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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: June 30, 2006
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 6/30/06 (unaudited)
Principal S&P/Moody's
Amount Ratings
USD ($) (unaudited) Value
COLLATERIZED MORTGAGE OBLIGATIONS - 1.2% of Net Assets
Diversified Financials - 1.2%
425,000 BB/Ba3 DB Master Finance LLC, 8.285%, 6/20/31 (144 $426,637
4,860,000 NR/Ba2 Tower 2004-2A F, 6.376%, 12/15/14 (144A) 4,773,589
TOTAL COLLATERIZED MORTGAGE OBLIGATIONS $5,200,226
(Cost $5,284,991)
CORPORATE BONDS & NOTES - 117.4% of Net Assets
Energy - 11.0%
Oil & Gas Drilling - 1.1%
4,400,000 NR/NR DDI Holding AS, 9.3%, 1/19/12 (144A) $4,521,000
Oil & Gas Equipment & Services - 1.5%
2,100,000 (a)CCC+/B3 Pipe Acquisition Finance Plc, 11.67%, 12/15 $2,068,500
2,380,000 NR/B1 SemGroup L.P., 8.75%, 11/15/15 (144A) 2,368,100
2,000,000 NR/NR Sevan Marine ASA, 9.75%, 1/31/11 (144A) 2,010,000
$6,446,600
Oil & Gas Exploration & Production - 7.7%
9,534,000 (i)B-/B3 Baytex Energy, Ltd., 9.625%, 7/15/10 $9,843,855
4,080,000 B-/B3 Clayton William Energy, 7.75%, 8/1/13 3,753,600
5,000,000 B+/B2 Energy Partners, Ltd., 8.75%, 8/1/10 4,812,500
1,250,000 B/B3 Hilcorp Energy I, LP/Hilcorp Finance Co., 9 1,259,375
4,500,000 BBB-/Ba1 Methanex Corp., 8.75%, 8/15/12 4,831,875
5,300,000 CCC+/Caa1PetroQuest Energy, Inc., 10.375%, 5/15/12 5,485,500
3,135,000 B-/Caa1 Stone Energy Corp., 6.75%, 12/15/14 3,146,756
$33,133,461
Oil & Gas Storage & Transportation - 0.7%
820,000 B-/B2 Targa Resources, Inc., 8.5%, 11/1/13 (144A) $791,300
2,188,000 B-/B3 Transmontaigne, Inc., 9.125%, 6/1/10 2,330,220
$3,121,520
Total Energy $47,222,581
Materials - 26.1%
Commodity Chemicals - 5.1%
4,635,000 BB-/Ba3 ARCO Chemical Co., 9.8%, 2/1/20 $5,446,125
2,920,000 (a)B-/B3 Aventine Renewable Energy, 11.329%, 12/15/1 3,076,950
5,000,000 B+/Ba3 Invista, 9.25%, 5/1/12 (144A) 5,250,000
3,300,000 B+/B1 Tronox Worldwide LLC/Tronox Finance Corp., 3,399,000
4,280,000 B-/B3 VeraSun Energy Corp., 9.875%, 12/15/12 (144 4,515,400
$21,687,475
Diversified Chemicals - 7.0%
3,200,000 B-/B2 Basell Finance Co., 8.1%, 3/15/27 (144A) $2,896,000
810,000 BB/NR Braskem SA, 9.375%, 6/1/15 (144A) 814,050
2,200,000 BB/NR Braskem SA, 11.75%, 1/22/14 2,453,000
6,060,000 (b)B/Caa2 Crystal US Holdings, 10.5%, 10/1/14 4,741,950
7,870,000 B/B3 Huntsman International LLC, 10.125%, 7/1/09 10,213,983
2,000,000 B-/B2 Ineos Group Holdings Plc., 8.5%, 2/15/16 (1 1,872,500
1,190,000 B-/B2 Nell AF S.a.r.l., 8.375%, 8/15/15 (144A) 1,536,819
500,000 B-/B2 Nell AF S.a.r.l., 8.375%, 8/15/15 (144A) 480,625
