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 811-21043
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, 2007
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 12/31/07 (unaudited)
Principal
Amount
USD ($) Value
COLLATERIZED MORTGAGE OBLIGATIONS - 0.3% of Net Assets
Diversified Financials - 0.3%
1,245,000 DB Master Finance LLC, 8.285%, 6/20/31 (144A) $1,257,614
TOTAL COLLATERIZED MORTGAGE OBLIGATIONS
(Cost $1,267,943) $1,257,614
CORPORATE BONDS & NOTES - 121.6% of Net Assets
Energy - 15.7%
Oil & Gas Drilling - 3.2%
4,400,000 DDI Holding AS, 9.3%, 1/19/12 (144A) $4,554,000
2,500,000 Norse Energy Corp. ASA, 6.5%, 7/14/11 (144A) 2,075,000
3,000,000 Norse Energy Corp. ASA, 10.0%, 7/13/10 546,976
11,500,000 Petrojack AS, 11.0%, 4/19/10 2,096,743
3,500,000 Skeie Drilling & Production ASA, 11.25%, 3/8/13 (144A)3,412,500
$12,685,219
Oil & Gas Equipment & Services - 1.5%
600,000(a)DP Producer AS, 11.141%, 12/5/11 (144A) $ 576,000
1,100,000 Nexus 1 Pte, Ltd., 10.5%, 3/7/12 (144A) 1,100,000
11,500,000 Norwegian Energy Co. AS, 11.0%, 7/13/10 (144A) 2,086,153
2,000,000 Sevan Marine ASA, 9.25%, 12/20/11 (144A) 2,050,000
$5,812,153
Integrated Oil & Gas - 0.5%
2,070,000 Tristan Oil, Ltd., 10.5%, 1/1/12 (144A) $1,987,200
Oil & Gas Exploration & Production - 5.9%
6,584,000 Baytex Energy, Ltd., 9.625%, 7/15/10 $6,715,680
1,250,000 Hilcorp Energy I, LP, 9.0%, 6/1/16 (144A) 1,293,750
4,500,000 Methanex Corp., 8.75%, 8/15/12 4,826,250
1,610,000 Parallel Petroleum Corp., 10.25%, 8/1/14 (144A) 1,610,000
500,000(a)PetroProd, Ltd., 11.248%, 1/12/12 (144A) 482,500
5,300,000 PetroQuest Energy, Inc., 10.375%, 5/15/12 5,459,000
3,135,000 Stone Energy Corp., 6.75%, 12/15/14 2,907,712
$23,294,892
Oil & Gas Refining & Marketing - 3.9%
6,075,000 Aventine Renewable Energy Holdings, Inc., 10.0%, 4/1/$5,528,250
3,200,000 Biofuel Energy ASA, 10.0%, 6/7/12 3,168,000
1,275,000(a)Ohio Air Quality Development Authority Revenue, 10.36%1,198,500
1,425,000 VeraSun Energy Corp., 9.375%, 6/1/17 (144A) 1,243,313
4,280,000 VeraSun Energy Corp., 9.875%, 12/15/12 4,312,100
$15,450,163
Oil & Gas Storage & Transportation - 0.5%
2,130,000 SemGroup L.P., 8.75%, 11/15/15 (144A) $2,023,500
Coal & Consumable Fuels - 0.2%
845,000 Massey Energy Co., 6.875%, 12/15/13 $ 796,413
Total Energy $62,049,540
Materials - 19.3%
Commodity Chemicals - 2.8%
4,635,000 ARCO Chemical Co., 9.8%, 2/1/20 $4,495,950
4,860,000(l)Georgia Gulf Corp., 10.75%, 10/15/16 3,256,200
3,150,000 Invista, 9.25%, 5/1/12 (144A) 3,260,250
$11,012,400
Diversified Chemicals - 2.0%
4,950,000 Basell Finance Co., 8.1%, 3/15/27 (144A) $3,762,000
350,000 Ineos Group Holdings Plc, 7.875%, 2/15/16 (144A) 427,285
2,500,000 Ineos Group Holdings Plc., 8.5%, 2/15/16 (144A) 2,225,000
1,190,000 Nell AF S.a.r.l., 8.375%, 8/15/15 (144A) 1,487,565
$7,901,850
Specialty Chemicals - 1.8%
3,000,000 Hexion US Finance Corp./Hexion Nova Scotia Finance UL$3,240,000
785,000 MacDermid, Inc., 9.5%, 4/15/07 (144A) 737,900
