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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: July 31, 2007
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 7/31/07 (unaudited)
Principal
Amount Value
COLLATERIZED MORTGAGE OBLIGATIONS - 0.2% of Net Assets
Diversified Financials - 0.2%
400,000 DB Master Finance LLC, 8.285%, 6/20/31 (144A) $ 406,718
TOTAL COLLATERIZED MORTGAGE OBLIGATIONS
(Cost $406,113) $ 406,718
CORPORATE BONDS & NOTES - 50.2% of Net Assets
Energy - 4.7%
Oil & Gas Drilling - 0.2%
300,000 Skeie Drilling & Production ASA, 11.25%, 3/8/13 $ 302,250
$ 302,250
Oil & Gas Equipment & Services - 1.1%
400,000 Bristow Group, Inc., 7.5%, 9/15/17 (144A) $ 396,000
5,000,000 Norwegian Energy Co. AS, 11.0%, 7/13/10 (144A) 850,136
275,000 SemGroup L.P., 8.75%, 11/15/15 (144A) 270,875
600,000 (a) Sevan Marine ASA, 8.37%, 5/14/13 (144A) 603,000
$ 2,120,011
Integrated Oil & Gas - 0.3%
500,000 Tristan Oil, Ltd., 10.5%, 1/1/12 (144A) $ 480,000
Oil & Gas Exploration & Production - 1.0%
160,000 Berry Petroleum Co., 8.25%, 11/1/16 $ 154,400
500,000 Harvest Operations Corp., 7.875%, 10/15/11 473,750
160,000 Hilcorp Energy I L.P./Hilcorp Finance Co., 7.75%, 11 149,600
675,000 Parallel Petroleum Corp., 10.25%, 8/1/14 (144A) 675,000
225,000 PetroQuest Energy, Inc., 10.375%, 5/15/12 226,125
250,000 Quicksilver Resources, Inc., 7.125%, 4/1/16 231,875
$ 1,910,750
Oil & Gas Refining & Marketing - 0.8%
955,000 Aventine Renewable Energy Holdings, Inc., 10.0%, 4/$ 897,700
600,000 VeraSun Energy Corp., 9.375%, 6/1/17 (144A) 546,000
$ 1,443,700
Oil & Gas Storage & Transportation - 0.9%
400,000 Inergy L.P./Inergy Finance Corp., 8.25%, 3/1/16 $ 400,000
250,000 LPG International, Inc., 7.25%, 12/20/15 243,125
250,000 Targa Resources, Inc., 8.5%, 11/1/13 (144A) 277,166
550,000 Transportadora de Gas del Sur SA, 7.875%, 5/14/17 (1 496,375
400,000 Williams Partners L.P./Williams Partners Finance Cor 388,000
$ 1,804,666
Coal &Consumable Fuels - 0.4%
900,000 Massey Energy Co., 6.875%, 12/15/13 $ 793,125
Total Energy $ 8,854,502
Materials - 6.0%
Commodity Chemicals - 1.1%
400,000 ARCO Chemical Co., 9.8%, 2/1/20 $ 412,000
1,750,000 Georgia Gulf Corp., 10.75%, 10/15/16 1,636,250
$ 2,048,250
Diversified Chemicals - 0.7%
110,000 Braskem SA, 11.75%, 1/22/14 (144A) $ 131,725
850,000 Ineos Group Holdings Plc, 7.875%, 2/15/16 (144A) 1,016,628
250,000 Montell Finance Co. BV, 8.1%, 3/15/27 (144A) 217,500
$ 1,365,853
Construction Materials - 0.2%
320,000 Blaze Recycling & Metals LLC / Blaze Finance Corp.,$ 315,200
Metal & Glass Containers - 0.5%
625,000 Impress Holdings BV, 9.25%, 9/15/14 (144A) $ 842,699
80,000 Vitro, SAB de CV, 9.125%, 2/1/17 (144A) 76,800
$ 919,499
Paper Packaging - 1.0%
600,000 Exopack Holding Corp., 11.25%, 2/1/14 $ 612,000
500,000 Graphic Packaging International, Inc., 9.5%, 8/15/13 500,000
