phtnq.htm

                                 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 811-21043


                        Pioneer 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:  March 31

Date of reporting period:  June 30, 2016

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 High
   
Income Trust
     
     
     
     
     
     
     
   
NQ | June 30, 2016
     
     
   
Ticker Symbol: PHT





 
Principal
Amount
USD ($)
   
Value
   
ASSET BACKED SECURITIES - 0.2% of Net Assets
   
   
BANKS - 0.1%
   
   
Thrifts & Mortgage Finance - 0.1%
   
 
  109,807(a)
Security National Mortgage Loan Trust, Series 2007-1A, Class 1A3, 6.55%, 4/25/37 (144A)
 
$ 109,864 
   
Total Banks 
 
$ 109,864 
   
TRANSPORTATION - 0.1%
   
   
Airlines - 0.1%
   
 
  484,802(b)
Aviation Capital Group Trust, Series 2000-1A, Class A1, 1.422%, 11/15/25 (144A)
 
$ 58,176 
 
  1,244,377(b)
Lease Investment Flight Trust, Series 1, Class A1, 0.832%, 7/15/31
 
  298,651 
   
Total Transportation 
 
$ 356,827 
   
TOTAL ASSET BACKED SECURITIES
   
   
(Cost $1,371,506)
 
$ 466,691 
   
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.2% of Net Assets
   
   
DIVERSIFIED FINANCIALS - 0.2%
   
   
Thrifts & Mortgage Finance - 0.2%
   
 
  660,000(a)
GMAT Trust, Series 2013-1A, Class M, 5.0%, 11/25/43 (144A)
 
$ 627,773 
   
Total Diversified Financials 
 
$ 627,773 
   
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
   
   
(Cost $635,810)
 
$ 627,773 
   
COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.9% of Net Assets
   
   
BANKS - 1.4%
   
   
Thrifts & Mortgage Finance - 1.4%
   
 
  850,000(b)
BAMLL Commercial Mortgage Securities Trust, Series 2014-INLD, Class F, 2.971%, 12/15/29 (144A)
 
$ 759,357 
 
  400,000(a)
Bear Stearns Commercial Mortgage Securities Trust,
Series 2007-PW16, Class B, 5.91%, 6/11/40 (144A)
 
  386,964 
 
  1,000,000(a)
Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class E, 3.208%, 7/10/47 (144A)
 
  599,782 
 
  472,325(b)
EQTY Mezzanine Trust, Series 2014-INMZ, Class M, 5.198%, 5/8/31 (144A)
 
  430,847 
 
  173,895 
Homeowner Assistance Program Reverse Mortgage Loan Trust, Series 2013-RM1, Class A, 4.0%, 5/26/53 (144A)
 
  171,982 
 
  200,000 
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2006-CB16, Class AJ, 5.623%, 5/12/45
 
  197,614 
 
  650,000(a)
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-LD12, Class AJ, 6.203%, 2/15/51
 
  615,608 
 
  600,000 
ML-CFC Commercial Mortgage Trust, Series 2006-4, Class AJ, 5.239%, 12/12/49
 
  595,683 
 
  250,000(a)
Springleaf Mortgage Loan Trust, Series 2013-1A, Class B1, 5.58%, 6/25/58 (144A)
 
  249,372 
 
  49,046(a)
Wachovia Bank Commercial Mortgage Trust, Series 2006-C24, Class AJ, 5.658%, 3/15/45
 
  48,989 
   
Total Banks 
 
$ 4,056,198 
   
DIVERSIFIED FINANCIALS - 0.5%
   
   
Thrifts & Mortgage Finance - 0.5%
   
 
  700,000(b)
CFCRE Mortgage Trust, Series 2015-RUM, Class E, 5.042%, 7/15/30 (144A)
 
$ 677,234 
 
  900,000(a)
Commercial Mortgage Trust, Series 2007-C9, Class H, 6.007%, 12/10/49 (144A)
 
  853,239 
   
Total Diversified Financials 
 
$ 1,530,473 
   
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
   
   
(Cost  $5,709,007)
 
$ 5,586,671 
   
SENIOR SECURED FLOATING RATE LOAN INTERESTS - 4.7% of Net Assets* (b)
   
   
CAPITAL GOODS - 0.5%
   
   
Aerospace & Defense - 0.4%
   
 
  1,000,000 
DynCorp International, Inc., Term Loan B2, 7.75%, 7/7/20
 
$ 980,833 
   
Industrial Conglomerates - 0.1%
   
 
  313,298 
Filtration Group Corp., Second Lien Initial Term Loan, 8.25%, 11/22/21
 
$ 308,859 
   
Total Capital Goods 
 
$ 1,289,692 
   
ENERGY - 0.4%
   
   
Coal & Consumable Fuels - 0.1%
   
 
  587,500 
PT Bumi Resources Tbk, Term Loan, 18.0%, 11/4/16
 
$ 140,020 
   
Oil & Gas Drilling - 0.3%
   
 
  1,050,500 
Jonah Energy LLC, Second Lien Initial Term Loan, 7.5%, 5/12/21
 
$ 932,319 
   
Total Energy 
 
$ 1,072,339 
   
HEALTH CARE EQUIPMENT & SERVICES - 0.7%
   
   
Health Care Equipment & Services - 0.4%
   

 
 

 

 
  1,140,000 
Concentra, Inc., Initial Term Loan, 9.0%, 6/1/23
 
$ 1,117,542 
   
Health Care Technology - 0.3%
   
 
  1,313,405(c)
Medical Card System, Inc., Term Loan, 1.5%, 5/31/19
 
$ 853,713 
   
Total Health Care Equipment & Services 
 
$ 1,971,255 
         
 
Principal
Amount
USD ($)
   
Value
   
INSURANCE - 0.6%
   
   
Property & Casualty Insurance - 0.6%
   
 
  1,885,452 
Confie Seguros Holding II Co., Second Lien Term Loan, 10.25%, 5/8/19
 
$ 1,795,893 
   
Total Insurance 
 
$ 1,795,893 
   
MATERIALS - 0.0%†
   
   
Diversified Metals & Mining - 0.0%†
   
 
  106,123 
FMG Resources (August 2006) Pty, Ltd. (FMG America Finance, Inc.), Term Loan, 4.25%, 6/30/19
 
$ 101,812 
 
  131,698(d)(e)
PT Bakrie & Brothers Tbk, Facility Term Loan B, 8.15%, 11/25/14
 
  31,388 
   
Total Materials 
 
$ 133,200 
   
MEDIA - 1.3%
   
   
Publishing - 1.3%
   
 
  739,878 
Cengage Learning Acquisitions, Inc. (fka TL Acquisitions, Inc.), Term Loan, 4.25%, 5/27/23
 
$ 730,861 
 
  2,825,000 
McGraw-Hill Global Education Holdings LLC, First Lien Term B Loan, 5.0%, 5/4/22
 
  2,826,766 
 
  199,401 
Lee Enterprises, Inc., First Lien Term Loan, 7.25%, 3/31/19
 
  195,533 
   
Total Media 
 
$ 3,753,160 
   
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.6%
   
   
Biotechnology - 0.6%
   
 
  1,964,393 
Lantheus Medical Imaging, Inc., Term Loan, 7.0%, 6/30/22
 
$ 1,763,043 
   
Total Pharmaceuticals, Biotechnology & Life Sciences 
 
$ 1,763,043 
   
RETAILING - 0.6%
   
   
Automotive Retail - 0.5%
   
 
  1,452,351 
CWGS Group LLC, Term Loan, 5.75%, 2/20/20
 
$ 1,439,643 
   
Computer & Electronics Retail - 0.1%
   
 
  69,052(c)(f)
Targus Group International, Inc., Tranche A-2 Term Loan, 15.0% (15.0% PIK 0% cash), 12/31/19
 
$ 69,052 
 
  207,155(c)(f)
Targus Group International, Inc., Tranche A-2/B Term Loan, 15.0%, (15.0% PIK 0% cash), 12/31/19
 
  207,155 
       
$ 276,207 
   
Total Retailing 
 
$ 1,715,850 
   
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
   
   
(Cost  $14,636,278)
 
$ 13,494,432 
   
CORPORATE BONDS & NOTES - 115.9% of Net Assets
   
   
AUTOMOBILES & COMPONENTS - 0.8%
   
   
Auto Parts & Equipment - 0.6%
   
 
  1,744,000(g)
International Automotive Components Group SA, 9.125%, 6/1/18 (144A)
 
$ 1,744,000 
   
Automobile Manufacturers - 0.2%
   
 
  520,000 
TI Group Automotive Systems LLC, 8.75%, 7/15/23 (144A)
 
$ 509,600 
   
Total Automobiles & Components 
 
$ 2,253,600 
   
BANKS - 3.0%
   
   
Diversified Banks - 1.1%
   
 
  1,200,000(a)
Access Bank Plc, 9.25%, 6/24/21 (144A)
 