3,300,000 Tronox Worldwide LLC, 9.5%, 12/1/12 3,184,500
$7,162,400
Construction Materials - 2.6%
4,500,000 AGY Holding Corp., 11.0%, 11/15/14 (144A) $4,365,000
825,000 Blaze Recycling & Metals LLC, 10.875%, 7/15/12 (144A) 759,000
1,500,000 Panolam Industries International, 10.75%, 10/1/13 1,305,000
4,185,000 U.S. Concrete, Inc., 8.375%, 4/1/14 3,661,875
$10,090,875
Paper Packaging - 3.2%
5,450,000 Exopack Holding Corp., 11.25%, 2/1/14 $5,341,000
5,540,000 Graphic Packaging International, Inc., 9.5%, 8/15/13 5,470,750
2,150,000 U.S. Corrugated, Inc., 10.0%, 6/1/13 1,978,000
$12,789,750
Aluminum - 1.4%
2,035,000 Aleris International, Inc., 10.0%, 12/15/16 $1,648,350
1,200,000 Asia Aluminum Holdings, Ltd., 8.0%, 12/23/11 (144A) 1,158,000
3,180,000 Indalex Holding Corp., 11.5%, 2/1/14 2,798,400
$5,604,750
Diversified Metals & Mining - 3.2%
3,300,000 American Rock Salt Co. LLC, 9.5%, 3/15/14 $3,366,000
3,000,000 FMG Finance Pty., Ltd., 10.625%, 9/1/16 (144A) 3,435,000
1,505,000(a)Noranda Aluminium Acquisition Corp., 8.738%, 5/15/15 (1,264,200
3,050,000 PNA Group, Inc., 10.75%, 9/1/16 (144A) 2,867,000
1,870,000(a)PNA Intermediate Holding Corp., 11.869%, 2/15/13 (144A1,692,350
$12,624,550
Steel - 1.9%
4,205,000 Algoma Acquisition Corp., 9.875%, 6/15/15 (144A) $3,448,100
2,900,000 CSN Islands VIII Corp., 9.75%, 12/16/13 (144A) 3,248,000
760,000 Ryerson Inc., 12.0%, 11/1/15 (144A) 750,500
$7,446,600
Forest Products - 0.4%
1,645,000 Mandra Forestry Holdings, Ltd., 12.0%, 5/15/13 (144A)$1,533,963
Total Materials $76,167,138
Capital Goods - 9.3%
Building Products - 1.9%
6,135,000(a)Builders FirstSource, Inc., 9.119%, 2/15/12 $5,337,450
2,500,000 Industrias Unidas SA de CV, 11.5%, 11/15/16 (144A) 2,050,000
$7,387,450
Electrical Components & Equipment - 0.7%
660,000 Baldor Electric Co., 8.625%, 2/15/17 $ 679,800
2,220,000(c)Caiua Servicos Electricidad SA, 11.125% (144A) 2,167,275
$2,847,075
Heavy Electrical Equipment - 2.3%
4,790,000 Altra Industrial Motion, 9.0%, 12/1/11 $4,861,850
3,975,000 Hawk Corp., 8.75%, 11/1/14 4,034,625
$8,896,475
Construction & Farm Machinery & Heavy Truck - 4.4%
4,900,000 Accuride Corp., 8.5%, 2/1/15 $3,969,000
740,000 Allison Transmission Inc., 11.0%, 11/1/15 (144A) 667,850
1,115,000(b)Allison Transmission Inc., 11.25%, 11/1/15 (144A) 946,759
3,250,000 Commercial Vehicle Group, Inc., 8.0%, 7/1/13 2,941,250
1,520,000 Esco Corp., 8.625%, 12/15/13 (144A) 1,520,000
1,750,000 Greenbrier Companies, Inc., 8.375%, 5/15/15 1,671,250
1,500,000(d)Stanadyne Corp., 0.0%, 2/15/15 1,155,000
4,690,000 Stanadyne Corp., 10.0%, 8/15/14 4,525,850
$17,396,959
Total Capital Goods $36,527,959
Commercial Services & Supplies - 6.5%
Diversified Commercial & Professional Services - 3.3%
3,500,000 Allied Security Escrow, 11.375%, 7/15/11 $3,290,000
9,000,000 NCO Group, Inc., 11.875%, 11/15/14 8,370,000
1,565,000 Park-Ohio Industries, Inc., 8.375%, 11/15/14 1,392,850
$13,052,850
