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, 2008
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 12/31/08 (unaudited)
Principal
Amount
USD ($) Value
ASSET BACKED SECURITIES - 3.3% of Net Assets
Transportation - 0.1%
Airlines - 0.1%
351,975 Continental Airlines, Inc., Series B, 8.499%, 1$ 257,822
Total Transportation $ 257,822
Banks - 0.8%
Thrifts & Mortgage Finance - 0.8%
700,000 (a) ACE Securities Corp., 0.9213%, 4/25/35 $ 590,485
531,443 (a) ACE Securities Corp., 1.071%, 12/25/34 336,516
631,974 (a) Countrywide Asset-Backed Certificates, 0.65125%, 7 484,289
246,000 (a) FBR Securitization Trust, 0.82125%, 10/25/35 181,300
Total Banks $ 1,592,590
Diversified Financials - 0.0%
Other Diversified Financial Services - 0.0%
280,000 (a) Bear Stearns Asset Backed Securities Trust, 0.9$ 82,999
Total Diversified Financials $ 82,999
Utilities - 2.4%
Other Diversified Financial Services - 2.4%
4,008,173 Ormat Funding Corp., 8.25%, 12/30/20 $ 2,966,048
2,175,000 (a) Power Contract Financing III LLC, 1.332%, 2/5/10 ( 1,761,750
Total Utilities $ 4,727,798
TOTAL ASSET BACKED SECURITIES
(Cost $8,313,260) $ 6,661,209
COLLATERALIZED MORTAGE BACKED SECURITIES - 2.1% of Net Assets
Consumer Services - 0.4%
Restaurants - 0.4%
1,245,000 DB Master Finance LLC, 8.285%, 6/20/31 (144A) $ 802,676
Total Consumer Services $ 802,676
Banks - 1.7%
Thrifts & Mortgage Finance - 1.7%
720,000 (a) Carrington Mortgage Loan Trust, 0.571%, 10/25/3$ 610,930
1,504,000 (a) Carrington Mortgage Loan Trust, 0.671%, 2/25/37 933,214
432,416 (a) Countrywide Alternative Loan Trust, 0.801%, 10/25/ 199,707
516,336 (a) Countrywide Alternative Loan Trust, 0.821%, 9/25/3 232,849
763,429 (a) Countrywide Alternative Loan Trust, 0.831%, 1/25/3 223,873
324,189 (a) Countrywide Home Loan Mortgage Pass Through Trust, 115,921
205,802 (a) First Franklin Mortgage Loan Asset Backed Certific 155,835
1,722,764 (a) Luminent Mortgage Trust, 0.731%, 7/25/36 269,062
441,530 (a) Structured Asset Mortgage Investments, Inc., 0.781 200,298
1,021,343 (a) WaMu Mortgage Pass Through Certificates, 0.781%, 4 482,161
245,726 (a) WaMu Mortgage Pass Through Certificates, 0.951%, 7 58,662
Total Banks $ 3,482,512
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $6,484,805) $ 4,285,188
CORPORATE BONDS & NOTES - 136.2% of Net Assets
Energy - 12.7%
Oil & Gas Drilling - 1.0%
3,924,838 DDI Holding AS, 9.3%, 1/19/12 (144A) $ 1,962,419
Oil & Gas Equipment & Services - 4.1%
600,000 (a) DP Producer AS, 8.201%, 12/5/11 (144A) $ 30,000
3,975,000 Hawk Corp., 8.75%, 11/1/14 4,034,625
1,100,000 Nexus 1 Pte, Ltd., 10.5%, 3/7/12 (144A) 880,000
11,500,000 NOK Petrojack AS, 11.0%, 4/19/10 985,419
500,000 (a) PetroProd, Ltd., 10.75%, 1/12/12 (144A) 110,000
2,000,000 Sevan Marine ASA, 9.25%, 12/20/11 (144A) 1,000,000
3,500,000 Skeie Drilling & Production ASA, 11.25%, 3/8/13 (1 1,050,000
$ 8,090,044
Integrated Oil & Gas - 0.4%
2,070,000 Tristan Oil, Ltd., 10.5%, 1/1/12 (144A) $ 828,000
Oil & Gas Exploration & Production - 5.4%
2,500,000 Norse Energy Corp. ASA, 6.5%, 7/14/11 (144A) $ 1,625,000
3,000,000 NOK Norse Energy Corp. ASA, 10.0%, 7/13/10 321,332
9,000,000 NOK Norwegian Energy Co. AS, 11.0%, 7/13/10 (144A) 835,464
1,610,000 Parallel Petroleum Corp., 10.25%, 8/1/14 1,022,350
875,000 PetroHawk Energy Corp., 9.125%, 7/15/13 708,750
5,300,000 PetroQuest Energy, Inc., 10.375%, 5/15/12 3,657,000
3,145,000 Quicksilver Resources, Inc., 7.125%, 4/1/16 1,682,575
710,000 (a) SandRidge Energy, Inc., 7.508%, 4/1/14 377,589
1,070,000 (b) SandRidge Energy, Inc., 8.625%, 4/1/15 556,400
$ 10,786,460
Oil & Gas Refining & Marketing - 1.8%
4,075,000 (n) Aventine Renewable Energy Holdings, Inc., 10.0%$ 672,375
1,275,000 (a) Ohio Air Quality Development Authority Revenue, 10 153,000