$ 924,240 
 
  1,650,000(a)(g)(h)
Bank of America Corp., 6.25%
 
  1,675,740 
 
  600,000(a)(g)(h)
Bank of America Corp., 6.5%
 
  639,000 
       
$ 3,238,980 
   
Thrifts & Mortgage Finance - 1.9%
   
 
  1,325,000(g)
Ocwen Financial Corp., 6.625%, 5/15/19
 
$ 901,000 
 
  4,825,000(g)
Provident Funding Associates LP / PFG Finance Corp., 6.75%, 6/15/21 (144A)
 
  4,571,688 
       
$ 5,472,688 
   
Total Banks 
 
$ 8,711,668 
   
CAPITAL GOODS - 7.7%
   
   
Aerospace & Defense - 2.9%
   
 
  2,200,000 
ADS Tactical, Inc., 11.0%, 4/1/18 (144A)
 
$ 2,244,000 
 
  2,215,000(g)
DigitalGlobe, Inc., 5.25%, 2/1/21 (144A)
 
  2,059,950 
 
  2,750,138(g)
DynCorp International, Inc., 11.875%, 11/30/20
 
  2,296,365 
 
  1,355,000(g)
LMI Aerospace, Inc., 7.375%, 7/15/19
 
  1,365,163 
 
  525,000 
Triumph Group, Inc., 5.25%, 6/1/22
 
  483,000 
       
$ 8,448,478 
   
Agricultural & Farm Machinery - 0.6%
   
 
  1,890,000(g)
Titan International, Inc., 6.875%, 10/1/20
 
$ 1,589,962 
   
Building Products - 0.2%
   
 
  500,000 
Griffon Corp., 5.25%, 3/1/22
 
$ 493,750 
   
Construction & Engineering - 0.0%†
   
 
  1,500,000(d)(g)
Abengoa Finance SAU, 8.875%, 11/1/17 (144A)
 
$ 60,000 
   
Construction Machinery & Heavy Trucks - 0.2%
   
 
  235,000 
Commercial Vehicle Group, Inc., 7.875%, 4/15/19
 
$ 227,950 
 
  330,000(g)
Meritor, Inc., 6.25%, 2/15/24
 
  282,150 
       
$ 510,100 


 
 

 


 
Principal
Amount
USD ($)
   
Value
   
Industrial Conglomerates - 0.7%
   
 
  1,070,000 
JB Poindexter & Co., Inc., 9.0%, 4/1/22 (144A)
 
$ 1,112,800 
 
  810,000 
Waterjet Holdings, Inc., 7.625%, 2/1/20 (144A)
 
  803,925 
       
$ 1,916,725 
   
Industrial Machinery - 1.7%
   
 
  2,575,000 
Apex Tool Group LLC, 7.0%, 2/1/21 (144A)
 
$ 2,220,937 
 
  2,010,000(g)
Cleaver-Brooks, Inc., 8.75%, 12/15/19 (144A)
 
  1,994,925 
 
  735,874(c)(f)
Liberty Tire Recycling LLC, 11.0% (11.0% PIK 0.0% cash),
3/31/21 (144A)
 
  544,547 
       
$ 4,760,409 
   
Trading Companies & Distributors - 1.4%
   
 
  2,580,000(g)
H&E Equipment Services, Inc., 7.0%, 9/1/22
 
$ 2,670,300 
 
  1,250,000(g)
TRAC Intermodal LLC / TRAC Intermodal Corp., 11.0%, 8/15/19
 
  1,318,750 
       
$ 3,989,050 
   
Total Capital Goods 
 
$ 21,768,474 
   
COMMERCIAL & PROFESSIONAL SERVICES - 2.6%
   
   
Commercial Printing - 0.7%
   
 
  1,295,000(g)
Cenveo Corp., 6.0%, 8/1/19 (144A)
 
$ 1,074,850 
 
  860,000 
Mustang Merger Corp., 8.5%, 8/15/21 (144A)
 
  898,700 
       
$ 1,973,550 
   
Diversified Support Services - 1.4%
   
 
  660,000 
Broadspectrum, Ltd., 8.375%, 5/15/20 (144A)
 
$ 704,550 
 
  3,900,000(g)
NANA Development Corp., 9.5%, 3/15/19 (144A)
 
  3,315,000 
       
$ 4,019,550 
   
Environmental & Facilities Services - 0.5%
   
 
  1,370,000(g)
Safway Group Holding LLC / Safway Finance Corp., 7.0%, 5/15/18 (144A)
 
$ 1,366,575 
   
Total Commercial & Professional Services 
 
$ 7,359,675 
   
CONSUMER DURABLES & APPAREL - 3.6%
   
   
Homebuilding - 2.6%
   
 
  750,000(g)
Beazer Homes USA, Inc., 9.125%, 5/15/19
 
$ 740,625 
 
  800,000(g)
Brookfield Residential Properties, Inc., 6.375%, 5/15/25 (144A)
 
  730,000 
 
  1,500,000 
KB Home, 7.0%, 12/15/21
 
  1,507,500 
 
  790,000(g)
KB Home, 7.5%, 9/15/22
 
  813,700 
 
  1,035,000 
KB Home, 7.625%, 5/15/23
 
  1,050,525 
 
  1,975,000(g)
Rialto Holdings LLC / Rialto Corp., 7.0%, 12/1/18 (144A)
 
  1,979,937 
 
  565,000(g)
Taylor Morrison Communities, Inc. / Monarch Communities, Inc., 5.625%, 3/1/24 (144A)
 
  550,875 
       
$ 7,373,162 
   
Leisure Products - 1.0%
   
 
  3,075,000 
Icon Health & Fitness, Inc., 11.875%, 10/15/16 (144A)
 
$ 3,059,625 
   
Total Consumer Durables & Apparel 
 
$ 10,432,787 
   
CONSUMER SERVICES - 5.2%
   
   
Casinos & Gaming - 2.1%
   
 
  708,415(d)(f)
Mashantucket Western Pequot Tribe, 6.5% (5.5% PIK 1.0% cash), 7/1/36
 
$ 5,313 
 
  1,700,000(g)
MGM Resorts International, 6.0%, 3/15/23
 
  1,793,500 
 
  1,225,000 
Scientific Games International, Inc., 6.25%, 9/1/20
 
  774,812 
 
  2,350,000(g)
Scientific Games International, Inc., 6.625%, 5/15/21
 
  1,398,250 
 
  2,565,000(g)
Scientific Games International, Inc., 10.0%, 12/1/22
 
  2,084,063 
       
$ 6,055,938 
   
Hotels, Resorts & Cruise Lines - 0.2%
   
 
  565,000 
Viking Cruises, Ltd., 6.25%, 5/15/25 (144A)
 
$ 426,575 
   
Restaurants - 0.6%
   
 
  2,000,000(g)
PF Chang's China Bistro, Inc., 10.25%, 6/30/20 (144A)
 
$ 1,835,000 
   
Specialized Consumer Services - 2.3%
   
 
  2,754,000(g)
Constellis Holdings LLC / Constellis Finance Corp., 9.75%, 5/15/20 (144A)
 
$ 2,629,382 
 
  1,795,000(g)
Monitronics International, Inc., 9.125%, 4/1/20
 
  1,489,850 
 
  1,015,000 
Prime Security Services Borrower LLC / Prime Finance, Inc., 9.25%, 5/15/23 (144A)
 
  1,075,900 
 
  1,400,000(g)
StoneMor Partners LP / Cornerstone Family Services of WV, 7.875%, 6/1/21
 
  1,386,000 
       
$ 6,581,132 
   
Total Consumer Services 
 
$ 14,898,645 
   
DIVERSIFIED FINANCIALS - 2.6%
   
   
Consumer Finance - 1.1%
   
 
  675,000(g)
Ally Financial, Inc., 5.75%, 11/20/25
 
$ 676,687 
 
  1,030,000(g)
Jefferies Finance LLC / JFIN Co-Issuer Corp., 7.375%, 4/1/20 (144A)
 
  954,038 


 
 

 


 
Principal
Amount
USD ($)
   
Value
   
Consumer Finance - (continued)
   
 
  1,720,000(g)
TMX Finance LLC / TitleMax Finance Corp., 8.5%, 9/15/18 (144A)
 
$ 1,376,000 
       
$ 3,006,725 
   
Diversified Capital Markets - 0.2%
   
 
  700,000(a)(g)(h)
Credit Suisse Group AG, 7.5% (144A)
 
