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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, 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 12/31/06 (unaudited)
Principal
Amount
USD ($) Value
ASSET BACKED SECURITIES -0.4%
2,175,000 (aPower Contract Financing III LLC, 2.222% $ 1,726,406
TOTAL ASSET BACKED SECURITIES
(Cost $1,742,965) $ 1,726,406
COLLATERIZED MORTGAGE OBLIGATIONS - 0.1% of Net Assets
Diversified Financials - 0.1%
425,000 DB Master Finance LLC, 8.285%, 6/20/31 ( $ 432,191
TOTAL COLLATERIZED MORTGAGE OBLIGATIONS
(Cost $424,991) $ 432,191
CORPORATE BONDS & NOTES - 118.6% of Net Assets
Aerospace - 1.0%
4,500,000 AGY Holding Corp., 11.0%, 11/15/14 (144A $ 4,500,000
Energy - 11.5%
Oil & Gas Drilling - 1.5%
4,400,000 DDI Holding AS, 9.3%, 1/19/12 (144A) $ 4,609,000
2,500,000 Norse Energy Corp. ASA, 6.5%, 7/14/11 (1 1,987,500
$ 6,596,500
Oil & Gas Equipment & Services - 1.5%
2,100,000 (aPipe Acquisition Finance Plc, 11.604%, 1 $ 2,147,250
2,380,000 SemGroup L.P., 8.75%, 11/15/15 (144A) 2,391,900
2,000,000 Sevan Marine ASA, 9.25%, 12/20/11 (144A) 2,015,000
$ 6,554,150
Integrated Oil & Gas - 0.2%
815,000 Tristan Oil, Ltd., 10.5%, 1/1/12 (144A) $ 831,300
Oil & Gas Exploration & Production - 8.1%
6,584,000 Baytex Energy, Ltd., 9.625%, 7/15/10 $ 6,863,820
4,080,000 Clayton William Energy, 7.75%, 8/1/13 3,763,800
5,000,000 Energy Partners, Ltd., 8.75%, 8/1/10 5,137,500
1,250,000 Hilcorp Energy I, LP, 9.0%, 6/1/16 (144A 1,321,875
4,500,000 Methanex Corp., 8.75%, 8/15/12 4,893,750
500,000 (aPetroProd, Ltd., 11.364%, 1/12/12 507,500
5,300,000 PetroQuest Energy, Inc., 10.375%, 5/15/1 5,578,250
3,135,000 Stone Energy Corp., 6.75%, 12/15/14 2,993,925
4,280,000 VeraSun Energy Corp., 9.875%, 12/15/12 4,536,800
$ 35,597,220
Oil & Gas Storage & Transportation - 0.2%
820,000 Targa Resources, Inc., 8.5%, 11/1/13 (14 $ 826,150
Total Energy $ 50,405,320
Materials - 26.4%
Commodity Chemicals - 3.5%
4,635,000 ARCO Chemical Co., 9.8%, 2/1/20 $ 5,353,425
2,210,000 Georgia Gulf Corp., 9.5%, 10/15/14 (144A 2,154,750
2,650,000 Georgia Gulf Corp., 10.75%, 10/15/16 (14 2,544,000
5,000,000 Invista, 9.25%, 5/1/12 (144A) 5,362,500
$ 15,414,675
Diversified Chemicals - 6.4%
3,200,000 Basell Finance Co., 8.1%, 3/15/27 (144A) $ 3,040,000
2,200,000 Braskem SA, 11.75%, 1/22/14 2,767,600
6,060,000 (bCrystal U.S. Holdings, 0.0%, 10/1/14 5,211,600
3,000,000 Hexion US Finance Corp./Hexion Nova Scot 3,041,250
EURO 3,588,720 Huntsman International LLC, 10.125%, 7/1 4,803,258
2,000,000 Ineos Group Holdings Plc., 8.5%, 2/15/16 1,910,000
EURO 1,190,000 Nell AF S.a.r.l., 8.375%, 8/15/15 (144A) 1,682,963
EURO 3,904,000 Rhodia SA, 9.25%, 6/1/11 5,447,325
$ 27,903,996
Specialty Chemicals - 0.8%
3,300,000 Tronox Worldwide LLC, 9.5%, 12/1/12 $ 3,473,250