2,120,000 (c)(VeraSun Energy Corp., 9.375%, 6/1/17 254,400
4,280,000 (c)(VeraSun Energy Corp., 9.875%, 12/15/12 2,568,000
$ 3,647,775
Total Energy $ 25,314,698
Materials - 16.6%
Commodity Chemicals - 3.4%
4,635,000 ARCO Chemical Co., 9.8%, 2/1/20 $ 509,850
4,750,000 Basell Finance Co., 8.1%, 3/15/27 (144A) 95,000
2,000,000 (n) Georgia Gulf Corp., 9.5%, 10/15/14 600,000
2,860,000 (n) Georgia Gulf Corp., 10.75%, 10/15/16 686,400
3,000,000 Hexion US Finance Corp., 9.75%, 11/15/14 855,000
4,500,000 Methanex Corp., 8.75%, 8/15/12 3,948,750
540,000 EURONell AF S.a.r.l., 8.375%, 8/15/15 (144A) 22,519
$ 6,717,519
Diversified Chemicals - 0.1%
350,000 EUROIneos Group Holdings Plc, 7.875%, 2/15/16 (144A$ 58,382
1,270,000 (n) Ineos Group Holdings Plc, 8.5%, 2/15/16 (144A) 114,300
$ 172,682
Forestry - 0.4%
1,645,000 Mandra Forestry Holdings, Ltd., 12.0%, 5/15/13 $ 822,500
Construction Materials - 1.9%
4,500,000 AGY Holding Corp., 11.0%, 11/15/14 $ 2,700,000
2,185,000 (n) U.S. Concrete, Inc., 8.375%, 4/1/14 1,179,900
$ 3,879,900
Metal & Glass Containers - 0.7%
2,500,000 AEP Industries, Inc., 7.875%, 3/15/13 $ 1,412,500
Paper Packaging - 4.9%
5,450,000 Exopack Holding Corp., 11.25%, 2/1/14 $ 3,188,250
2,795,000 Graham Packaging Co., 9.875%, 10/15/14 1,718,925
5,540,000 (n) Graphic Packaging International, Inc., 9.5%, 8/15/ 3,822,600
2,150,000 U.S. Corrugated, Inc., 10.0%, 6/1/13 1,032,000
$ 9,761,775
Aluminum - 0.6%
1,200,000 Asia Aluminum Holdings, Ltd., 8.0%, 12/23/11 (1$ 372,000
3,180,000 (d) Indalex Holding Corp., 11.5%, 2/1/14 357,750
705,000 (a)(Noranda Aluminum Acquisition Corp., 6.595%, 5/15/1 239,700
800,000 (a)(Noranda Aluminum Holdings Corp., 8.345%, 11/15/14 128,000
$ 1,097,450
Diversified Metals & Mining - 2.6%
3,300,000 American Rock Salt Co. LLC, 9.5%, 3/15/14 $ 2,986,500
825,000 Blaze Recycling & Metals LLC, 10.875%, 7/15/12 (14 618,750
2,890,000 FMG Finance Pty., Ltd., 10.625%, 9/1/16 (144A) 1,676,200
$ 5,281,450
Steel - 2.0%
4,205,000 Algoma Acquisition Corp., 9.875%, 6/15/15 (144A$ 1,597,900
2,400,000 CSN Islands VIII Corp., 9.75%, 12/16/13 (144A) 2,448,000
$ 4,045,900
Total Materials $ 33,191,676
Capital Goods - 7.6%
Aerospace & Defense - 1.2%
3,600,000 Aeroflex, Inc., 11.75%, 2/15/15 (144A) $ 2,340,000
Building Products - 0.5%
1,935,000 Industrias Unidas SA de CV, 11.5%, 11/15/16 (14$ 483,750
1,500,000 (n) Panolam Industries International, 10.75%, 10/1/13 600,000
$ 1,083,750
Heavy Electrical Equipment - 2.3%
4,790,000 Altra Industrial Motion, 9.0%, 12/1/11 $ 4,526,550
Industrial Conglomerates - 0.5%
2,515,000 Park-Ohio Industries, Inc., 8.375%, 11/15/14 $ 1,031,150
Construction & Farm Machinery & Heavy Trucks - 1.7%
5,640,000 (n) Accuride Corp., 8.5%, 2/1/15 $ 1,847,100
3,250,000 Commercial Vehicle Group, Inc., 8.0%, 7/1/13 1,527,500
$ 3,374,600
Industrial Machinery - 1.2%
2,440,000 Industrias Metalurgicas Pescarmona SA, 11.25%, $ 1,098,000
2,065,000 Mueller Water Products, Inc., 7.375%, 6/1/17 1,404,200
$ 2,502,200
Trading Companies & Distributors - 0.2%
200,000 United Rentals North America, 6.5%, 2/15/12 $ 158,000
370,000 Wesco Distribution, Inc., 7.5%, 10/15/17 241,887
$ 399,887
Total Capital Goods $ 15,258,137
Commercial & Professional Services - 9.3%
Commercial Printing - 1.7%
4,835,000 Sheridan Acquisition Corp., 10.25%, 8/15/11 $ 3,390,544
Diversified Commercial & Professional Services - 0.9%
2,535,000 (n) Aleris International, Inc., 10.0%, 12/15/16 $ 411,937
4,450 (e) MSX International UK, 12.5%, 4/1/12 (144A) 1,780,000
$ 2,191,937
Environmental & Facilities Services - 2.7%
720,000 Clean Harbors, Inc., 11.25%, 7/15/12 $ 721,800
5,800,000 (n) Waste Services, Inc., 9.5%, 4/15/14 4,118,000
$ 4,839,800
Office Services & Supplies - 4.0%
11,830,000 Xerox Capital Trust I, 8.0%, 2/1/27 $ 8,078,589