$ 703,500 
   
Investment Banking & Brokerage - 0.3%
   
 
  1,239,000(a)(g)(h)
Goldman Sachs Capital II, 4.0%
 
$ 927,912 
   
Specialized Finance - 1.0%
   
 
  425,000(g)
Nationstar Mortgage LLC / Nationstar Capital Corp., 6.5%, 7/1/21
 
$ 363,375 
 
  2,845,000(g)
Nationstar Mortgage LLC / Nationstar Capital Corp., 6.5%, 6/1/22
 
  2,361,350 
       
$ 2,724,725 
   
Total Diversified Financials 
 
$ 7,362,862 
   
ENERGY - 17.3%
   
   
Integrated Oil & Gas - 0.3%
   
 
  750,000 
YPF SA, 8.875%, 12/19/18 (144A)
 
$ 808,125 
   
Oil & Gas Drilling - 0.9%
   
 
  730,000 
Drill Rigs Holdings, Inc., 6.5%, 10/1/17 (144A)
 
$ 344,925 
 
  280,000 
Rowan Cos., Inc., 4.875%, 6/1/22
 
  245,000 
 
  954,000 
Rowan Cos., Inc., 5.4%, 12/1/42
 
  629,640 
 
  131,000 
Rowan Cos., Inc., 5.85%, 1/15/44
 
  87,783 
 
  1,800,000(g)
Shelf Drill Holdings, Ltd., 8.625%, 11/1/18 (144A)
 
  1,323,000 
       
$ 2,630,348 
   
Oil & Gas Equipment & Services - 0.3%
   
 
  1,020,000(g)
McDermott International, Inc., 8.0%, 5/1/21 (144A)
 
$ 877,200 
   
Oil & Gas Exploration & Production - 7.8%
   
 
  250,000 
California Resources Corp., 8.0%, 12/15/22 (144A)
 
$ 177,500 
 
  525,000 
Carrizo Oil & Gas, Inc., 7.5%, 9/15/20
 
  531,562 
 
  1,295,000(d)(g)
EPL Oil & Gas, Inc., 8.25%, 2/15/18
 
  135,975 
 
  2,015,000(g)
Gulfport Energy Corp., 7.75%, 11/1/20
 
  2,070,412 
 
  2,035,000(g)
Halcon Resources Corp., 12.0%, 2/15/22 (144A)
 
  1,862,025 
 
  1,950,000 
Legacy Reserves LP / Legacy Reserves Finance Corp., 6.625%, 12/1/21
 
  819,000 
 
  1,795,000 
Memorial Resource Development Corp., 5.875%, 7/1/22
 
  1,790,512 
 
  2,000,000(d)(g)
Midstates Petroleum Co., Inc., 9.25%, 6/1/21
 
  20,000 
 
  2,185,000 
Oasis Petroleum, Inc., 7.25%, 2/1/19
 
  2,092,137 
 
  590,000(g)
Parsley Energy LLC / Parsley Finance Corp., 7.5%, 2/15/22 (144A)
 
  615,075 
 
  1,856,000 
PetroQuest Energy, Inc., 10.0%, 2/15/21 (144A)
 
  1,271,360 
 
  3,380,000(d) 
Quicksilver Resources, Inc., 7.125%, 4/1/16
 
  338 
 
  1,800,000 
Rice Energy, Inc., 6.25%, 5/1/22
 
  1,786,500 
 
  2,935,000(g)
Sanchez Energy Corp., 7.75%, 6/15/21
 
  2,487,413 
 
  3,000,000(g)
Seven Generations Energy, Ltd., 8.25%, 5/15/20 (144A)
 
  3,108,750 
 
  625,000 
Whiting Petroleum Corp., 5.0%, 3/15/19
 
  575,000 
 
  2,015,000 
Whiting Petroleum Corp., 5.75%, 3/15/21
 
  1,818,538 
 
  950,000(g)
WPX Energy, Inc., 7.5%, 8/1/20
 
  948,214 
 
  335,000(g)
WPX Energy, Inc., 8.25%, 8/1/23
 
  335,838 
       
$ 22,446,149 
   
Oil & Gas Refining & Marketing - 1.4%
   
 
  3,859,000(g)
Calumet Specialty Products Partners LP / Calumet Finance Corp., 6.5%, 4/15/21
 
$ 2,759,185 
 
  750,000(g)
Calumet Specialty Products Partners LP / Calumet Finance Corp., 7.75%, 4/15/23 (144A)
 
  515,625 
 
  595,263(b)
EP PetroEcuador via Noble Sovereign Funding I, Ltd., 6.27%, 9/24/19
 
  559,548 
       
$ 3,834,358 
   
Oil & Gas Storage & Transportation - 6.7%
   
 
  1,218,000 
Archrock Partners LP / Archrock Partners Finance Corp., 6.0%, 4/1/21
 
$ 1,090,110 
 
  1,145,000 
Blue Racer Midstream LLC / Blue Racer Finance Corp., 6.125%, 11/15/22 (144A)
 
  1,084,887 
 
  250,000 
Cheniere Corpus Christi Holdings LLC, 7.0%, 6/30/24 (144A)
 
  256,720 
 
  875,000(g)
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.25%, 4/1/23 (144A)
 
  805,000 
 
  735,000 
DCP Midstream Operating LP, 5.6%, 4/1/44
 
  628,425 
 
  1,524,000(b)(g)
Energy Transfer Partners LP, 3.654%, 11/1/66
 
  914,400 
 
  248,000 
EnLink Midstream Partners LP, 5.05%, 4/1/45
 
  202,643 
 
  717,000 
EnLink Midstream Partners LP, 5.6%, 4/1/44
 
  596,235 
 
  350,000(a)(g)
Enterprise Products Operating LLC, 8.375%, 8/1/66
 
  308,368 
 
  2,500,000(g)
Genesis Energy LP / Genesis Energy Finance Corp., 6.75%, 8/1/22
 
  2,425,000 
 
  1,410,000(g)
Global Partners LP / GLP Finance Corp., 6.25%, 7/15/22
 
  1,173,825 
 
  1,100,000(g)
Global Partners LP / GLP Finance Corp., 7.0%, 6/15/23
 
  918,500 
 
  1,850,000 
ONEOK, Inc., 6.875%, 9/30/28
 
  1,759,269 
 
  385,000(g)
PBF Logistics LP / PBF Logistics Finance Corp., 6.875%, 5/15/23
 
  377,300 
 
  2,500,000(g)
Sunoco LP / Sunoco Finance Corp., 6.375%, 4/1/23 (144A)
 
  2,481,250 
 
  360,000 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.125%, 11/15/19
 
  356,400 
 
  1,185,000 
Western Refining Logistics LP / WNRL Finance Corp., 7.5%, 2/15/23
 
  1,167,225 
         

 
Principal
Amount
USD ($)
   
Value
   
Oil & Gas Storage & Transportation - (continued)
   
 
  3,040,000(g)
Williams Cos., Inc., 5.75%, 6/24/44
 
$ 2,591,600 
       
$ 19,137,157 
   
Total Energy 
 
$ 49,733,337 
   
FOOD & STAPLES RETAILING - 0.6%
   
   
Food Retail - 0.6%
   
 
  950,000 
C&S Group Enterprises LLC, 5.375%, 7/15/22 (144A)
 
$ 900,125 
 
  805,000(g)
Tops Holding LLC / Tops Markets II Corp., 8.0%, 6/15/22 (144A)
 
  708,400 
   
Total Food & Staples Retailing 
 
$ 1,608,525 
   
FOOD, BEVERAGE & TOBACCO - 8.9%
   
   
Agricultural Products - 0.9%
   
 
  2,100,000(g)
Pinnacle Operating Corp., 9.0%, 11/15/20 (144A)
 
$ 1,764,000 
 
  810,000 
Southern States Cooperative, Inc., 10.0%, 8/15/21 (144A)
 
  611,550 
 
  575,000(d) 
Tonon Luxembourg SA, 10.5%, 5/14/24 (144A)
 
  241,500 
       
$ 2,617,050 
   
Packaged Foods & Meats - 6.3%
   
 
  775,000 
Bertin SA / Bertin Finance, Ltd., 10.25%, 10/5/16 (144A)
 
$ 786,625 
 
  1,250,000(d) 
CFG Investment SAC, 9.75%, 7/30/19 (144A)
 
  806,250 
 
  3,500,000(g)
FAGE Dairy Industry SA / FAGE USA Dairy Industry, Inc., 9.875%, 2/1/20 (144A)
 
  3,642,170 
 
  1,240,000(g)
Marfrig Holding Europe BV, 6.875%, 6/24/19 (144A)
 
  1,243,720 
 
  750,000 
Marfrig Holding Europe BV, 8.0%, 6/8/23 (144A)
 
  765,375 
 
  1,000,000 
Marfrig Holding Europe BV, 8.375%, 5/9/18 (144A)
 
  1,040,000 
 
  1,200,000 
Marfrig Holding Europe BV, 11.25%, 9/20/21 (144A)
 
  1,158,000 
 
  400,000 
Minerva Luxembourg SA, 12.25%, 2/10/22 (144A)
 