Environmental & Facilities Services - 3.2%
4,088,000 Clean Harbors, Inc., 11.25%, 7/15/12 $4,389,490
2,440,000 Industrias Metalurgicas Pescarmona SA, 11.25%, 10/22/12,308,850
5,800,000 Waste Services, Inc., 9.5%, 4/15/14 5,655,000
$12,353,340
Total Commercial Services & Supplies $25,406,190
Transportation - 5.1%
Air Freight & Logistics - 1.0%
2,000,000 CEVA Group Plc, 10.0%, 9/1/14 (144A) $2,055,000
1,545,000 CEVA Group Plc, 10.0%, 12/1/16 (144A) 1,908,746
$3,963,746
Airlines - 0.6%
932,505 American Airlines, Inc., 7.379%, 11/23/17 $ 867,230
817,814 Continental Airlines, Inc., Series B, 8.499%, 11/1/12 811,681
1,000,000(c)GOL Finance, 8.75% (144A) 930,000
$2,608,911
Marine - 2.9%
8,000,000 Seabulk International, Inc., 9.5%, 8/15/13 $8,460,000
2,900,000 Trailer Bridge, Inc., 9.25%, 11/15/11 2,896,375
$11,356,375
Railroads - 0.6%
2,250,000 Kansas City Southern de Mexico, 9.375%, 5/1/12 $2,356,875
Total Transportation $20,285,907
Automobiles & Components - 1.2%
Auto Parts & Equipment - 1.2%
5,965,000(l)Cooper-Standard Automotive, Inc., 8.375%, 12/15/14 $4,727,262
Total Automobiles & Components $4,727,262
Consumer Durables & Apparel - 1.2%
Homebuilding - 0.4%
2,000,000 Meritage Homes Corp., 6.25%, 3/15/15 $1,390,000
Housewares & Specialties - 0.8%
3,450,000(l)Yankee Acquisition Corp., 9.75%, 2/15/17 $3,156,750
Total Consumer Durables & Apparel $4,546,750
Consumer Services - 4.4%
Casinos & Gaming - 3.9%
2,000,000 Buffalo Thunder Development Authority, 9.375%, 12/15/$1,780,000
2,050,000 Fontainebleau Las Vegas Holdings LLC/Fontainebleau Las1,778,375
1,675,000 Galaxy Entertainment Finance Co., Ltd., 9.875%, 12/15/1,767,125
4,500,000 Little Traverse Bay Bands of Odawa Indians, 10.25%, 2/4,522,500
1,700,000 Pokagon Gaming Authority, 10.375%, 6/15/14 (144A) 1,827,500
1,750,000 Shingle Springs Tribal Gaming Authority, 9.375%, 6/15/1,697,500
2,450,000 Trump Entertainment Resorts, Inc., 8.5%, 6/1/15 1,865,062
$15,238,062
Hotels, Resorts & Cruise Lines - 0.5%
2,000,000(a)HRP Myrtle Beach Operations LLC, 9.894%, 4/1/12 (144A$1,905,000
Total Consumer Services $17,143,062
Media - 5.5%
Broadcasting & Cable Television - 2.5%
3,200,000 CCH I Holdings LLC, 11.0%, 10/1/15 $2,608,000
1,500,000 CCH II Holdings LLC, 10.25%, 9/15/10 1,462,500
3,750,000 Kabel Deutschland GMBH, 10.75%, 7/1/14 5,852,779
$9,923,279
Publishing - 3.0%
2,336,366(b)AAC Group Holding Corp., 14.75%, 10/1/12 $2,137,775
4,835,000 Sheridan Acquisition Corp., 10.25%, 8/15/11 4,835,000
1,400,000 TL Acquisitions, Inc., 10.5%, 1/15/15 (144A) 1,345,750
3,700,000(d)Visant Holding Corp., 0.0%, 12/1/13 3,459,500
$11,778,025
Total Media $21,701,304
Retailing - 2.8%
Distributors - 1.4%
4,735,000 Intcomex, Inc., 11.75%, 1/15/11 $4,853,375
820,000 KAR Holdings, Inc., 10.0%, 5/1/15 (144A) 731,850
$5,585,225
General Mechandise Store - 0.2%
1,000,000(l)Central Garden & Pet Co., 9.713%, 2/1/13 $ 857,500
Specialty Stores - 1.2%
4,615,000(l)Sally Holdings LLC, 10.5%, 11/15/16 $4,545,775
