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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 811-21043
Pioneer High Income Trust
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
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: March 31
Date of reporting period: December 31, 2005
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 High Income Trust
SCHEDULE OF INVESTMENTS 12/31/05 (unaudited)
Principal
Amount
USD ($) Value
COLLATERIZED MORTGAGE OBLIGATIONS -
1.1% of Net Assets
Diversified Financials - 1.1%
4,860,000 Tower 2004-2A F, 6.376%, 12/15/14 (144A) $ 4,846,547
TOTAL COLLATERIZED MORTGAGE OBLIGATIONS $ 4,846,547
(Cost $4,860,000)
CORPORATE BONDS & NOTES - 119.8%
of Net Assets
Energy - 9.4%
Oil & Gas Equipment & Services - 2.6%
6,200,000 J. Ray McDermott SA, 11.0%, 12/15/13 (14 $ 7,316,000
2,380,000 SemGroup L.P., 8.75%, 11/15/15 (144A) 2,433,550
1,120,000 Targa Resources, Inc., 8.5%, 11/1/13 (14 1,148,000
$ 10,897,550
Oil & Gas Exploration & Production - 6.2%
9,784,000 Baytex Energy, Ltd., 9.625%, 7/15/10 $ 10,273,200
1,570,000 Clayton William Energy, 7.75%, 8/1/13 1,507,200
1,735,000 Delta Petroleum Corp., 7.0%, 4/1/15 1,600,537
5,000,000 Energy Partners, Ltd., 8.75%, 8/1/10 5,125,000
5,300,000 PetroQuest Energy, Inc., 10.375%, 5/15/1 5,538,500
2,135,000 Stone Energy Corp., 6.75%, 12/15/14 2,022,913
$ 26,067,350
Oil & Gas Storage & Transportation - 0.6%
2,688,000 Transmontaigne, Inc., 9.125%, 6/1/10 $ 2,640,960
Total Energy $ 39,605,860
Materials - 25.9%
Commodity Chemicals - 3.2%
4,635,000 ARCO Chemical Co., 9.8%, 2/1/20 $ 5,202,787
2,900,00(a)Aventine Renewable Energy, 10.491%, 12/1 3,001,500
5,000,000 Invista, 9.25%, 5/1/12 (144A) 5,337,500
$ 13,541,787
Diversified Chemicals - 3.7%
385,000 Ashtead Holdings Plc, 8.625%, 8/1/15 (14 $ 405,213
810,000 Braskem SA, 9.375%, 6/1/15 (144A) 891,000
2,550,000 Braskem SA, 11.75%, 1/22/14 3,149,250
EUR7,870,000 Huntsman International LLC, 10.125%, 7/1 9,607,976
EUR1,190,000 Nell AF S.a.r.l., 8.375%, 8/15/15 (144A) 1,424,721
$ 15,478,160
Specialty Chemicals - 10.8%
3,700,000 Basell Finance Co., 8.1%, 3/15/27 (144A) $ 3,385,500
6,060,00(b)Crystal US Holdings, 0.0%, 10/1/14 4,408,650
5,800,000 Ferro Corp., 7.125%, 4/1/28 5,899,992
1,300,000 Ferro Corp., 7.625%, 5/1/13 1,327,417
4,500,000 Methanex Corp., 8.75%, 8/15/12 5,006,250
7,100,000 OM Group, Inc., 9.25%, 12/15/11 6,940,250
5,970,00(d)PolyOne Corp., 8.875%, 5/1/12 5,850,600
6,175,000 Resolution Performance Products LLC, 13. 6,530,063
EUR4,970,000 Rhodia SA, 9.25%, 6/1/11 6,243,424
$ 45,592,146
Construction Materials - 0.5%
2,225,000 RMCC Acquisition Co., 9.5%, 11/1/12 (144 $ 2,236,125
Metal & Glass Containers - 2.3%
1,945,000 Anchor Glass Container Corp., 11.0%, 2/1 $ 1,419,850
4,020,000 Greif Bros. Corp., 8.875%, 8/1/12 4,281,300
4,135,000 Vitro Envases, 10.75%, 7/23/11 (144A) 4,217,700
$ 9,918,850
Paper Packaging - 1.6%
1,685,000 Graham Packaging Co., L.P., 9.875%, 10/1 $ 1,642,875
5,290,000 Graphic Packaging International, Inc., 9 5,051,950
$ 6,694,825
Aluminum - 0.3%