  432,000 
 
  3,400,000(g)
Minerva Luxembourg SA, 7.75%, 1/31/23 (144A)
 
  3,491,800 
 
  2,000,000(g)
Post Holdings, Inc., 6.0%, 12/15/22 (144A)
 
  2,050,000 
 
  2,100,000(g)
Post Holdings, Inc., 7.375%, 2/15/22
 
  2,207,625 
 
  500,000(g)
Post Holdings, Inc., 8.0%, 7/15/25 (144A)
 
  554,375 
       
$ 18,177,940 
   
Soft Drinks - 0.6%
   
 
  1,625,000(g)
Cott Beverages, Inc., 5.375%, 7/1/22
 
$ 1,625,000 
   
Tobacco - 1.1%
   
 
  3,835,000(g)
Alliance One International, Inc., 9.875%, 7/15/21
 
$ 3,235,781 
   
Total Food, Beverage & Tobacco 
 
$ 25,655,771 
   
HEALTH CARE EQUIPMENT & SERVICES - 5.3%
   
   
Health Care Facilities - 4.2%
   
 
  2,860,000(g)
CHS/Community Health Systems, Inc., 6.875%, 2/1/22
 
$ 2,502,500 
 
  610,000 
CHS/Community Health Systems, Inc., 8.0%, 11/15/19
 
  597,037 
 
  2,400,000(g)
Kindred Healthcare, Inc., 6.375%, 4/15/22
 
  2,142,000 
 
  2,000,000(g)
Kindred Healthcare, Inc., 8.0%, 1/15/20
 
  1,990,000 
 
  805,000 
Quorum Health Corp., 11.625%, 4/15/23 (144A)
 
  809,025 
 
  650,000 
RegionalCare Hospital Partners Holdings, Inc., 8.25%, 5/1/23 (144A)
 
  666,250 
 
  2,385,000(g)
Universal Hospital Services, Inc., 7.625%, 8/15/20
 
  2,191,219 
 
  1,165,000 
Vizient, Inc., 10.375%, 3/1/24 (144A)
 
  1,249,463 
       
$ 12,147,494 
   
Health Care Services - 0.8%
   
 
  2,250,000(g)
BioScrip, Inc., 8.875%, 2/15/21
 
$ 2,081,250 
   
Health Care Technology - 0.3%
   
 
  900,000(g)
Emdeon, Inc., 11.0%, 12/31/19
 
$ 957,375 
   
Total Health Care Equipment & Services 
 
$ 15,186,119 
   
HOUSEHOLD & PERSONAL PRODUCTS - 0.8%
   
   
Household Products - 0.8%
   
 
  2,220,000 
Springs Industries, Inc., 6.25%, 6/1/21
 
$ 2,242,200 
   
Total Household & Personal Products 
 
$ 2,242,200 
   
INSURANCE - 11.5%
   
   
Insurance Brokers - 0.3%
   
 
  1,000,000(g)
USI, Inc., 7.75%, 1/15/21 (144A)
 
$ 990,000 
   
Multi-Line Insurance - 2.2%
   
 
  3,075,000(a)(g)
Liberty Mutual Group, Inc., 10.75%, 6/15/58 (144A)
 
$ 4,458,750 
 
  1,100,000(g)
MetLife, Inc., 10.75%, 8/1/39
 
  1,709,950 
       
$ 6,168,700 
   
Property & Casualty Insurance - 3.2%
   
 
  3,000,000(c)(i)
Fixed Income Trust, Series 2013-A, 0.0%, 10/15/97 (144A)
 
$ 2,693,743 
 
  5,300,000(g)
Hanover Insurance Corp., 7.625%, 10/15/25
 
  6,356,497 
 
  265,000(a)(g)(h)
White Mountains Insurance Group, Ltd., 7.506%, (144A)
 
  265,994 
       
$ 9,316,234 


 
 

 


 
Principal
Amount
USD ($)
   
Value
   
Reinsurance - 5.8%
   
 
  500,000(b)
Alamo Re, Ltd., 6.029%, 6/7/18 (144A) (Cat Bond)
 
$ 515,250 
 
  556,608(j)(k)
Altair Re III, Ltd. (Willis Securities, Inc.), Variable Rate Notes, 6/30/17
 
  92,954 
 
  500,000(j)(k)
Arlington Segregated Account (Kane SAC, Ltd.), Variable Rate Notes, 8/31/16
 
  576,100 
 
  250,000(b)
Blue Halo Re, Ltd., 14.249%, 6/21/19 (144A) (Cat Bond)
 
  249,550 
 
  400,000(b)
Caelus Re, Ltd., Series 2013-2, Class A, 7.099%, 4/7/17 (144A) (Cat Bond)
 
  407,920 
 
  700,000(j)(k)
Carnoustie Segregated Account (Kane SAC, Ltd.), Variable Rate Notes, 11/30/20
 
  721,420 
 
  700,000(j)(k)
Carnoustie Segregated Account (Kane SAC, Ltd.), Variable Rate Notes, 2/19/16
 
  14,280 
 
  500,000(b)
Galileo Re, Ltd., 7.4%, 1/9/17 (144A) (Cat Bond)
 
  502,850 
 
  1,300,000(j)(k)
Gullane Segregated Account (Kane SAC, Ltd.), Variable Rate Notes, 11/30/20
 
  1,382,810 
 
  750,000(b)
Kilimanjaro Re, Ltd., 4.999%, 4/30/18 (144A) (Cat Bond)
 
  747,675 
 
  250,000(b)
Kilimanjaro Re, Ltd., Series 2015-1, Class D, 9.499%, 12/6/19 (144A) (Cat Bond)
 
  252,950 
 
  250,000(b)
Kilimanjaro Re, Ltd., Series 2015-1, Class E, 6.999%, 12/6/19 (144A) (Cat Bond)
 
  253,625 
 
  250,000(j)(k)
Kingsbarns Segregated Account (Kane SAC, Ltd.), Variable Rate Notes, 5/15/17
 
  233,350 
 
  1,000,000(j)(k)
Lahinch Segregated Account (Kane SAC, Ltd.), Variable Rate Notes,  5/10/21
 
  970,600 
 
  760,000(j)(k)
Lorenz Re, Ltd. (Prime, Ltd.), Variable Rate Notes, 3/31/18
 
  53,200 
 
  800,000(j)(k)
Lorenz Re, Ltd. (Prime, Ltd.), Variable Rate Notes, 3/31/19
 
  807,680 
 
  1,000,000(j)(k)
Pangaea Re XI Segregated Account (Kane SAC, Ltd.), Variable Rate Notes, 7/1/18
 
  18,000 
 
  1,000,000(j)(k)
Pangaea Re Segregated Account (Kane SAC, Ltd.), Series 2015-1, Variable Rate Notes, 2/1/19
 
  39,200 
 
  1,000,000(j)(k)
Pangaea Re Segregated Account (Kane SAC, Ltd.), Series 2015-2, Variable Rate Notes, 11/30/19
 
  104,400 
 
  1,200,000(j)(k)
Pangaea Re Segregated Account (Kane SAC, Ltd.), Series 2016-1, Variable Rate Notes, 2/1/20
 
  1,222,560 
 
  1,000,000(j)(k)
Pangaea Re Segregated Account (Kane SAC, Ltd.), Series 2016-2, Variable Rate Notes, 11/30/20
 
  1,007,800 
 
  400,000(b)
Residential Reinsurance 2012, Ltd., 12.999%, 12/6/16 (144A) (Cat Bond)
 
  399,120 
 
  250,000(b)
Residential Reinsurance 2012, Ltd., 19.249%, 12/6/16 (144A) (Cat Bond)
 
  248,300 
 
  250,000(b)
Residential Reinsurance 2013, Ltd., 9.499%, 6/6/17 (144A)
(Cat Bond)
 
  255,825 
 
  600,000(b)
Resilience Re, Ltd., 4.549%, 1/9/17 (Cat Bond)
 
  600,000 
 
  400,000(i)
Resilience Re, Ltd., 11.182%, 4/7/17 (Cat Bond)
 
  365,880 
 
  500,000(b)
Sanders Re, Ltd., Series 2013-1, Class B, 4.259%, 5/5/17 (144A) (Cat Bond)
 
  496,000 
 
  6,043(j)(k)
Sector Re V, Ltd. (Swiss Re), Series 4, Class C, Variable Rate Notes, 12/1/19 (144A)
 
  7,973 
 
  800,000(j)(k)
Sector Re V, Ltd. (Swiss Re), Series 5, Class C, Variable Rate Notes, 12/1/20 (144A)
 
  832,320 
 
  3,125(j)(k)
Sector Re V, Ltd. (Swiss Re), Series 5, Class F, Variable Rate Notes, 3/1/20 (144A)
 
  100,463 
 
  750,000(j)(k)
Sector Re V, Ltd. (Swiss Re), Series 6, Class A, Variable Rate Notes, 3/1/21 (144A)
 