Construction Materials - 1.3%
1,500,000 Panolam Industries International, Inc., 1,578,750
4,185,000 U.S. Concrete, Inc., 8.375%, 4/1/14 4,090,838
$ 5,669,588
Metal & Glass Containers - 1.0%
3,985,000 Vitro Envases, 10.75%, 7/23/11 (144A) $ 4,363,575
Paper Packaging - 2.7%
3,085,000 (jGraham Packaging Co., L.P., 9.875%, 10/1 $ 3,115,850
5,540,000 (jGraphic Packaging International, Inc., 9 5,844,700
EURO 2,000,000 MDP Acquisitions Plc, 10.125%, 10/1/12 2,848,289
$ 11,808,839
Aluminum - 1.5%
2,035,000 Aleris International, Inc., 10.0%, 12/15 $ 2,040,087
1,200,000 Asia Aluminum Holdings, Ltd., 8.0%, 12/2 1,197,000
3,180,000 Indalex Holding Corp., 11.5%, 2/1/14 (14 3,323,100
$ 6,560,187
Diversified Metals & Mining - 4.0%
3,300,000 American Rock Salt Co., LLC, 9.5%, 3/15/ $ 3,399,000
3,000,000 FMG Finance Pty., Ltd., 10.625%, 9/1/16 3,217,500
4,600,000 Freeport-McMoRan Copper & Gold, Inc., 10 4,835,750
2,599,000 OM Group, Inc., 9.25%, 12/15/11 2,719,204
3,050,000 PNA Group, Inc., 10.75%, 9/1/16 (144A) 3,152,938
$ 17,324,392
Steel - 1.5%
2,900,000 CSN Islands VIII Corp., 9.75%, 12/16/13 $ 3,285,700
630,000 CSN Islands IX Corp., 10.5%, 1/15/15 (14 733,950
2,485,000 Edgen Acquisition Corp., 9.875%, 2/1/11 2,534,700
$ 6,554,350
Forest Products - 0.3%
1,645,000 Mandra Forestry Holdings, Ltd., 12.0%, 5 $ 1,316,000
Paper Products - 1.3%
5,450,000 Exopack Holding Corp., 11.25%, 2/1/14 (1 $ 5,736,125
Total Materials $ 115,737,477
Capital Goods - 8.3%
Building Materials - 0.6%
2,500,000 Industrias Unidas SA de CV, 11.5%, 11/15 $ 2,625,000
Building Products - 1.9%
6,135,000 (aBuilders FirstSource, Inc., 9.624%, 2/15 $ 6,035,306
1,520,000 Esco Corp., 8.625%, 12/15/13 (144A) 1,561,800
875,000 Interline Brands, Inc., 8.125%, 6/15/14 899,062
$ 8,496,168
Heavy Electrical Equipment - 2.0%
4,790,000 Altra Industrial Motion, 9.0%, 12/1/11 $ 4,885,800
3,975,000 Hawk Corp., 8.75%, 11/1/14 3,965,062
$ 8,850,862
Construction & Farm Machinery & Heavy Truck - 3.5%
2,900,000 Accuride Corp., 8.5%, 2/1/15 $ 2,791,250
5,250,000 Commercial Vehicle Group, Inc., 8.0%, 7/ 5,131,875
1,750,000 Greenbrier Companies, Inc., 8.375%, 5/15 1,780,625
1,000,000 (bStanadyne Corp., 0.0%, 2/15/15 680,000
4,690,000 Stanadyne Corp., 10.0%, 8/15/14 4,818,975
$ 15,202,725
Industrial Machinery - 0.3%
1,217,000 Manitowac Co., Inc., 10.5%, 8/1/12 $ 1,306,754
Total Capital Goods $ 36,481,509
Commercial Services & Supplies - 8.7%
Diversified Commercial & Professional Services - 5.1%
3,500,000 Allied Security Escrow, 11.375%, 7/15/11 $ 3,587,500
1,850,000 Brickman Group, Ltd., Series B, 11.75%, 1,965,625
EURO 1,500,000 (aFS Funding AS, 10.212%, 5/15/16 (144A) 2,017,538
1,050,000 Mobile Services Group, Inc., 9.75%, 8/1/ 1,097,250