1,440,000 Aleris International, Inc., 9.0%, 11/15/ $ 1,483,200
Diversified Metals & Mining - 1.2%
4,600,000 Freeport-McMoRan Copper & Gold, Inc., 10 $ 5,054,250
Steel - 1.5%
2,900,000 CSN Islands VIII Corp., 9.75%, 12/16/13 $ 3,215,375
880,000 (b)CSN Islands IX Corp., 10.5%, 1/15/15 (14 981,200
2,485,000 Edgen Acquisition Corp., 9.875%, 2/1/11 2,410,450
$ 6,607,025
Forest Products - 0.4%
1,645,000 Mandra Forestry Holdings, Ltd., 12.0%, 5 $ 1,579,200
Paper Products - 0.4%
1,875,000 Mercer International, Inc., 9.25%, 2/15/ $ 1,579,688
Total Materials $ 109,765,256
Capital Goods - 5.6%
Building Products - 1.7%
3,135,00(a)Builders FirstSource, Inc., 8.59%, 2/15/ $ 3,189,862
4,185,000 U.S. Concrete, Inc., 8.375%, 4/1/14 4,174,538
$ 7,364,400
Construction & Engineering - 0.3%
1,250,000 Dycom Industries, Inc., 8.125%, 10/15/15 $ 1,250,000
Heavy Electrical Equipment - 2.1%
4,790,000 Altra Industrial Motion, 9.0%, 12/1/11 ( $ 4,646,300
3,975,000 Hawk Corp., 8.75%, 11/1/14 4,014,750
$ 8,661,050
Construction & Farm Machinery & Heavy
Truck - 1.2%
3,300,000 American Rock Salt Co., LLC, 9.5%, 3/15/ $ 3,333,000
1,980,00(d)Hines Nurseries, Inc., 10.25%, 10/1/11 1,940,400
$ 5,273,400
Industrial Machinery - 0.3%
1,217,000 Manitowac Co., Inc., 10.5%, 8/1/12 $ 1,350,870
Total Capital Goods $ 23,899,720
Commercial Services & Supplies - 10.2%
Diversified Commercial & Professional
Services - 5.4%
3,500,000 Allied Security Escrow, 11.375%, 7/15/11 $ 3,374,150
1,850,000 Brickman Group, Ltd., Series B, 11.75%, 2,048,875
4,455,000 Cardtronics, Inc., 9.25%, 8/15/13 (144A) 4,432,725
3,230,000 Cornell Companies, Inc., 10.75%, 7/1/12 3,343,050
3,820,000 Park-Ohio Industries, Inc., 8.375%, 11/1 3,342,500
6,695,00(d)United Rentals North America, Inc., 7.75 6,527,625
$ 23,068,925
Human Resource & Employment Services - 0.6%
2,700,000 Knowledge Learning Corp., Inc., 7.75%, 2 $ 2,565,000
Environmental & Facilities Services - 4.2%
6,275,000 Clean Harbors, Inc., 11.25%, 7/15/12 $ 7,059,375
5,020,000 Hydrochem Industrial Services, Inc., 9.2 4,819,200
5,800,000 Waste Services, Inc., 9.5%, 4/15/14 5,800,000
$ 17,678,575
Total Commerical Service & Supplies $ 43,312,500
Transportation - 14.1%
Airlines - 3.3%
1,316,928 American Airlines, Inc., 7.379%, 11/23/1 $ 1,079,686
1,100,000 American Airlines, Inc., 10.38%, 3/4/06 1,097,250
2,065,00(d)AMR Corp., 9.0%, 8/1/12 1,791,387
2,440,000 AMR Corp., 9.8%, 10/1/21 1,823,900
3,200,000 AMR Corp., 10.2%, 3/15/20 2,424,000
6,000,000 Continental Airlines, Inc., Series D, 7. 5,911,891
$ 14,128,114
Marine - 8.5%
3,899,00(b)H-Lines Finance Holding, 0.0%, 4/1/13 $ 3,226,422
NOK27,300,0(b)Kvaerner ASA, 0.0%, 10/30/11 3,628,577
8,897,00(b)Kvaerner ASA, 0.0%, 10/30/11 8,363,180
8,000,000 Seabulk International, Inc., 9.5%, 8/15/ 8,990,000
7,350,000 Ship Finance International, Ltd., 8.5%, 6,872,250
985,000 Stena AB, 7.0%, 12/1/16 901,275
1,000,000 Stena AB, 7.5%, 11/1/13 960,000
2,900,000 Trailer Bridge, Inc., 9.25%, 11/15/11 2,983,375
$ 35,925,079
Railroads - 1.7%
4,525,000 Atlantic Express Transportation Corp., 1 $ 3,936,750
