OMB APPROVAL OMB Number: 3235-0578 Expires: April 30, 2010 Estimated average burden hours per response..... 10.5 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, 2009 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 1/31/09 (unaudited) Principal Amount USD ($) Value ASSET BACKED SECURITIES - 4.7% of Net Assets Consumer Services - 0.3% Restaurants - 0.3% 500,000 DB Master Finance LLC, 8.285%, 6/20/31 (144A) $ 301,915 Total Consumer Services $ 301,915 Banks - 3.6% Thrifts & Mortgage Finance - 3.6% 246,741 (a) Ace Securities Corp., 0.989%, 12/25/34 $ 138,554 1,113,748(a) Bayview Financial Acquisition Trust, 0.799%, 8/28 988,083 1,718,670(a) Bayview Financial Acquisition Trust, 1.039%, 5/281,323,823 200,000 (a) Carrington Mortgage Loan Trust, 0.489%, 10/25/36 170,007 699,000 (a) Carrington Mortgage Loan Trust, 0.589%, 2/25/37 429,801 196,810 (a) Countrywide Asset-Backed Certificates, 0.569%, 7/ 151,227 97,621 (a) First Franklin Mortgage Loan Asset-Backed Certifi 73,904 354,279 (a) Lehman XS Trust, 0.509%, 8/25/36 154,438 787,300 (a) Lehman XS Trust, 0.739%, 12/25/35 239,001 231,844 (a) Option One Mortgage Loan Trust, 0.489%, 7/25/36 203,938 185,515 (a) Residential Asset Mortgage Products, Inc., 0.589% 131,415 Total Banks $4,004,191 Diversified Financials - 0.8% Other Diversified Financial Services - 0.2% 410,000 (a) Bear Stearns Asset Backed Securities Trust, 1.06$ 242,225 Investment Banking & Brokerage - 0.6% 250,000 (a) GSAMP Trust, 0.519%, 1/25/37 $ 190,275 196,238 (a) GSAMP Trust, 0.819%, 3/25/35 180,772 338,427 (a) Option One Mortgage Loan Trust, 0.479%, 5/25/37 303,445 $ 674,492 Total Diversified Financials $ 916,717 TOTAL ASSET BACKED SECURITIES $5,222,823 (Cost $6,355,398) COLLATERALIZED MORTGAGE OBLIGATIONS - 2.4% of Net Assets Banks - 1.9% Thrifts & Mortgage Finance - 1.9% 500,000 (a) Adjustable Rate Mortgage Trust, 0.779%, 6/25/35 $ 194,063 2,904 (a) Banc of America Funding Corp., 0.579%, 4/20/35 2,817 290,231 (a) Countrywide Home Loans, 0.739%, 3/25/35 101,339 488,802 (a) Downey Savings and Loan Association Mortgage Loan 195,521 1,408,800(a) Impac CMB Trust, 1.149%, 1/25/35 839,360 797,572 (a) Luminent Mortgage Trust, 0.649%, 7/25/36 125,822 471,731 (a) WaMu Mortgage Pass-Through Certificates, 0.619%, 223,701 1,570,599(a) WaMu Mortgage Pass-Through Certificates, 0.869%, 376,494 Total Banks $2,059,117 Diversified Financials - 0.5% Other Diversified Financial Services - 0.5% 710,984 (a) Downey Savings and Loan Association Mortgage Loa$ 292,856 324,808 (a) Impac Secured Assets CMN Owner Trust, 0.479%, 11/ 286,130 Total Diversified Financials $ 578,986 TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $4,256,113) $2,638,103 CORPORATE BONDS & NOTES - 80.5% of Net Assets Energy - 5.4% Oil & Gas Drilling - 0.2% NOK 1,500,000 Petrolia Drilling ASA, 12.0%, 6/20/12 (144A) $ 75,962 NOK 3,000,000 Petromena AS, 9.75%, 5/24/12 (144A) 130,221 $ 206,183 Oil & Gas Equipment & Services - 1.2% 300,000 Nexus 1 Pte, Ltd., 10.5%, 3/7/12 (144A) $ 150,000 1,120,000 Oceanografia SA de CV, 11.25%, 7/15/15 (144A) 537,600 700,000 (a) Sevan Marine ASA, 5.525%, 5/14/13 (144A) 329,000 NOK 3,000,000(a) Sevan Marine ASA, 9.09%, 10/24/12 (144A) 260,441 300,000 Skeie Drilling & Production ASA, 11.25%, 3/8/13 ( 84,000 $1,361,041 Integrated Oil & Gas - 0.2% 600,000 Tristan Oil, Ltd., 10.5%, 1/1/12 (144A) $ 174,000 Oil & Gas Exploration & Production - 3.2% 125,000 Chesapeake Energy Corp., 9.5%, 2/15/15 $ 122,500 500,000 Harvest Operations Corp., 7.875%, 10/15/11 375,000 970,000 (m) Hilcorp Energy I L.P./Hilcorp Finance Co., 9.0%, 790,550 NOK 4,000,000 Norwegian Energy Co. AS, 11.0%, 7/13/10 (144A) 422,493 NOK 2,000,000 PA Resources AB, 8.75%, 3/10/10 231,503 580,000 Parallel Petroleum Corp., 10.25%, 8/1/14 371,200 225,000 PetroQuest Energy, Inc., 10.375%, 5/15/12 173,250 240,000 Quicksilver Resources, Inc., 7.125%, 4/1/16 165,600 250,000 (a) SandRidge Energy, Inc., 5.06%, 4/1/14 163,227 335,000 SandRidge Energy, Inc., 8.0%, 6/1/18 (144A) 264,650 670,000 (b) SandRidge Energy, Inc., 8.625%, 4/1/15 445,550 $3,525,523 Oil & Gas Refining & Marketing - 0.2% 755,000 (m) Aventine Renewable Energy Holdings, Inc., 10.0%,$ 173,650 460,000 (c) VeraSun Energy Corp., 9.375%, 6/1/17 46,000 50,000 (c) VeraSun Energy Corp., 9.875%, 12/15/12 29,250 $ 248,900 Coal & Consumable Fuels - 0.4% 505,000 Massey Energy Co., 6.875%, 12/15/13 $ 441,875 Total Energy $5,957,522 Materials - 6.3% Commodity Chemicals - 0.2% 195,000 (c) ARCO Chemical