Total Retailing $10,988,500
Food & Staples Retailing - 0.8%
Drug Retail - 0.8%
3,350,000 Duane Reade, Inc., 9.75%, 8/1/11 $3,023,375
Total Food & Staples Retailing $3,023,375
Food, Beverage & Tobacco - 3.2%
Brewers - 1.7%
5,885,000 Cia Brasileira de Bebida, 10.5%, 12/15/11 $6,848,963
Agricultural Products - 0.3%
1,000,000(c)Cosan SA Industria e Comercio, 8.25% (144A) $ 925,000
Packaged Foods & Meats - 0.9%
775,000 Bertin, Ltd., 10.25%, 10/5/16 (144A) $ 808,945
500,000 Marfrig Overseas, Ltd., 9.625%, 11/16/16 (144A) 496,875
2,410,000 Minerva Overseas, Ltd., 9.5%, 2/1/17 (144A) 2,307,575
$3,613,395
Tobacco - 0.3%
1,230,000 Alliance One International, Inc., 8.5%, 5/15/12 (144A$1,199,250
Total Food, Beverage & Tobacco $12,586,608
Health Care Equipment & Services - 6.8%
Health Care Equipment & Services - 0.6%
2,875,000 Accellent, Inc., 10.5%, 12/1/13 $2,415,000
Health Care Supplies - 0.7%
2,900,000(a)Medical Services Co., 12.743%, 10/15/11 $2,653,500
Health Care Services - 2.4%
2,160,000 AMR HoldCo/Emcare HoldCo, 10.0%, 2/15/15 $2,278,800
4,055,000 Rural/Metro Corp., 9.875%, 3/15/15 3,933,350
1,880,000(b)Surgical Care Affiliates, Inc., 8.875%, 7/15/15 (144A)1,710,800
1,475,000 Surgical Care Affiliates, Inc., 10.0%, 7/15/17 (144A) 1,342,250
$9,265,200
Health Care Facilities - 2.0%
1,200,000 Community Health Systems, 8.875%, 7/15/15 $1,222,500
3,800,000 Hanger Orthopedic Group, Inc., 10.25%, 6/1/14 3,895,000
2,555,000(b)HCA Inc., 9.625%, 11/15/16 2,701,913
130,000 Psychiatric Solutions, Inc., 7.75%, 7/15/15 129,675
$7,949,088
Managed Health Care - 1.1%
4,400,000 Multiplan, Inc., 10.375%, 4/15/16 (144A) $4,378,000
Total Health Care Equipment & Services $26,660,788
Pharmaceuticals & Biotechnology & Life Sciences - 3.1%
Biotechnology - 0.7%
3,500,000(l)Angiotech Pharmaceuticals, Inc., 7.75%, 4/1/14 $2,931,250
Pharmaceuticals - 2.4%
2,000,000 Phibro Animal Health Corp., 10.0%, 8/1/13 (144A) $2,000,000
3,000,000 Phibro Animal Health Corp., 13.0%, 8/1/14 (144A) 3,000,000
4,317,000 Warner Chilcott Corp., 8.75%, 2/1/15 4,446,510
$9,446,510
Total Pharmaceuticals & Biotechnology & Life Sciences$12,377,760
Banks - 0.4%
Diversified Banks - 0.4%
1,750,000(a)ALB Finance BV, 9.375% $1,197,088
400,000(a)Banco Macro SA, 10.75%, 6/7/12 281,880
$1,478,968
Total Banks $1,478,968
Diversified Financials - 5.6%
Specialized Finance - 2.1%
7,950,000 GATX Financial Corp., 8.875%, 6/1/09 $8,258,985
Consumer Finance - 2.9%
4,770,000 ACE Cash Express, Inc., 10.25%, 10/1/14 (144A) $4,603,050
1,300,000 AmeriCredit Corp., 8.5%, 7/1/15 (144A) 991,250
3,000,000 Ford Motor Credit Co., 7.875%, 6/15/10 2,768,001
3,000,000(a)Ford Motor Credit Co., 9.693%, 4/15/12 2,950,116
$11,312,417
Investment Banking & Brokerage - 0.6%
2,305,000(b)LVB Acquisition Merger Sub, Inc., 10.375%, 10/15/17 ($2,229,229
Total Diversified Financials $21,800,631
Insurance - 4.9%
Insurance Brokers - 1.6%
2,640,000 Alliant Holdings I Inc., 11.0%, 5/1/15 (144A) $2,508,000
