Karpus Management Discloses 920,566 Shares, 11.04% of HNW

Rhea-AI Filing Summary

Pioneer Diversified High Income Fund, Inc. is reported as having 920,566 common shares beneficially owned by Karpus Management, Inc., representing 11.04% of the class. Karpus reports sole voting and dispositive power over all 920,566 shares, and the shares are owned directly by accounts managed by Karpus. Karpus identifies itself as a registered investment adviser and states that it is controlled by City of London Investment Group plc but has established informational barriers so CLIG does not exercise voting or investment power over these shares. The filing includes a certification that the shares are held in the ordinary course of business and not to influence control of the issuer.

Positive

• Material disclosed stake: Karpus reports ownership of 920,566 shares, representing 11.04% of the class
• Sole authority: Karpus asserts sole voting and dispositive power over all reported shares
• Held in ordinary course: Item 10 certification states shares are not held to influence control
• Informational barriers noted: Parent company CLIG is said to have no voting/investment attribution due to barriers

Negative

• None.

Insights

Securities Analyst

TL;DR: A registered adviser reports an 11.04% direct stake with sole voting and dispositive power; disclosure is routine and non-activist.

Karpus Management, Inc. discloses direct ownership of 920,566 common shares, equal to 11.04% of the outstanding class, and asserts sole voting and dispositive authority. As a registered investment adviser, Karpus provides the required Schedule 13G/A disclosure rather than a Schedule 13D, and certifies the holdings are in the ordinary course of business and not intended to influence control. For investors, this clarifies ownership concentration but does not indicate activist intent or control change based on the filing alone.

Corporate Governance Expert

TL;DR: The filing documents material ownership but affirms informational barriers and non-attribution to the listed parent company.

The statement notes that City of London Investment Group plc controls Karpus but that effective informational barriers exist, and Karpus exercises voting and investment authority independently. This emphasises that beneficial ownership is attributed to Karpus, not its parent. The certification in Item 10 specifies holdings are not intended to change or influence issuer control, which is important governance context for stakeholders assessing potential shareholder activism or control dynamics.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

Pioneer Diversified High Income Fund, Inc.

(Name of Issuer)

Common

(Title of Class of Securities)

723653101

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 723653101

1

Names of Reporting Persons

KARPUS MANAGEMENT, INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 920,566.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 920,566.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

920,566.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

11.04 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Pioneer Diversified High Income Fund, Inc.
(b)	Address of issuer's principal executive offices: 60 State Street, Boston, MA 02109-1800
Item 2.
(a)	Name of person filing: This statement is being filed by Karpus Management, Inc., d/b/a Karpus Investment Management ("Karpus" or the "Reporting Person"). Karpus is a registered investment adviser under Section 203 of the Investment Advisers Act of 1940. Karpus is controlled by City of London Investment Group plc ("CLIG"), which is listed on the London Stock Exchange. However, in accordance with SEC Release No. 34-39538 (January 12, 1998), effective informational barriers have been established between Karpus and CLIG such that voting and investment power over the subject securities is exercised by Karpus independently of CLIG, and, accordingly, attribution of beneficial ownership is not required between Karpus and CLIG. The Shares to which this Schedule 13G relates are owned directly by the accounts managed by Karpus.
(b)	Address or principal business office or, if none, residence: 183 Sully's Trail, Pittsford, New York 14534.
(c)	Citizenship: The members of the Karpus Management Committee are US citizens. Karpus is a New York corporation.
(d)	Title of class of securities: Common
(e)	CUSIP No.: 723653101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 920,566.00
(b)	Percent of class: 11.04 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 920,566.00
	(ii) Shared power to vote or to direct the vote: 0.00
	(iii) Sole power to dispose or to direct the disposition of: 920,566.00
	(iv) Shared power to dispose or to direct the disposition of: 0.00
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

KARPUS MANAGEMENT, INC.

Signature:	/s/ Jodi L. Hedberg
Name/Title:	Jodi L. Hedberg / Chief Compliance Officer
Date:	08/14/2025

FAQ

How many shares of HNW does Karpus Management own?

Karpus Management reports beneficial ownership of 920,566 shares of Pioneer Diversified High Income Fund, Inc.

What percentage of HNW does Karpus Management hold?

The filing states Karpus holds 11.04% of the class of common shares.

Does Karpus have voting control over the reported shares of HNW?

Yes. The filing reports Karpus has sole voting power and sole dispositive power over all 920,566 shares.

Is Karpus acting on behalf of a parent company for these HNW shares?

Karpus discloses it is controlled by City of London Investment Group plc but states informational barriers exist so CLIG does not exercise voting or investment power and no attribution is required.

Is Karpus seeking to influence control of Pioneer Diversified High Income Fund?

Per the Item 10 certification in the filing, the shares are held in the ordinary course of business and are not held for the purpose of changing or influencing control.