phtnq.htm

                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM N-Q

                   QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
    OF REGISTERED MANAGEMENT INVESTMENT COMPANY



  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)


            Terrence J. Cullen, 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, 2017

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 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5).  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.


<PAGE>
ITEM 1. Schedule of Investments.

File the schedules as of the close of the reporting period as set forth in
ss. 210.12-12  12-14 of Regulation S-X [17 CFR 210.12-12  12-14]. The
schedules need not be audited.






   
Pioneer High
   
Income Trust
     
     
     
     
     
     
     
   
NQ | June 30, 2017
     
     
   
Ticker Symbol: PHT



 
 
Prices and Distributions  |  9/30/16 (unaudited)


 
Principal
Amount
USD ($)
   
Value
   
     
   
ASSET BACKED SECURITIES - 0.1% of Net Assets
       
     
   
BANKS - 0.1%
       
   
Thrifts & Mortgage Finance - 0.1%
       
 
300,000
InSite Issuer LLC, Series 2016-1A, Class C, 6.414%, 11/15/46 (144A)
 
$308,636
   
 
36,270(a)
Security National Mortgage Loan Trust, Series 2007-1A, Class 1A3, 6.55%, 4/25/37 (144A)
 
36,176
   
   
Total Banks
 
$344,812
   
     
     
   
TOTAL ASSET BACKED SECURITIES
       
   
(Cost  $329,058)
 
$344,812
   
   
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.2% of Net Assets
       
     
   
DIVERSIFIED FINANCIALS - 0.2%
       
   
Thrifts & Mortgage Finance - 0.2%
       
 
660,000(a)
GMAT Trust, Series 2013-1A, Class M, 5.0%, 11/25/43 (144A)
 
$582,622
   
 
95,646
Homeowner Assistance Program Reverse Mortgage Loan Trust, Series 2013-RM1, Class A, 4.0%, 5/26/53 (144A)
 
95,168
   
   
Total Diversified Financials
 
$677,790
   
     
     
   
TOTAL COLLATERALIZED MORTGAGE OBLIGATION
       
   
(Cost  $731,280)
 
$677,790
   
   
COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.0% of Net Assets
       
     
   
BANKS - 0.5%
       
   
Thrifts & Mortgage Finance - 0.5%
       
 
1,000,000(a)
Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class E, 3.208%, 7/10/47 (144A)
 
$647,511
   
 
515,000(b)
GS Mortgage Securities Trust, Series 2014-GSFL, Class D, 5.059%, 7/15/31 (144A)
 
518,375
   
 
500,000(a)
JPMBB Commercial Mortgage Securities Trust, Series 2014-C25,
Class D, 4.096%, 11/15/47 (144A)
 
397,740
   
   
Total Banks
 
$1,563,626
   
     
     
   
DIVERSIFIED FINANCIALS - 0.5%
       
   
Thrifts & Mortgage Finance - 0.5%
       
 
700,000(b)
CFCRE Mortgage Trust, Series 2015-RUM, Class E, 5.759%, 7/15/30 (144A)
 
$685,894
   
 
900,000(a)
Commercial Mortgage Trust, Series 2007-C9, Class H, 5.991%, 12/10/49 (144A)
 
897,781
   
   
Total Diversified Financials
 
$1,583,675
   
     
     
   
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
       
   
(Cost  $3,157,535)
 
$3,147,301
   
   
SENIOR SECURED FLOATING RATE LOAN INTERESTS - 6.5% of Net Assets* (b)
       
     
   
CAPITAL GOODS - 1.1%
       
   
Aerospace & Defense - 1.0%
       
 
2,139,250(c)
ADS Tactical, Inc., Term Loan, 8.796%, 12/31/22
 
$2,139,250
   
 
878,910
DynCorp International, Inc., Term Loan B2, 9.0%, 7/7/20
 
882,938
   
       
$3,022,188
   
     
   
Industrial Machinery - 0.1%
       
 
377,150
Blount International, Inc., Initial Term Loan, 6.216%, 4/12/23
 
$383,514
   
   
Total Capital Goods
 
$3,405,702
   
     
     
   
CONSUMER SERVICES - 0.2%
       
   
Education Services - 0.2%
       
 
722,304
Cengage Learning Acquisitions, Inc., 2016 Refinancing Term Loan, 5.339%, 6/7/23
 
$684,383
   
     
   