750,000 U.S. Corrugated, Inc., 10.0%, 6/1/13 729,375
$ 1,841,375
Aluminum - 0.8%
700,000 Aleris International, Inc., 10.0%, 12/15/16 (144A) $ 626,500
350,000 Asia Aluminum Holdings, Ltd., 8.0%, 12/23/11 (144A) 332,500
500,000 Indalex Holding Corp., 11.5%, 2/1/14 495,000
$ 1,454,000
Diversified Metals & Mining - 0.6%
350,000 American Rock Salt Co., LLC, 9.5%, 3/15/14 $ 352,625
250,000 FMG Finance Pty., Ltd., 10.625%, 9/1/16 (144A) 286,250
500,000 (a)(bNoranda Aluminium Acquisition Corp., 9.36%, 5/15/15 475,000
75,000 PNA Group, Inc., 10.75%, 9/1/16 (144A) 80,250
$ 1,194,125
Steel - 0.0%
1,245,000 Algoma Acquisition Corp., 9.875%, 6/15/15 (144A) $ 1,176,525
50,000 Zlomrex International Finance SA, 8.5%, 2/1/14 (144A 65,705
$ 1,242,230
Forest Products - 0.3%
250,000 Ainsworth Lumber Co., Ltd., 6.75%, 3/15/14 $ 170,000
500,000 Mandra Forestry Holdings, Ltd., 12.0%, 5/15/13 (144A 491,250
$ 661,250
Paper Products - 0.2%
500,000 Bowater, Inc., 9.375%, 12/15/21 $ 440,000
Total Materials $11,481,782
Capital Goods - 3.5%
Aerospace & Defense - 0.2%
300,000 TransDigm, Inc., 7.75%, 7/15/14 (144A) $ 294,000
Building Products - 0.4%
500,000 (a) Builders FirstSource, Inc., 9.61%, 2/15/12 $ 492,500
300,000 (a)(cC8 Capital SPV, Ltd., 6.64% (144A) 285,510
$ 778,010
Construction & Engineering - 0.5%
750,000 Desarrolladora Metropolitana SA de CV, 10.875%, 5/9$ 758,437
200,000 Dycom Industries, Inc., 8.125%, 10/15/15 197,000
$ 955,437
Electrical Components & Equipment - 0.4%
650,000 (c) Rede Empresas de Energia Eletrica SA, 11.125% (144A$ 679,087
Industrial Conglomerates - 1.0%
2,000,000 Intergen NV, 9.0%, 6/30/17 (144A) $ 1,970,000
Construction & Farm Machinery & Heavy Truck - 1.0%
600,000 Accuride Corp., 8.5%, 2/1/15 $ 570,000
520,000 Commercial Vehicle Group, Inc., 8.0%, 7/1/13 478,400
550,000 Greenbrier Companies, Inc., 8.375%, 5/15/15 541,750
400,000 Titan International, Inc., 8.0%, 1/15/12 408,000
$ 1,998,150
Total Capital Goods $ 6,674,684
Commercial Services & Supplies - 1.0%
Diversified Commercial & Professional Services - 1.0%
350,000 FTI Consulting, Inc., 7.75%, 10/1/16 $ 343,000
425,000 (a) NCO Group, Inc., 10.23%, 11/15/13 (144A) 408,000
900,000 NCO Group, Inc., 11.875%, 11/15/14 (144A) 873,000
250,000 Park-Ohio Industries, Inc., 8.375%, 11/15/14 232,500
Total Commercial Services & Supplies $ 1,856,500
Transportation - 0.8%
Airlines - 0.3%
154,114 American Airlines, Inc., 7.377%, 5/23/19 $ 140,244
500,000 (c) GOL Finance, 8.75% (144A) 476,250
$ 616,494
Marine - 0.3%
500,000 Stena AB, 7.0%, 12/1/16 $ 492,500
Railroads - 0.2%
350,000 Kansas City Southern de Mexico SA de CV, 7.625%, 12$ 350,000
Total Transportation $ 1,458,994
Automobiles & Components - 0.2%
Auto Parts & Equipment - 0.2%
500,000 Cooper-Standard Automotive, Inc., 8.375%, 12/15/14 $ 435,000
Total Automobiles & Components $ 435,000
Consumer Durables & Apparel - 1.3%
Homebuilding - 0.4%