3,465,000 HUB International Holdings, Inc., 10.25%, 6/15/15 (1442,945,250
885,000 U.S.I. Holdings Corp., 9.75%, 5/15/15 (144A) 712,425
$6,165,675
Life & Health Insurance - 1.4%
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%, 10/15/25 $5,121,125
Reinsurance - 0.6%
275,000(a)Atlas Reinsurance Plc, 14.953%, 1/10/11 (144A) $ 402,064
375,000(a)Blue Fin, Ltd., 9.275% 4/10/12 (144A) 375,000
750,000(a)Foundation Re, Ltd., 9.005%, 11/24/08 (144A) 734,925
500,000(a)Residential Reinsurance 2005, 13.574%, 6/6/08 (144A) 499,700
250,000(a)Residential Reinsurance 2006, 15.124%, 6/5/09 (144A) 255,775
$2,267,464
Total Insurance $19,222,014
Real Estate - 0.0%
Real Estate Management & Development - 0.0%
225,000(a)Alto Palermo SA, 11.0%, 6/11/12 (144A) $ 176,062
Total Real Estate $ 176,062
Software & Services - 3.6%
IT Consulting & Other Services - 1.1%
4,450(e)MSX International UK/MXS International Business Servi$4,138,500
Data Processing & Outsourced Services - 2.2%
3,215,000 First Data Corp., 9.875%, 9/24/15 (144A) $2,989,950
640,000 iPayment, Inc., 9.75%, 5/15/14 598,400
5,745,000 Pegasus Solutions, Inc., 10.5%, 4/15/15 (144A) 5,055,600
$8,643,950
Application Software - 0.2%
810,000 Open Solutions, Inc., 9.75%, 2/1/15 (144A) $ 738,112
Systems Software - 0.1%
605,000 Vangent Inc., 9.625%, 2/15/15 $ 518,788
Total Software & Services $14,039,350
Technology Hardware & Equipment - 3.7%
Computer Hardware - 0.7%
3,245,000 Activant Solutions, Inc., 9.5%, 5/1/16 $2,806,925
Office Electronics - 3.0%
11,830,000 Xerox Capital Trust I, 8.0%, 2/1/27 $11,815,047
Total Technology Hardware & Equipment $14,621,972
Semiconductors & Semiconductor Equipment - 0.6%
Semiconductors - 0.6%
1,000,000(a)Freescale Semiconductor, Inc., 9.875%, 12/15/14 $ 850,000
2,000,000(l)Freescale Semiconductor, Inc., 10.125%, 12/15/16 1,650,000
Total Semiconductors & Semiconductor Equipment $2,500,000
Telecommunication Services - 12.6%
Alternative Carriers - 0.8%
3,120,000 PAETEC Holding Corp., 9.5%, 7/15/15 (144A) $3,042,000
Integrated Telecommunication Services - 1.2%
4,070,000 GC Impsat Holdings I Plc, 9.875%, 2/15/17 (144A) 3,866,500
691,000 Tele Norte Leste Participacoes SA, 8.0%, 12/18/13 718,640
$4,585,140
Wireless Telecommunication Services - 10.6%
4,165,000 Broadview Networks Holdings, Inc., 11.375%, 9/1/12 $4,342,013
1,625,000 Cell C Property, Ltd., 11.0%, 7/1/15 (144A) 1,389,375
2,855,000(a)Cleveland Unlimited, Inc., 13.241%, 12/15/10 (144A) 2,997,750
6,900,000 Cricket Communications, Inc., 9.375%, 11/1/14 6,468,750
1,500,000 Digicel, Ltd., 9.25%, 9/1/12 (144A) 1,528,200
2,500,000(a)Hellas Telecommunications Luxembourg II, 10.993%, 1/152,356,250
5,000,000 Hughes Network Systems LLC, 9.5%, 4/15/14 5,062,500
2,200,000(d)Inmarsat Finance II Plc, 0.0%, 11/15/12 2,136,750
3,200,000(d)Intelsat Intermediate Holding Co., Ltd., 0.0%, 2/1/15 2,616,000
3,230,000 Mobile Telesystems, 9.75%, 1/30/08 (144A) 3,231,615