Total Consumer Services
 
$684,383
   
     
   
ENERGY - 1.4%
       
   
Oil & Gas Drilling - 0.7%
       
 
1,345,000
Gavilan Resources LLC, Second Lien Initial Term Loan, 7.076%, 3/1/24
 
$1,281,112
   
 
1,050,500
Jonah Energy LLC, Second Lien Initial Term Loan, 7.726%, 5/12/21
 
1,016,359
   
       
$2,297,471
   
   
Oil & Gas Exploration & Production - 0.2%
       
 
500,000
Chesapeake Energy Corp., Term Loan Class A, 8.686%, 8/23/21
 
$534,844
   
   
Pipeline - 0.5%
       
 
1,365,000
Summit Midstream Partners Holdings LLC, Term Loan Credit Facility, 7.226%, 5/13/22
 
$1,383,769
   
   
Total Energy
 
$4,216,084
   
   
FOOD, BEVERAGE & TOBACCO - 0.2%
       
   
Agricultural Products - 0.2%
       
 
500,000
NVA Holdings, Inc., Second Lien Term Loan, 8.296%, 8/14/22
 
$505,625
   
   
Total Food, Beverage & Tobacco
 
$505,625
   
   
HEALTH CARE EQUIPMENT & SERVICES - 0.6%
       
   
Health Care Services - 0.3%
       
 
994,937
HC Group Holdings III, Inc., First Lien Initial Term Loan, 6.226%, 4/7/22
 
$992,450
   
 
198,995
nThrive, Inc. (fka Precyse Acquisition Corp.), Additional Term B-2 Loan, 5.726%, 10/20/22
 
200,425
   
       
$1,192,875
   
     
   
Health Care Technology - 0.3%
       
 
1,313,405(c)
Medical Card System, Inc., Term Loan, 1.5%, 5/31/19
 
$853,713
   
   
Total Health Care Equipment & Services
 
$2,046,588
   
     
 
Principal
Amount
USD ($)
   
Value
   
     
   
HOUSEHOLD & PERSONAL PRODUCTS - 0.5%
       
   
Household Products - 0.3%
       
 
836,719
Redbox Automated Retail LLC, First Lien Term B Loan, 8.5%, 9/27/21
 
$841,599
   
   
Personal Products - 0.2%
       
 
897,739
Revlon Consumer Products Corp., Initial Term B Loan, 4.726%, 9/7/23
 
$839,199
   
   
Total Household & Personal Products
 
$1,680,798
   
     
   
INSURANCE - 0.6%
       
   
Property & Casualty Insurance - 0.6%
       
 
1,885,452
Confie Seguros Holding II Co., Second Lien Term Loan, 11.046%, 5/8/19
 
$1,857,171
   
   
Total Insurance
 
$1,857,171
   
     
     
   
MATERIALS - 0.5%
       
   
Diversified Metals & Mining - 0.0%
       
 
126,586(d)(e)
PT Bakrie & Brothers Tbk, Facility Term Loan B, 8.152%, 9/28/17
 
$      13,291
   
     
   
Paper Packaging - 0.4%
       
 
1,240,247
Caraustar Industries, Inc., Refinancing Term Loan, 6.796%, 3/14/22
 
$1,243,347
   
     
   
Paper Products - 0.1%
       
 
349,054
Ranpak Corp., Second Lien Initial Term Loan, 8.422%, 10/3/22
 
$348,182
   
   
Total Materials
 
$1,604,820
   
     
   
MEDIA - 0.9%
       
   
Publishing - 0.9%
       
 
103,812
Lee Enterprises, Inc., First Lien Term Loan, 7.476%, 3/31/19
 
$104,331
   
 
2,796,750
McGraw-Hill Global Education Holdings LLC, First Lien Term B Loan, 5.226%, 5/4/22
 
2,758,644
   
   
Total Media
 
$2,862,975
   
   
RETAILING - 0.3%
       
   
Automotive Retail - 0.3%
       
 
987,837
CWGS Group LLC, Term Loan, 4.743%, 11/8/23
 
$994,382
   
     
   
Total Retailing
 
$994,382
   
     
   
SOFTWARE & SERVICES - 0.2%
       
   
Application Software - 0.2%
       
 
500,000
STG-Fairway Acquisitions, Inc., First Lien Term Loan, 6.546%, 6/30/22
 
$460,625
   
     
   