315,000 Desarrolladora Homex SAB de CV, 7.5%, 9/28/15 $ 296,100
80,000 TOUSA, Inc., 10.375%, 7/1/12 45,600
500,000 William Lyon Homes, Inc., 7.5%, 2/15/14 380,000
$ 721,700
Housewares & Specialties - 0.4%
200,000 Jarden Corp., 7.5%, 5/1/17 $ 180,000
750,000 Yankee Acquisition Corp., 9.75%, 2/15/17 667,500
$ 847,500
Footwear - 0.5%
730,000 (a) Edcon Holdings Proprietary, Ltd., 9.645%, 6/15/15 ($ 849,372
Total Consumer Durables & Apparel $ 2,418,572
Consumer Services - 1.4%
Casinos & Gaming - 1.4%
50,000 Codere Finance Luxembourg SA, 8.25%, 6/15/15 (144A)$ 65,020
550,000 Fontainebleau Las Vegas Holdings LLC/Fontainebleau L 474,375
275,000 Little Traverse Bay Bands of Odawa Indians, 10.25%, 275,000
50,000 Peermont Global, Ltd., 7.75%, 4/30/14 (144A) 65,020
750,000 Station Casinos, Inc., 6.625%, 3/15/18 600,000
750,000 Trump Entertainment Resorts, Inc., 8.5%, 6/1/15 631,875
650,000 Wimar Opco LLC, 9.625%, 12/15/14 (144A) 546,000
Total Consumer Services $ 2,657,290
Media - 0.8%
Movies & Entertainment - 0.2%
400,000 Corporacion Interamericana de Entretenimiento SA de$ 416,000
Publishing - 0.6%
500,000 (b) AAC Group Holding Corp., 14.75%, 10/1/12 $ 510,000
600,000 TL Acquisitions, Inc., 10.5%, 1/15/15 (144A) 552,000
$ 1,062,000
Total Media $ 1,478,000
Retailing - 0.5%
Distributors - 0.3%
500,000 Intcomex, Inc., 11.75%, 1/15/11 $ 510,000
Catalog Retail - 0.2%
500,000 Sally Holdings LLC, 9.25%, 11/15/14 (144A) $ 470,000
Total Retailing $ 980,000
Food & Staples Retailing - 0.4%
Drug Retail - 0.1%
275,000 Duane Reade, Inc., 9.75%, 8/1/11 $ 259,875
Food Distributors - 0.3%
250,000 JBS SA, 10.5%, 8/4/16 (144A) $ 259,375
275,000 (d) SA Fabrica de Produtos Alimenticios Vigor, 9.25%, 2/ 266,750
$ 526,125
Total Food & Staples Retailing $ 786,000
Food, Beverage & Tobacco - 1.2%
Brewers - 0.1%
250,000 Cerveceria Nacional Dominicana C por A, 8.0%, 3/27/$ 247,500
Agricultural Products - 0.5%
580,000 (c) Cosan SA Industria e Comercio, 8.25% (144A) $ 572,750
400,000 Marfrig Overseas, Ltd., 9.625%, 11/16/16 (144A) 407,000
$ 979,750
Packaged Foods & Meats - 0.3%
500,000 Minerva Overseas, Ltd., 9.5%, 2/1/17 (144A) $ 503,125
Tobacco - 0.3%
500,000 Alliance One International, Inc., 8.5%, 5/15/12 (14$ 492,500
Total Food, Beverage & Tobacco $ 2,222,875
Health Care Equipment & Services - 2.3%
Health Care Equipment & Services - 0.4%
750,000 Accellent, Inc., 10.5%, 12/1/13 $ 720,000
Health Care Supplies - 0.2%
500,000 (a) Medical Services Co., 12.86%, 10/15/11 $ 480,000
Health Care Services - 0.8%
350,000 Rural/Metro Corp., 9.875%, 3/15/15 $ 343,000
725,000 (b) Surgical Care Affiliates, Inc., 8.875%, 7/15/15 (144 688,750
570,000 Surgical Care Affiliates, Inc., 10.0%, 7/15/17 (144A 541,500
$ 1,573,250
Health Care Facilities - 0.6%
500,000 Community Health Systems, Inc., 8.875%, 7/15/15 (14$ 485,625
420,000 Hanger Orthopedic Group, Inc., 10.25%, 6/1/14 434,700
