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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22014
Pioneer Diversified High Income Trust
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Dorothy E. Bourassa, 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, 2008
Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (239.24 and 274.5 of this
chapter), to file reports with the Commission, not later than 60 days after
close of the first and third fiscal quarters, pursuant to Rule 30b1-5under
the Investment Company Act of 1940 (17 CFR 270.30b-5). The Commission may
use the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-Q
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. Schedule of Investments.
Pioneer Diversified High Income Trust
SCHEDULE OF INVESTMENTS 1/31/08 (unaudited)
Principal
Amount
USD ($) Value
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.2% of Net Assets
Diversified Financials - 0.2%
400,000 DB Master Finance LLC, 8.285%, 6/20/31 (144A) $340,000
TOTAL COLLATERIZED MORTGAGE OBLIGATIONS
(Cost $406,070) $340,000
CORPORATE BONDS & NOTES - 64.9% of Net Assets
Energy - 4.7%
Oil & Gas Drilling - 0.1%
300,000 Skeie Drilling & Production ASA, 11.25%, 3/8/13 ($283,500
Oil & Gas Equipment & Services - 1.4%
400,000 Bristow Group, Inc., 7.5%, 9/15/17 (144A) $404,000
350,000 Complete Production Services, Inc., 8.0%, 12/15/1$339,500
NOK 5,000,000 Norwegian Energy Co. AS, 11.0%, 7/13/10 (144A) $882,142
275,000 SemGroup L.P., 8.75%, 11/15/15 (144A) $257,125
600,000 (a) Sevan Marine ASA, 7.438%, 5/14/13 (144A) $582,000
$2,464,767
Integrated Oil & Gas - 0.3%
500,000 Tristan Oil, Ltd., 10.5%, 1/1/12 (144A) $470,000
Oil & Gas Exploration & Production - 0.9%
500,000 Harvest Operations Corp., 7.875%, 10/15/11 $452,500
160,000 Hilcorp Energy I L.P./Hilcorp Finance Co., 7.75%,$153,200
675,000 Parallel Petroleum Corp., 10.25%, 8/1/14 (144A) $661,500
225,000 PetroQuest Energy, Inc., 10.375%, 5/15/12 $228,375
150,000 Quicksilver Resources, Inc., 7.125%, 4/1/16 $145,500
$1,641,075
Oil & Gas Refining & Marketing - 0.7%
955,000 Aventine Renewable Energy Holdings, Inc., 10.0%, $797,425
600,000 VeraSun Energy Corp., 9.375%, 6/1/17 (144A) $477,000
$1,274,425
Oil & Gas Storage & Transportation - 0.8%
490,000 Inergy L.P./Inergy Finance Corp., 8.25%, 3/1/16 $499,800
250,000 LPG International, Inc., 7.25%, 12/20/15 $245,000
800,000 Transportadora de Gas del Sur SA, 7.875%, 5/14/17$688,000
$1,432,800
Coal & Consumable Fuels - 0.5%
900,000 Massey Energy Co., 6.875%, 12/15/13 $857,250
Total Energy $8,423,817
Materials - 6.6%
Commodity Chemicals - 0.8%
400,000 ARCO Chemical Co., 9.8%, 2/1/20 $364,000
1,750,000 Georgia Gulf Corp., 10.75%, 10/15/16 $1,128,750
$1,492,750
Diversified Chemicals - 1.0%
110,000 Braskem SA, 11.75%, 1/22/14 (144A) $132,000
EURO 1,175,000 Ineos Group Holdings Plc, 7.875%, 2/15/16 (144A) $1,243,892
650,000 Montell Finance Co. BV, 8.1%, 3/15/27 (144A) $500,500
$1,876,392
Construction Materials - 0.2%
320,000 Blaze Recycling & Metals LLC/Blaze Finance Corp.,$288,000
Metal & Glass Containers - 0.5%
EURO 625,000 Impress Holdings BV, 9.25%, 9/15/14 (144A) $818,959
80,000 Vitro, S.A.B. de CV, 9.125%, 2/1/17 $69,800
$888,759
Paper Packaging - 0.9%
600,000 Exopack Holding Corp., 11.25%, 2/1/14 $562,500