9,000,000 NCO Group, Inc., 11.875%, 11/15/14 (144A 9,112,500
2,195,000 Park-Ohio Industries, Inc., 8.375%, 11/1 2,046,837
2,595,000 (jUnited Rentals North America, Inc., 7.75 2,604,731
$ 22,431,981
Environmental & Facilities Services - 3.6%
4,088,000 Clean Harbors, Inc., 11.25%, 7/15/12 $ 4,550,430
5,020,000 Hydrochem Industrial Services, Inc., 9.2 5,045,100
5,800,000 Waste Services, Inc., 9.5%, 4/15/14 6,046,500
$ 15,642,030
Total Commercial Services & Supplies $ 38,074,011
Transportation - 4.8%
Airlines - 0.7%
1,019,764 American Airlines, Inc., 7.379%, 11/23/1 $ 989,171
887,677 Continental Airlines, Inc., Series B, 8. 903,212
1,000,000 GOL Finance, 8.75%, 4/29/49 (144A) 970,000
$ 2,862,383
Marine - 3.6%
600,000 (aDP Producer AS, 11.366%, 12/5/11 (144A) $ 610,500
3,899,000 (bH-Lines Finance Holding, 0.0%, 4/1/13 3,626,070
8,000,000 Seabulk International, Inc., 9.5%, 8/15/ 8,660,000
2,900,000 Trailer Bridge, Inc., 9.25%, 11/15/11 2,990,625
$ 15,887,195
Railroads - 0.5%
2,250,000 Grupo Transportacion Ferroviaria Mexicana, SA de CV,
9.375%, 5/1/12 $ 2,401,875
Total Transportation $ 21,151,453
Automobiles & Components - 1.6%
Auto Parts & Equipment - 1.6%
5,965,000 (jCooper-Standard Automotive, Inc., 8.375% $ 4,697,437
2,000,000 UGS Corp., 10.0%, 6/1/12 2,180,000
Total Automobiles & Components $ 6,877,437
Consumer Durable & Apparel - 1.3%
Homebuilding - 1.3%
2,000,000 Meritage Homes Corp., 6.25%, 3/15/15 $ 1,900,000
1,100,000 (jWCI Communities, Inc., 7.875%, 10/1/13 984,500
3,200,000 (jWilliam Lyon Homes, Inc., 7.625%, 12/15/ 2,728,000
Total Consumer Durable & Apparel $ 5,612,500
Consumer Services - 4.9%
Casinos & Gaming - 4.5%
1,000,000 Buffalo Thunder Development Authority, 9 $ 1,015,000
1,675,000 Galaxy Entertainment Finance Co., Ltd., 1,794,344
4,500,000 Little Traverse Bay Bands of Odawa India 4,522,500
1,700,000 Pokagon Gaming Authority, 10.375%, 6/15/ 1,861,500
3,550,000 Trump Entertainment Resorts, Inc., 8.5%, 3,532,250
6,800,000 Wimar Opco LLC, 9.625%, 12/15/14 (144A) 6,732,000
$ 19,457,594
Hotels, Resorts & Cruise Lines - 0.4%
1,980,000 (aHRP Myrtle Beach Operations LLC, 10.12%, $ 1,980,000
Total Consumer Services $ 21,437,594
Media - 6.0%
Broadcasting & Cable TV - 3.0%
2,170,000 Cablemas SA de CV, 9.375%, 11/15/15 (144 $ 2,387,000
3,200,000 CCH I Holdings LLC, 11.0%, 10/1/15 3,284,000
1,500,000 CCH II Holdings LLC, 10.25%, 9/15/10 1,565,625
EURO 3,750,000 Kabel Deutschland GMBH, 10.75%, 7/1/14 5,723,775
$ 12,960,400
Movies & Entertainment - 0.7%
3,000,000 LodgeNet Entertainment Corp., 9.5%, 6/15 $ 3,232,500
Publishing - 2.3%
1,604,643 (cAAC Group Holding Corp., 12.75%, 10/1/12 $ 1,708,945
4,835,000 Sheridan Acquisition Corp., 10.25%, 8/15 5,028,400
3,700,000 (bVisant Holding Corp., 0.0%, 12/1/13 3,265,250