200,000 Sun Healthcare Group, Inc., 9.125%, 4/15/15 (144A) 200,000
$ 1,120,325
Managed Health Care - 0.3%
500,000 Multiplan, Inc., 10.375%, 4/15/16 (144A) $ 490,000
Total Health Care Equipment & Services $ 4,383,575
Pharmaceuticals & Biotechnology & Life Sciences - 0.4%
Biotechnology - 0.2%
400,000 Angiotech Pharmaceuticals, Inc., 7.75%, 4/1/14 $ 365,000
Pharmaceuticals - 0.2%
250,000 Phibro Animal Health Corp., 10.0%, 8/1/13 (144A) $ 245,000
250,000 Warner Chilcott Corp., 8.75%, 2/1/15 243,750
$ 488,750
Total Pharmaceuticals & Biotechnology & Life Scienc$ 853,750
Banks - 1.3%
Diversified Banks - 1.3%
500,000 (a)(cALB Finance BV, 9.375% $ 444,450
250,000 ATF Capital BV, 9.25%, 2/21/14 (144A) 261,250
375,000 Banco Macro SA, 8.5%, 2/1/17 (144A) 335,625
700,000 (a) Banco Macro SA, 10.6%, 6/7/12 (144A) 622,440
300,000 Petrocommerce Finance SA, 8.75%, 12/17/09 297,120
500,000 TuranAlem Finance BV, 8.5%, 2/10/15 (144A) 455,000
Total Banks $ 2,415,885
Diversified Financials - 9.0%
Other Diversified Financial Services - 0.5%
1,000,000 (a) Carillon, Ltd., 20.61%, 1/10/11 (144A) $ 997,400
Consumer Finance - 0.8%
460,000 AmeriCredit Corp., 8.5%, 7/1/15 (144A) $ 441,600
500,000 KAR Holdings, Inc., 10.0%, 5/1/15 (144A) 440,000
550,000 Russian Standard Finance SA, 7.5%, 10/7/10 (144A) 511,500
$ 1,393,100
Total Diversified Financials $17,175,055
Insurance - 8.2%
Insurance Brokers - 0.5%
600,000 HUB International Holdings, Inc., 10.25%, 6/15/15 ($ 516,000
500,000 USI Holdings Corp., 9.75%, 5/15/15 (144A) 475,000
$ 991,000
Multi-Line Insurance - 0.5%
1,000,000 (a) Liberty Mutual Group, Inc., 7.0%, 3/15/37 (144A) $ 907,438
100,000 Sul America Participacoes SA, 8.625%, 2/15/12 (144A) 98,750
$ 1,006,188
Reinsurance - 14.8%
2,250,000 (a) AKIBARE, 8.31%, 5/22/12 (144A) $ 2,258,775
1,500,000 (a) AKIBARE, 8.51%, 5/22/12 (144A) 1,514,250
3,500,000 (a) Australis, Ltd., 9.005%, 3/24/09 (144A) 3,510,850
1,750,000 (a) Australis, Ltd., 9.355%, 2/3/09 (144A) 1,764,350
1,000,000 (a) Calabash Re, II Ltd., 13.76%, 1/8/10 (144A) 998,000
2,000,000 (a) Calabash Re, Ltd., 13.86%, 6/1/09 (144A) 2,035,000
1,000,000 (a) Cascadia, Ltd., 8.485%, 6/13/08 (144A) 1,000,030
3,000,000 (a) Fhu-Jin, Ltd., 9.255%, 8/10/11 (144A) 3,032,730
3,750,000 (a) Foundation Re, Ltd., 9.46%, 11/24/08 (144A) 3,591,000
3,400,000 (a) Residential Reinsurance 2005, Ltd., 13.81%, 6/6/08 ( 3,198,040
1,000,000 (a) Spinnaker Capital, Ltd., 16.86%, 6/15/08 (144A) 997,400
2,000,000 (a) Successor Hurricane Industry, Ltd., 18.66%, 12/6/07 1,960,400
2,000,000 (a) Successor II, Ltd., 44.61%, 6/6/08 (144A) 2,020,400
$13,594,795
Total Insurance $15,591,983
Real Estate - 0.8%
Real Estate Management & Development - 0.8%
100,000 (a) Alto Palermo SA, 10.851%, 6/11/12 (144A) $ 89,000
105,000 China Properties Group, Ltd., 9.125%, 5/4/14 (144A) 92,925