2,500,000 Grupo Transportacion Ferroviaria Mexicana, SA de CV,
9.375%, 5/1/12 (144A) 2,737,500
400,000 Grupo Transportacion Ferroviaria Mexicana, SA de CV,
10.25%, 6/15/07 422,000
$ 7,096,250
Trucking - 0.5%
2,175,000 Greenbrier Companies, Inc., 8.375%, 5/15 $ 2,218,500
Airport Services - 0.1%
535,000 K&F Acquisition, Inc., 7.75% 11/15/14 $ 540,350
Total Transportation $ 59,908,293
Automobiles & Components - 4.7%
Auto Parts & Equipment - 2.4%
3,590,000 Cooper-Standard Automotive, Inc., 8.375% $ 2,728,400
5,475,000 Stanadyne Corp., 10.0%, 8/15/14 5,256,000
2,000,000 UGS Corp., 10.0%, 6/1/12 2,180,000
$ 10,164,400
Tires & Rubber - 1.7%
7,010,000 Goodyear Tire & Rubber Co., 9.0%, 7/1/15 $ 6,904,850
Automobile Manufacturers - 0.6%
3,000,000 Ford Motor Credit Co., 7.375%, 10/28/09 $ 2,660,658
Total Automobiles & Components $ 19,729,908
Consumer Durable & Apparel - 0.4%
Homebuilding - 0.4%
1,165,000 WCI Communities, Inc., 7.875%, 10/1/13 $ 1,098,013
700,000 William Lyon Homes, Inc., 7.625%, 12/15/ 617,750
$ 1,715,763
Total Consumer Durable & Apparel $ 1,715,763
Consumer Services - 1.8%
Hotels, Resorts & Cruise Lines - 1.2%
2,990,00(d)MeriStar Hospitality Operating Partnersh $ 3,150,713
2,050,000 Trump Entertainment Resorts, Inc., 8.5%, 1,998,750
$ 5,149,463
Leisure Facilities - 0.6%
2,500,000 True Temper Sports, Inc., 8.375%, 9/15/1 $ 2,250,000
Total Consumer Services $ 7,399,463
Media - 5.0%
Broadcasting & Cable TV - 2.3%
2,170,000 Cablemas SA de CV, 9.375%, 11/15/15 (144 $ 2,224,250
2,855,00(a)Cleveland Unlimited, Inc., 12.73%, 12/15 2,883,550
EUR3,750,000 Kabel Deutschland GMBH, 10.75%, 7/1/14 ( 4,920,941
$ 10,028,741
Movies & Entertainment - 0.8%
3,000,000 LodgeNet Entertainment Corp., 9.5%, 6/15 $ 3,262,500
Publishing - 1.9%
5,085,000 Sheridan Acquisition Corp., 10.25%, 8/15 $ 5,231,194
3,700,00(b)Visant Holding Corp., 0.0%, 12/1/13 2,738,000
$ 7,969,194
Total Media $ 21,260,435
Retailing - 4.7%
Distributors - 0.8%
3,535,000 Intcomex, Inc., 11.75%, 1/15/11 (144A) $ 3,473,137
Department Stores - 1.0%
3,800,000 J.C. Penney Co., Inc., 8.125%, 4/1/27 $ 3,980,500
General Merchandise Stores Retail - 0.7%
EUR2,500,000 Ray Acquisition SCA, 9.375%, 3/16/15 (14 $ 3,125,811
Computer & Electronics Retailing - 0.2%
695,000 GSC Holdings Corp., 8.0%, 10/1/12 (144A) $ 653,300
Specialty Stores - 0.9%
3,840,000 Asbury Automotive Group, Inc., 9.0%, 6/1 $ 3,840,000
Automotive Retail - 1.1%
5,370,000 Pep Boys-Manny, Moe & Jack, 7.5%, 12/15/ $ 4,779,300
Total Retailing $ 19,852,048
Food & Staples Retailing - 2.1%
Drug Retail - 0.7%
550,000 (a)Duane Reade, Inc., 8.991% 12/15/10 $ 511,500
3,700,00(d)Duane Reade, Inc., 9.75%, 8/1/11 2,479,000
$ 2,990,500
Food Distributors - 1.4%
2,480,000 Doane Pet Care Co., 10.625%, 11/15/15 (1 $ 2,585,400
3,380,000 Wornick Co., 10.875%, 7/15/11 3,464,500
$ 6,049,900
Total Food & Staples Retailing $ 9,040,400
Food, Beverage & Tobacco - 1.7%
Soft Drinks - 1.7%
5,885,000 Cia Brasileira de Bebida, 10.5%, 12/15/1 $ 7,238,550
Total Food, Beverage & Tobacco $ 7,238,550
Health Care Equipment & Services - 5.3%