  754,200 
 
  600,000(j)(k)
Silverton Re, Ltd. (Aon Benfield Securities, Inc.), Variable Rate Notes, 9/16/16 (144A)
 
  1,560 
 
  800,000(j)(k)
Silverton Re, Ltd. (Aon Benfield Securities, Inc.), Variable Rate Notes, 9/18/17 (144A)
 
  19,760 
 
  500,000(j)(k)
Silverton Re, Ltd. (Aon Benfield Securities, Inc.), Variable Rate Notes, 9/17/18 (144A)
 
  530,650 
 
  500,000(j)(k)
St. Andrews Segregated Account (Kane SAC, Ltd.), Variable Rate Notes, 1/22/16
 
  9,850 
 
  500,000(j)(k)
St. Andrews Segregated Account (Kane SAC, Ltd.), Variable Rate Notes, 2/1/18
 
  515,050 
 
  1,250,000(j)(k)
Versutus, Ltd. (MMC Securities), Series 2015-A, Variable Rate Notes, 12/31/17
 
  18,250 
 
  1,250,000(j)(k)
Versutus, Ltd. (MMC Securities), Series 2016-A, Variable Rate Notes, 11/30/20
 
  1,231,250 
       
$ 16,560,625 
   
Total Insurance 
 
$ 33,035,559 
   
MATERIALS - 17.7%
   
   
Commodity Chemicals - 2.5%
   
 
  3,250,000(g)
Basell Finance Co., BV, 8.1%, 3/15/27 (144A)
 
$ 4,318,740 
 
  3,625,000(g)
Rain CII Carbon LLC / CII Carbon Corp., 8.25%, 1/15/21 (144A)
 
  2,936,250 
       
$ 7,254,990 

 
Principal
Amount
USD ($)
   
Value
   
Construction Materials - 0.2%
   
 
  595,000(g)
Unifrax I LLC / Unifrax Holding Co., 7.5%, 2/15/19 (144A)
 
$ 514,675 
   
Diversified Chemicals - 0.9%
   
 
  210,000(g)
Blue Cube Spinco, Inc., 9.75%, 10/15/23 (144A)
 
  243,075 
 
  210,000(g)
Blue Cube Spinco, Inc., 10.0%, 10/15/25 (144A)
 
$ 242,550 
 
  420,000 
CVR Partners LP / CVR Nitrogen Finance Corp., 9.25%, 6/15/23 (144A)
 
  427,350 
 
  2,010,000(g)
Evolution Escrow Issuer LLC, 7.5%, 3/15/22 (144A)
 
  1,447,200 
 
  305,000(g)
Platform Specialty Products Corp., 10.375%, 5/1/21 (144A)
 
  307,287 
       
$ 2,667,462 
   
Diversified Metals & Mining - 2.1%
   
 
  253,000(g)
Boart Longyear Management Pty, Ltd., 10.0%, 10/1/18 (144A)
 
$ 126,500 
 
  725,000(g)
FMG Resources August 2006 Pty, Ltd., 9.75%, 3/1/22 (144A)
 
  800,219 
 
  2,000,000(g)
Global Brass & Copper, Inc., 9.5%, 6/1/19
 
  2,099,000 
 
  1,917,924 
Mirabela Nickel, Ltd., 9.5%, 6/24/19
 
  575,377 
 
  1,120,000(g)
Novelis, Inc., 8.375%, 12/15/17
 
  1,145,200 
 
  1,410,000 
Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A)
 
  1,226,700 
 
  145,000 
Teck Resources, Ltd., 8.0%, 6/1/21 (144A)
 
  149,350 
 
  145,000 
Teck Resources, Ltd., 8.5%, 6/1/24 (144A)
 
  150,437 
       
$ 6,272,783 
   
Forest Products - 1.2%
   
 
  1,655,000 
Eldorado International Finance GmbH, 8.625%, 6/16/21 (144A)
 
$ 1,597,075 
 
  4,000,000(g)
Millar Western Forest Products, Ltd., 8.5%, 4/1/21
 
  1,840,000 
       
$ 3,437,075 
   
Gold - 0.8%
   
 
  2,415,000(g)
IAMGOLD Corp., 6.75%, 10/1/20 (144A)
 
$ 2,161,425 
   
Metal & Glass Containers - 3.4%
   
 
  1,745,000(g)
Albea Beauty Holdings SA, 8.375%, 11/1/19 (144A)
 
$ 1,832,250 
 
  1,777,196(f)(g)
Ardagh Finance Holdings SA, 8.625% (8.625% PIK 0.0% cash), 6/15/19 (144A)
 
  1,794,968 
 
  1,010,000 
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc., 7.25%, 5/15/24 (144A)
 
  1,030,831 
 
  2,220,000(g)
Coveris Holdings Corp., 10.0%, 6/1/18 (144A)
 
  2,220,000 
 
  445,000(g)
Coveris Holdings SA, 7.875%, 11/1/19 (144A)
 
  432,206 
 
  1,035,000 
Reynolds Group Issuer, Inc., 7.0%, 7/15/24 (144A)
 
  1,065,533 
 
  1,430,000(g)
Reynolds Group Issuer, Inc., 9.875%, 8/15/19
 
  1,476,475 
       
$ 9,852,263 
   
Paper Packaging - 1.4%
   
 
  485,000(g)
AEP Industries, Inc., 8.25%, 4/15/19
 
$ 494,700 
EUR
  3,105,000 
SIG Combibloc Holdings SCA, 7.75%, 2/15/23 (144A)
 
  3,622,661 
       
$ 4,117,361 
   
Paper Products - 2.6%
   
 
  1,590,000(g)
Appvion, Inc., 9.0%, 6/1/20 (144A)
 
$ 898,350 
 
  2,250,000 
Mercer International, Inc., 7.0%, 12/1/19
 
  2,272,500 
 
  4,500,000(g)
Xerium Technologies, Inc., 8.875%, 6/15/18
 
  4,432,500 
       
$ 7,603,350 
   
Specialty Chemicals - 1.4%
   
 
  945,000(g)
A Schulman, Inc., 6.875%, 6/1/23 (144A)
 
$ 943,583 
 
  500,000 
GCP Applied Technologies, Inc., 9.5%, 2/1/23 (144A)
 
  558,750 
 
  400,000(g)
Hexion US Finance Corp., 6.625%, 4/15/20
 
  334,520 
 
  3,105,000(g)
Hexion US Finance Corp., 9.0%, 11/15/20
 
  2,049,300 
       
$ 3,886,153 
   
Steel - 1.2%
   
 
  2,483,000 
Optima Specialty Steel, Inc., 12.5%, 12/15/16 (144A)
 
$ 2,098,135 
 
  720,000 
SunCoke Energy Partners LP / SunCoke Energy Partners Finance Corp., 7.375%, 2/1/20 (144A)
 
  604,800 
 
  590,000 
Zekelman Industries, Inc., 9.875%, 6/15/23 (144A)
 
  595,900 
       
$ 3,298,835 
   
Total Materials 
 
$ 51,066,372 
   
MEDIA - 2.1%
   
   
Advertising - 0.2%
   
 
  535,000 
MDC Partners, Inc., 6.5%, 5/1/24 (144A)
 
$ 530,988 
   
Broadcasting - 0.1%
   
 
  1,000,000(g)
Intelsat Luxembourg SA, 7.75%, 6/1/21
 
$ 245,000 
   
Cable & Satellite - 0.2%
   
 
  465,000 
DISH DBS Corp., 7.75%, 7/1/26 (144A)
 
$ 478,950 
   
Movies & Entertainment - 0.6%
   
 
  1,400,000(g)
Gibson Brands, Inc., 8.875%, 8/1/18 (144A)
 
$ 777,000 
 
  1,115,000 
Regal Entertainment Group, 5.75%, 2/1/25
 
  1,098,275 
 
  1,890,000(d)(e)(g)
SFX Entertainment, Inc., 9.625%, 2/1/19 (144A)
 
  9,450 
       
$ 1,884,725 

 
Principal
Amount
USD ($)
   
Value
   
Publishing - 1.0%
   
 
  2,950,000(g)
Trader Corp., 9.875%, 8/15/18 (144A)
 
$ 3,045,875 
   
Total Media 
 
$ 6,185,538 
   
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.9%
   
   
Biotechnology - 0.5%
   
 
  1,500,000(g)
ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A)
 
$ 1,533,750 
   
Pharmaceuticals - 2.4%
   
 
  1,508,000(g)
DPx Holdings BV (FKA JLL / Delta Dutch Newco BV), 7.5%, 2/1/22 (144A)
 
$ 1,549,470 
 
  1,490,000(g)
Endo Finance LLC / Endo, Ltd. / Endo Finco, Inc., 6.0%, 7/15/23 (144A)
 