3,904,000 B-/Caa1 Rhodia SA, 9.25%, 6/1/11 5,191,556
$30,200,483
Specialty Chemicals - 1.6%
1,000,000 B/NR Ferro Corp., 7.625%, 5/1/13 $982,500
5,970,000 (i)B+/B3 PolyOne Corp., 8.875%, 5/1/12 5,992,388
$6,974,888
Construction Materials - 1.5%
2,225,000 CCC+/Caa1RMCC Acquisition Co., 9.5%, 11/1/12 (144A) $2,314,000
4,185,000 B-/B3 U.S. Concrete, Inc., 8.375%, 4/1/14 4,226,850
$6,540,850
Metal & Glass Containers - 1.9%
4,020,000 BB-/B1 Greif Bros. Corp., 8.875%, 8/1/12 $4,231,050
3,985,000 B-/B2 Vitro Envases, 10.75%, 7/23/11 (144A) 4,104,550
$8,335,600
Paper Packaging - 2.3%
1,685,000 (i)CCC+/Caa2Graham Packaging Co., L.P., 9.875%, 10/15/1 $1,668,150
5,540,000 (i)B-/B3 Graphic Packaging International, Inc., 9.5% 5,484,600
2,000,000 B-/B3 MDP Acquisitions Plc, 10.125%, 10/1/12 2,774,688
$9,927,438
Aluminum - 1.1%
1,440,000 B/B3 Aleris International, Inc., 9.0%, 11/15/14 $1,465,200
1,200,000 BB/Ba3 Asia Aluminum Holdings, Ltd., 8.0%, 12/23/1 1,125,000
2,180,000 B-/B3 Indalex Holding Corp., 11.5%, 2/1/14 (144A) 2,223,600
$4,813,800
Diversified Metals & Mining - 2.5%
3,300,000 B-/B3 American Rock Salt Co., LLC, 9.5%, 3/15/14 $3,341,250
4,600,000 B+/B1 Freeport-McMoRan Copper & Gold, Inc., 10.12 4,881,750
2,599,000 B-/Caa1 OM Group, Inc., 9.25%, 12/15/11 2,676,970
$10,899,970
Steel - 1.5%
2,900,000 BB/Ba2 CSN Islands VIII Corp., 9.75%, 12/16/13 (14 $3,103,000
630,000 BB/Ba2 CSN Islands IX Corp., 10.5%, 1/15/15 (144A) 693,000
2,485,000 B-/B3 Edgen Acquisition Corp., 9.875%, 2/1/11 2,422,875
$6,218,875
Forest Products - 0.3%
1,645,000 B-/B3 Mandra Forestry Holdings, Ltd., 12.0%, 5/15 $1,266,650
Pioneer High Income Trust
SCHEDULE OF INVESTMENTS 6/30/06 (unaudited) (continued)
Principal S&P/Moody's
Amount Ratings
USD ($) (unaudited) Value
Paper Products - 1.3%
5,450,000 B-/B2 Exopack Holding Corp., 11.25%, 2/1/14 (144A $5,504,500
Total Materials $112,370,529
Capital Goods - 10.9%
Building Products - 0.7%
2,885,000 (a)B/B3 Builders FirstSource, Inc., 9.42%, 2/15/12 $2,957,125
Construction & Engineering - 3.3%
1,250,000 B+/Ba3 Dycom Industries, Inc., 8.125%, 10/15/15 $1,253,125
27,300,000(b)NR/NR Kvaerner ASA, 0.0%, 10/30/11 4,332,393
8,897,000 (b)NR/NR Kvaerner ASA, 0.0%, 10/30/11 8,563,362
$14,148,880
Heavy Electrical Equipment - 2.0%
4,790,000 CCC+/B3 Altra Industrial Motion, 9.0%, 12/1/11 $4,813,950
3,975,000 B/B2 Hawk Corp., 8.75%, 11/1/14 3,994,875
$8,808,825
Construction & Farm Machinery & Heavy Truck - 3.2%
2,000,000 B-/B3 Accuride Corp., 8.5%, 2/1/15 $1,920,000
5,000,000 B+/Ba3 Commercial Vehicle Group, Inc., 8.0%, 7/1/1 4,787,500