410,000 IRSA Inversiones y Representaciones SA, 8.5%, 2/2/17 364,900
1,100,000 Neo-China Group Holdings, Ltd., 9.75%, 7/23/14 (144A 1,034,000
Total Real Estate $ 1,580,825
Software & Services - 1.0%
IT Consulting & Other Services - 0.2%
400 (e) MSX International UK/MXS International Business Ser$ 396,000
Data Processing & Outsourced Services - 0.5%
1,110,000 Pegasus Solutions, Inc., 10.5%, 4/15/15 (144A) $ 1,037,850
Application Software - 0.3%
500,000 Open Solutions, Inc., 9.75%, 2/1/15 (144A) $ 482,500
Total Software & Services $ 1,916,350
Technology Hardware & Equipment - 0.8%
Computer Hardware - 0.6%
500,000 (a)(bCHR Intermediate Holding Corp., 12.61%, 6/1/13 (144A 498,125
870,000 Activant Solutions, Inc., 9.5%, 5/1/16 $ 783,000
Electronic Manufacturing Services - 0.2%
300,000 Cia de Transporte de Energia Electrica de Alta Tens$ 279,000
70,000 Sanmina-SCI Corp., 6.75%, 3/1/13 61,600
$ 340,600
Total Technology Hardware & Equipment $ 1,123,600
Semiconductors & Semiconductor Equipment - 0.8%
Semiconductors - 0.8%
1,000,000 Freescale Semiconductor, Inc., 8.875%, 12/15/14 (14$ 912,500
100,000 (a) Freescale Semiconductor, Inc., 9.235%, 12/15/14 (144 91,750
500,000 Freescale Semiconductor, Inc., 10.125%, 12/15/16 (14 440,000
Total Semiconductors & Semiconductor Equipment $ 1,444,250
Telecommunication Services - 3.9%
Alternative Carriers - 0.5%
1,000,000 PAETEC Holding Corp., 9.5%, 7/15/15 (144A) $ 955,000
Integrated Telecommunication Services - 1.0%
1,200,000 GC Impsat Holdings I Plc, 9.875%, 2/15/17 (144A) $ 1,140,000
142,000 Tele Norte Leste Participacoes SA, 8.0%, 12/18/13 148,390
500,000 Windstream Corp., 8.625%, 8/1/16 506,250
$ 1,794,640
Wireless Telecommunication Services - 2.4%
910,000 Broadview Networks Holdings, Inc., 11.375%, 9/1/12 $ 919,100
500,000 Cell C Property, Ltd., 11.0%, 7/1/15 (144A) 441,250
500,000 Cricket Communications, Inc., 9.375%, 11/1/14 (144A) 493,125
150,000 Digicel, Ltd., 9.25%, 9/1/12 (144A) 151,500
500,000 (a) Hellas Telecommunications Luxembourg II, 10.209%, 1/ 674,159
850,000 (d) Intelsat Intermediate Holding Co., Ltd., 0.0%, 2/1/1 667,250
1,330,000 True Move Co., Ltd., 10.375%, 8/1/14 (144A) 1,301,738
$ 4,648,122
Total Telecommunication Services $ 7,397,762
Utilities - 0.1%
Electric Utilities - 0.1%
250,000 Mirant JPSCo. Finance, Ltd., 11.0%, 7/6/16 (144A) $ 270,000
Total Utilities $ 270,000
TOTAL CORPORATE BONDS & NOTES
(Cost $99,189,761) $95,457,234
CONVERTIBLE BONDS & NOTES - 0.2% of Net Assets
Real Estate - 0.2%
Retail Real Estate Investment Trust - 0.2%
400,000 General Growth Properties, Inc., 3.98%, 4/15/27 (14$ 361,000
TOTAL CONVERTIBLE BONDS & NOTES
(Cost $384,160) $ 361,000
FLOATING RATE LOAN INTERESTS - 34.5% of Net Assets(f)
Energy - 1.0%
Oil & Gas Exploration & Production - 1.0%
997,500 Concho Resources, Inc., Second Lien Term Loan, 9.07$ 985,031
1,000,000 W&T Offshore, Inc., Tranche B Term Loan, 2.25%, 5/26 987,500