Total Software & Services
 
$460,625
   
   
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
       
   
(Cost  $20,773,837)
 
$20,319,153
   
   
CORPORATE BONDS & NOTES - 114.9% of Net Assets
       
     
   
AUTOMOBILES & COMPONENTS - 1.9%
       
   
Auto Parts & Equipment - 1.0%
       
EUR
360,000(f)
IHO Verwaltungs GmbH, 3.25% (4.0% PIK 0.0% cash), 9/15/23 (144A)
 
$421,472
   
EUR
840,000(f)
IHO Verwaltungs GmbH, 3.75% (4.5% PIK 0.0% cash), 9/15/26 (144A)
 
1,000,224
   
 
1,744,000(g)
International Automotive Components Group SA, 9.125%, 6/1/18 (144A)
 
1,704,760
   
       
$3,126,456
   
   
Automobile Manufacturers - 0.9%
       
 
600,000
Dana Financing Luxembourg S.a.r.l., 5.75%, 4/15/25 (144A)
 
$621,000
   
 
2,020,000
TI Group Automotive Systems LLC, 8.75%, 7/15/23 (144A)
 
2,136,150
   
       
$2,757,150
   
   
Total Automobiles & Components
 
$5,883,606
   
   
BANKS - 4.7%
       
   
Diversified Banks - 2.0%
       
 
1,200,000
Access Bank Plc, 10.5%, 10/19/21 (144A)
 
$1,292,544
   
 
200,000(a)
Banco Nacional de Comercio Exterior SNC, 3.8%, 8/11/26 (144A)
 
199,500
   
 
600,000(a)(g)(h)
Bank of America Corp., 6.5%
 
667,158
   
 
1,239,000(a)(g)(h)
Goldman Sachs Capital II, 4.0%
 
1,075,626
   
 
675,000(a)(h)
Intesa Sanpaolo S.p.A., 7.7% (144A)
 
701,156
   
 
200,000(a)(h)
Royal Bank of Scotland Group Plc, 7.5%
 
206,400
   
 
1,000,000(a)(g)(h)
Royal Bank of Scotland Group Plc, 8.625%
 
1,090,000
   
 
980,000(a)(h)
Societe Generale SA, 7.375% (144A)
 
1,053,500
   
       
$6,285,884
   
   
Thrifts & Mortgage Finance - 2.7%
       
 
3,415,000
Provident Funding Associates LP / PFG Finance Corp., 6.375%, 6/15/25 (144A)
 
$3,500,375
   
 
4,825,000(g)
Provident Funding Associates LP / PFG Finance Corp., 6.75%,   6/15/21 (144A)
 
4,991,462
   
       
$8,491,837
   
   
Total Banks
 
$14,777,721
   
   
CAPITAL GOODS - 5.7%
       
   
Aerospace & Defense - 1.3%
       
 
1,085,000(g)
Engility Corp., 8.875%, 9/1/24
 
$1,178,582
   
 
300,000
Triumph Group, Inc., 4.875%, 4/1/21
 
298,125
   
 
2,475,000
Triumph Group, Inc., 5.25%, 6/1/22
 
2,459,531
   
       
$3,936,238
   
     
   
Agricultural & Farm Machinery - 0.6%
       
 
1,890,000(g)
Titan International, Inc., 6.875%, 10/1/20
 
$1,960,875
   
   
Building Products - 0.1%
       
 
400,000
Griffon Corp., 5.25%, 3/1/22
 
$407,500
   
 
Principal
Amount
USD ($)
   
Value
   
     
   
Construction & Engineering - 0.3%
       
 
486,498(f)(g)
Abengoa Abenewco 2 SAU, 0.25% (0.25% PIK 0.0% cash), 3/31/23 (144A)
 
$      53,515
   
 
975,000
Tutor Perini Corp., 6.875%, 5/1/25 (144A)
 
1,026,187
   
       
$1,079,702
   
     
   
Construction Machinery & Heavy Trucks - 0.1%
       
 
330,000(g)
Meritor, Inc., 6.25%, 2/15/24
 
$344,025
   
     
   
Industrial Conglomerates - 0.8%
       
 
1,050,000
CSVC Acquisition Corp., 7.75%, 6/15/25 (144A)
 
$1,072,312
   
 
1,070,000
JB Poindexter & Co., Inc., 9.0%, 4/1/22 (144A)
 