Health Care Equipment & Services - 2.2%
1,800,000 Accellent, Inc., 10.5%, 12/1/13 (144A) $ 1,845,000
5,265,00(d)Hanger Orthopedic Group, Inc., 10.375%, 5,265,000
2,900,00(a)Medical Services Co., 11.65%, 10/15/11 ( 2,233,000
$ 9,343,000
Health Care Services - 2.5%
2,160,000 AMR HoldCo/Emcare HoldCo, 10.0%, 2/15/15 $ 2,305,800
1,500,000 National Nephrology Associates, Inc., 9. 1,661,250
2,000,000 NDCHealth Corp., 10.5%, 12/1/12 2,285,000
4,055,000 Rural/Metro Corp., 9.875%, 3/15/15 (144A 4,136,100
$ 10,388,150
Managed Health Care - 0.6%
2,335,000 PacifiCare Health Systems, Inc., 10.75%, $ 2,501,369
Total Health Care Equipment & Services $ 22,232,519
Pharmaceuticals & Biotechnology - 1.4%
Pharmaceuticals - 1.4%
6,650,000 Warner Chilcott Corp., 8.75%, 2/1/15 (14 $ 6,118,000
Total Pharmaceuticals & Boitechnology $ 6,118,000
Diversified Financials - 7.0%
Other Diversified Financials Services - 4.0%
5,587,00(b)Alamosa Delaware, Inc., 12.0%, 7/31/09 $ 6,110,781
6,135,000 Dollar Financial Group, 9.75%, 11/15/11 6,319,050
EUR2,000,000 MDP Acquisitions Plc, 10.125%, 10/1/12 2,524,240
2,100,00(a)Pipe Acquisition Finance Plc, 10.913%, 1 2,084,250
$ 17,038,321
Specialized Finance - 3.0%
1,500,000 Digicel, Ltd., 9.25%, 9/1/12 (144A) $ 1,541,250
2,435,000 Galaxy Entertainment Finance Co., Ltd., 2,471,525
7,950,000 GATX Financial Corp., 8.875%, 6/1/09 8,770,042
$ 12,782,817
Total Diversified Financials $ 29,821,138
Insurance - 3.4%
Life & Health Insurance - 1.3%
5,725,000 Presidential Life Corp., 7.875%, 2/15/09 $ 5,667,750
Multi-Line Insurance - 1.3%
5,300,000 Allmerica Financial Corp., 7.625%, 10/15 $ 5,435,309
Property & Casualty Insurance - 0.8%
3,380,000 Kingsway America, Inc., 7.5%, 2/1/14 $ 3,482,613
Total Insurance $ 14,585,672
Technology Hardware & Equipment - 4.7%
Communications Equipment - 0.7%
2,900,000 Lucent Technologies, Inc., 7.25%, 7/15/0 $ 2,921,750
Electronic Equipment Manufacturers - 0.1%
215,000 General Cable Corp., 9.5%, 11/15/10 $ 227,900
Electronic Manufacturing Services - 1.0%
4,000,000 Sanmina-SCI Corp., 10.375%, 1/15/10 $ 4,420,000
Office Electronics - 2.9%
11,830,000 Xerox Capital Trust I, 8.0%, 2/1/27 $ 12,184,900
Total Technology Hardware & Equipment $ 19,754,550
Telecommunication Services - 8.5%
Integrated Telecommunication Services - 2.4%
5,212,000 Eschelon Operating Co., 8.375%, 3/15/10 $ 4,821,100
4,025,000 GCI, Inc., 7.25%, 2/15/14 3,984,750
530,000 (a)NTELOS Holdings Corp., 12.9%, 10/15/13 ( 528,675
1,400,00(b)Zeus Special Subsidiary, Ltd., 0.0%, 2/1 920,500
$ 10,255,025
Wireless Telecommunications Services - 6.1%
3,900,000 Horizon PCS, Inc., 11.375%, 7/15/12 $ 4,475,250
2,200,00(b)Inmarsat Finance II Plc, 0.0%, 11/15/12 1,834,250
5,150,000 Mobifon Holdings BV, 12.5%, 7/31/10 5,974,000
3,230,000 Mobile Telesystems, 9.75%, 1/30/08 (144A 3,423,800
3,000,00(a)Rural Cellular Corp., 10.041%, 11/1/12 ( 3,022,500
691,000 Tele Norte Leste Participacoes SA, 8.0%, 732,460
5,525,000 UbiquiTel Operating Co., 9.875%, 3/1/11 6,118,938
$ 25,581,198
Total Telecommunication Services $ 35,836,223