$ 10,002,595
Total Media $ 26,195,495
Retailing - 3.0%
Distributors - 1.1%
4,735,000 Intcomex, Inc., 11.75%, 1/15/11 $ 4,687,650
Department Stores - 0.9%
3,800,000 J.C. Penney Co., Inc., 8.125%, 4/1/27 $ 3,907,380
Specialty Retail - 1.0%
4,315,000 Sally Holdings LLC, 10.5%, 11/15/16 (144 $ 4,401,300
Total Retailing $ 12,996,330
Food & Staples Retailing - 2.2%
Drug Retail - 0.7%
3,350,000 Duane Reade, Inc., 9.75%, 8/1/11 $ 3,107,125
Food Distributors - 0.7%
3,380,000 Wornick Co., 10.875%, 7/15/11 $ 3,025,100
Food Retail - 0.8%
3,180,000 Nutro Products, Inc., 10.75%, 4/15/14 (1 $ 3,474,150
Total Food & Staples Retailing $ 9,606,375
Food, Beverage & Tobacco - 2.2%
Brewers - 1.6%
5,885,000 Cia Brasileira de Bebida, 10.5%, 12/15/1 $ 7,120,850
Agricultural Products - 0.4%
2,000,000 Cosan SA Industria e Comercio, 8.25%, 2/ $ 1,945,000
Packaged Foods & Meats - 0.2%
775,000 Bertin, Ltd., 10.25%, 10/5/16 (144A) $ 817,625
Total Food, Beverage & Tobacco $ 9,883,475
Health Care Equipment & Services - 7.0%
Health Care Equipment & Services - 0.7%
2,875,000 Accellent, Inc., 10.5%, 12/1/13 $ 2,982,813
Health Care Supplies - 1.2%
2,000,000 Phibro Animal Health Corp., 10.0%, 8/1/1 2,075,000
3,000,000 Phibro Animal Health Corp., 13.0%, 8/1/1 3,037,500
$ 5,112,500
Health Care Services - 1.5%
2,160,000 AMR HoldCo/Emcare HoldCo, 10.0%, 2/15/15 $ 2,338,200
4,055,000 Rural/Metro Corp., 9.875%, 3/15/15 4,217,200
$ 6,555,400
Health Care Facilities - 2.0%
3,800,000 Hanger Orthopedic Group, Inc., 10.25%, 6 $ 3,923,500
2,555,000 (cHCA, Inc., 10.375%, 11/15/16 (144A) 2,746,625
2,130,000 Psychiatric Solutions, Inc., 7.75%, 7/15 2,124,675
$ 8,794,800
Managed Health Care - 1.6%
2,900,000 (aMedical Services Co., 12.874%, 10/15/11 $ 2,747,750
4,400,000 Multiplan, Inc., 10.375%, 4/15/16 (144A) 4,378,000
$ 7,125,750
Total Health Care Equipment & Services $ 30,571,263
Pharmaceuticals & Biotechnology & Life Sciences - 1.7%
Biotechnology - 0.7%
3,500,000 Angiotech Pharmaceuticals, Inc., 7.75%, $ 3,045,000
Pharmaceuticals - 1.0%
4,317,000 Warner Chilcott Corp., 8.75%, 2/1/15 $ 4,424,925
Total Pharmaceuticals & Biotechnology & $ 7,469,925
Diversified Financials - 4.9%
Diversified Financial Services - 0.5%
EURO 1,545,000 Louis No. 1 Plc, 10.0%, 12/1/16 (144A) $ 2,118,811
Specialized Finance - 1.9%
7,950,000 GATX Financial Corp., 8.875%, 6/1/09 $ 8,536,448
Consumer Finance - 2.5%
4,770,000 ACE Cash Express, Inc., 10.25%, 10/1/14 $ 4,829,625
3,000,000 Ford Motor Credit Co., 7.875%, 6/15/10 3,024,918
3,000,000 (aFord Motor Credit Co., 9.824%, 4/15/12 3,179,220
$ 11,033,763
Total Diversified Financials $ 21,689,022
Insurance - 2.5%
Life & Health Insurance - 1.2%
5,725,000 Presidential Life Corp., 7.875%, 2/15/09 $ 5,467,375
Multi-Line Insurance - 1.3%