Total Energy $ 1,972,531
Materials - 2.8%
Paper Packaging - 0.7%
1,500,000 Georgia-Pacific LLC, Term B Loan, 7.09% - 7.11%, 12$ 1,420,981
Forest Products - 0.8%
1,500,000 Ainsworth Lumber Co. Ltd., Term Loan, 8.375%, 6/26/$ 1,462,500
Steel - 1.3%
1,850,000 Algoma Steel, Inc., Term Loan, 2.5%, 6/20/13 $ 1,757,500
650,000 Niagara Corp., Term Loan B, 10.36%, 6/29/14 651,625
$ 2,409,125
Total Materials $ 5,292,606
Capital Goods - 1.0%
Construction & Farm Machinery & Heavy Trucks - 1.0%
2,000,000 Rental Service Corp., Second Lien Initial Term Loan$ 1,970,000
Total Capital Goods $ 1,970,000
Commercial Services & Supplies - 2.2%
Environmental & Facilities Services - 1.3%
1,250,000 Synagro Technologies, Inc., First Lien Term Loan, 2$ 1,200,000
1,225,000 Waste Services, Inc., Tranche E Term Loan , 2.5%, 3/ 1,188,250
$ 2,388,250
Logistics-.09%
439,482 Louis No. 1 PLC, Pre-Funded LC Loan, 7.86%, 11/4/13$ 442,366
1,341,318 Louis No. 1 PLC, Term Loan, 7.82%, 11/4/13 1,350,121
$ 1,792,487
Total Commercial Services & Supplies $ 4,180,737
Consumer Durables & Apparel - 1.5%
Homebuilding - 1.0%
2,000,000 LandSource Communities Development LLC, Second Lien$ 1,856,666
Housewares & Specialties - 0.5%
1,000,000 Yankee Candle Company, Inc., Term Loan, 7.36%, 2/6/$ 950,000
Total Consumer Durables & Apparel $ 2,806,666
Consumer Services - 1.6%
Casinos & Gaming - 1.6%
1,000,500 Fontainebleau Las Vegas, LLC/Fontainebleau Las Vega$ 963,607
833,350 New World Gaming Partners, Term Loan, 2.5%, 7/16/04 810,433
1,000,000 New World Gaming Partners, Term Loan, 5.5%, 7/16/04 965,000
250,000 Riviera Holdings Corp., Term Loan, 7.36%, 6/8/14 243,125
Total Consumer Services $ 2,982,165
Media - 2.9%
Broadcasting & Cable Television - 1.0%
2,000,000 Charter Communications Operating, LLC, New Term Loa$ 1,906,000
Movies & Entertainment - 0.5%
1,000,000 Lodgenet Entertainment Corp., Closing Date Term Loa$ 979,167
Publishing - 1.5%
1,250,000 Canwest Mediaworks Limited Partnership, Credit D Te$ 1,225,000
1,741,219 Riverdeep Interactive Learning USA, Inc., Term Loan, 1,688,983
$ 2,913,983
Total Media $ 5,799,150
Retailing - 1.0%
Apparel, Accessories & Luxury Goods - 1.0%
2,000,000 Hanesbrands, Inc., Term Loan B, 7.105%, 9/5/13 $ 1,939,376
Total Retailing $ 1,939,376
Food, Beverage & Tobacco - 0.6%
Tobacco - 0.6%
1,103,448 Alliance One International, Inc./Intabex Netherland$ 1,106,207
Total Food, Beverage & Tobacco $ 1,106,207
Household & Personal Products - 1.8%
Household Products - 1.8%
2,000,000 Huish Detergents, Inc., Second Lien Term Loan, 9.57$ 1,860,000
1,500,000 Samsonite Corp., Term Loan, 2.25%, 12/20/13 1,492,188
Total Household & Personal Products $ 3,352,188
Health Care Equipment & Services - 4.8%
Health Care Equipment & Services - 0.9%
1,750,000 Talecris Biotherapeutics Holdings Corp., First Lien$ 1,717,188
$ 1,717,188