1,122,163
   
 
335,000
Park-Ohio Industries, Inc., 6.625%, 4/15/27 (144A)
 
351,750
   
       
$2,546,225
   
     
   
Industrial Machinery - 1.6%
       
 
2,575,000(g)
Apex Tool Group LLC, 7.0%, 2/1/21 (144A)
 
$2,394,750
   
 
2,010,000(g)
Cleaver-Brooks, Inc., 8.75%, 12/15/19 (144A)
 
2,072,812
   
 
500,000
EnPro Industries, Inc., 5.875%, 9/15/22 (144A)
 
521,250
   
       
$4,988,812
   
     
   
Trading Companies & Distributors - 0.9%
       
 
2,580,000(g)
H&E Equipment Services, Inc., 7.0%, 9/1/22
 
$2,683,200
   
   
Total Capital Goods
 
$17,946,577
   
     
     
   
COMMERCIAL & PROFESSIONAL SERVICES - 0.7%
       
   
Commercial Printing - 0.3%
       
 
1,295,000(g)
Cenveo Corp., 6.0%, 8/1/19 (144A)
 
$1,094,275
   
     
   
Security & Alarm Services - 0.4%
       
 
1,015,000(g)
Prime Security Services Borrower LLC / Prime Finance, Inc., 9.25%, 5/15/23 (144A)
 
$1,102,960
   
   
Total Commercial & Professional Services
 
$2,197,235
   
     
     
   
CONSUMER DURABLES & APPAREL - 2.9%
       
   
Homebuilding - 2.8%
       
 
475,000
Beazer Homes USA, Inc., 6.75%, 3/15/25
 
$495,188
   
 
1,235,000(g)
Beazer Homes USA, Inc., 8.75%, 3/15/22
 
1,377,025
   
 
800,000(g)
Brookfield Residential Properties, Inc., 6.375%, 5/15/25 (144A)
 
828,000
   
 
1,500,000
KB Home, 7.0%, 12/15/21
 
1,680,000
   
 
790,000(g)
KB Home, 7.5%, 9/15/22
 
891,712
   
 
1,035,000
KB Home, 7.625%, 5/15/23
 
1,161,788
   
 
1,975,000(g)
Rialto Holdings LLC / Rialto Corp., 7.0%, 12/1/18 (144A)
 
2,004,625
   
 
565,000(g)
Taylor Morrison Communities, Inc. / Taylor Morrison Holdings II, Inc., 5.625%, 3/1/24 (144A)
 
590,425
   
       
$9,028,763
   
     
   
Housewares & Specialties - 0.1%
       
 
185,000
American Greetings Corp., 7.875%, 2/15/25 (144A)
 
$200,031
   
   
Total Consumer Durables & Apparel
 
$9,228,794
   
     
     
   
CONSUMER SERVICES - 7.3%
       
   
Casinos & Gaming - 3.3%
       
 
415,000
Codere Finance 2 Luxembourg SA, 7.625%, 11/1/21 (144A)
 
$412,303
   
EUR
1,575,000
Intralot Capital Luxembourg SA, 6.75%, 9/15/21 (144A)
 
1,898,951
   
 
751,280(d)(f)
Mashantucket Western Pequot Tribe, 6.5% (5.5% PIK 1.0% cash), 7/1/36
 
9,166
   
 
1,700,000(g)
MGM Resorts International, 6.0%, 3/15/23
 
1,874,250
   
 
1,225,000
Scientific Games International, Inc., 6.25%, 9/1/20
 
1,214,281
   
 
2,350,000(g)
Scientific Games International, Inc., 6.625%, 5/15/21
 
2,338,250
   
 
2,565,000(g)
Scientific Games International, Inc., 10.0%, 12/1/22
 
2,811,881
   
       
$10,559,082
   
     
   
Hotels, Resorts & Cruise Lines - 1.8%
       
 
680,000
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc., 6.125%, 12/1/24 (144A)
 
$741,200
   
 
540,000
Silversea Cruise Finance, Ltd., 7.25%, 2/1/25 (144A)
 
575,775
   
 
2,790,000
Viking Cruises, Ltd., 6.25%, 5/15/25 (144A)
 
2,810,925
   
 
1,425,000
Viking Cruises, Ltd., 8.5%, 10/15/22 (144A)
 
1,496,250
   
       
$5,624,150
   
     
   