Co., 9.8%, 2/1/20 $ 48,750 1,750,000(m) Georgia Gulf Corp., 10.75%, 10/15/16 52,500 650,000 (d) Montell Finance Co. BV, 8.1%, 3/15/27 (144A) 104,000 $ 205,250 Diversified Chemicals - 0.1% EURO 1,275,000 Ineos Group Holdings Plc, 7.875%, 2/15/16 (144A)$ 89,865 Specialty Chemicals - 0.1% EURO 200,000 Kronos International, Inc., 6.5%, 4/15/13 $ 56,386 Construction Materials - 0.6% 500,000 AGY Holding Corp., 11.0%, 11/15/14 $ 267,500 300,000 (a)(e)C8 Capital SPV, Ltd., 6.64% (144A) 125,964 500,000 U.S. Concrete, Inc., 8.375%, 4/1/14 275,000 $ 668,464 Metal & Glass Containers - 1.1% 1,145,000 AEP Industries, Inc., 7.875%, 3/15/13 $ 658,375 EURO 625,000 Impress Holdings BV, 9.25%, 9/15/14 (144A) 512,597 165,000 (d) Vitro, S.A.B. de CV, 9.125%, 2/1/17 39,600 $1,210,572 Paper Packaging - 1.0% 700,000 Graham Packaging Co., Inc., 9.875%, 10/15/14 $ 444,500 500,000 Graphic Packaging International, Inc., 9.5%, 8/15 380,000 750,000 U.S. Corrugated, Inc., 10.0%, 6/1/13 337,500 $1,162,000 Aluminum - 0.8% 600,000 Asia Aluminum Holdings, Ltd., 8.0%, 12/23/11 (14$ 180,000 300,000 CII Carbon LLC, 11.125%, 11/15/15 (144A) 207,000 1,200,000(a)(b)Noranda Aluminum Acquisition Corp., 6.595%, 5/15/ 456,000 $ 843,000 Diversified Metals & Mining - 0.7% 320,000 Blaze Recycling & Metals LLC, 10.875%, 7/15/12 ($ 217,600 195,000 FMG Finance Pty., Ltd., 10.625%, 9/1/16 (144A) 126,750 750,000 Vedanta Resources Plc, 9.5%, 7/18/18 (144A) 427,500 $ 771,850 Steel - 1.1% 1,245,000 Algoma Acquisition Corp., 9.875%, 6/15/15 (144A)$ 479,325 250,000 Evraz Group SA, 9.5%, 4/24/18 (144A) 150,000 920,000 (m) Ryerson, Inc., 12.25%, 11/1/15 (144A) 575,000 $1,204,325 Forest Products - 0.4% 46,489 (m) Ainsworth Lumber Co., Ltd., 11.0%, 7/29/15 (144A$ 23,711 500,000 Mandra Forestry Holdings, Ltd., 12.0%, 5/15/13 (1 225,000 250,000 Sino-Forest Corp., 9.125%, 8/17/11 (144A) 202,500 $ 451,211 Paper Products - 0.3% 600,000 Exopack Holding Corp., 11.25%, 2/1/14 $ 348,000 Total Materials $7,010,923 Capital Goods - 5.6% Aerospace & Defense - 0.5% 750,000 Aeroflex, Inc., 11.75%, 2/15/15 (144A) $ 525,000 Construction & Engineering - 1.2% 750,000 Desarrolladora Metropolitana SA de CV, 10.875%, $ 655,313 350,000 Dycom Industries, Inc., 8.125%, 10/15/15 249,375 500,000 Esco Corp., 8.625%, 12/15/13 (144A) 390,000 $1,294,688 Industrial Conglomerates - 0.6% 620,106 (b)(f)American Achievement Group Holding Corp., 16.75%$ 161,849 500,000 Cia Latinoamericana de Infraestructura & Servicio 140,000 500,000 (d) Indalex Holding Corp., 11.5%, 2/1/14 66,250 740,000 Park-Ohio Industries, Inc., 8.375%, 11/15/14 327,450 $ 695,549 Construction & Farm Machinery & Heavy Trucks - 1.8% 1,150,000(m) Accuride Corp., 8.5%, 2/1/15 $ 327,750 720,000 American Railcar Industries, Inc., 7.5%, 3/1/14 500,400 770,000 Commercial Vehicle Group, Inc., 8.0%, 7/1/13 346,500 950,000 Greenbrier Companies, Inc., 8.375%, 5/15/15 513,000 400,000 Titan International, Inc., 8.0%, 1/15/12 336,000 $2,023,650 Industrial Machinery - 1.1% 1,220,000 Industrias Metalurgicas Pescarmona SA, 11.25%, 1$ 549,000 875,000 Mueller Water Products, Inc., 7.375%, 6/1/17 678,125 $1,227,125 Trading Companies & Distributors - 0.4% 500,000 Intcomex, Inc., 11.75%, 1/15/11 $ 195,000 300,000 Wesco Distribution, Inc., 7.5%, 10/15/17 210,000 $ 405,000 Total Capital Goods $6,171,012 Commercial & Professional Services - 0.5% Commercial Printing - 0.1% 250,000 Sheridan Group, Inc., 10.25%, 8/15/11 $ 160,000 Diversified Commercial & Professional Services - 0.2% 400 (g) MSX International UK, 12.5%, 4/1/12 (144A) $ 160,000 125,000 United Rentals North America, Inc., 6.5%, 2/15/12 102,500 $ 262,500 Environmental & Facilities Services - 0.2% 700,000 (d)(m)Aleris International, Inc., 10.0%, 12/15/16 $ 113,750 EURO 107,128 New Reclamation Group Pty., Ltd., 8.125%, 2/1/13 57,659 $ 171,409 Total Commercial & Professional Services $ 593,909 Transportation - 0.7% Air Freight & Logistics - 0.5% 775,000 CEVA Group Plc, 10.0%, 9/1/14 (144A) $ 573,500 Railroads - 0.2% 240,000 Kansas City Southern de Mexico, 7.625%, 12/1/13 $ 201,600 Total Transportation $ 775,100 Automobiles & Components - 1.4% Auto Parts & Equipment - 1.2% 980,000 (m) Allison Transmission, Inc., 11.0%, 11/1/15 (144A$ 543,900 1,140,000 Lear Corp., 8.75%, 12/1/16 216,600 500,000 (f) Stanadyne Corp., 0.0%, 2/15/15 240,000 160,000 Stanadyne Corp., 10.0%, 8/15/14 108,800 700,000 Tenneco, Inc., 8.625%, 11/15/14 213,500 $1,322,800 Tires & Rubber - 0.2% 985,000 Cooper-Standard