500,000 Graphic Packaging International, Inc., 9.5%, 8/15$471,250
750,000 U.S. Corrugated, Inc., 10.0%, 6/1/13 $600,000
$1,633,750
Aluminum - 0.7%
700,000 Aleris International, Inc., 10.0%, 12/15/16 $491,750
350,000 Asia Aluminum Holdings, Ltd., 8.0%, 12/23/11 (144$322,875
500,000 Indalex Holding Corp., 11.5%, 2/1/14 $441,250
$1,255,875
Diversified Metals & Mining - 1.2%
350,000 American Rock Salt Co., LLC, 9.5%, 3/15/14 $361,375
250,000 FMG Finance Pty., Ltd., 10.625%, 9/1/16 (144A) $283,750
1,085,000 Industrias Metalurgicas Pescarmona SA, 11.25%, 10$1,041,600
500,000 (a)(Noranda Aluminium Acquisition Corp., 8.738%, 5/15$380,000
75,000 PNA Group, Inc., 10.75%, 9/1/16 $67,500
$2,134,225
Steel - 0.9%
1,245,000 Algoma Acquisition Corp., 9.875%, 6/15/15 (144A) $996,000
EURO 600,000 Bulgaria Steel Finance BV, 12.0%, 5/4/13 $586,319
EURO 50,000 Zlomrex International Finance SA, 8.5%, 2/1/14 (1$48,120
$1,630,439
Forest Products - 0.4%
250,000 Ainsworth Lumber Co., Ltd., 7.25%, 10/1/12 $157,500
500,000 Mandra Forestry Holdings, Ltd., 12.0%, 5/15/13 (1$550,000
$707,500
Total Materials $11,907,690
Capital Goods - 2.6%
Building Products - 0.4%
500,000 (a) Builders FirstSource, Inc., 9.119%, 2/15/12 $406,875
300,000 (a)(C8 Capital SPV, Ltd., 6.64% (144A) $271,275
$678,150
Construction & Engineering - 0.1%
200,000 Dycom Industries, Inc., 8.125%, 10/15/15 $196,750
Electrical Components & Equipment - 0.3%
650,000 (c) Rede Empresas de Energia Eletrica SA, 11.125% (14$623,187
Construction & Farm Machinery & Heavy Trucks - 1.8%
600,000 Accuride Corp., 8.5%, 2/1/15 $474,000
520,000 Commercial Vehicle Group, Inc., 8.0%, 7/1/13 $440,050
500,000 Esco Corp., 8.625%, 12/15/13 (144A) $477,500
1,200,000 Greenbrier Companies, Inc., 8.375%, 5/15/15 $1,089,000
500,000 (d) Stanadyne Corp., 0.0%, 2/15/15 $345,000
400,000 Titan International, Inc., 8.0%, 1/15/12 $375,000
$3,200,550
Total Capital Goods $4,698,637
Commercial Services & Supplies - 1.1%
Trading Companies & Distributors - 0.1%
125,000 United Rentals North America, Inc., 6.5%, 2/15/12$115,000
Diversified Commercial & Professional Services - 1.0%
350,000 FTI Consulting, Inc., 7.75%, 10/1/16 $362,250
425,000 (a) NCO Group, Inc., 9.744%, 11/15/13 $408,000
900,000 NCO Group, Inc., 11.875%, 11/15/14 $837,000
250,000 Park-Ohio Industries, Inc., 8.375%, 11/15/14 $203,125
$1,810,375
Total Commercial Services & Supplies $1,925,375
Transportation - 0.5%
Airlines - 0.3%
147,371 American Airlines, Inc., 7.377%, 5/23/19 $133,370
500,000 (c) GOL Finance, 8.75% (144A) $448,750
$582,120
Railroads - 0.2%
350,000 Kansas City Southern de Mexico, 7.625%, 12/1/13 $337,750
Total Transportation $919,870
Automobiles & Components - 0.6%
Auto Parts & Equipment - 0.6%
330,000 Allison Transmission, Inc., 11.0%, 11/1/15 (144A)$280,500
500,000 (b) Allison Transmission, Inc., 11.25%, 11/1/15 (144A$388,536
500,000 Cooper-Standard Automotive, Inc., 8.375%, 12/15/1$377,500
Total Automobiles & Components $1,046,536
Consumer Durables & Apparel - 1.3%
Homebuilding - 0.6%
315,000 Desarrolladora Homex S.A.B. de CV, 7.5%, 9/28/15 $306,337
750,000 Desarrolladora Metropolitana SA de CV, 10.875%, 5$758,437
$1,064,774
Housewares & Specialties - 0.4%
200,000 Jarden Corp., 7.5%, 5/1/17 $171,000