5,300,000 Allmerica Financial Corp., 7.625%, 10/15 $ 5,679,883
Total Insurance $ 11,147,258
Software & Services - 1.0%
Data Processing & Outsourced Services - 0.9%
3,750,000 Compucom Systems, Inc., 12.0%, 11/1/14 ( $ 3,862,500
Data Processing & Outsourced Services - 0.1%
640,000 iPayment, Inc., 9.75%, 5/15/14 $ 657,600
Total Software & Services $ 4,520,100
Technology Hardware & Equipment - 2.7%
Office Electronics - 2.7%
11,830,000 Xerox Capital Trust I, 8.0%, 2/1/27 $ 12,081,388
Total Technology Hardware & Equipment $ 12,081,388
Semiconductors & Semiconductor Equipment - 0.5%
Semiconductors - 0.5%
2,300,000 (aFreescale Semiconductor, Inc., 9.244%, 1 $ 2,279,875
Total Semiconductors & Semiconductor Equ $ 2,279,875
Telecommunication Services - 16.3%
Integrated Telecommunication Services - 2.7%
7,149,000 Eschelon Operating Co., 8.375%, 3/15/10 $ 6,898,785
4,025,000 GCI, Inc., 7.25%, 2/15/14 3,994,812
691,000 Tele Norte Leste Participacoes SA, 8.0%, 734,188
$ 11,627,785
Wireless Telecommunication Services - 13.6%
3,100,000 Broadview Networks Holdings, Inc., 11.37 $ 3,231,750
1,625,000 Cell C Property, Ltd., 11.0%, 7/1/15 (14 1,523,437
2,855,000 (aCleveland Unlimited, Inc., 13.61%, 12/15 3,083,400
6,900,000 Cricket Communications, Inc., 9.375%, 11 7,279,500
1,500,000 Digicel, Ltd., 9.25%, 9/1/12 (144A) 1,601,250
2,500,000 (aHellas Telecommunications Luxembourg II, 2,509,375
3,900,000 Horizon PCS, Inc., 11.375%, 7/15/12 4,348,500
5,000,000 Hughes Network Systems LLC/HNS Finance C 5,218,750
2,200,000 (bInmarsat Finance II Plc, 0.0%, 11/15/12 2,026,750
3,200,000 (bIntelsat Intermediate Holding Co., Ltd., 2,432,000
5,150,000 Mobifon Holdings BV, 12.5%, 7/31/10 5,690,822
1,975,000 (bMobile Satellite Venture, 0.0%, 4/1/13 ( 1,323,250
3,230,000 Mobile Telesystems, 9.75%, 1/30/08 (144A 3,343,050
3,000,000 (aRural Cellular Corp., 11.121%, 11/1/12 3,127,500
4,200,000 Stratos Global Corp., 9.875%, 2/15/13 4,053,000
3,020,000 True Move Co, Ltd., 10.75%, 12/16/13 (14 2,952,050
5,525,000 UbiquiTel Operating Co., 9.875%, 3/1/11 5,967,000
$ 59,711,384
Total Telecommunication Services $ 71,339,169
Utilities - 1.9%
Electric Utilities - 1.9%
2,000,000 Aes Chivor SA ESP, 9.75%, 12/30/14 (144A $ 2,280,000
1,500,000 Mirant JPSCo. Finance, Ltd., 11.0%, 7/6/ 1,537,500
4,561,339 Ormat Funding Corp., 8.25%, 12/30/20 4,652,566
Total Utilities $ 8,470,066
TOTAL CORPORATE BONDS & NOTES
(Cost $489,534,019) $ 520,640,948
CONVERTIBLE BONDS & NOTES - 1.3% of Net Assets
Capital Goods - 0.9%
Electrical Components & Equipment - 0.9%
4,000,000 SCI Systems, Inc., 3.0%, 3/15/07 $ 3,975,000
Total Capital Goods $ 3,975,000
Software & Services - 0.4%
Systems Software - 0.4%
1,400,000 Macrovision Corp., 2.625%, 8/15/11 (144A $ 1,694,000