3,000,000(a)Rural Cellular Corp., 10.661%, 11/1/12 3,060,000
3,200,000 Stratos Global Corp., 9.875%, 2/15/13 3,376,000
3,020,000 True Move Co, Ltd., 10.75%, 12/16/13 (144A) 3,050,200
$41,615,403
Total Telecommunication Services $49,242,543
Utilities - 5.3%
Electric Utilities - 4.2%
2,000,000 Aes Chivor SA ESP, 9.75%, 12/30/14 (144A) $2,200,000
3,800,000 Intergen NV, 9.0%, 6/30/17 (144A) 3,999,500
1,500,000 Mirant JPSCo. Finance, Ltd., 11.0%, 7/6/16 (144A) 1,620,000
4,208,170 Ormat Funding Corp., 8.25%, 12/30/20 4,208,170
4,540,000 White Pine Hydro Portfolio LLC, 7.26%, 7/20/15 (144A) 4,706,359
$16,734,029
Multi - Utilities - 0.5%
2,175,000(a)Power Contract Financing III LLC, 1.332%, 2/5/10 (144$1,881,375
Independent Power Producers & Energy Traders - 0.6%
2,345,000 Texas Computer Electric Hold LLC, 10.25%, 11/1/15 (14$2,321,550
Total Utilities $20,936,954
TOTAL CORPORATE BONDS & NOTES
(Cost $482,550,391) $478,210,637
CONVERTIBLE BONDS & NOTES - 0.3% of Net Assets
Software & Services - 0.3%
Systems Software - 0.3%
1,400,000 Macrovision Corp., 2.625%, 8/15/11 (144A) $1,319,500
TOTAL CONVERTIBLE BONDS & NOTES
(Cost $1,400,000) $1,319,500
MUNICIPAL BONDS - 7.5% of Net Assets
Indiana - 1.5%
1,650,000 East Chicago Industrial Pollution Control Revenue, 7.$1,680,228
4,250,000 Indiana Development Finance Authority Revenue, 5.75%, 4,280,855
$5,961,083
Michigan - 0.0%
3,000,000 Wayne Charter County, Special Airport Facilities Reve$ 0
New Jersey - 2.4%
4,525,000 New Jersey Economic Development Authority Revenue, 7.$4,552,874
4,000,000 + Tobacco Settlement Financing Corp., 7.0%, 6/1/41 4,696,400
$9,249,274
New York - 0.9%
3,475,000 New York City Industrial Development Agency, British $3,650,314
North Carolina - 1.6%
4,800,000 Charlotte, Special Facilities Revenue, Charlotte/Doug$4,290,288
2,000,000 Charlotte, Special Facilities Revenue, Charlotte/Dougl2,055,160
$6,345,448
Texas - 1.1%
3,200,000(f)San Antonio, Texas, Electric & Gas, RIB, 7.415%, 2/1/$4,232,160
TOTAL MUNICIPAL BONDS
(Cost $23,133,596) $29,438,279
MUNICIPAL COLLATERALIZED DEBT OBLIGATION - 0.8% of Net Assets
3,300,000(g)Non-Profit Preferred Funding Trust I, 12.5%, 9/15/37 $3,208,029
TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION
(Cost $3,293,400) $3,208,029
SOVEREIGN DEBT OBLIGATIONS - 2.5% of Net Assets
Brazil - 0.9%
4,800,000,0(d)Banco Nacional de Desenvolimento Bndes, 8.0%, 4/28/10$3,769,388
Ecuador - 0.9%
3,515,000(d)Federal Republic of Ecuador, 10.0%, 8/15/30 (144A) $3,400,763
Russia - 0.7%
2,296,800(d)Russia Government International Bond, 7.5%, 3/31/30 $2,631,214
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $6,175,736) $9,801,365
FLOATING RATE LOAN INTERESTS - 3.6% of Net Assets (h)
Energy - 0.3%
Oil & Gas Exploration & Production - 0.3%
710,000 SandRidge Energy, Inc., Term Loan, 8.625%-8.854%, 4/1$ 702,900
300,000 Venoco, Inc., Second Lien Term Loan, 8.938%, 9/20/11 294,000
Total Energy $ 996,900
Materials - 0.5%
Steel - 0.5%