Total Commercial & Professional Services $ 18,500,870
Transportation - 1.9%
Air Freight & Logistics - 1.1%
2,000,000 CEVA Group Plc, 10.0%, 9/1/14 (144A) $ 1,482,500
1,545,000 EUROCEVA Group Plc, 10.0%, 12/1/16 (144A) 644,287
$ 2,126,787
Railroads - 0.8%
1,750,000 Kansas City Southern de Mexico, 9.375%, 5/1/12 $ 1,601,250
Total Transportation $ 3,728,037
Automobiles & Components - 4.6%
Auto Parts & Equipment - 4.6%
500,000 (n) Allison Transmission, Inc., 11.0%, 11/1/15 (144$ 245,000
2,605,000 (b)(Allison Transmission, Inc., 11.25%, 11/1/15 (144A) 1,015,950
5,965,000 Cooper-Standard Automotive, Inc., 8.375%, 12/15/14 1,043,875
4,535,000 Lear Corp., 8.75%, 12/1/16 1,315,150
1,500,000 (f) Stanadyne Corp., 0.0%, 2/15/15 675,000
4,690,000 Stanadyne Corp., 10.0%, 8/15/14 3,189,200
4,235,000 (n) Tenneco Automotive, Inc., 8.625%, 11/15/14 1,609,300
$ 9,093,475
Total Automobiles & Components $ 9,093,475
Consumer Durables & Apparel - 2.8%
Homebuilding - 0.8%
3,060,000 Meritage Homes Corp., 6.25%, 3/15/15 $ 1,621,800
Housewares & Specialities - 1.7%
1,435,000 (n) Jarden Corp., 7.5%, 5/1/17 $ 979,387
3,690,000 (n) Yankee Acquisition Corp., 8.5%, 2/15/15 1,720,462
1,500,000 (n) Yankee Acquisition Corp., 9.75%, 2/15/17 630,000
$ 3,329,849
Textiles - 0.3%
1,000,000 Invista, 9.25%, 5/1/12 (144A) $ 700,000
Total Consumer Durables & Apparel $ 5,651,649
Consumer Services - 5.2%
Consumer Services - 1.1%
2,698,571 (b) American Achievement Group Holding Corp., 14.75$ 871,198
3,080,000 (f) Visant Holding Corp., 10.25%, 12/1/13 2,279,200
$ 3,150,398
Casinos & Gaming - 3.5%
1,650,000 Buffalo Thunder Development Authority, 9.375%, $ 330,000
890,000 FireKeepers Development Authority, 13.875%, 5/1/15 551,800
2,050,000 (n) Fontainebleau Las Vegas Holdings LLC, 10.25%, 6/15 199,875
630,000 (n) Galaxy Entertainment Finance Co., Ltd., 9.875%, 12 277,200
4,500,000 Little Traverse Bay Bands of Odawa Indians, 10.25% 2,835,000
530,000 Mashantucket Western Pequot Tribe, 8.5%, 11/15/15 208,025
1,585,000 Pokagon Gaming Authority, 10.375%, 6/15/14 (144A) 1,363,100
1,895,000 Shingle Springs Tribal Gaming Authority, 9.375%, 6 947,500
2,450,000 (c) Trump Entertainment Resorts, Inc., 8.5%, 6/1/15 324,625
$ 7,037,125
Leisure Facilities - 0.1%
2,000,000 (a)(HRP Myrtle Beach Operations LLC, 7.383%, 4/1/12$ 100,000
Total Consumer Services $ 10,287,523
Media - 8.6%
Broadcasting - 8.3%
3,200,000 (n) CCH I Holdings LLC, 11.0%, 10/1/15 $ 560,000
1,500,000 (n) CCH II Holdings LLC, 10.25%, 9/15/10 660,000
3,000,000 GCI, Inc., 7.25%, 2/15/14 2,340,000
2,200,000 (f) Inmarsat Finance II Plc, 10.375%, 11/15/12 1,949,750
2,500,000 Intelsat Corp., 9.25%, 6/15/16 (144A) 2,275,000
2,500,000 Intelsat Jackson Holdings, Ltd., 11.5%, 6/15/16 (1 2,250,000
1,000,000 Intelsat Subsidiary Holdings, 8.5%, 1/15/13 (144A) 925,000
3,750,000 EUROKabel Deutschland GMBH, 10.75%, 7/1/14 4,769,600
535,000 (n) Telesat Canada, 11.0%, 11/1/15 (144A) 382,525
3,865,000 (b)(Univision Communications, 9.75%, 3/15/15 (144A) 521,775
$ 16,633,650
Publishing - 0.3%
1,400,000 TL Acquisitions, Inc., 10.5%, 1/15/15 (144A) $ 574,000
Total Media $ 17,207,650
Retailing - 3.5%
Distributors - 0.9%
4,735,000 Intcomex, Inc., 11.75%, 1/15/11 $ 1,894,000
Internet Retailing - 0.9%
3,170,000 Ticketmaster, 10.75%, 8/1/16 (144A) $ 1,711,800
Automotive Retail - 0.1%
820,000 (n) KAR Holdings, Inc., 10.0%, 5/1/15 $ 270,600
Specialty Stores - 1.6%
4,615,000 Sally Holdings LLC, 10.5%, 11/15/16 $ 3,138,200
Total Retailing $ 7,014,600
Food & Staples Retailing - 0.9%
Drug Retail - 0.9%
3,350,000 (n) Duane Reade, Inc., 9.75%, 8/1/11 $ 1,775,500
Total Food & Staples Retailing $ 1,775,500
Food, Beverage & Tobacco - 5.5%
Brewers - 3.2%
5,885,000 Cia Brasileira de Bebida, 10.5%, 12/15/11 $ 6,458,788
Packaged Foods & Meats - 1.0%