750,000 Yankee Acquisition Corp., 9.75%, 2/15/17 $611,250
$782,250
Footwear - 0.3%
EURO 730,000 (a) Edcon Holdings Proprietary, Ltd., 10.448%, 6/15/1$545,825
Total Consumer Durables & Apparel $2,392,849
Consumer Services - 1.3%
Casinos & Gaming - 1.3%
EURO 50,000 Codere Finance Luxembourg SA, 8.25%, 6/15/15 (144$65,517
550,000 Fontainebleau Las Vegas Holdings LLC/Fontainebleau Las
Vegas Capital Corp., 10.25%, 6/15/15 (144A) $412,500
275,000 Little Traverse Bay Bands of Odawa Indians, 10.25$275,688
EURO 50,000 Peermont Global, Ltd., 7.75%, 4/30/14 (144A) $59,594
750,000 Station Casinos, Inc., 6.625%, 3/15/18 $481,875
750,000 Trump Entertainment Resorts, Inc., 8.5%, 6/1/15 $540,000
EURO 405,000 Unibet Group Plc, 9.7%, 12/21/10 $599,645
Total Consumer Services $2,434,819
Media - 0.8%
Movies & Entertainment - 0.2%
400,000 Corporacion Interamericana de Entretenimiento SA de
CV, 8.875%, 6/14/15 (144A) $416,000
Publishing - 0.6%
536,875 (b) AAC Group Holding Corp., 14.75%, 10/1/12 $467,081
600,000 TL Acquisitions, Inc., 10.5%, 1/15/15 (144A) $546,000
$1,013,081
Total Media $1,429,081
Retailing - 0.8%
Distributors - 0.5%
500,000 Intcomex, Inc., 11.75%, 1/15/11 $497,500
500,000 KAR Holdings, Inc., 10.0%, 5/1/15 (144A) $417,500
$915,000
Specialty Stores - 0.3%
500,000 Sally Holdings LLC, 9.25%, 11/15/14 $472,500
Total Retailing $1,387,500
Food & Staples Retailing - 0.4%
Drug Retail - 0.1%
275,000 Duane Reade, Inc., 9.75%, 8/1/11 $239,250
Food Distributors - 0.3%
250,000 JBS SA, 10.5%, 8/4/16 (144A) $232,500
275,000 (d) SA Fabrica de Produtos Alimenticios Vigor, 9.25%,$269,156
$501,656
Total Food & Staples Retailing $740,906
Food, Beverage & Tobacco - 1.1%
Brewers - 0.1%
189,000 Cerveceria Nacional Dominicana C por A, 8.0%, 3/2$190,890
Agricultural Products - 0.5%
580,000 (c) Cosan SA Industria e Comercio, 8.25% (144A) $526,350
400,000 Marfrig Overseas, Ltd., 9.625%, 11/16/16 (144A) $386,000
$912,350
Packaged Foods & Meats - 0.2%
500,000 Minerva Overseas, Ltd., 9.5%, 2/1/17 (144A) $460,000
Tobacco - 0.3%
500,000 Alliance One International, Inc., 8.5%, 5/15/12 $465,000
Total Food, Beverage & Tobacco $2,028,240
Health Care Equipment & Services - 2.2%
Health Care Equipment & Services - 0.3%
750,000 Accellent, Inc., 10.5%, 12/1/13 $592,500
Health Care Supplies - 0.3%
500,000 (a) Medical Services Co., 11.758%, 10/15/11 $452,500
Health Care Services - 0.8%
350,000 Rural/Metro Corp., 9.875%, 3/15/15 $339,500
725,000 (b) Surgical Care Affiliates, Inc., 8.875%, 7/15/15 ($616,250
570,000 Surgical Care Affiliates, Inc., 10.0%, 7/15/17 (1$484,500
$1,440,250
Health Care Facilities - 0.5%
500,000 Community Health Systems, Inc., 8.875%, 7/15/15 $503,125
420,000 Hanger Orthopedic Group, Inc., 10.25%, 6/1/14 $428,400
$931,525
Managed Health Care - 0.3%
500,000 Multiplan, Inc., 10.375%, 4/15/16 (144A) $465,000
Total Health Care Equipment & Services $3,881,775
Pharmaceuticals & Biotechnology & Life Sciences - 0.4%
Biotechnology - 0.2%
400,000 Angiotech Pharmaceuticals, Inc., 7.75%, 4/1/14 $308,000
Pharmaceuticals - 0.2%
250,000 Phibro Animal Health Corp., 10.0%, 8/1/13 (144A) $232,500
150,000 Warner Chilcott Corp., 8.75%, 2/1/15 $153,000
$385,500
Total Pharmaceuticals & Biotechnology & Life Scie$693,500
Banks - 1.2%