2,288,500 Niagara Corp., Term Loan, 9.809%, 6/29/14 $2,025,322
Total Materials $2,025,322
Capital Goods - 0.6%
Building Products - 0.5%
2,000,000 Custom Building Products, Inc., Second Lien Term Loan$1,900,000
Construction & Farm Machinery & Heavy Trucks - 0.1%
397,920 Rental Service Corp., Second Lien Initial Term Loan, $ 391,952
Total Capital Goods $2,291,952
Consumer Durables & Apparel - 0.4%
Homebuilding - 0.4%
2,850,000 LandSource Communities Development LLC, Second Lien T$1,638,750
Total Consumer Durables & Apparel $1,638,750
Consumer Services - 0.4%
Casinos & Gaming - 0.4%
2,500,000 New World Gaming Partners Holdings, Ltd., Advance Sec$2,162,500
Total Consumer Services $2,162,500
Household & Personal Products - 0.1%
Household Products - 0.1%
500,000 Huish Detergents, Inc., Second Lien Term Loan, 9.45%,$ 402,500
Total Household & Personal Products $ 402,500
Diversified Financials - 0.8%
Other Diversified Financial Services - 0.8%
2,137,768(b)Louis Topco, Ltd., Term Loan, 12.474%, 6/1/17 $3,038,273
Total Diversified Financials $3,038,273
Insurance - 0.5%
Insurance Brokers - 0.5%
2,250,000 AmWins Group, Inc., Second Lien Initial Term Loan, 11$1,856,250
Total Insurance $1,856,250
TOTAL FLOATING RATE LOAN INTERESTS
(Cost $16,518,327) $14,412,447
FIXED RATE LOAN INTERESTS - 0.3% of Net Assets
Energy - 0.3%
Oil & Gas Exploration & Production - 0.3%
1,070,000 SandRidge Energy, Inc., Term Loan, 8.625%, 4/1/15 $1,067,325
TOTAL FIXED RATE LOAN INTERESTS
(Cost $1,070,000) $1,067,325
Shares COMMON STOCKS - 0.5% of Net Assets
Transportation - 0.3%
Airlines - 0.3%
71,082 Northwest Airlines Corp. $1,031,400
Total Transportation
Pharmaceuticals & Biotechnology & Life Sciences - 0.2%
Pharmaceuticals - 0.2%
17,818 Teva Pharmaceutical Industries, Ltd. (A.D.R.) $ 828,180
Total Pharmaceuticals & Biotechnology & Life Sciences
TOTAL COMMON STOCKS
(Cost $2,886,220) $1,859,580
WARRANTS - 0.2% of Net Assets (i)
Energy - 0.2%
Oil & Gas Drilling - 0.2%
2,500,000 Norse Energy Corp. ASA - CW11, Expires 7/14/11 $ 667,606
Oil & Gas Exploration & Production - 0.0%
150,592 Biofuel Energy ASA- Expires 6/7/12 $ 0
Total Energy $ 667,606
Materials - 0.0%
Forest Products - 0.0%
1,645(g)Mandra Forestry Holdings, Ltd. - CW13, Expires 5/15/1$ 0
Total Materials $ 0
Transportation - 0.0%
Railroads - 0.0%
4,525 Atlantic Express Transportation Corp., Expires 4/15/0$ 56,562
Total Transportation $ 56,562
TOTAL WARRANTS
(Cost $523,408) $ 724,168
TEMPORARY CASH INVESTMENTS - 4.9% of Net Assets
Security Lending Collateral - 4.9%
19,207,491 Securities Lending Investment Fund, 5.189% $19,207,491
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $19,207,491) $19,207,491
TOTAL INVESTMENTS IN SECURITIES - 142.5%
(Cost $558,026,512) (j) (k) $560,506,435
OTHER ASSETS AND LIABILITIES - (4.1)% $-16,219,244
PREFERRED SHARES AT REDEMPTION VALUE,
INCLUDING DIVIDENDS PAYABLE - (38.4)% $-151,043,134
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS - 100.0% $393,244,057