  1,303,750 
 
  780,000(g)
Endo Finance LLC / Endo, Ltd. / Endo Finco, Inc., 6.0%, 2/1/25 (144A)
 
  676,650 
EUR
  575,000 
VRX Escrow Corp., 4.5%, 5/15/23
 
  481,054 
 
  3,485,000(g)
VRX Escrow Corp., 5.875%, 5/15/23 (144A)
 
  2,814,137 
       
$ 6,825,061 
   
Total Pharmaceuticals, Biotechnology & Life Sciences 
 
$ 8,358,811 
   
REAL ESTATE - 1.3%
   
   
Diversified Real Estate Activities - 0.1%
   
 
  330,000 
Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A)
 
$ 343,629 
   
Specialized REIT - 1.2%
   
 
  3,480,000(g)
Communications Sales & Leasing, Inc. / CSL Capital LLC, 8.25%, 10/15/23
 
$ 3,530,042 
   
Total Real Estate 
 
$ 3,873,671 
   
RETAILING - 4.0%
   
   
Automotive Retail - 1.5%
   
 
  1,385,000(g)
Asbury Automotive Group, Inc., 6.0%, 12/15/24
 
$ 1,395,387 
 
  3,260,000(g)
DriveTime Automotive Group, Inc. / DT Acceptance Corp., 8.0%, 6/1/21 (144A)
 
  2,995,125 
       
$ 4,390,512 
   
Computer & Electronics Retail - 0.9%
   
 
  2,855,000(g)
Rent-A-Center, Inc., 6.625%, 11/15/20
 
$ 2,719,388 
   
Department Stores - 0.6%
   
 
  935,000(g)
Argos Merger Sub, Inc., 7.125%, 3/15/23 (144A)
 
$ 963,050 
 
  900,000(g)
Neiman Marcus Group, Ltd., LLC, 8.0%, 10/15/21 (144A)
 
  733,500 
       
$ 1,696,550 
   
Speciality Stores - 1.0%
   
 
  2,135,000 
Outerwall, Inc., 5.875%, 6/15/21
 
$ 1,825,425 
 
  200,000 
Outerwall, Inc., 6.0%, 3/15/19
 
  184,000 
 
  685,000 
Radio Systems Corp., 8.375%, 11/1/19 (144A)
 
  712,400 
       
$ 2,721,825 
   
Total Retailing 
 
$ 11,528,275 
   
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
   
   
Semiconductors - 0.2%
   
 
  425,000 
Micron Technology, Inc., 5.5%, 2/1/25
 
$ 361,250 
 
  300,000 
Micron Technology, Inc., 5.625%, 1/15/26 (144A)
 
  249,750 
   
Total Semiconductors & Semiconductor Equipment 
 
$ 611,000 
   
SOFTWARE & SERVICES - 1.0%
   
   
Data Processing & Outsourced Services - 0.3%
   
 
  805,000(g)
First Data Corp., 7.0%, 12/1/23 (144A)
 
$ 815,062 
   
Internet Software & Services - 0.5%
   
 
  1,500,000 
Cimpress NV, 7.0%, 4/1/22 (144A)
 
$ 1,485,000 
   
IT Consulting & Other Services - 0.2%
   
 
  555,000 
Diamond 1 Finance Corp. / Diamond 2 Finance Corp., 7.125%, 6/15/24 (144A)
 
$ 579,654 
   
Total Software & Services 
 
$ 2,879,716 
   
TECHNOLOGY HARDWARE & EQUIPMENT - 1.2%
   
   
Communications Equipment - 0.6%
   
 
  1,051,000(f)(g)
CommScope Holding Co., Inc., 6.625% (7.375% PIK 6.625% cash), 6/1/20 (144A)
 
$ 1,085,157 
 
  645,000(g)
CommScope Technologies Finance LLC, 6.0%, 6/15/25 (144A)
 
  661,125 
       
$ 1,746,282 
   
Electronic Equipment & Instruments - 0.3%
   
 
  745,000(g)
Zebra Technologies Corp., 7.25%, 10/15/22
 
$ 789,700 
   
Technology Hardware, Storage & Peripherals - 0.3%
   
 
  1,025,000 
Diebold, Inc., 8.5%, 4/15/24 (144A)
 
$ 1,017,313 
   
Total Technology Hardware & Equipment 
 
$ 3,553,295 
   
TELECOMMUNICATION SERVICES - 7.6%
   
   
Integrated Telecommunication Services - 5.5%
   
 
  3,500,000(g)
CenturyLink, Inc., 5.625%, 4/1/25
 
$ 3,115,000 
 
  2,890,000 
Frontier Communications Corp., 7.125%, 1/15/23
 
  2,586,550 
 
  1,400,000(g)
Frontier Communications Corp., 7.625%, 4/15/24
 
  1,239,000 
 
  1,330,000(g)
Frontier Communications Corp., 11.0%, 9/15/25
 
  1,376,550 
 
  1,975,000(g)
GCI, Inc., 6.75%, 6/1/21
 
  1,999,687 
 
  1,725,000(g)
GCI, Inc., 6.875%, 4/15/25
 
  1,745,493 
 
  4,200,000(g)
Windstream Corp., 7.5%, 6/1/22
 
  3,780,000 
       
$ 15,842,280 
         

 
Principal
Amount
USD ($)
   
Value
   
Wireless Telecommunication Services - 2.1%
   
 
  1,085,000(g)
Altice Financing SA, 6.625%, 2/15/23 (144A)
 
$ 1,065,329 
 
  300,000(g)
Altice Finco SA, 8.125%, 1/15/24 (144A)
 
  290,250 
 
  3,080,000(g)
Sprint Corp., 7.125%, 6/15/24
 
  2,456,300 
 
  2,150,000(g)
Sprint Corp., 7.25%, 9/15/21
 
  1,832,875 
 
  400,000 
Unison Ground Lease Funding LLC, 5.78%, 3/15/20 (144A)
 
  391,610 
       
$ 6,036,364 
   
Total Telecommunication Services 
 
$ 21,878,644 
   
TRANSPORTATION - 3.9%
   
   
Air Freight & Logistics - 0.4%
   
 
  1,005,000(g)
XPO Logistics, Inc., 7.875%, 9/1/19 (144A)
 
$ 1,025,100 
   
Airlines - 1.1%
   
 
  280,000 
Fly Leasing, Ltd., 6.375%, 10/15/21
 
$ 271,600 
 
  360,000 
Intrepid Aviation Group Holdings LLC / Intrepid Finance Co., 6.875%, 2/15/19 (144A)
 
  316,800 
 
  2,050,000 
Intrepid Aviation Group Holdings LLC / Intrepid Finance Co.,
8.25%, 7/15/17 (144A)
 
  1,927,000 
 
  600,000(g)
United Continental Holdings, Inc., 6.375%, 6/1/18
 
  625,500 
       
$ 3,140,900 
   
Marine - 0.2%
   
 
  1,025,000 
Navios South American Logistics, Inc. / Navios Logistics
Finance US, Inc., 7.25%, 5/1/22 (144A)
 
$ 722,625 
   
Railroads - 0.8%
   
 
  928,404(f)
AAF Holdings LLC / AAF Finance Co., 12.0% (12.75%
PIK 12.0% cash), 7/1/19 (144A)
 
$ 909,836 
 
  1,520,000 
Florida East Coast Holdings Corp., 9.75%, 5/1/20 (144A)
 
  1,292,000 
       
$ 2,201,836 
   
Trucking - 1.4%
   
 
  4,175,000(g)
Jack Cooper Holdings Corp., 9.25%, 6/1/20
 
$ 2,682,437 
 
  2,000,000(g)
Syncreon Group BV / Syncreon Global Finance US, Inc., 8.625%, 11/1/21 (144A)
 
  1,500,000 
       
$ 4,182,437 
   
Total Transportation 
 
$ 11,272,898 
   
UTILITIES - 4.1%
   
   
Electric Utilities - 1.4%
   
 
  1,010,000(a)(g)
Enel SpA, 8.75%, 9/24/73 (144A)
 
$ 1,150,138 
 
  1,380,000 
PPL Energy Supply LLC, 4.625%, 7/15/19 (144A)
 
  1,214,400 
 
  1,975,000 
PPL Energy Supply LLC, 6.5%, 6/1/25
 
  1,639,250 
       
$ 4,003,788 
   
Independent Power Producers & Energy Traders - 2.1%
   
 
  670,000 
NRG Energy, Inc., 7.25%, 5/15/26 (144A)
 
$ 666,650 
 
  2,430,000(g)
TerraForm Global Operating LLC, 9.75%, 8/15/22 (144A)
 
  2,199,150 
 
  610,000(g)
TerraForm Power Operating LLC, 5.875%, 2/1/23 (144A)
 
  580,598 
 
  2,620,000(g)
TerraForm Power Operating LLC, 6.125%, 6/15/25 (144A)
 