775,000 Bertin, Ltd., 10.25%, 10/5/16 (144A) $ 426,250
500,000 Marfrig Overseas, Ltd., 9.625%, 11/16/16 (144A) 295,000
2,410,000 (n) Minerva Overseas, Ltd., 9.5%, 2/1/17 (144A) 1,325,500
$ 2,046,750
Tobacco - 1.2%
1,365,000 Alliance One International, Inc., 8.5%, 5/15/12$ 1,003,275
1,675,000 Alliance One International, Inc., 11.0%, 5/15/12 1,390,250
$ 2,393,525
Total Food, Beverage & Tobacco $ 10,899,063
Household & Personal Products - 0.5%
Household Products - 0.5%
1,740,000 (n) Central Garden & Pet Co., 9.125%, 2/1/13 $ 1,026,600
Total Household & Personal Products $ 1,026,600
Health Care Equipment & Services - 10.1%
Health Care Equipment & Services - 1.0%
2,875,000 Accellent, Inc., 10.5%, 12/1/13 $ 1,969,375
Health Care Supplies - 1.0%
2,570,000 (b) Biomet, Inc., 10.375%, 10/15/17 $ 2,017,450
Health Care Services - 3.6%
2,160,000 AMR HoldCo, 10.0%, 2/15/15 $ 2,008,800
4,055,000 Rural/Metro Corp., 9.875%, 3/15/15 3,244,000
3,725,000 Surgical Care Affiliates, Inc., 10.0%, 7/15/17 (14 1,937,000
$ 7,189,800
Health Care Facilities - 2.7%
3,800,000 Hanger Orthopedic Group, Inc., 10.25%, 6/1/14 $ 3,401,000
2,555,000 (b) HCA, Inc., 9.625%, 11/15/16 1,992,900
$ 5,393,900
Managed Health Care - 1.8%
4,400,000 Multiplan, Inc., 10.375%, 4/15/16 (144A) $ 3,564,000
Total Health Care Equipment & Services $ 20,134,525
Pharmaceuticals & Biotechnology & Life Sciences - 4.0%
Pharmaceuticals - 4.0%
3,195,000 (n) Angiotech Pharmaceuticals, Inc., 7.75%, 4/1/14 $ 686,925
2,000,000 Phibro Animal Health Corp., 10.0%, 8/1/13 (144A) 1,600,000
3,000,000 Phibro Animal Health Corp., 13.0%, 8/1/14 (144A) 2,340,000
3,817,000 Warner Chilcott Corp., 8.75%, 2/1/15 3,397,130
$ 8,024,055
Total Pharmaceuticals & Biotechnology & Life Sc$ 8,024,055
Banks - 0.5%
Diversified Banks - 0.2%
1,750,000 (a)(ALB Finance BV, 9.375% $ 350,000
400,000 (a) Banco Macro SA, 10.75%, 6/7/12 116,000
$ 466,000
Regional Banks - 0.3%
500,000 (a)(Wells Fargo Capital XV, 9.75% $ 505,000
Total Banks $ 971,000
Diversified Financials - 10.5%
Other Diversified Financial Services - 4.4%
1,500,000 (a)(Citigroup, Inc., 8.4% $ 990,435
7,950,000 GATX Financial Corp., 8.875%, 6/1/09 7,860,555
$ 8,850,990
Specialized Finance - 3.4%
3,770,000 ACE Cash Express, Inc., 10.25%, 10/1/14 (144A) $ 754,000
640,000 iPayment, Inc., 9.75%, 5/15/14 320,000
2,300,000 (a)(MBIA Insurance Co., 14.0% 1/15/33 (144A) 1,173,000
9,000,000 NCO Group, Inc., 11.875%, 11/15/14 4,500,000
$ 6,747,000
Consumer Finance - 2.7%
3,000,000 (n) Ford Motor Credit Co., 7.875%, 6/15/10 $ 2,400,540
3,000,000 (a) Ford Motor Credit Co., 9.269%, 4/15/09 2,895,000
$ 5,295,540
Total Diversified Financials $ 20,893,530
Insurance - 8.0%
Insurance Brokers - 1.9%
2,640,000 Alliant Holdings I, Inc., 11.0%, 5/1/15 (144A) $ 1,425,600
3,765,000 HUB International Holdings, Inc., 10.25%, 6/15/15 1,661,306
900,000 (a) U.S.I. Holdings Corp., 6.024%, 11/15/14 (144A) 365,625
885,000 U.S.I. Holdings Corp., 9.75%, 5/15/15 (144A) 352,894
$ 3,805,425
Life & Health Insurance - 2.6%
5,420,000 Presidential Life Corp., 7.875%, 2/15/09 $ 5,101,575
Multi-Line Insurance - 0.9%
3,075,000 (a) Liberty Mutual Group, Inc., 10.75%, 6/15/58 (14$ 1,691,250
Property & Casualty Insurance -1.6%
5,300,000 Allmerica Financial Corp., 7.625%, 10/15/25 $ 3,180,000
Reinsurance - 1.1%
275,000 (a)EAtlas Reinsurance Plc, 15.487%, 1/10/11 (144A) $ 363,150
375,000 (a) Blue Fin, Ltd., 8.689% 4/10/12 (144A) 316,687
250,000 (a) Residential Reinsurance 2006, 12.203%, 6/5/09 (144 248,300
850,000 (a) Residential Reinsurance 2008, 13.703%, 6/6/11 (144 814,725
500,000 (a) Successor II, Ltd., 27.193%, 4/6/10 (144A) 476,050
$ 2,218,912
Total Insurance $ 15,997,162
Real Estate - 0.0%
Real Estate Operating Companies - 0.0%
225,000 (a) Alto Palermo SA, 11.0%, 6/11/12 (144A) $ 78,750
Total Real Estate $ 78,750