1,800,000 B+/B1 Greenbrier Companies, Inc., 8.375%, 5/15/15 1,838,250
5,475,000 CCC+/Caa1Stanadyne Corp., 10.0%, 8/15/14 5,119,125
$13,664,875
Industrial Machinery - 0.3%
1,217,000 B+/B2 Manitowac Co., Inc., 10.5%, 8/1/12 $1,320,445
Trading Companies & Distributors - 1.4%
2,845,000 B/B3 Interline Brands, Inc., 8.125%, 6/15/14 $2,837,888
2,500,000 CCC+/Caa1Ray Acquisition SCA, 9.375%, 3/16/15 (144A) 3,340,494
$6,178,382
Total Capital Goods $47,078,532
Commercial Services & Supplies - 8.8%
Diversified Commercial & Professional Services - 4.7%
3,500,000 CCC+/Caa1Allied Security Escrow, 11.375%, 7/15/11 $3,395,000
1,850,000 B/B2 Brickman Group, Ltd., Series B, 11.75%, 12/ 1,988,750
4,455,000 B-/Caa1 Cardtronics, Inc., 9.25%, 8/15/13 (144A) 4,388,175
2,980,000 CCC+/B3 Cornell Companies, Inc., 10.75%, 7/1/12 3,169,975
1,500,000 (a)B-/Caa1 FS Funding AS, 9.489%, 5/15/16 (144A) 1,870,037
2,970,000 CCC+/Caa1Park-Ohio Industries, Inc., 8.375%, 11/15/1 2,613,600
2,745,000 (i)B/Caa1 United Rentals North America, Inc., 7.75%, 2,607,750
$20,033,287
Human Resource & Employment Services - 0.6%
2,700,000 B-/B3 Knowledge Learning Corp., Inc., 7.75%, 2/1/ $2,470,500
Environmental & Facilities Services - 3.5%
4,088,000 B+/B1 Clean Harbors, Inc., 11.25%, 7/15/12 $4,599,000
5,020,000 CCC+/Caa1Hydrochem Industrial Services, Inc., 9.25%, 4,844,300
5,800,000 CCC/Caa2 Waste Services, Inc., 9.5%, 4/15/14 5,858,000
$15,301,300
Total Commercial Services & Supplies $37,805,087
Transportation - 9.4%
Airlines - 3.3%
1,063,394 CCC+/B3 American Airlines, Inc., 7.379%, 11/23/17 $962,371
2,065,000 (i)CCC+/Caa2AMR Corp., 9.0%, 8/1/12 2,039,188
2,440,000 CCC+/Caa2AMR Corp., 9.8%, 10/1/21 2,275,300
3,200,000 CCC+/Caa2AMR Corp., 10.2%, 3/15/20 3,000,000
1,127,990 B+/B2 Continental Airlines, Inc., Series B, 8.499 1,107,336
5,000,000 B/B3 Continental Airlines, Inc., Series D, 7.568 4,987,306
$14,371,501
Marine - 5.4%
860,000 BB+/NR CMA CGM SA, 7.25%, 2/1/13 (144A) $786,900
3,899,000 (b)CCC+/Caa2H-Lines Finance Holding, 0.0%, 4/1/13 3,343,392
8,000,000 BBB-/Ba1 Seabulk International, Inc., 9.5%, 8/15/13 8,840,000
6,470,000 B/B1 Ship Finance International, Ltd., 8.5%, 12/ 6,146,500
1,060,000 BB-/Ba3 Stena AB, 7.0%, 12/1/16 975,200
2,900,000 B-/B3 Trailer Bridge, Inc., 9.25%, 11/15/11 2,972,500
$23,064,492
Railroads - 0.7%
2,250,000 B-/B3 Grupo Transportacion Ferroviaria Mexicana, SA de CV,
9.375%, 5/1/12 $2,396,250
400,000 B-/B3 Grupo Transportacion Ferroviaria Mexicana, SA de CV,
10.25%, 6/15/07 412,000
$2,808,250
Total Transportation $40,244,243
Automobiles & Components - 2.6%
