
	DIVERSIFIED FINANCIALS - 0.7%
	Other Diversified Financial Services - 0.7%
40,675(b)	GMAC Capital Trust I, 8.125	$ 1,113,681
	Total Diversified Financials	$ 1,113,681
	INSURANCE - 3.5%
	Reinsurance - 3.5%
899,973(f)(k)	Altair Re	$ 990,871
1,500,000(k)	Altair Re II, Ltd.	1,508,850
15,000(k)	Lorenz Re, Ltd.	1,689,300
1,500,000(k)	Pangaea Re	1,626,570
	Total Insurance	$ 5,815,591
	SOFTWARE & SERVICES - 0.0%†
	Data Processing & Outsourced Services - 0.0%†
1,110(f)(k)	Perseus Holding Corp., 14.0% (144A)	$ 91,020
	TOTAL PREFERRED STOCKS
	(Cost  $5,333,969)	$ 7,516,667
	RIGHT/WARRANT -  0.0%† of Net Assets
	AUTOMOBILES & COMPONENTS - 0.0%†
	Auto Parts & Equipment - 0.0%†
86(k)	Lear Corp., Expires 11/9/14	$ 12,529
	Total Automobiles & Components	$ 12,529
	TOTAL RIGHT/WARRANT
	(Cost  $4,645)	$ 12,529
	PURCHASED OPTIONS -  0.0%†
672,138	U.S. Dollar versus Turkish lira	$ 5,535
	TOTAL PURCHASED OPTIONS
	(Cost  $11,073)	$ 5,535
	TOTAL INVESTMENTS IN SECURITIES - 135.8%
	(Cost - $221,986,140)	$ 224,229,228
	WRITTEN PUT OPTIONS -  0.0%†
(672,138)	U.S. Dollar versus Turkish lira	$ (18,722)
	TOTAL WRITTEN PUT OPTIONS
	(Premiums received  $(11,073))	$ (18,722)
	OTHER ASSETS AND LIABILITIES - (35.8)%	$ (59,040,428)
	NET ASSETS APPLICABLE TO COMMON SHAREOWNERS -100.0%	$ 165,170,078

†Amount rounds less than 0.1%

NR	Security not rated by S&P or Moody's.
WR	Rating withdrawn by either S&P or Moody's.
(144A)	Security is exempt from registration under Rule 144A of the Securities Act of 1933.  Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At January 31, 2014, the value of these securities amounted to $116,228,303, or 70.4% of total net assets applicable to common shareowners.

*	Senior secured floating rate loan interests in which the Trust invests generally pay interest at rates that are periodically redetermined by reference to a base lending plus a premium.  These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate offered by one or more major United States banks, (iii) the certificate of deposit or (iv) other base lending rates used by commercial lenders.  The interest rate shown is the rate accruing at January 31, 2014.
(a)	Floating rate note.  The rate shown is the coupon rate at January 31, 2014.
(b)	The interest rate is subject to change periodically. The interest is shown is the rate at January 31, 2014.
(c)	Security is in default and is non income producing.
(d)	Security is perpetual in nature and has no stated maturity date.
(e)	Debt obligation initially issued at one coupon which converts to a higher coupon at a specific date.  The rate shown is the rate at January 31, 2014.
(f)	Indicates a security that has been deemed as illiquid.  As of January 31, 2014 the aggregate cost of illiquid securities in the Trust's portfolio was $19,301,093.  As of that date, the aggregate value of illiquid securities in the Trust's portfolio of $16,823,712 represented 10.2% of total net assets applicable to common shareowners.
(g)	Payment in Kind (PIK) security which may pay interest in the form of additional principal amount.
(h)	Security issued with a zero coupon.  Income is recognized through accretion of discount.
(i)	Security is valued using fair value methods (other than prices supplied by independent pricing services).
(j)	Security is priced as a unit.
(k)	Non-income producing.

(l)	At January 31, 2014, the net unrealized appreciation on investments based on cost for federal tax purposes of $224,090,563 was as follows:
	Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$ 11,954,325
	Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value	(11,815,660)
	Net unrealized appreciation	$ 138,665
For financial reporting purposes net unrealized appreciation on investments was $2,243,088 and cost of investments aggregated $221,986,140.

The Trust had the following bridge loan commitment outstanding as of January 31, 2014:

Borrower	Par	Cost	Value	Unrealized Gain and /(Loss)
JLL/Delta Patheon Holdings	$1,250,000	$1,250,000	$1,250,000	$-

(m)	Distributions of Investments by country of issue, as a percentage of total investments in securities, is as follows:
	United States	62.2	%
	Cayman Islands	8.2
	Bermuda	4.4
	Luxembourg	4.3
	Ireland	3.3
	Argentina	2.2
	United Kingdom	1.9
	Netherlands	1.8
	Canada	1.6
	Mexico	1.6
	Brazil	1.2
	Other (individually less than 1%)	7.3
		100.0	%

Pioneer Diversified High Income Trust | NQ|1/31/14

Glossary of Terms:

(G.D.R.) Global Depositary Receipt

Principal amounts are denominated in U.S. dollars unless otherwise noted.
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
EUR	-	Euro
GBP	-	Great British Pound
GHS	-	Ghanaian Cedis
MXN	-	Mexican Peso
NGN	-	Nigeria Naira

Various inputs are used in determining the value of the Trust's investments. These inputs are summarized in the three broad levels below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds
credit risks, etc.).
Level 3 - significant unobservable inputs (including the Trust's own assumptions in determining fair value of investments).
Generally, equity securities are categorized as Level 1, fixed income securities and senior loans are categorized as Level 2, and securities valued using fair value methods (other than prices supplied by independent pricing services) as level 3.
The following is a summary of the inputs used as of January 31, 2014, in valuing the Trust's investments.
	Level 1			Level 2			Level 3		Total
Asset Backed Securities	$	–		$	3,496,511		$	–	$	3,496,511
Collateralized Mortgage Obligations		–			3,986,310			–		3,986,310
Commercial Mortgage-Backed Securities		–			731,072			–		731,072
Senior Secured Floating Rate Loan Interests		–			39,506,565			–		39,506,565
Corporate Bonds & Notes
Diversified Metals & Mining		–			2,759,000			143,000		2,902,000
Reinsurance		–			29,514,516			4,806,637		34,321,153
Property & Casualty Insurance		–			83,060			3,499,682		3,582,742
All Other		–			118,396,838			–		118,396,838
Convertible Bonds & Notes		–			4,498,073			–		4,498,073
Sovereign Debt Obligations		–			3,483,490			–		3,483,490
Common Stocks
Air Freight & Logistics		–			943,310			–		943,310
Systems Software		–			5,285			–		5,285
All Other		173,726			–			–		173,726
Convertible Preferred Stocks
Oil & Gas Exploration & Production		–			141,675			–		141,675
All Other		525,747			–			–		525,747
Preferred Stocks
Reinsurance		–			–			5,815,591		5,815,591
Diversified Banks		–			496,375			–		496,375
Data Processing & Outsourced Services		–			91,020			–		91,020
All Other		1,113,681			–			–		1,113,681
Right/Warrant:		12,529			–			–		12,529
Purchased Options		5,535			–			–		5,535
Total Investments in Securities	$	1,831,218		$	208,133,100		$	14,264,910	$	224,229,228
Other Financial Instruments
Written Put Option	$	(18,722	)	$	–		$	–	$	(18,722	)
Forward Foreign Currency Contracts		–			(29,155	)		–		(29,155	)
Total Other Financial Instruments	$	(18,722	)	$	(29,155	)	$	–	$	(42,877	)

The following is a reconciliation of assets valued using significant unobservable inputs (level 3):
	Balance as of 4/30/13		Realized gain (loss)		Change in Unrealized appreciation (depreciation)			Purchases		Sales			Accrued discounts/ premiums		Transfers in to  Level 3*		Transfers out of Level 3*		Balance as of 1/31/14
Corporate Bonds & Notes
Diversified Metals & Mining	$	–	$	–	$	(3,667	)	$	146,667	$	–		$	–	$	–	$	–	$	143,000
Property & Casualty Insurance		3,754,107		–		(254,425	)		–		–			–		–		–		3,499,682
Reinsurance		2,588,700		5,999		205,938			3,006,000		(1,000,000	)		–		–		–		4,806,637
Preferred Stocks
Reinsurance		3,509,600		–		411,268			2,994,750		(1,100,027	)		–		–		–		5,815,591
Total	$	9,852,407	$	5,999	$	359,114		$	6,147,417	$	(2,100,027	)	$	–	$	–	$	–	$	14,264,910
*  Transfers are calculated on the beginning of period value ** Lorenz Re was a common stock at 4/30/13.
Net change in unrealized appreciation of Level 3 investments still held and considered Level 3 at 01/31/14: $438,393.

As of January 31, 2014, outstanding forward foreign currency contracts were as follows:

Currency	Contracts to Receive/(Deliver)	In Exchange for USD	Settlement Date	Value	Net Unrealized appreciation /(depreciation)
BRL	550,000	$229,837	03/17/14	$ 225,532	$ (4,305)
EUR	(800,000)	(1,104,432)	04/24/14	(1,079,079)	25,353
EUR	(4,729,308)	(6,349,075)	04/25/14	(6,379,129)	(30,055)
GBP	(459,062)	(737,467)	02/06/14	(754,457)	(16,989)
PHP	46,000,000	1,016,687	02/18/14	1,013,528	(3,159)
Total					$(29,155)

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 Pioneer Diversified High Income Trust By (Signature and Title)* /s/ Daniel K. Kingsbury ----------------------- Daniel K. Kingsbury, President Date April 1, 2014 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/ Daniel K. Kingsbury ----------------------- Daniel K. Kingsbury, President Date April 1, 2014 By (Signature and Title)* /s/ Mark Bradley ----------------- Mark Bradley, Treasurer Date April 1, 2014 * Print the name and title of each signing officer under his or her signature.