Software & Services - 5.4%
IT Consulting & Other Services - 3.1%
2,790,000 Activant Solutions, Inc., 9.5%, 5/1/16 $ 1,297,350
5,745,000 Pegasus Solutions, Inc., 10.5%, 4/15/15 (144A) 3,906,600
1,705,000 Vangent, Inc., 9.625%, 2/15/15 991,031
$ 6,194,981
Data Processing & Outsourced Services - 2.2%
7,365,000 (n) First Data Corp., 9.875%, 9/24/15 $ 4,455,825
Application Software - 0.1%
810,000 Open Solutions, Inc., 9.75%, 2/1/15 (144A) $ 121,500
Total Software & Services $ 10,772,306
Semiconductors & Semiconductor Equipment - 0.5%
Semiconductor Equipment - 0.5%
750,000 (a) Freescale Semiconductor, Inc., 5.871%, 12/15/14$ 255,000
2,000,000 (b)(Freescale Semiconductor, Inc., 9.125%, 12/15/14 460,000
750,000 (n) Freescale Semiconductor, Inc., 10.125%, 12/15/16 307,500
Total Semiconductors & Semiconductor Equipment $ 1,022,500
Telecommunication Services - 11.2%
Integrated Telecommunication Services - 4.1%
4,165,000 Broadview Networks Holdings, Inc., 11.375%, 9/1$ 2,873,850
4,070,000 GC Impsat Holdings I Plc, 9.875%, 2/15/17 (144A) 2,442,000
3,865,000 (n) PAETEC Holding Corp., 9.5%, 7/15/15 2,299,675
691,000 (n) Tele Norte Leste Participacoes SA, 8.0%, 12/18/13 587,350
$ 8,202,875
Wireless Telecommunication Services - 7.1%
1,380,000 Cell C Property, Ltd., 11.0%, 7/1/15 (144A) $ 1,166,100
6,400,000 Cricket Communications, Inc., 9.375%, 11/1/14 5,760,000
1,500,000 Digicel, Ltd., 9.25%, 9/1/12 (144A) 1,275,000
2,500,000 (a)(Hellas Telecommunications Luxembourg II, 10.503%, 500,000
5,290,000 Hughes Network Systems LLC, 9.5%, 4/15/14 4,298,125
3,020,000 True Move Co., Ltd., 10.75%, 12/16/13 (144A) 1,117,400
$ 14,116,625
Total Telecommunication Services $ 22,319,500
Utilities - 6.5%
Electric Utilities - 2.6%
1,500,000 Mirant JPSCo. Finance, Ltd., 11.0%, 7/6/16 (144$ 1,125,000
2,220,000 (g) Rede Empresas de Energia Electrica SA, 11.125%, (1 1,046,175
4,345,000 (n) Texas Computer Electric Hold LLC, 10.25%, 11/1/15 3,084,950
$ 5,256,125
Multi - Utilities - 0.5%
1,325,000 PNM Resources, Inc., 9.25%, 5/15/15 $ 1,053,375
Independent Power Producers & Energy Traders - 3.4%
2,000,000 (n) Aes Chivor SA ESP, 9.75%, 12/30/14 (144A) $ 1,850,000
3,200,000 Biofuel Energy ASA, 10.0%, 6/7/12 2,560,000
2,800,000 Intergen NV, 9.0%, 6/30/17 (144A) 2,296,000
$ 6,706,000
Total Utilities $ 13,015,500
TOTAL CORPORATE BONDS & NOTES
(Cost $440,839,098) $ 272,178,306
CONVERTIBLE BONDS & NOTES - 5.0% of Net Assets
Energy - 1.9%
Oil & Gas Drilling - 1.5%
1,510,000 (f) Hercules Offshore, Inc., 3.375%, 6/1/38 (144A) $ 690,825
1,600,000 Transocean, Ltd., 1.5%, 12/15/37, 1,296,000
1,175,000 Transocean, Ltd., 1.625%, 12/15/37 1,023,719
$ 3,010,544
Oil & Gas Exploration & Production - 0.4%
1,340,000 Chesapeake Energy Corp., 2.5%, 5/15/37 $ 782,225
Total Energy $ 3,792,769
Transportation - 0.7%
Marine - 0.7%
2,595,000 Horizon Lines, Inc., 4.25%, 8/15/12 $ 1,329,937
Total Transportation $ 1,329,937
Health Care Equipment & Services - 1.4%
Health Care Services - 0.3%
1,210,000 Omnicare, Inc., 3.25%, 12/15/35 $ 679,112
Health Care Facilities - 1.1%
1,985,000 LifePoint Hospitals, Inc., 3.25%, 8/15/25 $ 1,426,719
1,070,000 LifePoint Hospitals, Inc., 3.5%, 5/15/14 723,588
$ 2,150,307
Total Health Care Equipment & Services $ 2,829,419
Technology Hardware & Equipment - 0.3%
Communications Equipment - 0.2%
2,580,000 (n) Nortel Networks Corp., 2.125%, 4/15/14 $ 361,200
Electronic Manufacturing Services - 0.1%
360,000 Flextronics International, Ltd., 1.0%, 8/1/10 $ 297,000
Total Technology Hardware & Equipment $ 658,200
Telecommunication Services - 0.7%
Alternative Carriers - 0.7%
2,190,000 Time Warner Telecom, Inc., 2.375%, 4/1/26 $ 1,390,650
Total Telecommunication Services $ 1,390,650
TOTAL CONVERTIBLE BONDS & NOTES $ 10,000,975
(Cost $12,004,370)