Auto Parts & Equipment - 1.2%
3,590,000 B-/Caa1 Cooper-Standard Automotive, Inc., 8.375%, 1 $2,831,612
2,000,000 B-/B3 UGS Corp., 10.0%, 6/1/12 2,150,000
$4,981,612
Pioneer High Income Trust
SCHEDULE OF INVESTMENTS 6/30/06 (unaudited) (continued)
Principal S&P/Moody's
Amount Ratings
USD ($) (unaudited) Value
Tires & Rubber - 1.4%
6,510,000 (i)B-/B3 Goodyear Tire & Rubber Co., 9.0%, 7/1/15 $6,217,050
Total Automobiles & Components $11,198,662
Consumer Durable & Apparel - 1.0%
Homebuilding - 1.0%
1,100,000 (i)B+/Ba3 WCI Communities, Inc., 6.625%, 3/15/15 $913,000
3,200,000 B/B2 William Lyon Homes, Inc., 7.5%, 2/15/14 2,656,000
700,000 B/B2 William Lyon Homes, Inc., 7.625%, 12/15/12 581,000
Total Consumer Durable & Apparel $4,150,000
Consumer Services - 3.2%
Casinos & Gaming - 2.1%
4,500,000 B/B2 Little Traverse Bay Bands of Odawa Indians, $4,443,750
1,700,000 B/B3 Pokagon Gaming Authority, 10.375%, 6/15/14 1,757,375
3,050,000 (i)B-/Caa1 Trump Entertainment Resorts, Inc., 8.5%, 6/ 2,931,813
$9,132,938
Hotels, Resorts & Cruise Lines - 1.1%
2,435,000 B+/B1 Galaxy Entertainment Finance Co., Ltd., 9.8 $2,532,400
1,980,000 (a)B/B3 HRP Myrtle Beach Operations LLC, 9.818%, 4/ 1,960,200
$4,492,600
Total Consumer Services $13,625,538
Media - 4.3%
Broadcasting & Cable TV - 1.8%
2,170,000 BB-/B1 Cablemas SA de CV, 9.375%, 11/15/15 (144A) $2,235,100
3,750,000 B-/B2 Kabel Deutschland GMBH, 10.75%, 7/1/14 (144 5,298,439
$7,533,539
Movies & Entertainment - 0.7%
3,000,000 B-/B3 LodgeNet Entertainment Corp., 9.5%, 6/15/13 $3,195,000
Publishing - 1.8%
4,835,000 B/B1 Sheridan Acquisition Corp., 10.25%, 8/15/11 $4,913,569
3,700,000 (b)B-/Caa2 Visant Holding Corp., 0.0%, 12/1/13 2,904,500
$7,818,069
Total Media $18,546,608
Retailing - 3.6%
Distributors - 1.1%
4,735,000 B-/Caa1 Intcomex, Inc., 11.75%, 1/15/11 (144A) $4,699,487
Department Stores - 0.9%
3,800,000 BBB-/Baa3J.C. Penney Co., Inc., 8.125%, 4/1/27 $3,926,772
Specialty Stores - 1.6%
1,545,000 (c)CCC+/Caa2AAC Group Holding Corp., 12.75%, 10/1/12 (1 $1,545,000
1,980,000 CCC+/B3 Hines Nurseries, Inc., 10.25%, 10/1/11 1,900,800
3,180,000 CCC/Caa1 Nutro Products, Inc., 10.75%, 4/15/14 (144A 3,271,425
$6,717,225
Total Retailing $15,343,484
Food & Staples Retailing - 1.5%
Drug Retail - 0.7%
3,350,000 CC/Caa3 Duane Reade, Inc., 9.75%, 8/1/11 $2,696,750
550,000 (a)CCC/Caa1 Duane Reade, Inc., 9.829% 12/15/10 533,500
$3,230,250
Food Distributors - 0.8%
3,380,000 B+/B2 Wornick Co., 10.875%, 7/15/11 $3,405,350
Total Food & Staples Retailing $6,635,600
Food, Beverage & Tobacco - 2.0%
Brewers - 1.6%