Restaurants - 1.0%
       
 
1,045,000(g)
Landry's, Inc., 6.75%, 10/15/24 (144A)
 
$1,069,819
   
 
2,000,000(g)
PF Chang's China Bistro, Inc., 10.25%, 6/30/20 (144A)
 
2,040,000
   
       
$3,109,819
   
     
   
Specialized Consumer Services - 1.2%
       
 
1,795,000(g)
Monitronics International, Inc., 9.125%, 4/1/20
 
$1,709,737
   
 
2,010,000(g)
StoneMor Partners LP / Cornerstone Family Services of WV, 7.875%, 6/1/21
 
1,994,925
   
       
$3,704,662
   
   
Total Consumer Services
 
$22,997,713
   
   
DIVERSIFIED FINANCIALS - 3.7%
       
   
Consumer Finance - 1.3%
       
 
1,030,000(g)
Jefferies Finance LLC / JFIN Co-Issuer Corp., 7.375%, 4/1/20 (144A)
 
$1,055,750
   
 
735,000(g)
Navient Corp., 6.625%, 7/26/21
 
791,044
   
 
500,000
Quicken Loans, Inc., 5.75%, 5/1/25 (144A)
 
516,250
   
 
1,720,000(g)
TMX Finance LLC / TitleMax Finance Corp., 8.5%, 9/15/18 (144A)
 
1,634,000
   
       
$3,997,044
   
 
Principal
Amount
USD ($)
   
Value
   
   
Diversified Capital Markets - 0.2%
       
 
700,000(a)(g)(h)
Credit Suisse Group AG, 7.5% (144A)
 
$784,903
   
     
   
Other Diversified Financial Services - 1.0%
       
 
3,000,000(c)(i)
Fixed Income Trust Series 2013-A, 0.0%, 10/15/97 (144A)
 
$3,179,763
   
   
Specialized Finance - 1.1%
       
 
425,000(g)
Nationstar Mortgage LLC / Nationstar Capital Corp., 6.5%, 7/1/21
 
$434,562
   
 
2,845,000(g)
Nationstar Mortgage LLC / Nationstar Capital Corp., 6.5%, 6/1/22
 
2,923,238
   
       
$3,357,800
   
     
   
Supranational - 0.1%
       
IDR
5,800,000,000
European Investment Bank, 7.2%, 7/9/19 (144A)
 
$441,566
   
   
Total Diversified Financials
 
$11,761,076
   
     
     
   
ENERGY - 22.6%
       
   
Integrated Oil & Gas - 0.6%
       
 
305,000
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 10.0%, 4/1/22 (144A)
 
$305,000
   
 
650,000
Petrobras Global Finance BV, 7.375%, 1/17/27
 
687,700
   
 
750,000
YPF SA, 8.875%, 12/19/18 (144A)
 
803,550
   
       
$1,796,250
   
     
   
Oil & Gas Drilling - 1.5%
       
 
280,000
Rowan Cos., Inc., 4.875%, 6/1/22
 
$259,700
   
 
2,434,000
Rowan Cos., Inc., 5.4%, 12/1/42
 
1,715,970
   
 
131,000
Rowan Cos., Inc., 5.85%, 1/15/44
 
97,267
   
 
1,630,711(g)
Shelf Drilling Holdings, Ltd., 9.5%, 11/2/20 (144A)
 
1,581,790
   
 
1,150,000
Trinidad Drilling, Ltd., 6.625%, 2/15/25 (144A)
 
1,092,500
   
       
$4,747,227
   
     
   
Oil & Gas Equipment & Services - 1.1%
       
 
1,308,000
Archrock Partners LP / Archrock Partners Finance Corp., 6.0%, 4/1/21
 
$1,275,300
   
 
690,000
Archrock Partners LP / Archrock Partners Finance Corp., 6.0%, 10/1/22
 
669,300
   
 
1,020,000(g)
McDermott International, Inc., 8.0%, 5/1/21 (144A)
 
1,027,650
   
 
545,000
Weatherford International, Ltd., 8.25%, 6/15/23
 
545,000
   
       
$3,517,250
   
     
   
Oil & Gas Exploration & Production - 10.0%
       
 
900,000
Alta Mesa Holdings LP / Alta Mesa Finance Services Corp., 7.875%, 12/15/24 (144A)
 