MUNICIPAL BONDS - 7.2% of Net Assets
Indiana - 2.8%
1,650,000 East Chicago Industrial Pollution Control Reven$ 1,490,841
4,250,000 Indiana Development Finance Authority Revenue, 5.7 3,985,735
$ 5,476,576
New Jersey - 1.2%
4,525,000 New Jersey Economic Development Authority Reven$ 2,389,607
New York - 1.1%
3,475,000 New York City Industrial Development Agency Rev$ 2,267,229
North Carolina - 2.1%
6,300,000 Charlotte Special Facilities Refunding Revenue,$ 3,054,051
2,000,000 Charlotte Special Facilities Refunding Revenue, 7. 1,182,940
$ 4,236,991
TOTAL MUNICIPAL BONDS
(Cost $16,297,863) $ 14,370,403
MUNICIPAL COLLATERALIZED DEBT OBLIGATION - 1.4% of Net Assets
3,300,000 (h) Non-Profit Preferred Funding Trust I, 12.0%, 9/$ 2,864,367
TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION
(Cost $3,293,400) $ 2,864,367
SOVEREIGN DEBT OBLIGATIONS - 3.0% of Net Assets
Brazil - 1.7%
4,800,000,0(f)IBanco Nacional de Desenvolimento Bndes, 8.0%, 4$ 3,394,236
Ecuador - 0.3%
2,015,000 (f)(Federal Republic of Ecuador, 10.0%, 8/15/30 (14$ 523,900
Russia - 1.0%
2,273,600 (f) Russia Government International Bond, 7.5%, 3/3$ 1,982,943
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $5,417,555) $ 5,901,079
FLOATING RATE LOAN INTERESTS - 4.4% of Net Assets (i)
Energy - 0.2%
Oil & Gas Exploration & Production - 0.2%
600,000 Venoco, Inc., Second Lien Term Loan, 6.25%, 5/7$ 393,750
Total Energy $ 393,750
Materials - 0.5%
Steel - 0.5%
2,265,500 Niagara Corp., Term Loan, 5.461%, 6/30/14 $ 1,042,130
Total Materials $ 1,042,130
Capital Goods - 0.8%
Building Products - 0.7%
172,620 Custom Building Products, Inc., First Lien Term$ 118,820
2,250,000 Custom Building Products, Inc., Second Lien Term L 1,282,500
$ 1,401,320
Construction & Farm Machinery & Heavy Trucks - 0.1%
397,920 Rental Service Corp., Second Lien Initial Term $ 213,882
Total Capital Goods $ 1,615,202
Consumer Durables & Apparel - 0.1%
Homebuilding - 0.1%
2,850,000 (c) LandSource Communities Development LLC, Second $ 98,562
Total Consumer Durables & Apparel $ 98,562
Consumer Services - 0.3%
Casinos & Gaming - 0.3%
2,500,000 Gateway Casinos & Entertainment, Advance Second$ 670,832
Total Consumer Services $ 670,832
Household & Personal Products - 0.1%
Household Products - 0.1%
143,238 Central Garden & Pet Company, Tranche B Term Lo$ 93,821
Total Household & Personl Products $ 93,821
Health Care Equipment & Services - 0.7%
Health Care Equipment & Services - 0.7%
1,484,849 Talecris Biotherapeutics Holdings Corp., First $ 1,302,955
Total Health Care Equipment & Services $ 1,302,955
Diversified Financials - 1.1%
Other Diversified Financial Services - 1.1%
2,422,767 (b)ELouis Topco, Ltd., Term Loan, 11.536%, 6/1/17 $ 2,252,190
Total Diversified Financials $ 2,252,190
Insurance - 0.6%
Multi-Line Insurance - 0.6%
247,488 AmWins Group, Inc., Initial Term Loan 3.47% - $ 146,018
2,250,000 AmWins Group, Inc., Second Lien Initial Term Loan, 1,125,000
Total Insurance $ 1,271,018
TOTAL FLOATING RATE LOAN INTERESTS
(Cost $17,871,617) $ 8,740,460
Shares COMMON STOCKS - 0.9% of Net Assets
Transportation - 0.5%
Airlines - 0.5%
96,157 (j)(Delta Airlines, Inc. $ 1,101,959
Total Transportation $ 1,101,959
Pharmaceuticals & Biotechnology & Life Sciences - 0.4%
Pharmaceuticals - 0.4%
17,818 (n) Teva Pharmaceutical Industries, Ltd. (A.D.R.) $ 758,512
Total Pharmaceuticals & Biotechnology & Life Sc$ 758,512
TOTAL COMMON STOCKS
(Cost $2,886,219) $ 1,860,471
CONVERTIBLE PREFERRED STOCK - 0.9% of Net Assets
Diversified Financials - 0.9%
Other Diversified Financial Services - 0.9%
2,755 Bank of America Corp., 7.25% $ 1,790,750
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost $2,108,446) $ 1,790,750
WARRANTS - 0.2% of Net Assets
Energy - 0.2%
Oil & Gas Exploration & Production - 0.2%