Automotive, Inc., 8.375%, 12/15/$ 177,300 Total Automobiles & Components $1,500,100 Consumer Durables & Apparel - 0.9% Homebuilding - 0.4% 695,000 Meritage Homes Corp., 6.25%, 3/15/15 $ 427,425 Housewares & Specialties - 0.2% 500,000 (m) Yankee Acquisition Corp., 9.75%, 2/15/17 $ 205,000 Textiles - 0.3% 500,000 Invista, 9.25%, 5/1/12 (144A) $ 355,000 Total Consumer Durables & Apparel $ 987,425 Consumer Services - 3.0% Casinos & Gaming - 2.0% 500,000 Buffalo Thunder Development Authority, 9.375%, 1$ 45,000 EURO 1,155,000 Codere Finance Luxembourg SA, 8.25%, 6/15/15 (144 703,059 550,000 Fontainebleau Las Vegas Holdings LLC, 10.25%, 6/1 60,500 95,000 Galaxy Entertainment Finance Co., Ltd., 9.875%, 1 49,400 275,000 Little Traverse Bay Bands of Odawa Indians, 10.25 143,000 1,615,000 Mashantucket Western Pequot Tribe, 8.5%, 11/15/15 557,175 EURO 50,000 Peermont Global, Ltd., 7.75%, 4/30/14 (144A) 34,600 750,000 (c) Station Casinos, Inc., 6.625%, 3/15/18 22,500 750,000 (d)(m)Trump Entertainment Resorts, Inc., 8.5%, 6/1/15 110,625 EURO 405,000 Unibet Group Plc, 9.7%, 12/21/10 513,814 $2,239,673 Hotels, Resorts & Casinos - 0.7% 1,110,000 Pegasus Solutions, Inc., 10.5%, 4/15/15 (144A) $ 782,550 Leisure Facilities - 0.3% 395,000 FireKeepers Development Authority, 13.875%, 5/1/$ 264,650 Total Consumer Services $3,286,873 Media - 1.6% Broadcasting - 1.3% 40,000 (d) CCH I LLC, 11.0%, 10/1/15 $ 7,000 250,000 (d)(m)CCH II LLC, 10.25%, 9/15/10 147,500 500,000 Intelsat Subsidiary Holding Co., Ltd., 8.5%, 1/15 468,750 400,000 Kabel Deutschland GmbH, 10.625%, 7/1/14 386,000 430,000 Telesat Canada, 12.5%, 11/1/17 (144A) 288,100 1,245,000(b)(m)Univision Communications, Inc., 9.75%, 3/15/15 (1 192,975 $1,490,325 Publishing - 0.3% 600,000 TL Acquisitions, Inc., 10.5%, 1/15/15 (144A) $ 300,000 Total Media $1,790,325 Retailing - 2.2% Internet Retail - 0.3% 465,000 Ticketmaster, 10.75%, 8/1/16 (144A) $ 279,000 Apparel Retail - 0.0% EURO 74,000 (a) Edcon Holdings Pty., Ltd., 8.829%, 6/15/15 (144A$ 22,759 Specialty Stores - 0.9% 500,000 KAR Holdings, Inc., 10.0%, 5/1/15 $ 180,000 950,000 Sally Holdings LLC, 10.5%, 11/15/16 783,750 $ 963,750 Total Retailing $1,265,509 Food & Staples Retailing - 0.1% Drug Retail - 0.1% 275,000 Duane Reade, Inc., 9.75%, 8/1/11 $ 148,500 Total Food & Staples Retailing $ 148,500 Food, Beverage & Tobacco - 3.1% Distillers & Vintners - 0.1% EURO 330,000 (c)(h)Belvedere SA, 8.106%, 5/15/13 (144A) $ 101,494 Agricultural Products - 0.3% 350,000 American Rock Salt Co. LLC, 9.5%, 3/15/14 $ 346,500 Packaged Foods & Meats - 1.6% 490,000 (c) Arantes International, Ltd., 10.25%, 6/19/13 (14$ 24,500 400,000 Bertin Ltda, 10.25%, 10/5/16 (144A) 208,000 400,000 (d) Independencia International, Ltd., 9.875%, 5/15/1 252,000 700,000 Marfrig Overseas, Ltd., 9.625%, 11/16/16 (144A) 488,250 1,175,000(m) Minerva Overseas, Ltd., 9.5%, 2/1/17 (144A) 681,500 275,000 (f) SA Fabrica de Produtos Alimenticios Vigor, 9.25%, 169,469 $1,823,719 Tobacco - 1.1% 1,360,000 Alliance One International, Inc., 8.5%, 5/15/12 $1,074,400 125,000 Alliance One International, Inc., 11.0%, 5/15/12 108,750 $1,183,150 Total Food, Beverage & Tobacco $3,454,863 Household & Personal Products - 0.1% Household Products - 0.1% 205,000 (m) Central Garden and Pet Co., 9.125%, 2/1/13 $ 143,500 Total Household & Personal Products $ 143,500 Health Care Equipment & Services - 4.6% Health Care Equipment & Services - 0.5% 750,000 Accellent, Inc., 10.5%, 12/1/13 $ 532,500 Health Care Supplies - 1.0% 1,265,000(b) Biomet, Inc., 10.375%, 10/15/17 $1,132,175 Health Care Services - 2.7% 1,385,000 DASA Finance Corp., 8.75%, 5/29/18 (144A) $1,121,850 320,000 Hanger Orthopedic Group, Inc., 10.25%, 6/1/14 312,000 500,000 Rural/Metro Corp., 9.875%, 3/15/15 415,000 725,000 (b) Surgical Care Affiliates, Inc., 8.875%, 7/15/15 ( 471,250 1,170,000 Surgical Care Affiliates, Inc., 10.0%, 7/15/17 (1 666,900 $2,987,000 Health Care Facilities - 0.1% 120,000 Fresenius US Finance II, Inc., 9.0%, 7/15/15 (14$ 120,600 Managed Health Care - 0.3% 500,000 Multiplan, Inc., 10.375%, 4/15/16 (144A) $ 385,000 Total Health Care Equipment & Services $5,157,275 Pharmaceuticals & Biotechnology & Life Sciences - 0.4% Pharmaceuticals - 0.4% 260,000 Angiotech Pharmaceuticals, Inc., 7.75%, 4/1/14 $ 65,000 250,000 Phibro Animal Health Corp., 10.0%, 8/1/13 (144A) 200,000 200,000 Phibro Animal Health Corp., 13.0%, 8/1/14 (144A) 156,000 Total Pharmaceuticals & Biotechnology & Life Sci$ 421,000 Banks - 1.9% Diversified