$906,750
   
 
2,350,000(g)
California Resources Corp., 8.0%, 12/15/22 (144A)
 
1,486,375
   
 
525,000
Carrizo Oil & Gas, Inc., 7.5%, 9/15/20
 
534,187
   
 
502,000
Chesapeake Energy Corp., 8.0%, 12/15/22 (144A)
 
530,865
   
 
550,000
Chesapeake Energy Corp., 8.0%, 1/15/25 (144A)
 
544,500
   
 
760,000
Chesapeake Energy Corp., 8.0%, 6/15/27 (144A)
 
746,700
   
 
860,000(g)
Extraction Oil & Gas, Inc. / Extraction Finance Corp., 7.875%, 7/15/21 (144A)
 
883,650
   
 
1,220,000
Great Western Petroleum LLC / Great Western Finance, Inc., 9.0%, 9/30/21 (144A)
 
1,204,750
   
 
1,570,000
Gulfport Energy Corp., 6.0%, 10/15/24 (144A)
 
1,526,825
   
 
1,000,000
Gulfport Energy Corp., 6.375%, 5/15/25 (144A)
 
985,000
   
 
600,000
Halcon Resources Corp., 6.75%, 2/15/25 (144A)
 
540,000
   
 
2,035,000(g)
Halcon Resources Corp., 12.0%, 2/15/22 (144A)
 
2,299,550
   
 
300,000
MEG Energy Corp., 6.5%, 1/15/25 (144A)
 
273,000
   
 
2,450,000
MEG Energy Corp., 7.0%, 3/31/24 (144A)
 
1,904,875
   
 
330,000
Murphy Oil Corp., 6.875%, 8/15/24
 
344,850
   
 
1,185,000
Oasis Petroleum, Inc., 6.875%, 3/15/22
 
1,149,450
   
 
1,920,032(f)
PetroQuest Energy, Inc., 10.0% (9.0% PIK 1.0% cash), 2/15/21
 
1,377,623
   
 
1,800,000(g)
Rice Energy, Inc., 6.25%, 5/1/22
 
1,881,000
   
 
2,935,000(g)
Sanchez Energy Corp., 7.75%, 6/15/21
 
2,656,175
   
 
3,000,000(g)
Seven Generations Energy, Ltd., 8.25%, 5/15/20 (144A)
 
3,127,500
   
 
2,083,000
SM Energy Co., 6.5%, 1/1/23
 
1,984,058
   
 
625,000(g)
Whiting Petroleum Corp., 5.0%, 3/15/19
 
621,094
   
 
2,015,000(g)
Whiting Petroleum Corp., 5.75%, 3/15/21
 
1,894,100
   
 
950,000(g)
WPX Energy, Inc., 7.5%, 8/1/20
 
997,500
   
 
995,000(g)
WPX Energy, Inc., 8.25%, 8/1/23
 
1,079,575
   
       
$31,479,952
   
     
   
Oil & Gas Refining & Marketing - 2.0%
       
 
3,859,000(g)
Calumet Specialty Products Partners LP / Calumet Finance Corp.,  6.5%, 4/15/21
 
$3,338,035
   
 
750,000(g)
Calumet Specialty Products Partners LP / Calumet Finance Corp., 7.75%, 4/15/23 (144A)
 
652,500
   
 
457,895(b)
EP PetroEcuador via Noble Sovereign Funding I, Ltd., 6.925%, 9/24/19
 
456,750
   
 
1,350,000
PBF Holding Co. LLC / PBF Finance Corp., 7.0%, 11/15/23
 
1,329,750
   
 
385,000(g)
PBF Logistics LP / PBF Logistics Finance Corp., 6.875%, 5/15/23
 
390,775
   
       
$6,167,810
   
     
   
Oil & Gas Services & Equipment - 0.2%
       
 
635,000
Exterran Energy Solutions LP / EES Finance Corp., 8.125%, 5/1/25 (144A)
 
$647,700
   
     
   
Oil & Gas Storage & Transportation - 7.2%
       
 
1,145,000
Blue Racer Midstream LLC / Blue Racer Finance Corp., 6.125%, 11/15/22 (144A)
 
$1,153,587
   
 
250,000
Cheniere Corpus Christi Holdings LLC, 7.0%, 6/30/24
 
278,125
   
 
Principal
Amount
USD ($)
   
Value
   
     
   
Oil & Gas Storage & Transportation - (continued)
       