  2,475,900 
       
$ 5,922,298 
   
Multi-Utilities - 0.6%
   
 
  1,698,562 
Ormat Funding Corp., 8.25%, 12/30/20
 
$ 1,681,576 
   
Total Utilities 
 
$ 11,607,662 
   
TOTAL CORPORATE BONDS & NOTES
   
   
(Cost  $355,599,248)
 
$ 333,065,104 
   
CONVERTIBLE BONDS & NOTES - 4.2% of Net Assets
   
   
CAPITAL GOODS - 1.0%
   
   
Construction Machinery & Heavy Trucks - 1.0%
   
 
  2,625,000(g)
Meritor, Inc., 7.875%, 3/1/26
 
$ 2,946,563 
   
Total Capital Goods 
 
$ 2,946,563 
   
ENERGY - 0.0%†
   
   
Coal & Consumable Fuels - 0.0%†
   
 
  1,905,000(d) 
Massey Energy Co., 3.25%, 8/1/15
 
$ 11,906 
   
Total Energy 
 
$ 11,906 
   
HEALTH CARE EQUIPMENT & SERVICES - 1.5%
   
   
Health Care Equipment - 1.5%
   
 
  2,837,000(g)(i)
Hologic, Inc., 2.0%, 12/15/37
 
$ 4,260,819 
   
Total Health Care Equipment & Services 
 
$ 4,260,819 
   
MATERIALS - 1.2%
   
   
Diversified Chemicals - 1.2%
   
 
  4,000,000(l)
Hercules, Inc., 6.5%, 6/30/29
 
$ 3,320,000 
   
Total Materials 
 
$ 3,320,000 
         


 
 

 


 
Principal
Amount
USD ($)
   
Value
   
UTILITIES - 0.0%†
   
   
Renewable Electricity - 0.0%†
   
 
  170,984(d)(f)
LDK Solar Co., Ltd., 5.535% (5.535% PIK 0.000% cash),
12/31/18
 
$ 20,518 
 
  42,000(d)(e)
Suntech Power Holdings Co., Ltd., 3.0%, 3/15/13
 
  2 
   
Total Utilities 
 
$ 20,520 
   
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.5%
   
   
Biotechnology - 0.5%
   
 
  1,400,000 
Corsicanto, Ltd., 3.5%, 1/15/32
 
$ 1,421,875 
   
Total Pharmaceuticals, Biotechnology & Life Sciences 
 
$ 1,421,875 
   
TOTAL CONVERTIBLE BONDS & NOTES
   
   
(Cost  $11,043,706)
 
$ 11,981,683 
   
SOVEREIGN DEBT OBLIGATION - 0.5% of Net Assets
   
   
Russia - 0.5%
   
 
  1,310,800(i)
Russian Government International Bond, 7.5%, 3/31/30
 
$ 1,599,176 
   
TOTAL SOVEREIGN DEBT OBLIGATION
   
   
(Cost  $958,785)
 
$ 1,599,176 
   
U.S. GOVERNMENT AND AGENCY OBLIGATIONS5.6% of Net Assets
   
 
  3,885,000(b)
U.S. Treasury Notes, 0.337%, 7/31/17
 
$ 3,885,148 
 
  3,880,000(b) 
U.S. Treasury Notes, 0.428%, 10/31/17
 
  3,882,588 
 
  4,130,000(b) 
U.S. Treasury Notes, 0.450%, 4/30/18
 
  4,130,458 
 
  4,125,000(b) 
U.S. Treasury Notes, 0.532%, 1/31/18
 
  4,132,809 
       
$ 16,031,003 
   
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
   
   
(Cost $16,034,657)
 
$ 16,031,003 
   
MUNICIPAL COLLATERALIZED DEBT OBLIGATION - 0.1% of Net Assets
   
 
  3,300,000(a)
Non-Profit Preferred Funding Trust I, Series E, 0.0%, 9/15/37 (144A)
 
$ 227,205 
   
TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION
   
   
(Cost  $3,293,991)
 
$ 227,205 
 
Shares
     
   
COMMON STOCKS - 0.7% of Net Assets
   
   
CAPITAL GOODS - 0.2%
   
   
Building Products - 0.2%
   
 
  894(c)(e)
Panolam Holdings Co.
 
$ 637,735 
   
Industrial Machinery - 0.0%†
   
 
  33,171(c)(e)
Liberty Tire Recycling LLC
 
$ 332 
   
Total Capital Goods 
 
$ 638,067 
   
ENERGY - 0.0%†
   
   
Oil & Gas Exploration & Production - 0.0%†
   
 
  13,750(e)
PetroQuest Energy, Inc.
 
$ 45,787 
   
Total Energy 
 
$ 45,787 
   
INSURANCE - 0.0%†
   
   
Insurance Brokers - 0.0%†
   
GBP
  1,625(c)(e)
Towergate Finance Plc
 
$ 22 
   
Total Insurance 
 
$ 22 
   
RETAILING - 0.1%
   
   
Computer & Electronics Retail - 0.1%
   
 
  68,241(c)(e)
Targus Cayman SubCo., Ltd.
 
$ 238,843 
   
Total Retailing 
 
$ 238,843 
   
TRANSPORTATION - 0.4%
   
   
Air Freight & Logistics - 0.4%
   
 
  3,266(e)
CEVA Holdings LLC
 
$ 1,143,009 
   
Total Transportation 
 
$ 1,143,009 
   
TOTAL COMMON STOCKS
   
   
(Cost  $3,868,013)
 
$ 2,065,728 
   
CONVERTIBLE PREFERRED STOCKS - 1.1% of Net Assets
   
   
Banks - 0.8%
   
   
Diversified Banks - 0.8%
   
 
  1,880(h)
Bank of America Corp., 7.25%
 
$ 2,246,600 
   
Total Banks
 
$ 2,246,600 
   
ENERGY - 0.0%†
   
   
Oil & Gas Exploration & Production - 0.0%†
   
 
  1,100(h)
Halcon Resources Corp., 5.75%
 
$ 50,050 
   
Total Energy 
 
$ 50,050 
   
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.3%
   
   
Pharmaceuticals - 0.3%
   
 
  1,000 
Teva Pharmaceutical Industries, Ltd., 7.0%, 12/15/18
 
$ 827,000 
   
Total Pharmaceuticals, Biotechnology & Life Sciences 
 
$ 827,000 
   
TOTAL CONVERTIBLE PREFERRED STOCKS
   
   
(Cost  $3,164,242)
 
$ 3,123,650 
         
 
Shares
   
Value
   
PREFERRED STOCKS - 2.9% of Net Assets
   
   
BANKS - 1.1%
   
   
Diversified Banks - 1.1%
   
 
  3,000(a)(h)
AgStar Financial Services ACA, 6.75% (144A)
 
$ 3,181,687 
   
Total Banks 
 
$ 3,181,687 
   
DIVERSIFIED FINANCIALS - 1.2%
   
   
Other Diversified Financial Services - 1.2%
   
 
  132,750(a)(g)
GMAC Capital Trust I, 6.411%, 2/15/40
 
$ 3,294,855 
   
Total Diversified Financials 
 
$ 3,294,855 
   
INSURANCE - 0.6%
   
   
Insurance Brokers - 0.6%
   
GBP
  1,548,867(c)(e)
Towergate Finance Plc, Class B
 
$ 1,702,724 
   
Total Insurance 
 
$ 1,702,724 
   
TOTAL PREFERRED STOCKS
   
   
(Cost  $8,622,491)
 
$ 8,179,266 
 
Principal
Amount
USD ($)
     
   
TEMPORARY CASH INVESTMENTS - 1.9% of Net Assets
   
   
COMMERCIAL PAPER - 1.6%
   
 
  1,545,000 
BNP Paribas SA, 0.27%, 7/1/16  
 
$ 1,544,985 
 
  2,180,000 
Microsoft Corp., 0.28%, 7/1/16  
 
  2,179,983 
 
  840,000 
Prudential Funding LLC, 0.35%, 7/1/16  
 
  839,993 
 
   
  
 
$  4,564,961 
   
REPURCHASE AGREEMENT - 0.3%
   
 
  910,000 
$910,000 ScotiaBank, 0.42%, dated 6/30/16,
plus accrued interest on 7/1/16 collateralized by
the following:
$928,211 Federal National Mortgage Association,
4.0%, 1/1/46.
 
$ 910,000 
   
TOTAL TEMPORARY CASH INVESTMENTS
   
   
(Cost  $5,475,000)
 
$ 5,474,961 
   
TOTAL INVESTMENTS IN SECURITIES - 139.9%
   
   
(Cost - $430,412,734) (m)(n)
 
$ 401,923,343 
   
OTHER ASSETS AND LIABILITIES - (39.9)%
 
$ (114,627,928)
   
NET ASSETS APPLICABLE TO
COMMON SHAREOWNERS - 100.0%
 
$ 287,295,415 
 

REIT
Real Estate Investment Trust.
   