Banks - 1.7% 750,000 (a)(e)ALB Finance BV, 9.375% $ 112,500 250,000 ATF Capital BV, 9.25%, 2/21/14 (144A) 162,500 500,000 (a) Banco Macro SA, 9.75%, 12/18/36 170,000 700,000 Banco Macro SA, 10.75%, 6/7/12 210,000 200,000 JSC TemirBank, 9.5%, 5/21/14 (144A) 70,000 300,000 Petrocommerce Finance SA, 8.75%, 12/17/09 288,000 550,000 Russian Standard Finance SA, 7.5%, 10/7/10 (144A) 253,000 500,000 (m) TuranAlem Finance BV, 8.5%, 2/10/15 (144A) 195,000 EURO 445,000 URSA Bank, 7.0%, 5/21/10 471,696 $1,932,696 Regional Banks - 0.2% 250,000 (a)(e)Wells Fargo Capital XV, 9.75% $ 235,000 Total Banks $2,167,696 Diversified Financials - 0.7% Other Diversified Financial Services - 0.2% 500,000 (a)(e)Citigroup, Inc., 8.4% $ 182,615 Multi-Sector Holdings - 0.0% EURO 50,000 Zlomrex International Finance SA, 8.5%, 2/1/14 ($ 14,097 Specialized Finance - 0.5% 750,000 ACE Cash Express, Inc., 10.25%, 10/1/14 (144A) $ 142,500 425,000 (a) NCO Group, Inc., 7.024%, 11/15/13 148,750 900,000 NCO Group, Inc., 11.875%, 11/15/14 315,000 $ 606,250 Total Diversified Financials $ 802,962 Insurance - 31.5% Insurance Brokers - 1.1% 250,000 Alliant Holdings I, Inc., 11.0%, 5/1/15 (144A) $ 163,750 1,050,000 HUB International Holdings, Inc., 10.25%, 6/15/15 567,000 500,000 (a) USI Holdings Corp., 6.024%, 11/15/14 (144A) 237,500 500,000 USI Holdings Corp., 9.75%, 5/15/15 (144A) 230,000 $1,198,250 Multi-Line Insurance - 1.0% 1,000,000(a) Liberty Mutual Group, Inc., 7.0%, 3/15/37 (144A)$ 465,463 1,000,000(a) Liberty Mutual Group, Inc., 10.75%, 6/15/58 (144A 600,000 65,000 Sul America Participacoes SA, 8.625%, 2/15/12 (14 62,400 $1,127,863 Property & Casualty Insurance - 2.0% 625,000 (a)(m)AMBAC Financial Group, Inc., 6.15%, 2/15/37 $ 56,124 2,000,000(a) Blue Fin, Ltd., 5.811%, 4/10/12 (144A) 1,716,600 820,000 (a)(m)MBIA Insurance Corp., 14.0%, 1/15/33 (144A) 475,600 $2,248,324 Reinsurance - 27.4% 1,750,000(a) Australis, Ltd., 6.843%, 3/24/09 (144A) $1,734,600 1,250,000(a) Australis, Ltd., 7.193%, 2/3/09 (144A) 1,250,000 1,500,000(a) AKIBARE, 5.103%, 5/22/12 (144A) 1,423,950 1,000,000(a) AKIBARE, 5.303%, 5/22/12 (144A) 948,600 EURO 1,500,000(a) Atlas Reinsurance Plc, 13.178%, 1/10/11 (144A) 1,826,127 1,000,000(a) Caelus Re, Ltd., 8.453%, 6/7/11 (144A) 944,600 1,000,000(a) Calabash Re II, Ltd., 10.396%, 1/8/10 (144A) 970,000 1,500,000(a) Calabash Re II, Ltd., 11.596%, 1/8/10 (144A) 1,480,500 2,000,000(a) Calabash Re, Ltd., 10.653%, 6/1/09 (144A) 1,992,400 1,000,000(a) Carillon, Ltd., 17.246%, 1/10/11 (144A) 934,900 1,500,000(a) East Lane Re, Ltd., 10.193%, 5/6/11 (144A) 1,444,500 1,750,000(a) Fhu-Jin, Ltd., 7.093%, 8/10/11 (144A) 1,664,425 1,000,000(a) GlobeCat, Ltd., 7.435%, 1/2/13 (144A) 929,500 350,000 (a) GlobeCat, Ltd., 10.685%, 1/2/13 (144A) 328,965 EURO 1,500,000(a) Green Valley, Ltd., 6.329%, 1/10/11 (144A) 1,853,807 2,000,000(a) Muteki, Ltd., 6.549%, 5/24/11 (144A) 1,880,400 1,000,000(a) Nelson Re, Ltd., 6.649%, 6/6/11 (144A) 961,800 1,000,000(a) Newton Re, Ltd., 6.116%, 12/24/10 (144A) 985,700 1,000,000(a) Newton Re, Ltd., 8.416%, 12/24/10 (144A) 948,800 1,500,000(a) Residential Reinsurance 2006, Ltd., 12.203%,6/5/ 1,491,450 2,000,000(a) Residential Reinsurance 2008, Ltd., 13.703%,6/6/ 1,898,000 440,000 (a) Successor II, Ltd., 18.943%, 4/6/10 (144A) 419,232 2,000,000(a) Successor II, Ltd., 27.193%, 4/6/10 (144A) 1,876,800 500,000 (a)(d)Willow Re, Ltd., 8.545%, 6/16/10 (144A) 260,000 $30,449,056 Total Insurance $35,023,493 Real Estate - 0.4% Real Estate Operating Companies - 0.2% 100,000 (a) Alto Palermo SA, 11.0%, 6/11/12 (144A) $ 40,000 410,000 (m) IRSA Inversiones y Representaciones SA, 8.5%, 2/2 172,200 $ 212,200 Real Estate Development - 0.2% 105,000 China Properties Group, Ltd., 9.125%, 5/4/14 (14$ 48,300 955,000 Neo-China Group Holdings, Ltd., 9.75%, 7/23/14 (1 143,250 $ 191,550 Total Real Estate $ 403,750 Software & Services - 1.8% IT Consulting & Other Services - 0.2% 405,000 Activant Solutions, Inc., 9.5%, 5/1/16 $ 210,600 Data Processing & Outsourced Services - 0.7% 1,465,000(m) First Data Corp., 9.875%, 9/24/15 $ 820,400 Application Software - 0.9% 500,000 Open Solutions, Inc., 9.75%, 2/1/15 (144A) $ 70,000 1,390,000 Vangent, Inc., 9.625%, 2/15/15 875,700 $ 945,700 Total Software & Services $1,976,700 Technology Hardware & Equipment - 0.2% Electronic Manufacturing Services - 0.0% 70,000 Sanmina-SCI Corp., 6.75%, 3/1/13 $ 34,300 Technology Distributors - 0.2% 250,000 Da-Lite Screen Co., Inc., 9.5%, 5/15/11 $ 222,500 