5,885,000 BBB/Baa3 Cia Brasileira de Bebida, 10.5%, 12/15/11 $6,841,312
Agricultural Products - 0.4%
2,000,000 BB/Ba2 Cosan SA Industria e Comercio, 8.25%, 2/28/ $1,800,000
Total Food, Beverage & Tobacco $8,641,312
Health Care Equipment & Services - 4.4%
Health Care Equipment & Services - 1.3%
1,800,000 B-/Caa1 Accellent, Inc., 10.5%, 12/1/13 $1,840,500
3,800,000 CCC+/B3 Hanger Orthopedic Group, Inc., 10.25%, 6/1/ 3,762,000
$5,602,500
Health Care Services - 2.1%
2,160,000 B-/Caa1 AMR HoldCo/Emcare HoldCo, 10.0%, 2/15/15 $2,262,600
2,900,000 (a)CCC+/NR Medical Services Co., 12.568%, 10/15/11 2,537,500
4,055,000 CCC+/B3 Rural/Metro Corp., 9.875%, 3/15/15 4,191,856
$8,991,956
Pioneer High Income Trust
SCHEDULE OF INVESTMENTS 6/30/06 (unaudited) (continued)
Principal S&P/Moody's
Amount Ratings
USD ($) (unaudited) Value
Managed Health Care - 1.0%
4,400,000 B-/Caa1 Multiplan, Inc., 10.375%, 4/15/16 (144A) $4,455,000
Total Health Care Equipment & Services $19,049,456
Pharmaceuticals & Biotechnology - 1.6%
Pharmaceuticals - 1.6%
6,650,000 CCC+/Caa1Warner Chilcott Corp., 8.75%, 2/1/15 $6,849,500
Total Pharmaceuticals & Biotechnology $6,849,500
Diversified Financials - 4.2%
Specialized Finance - 3.5%
6,135,000 B+/B3 Dollar Financial Group, 9.75%, 11/15/11 $6,595,125
7,950,000 BBB/Baa3 GATX Financial Corp., 8.875%, 6/1/09 8,485,933
$15,081,058
Consumer Finance - 0.7%
3,000,000 B+/Ba2 Ford Motor Credit Co., 7.875%, 6/15/10 $2,767,476
Total Diversified Financials $17,848,534
Insurance - 2.5%
Life & Health Insurance - 1.3%
5,725,000 B-/B2 Presidential Life Corp., 7.875%, 2/15/09 $5,696,375
Multi-Line Insurance - 1.2%
5,300,000 BB+/Ba1 Allmerica Financial Corp., 7.625%, 10/15/25 $5,312,895
Total Insurance $11,009,270
Software & Services - 0.3%
Data Processing & Outsourced Services - 0.2%
640,000 CCC+/Caa1iPayment, Inc., 9.75%, 5/15/14 (144A) $636,800
Application Software - 0.1%
500,000 CCC+/Caa1Serena Software, Inc., 10.375%, 3/15/16 (14 $502,500
Total Software & Services $1,139,300
Technology Hardware & Equipment - 3.5%
Communications Equipment - 0.7%
2,900,000 B/B1 Lucent Technologies, Inc., 7.25%, 7/15/06 $2,910,875
Electronic Equipment Manufacturers - 0.0%
215,000 B/B2 General Cable Corp., 9.5%, 11/15/10 $227,900
Office Electronics - 2.8%
11,830,000 B+/Ba3 Xerox Capital Trust I, 8.0%, 2/1/27 $11,874,363
Total Technology Hardware & Equipment $15,013,138
Telecommunication Services - 13.7%
Integrated Telecommunication Services - 2.7%
7,149,000 B-/B3 Eschelon Operating Co., 8.375%, 3/15/10 $6,791,550
4,025,000 B+/B2 GCI, Inc., 7.25%, 2/15/14 3,884,125