(144A)
Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At June 30, 2016, the value of these securities amounted to $179,676,120, or 62.5% of total net assets applicable to common shareowners.
   
(Cat Bond)
Catastrophe or Event-linked bond. At June 30, 2016, the value of these securities amounted to $5,294,945, or 1.8% of total net assets applicable to common shareowners.
   
Amount rounds to less than 0.1%.

*
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 (j) the lending rate offered by one or more major European banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certificate of deposit or (iv) other base lending rates used by commercial lenders. The interest rate shown is the rate accruing at June 30, 2016.
   
(a)
The interest rate is subject to change periodically. The interest rate shown is the rate at June 30, 2016.
   
(b)
Floating rate note. The rate shown is the coupon rate at June 30, 2016.
   
(c)
Security is valued using fair value methods (other than prices supplied by independent pricing services).
   
(d)
Security is in default.
   
(e)
Non-income producing.
   
(f)
Payment in Kind (PIK) security which may pay interest in the form of additional principal amount.
   
(g)
Denotes security pledged and segregated as collateral for the margin-loan financing agreement.
   
(h)
Security is perpetual in nature and has no stated maturity date.
   
(i)
Debt obligation initially issued at one coupon which converts to a higher coupon at a specific date. The rate shown is the rate at June 30, 2016.
   
(j)
Structured reinsurance investment. At June 30, 2016, the value of these securities amounted to $11,265,680, or 3.9% of total net assets applicable to common shareowners.
   
(k)
Rate to be determined.
   
(l)
Security is priced as a unit.

(m)
At June 30, 2016, the net unrealized depreciation on investments based on cost for federal tax purposes of $431,914,555 was as follows:
   
 
Aggregate gross unrealized appreciation for all investments in which
   
 
    there is an excess of value over tax cost
 
$ 19,681,730 
 
Aggregate gross unrealized depreciation for all investments in which
   
 
    there is an excess of tax cost over value
 
  (49,672,942)
 
Net unrealized depreciation
$ (29,991,212)
     
For financial reporting purposes net unrealized depreciation on investments was $28,489,391 and cost of investments aggregated $430,412,734.
 



(n)
Distributions of Investments by country of issue, as a percentage of long-term holdings based on country of domicile, is as follows:
 
 
United States
77.5%
 
Canada
4.5
 
Luxembourg
3.7
 
Bermuda
3.3
 
Netherlands
3.2
 
Ireland
1.2
 
Other (individually less than 1%)
6.6
   
100.0%

Principal amounts are denominated in U.S. dollars unless otherwise noted.
 
EUR
-
Euro
GBP
-
Great British Pound

CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION
   
Obligation
       
Net
Notional
 
Entity/
 
Credit
Expiration
Premiums
Unrealized
Principal ($)(1)
Counterparty
Index
Coupon
Rating (2)
Date
(Received)
Appreciation
  2,000,000 
JPMorgan
Chase
Bank NA
Goodyear
Tire &
Rubber Co.
5.00% 
BB
12/20/17
$ (65,000)
$ 201,426 
   
(1)
The notional amount is the maximum amount that a seller of credit protection would be obligated to pay upon occurrence of a credit event.
   
(2)
Based on Standard & Poor's rating of the issuer or weighted average of all the underlying securities of the index.
 

CENTRALLY CLEARED INTEREST RATE SWAP AGREEMENTS
       
Annual
   
Net
Notional
 
Pay/
Floating
Fixed
Expiration
Premiums
Unrealized
Principal ($)
Exchange
Receive
Rate
Rating
Date
Paid
Depreciation
22,500,000
Chicago Mercantile Exchange
Receive
LIBOR USD
3 Month
1.593%
11/9/20
$ 101 
$ (669,583) 

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).
 
   
The following is a summary of the inputs used as of June 30, 2016, in valuing the Trust's investments.
 
   
 
Level 1  
Level 2
Level 3
Total
 
Asset Backed Securities
$                –
$466,691
$ –
$466,691
Collateralized Mortgage
Obligations
627,773
627,773
Commercial Mortgage-Backed
Securities
5,586,671
5,586,671
Senior Secured Floating
Rate Loan Interests
       
Health Care Equipment
& Services
       
Health Care Technology
853,713
853,713
Retailing
       
Computer & Electronics Retail
276,207
276,207
All Other Senior Secured Floating
Rate Loan Interests
12,364,512
12,364,512
Corporate Bonds & Notes
       
Capital Goods
       
Industrial Machinery
8,648,362
544,547
9,192,909
Insurance
       
Property & Casualty Insurance
6,622,491
2,693,743
9,316,234
Reinsurance
4,329,065
12,231,560
16,560,625
All Other Corporate Bonds & Notes
297,995,336
297,995,336
Convertible Bonds & Notes
11,981,683
11,981,683
Sovereign Debt Obligation
1,599,176
1,599,176
U.S. Government and
Agency Obligations
16,031,003
16,031,003
Municipal Collateralized Debt Obligation
227,205
227,205
Common Stocks
       
Capital Goods
       
Building Products
637,735
637,735
Industrial Machinery
332
332
Insurance
       
Insurance Brokers
22
22
Retailing
       
Computer & Electronics Retail
238,843
238,843

 
Level 1  
Level 2
Level 3
Total
Transportation
       
Air Freight & Logistics
$                –
$1,143,009
$ –
$1,143,009
All Other Common Stocks
45,787
45,787
Convertible Preferred Stocks
       
Energy
       
Oil & Gas Exploration & Production
50,050
50,050
All Other Convertible Preferred Stocks
3,073,600
3,073,600
Preferred Stocks
       
Banks
       
Diversified Banks
3,181,687
3,181,687
Insurance
       
Insurance Brokers
1,702,724
1,702,724
All Other Preferred Stock
3,294,855
3,294,855
Commercial Papers
4,564,961
4,564,961
Repurchase Agreement
910,000
910,000
Total Investments in
Securities
$6,414,242
$376,329,675
$19,179,426
$401,923,343
Other Financial Instruments
       
Unrealized appreciation
on credit default
swap contracts
$ –
$201,426
$ –
$201,426
Unrealized depreciation
on interest rate
swap contracts
 –
 (669,583)
 –
 (669,583)
Total Other Financial
Instruments
$ –
$(468,157)
$ –
$(468,157)





The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):
 
     
Change in
     
Transfers
Transfers
 
 
Balance
Realized
unrealized
   
Accrued
in and out
in and
Balance
 
as of
gain
appreciation
   
discounts/
of level 3
out of
as of
 
3/31/16
(loss)
(depreciation)
Purchases
Sales
premiums
categories
Level 3*
6/30/16
Senior Secured
Floating Rate
Loan Interests
                 
Health Care
Equipment &
Services
                 
Health Care
Technology
 $853,713
 $ –
 $ –
 $ –
 $ –
 $ –
 $ –
 $ –
 $853,713
Retailing
                 
Computer & Electronics Retail
272,963
3,244
276,207
Corporate Bonds
& Notes
                 
Capital Goods
                 
Industrial
Machinery
544,547
(1,858)
1,858
544,547
Insurance
                 
Property
& Casualty
Insurance
2,096,179
596,570
994
2,693,743
Reinsurance
12,318,440
6,189
(21,748)
3,303,137
(3,395,246)
20,788
12,231,560
Common Stocks
                 
Capital Goods
                 
Building Products
770,628
(132,893)
637,735
Industrial
Machinery
332
332
Insurance
                 
Insurance Brokers
23
(1)
22
Health Care Equipment
& Services
                 
Health Care Technology
135
(135)
Retailing
                 
Computer & Electronics Retail
238,843
238,843
Preferred Stocks
                 
Insurance
                 
Insurance Brokers
1,848,249
(145,525)
1,702,724
Reinsurance
21,250
(21,250)
Total
 $18,965,302
 $9,433
 $273,295
 $3,303,137
 $(3,395,381)
 $23,640
 $ –
 $ –
 $19,179,426
 
*Transfers are calculated on the beginning of period value. For the three months ended June 30, 2016, there were no transfers between Levels 1, 2 and 3.
 
Net change in unrealized appreciation of Level 3 investments still held and considered Level 3 at June 30, 2016: $57,572.
 
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 Municipal High Income Advantage Trust

By (Signature and Title)* /s/ Lisa M.Jones
                          -----------------------
                          Lisa M.Jones, President and Chief Executive Officer

Date August 26, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.


By (Signature and Title)* /s/ Lisa M.Jones
                          -----------------------
                          Lisa M.Jones, President and Chief Executive Officer


Date August 26, 2016



By (Signature and Title)* /s/ Mark E. Bradley
                          -----------------
                          Mark E. Bradley, Treasurer and Chief Accounting
                                        and Financial Officer

Date August 26, 2016

* Print the name and title of each signing officer under his or her signature.