Utilities - 3.9%
Electric Utilities - 3.5%
2,000,000 Aes Chivor SA ESP, 9.75%, 12/30/14 (144 $ 2,160,000
1,822,500 Empresa Electrica Guacolda SA, 8.625%, 4 2,042,040
6,370,693 Ormat Funding Corp., 8.25%, 12/30/20 6,434,400
4,280,000 VeraSun Energy Corp., 9.875%, 12/15/12 ( 4,344,200
$ 14,980,640
Multi-Utilities - 0.4%
1,800,000 Reliant Energy, Inc., 6.75%, 12/15/14 $ 1,570,500
Total Utilities $ 16,551,140
TOTAL CORPORATE BONDS & NOTES
(Cost $481,110,399) $ 507,627,438
CONVERTIBLE BONDS & NOTES - 1.1%
of Net Assets
Consumer Services - 0.9%
Specialized Consumer Services - 0.9%
4,000,000 SCI Systems, Inc., 3.0%, 3/15/07 $ 3,830,000
Total Consumer Services $ 3,830,000
Software & Services - 0.2%
Data Processing & Outsourced Services - 0.2%
850,000 Pegasus Solutions, Inc., 3.875%, 7/15/23 $ 826,625
Total Software & Services $ 826,625
TOTAL CONVERTIBLE BONDS & NOTES
(Cost $4,400,120) $ 4,656,625
MUNICIPAL BONDS - 7.7% of Net Assets
Indiana - 3.1%
1,650,000 East Chicago Industrial Pollution Ctl. R $ 1,747,746
3,000,000 East Chicago Industrial Pollution Ctl. R 3,106,140
3,665,000 Indiana Dev. Fin. Auth. Pollution Ctl. R 3,797,746
4,250,000 Indiana Dev. Fin. Auth. Rev., 5.75%, 10/ 4,415,877
$ 13,067,509
Michigan - 0.4%
3,000,000 Wayne Charter County, Spl. Arpt. Facs. R $ 1,571,520
New Jersey - 2.1%
4,525,000 New Jersey Economic Dev. Auth. Rev., 7.0 $ 4,400,065
4,000,000 Tobacco Settlement Financing Corp., 7.0% 4,559,720
$ 8,959,785
New York - 0.9%
3,475,000 New York City Ind. Dev. Agcy., British Airways Plc Proj.,
7.625%, 12/1/32 $ 3,750,359
North Carolina - 1.2%
4,800,000 Charlotte, Spl. Facs. Rev., Charlotte/Douglas Int'l Airport,
5.6%, 7/1/27 $ 3,381,504
2,000,000 Charlotte, Spl. Facs. Rev., Charlotte/Douglas Int'l Airport,
7.75%, 2/1/28 1,823,740
$ 5,205,244
TOTAL MUNICIPAL BONDS
(Cost $26,232,644) $ 32,554,417
SOVEREIGN DEBT OBLIGATIONS - 2.1%
of Net Assets
Brazil - 0.8%
ITL4,800,00(b)Banco Nacional de Desenvolimento Bndes, $ 3,245,747
Ecuador - 0.7%
3,515,00(b)Federal Republic of Ecuador, 9.0%, 8/15/ $ 3,198,650
Russia - 0.6%
2,320,00(b)Russian Federation, 5.0%, 3/31/30 $ 2,619,048
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $6,009,882) $ 9,063,445
Shares COMMON STOCKS - 0.9% of Net Assets
Pharmaceuticals & Biotechnology - 0.9%
Pharmaceuticals - 0.9%
120,325 IVAX Corp. $ 3,769,790
Total Pharmaceuticals & Biotechnology $ 3,769,790
TOTAL COMMON STOCKS
(Cost $2,462,500) $ 3,769,790
WARRANTS - 0.0% of Net Assets
Materials - 0.0%
Forest Products - 0.0%
1,645 Mandra Forestry Holdings, Ltd. - CW13, E $ -
Total Materials $ -
Transportation - 0.0%
Railroads - 0.0%
4,525 Atlantic Express Transportation Corp., E $ -
Total Transportation $ -
TOTAL WARRANTS
(Cost $0) $ -
TEMPORARY CASH INVESTMENTS - 4.7%
of Net Assets
Security Lending Collateral - 4.7%
19,667,338 Securities Lending Investment Fund, 4.24 $ 19,667,338
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $19,667,338) $ 19,667,338
TOTAL INVESTMENTS IN SECURITIES - 137.4%
(Cost $544,742,883) (c) (e) $ 582,185,600
OTHER ASSETS AND LIABILITIES - (1.7)% $ (7,364,734)