Diversified Banks - 1.2%
500,000 (a)(ALB Finance BV, 9.375% $367,500
250,000 ATF Capital BV, 9.25%, 2/21/14 (144A) $252,500
375,000 Banco Macro SA, 8.5%, 2/1/17 $321,563
700,000 (a) Banco Macro SA, 10.75%, 6/7/12 $525,875
300,000 Petrocommerce Finance SA, 8.75%, 12/17/09 $295,500
500,000 TuranAlem Finance BV, 8.5%, 2/10/15 (144A) $443,150
Total Banks $2,206,088
Diversified Financials - 12.2%
Other Diversified Financial Services - 1.9%
2,500,000 (a) Blue Fin, Ltd., 9.02% 4/10/12 (144A) $2,512,500
1,000,000 (a) Carillon, Ltd., 20.241%, 1/10/11 (144A) $1,034,900
$3,547,400
Specialized Finance - 9.3%
3,500,000 (a) Australis, Ltd., 8.528%, 3/24/09 (144A) $3,505,250
3,000,000 (a) Australis, Ltd., 8.878%, 2/3/09 (144A) $3,017,700
2,000,000 (a) Calabash Re, Ltd., 13.53%, 6/1/09 (144A) $2,080,000
1,000,000 (a) Calabash Re II, Ltd., 13.391%, 1/8/10 (144A) $1,020,100
5,000,000 (a) Cascadia, Ltd., 8.271%, 6/13/08 (144A) $5,002,000
2,000,000 (a) Successor II, Ltd., 44.4%, 6/6/08 (144A) $2,157,000
$16,782,050
Consumer Finance - 0.5%
460,000 AmeriCredit Corp., 8.5%, 7/1/15 (144A) $334,650
550,000 Russian Standard Finance SA, 7.5%, 10/7/10 (144A)$508,750
$843,400
Investment Banking & Brokerage - 0.5%
965,000 (b) LVB Acquisition Merger Sub, Inc., 10.375%, 10/15/$924,789
Total Diversified Financials $22,097,639
Insurance - 17.8%
Insurance Brokers - 0.5%
600,000 HUB International Holdings, Inc., 10.25%, 6/15/15$456,000
500,000 USI Holdings Corp., 9.75%, 5/15/15 (144A) $390,000
$846,000
Multi-Line Insurance - 0.5%
1,000,000 (a) Liberty Mutual Group, Inc., 7.0%, 3/15/37 (144A) $883,950
65,000 Sul America Participacoes SA, 8.625%, 2/15/12 (14$66,381
$950,331
Property & Casualty Insurance - 0.6%
625,000 (a) AMBAC Financial Group, Inc., 6.15%, 2/15/37 $282,250
900,000 (a) MBIA Insurance Corp., 14.0%, 1/15/33 (144A) $841,500
$1,123,750
Reinsurance - 16.2%
2,250,000 (a) AKIBARE, 7.965%, 5/22/12 (144A) $2,272,275
1,500,000 (a) AKIBARE, 8.165%, 5/22/12 (144A) $1,515,300
3,000,000 (a) Atlantic & Western Re, Ltd., 10.979%, 1/9/09 (144$3,031,800
EURO 1,500,000 (a) Atlas Reinsurance Plc, 14.953%, 1/10/11 (144A) $2,220,906
3,000,000 (a) Fhu-Jin, Ltd., 8.778%, 8/10/11 (144A) $3,060,000
3,750,000 (a) Foundation Re, Ltd., 9.005%, 11/24/08 (144A) $3,670,125
1,000,000 (a) GlobeCat, Ltd., 10.91%, 1/2/13 (144A) $1,002,200
350,000 (a) GlobeCat, Ltd., 14.16%, 1/2/13 (144A) $349,510
EURO 1,500,000 (a) Green Valley, Ltd., 8.376%, 1/10/11 (144A) $2,234,898
1,000,000 (a) Newton Re, Ltd., 9.629%, 12/24/10 (144A) $1,000,100
1,000,000 (a) Newton Re, Ltd., 11.929%, 12/24/10 (144A) $995,200
2,500,000 (a) Redwood Capital X, Ltd., 14.08%, 1/9/09 (144A) $2,500,250
2,000,000 (a) Redwood Capital X, Ltd., 18.08%, 1/9/09 (144A) $1,999,400
2,900,000 (a) Residential Reinsurance 2005, Ltd., 13.574%, 6/6/$2,898,550
500,000 (a) Residential Reinsurance 2006, Ltd., 15.124%, 6/5/$509,350
$29,259,864
Total Insurance $32,179,945
Real Estate - 0.7%
Real Estate Management & Development - 0.7%
100,000 (a) Alto Palermo SA, 11.0%, 6/11/12 (144A) $80,280
105,000 China Properties Group, Ltd., 9.125%, 5/4/14 (144$77,175
410,000 IRSA Inversiones y Representaciones SA, 8.5%, 2/2$333,637
1,100,000 Neo-China Group Holdings, Ltd., 9.75%, 7/23/14 (1$825,000
Total Real Estate $1,316,092