2,500,000 (j) Norse Energy Corp. ASA - CW11, Expires 7/14/11 $ 399,880
Total Energy $ 399,880
Diversified Financials - 0.0%
Other Diversified Financial Services- 0.0%
1,645 (j) Mandra Forestry Holdings, Ltd. - CW13, Expires $ 98,700
Total Diversified Financials $ 98,700
Utilities- 0.0%
Independent Power Producer & Energy Traders- 0.0%
150,592 (j) Biofuel Energy ASA, Expires 6/7/12 $ 0
Total Utilities $ 0
TOTAL WARRANTS
(Cost $523,408) $ 498,580
TEMPORARY CASH INVESTMENTS - 20.3% of Net Assets
Security Lending Collateral - 20.3%(k)
Certificates of Deposit:
939,059 Abbey National Plc, 3.15%, 8/13/09 $ 939,059
938,932 Bank of Nova Scotia, 3.21%, 5/5/09 938,932
1,500,688 Bank of Scotland NY, 2.92%, 6/5/09 1,500,688
1,690,307 Barclays Bank, 1.5%, 5/27/09 1,690,307
298,562 Calyon NY, 4.62%, 1/16/09 298,562
1,878,119 CBA, 4.87%, 7/16/09 1,878,119
1,690,307 DNB NOR Bank ASA NY, 3.04%, 6/5/09 1,690,307
1,720,357 Intesa SanPaolo S.p.A., 1.44%, 5/22/09 1,720,357
108,783 NORDEA NY, 4.13%, 4/9/09 108,783
1,408,589 Royal Bank of Canada NY, 2.7%, 8/7/09 1,408,589
939,059 Royal Bank of Scotland, 3.06%, 3/5/09 939,059
187,725 Skandinavian Enskilda Bank NY, 3.06%, 2/13/09 187,725
1,878,119 Societe Generale, 3.29%, 9/4/09 1,878,119
1,690,307 Svenska Bank NY, 4.61%, 7/8/09 1,690,307
1,878,119 U.S. Bank NA, 2.25%, 8/24/09 1,878,119
$ 18,747,032
Commercial Paper:
1,844,312 American Honda Finance Corp., 4.95%, 7/14/09 $ 1,844,312
178,964 BBVA U.S., 2.83%, 3/12/09 178,964
939,059 CME Group, Inc., 2.9%, 8/6/09 939,059
938,960 General Electric Capital Corp., 2.86%, 3/16/09 938,960
1,878,119 HSBC Bank, Inc., 2.5%, 8/14/09 1,878,119
939,059 IBM, 2.39%, 9/25/09 939,059
1,690,307 Met Life Global Funding, 3.19%, 6/12/09 1,690,307
1,878,119 Monumental Global Funding, Ltd., 2.5%, 8/17/09 1,878,119
1,690,307 New York Life Global, 2.13%, 9/4/09 1,690,307
1,596,401 Westpac Banking Corp., 2.34%, 6/1/09 1,596,401
$ 13,573,607
Tri-party Repurchase Agreements:
319,055 Barclays Capital Markets, 0.5%, 1/2/09 $ 319,055
4,131,861 Deutsche Bank AG, 0.25%, 1/2/09 4,131,861
$ 4,450,916
Time Deposit:
1,878,119 BNP Paribas, 0.01%, 1/2/09 $ 1,878,119
Money Market Mutual Fund:
469,530 Columbia Government Reserves Fund $ 469,530
1,408,589 JP Morgan, U.S. Government Money Market Fund 1,408,589
$ 1,878,119
TOTAL SECURITIES LENDING COLLATERAL $ 40,527,793
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $40,527,793) $ 40,527,793
TOTAL INVESTMENTS IN SECURITIES - 184.9%
(Cost $556,567,834) (l)(m) $ 369,679,581
OTHER ASSETS AND LIABILITIES - (9.4)% $ (18,770,313)
PREFERRED SHARES AT REDEMPTION VALUE,
INCLUDING DIVIDENDS PAYABLE - (75.5)% $ (151,003,846)
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS - 1$ 199,905,422
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, 2008, the value of these
securities amounted to
$89,423,551 or 44.7% of total net assets applicable to common
shareowners.
(a) Floating rate note. The rate shown is the coupon rate at
December 31, 2008.
(b) Payment-in Kind (PIK) security which may pay interest in
additional principal amount.
(c) Security is in default and is non-income producing.
(d) On December 31, 2008, the security was not in default but
defaulted after the period end.
(e) Security is priced as a unit.
(f) 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, 2008.
(g) Security is a perpetual bond and has no definite maturity date.
(h) Indicates a security that has been deemed illiquid. The aggregate
cost of illiquid securities is
$3,293,400. The aggregate value $2,864,367 represents 1.4% of
total net assets applicable to common shareowners.
(i) 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 (iv) other base lending rates
used by commercial lenders. The interest rate shown is the rate accruing at
December 31, 2008.