PREFERRED SHARES AT REDEMPTION VALUE,
INCLUDING DIVIDENDS PAYABLE - (35.7)% $ (151,060,830)
NET ASSETS APPLICABLE TO COMMON
SHAREOWNERS - 100.0% $ 423,760,036
NR Security not rated by S&P or Moody's.
(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 December 31,
2005, the value of these securities amounted to $133,677,635 or
31.6% of total net assets applicable to common shareholders.
* Security is in default and is non-income producing.
** Non-income producing.
(a) Floating rate note.
(b) Debt obligation initially issued at one coupon which converts
to a higher coupon
at a specific date. The rate shown is the rate at period end.
(c) At December 31, 2005, the net unrealized gain on investments
based on cost for
federal income tax purposes of $545,099,869 was as follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cos $ 45,994,665
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over valu (8,908,934)
Net unrealized gain $ 37,085,731
For financial reporting purposes net unrealized gain was
$37,442,717 and cost of
investments aggregated $544,742,883.
(d) At December 31, 2005, the following securities were out on loan:
Principal Market
Amount Description Value
$ 1AMR Corp., 9.0%, 8/1/12 $ 1,701,168
3Duane Reade, Inc., 9.75%, 8/1/11 2,355,050
Hanger Orthopedic Group, Inc., 10.375%, 5,001,750
Hines Nurseries, Inc., 10.25%, 10/1/11 582,120
2,MeriStar Hospitality Operating Partnersh 2,993,177
5,PolyOne Corp., 8.875%, 5/1/12 5,315,520
United Rentals North America, Inc., 7.75 827,775
$ 18,776,560
(e) Distribution of investments by country of issue, as a percentage
of total holdings, is as follows:
United States 74.6%
Canada 4.5
Norway 3.6
Brazil 2.9
France 2.3
Australia 1.7
Mexico 1.5
Panama 1.2
Romania 1.0
Russia 1.0
Germany 0.9
Cayman Islands 0.7
Great Britain 0.7
Ecuador 0.6
Netherlands 0.6
Colombia 0.4
Ireland 0.4
Bermuda 0.3
Chile 0.3
China 0.3
Sweden 0.3
Luxembourg 0.2
100.0 %
Note: Principal amounts are denominated in U.S. dollars unless
otherwise denoted.
EURO Euro
ITL Italian Lira
NOK Norwegian Krone
Purchases and sales of securities (excluding temporary cash
investments) for the
period ended December 31, 2005, aggregated $119,903,172
and $80,206,545, respectively.
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 certifying officers have determined that the registrant's
disclosure controls and procedures are effective based on an evaluation of
these controls and procedures as of a date within 90 days prior to 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 was no significant change in the registrant's internal controls over
financial reporting 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.
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 High Income Trust
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date February 28, 2006
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 February 28, 2006
By (Signature and Title)* /s/ Vincent Nave
Vincent Nave, Treasurer
Date February 28, 2006
* Print the name and title of each signing officer under his or her signature.