Total Technology Hardware & Equipment $ 256,800 Semiconductors & Semiconductor Equipment - 0.4% Semiconductor Equipment - 0.4% 1,750,000 Freescale Semiconductor, Inc., 8.875%, 12/15/14 $ 385,000 650,000 (b) Freescale Semiconductor, Inc., 9.125%, 12/15/14 86,125 Total Semiconductors & Semiconductor Equipment $ 471,125 Telecommunication Services - 5.7% Integrated Telecommunication Services - 3.5% 910,000 Broadview Networks Holdings, Inc., 11.375%, 9/1/$ 404,950 400,000 Digicel, Ltd., 9.25%, 9/1/12 (144A) 352,000 1,200,000 GC Impsat Holdings I Plc, 9.875%, 2/15/17 (144A) 780,000 1,250,000 GCI, Inc., 7.25%, 2/15/14 1,090,625 1,010,000(m) PAETEC Holding Corp., 9.5%, 7/15/15 656,500 142,000 Tele Norte Leste Participacoes SA, 8.0%, 12/18/13 140,907 500,000 Windstream Corp., 8.625%, 8/1/16 492,500 $3,917,482 Wireless Telecommunication Services - 2.2% 380,000 Cell C Property, Ltd., 11.0%, 7/1/15 (144A) $ 302,100 500,000 Cricket Communications, Inc., 9.375%, 11/1/14 455,000 EURO 500,000 (a) Hellas Telecommunications Luxembourg II, 8.612%, 108,927 840,000 Hughes Network Systems LLC, 9.5%, 4/15/14 697,200 540,000 OJSC Vimpel Communications, 9.125%, 4/30/18 (144A 340,200 1,330,000 True Move Co., Ltd., 10.375%, 8/1/14 (144A) 492,100 $2,395,527 Total Telecommunication Services $6,313,009 Utilities - 3.1% Electric Utilities - 1.6% 750,000 Cia de Transporte de Energia Electrica de Alta T$ 285,000 250,000 Mirant JPSCo. Finance, Ltd., 11.0%, 7/6/16 (144A) 175,000 930,000 (e) Rede Empresas de Energia Eletrica SA, 11.125% (14 441,750 1,200,000(f) Texas Competitive Electric Holdings Co. LLC, 10.2 888,000 $1,789,750 Gas Utilities - 0.9% 490,000 Inergy, L.P., 8.25%, 3/1/16 $ 443,450 1,185,000 Transportadora de Gas del Sur SA, 7.875%, 5/14/17 592,500 $1,035,950 Multi-Utilities - 0.2% 225,000 PNM Resources, Inc., 9.25%, 5/15/15 $ 202,500 Independent Power Producers & Energy Traders - 0.4% 500,000 Intergen NV, 9.0%, 6/30/17 (144A) $ 465,000 Total Utilities $3,493,200 TOTAL CORPORATE BONDS & NOTES (Cost $140,201,108) $89,572,571 CONVERTIBLE BONDS & NOTES - 2.4% of Net Assets Transportation - 0.4% Marine - 0.4% 990,000 Horizon Lines, Inc., 4.25%, 8/15/12 $ 475,200 Total Transportation $ 475,200 Health Care Equipment & Services - 1.3% Health Care Services - 1.0% 1,550,000 Omnicare, Inc., 3.25%, 12/15/35 $1,061,750 Health Care Facilities - 0.3% 120,000 LifePoint Hospitals, Inc., 3.25%, 8/15/25 $ 88,650 405,000 LifePoint Hospitals, Inc., 3.5%, 5/15/14 286,538 $ 375,188 Total Health Care Equipment & Services $1,436,938 Technology Hardware & Equipment - 0.1% Communications Equipment - 0.1% 850,000 (c)(m)Nortel Networks Corp., 2.125%, 4/15/14 $ 140,250 Total Technology Hardware & Equipment $ 140,250 Telecommunication Services - 0.6% Wireless Telecommunication Services - 0.6% 900,000 NII Holdings, Inc., 3.125%, 6/15/12 $ 599,625 Total Telecommunication Services $ 599,625 TOTAL CONVERTIBLE BONDS & NOTES (Cost $3,644,917) $2,652,013 FLOATING RATE LOAN INTERESTS - 40.3% of Net Assets(i) Energy - 0.4% Integrated Oil & Gas - 0.2% 339,150 Hudson Products Holdings, Inc., Term Loan, 8.0%,$ 252,667 Oil & Gas Exploration & Production - 0.2% 400,000 Venoco, Inc., Second Lien Term Loan, 6.813%, 5/7$ 189,000 Total Energy $ 441,667 Materials - 4.8% Diversified Chemicals - 0.6% 1,000,000 Huntsman International LLC, New Dollar Term Loan$ 710,469 Paper Packaging - 0.8% 593,955 Graham Packaging Co., L.P., New Term Loan, 2.75%$ 479,453 492,613 Graphic Packaging International, Inc., Incrementa 424,109 $ 903,562 Steel - 1.4% 1,304,310 Essar Steel Algoma, Inc., Term Loan, 4.42%, 6/20$ 838,019 1,303,463 Niagara Corp., Term Loan, 5.461%, 6/30/14 684,318 $1,522,337 Forest Products - 1.0% 1,500,000 Ainsworth Lumber Co., Ltd., Term Loan, 5.438%, 6$1,080,000 Paper Products - 1.0% 1,321,668 Georgia-Pacific LLC, Term Loan B, 2.081% - 4.446$1,144,069 Total Materials $5,360,437 Capital Goods - 1.9% Aerospace & Defense - 1.3% 738,482 Aeroflex, Inc., Tranche B-2 Term Loan, 6.563%, 8$ 457,859 500,231 DAE Aviation Holdings, Inc., Tranche B-1 Term Loa 237,610 496,193 Spirit Aerosystems, Inc., Term Loan B-1, 2.91%, 9 442,852 493,126 Standard Aero, Ltd., Tranche B-2 Term Loan, 7.17% 308,204 $1,446,525 Construction & Farm Machinery & Heavy Trucks - 0.6% 1,000,000 Accuride Corp., Term Loan, 6.0% - 6.688%, 1/31/1$ 714,286 Total Capital Goods $2,160,811 Commercial & Professional Services - 1.7% Diversified Commercial & Professional Services - 1.0% 738,750 Asset Acceptance Capital