(j) Non-income producing.
(k) Security lending collateral is managed by Credit Suisse.
(l) At December 31, 2008, the net unrealized loss on investments
based on cost for federal income tax purposes
of $557,162,090 was as follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $ 4,368,944
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (191,581,453)
Net unrealized loss $ (187,212,509)
For financial reporting purposes net unrealized loss was
$186,888,253 and cost of investments aggregated $556,567,834
(m) At December 31, 2008, the following securities were out on loan:
Principal
Amount
USD($) Description Market Value
5,583,000 Accuride Corp., 8.5%, 2/1/15 $ 2,026,166
1,130,000 Aes Chivor SA ESP, 9.75%, 12/30/14 (144A) 1,045,250
2,353,000 Aleris International, Inc., 10.0%, 12/15/16 392,819
450,000 Allison Transmission, Inc., 11.0%, 11/1/15 (144A) 228,750
2,192,000 Allison Transmission, Inc., 11.25%, 11/1/15 (144A) 906,940
3,163,000 Angiotech Pharmaceuticals, Inc., 7.75%, 4/1/14 741,329
3,642,000 Aventine Renewable Energy Holdings, Inc., 10.0%, 4 691,980
3,068,000 CCH I Holdings LLC, 11.0%, 10/1/15 593,146
1,400,000 CCH II Holdings LLC, 10.25%, 9/15/10 658,253
1,722,000 Central Garden & Pet Co., 9.125%, 2/1/13 1,081,453
3,316,000 Duane Reade, Inc., 9.75%, 8/1/11 1,892,192
6,350,000 First Data Corp., 9.875%, 9/24/15 4,000,259
125,000 Fontainebleau Las Vegas Holdings LLC, 10.25%, 6/15 12,757
2,690,000 Ford Motor Credit Co., 9.269%, 4/15/09 2,161,899
692,000 Freescale Semiconductor, Inc., 10.125%, 12/15/16 286,833
500,000 Freescale Semiconductor, Inc., 9.125%, 12/15/14 117,028
600,000 Galaxy Entertainment Finance Co., Ltd., 9.875%, 12 266,633
1,980,000 Georgia Gulf Corp., 9.5%, 10/15/14 633,711
2,830,000 Georgia Gulf Corp., 10.75%, 10/15/16 743,425
4,404,000 Graphic Packaging International, Inc., 9.5%, 8/15/ 3,196,816
1,700,000 Hellas Telecommunications Luxembourg II, 10.503%, 378,189
1,000,000 Ineos Group Holdings Plc, 8.5%, 2/15/16 (144A) 122,111
1,210,000 Jarden Corp., 7.5%, 5/1/17 840,950
200,000 KAR Holdings, Inc., 10.0%, 5/1/15 69,333
1,803,000 MBIA Insurance Co., 14.0% 1/15/33 (144A) 1,035,924
2,365,000 Minerva Overseas, Ltd., 9.5%, 2/1/17 (144A) 1,393,739
125,000 Nortel Networks Corp., 2.125%, 4/15/14 18,061
2,800,000 PAETEC Holding Corp., 9.5%, 7/15/15 1,788,657
1,485,000 Panolam Industries International, 10.75%, 10/1/13 633,909
105,000 Tele Norte Leste Participacoes SA, 8.0%, 12/18/13 89,530
529,000 Telesat Canada, 11.0%, 11/1/15 (144A) 387,933
4,192,000 Tenneco Automotive, Inc., 8.625%, 11/15/14 1,639,160
3,815,000 Texas Computer Electric Hold LLC, 10.25%, 11/1/15 2,775,412
2,230,000 Univision Communications, 9.75%, 3/15/15 (144A) 342,769
2,000,000 U.S. Concrete, Inc., 8.375%, 4/1/14 1,121,876
1,898,000 VeraSun Energy Corp., 9.375%, 6/1/17 161,034
4,230,000 VeraSun Energy Corp., 9.875%, 12/15/12 2,583,003
70,000 Waste Services, Inc., 9.5%, 4/15/14 51,104
3,650,000 Yankee Acquisition Corp., 8.5%, 2/15/15 1,819,017
1,485,000 Yankee Acquisition Corp., 9.75%, 2/15/17 678,397
5,000 Delta Airlines, Inc. 57,300
11,100 Teva Pharmaceutical Industries, Ltd. (A.D.R.) 472,527
$ 40,137,574
Note: Principal amounts are denominated in U.S. dollars unless
otherwise denoted.
Euro EURO
Italian Lira ITL
Norwegian KroneNOK
Glossary of Terms:
(A.D.R.) American Depositary Receipt
Various inputs are used in determining the value of the Trust's investments.
These inputs are summarized in the three broad levels listed below.
Highest priority is given to Level 1 inputs and lowest priority is given to
Level 3.
Level 1 - quoted prices in active markets for identical securities
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 - significant unobservable inputs (including the Trust's own assumptions
in determining fair value of investments)
The following is a summary of the inputs used as of December 31, 2008, in
valuing the Trust's investments:
Valuation Input Investments in Securities Other Financial
Instruments*
Level 1 - Quote $2,260,351 $ 1,738,695
Level 2 - Other 0
Level 3 - Signi 0
Total $369,679,581 $ 1,738,695
* Other financial instruments include foreign exchange contracts.
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 27, 2009
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 27, 2009
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date February 27, 2009
* Print the name and title of each signing officer under his or her signature.