Health Care Supplies - 0.5%
500,000 IM US Holdings, LLC (Inverness Medical), First Lien$ 477,500
600,000 IM US Holdings, LLC (Inverness Medical), Second Lien 585,000
$ 1,062,500
Health Care Services - 0.8%
1,500,000 HealthSouth Corp., Term Loan, 7.82%, 3/10/13 $ 1,463,720
Health Care Facilities - 2.6%
938,128 Community Health Systems, Inc., Term Loan, 7.57%, 7$ 896,750
1,750,000 Hanger Orthopedic Group, Inc., Tranche B Term Loan, 1,741,250
1,000,000 HCA, Inc., Tranche B Term Loan, 7.61%, 11/18/13 967,167
499,674 Psychiatric Solutions, Inc., Term Loan, 7.09% - 7.13 499,049
160,919 Sun Healthcare Group, Inc., Synthetic LC Loan, 2.0%, 159,713
712,644 Sun Healthcare Group, Inc., Term Loan, 2.0%, 4/19/14 707,299
$ 4,971,228
Total Health Care Equipment & Services $ 9,214,636
Diversified Financials - 3.1%
Other Diversified Financial Services - 0.8%
1,500,000 J.G. Wentworth LLC, Second Lien Term Loan, 10.36%, $ 1,481,250
$ 3,273,737
Specialized Finance - 0.5%
897,740 Ace Cash Express, Inc., Term Loan, 8.34% - 8.39%, 1$ 855,097
Consumer Finance - 1.4%
997,494 Collect Acquisition Corp., Facility Term Loan B, 8.$ 987,519
1,750,000 Dollar Financial Corp., Canadian Borrower Term Loan, 1,700,781
$ 2,688,300
Asset Management & Custody Banks - 0.4%
750,000 Asset Acceptance Capital Corp., Tranche B Term Loan$ 746,250
Total Diversified Financials $ 7,563,384
Insurance - 2.0%
Insurance Brokers - 1.2%
408,497 HUB International Holdings, Inc., Initial Term Loan$ 387,051
2,000,000 USI Holdings Corp., Tranche B Term Loan, 8.11%, 5/5/ 1,900,000
$ 2,287,051
Multi-Line Insurance - 0.8%
500,000 AmWins Group, Inc., Initial Term Loan, 7.82% - 7.84$ 471,250
1,000,000 AmWins Group, Inc., Second Lien Initial Term Loan, 1 942,500
$ 1,413,750
Total Insurance $ 3,700,801
Software & Services - 1.8%
Computer Storage & Peripherals - 1.0%
1,994,987 SunGard Data Systems Inc., Term Loan B, 7.356%, 2/1$ 1,920,383
1,496,250 Vangent, Inc., Term Loan, 7.61% - 7.62%, 2/14/13 1,488,769
Total Software & Services $ 3,409,152
Technology Hardware & Equipment - 1.0%
Electronic Equipment Manufacturers - 1.0%
2,000,000 H3C Holdings Ltd., Tranche B Term Loan, 3.0%, 9/28/$ 2,005,000
Total Technology Hardware & Equipment $ 2,005,000
Semiconductors & Semiconductor Equipment - 0.5%
Semiconductors - 0.5%
1,000,000 Freescale Semiconductor, Inc., Term Loan, 7.11%, 11$ 922,386
Total Semiconductors & Semiconductor Equipment $ 922,386
Telecommunication Services - 2.1%
Alternative Carriers - 0.7%
1,250,000 PAETEC Holding Corp., Replacement Term Loan, 2.5%, $ 1,229,166
Wireless Telecommunication Services - 1.4%
1,000,000 Cricket Communications, Inc., Term Loan B, 7.36%, $ 973,500
1,750,000 MetroPCS Wireless, Inc., New Tranche B Term Loan, 7. 1,706,250
$ 2,679,750
Total Telecommunication Services $ 3,908,916
Utilities - 2.8%
Independent Power Producers & Energy Traders - 2.8%