Total Software & Services $ 1,694,000
TOTAL CONVERTIBLE BONDS & NOTES
(Cost $5,347,776) $ 5,669,000
MUNICIPAL BONDS - 8.3% of Net Assets
Indiana - 2.1%
1,650,000 East Chicago Industrial Pollution Ctl. R $ 1,748,554
3,000,000 East Chicago Industrial Pollution Ctl. R 3,027,090
4,250,000 Indiana Dev. Fin. Auth. Rev., 5.75%, 10/ 4,410,353
$ 9,185,997
Michigan - 0.5%
3,000,000 (dWayne Charter County, Spl. Arpt. Facs. R $ 2,444,370
New Jersey - 2.2%
4,525,000 New Jersey Economic Dev. Auth. Rev., 7.0 $ 4,841,162
4,000,000 Tobacco Settlement Financing Corp., 7.0% 4,638,200
$ 9,479,362
New York - 0.9%
3,475,000 New York City Ind. Dev. Agcy., British A $ 3,901,660
North Carolina - 1.6%
4,800,000 Charlotte, Spl. Facs. Rev., Charlotte/Do $ 4,852,080
2,000,000 Charlotte, Spl. Facs. Rev., Charlotte/Do 2,137,320
$ 6,989,400
Texas - 1.0%
3,200,000 (eSan Antonio, Texas, Electric & Gas, RIB, $ 4,308,192
TOTAL MUNICIPAL BONDS
(Cost $27,887,839) $ 36,308,981
SOVEREIGN DEBT OBLIGATIONS - 2.0% of Net Assets
Brazil - 0.8%
ITL 4,800,000,000(bBanco Nacional de Desenvolimento Bndes, $ 3,602,354
Ecuador - 0.6%
3,515,000 (bFederal Republic of Ecuador, 10.0%, 8/15 $ 2,601,100
Russia - 0.6%
2,320,000 (bRussian Federation, 5.0%, 3/31/30 $ 2,619,048
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $6,100,205) $ 8,822,502
SENIOR SECURED FLOATING RATE LOAN
INTERESTS - 0.1% of Net Assets(f)
Capital Goods - 0.1%
Construction & Farm Machinery & Heavy Truck - 0.1%
500,000 Rental Service Corp., Second Lien Term L $ 502,917
Total Capital Goods $ 502,917
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
(Cost $500,000) $ 502,917
Shares COMMON STOCKS - 0.1% of Net Assets
Pharmaceuticals & Biotechnology & Life Sciences - 0.1%
Pharmaceuticals - 0.1%
17,818 Teva Pharmaceutical Industries, Ltd. $ 553,783
Total Pharmaceuticals & Biotechnology & $ 553,783
TOTAL COMMON STOCKS
(Cost $752,276) $ 553,783
WARRANTS - 0.1% of Net Assets (g)
Materials - 0.0%
Forest Products - 0.0%
1,645 Mandra Forestry Holdings, Ltd. - CW13, E $ -
Total Materials $ -
Energy - 0.1%
Oil & Gas Drilling - 0.1%
NOK 2,500,000 Norse Energy Corp. ASA - CW11, Expires 7 $ 562,127
Total Energy $ 562,127
Transportation - 0.0%
Railroads - 0.0%
4,525 Atlantic Express Transportation Corp., E $ 9,050
Total Transportation $ 9,050
TOTAL WARRANTS
(Cost $523,408) $ 571,177
Principal
Amount
USD ($) TEMPORARY CASH INVESTMENTS - 3.6% of Net Assets
Repurchase Agreement - 0.5%
2,200,000 JPMorgan Chase & Co., 4.75%, dated 12/29/06, repurchase
price of $2,200,000 plus accrued
interest on 1/2/07 collateralized by $2,226,000
U.S. Treasury Notes, 4.625%, 3/31/08 $ 2,200,000
Shares Security Lending Collateral - 3.1%
13,387,897 Securities Lending Investment Fund, 5.26 $ 13,387,897