691,000 NR/Baa3 Tele Norte Leste Participacoes SA, 8.0%, 12 718,640
$11,394,315
Wireless Telecommunication Services - 11.0%
5,587,000 (b)A-/Caa1 Alamosa Delaware, Inc., 12.0%, 7/31/09 $5,936,187
1,625,000 CCC+/Caa1Cell C Property, Ltd., 11.0%, 7/1/15 (144A) 1,356,875
2,855,000 (a)CCC+/Caa1Cleveland Unlimited, Inc., 13.579%, 12/15/1 3,004,887
1,500,000 NR/B3 Digicel, Ltd., 9.25%, 9/1/12 (144A) 1,567,500
3,900,000 B-/B3 Horizon PCS, Inc., 11.375%, 7/15/12 4,382,625
3,950,000 B-/B1 Hughes Network Systems, LLC/HNS Finance Cor 3,871,000
2,200,000 (b)B+/B1 Inmarsat Finance II Plc, 0.0%, 11/15/12 1,872,750
5,150,000 B+/B1 Mobifon Holdings BV, 12.5%, 7/31/10 5,832,375
1,975,000 (b)NR/NR Mobile Satellite Venture, 0.0%, 4/1/13 (144 1,086,250
3,230,000 BB-/Ba3 Mobile Telesystems, 9.75%, 1/30/08 (144A) 3,330,938
3,000,000 (a)CCC/Caa2 Rural Cellular Corp., 10.899%, 11/1/12 (144 3,078,750
4,200,000 B-/B2 Stratos Global Corp., 9.875%, 2/15/13 (144A 3,948,000
5,525,000 B-/Caa1 UbiquiTel Operating Co., 9.875%, 3/1/11 6,008,438
3,200,000 (b)B/Caa1 Zeus Special Subsidiary, Ltd., 0.0%, 2/1/15 2,208,000
$47,484,575
Total Telecommunication Services $58,878,890
Utilities - 2.8%
Electric Utilities - 2.7%
2,000,000 B+/Ba3 Aes Chivor SA ESP, 9.75%, 12/30/14 (144A) $2,150,000
1,777,500 BBB-/Baa3Empresa Electrica Guacolda SA, 8.625%, 4/30 1,918,806
1,000,000 NR/NR Mirant JPSCo. Finance, Ltd., 11.0%, 7/6/16 1,000,000
6,207,183 NR/NR Ormat Funding Corp., 8.25%, 12/30/20 6,362,363
$11,431,169
Multi-Utilities - 0.1%
700,000 B/B2 Reliant Energy, Inc., 6.75%, 12/15/14 $644,000
Total Utilities $12,075,169
TOTAL CORPORATE BONDS & NOTES
(Cost $478,478,867) $504,725,433
Pioneer High Income Trust
SCHEDULE OF INVESTMENTS 6/30/06 (unaudited) (continued)
Principal S&P/Moody's
Amount Ratings
USD ($) (unaudited) Value
CONVERTIBLE BONDS & NOTES - 0.9% of Net Assets
Capital Goods - 0.9%
Electrical Components & Equipment - 0.9%
4,000,000 B/B1 SCI Systems, Inc., 3.0%, 3/15/07 $3,870,000
Total Capital Goods $3,870,000
TOTAL CONVERTIBLE BONDS & NOTES
(Cost $3,823,015) $3,870,000
MUNICIPAL BONDS - 9.3% of Net Assets
Indiana - 3.0%
1,650,000 BBB-/Ba1 East Chicago Industrial Pollution Ctl. Rev. $1,729,249
3,000,000 BBB-/Ba1 East Chicago Industrial Pollution Ctl. Rev. 3,052,650
3,665,000 BBB-/Ba1 Indiana Dev. Fin. Auth. Pollution Ctl. Rev. 3,746,400
4,250,000 BBB-/Ba1 Indiana Dev. Fin. Auth. Rev., 5.75%, 10/1/1 4,376,523
$12,904,822
Massachusetts - 0.2%
1,000,000 (e)AAA/NR Massachusetts Health & Edl. Facs. Rev., RIB $1,044,620
Michigan - 0.4%
3,000,000 (d)NR/NR Wayne Charter County, Spl. Arpt. Facs. Rev. $1,669,890