Software & Services - 1.6%
IT Consulting & Other Services - 0.2%
400 (e) MSX International UK/MXS International Business Services
FR/MXS International GmbH, 12.5%, 4/1/12 (144$336,000
Data Processing & Outsourced Services - 1.2%
1,440,000 First Data Corp., 9.875%, 9/24/15 (144A) $1,274,400
1,110,000 Pegasus Solutions, Inc., 10.5%, 4/15/15 (144A) $932,400
$2,206,800
Application Software - 0.2%
500,000 Open Solutions, Inc., 9.75%, 2/1/15 (144A) $427,500
Total Software & Services $2,970,300
Technology Hardware & Equipment - 0.6%
Computer Hardware - 0.4%
870,000 Activant Solutions, Inc., 9.5%, 5/1/16 $734,063
Electronic Manufacturing Services - 0.2%
300,000 Cia de Transporte de Energia Electrica de Alta Tension
SA, 8.875%, 12/15/16 (144A) $261,000
70,000 Sanmina-SCI Corp., 6.75%, 3/1/13 $60,550
$321,550
Total Technology Hardware & Equipment $1,055,613
Semiconductors & Semiconductor Equipment - 0.6%
Semiconductors - 0.6%
1,000,000 (b) Freescale Semiconductor, Inc., 9.125%, 12/15/14 $757,500
500,000 Freescale Semiconductor, Inc., 10.125%, 12/15/16 $356,250
Total Semiconductors & Semiconductor Equipment $1,113,750
Telecommunication Services - 4.3%
Alternative Carriers - 0.5%
1,000,000 PAETEC Holding Corp., 9.5%, 7/15/15 (144A) $932,500
Integrated Telecommunication Services - 1.0%
1,200,000 GC Impsat Holdings I Plc, 9.875%, 2/15/17 (144A) $1,156,500
142,000 Tele Norte Leste Participacoes SA, 8.0%, 12/18/13$149,278
500,000 Windstream Corp., 8.625%, 8/1/16 $517,500
$1,823,278
Wireless Telecommunication Services - 2.8%
910,000 Broadview Networks Holdings, Inc., 11.375%, 9/1/1$900,900
500,000 Cell C Property, Ltd., 11.0%, 7/1/15 (144A) $478,750
500,000 Cricket Communications, Inc., 9.375%, 11/1/14 (14$455,000
150,000 Digicel, Ltd., 9.25%, 9/1/12 (144A) $152,063
EURO 500,000 (a) Hellas Telecommunications Luxembourg II, 10.576%,$580,212
850,000 (d) Intelsat Intermediate Holding Co., Ltd., 0.0%, 2/$697,000
400,000 Kabel Deutschland GmbH, 10.625%, 7/1/14 $405,000
1,330,000 True Move Co., Ltd., 10.375%, 8/1/14 (144A) $1,407,760
$5,076,685
Total Telecommunication Services $7,832,463
Utilities - 1.5%
Electric Utilities - 1.3%
2,000,000 Intergen NV, 9.0%, 6/30/17 (144A) $2,085,000
250,000 Mirant JPSCo. Finance, Ltd., 11.0%, 7/6/16 (144A)$266,875
$2,351,875
Independent Power Producers & Energy Traders - 0.2%
390,000 Texas Competitive Electric Holdings Co. LLC, 10.2$383,175
Total Utilities $2,735,050
TOTAL CORPORATE BONDS & NOTES
(Cost $125,448,762) $117,417,535
CONVERTIBLE BONDS & NOTES - 0.2% of Net Assets
Real Estate - 0.2%
Retail Real Estate Investment Trust - 0.2%
400,000 General Growth Properties, Inc., 3.98%, 4/15/27 ($318,500
TOTAL CONVERTIBLE BONDS & NOTES
(Cost $384,160) $318,500
FLOATING RATE LOAN INTERESTS - 32.5% of Net Assets (f)
Energy - 0.9%
Oil & Gas Exploration & Production - 0.9%
559,500 Concho Resources, Inc., Second Lien Term Loan, 9.$549,709
992,857 W&T Offshore, Inc., Tranche B Term Loan, 7.45%, 5$982,929
Total Energy $1,532,638
Materials - 2.6%
Paper Packaging - 0.7%
1,492,386 Georgia-Pacific LLC, Term Loan B, 6.948% - 7.474%$1,381,390
Steel - 1.1%
1,310,931 Algoma Steel, Inc., Term Loan, 8.09%, 6/20/13 $1,222,443
895,500 Niagara Corp., Term Loan, 6.819% - 10.129%, 6/29/$788,040
$2,010,483