1,995,000 Calpine Corp., First Priority Term Loan, 7.59%, 3/2$ 1,938,059
187,926 Mach Gen, LLC, First Lien Synthetic LC Loan, 7.36%, 182,382
1,807,533 Mach Gen, LLC, First Lien Term Loan B, 7.36%, 2/22/1 1,754,210
418,256 NRG Energy, Inc., Credit-Linked Deposit Loan, 7.11%, 405,011
1,007,483 NRG Energy, Inc., Term Loan, 7.11%, 2/1/13 975,579
Total Utilities $ 5,255,241
TOTAL FLOATING RATE LOAN INTERESTS
(Cost $67,596,516) $65,588,655
Shares WARRANTS - 0.0% of Net Assets (g)
Real Estate - 0.0%
Real Estate Management & Development - 0.0%
750,000 Neo-China Group Holdings, Ltd., Expires 7/22/12 $ 61,332
TOTAL WARRANTS
(Cost $17,012) $ 61,332
TEMPORARY CASH INVESTMENTS - 24.7% of Net Assets
Commercial Paper - 24.7%
9,410,000 AIG Funding, Inc., 5.33%, 8/1/07 $ 9,410,000
9,410,000 Banco Bilbao Vizcaya, 5.35%, 8/1/07 9,410,000
4,090,000 Citigroup Funding, Inc., 5.33%, 8/1/07 4,090,000
9,410,000 DZ Bank AG Grand Cayman, 5.35%, 8/1/07 (144A) 9,410,000
5,320,000 Rabobank U.S.A. Financial, 5.32%, 8/1/07 5,320,000
9,410,000 Societe Generale North America, 5.34%, 8/1/07 9,410,000
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $47,050,000) $47,050,000
TOTAL INVESTMENTS IN SECURITIES - 109.8%
(Cost $214,643,562) (h) $208,924,939
OTHER ASSETS AND LIABILITIES - (9.8)% $(18,593,413)
PREFERRED SHARES AT REDEMPTION VALUE,
INCLUDING DIVIDENDS PAYABLE - (0.0)% $-
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS - 100.0$190,331,526
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such
securities may be resold normally to qualified institutional
buyers in a transaction exempt
from registration. At July 31, 2007, the value of these
securities amounted to
$83,168,698 or 43.7% of total net assets applicable to common
shareowners.
Floating rate note. The rate shown is the rate at July 31, 2007.
(a) Floating rate note. The rate shown is the rate at July 31, 2007.
(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 July 31, 2007.
(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 or (iv)
other base lending rates used by
commercial lenders. The rate shown is the coupon rate at July
31, 2007.
(g) Non-income producing.
(h) At July 31, 2007, the net unrealized gain on investments based on
cost for federal income tax purposes
of $214,643,562 was as follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $ 170,318
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (5,888,941)
Net unrealized gain $(5,718,623)
For financial reporting purposes net unrealized loss was
$5,718,623 and cost of
investments aggregated $214,643,562
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 September 28, 2007
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date September 28, 2007
By (Signature and Title)* /s/ Vincent Nave
Vincent Nave, Treasurer
Date September 28, 2007
* Print the name and title of each signing officer under his or her signature.