New Jersey - 2.2%
4,525,000 B/Caa2 New Jersey Economic Dev. Auth. Rev., 7.0%, $4,742,019
4,000,000 BBB/Baa3 Tobacco Settlement Financing Corp., 7.0%, 6 4,535,360
$9,277,379
New York - 0.9%
3,475,000 BB-/Ba2 New York City Ind. Dev. Agcy., British Airw $3,905,170
North Carolina - 1.6%
4,800,000 NR/NR Charlotte, Spl. Facs. Rev., Charlotte/Dougl $4,709,952
2,000,000 NR/NR Charlotte, Spl. Facs. Rev., Charlotte/Dougl 2,140,780
$6,850,732
Texas - 1.0%
3,200,000 (e)AAA/Aa1 San Antonio, TX, Elec. & Gas, RIB, 7.608%, $4,119,552
TOTAL MUNICIPAL BONDS
(Cost $31,861,942) $39,772,165
SOVEREIGN DEBT OBLIGATIONS - 2.2% of Net Assets
Brazil - 0.8%
4,800,000,(b)BB/Ba1 Banco Nacional de Desenvolimento Bndes, 8.0 $3,407,497
Ecuador - 0.8%
3,515,000 (b)CCC+/Caa1Federal Republic of Ecuador, 9.0%, 8/15/30 $3,400,763
Russia - 0.6%
2,320,000 (b)BBB/Baa2 Russian Federation, 5.0%, 3/31/30 $2,469,176
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $6,055,162) $9,277,436
Shares COMMON STOCKS - 0.1% of Net Assets
Pharmaceuticals & Biotechnology - 0.1%
Pharmaceuticals - 0.1%
17,818 (i) Teva Pharmaceutical Industries Ltd. $562,871
Total Pharmaceuticals & Biotechnology $562,871
TOTAL COMMON STOCKS
(Cost $752,276) $562,871
WARRANTS - 0.0% of Net Assets (f)
Materials - 0.0%
Forest Products - 0.0%
1,645 Mandra Forestry Holdings, Ltd. - CW13, Expi $-
Total Materials $-
Transportation - 0.0%
Trucking - 0.0%
4,525 Atlantic Express Transportation Corp., Expi $-
Total Transportation $-
TOTAL WARRANTS
(Cost $0) $-
Pioneer High Income Trust
SCHEDULE OF INVESTMENTS 6/30/06 (unaudited) (continued)
Principal
Amount
USD ($) TEMPORARY CASH INVESTMENTS - 7.5% of Net Assets
Repurchase Agreement - 0.8%
3,300,000 Lehman Brothers, Inc., 4.55%, dated 6/30/06, repurchase
price of $3,300,000 plus accrued
interest on 7/3/06 collateralized by $3,471 $3,300,000
Shares Security Lending Collateral - 6.7%
28,836,932 Securities Lending Investment Fund, 5.161% $28,836,932
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $32,136,932) $32,136,932
TOTAL INVESTMENTS IN SECURITIES - 138.6%
(Cost $558,393,185) (g) (h) $595,545,063
OTHER ASSETS AND LIABILITIES - (3.4)% $(14,556,701)
PREFERRED SHARES AT REDEMPTION VALUE,
INCLUDING DIVIDENDS PAYABLE - (35.2)% $(151,147,723)
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS $429,840,639
Pioneer High Income Trust
SCHEDULE OF INVESTMENTS 6/30/06 (unaudited) (continued)
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 June 30, 2006, the value of these securities
amounted to
$156,079,968 or 36.3% of total net assets applicable to common
shareowners.