Forest Products - 0.8%
1,500,000 Ainsworth Lumber Co., Ltd., Term Loan, 7.819%, 6/$1,395,000
Total Materials $4,786,873
Capital Goods - 2.0%
Construction & Farm Machinery & Heavy Trucks - 1.6%
1,000,000 Accuride Corp., Term Loan, 8.5%, 1/31/12 $964,375
2,000,000 Rental Service Corp., Second Lien Initial Term Lo$1,960,000
$2,924,375
Diversified Commercial & Professional Services - 0.4%
746,250 Asset Acceptance Capital Corp., Tranche B Term Lo$716,400
Total Capital Goods $3,640,775
Commercial Services & Supplies - 1.3%
Environmental & Facilities Services - 1.3%
1,243,750 Synagro Technologies, Inc., First Lien Term Loan,$1,106,938
1,223,109 Waste Services, Inc., Tranche E Term Loan, 8.05%,$1,149,723
Total Commercial Services & Supplies $2,256,661
Consumer Durables & Apparel - 1.0%
Homebuilding - 0.6%
2,000,000 LandSource Communities Development LLC, Second Lien
Term Loan, 9.86%, 2/27/14 $1,045,000
Housewares & Specialties - 0.4%
925,583 Yankee Candle Company, Inc., Term Loan, 5.29% - 6$838,810
Total Consumer Durables & Apparel $1,883,810
Consumer Services - 1.6%
Casinos & Gaming - 1.6%
1,000,000 (g) Fontainebleau Las Vegas, LLC/Fontainebleau Las Vegas II, LLC,
Intial Term Loan, 8.948%, 6/6/14 $895,000
166,667 Gateway Casinos & Entertainment, First Lien Delayed Draw
Term Loan, 9.0%, 9/30/14 $147,917
833,333 Gateway Casinos & Entertainment, First Lien Term $739,583
1,000,000 Gateway Casinos & Entertainment, Second Lien Term$850,000
250,000 Riviera Holdings Corp., Term Loan, 7.36%, 6/8/14 $231,250
Total Consumer Services $2,863,750
Media - 2.2%
Broadcasting & Cable Television - 1.0%
2,000,000 Charter Communications Operating, LLC, Replacemen$1,850,770
Movies & Entertainment - 0.5%
995,000 Lodgenet Entertainment Corp., Closing Date Term L$922,862
Publishing - 0.7%
1,243,750 Canwest Mediaworks, L.P., Credit D Term Loan, 7.5$1,200,219
Total Media $3,973,851
Retailing - 0.8%
Apparel, Accessories & Luxury Goods - 0.8%
1,505,978 Hanesbrands, Inc., Term Loan B, 6.533% - 7.11%, 9$1,456,327
Total Retailing $1,456,327
Health Care Equipment & Services - 4.8%
Health Care Equipment & Services - 0.9%
1,741,206 Talecris Biotherapeutics Holdings Corp., First Lien Term
Loan, 8.38% - 9.5%, 12/6/13 $1,730,323
Health Care Supplies - 0.6%
497,500 IM US Holdings, LLC, First Lien Term Loan, 7.198%$460,187
600,000 IM US Holdings, LLC, Second Lien Term Loan, 9.448$562,500
$1,022,687
Health Care Services - 0.6%
1,090,738 HealthSouth Corp., Term Loan, 5.78% - 6.92%, 3/11$1,022,567
Health Care Facilities - 2.7%
922,660 CHS/Community Health Systems, Inc., Term Loan, 7.$853,816
1,740,779 Hanger Orthopedic Group, Inc., Tranche B Term Loa$1,658,092
994,975 HCA, Inc., Tranche B Term Loan, 7.448%, 11/18/13 $921,828
498,042 Psychiatric Solutions, Inc., Term Loan, 6.568% - $480,611
104,307 Sun Healthcare Group, Inc., Delayed Draw Term Loa$98,049
162,256 Sun Healthcare Group, Inc., Synthetic LC Loan, 5.$152,521
706,608 Sun Healthcare Group, Inc., Term Loan, 6.78% - 7.$664,212
$4,829,129
Total Health Care Equipment & Services $8,604,706
Pharmaceuticals & Biotechnology & Life Sciences - 0.4%
Pharmaceuticals - 0.4%
750,000 Mylan Inc., Tranche B Term Loam, 7.625%, 10/2/14 $735,000
Total Pharmaceuticals & Biotechnology & Life Scie$735,000