Corp., Tranche B Term L$ 498,656 1,000,000 Rental Service Corp., Second Lien Initial Term Lo 630,000 $1,128,656 Environmental & Facilities Services - 0.7% 1,231,250 Synagro Technologies, Inc., First Lien Term Loan$ 794,156 Total Commercial & Professional Services $1,922,812 Transportation - 0.9% Air Freight & Logistics - 0.9% 439,482 Ceva Group Plc, Pre-Funded LC Loan, 2.701%, 11/4$ 254,167 1,320,052 Ceva Group Plc, U.S. Term Loan, 5.046%, 11/4/13 763,430 Total Transportation $1,017,597 Automobiles & Components - 0.7% Tires & Rubber - 0.7% 1,000,000 Goodyear Tire & Rubber Co., Second Lien Term Loa$ 740,000 Total Automobiles & Components $ 740,000 Consumer Durables & Apparel - 0.9% Homebuilding - 0.0% 2,000,000(c) LandSource Communities Development LLC, Second L$ 62,142 Housewares & Specialties - 0.5% 925,583 Yankee Candle Company, Inc., Term Loan, 2.41% - $ 509,071 Apparel, Accessories & Luxury Goods - 0.4% 441,192 Hanesbrands, Inc., Term Loan B, 4.545% - 4.551%,$ 399,279 Total Consumer Durables & Apparel $ 970,492 Consumer Services - 1.0% Casinos & Gaming - 1.0% 1,000,000 Fontainebleau Las Vegas LLC, Initial Term Loan, $ 275,000 220,458 Gateway Casinos & Entertainment, First Lien Delay 101,686 1,091,269 Gateway Casinos & Entertainment, First Lien Term 503,348 1,000,000 Gateway Casinos & Entertainment, Second Lien Term 266,667 Total Consumer Services $1,146,701 Media - 2.2% Broadcasting - 1.1% 1,000,000 Insight Midwest Holdings LLC, Term Loan B, 2.45%$ 875,000 675,000 Univision Communications, Inc., Initial Term Loan 358,956 $1,233,956 Cable & Satellite - 0.1% 158,517 Knology, Inc., Term Loan, 6.4%, 6/30/12 $ 107,791 Movies & Entertainment - 0.5% 941,000 Lodgenet Entertainment Corp., Closing Date Term $ 494,025 Publishing - 0.5% 923,995 RH Donnelley, Inc., Tranche D-1 Term Loan, 6.75%$ 592,127 Total Media $2,427,899 Food, Beverage & Tobacco - 0.6% Packaged Foods & Meats - 0.6% 742,443 Dean Foods Co., Tranche B Term Loan, 1.91% - 2.9$ 671,498 Total Food, Beverage & Tobacco $ 671,498 Household & Personal Products - 0.5% Personal Products - 0.5% 791,940 Brickman Group Holdings, Inc., Tranche B Term Lo$ 543,469 Total Household & Personal Products $ 543,469 Health Care Equipment & Services - 6.0% Health Care Equipment & Services - 1.4% 1,723,618 Talecris Biotherapeutics Holdings Corp., First L$1,557,720 Health Care Supplies - 1.1% 54,000 Bausch & Lomb, Inc., Delayed Draw Term Loan, 6.0$ 45,379 356,399 Bausch & Lomb, Inc., Parent Term Loan, 4.709%, 4/ 299,503 492,500 IM US Holdings LLC, First Lien Term Loan, 2.436% 424,781 600,000 IM US Holdings LLC, Second Lien Term Loan, 4.686% 418,500 $1,188,163 Health Care Services - 2.1% 1,362,123 Catalent Pharma Solutions, Inc., Dollar Term Loa$ 866,083 713,997 Hanger Orthopedic Group, Inc., Tranche B Term Loa 635,457 990,657 HealthSouth Corp., Term Loan, 2.84% - 4.7%, 3/11/ 870,953 $2,372,493 Health Care Facilities - 1.4% 46,404 Community Health Systems, Inc., Delayed Draw Ter$ 39,461 907,327 Community Health Systems, Inc., Term Loan, 4.439% 771,568 162,256 Sun Healthcare Group, Inc., Synthetic LC Loan, 2. 133,861 790,414 Sun Healthcare Group, Inc., Term Loan, 3.159% - 5 652,091 $1,596,981 Total Health Care Equipment & Services $6,715,357 Pharmaceuticals & Biotechnology & Life Sciences - 0.8% Pharmaceuticals - 0.6% 735,000 Mylan, Inc., U.S. Tranche B Term Loan, 3.75% - 6$ 674,363 Life Sciences Tools & Services - 0.2% 249,375 Life Technologies Corp., Facility Term Loan B, 5$ 245,323 Total Pharmaceuticals & Biotechnology & Life Sci$ 919,686 Diversified Financials - 3.7% Other Diversified Financial Services - 1.4% 992,500 Metavante Corp., Term Loan, 4.943%, 11/1/14 $ 836,181 798,000 SRAM LLC., Term Loan, 8.75%, 9/30/14 710,220 $1,546,401 Specialized Finance - 1.0% 843,453 Ace Cash Express, Inc., Term Loan, 6.77%, 10/5/1$ 417,509 974,688 Collect Acquisition Corp., Term Loan B, 5.72% - 6 706,649 $1,124,158 Consumer Finance - 0.8% 993,233 Dollar Financial Corp., Canadian Borrower Term L$ 496,617 730,318 Dollar Financial Corp., Delayed Draw Term Loan, 4 365,159 $ 861,776 Investment Banking & Brokerage - 0.5% 693,000 MSCI, Inc., Term Loan B, 4.696%, 11/20/14 $ 632,362 Total Diversified Financials $4,164,697 Insurance - 3.2% Insurance Brokers - 2.5% 1,481,250 Alliant Holdings I, Inc., Term Loan, 4.459%, 8/2$1,170,187 108,611 HUB International, Ltd., Delay Draw Term Loan, 3. 