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $15,587,897) $ 15,587,897
TOTAL INVESTMENTS IN SECURITIES - 134.2%
(Cost $546,658,411) (h) (i) $ 589,089,396
OTHER ASSETS AND LIABILITIES - 0.2% $ 916,517
PREFERRED SHARES AT REDEMPTION VALUE,
INCLUDING DIVIDENDS PAYABLE - (34.4)% $ (151,096,775)
NET ASSETS APPLICABLE TO COMMON
SHAREOWNERS - 100.0% $ 438,909,138
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, 2006, the value of these securities amounted to
$194,079,657 or
44.2% of total net assets applicable to common shareowners.
(a) Floating rate note. The rate shown is the rate at December
31, 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 December
31, 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
December 31, 2006.
(f) Senior secured floating rate loan interests in which the
Trust invests
generally pay interest at rates that are periodically
redetermined by
reference to a base lending rate plus a premium. These base
lending
rates are generally (i) the lending rate offered by one or
more major
European banks, such as LIBOR (London InterBank Offered
Rate),
(ii) the prime rate offered by one or more major United
States banks,
(iii) the certificate of deposit or (iv) other base lending
rates used by
commercial lenders. The rate shown is the coupon rate at
December 31, 2006.
(g) Non-income producing.
(h) At December 31, 2006, the net unrealized gain on investments
based on
cost for federal income tax purposes of $547,002,455 was as
follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cos $ 44,928,881
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over valu (2,841,940)
Net unrealized gain $ 42,086,941
For financial reporting purposes net unrealized gain was
$42,430,985
and cost of investments aggregated $546,658,411.
(j) At December 31, 2006, the following securities
were out on loan:
Principal Market
Amount Description Value
5,905,350 Cooper-Standard Automotive, Inc., 8.375% $ 4,650,463
3,054,150 Graham Packaging Co., L.P., 9.875%, 10/1 3,084,692
1,564,000 Graphic Packaging International, Inc., 9 1,650,020
0 William Lyon Homes, Inc., 7.625%, 12/15/ -
8,000 United Rentals North America, Inc., 7.75 6,820
1,089,000 WCI Communities, Inc., 7.875%, 10/1/13 974,655
2,569,050 William Lyon Homes, Inc., 7.625%, 12/15/ 2,578,684
$ 12,945,334
Note: Principal amounts are denominated in U.S. dollars
unless otherwise denoted.
EURO Euro
ITL Italian Lira
NOK Norwegian Krone
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.
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 March 1, 2007
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date March 1, 2007
By (Signature and Title)* /s/ Vincent Nave
Vincent Nave, Treasurer
Date March 1, 2007
* Print the name and title of each signing officer under his or her signature.