Diversified Financials - 3.2%
Specialized Finance - 1.4%
875,721 Ace Cash Express, Inc., Term Loan, 7.86% - 8.7%, $757,499
439,482 Ceva Group Plc, Pre-Funded LC Loan, 7.86%, 11/4/1$428,495
1,334,229 Ceva Group 1 Plc, Term Loan, 8.086%, 11/4/13 $1,300,874
$2,486,868
Consumer Finance - 1.4%
992,481 Collect Acquisition Corp., Facility Term Loan B, $938,721
1,003,394 Dollar Financial Corp., Canadian Borrower Term Lo$968,275
737,790 Dollar Financial Corp., Delayed Draw Term Loan, 7$711,967
$2,618,963
Investment Banking & Brokerage - 0.4%
700,000 MSCI, Inc., Term Loan B, 7.74%, 11/20/14 $697,375
Total Diversified Financials $5,803,206
Insurance - 1.9%
Insurance Brokers - 1.2%
70,992 HUB International, Ltd., Delay Draw Term Loan, 7.$63,893
406,454 HUB International, Ltd., Initial Term Loan, 7.33%$365,809
1,990,000 USI Holdings Corp., Tranche B Term Loan, 7.95%, 5$1,845,725
$2,275,427
Multi-Line Insurance - 0.7%
497,500 AmWins Group, Inc., Initial Term Loan, 7.82% - 8.$398,000
1,000,000 AmWins Group, Inc., Second Lien Initial Term Loan$825,000
$1,223,000
Total Insurance $3,498,427
Technology Hardware & Equipment - 3.1%
Computer Storage & Peripherals - 1.8%
1,984,962 SunGard Data Systems Inc., New Term Loan, 6.898%,$1,844,568
1,488,750 Vangent, Inc., Term Loan, 7.62%, 2/14/13 $1,332,431
$3,176,999
Electronic Equipment Manufacturers - 1.4%
748,125 Aeroflex, Inc., Tranche B-2 Term Loan, 8.619%, 8/$705,108
1,980,000 H3C Holdings, Ltd., Tranche B Term Loan, 8.141%, $1,900,800
$2,605,908
Technology Distributors - 0.3%
513,713 Scitor Corp., Term Loan, 9.11%, 9/28/14 $506,649
Total Technology Hardware & Equipment $5,584,448
Semiconductors & Semiconductor Equipment - 0.5%
Semiconductors - 0.5%
994,975 Freescale Semiconductor, Inc., Term Loan, 7.33%, $847,594
Total Semiconductors & Semiconductor Equipment $847,594
Telecommunication Services - 2.4%
Alternative Carriers - 0.6%
1,243,725 PAETEC Holding Corp., Replacement Term Loan, 7.34$1,175,839
Wireless Telecommunication Services - 1.8%
994,950 Cricket Communications, Inc., Term Loan B, 7.448$960,281
1,741,184 MetroPCS Wireless, Inc., New Tranche B Term Loan,$1,630,183
625,000 Stratos Global Corp./Stratos Funding L.P., Facili$596,875
$3,187,339
Total Telecommunication Services $4,363,178
Utilities - 3.4%
Multi-Utilities - 0.8%
1,496,250 Alliant Holdings I, Inc., Term Loan, 7.47%, 8/21/$1,413,956
Independent Power Producers & Energy Traders - 2.6%
1,985,000 Calpine Corp., First Priority Term Loan, 7.08%, 3$1,776,575
187,926 Mach Gen, LLC, First Lien Synthetic LC Loan, 7.35$169,885
1,798,450 Mach Gen, LLC, First Lien Term Loan B, 7.2%, 2/22$1,625,798
418,256 NRG Energy, Inc., Credit-Linked Deposit Loan, 7.1$385,266
905,913 NRG Energy, Inc., Term Loan, 6.948%, 2/1/13 $834,459
$4,791,983
Total Utilities $6,205,939
TOTAL FLOATING RATE LOAN INTERESTS
(Cost $63,675,518) $58,742,291
FIXED RATE LOAN INTERESTS - 0.3% of Net Assets
Energy - 0.3%
Oil & Gas Exploration & Production - 0.3%
600,000 SandRidge Energy, Inc., Term Loan, 8.625%, 4/1/15$595,500
TOTAL FIXED RATE LOAN INTERESTS
(Cost $602,931) $595,500
Shares WARRANTS - 0.0% of Net Assets (h)
Real Estate - 0.0%
Real Estate Management & Development - 0.0%
750,000 Neo-China Group Holdings, Ltd., Expires 7/22/12 $38,479
TOTAL WARRANTS