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, 2007, the value of these
securities amounted to
$189,947,907 or 48.3% of total net assets applicable to common
shareowners.
+ Prerefunded bonds have been collateralized by U.S. Treasury
securities or U.S. Government Agencies which are held in escrow to pay
interest and principal on the tax exempt issue and to retire the
bonds in full at the earliest refunding date.
(a) Floating rate note. The rate shown is the rate at December 31,
2007.
(b) Represents a pay-in-kind security which may pay interest in
additional principal.
(c) Security is a perpetual bond and has no definite maturity date.
(d) 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, 2007.
(e) Security is priced as a unit.
(f) The interest rate is subject to change periodically and inversely
based upon prevailing market rates. The
rate shown is the rate at December 31, 2007.
(g) Indicates a security that has been deemed illiquid. The aggregate
cost of illiquid securities is
$3,293,400. The aggregate value $3,208,029
represents 0.8% of the net assets.
(h) 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 accruing rate at December 31, 2007.
(i) Non-income producing.
(j) At December 31, 2007, the net unrealized gain on
investments based on cost for federal income tax purposes
of $558,284,236 was as follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $26,217,910
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value -23,995,711
Net unrealized gain $2,222,199
For financial reporting purposes net unrealized gain was
$2,479,923 and cost of investments aggregated $558,026,512.
(k) Distribution of investments by country of issue, as a percentage
of total holdings,
is as follows:
United States 74.9%
Norway 4.5
Brazil 3.6
Cayman Islands 2.9
Mexico 2.3
Netherlands 2.2
United Kingdom 1.6
Luxembourg 1.4
Canada 1.1
Bermuda 1.0
Thailand 0.8
Australia 0.6
Ecuador 0.6
Argentina 0.5
Virgin Islands 0.5
Colombia 0.4
Ireland 0.4
Russia 0.3
South Africa 0.2
Israel 0.1
Singapore 0.1
100.0%
(l) At December 31, 2007, the following securities were out on loan:
Principal
Amount Description Market
Value
2,605,000 Angiotech Pharmaceuticals, Inc., 7.75%, 4/1/14 $2,181,688
990,000 Central Garden & Pet Co., 9.713, 2/1/13 848,925
1,120,000 Cooper-Standard Automotive, Inc., 8.375%, 12/15/14 887,600
1,980,000 Freescale Semiconductor, Inc., 10.125%, 12/15/16 1,633,500
1,569,490 Georgia Gulf Corp., 10.75%, 10/15/16 1,051,558
4,568,850 Sally Holdings LLC, 10.5%, 11/15/16 4,500,317
4,237,200 VeraSun Energy Corp., 9.875%, 12/15/12 4,268,979
3,415,500 Yankee Acquisition Corp., 9.75%, 2/15/17 3,125,183
$18,497,750
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 February 29, 2008
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 29, 2008
By (Signature and Title)* /s/ Vincent Nave
Vincent Nave, Treasurer
Date February 29, 2008
* Print the name and title of each signing officer under his or her signature.