80,643 483,214 HUB International, Ltd., Initial Term Loan, 3.959 358,786 1,970,000 USI Holdings Corp., Tranche B Term Loan, 4.21%, 1,142,600 $2,752,216 Multi-Line Insurance - 0.7% 789,485 AmWins Group, Inc., Initial Term Loan, 2.84% - 4. 461,849 1,000,000 AmWins Group, Inc., Second Lien Initial Term Loan 325,000 $ 786,849 Total Insurance $3,539,065 Software & Services - 3.0% IT Consulting & Other Services - 1.4% 1,964,912 SunGard Data Systems, Inc., New U.S.Term Loan, $1,536,842 Application Software - 0.7% 989,822 Nuance Communications, Inc., Term Loan, 2.41%, 3$ 819,078 Systems Software - 0.9% 1,439,787 Vangent, Inc., Term Loan, 4.16%, 2/14/13 $ 971,857 Total Software & Services $3,327,777 Technology Hardware & Equipment - 1.4% Electronic Equipment & Instruments - 1.4% 1,410,294 H3C Holdings, Ltd., Tranche B Term Loan, 6.701%,$1,158,580 490,061 Scitor Corp., Term Loan, 4.66%, 9/26/14 433,704 Total Technology Hardware & Equipment $1,592,284 Semiconductors & Semiconductor Equipment - 0.5% Semiconductor Equipment - 0.5% 984,925 Freescale Semiconductor, Inc., Term Loan, 3.931%$ 509,698 Total Semiconductors & Semiconductor Equipment $ 509,698 Telecommunication Services - 3.7% Alternative Carriers - 0.7% 1,206,576 PAETEC Holding Corp., Replacement Term Loan, 2.9$ 774,220 Integrated Telecommunication Services - 0.4% 438,230 Telesat Canada, U.S. Term I Loan, 3.47% - 6.42%,$ 354,653 37,640 Telesat Canada, U.S. Term II Loan, 4.46%, 10/31/1 30,461 $ 385,114 Wireless Telecommunication Services - 2.6% 984,848 Cricket Communications, Inc., Term Loan B, 6.5%$ 904,522 1,723,552 MetroPCS Wireless, Inc., New Tranche B Term Loan$1,508,611 593,434 Stratos Global Corp., Facility Term Loan B, 3.3% 510,354 $2,923,487 Total Telecommunication Services $4,082,821 Utilities - 2.3% Multi-Utilities - 0.8% 1,158,000 Goodman Global, Inc., Term Loan, 7.708%, 2/13/14$ 953,541 Independent Power Producers & Energy Traders - 1.5% 1,965,150 Calpine Corp., First Priority Term Loan, 4.335%,$1,518,283 184,378 Mach Gen LLC, First Lien Synthetic LC Loan, 1.218 137,362 $1,655,645 Total Utilities $2,609,186 TOTAL FLOATING RATE LOAN INTERESTS (Cost $64,284,052) $44,863,954 Shares COMMON STOCK - 0.0% of Net Assets Materials - 0.0% Forest Products - 0.0% 13,963 (j) Ainsworth Lumber Co., Ltd. $ 9,573 TOTAL COMMON STOCK (Cost $97,187) $ 9,573 CONVERTIBLE PREFERRED STOCK - 0.3% of Net Assets Diversified Financials - 0.3% Other Diversified Financial Services - 0.3% 595 Bank of America Corp. $ 300,178 TOTAL CONVERTIBLE PREFERRED STOCK (Cost $490,737) $ 300,178 WARRANTS - 0.0% of Net Assets Real Estate - 0.0% Real Estate Development - 0.0% 750,000 (j) Neo-China Group Holdings, Ltd., Expires 7/22/12 $ 24,179 TOTAL WARRANTS (Cost $17,012) $ 24,179 Principal Amount USD ($) Value TEMPORARY CASH INVESTMENTS - 4.9% of Net Assets Securities Lending Collateral - 4.9%(k) Certificates of Deposit: 124,705 Abbey National Plc, 2.52%, 8/13/09 $ 124,705 124,693 Bank of Nova Scotia, 3.21%, 5/5/09 124,693 199,335 Bank of Scotland NY, 2.92%, 6/5/09 199,335 224,470 Barclays Bank, 1.2%, 5/27/09 224,470 249,411 CBA, 1.31%, 7/16/09 249,411 224,470 DNB NOR Bank ASA NY, 2.41%, 6/5/09 224,470 228,460 Intesa SanPaolo S.p.A., 1.1%, 5/22/09 228,460 14,452 NORDEA NY, 0.39%, 4/9/09 14,452 187,058 Royal Bank of Canada NY, 2.7%, 8/7/09 187,058 124,705 Royal Bank of Scotland, 2.45%, 3/5/09 124,705 24,938 Skandinavian Enskilda Bank NY, 2.17%, 2/13/09 24,938 249,411 Societe Generale, 2.62%, 9/4/09 249,411 224,470 Svenska Bank NY, 1.73%, 7/8/09 224,470 249,411 U.S. Bank NA, 2.25%, 8/24/09 249,411 $2,449,989 Commercial Paper: 244,921 American Honda Finance Corp., 1.29%, 7/14/09 $ 244,921 23,773 BBVA U.S., 2.83%, 3/12/09 23,773 124,705 CME Group, Inc., 2.9%, 8/6/09 124,705 124,698 General Electric Capital Corp., 1.96%, 3/16/09 124,698 249,411 HSBC Bank, Inc., 2.5%, 8/14/09 249,411 124,705 IBM, 2.39%, 9/25/09 124,705 224,470 Met Life Global Funding, 2.47%, 6/12/09 224,470 249,411 Monumental Global Funding, Ltd., 2.55%, 8/17/09 249,411 224,470 New York Life Global, 2.31%, 9/4/09 224,470 211,999 Westpac Banking Corp., 1.01%, 6/1/09 211,999 $1,802,563 Tri-party Repurchase Agreements: 238,743 Barclays Capital Markets, 0.26%, 2/2/09 $ 238,743 249,411 Deutsche Bank, 0.27%, 2/2/09 249,411 498,822 Merrill Lynch, 0.28%, 2/2/09 498,822 $ 986,976 Money Market Mutual Fund: 62,353 Columbia Government Reserves Fund $ 62,353 187,058 JPMorgan, U.S. Government Money Market Fund 187,058 $ 249,411 TOTAL SECURITIES LENDING COLLATERAL (Cost $5,488,939) $5,488,939 TOTAL INVESTMENTS IN SECURITIES - 135.5% (Cost $224,835,463) (l) $150,772,333 OTHER ASSETS AND LIABILITIES - (35.5)% $(39,529,725) NET ASSETS APPLICABLE TO COMMON SHAREOWNERS - 100.0 % $111,242,608 (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, 2009, the value of these securities amounted to $60,852,319 or 54.7% of total net assets applicable to common shareowners. (a) Floating rate note. The rate shown is the coupon rate at January 31, 2009. (b) Payment-in-Kind (PIK) security which may pay interest in additional principal amount. (c) Security is in default and is non-income producing. (d) On January 31, 2009, the security was not in default but defaulted after the period end. (e) Security is a perpetual bond and has no definite maturity date. (f) Debt obligation initially issued at one coupon which converts to a higher coupon at a specific date. The rate shown is the coupon rate at January 31, 2009. (g) Security is priced as a unit. (h) Indicates a security that has been deemed illiquid. The aggregate cost of illiquid securities is $444,015. The aggregate value $101,494 represents 0.1% of total net assets applicable to common shareowners. (i) 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 coupon rate accruing at January 31, 2009. (j) Non-income producing. (k) Security lending collateral is managed by Credit Suisse. (l) At January 31, 2009, the net unrealized loss on investments based on cost for federal income tax purposes of $225,661,198 was as follows: Aggregate gross unrealized gain for all investments in which there is an excess of value over tax cost $256,768 Aggregate gross unrealized loss for all investments in which there is an excess of tax cost over value (75,145,633) Net unrealized loss $(74,888,865) For financial reporting purposes net unrealized loss was $74,063,130 and cost of investments aggregated $224,835,463. (m) At January 31, 2009, the following securities were out on loan: Principal Amount USD ($) Description Value 1,131,000 Accuride Corp., 8.5%, 2/1/15 $322,602 45,944 Ainsworth Lumber Co., Ltd., 11.0%, 7/29/15 (144A) 22,555 379,000 Aleris International, Inc., 10.0%, 12/15/16 66,325 970,000 Allison Transmission, Inc., 11.0%, 11/1/15 (144A) 556,429 450,000 AMBAC Financial Group, Inc., 6.15%, 2/15/37 53,248 694,000 Aventine Renewable Energy Holdings, Inc., 10.0%, 116,727 100,000 CCH II LLC, 10.25%, 9/15/10 62,844 202,000 Central Garden and Pet Co., 9.125%, 2/1/13 141,451 1,450,000 First Data Corp., 9.875%, 9/24/15 859,730 1,580,000 Freescale Semiconductor, Inc., 10.125%, 12/15/16* 297,386 1,500,000 Georgia Gulf Corp., 10.75%, 10/15/16 92,031 52,000 Hilcorp Energy I L.P./Hilcorp Finance Co., 9.0%, 43,147 210,000 IRSA Inversiones y Representaciones SA, 8.5%, 2/2 91,174 810,000 MBIA Insurance Corp., 14.0%, 1/15/33 (144A) 474,525 400,000 Minerva Overseas, Ltd., 9.5%, 2/1/17 (144A) 250,894 380,000 Nortel Networks Corp., 2.125%, 4/15/14 65,033 500,000 PAETEC Holding Corp., 9.5%, 7/15/15 326,979 834,000 Ryerson, Inc., 12.25%, 11/1/15 (144A) 545,992 576,000 Trump Entertainment Resorts, Inc., 8.5%, 6/1/15 71,384 450,000 TuranAlem Finance BV, 8.5%, 2/10/15 (144A) 193,562 500,000 Univision Communications, Inc., 9.75%, 3/15/15 (1 101,052 247,000 Wells Fargo Capital XV, 9.75% 241,545 495,000 Yankee Acquisition Corp., 9.75%, 2/15/17 225,070 $5,221,685 *Awaiting pending sales, portion not part of portfolio at period end. Glossary of Terms: LC - Letter of Credit Note: Principal amounts are denominated in U.S. dollars unless otherwise denoted. EURO - Euro NOK - Norwegian Krone Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below. Highest priority is given to Level 1 inputs and lowest priority is given to Level 3. 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 risk, etc.) Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments) The following is a summary of the inputs used as of January 31, 2009, in valuing the Fund's assets: Valuation Inputs Investments Other Financial in Securities Instruments Level 1 - Quoted Prices $ 309,750 106,824 Level 2 - Other Significant Observable Inputs 150,462,583 0 Level 3 - Significant Unobservable Inputs 0 0 Total $150,772,333 106,824 * Other financial instruments include foreign exchange contracts. 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, 2009 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, 2009 By (Signature and Title)* /s/ Mark Bradley Mark Bradley, Treasurer Date March 31, 2009 * Print the name and title of each signing officer under his or her signature.