(Cost $17,012) $38,479
TOTAL INVESTMENTS IN SECURITIES - 98.1%
(Cost $190,534,453) (i) $177,452,305
OTHER ASSETS AND LIABILITIES - 1.9% $3,457,549
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS - 100$180,909,854
(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, 2008, the
value of these securities amounted to
$89,108,829 or 49.3% of total net assets
applicable to common shareowners.
(a) Floating rate note. The rate shown is the rate at January 31,
2008.
(b) Represents a pay-in-kind security which may pay
interest in additional principal.
(c) Security is a perpetual bond and has no definite maturity date.
(d) 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, 2008.
(e) Security is priced as a unit.
(f) Floating rate loan interests in which the Trust invests generally
pay interest at rates that are periodically redetermined by
reference to a base lending rate 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 (iv) other base lending rates
used by
commercial lenders. The interest rate shown is the rate accruing
at January 31, 2008.
(g) Indicates a security that has been deemed illiquid.
The aggregate cost of illiquid securities is $996,458.
The aggregate value $895,000 represents 0.5% of the net assets.
(h) Non-income producing security.
(i) At January 31, 2008, the net unrealized
loss on investments based on cost for
federal income tax purposes
of $190,534,453 was as follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $757,320
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value ($13,839,468)
Net unrealized loss ($13,082,148)
For financial reporting purposes net unrealized loss was
$13,082,148 and cost of investments aggregated $190,534,453.
Glossary of Terms:
LC - Letter of Credit
Note: Principal amounts are denominated in U.S. dollars
unless otherwise denoted.
EURO
NOK
ITEM 2. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph, based on their
evaluation of these controls and procedures required by Rule 30a-3(b)
under the Act (17 CFR270.30a-3(b))) and Rule 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer and principal financial officer
have concluded that the registrant's disclosure controls and procedures are
effective based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of this report.
(b) Disclose any change in the registrant's internal controls over financial
reporting (as defined in Rule 30a-3(d) under the Act (17 CFR270.30a-3(d))
that occurred during the registrant's last fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting.
There were no significant changes in the registrant's internal control over
financial reporting that occurred during the second fiscal quarter of the
period covered by this report that have materially affected, or are
reasonably likely to materially affect, the registrant's internal control
over financial reporting.
ITEM 3. EXHIBITS.
(a) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Diversified High Income Trust
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date March 31, 2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date March 31, 2008
By (Signature and Title)* /s/ Vincent Nave
Vincent Nave, Treasurer
Date March 31, 2008
* Print the name and title of each signing officer under his or her signature.