(a) Floating rate note. The rate shown is the rate at June 30, 2006.
(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 June 30, 2006.
(c) Represents a pay-in-kind security which may pay interest in
additional principal.
(d) Security is in default and is non-income producing.
(e) The interest rate is subject to change periodically and inversely
based upon prevailing market rates. The
rate shown is the rate at June 30, 2006.
(f) Non-income producing.
(g) At June 30, 2006, the net unrealized gain on investments based on
cost for federal income tax purposes
of $558,905,758 was as follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $
43,354,244
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value
(6,714,939)
Net unrealized gain $
36,639,305
For financial reporting purposes net unrealized gain was
$37,151,878 and cost of
investments aggregated $558,393,185.
(h) Distribution of investments by country of issue, as a percentage of
total holdings,
is as follows:
United States %
Norway
4.3
Canada
3.1
Brazil
2.7
France
1.6
Mexico
1.5
Romania
1.0
Great Britain
1.0
Russia
1.0
Germany
0.9
Cayman Islands
0.6
Ecuador
0.6
Netherlands
0.5
Ireland
0.5
Bermuda
0.4
India
0.4
Colombia
0.4
Luxembourg
0.3
Chile
0.3
Denmark
0.3
South Africa
0.2
China
0.2
Jamaica
0.2
Sweden
0.2
Israel
0.1
%
(i) At June 30, 2006, the following securities were out on loan:
Principal Amount/
Shares Description Market Value
$ 75AAC Group Holding Corp., 12.75%, 10/1/12 (1 $
755,000
2,044,AMR Corp., 9.0%, 8/1/12
2,018,746
1,45Baytex Energy, Ltd., 9.625%, 7/15/10
1,497,125
6,444,Goodyear Tire & Rubber Co., 9.0%, 7/1/15
6,154,879
1,6Graham Packaging Co., L.P., 9.875%, 10/15/1
1,651,469
5,484Graphic Packaging International, Inc., 9.5%
5,429,160
1Mobile Satellite Venture, 0.0%, 4/1/13 (144
55,000
1,74PolyOne Corp., 8.875%, 5/1/12
1,750,038
Teva Pharmaceutical Industries Ltd.
557,248
$ 3,019Trump Entertainment Resorts, Inc., 8.5%, 6/
2,902,494
2,7United Rentals North America, Inc., 7.75%,
2,581,673
1,000WCI Communities, Inc., 6.625%, 3/15/15
830,000
2,249Zeus Special Subsidiary, Ltd., 0.0%, 2/1/15
1,551,982
$
27,734,814
RIB Residual Interest Bonds
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.
The registrant's principal executive officer and principal financial officer,
however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser enhanced its internal
procedures for reporting performance information required to be included in
prospectuses. Those enhancements involved additional internal controls over
the appropriateness of performance data generated for this purpose. Such
enhancements were made following an internal review which identified
prospectuses relating to certain classes of shares of a limited number of
registrants where, inadvertently, performance information not reflecting the
deduction of applicable sales charges was included. Those prospectuses were
revised, and the revised prospectuses were distributed to shareholders.
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 August 30, 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 August 30, 2006
By (Signature and Title)* /s/ Vincent Nave
Vincent Nave, Treasurer
Date August 30, 2006
* Print the name and title of each signing officer under his or her signature.