 
875,000(g)
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.25%, 4/1/23
 
$888,125
   
 
910,000
DCP Midstream Operating LP, 5.6%, 4/1/44
 
857,675
   
 
1,210,000
Delek Logistics Partners LP, 6.75%, 5/15/25 (144A)
 
1,222,100
   
 
1,524,000(b)(g)
Energy Transfer LP, 4.187%, 11/1/66
 
1,318,260
   
 
248,000
EnLink Midstream Partners LP, 5.05%, 4/1/45
 
230,148
   
 
717,000
EnLink Midstream Partners LP, 5.6%, 4/1/44
 
723,745
   
 
350,000(a)(g)
Enterprise Products Operating LLC, 4.877%, 8/1/66
 
351,313
   
 
2,500,000(g)
Genesis Energy LP / Genesis Energy Finance Corp., 6.75%, 8/1/22
 
2,506,250
   
 
1,410,000(g)
Global Partners LP / GLP Finance Corp., 6.25%, 7/15/22
 
1,417,050
   
 
2,175,000(g)
Global Partners LP / GLP Finance Corp., 7.0%, 6/15/23
 
2,164,125
   
 
1,850,000
ONEOK, Inc., 6.875%, 9/30/28
 
2,007,250
   
 
2,500,000(g)
Sunoco LP / Sunoco Finance Corp., 6.375%, 4/1/23
 
2,627,000
   
 
360,000
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.125%, 11/15/19
 
364,050
   
 
1,185,000
Western Refining Logistics LP / WNRL Finance Corp., 7.5%, 2/15/23
 
1,276,838
   
 
3,040,000(g)
Williams Cos., Inc., 5.75%, 6/24/44
 
3,138,800
   
       
$22,524,441
   
   
Total Energy
 
$70,880,630
   
     
     
   
FOOD & STAPLES RETAILING - 0.5%
       
   
Food Retail - 0.5%
       
 
950,000
C&S Group Enterprises LLC, 5.375%, 7/15/22 (144A)
 
$935,750
   
 
805,000(g)
Tops Holding LLC / Tops Markets II Corp., 8.0%, 6/15/22 (144A)
 
661,106
   
   
Total Food & Staples Retailing
 
$1,596,856
   
     
     
   
FOOD, BEVERAGE & TOBACCO - 6.0%
       
   
Agricultural Products - 0.4%
       
 
1,037,796(g)
Pinnacle Operating Corp., 9.0%, 5/15/23 (144A)
 
$985,906
   
 
575,000(d)
Tonon Luxembourg SA, 10.5%, 5/14/24 (144A)
 
241,500
   
       
$1,227,406
   
     
   
Packaged Foods & Meats - 4.2%
       
 
840,000(d)
CFG Investment SAC, 9.75%, 7/30/19 (144A)
 
$789,600
   
 
1,240,000(g)
Marfrig Holding Europe BV, 6.875%, 6/24/19 (144A)
 
1,269,450
   
 
750,000
Marfrig Holding Europe BV, 8.0%, 6/8/23 (144A)
 
761,400
   
 
1,000,000
Marfrig Holding Europe BV, 8.375%, 5/9/18 (144A)
 
1,032,500
   
 
1,200,000
Marfrig Holding Europe BV, 11.25%, 9/20/21 (144A)
 
1,201,500
   
 
1,240,000(g)
Minerva Luxembourg SA, 6.5%, 9/20/26 (144A)
 
1,207,450
   
 
3,400,000(g)
Minerva Luxembourg SA, 7.75%, 1/31/23 (144A)
 
3,557,250
   
 
1,250,000(g)
Post Holdings, Inc., 5.0%, 8/15/26 (144A)
 
1,246,875
   
 
2,000,000(g)
Post Holdings, Inc., 6.0%, 12/15/22 (144A)
 
2,120,000
   
       
$13,186,025
   
     
   
Soft Drinks - 0.5%
       
 
1,625,000(g)
Cott Beverages, Inc., 5.375%, 7/1/22
 
$1,683,906
   
     
   
Tobacco - 0.9%
       
 
340,000
Alliance One International, Inc., 8.5%, 4/15/21 (144A)
 
$354,450
   
 
2,645,000(g)
Alliance One International, Inc., 9.875%, 7/15/21
 
2,301,150
   
       
$2,655,600
   
   
Total Food, Beverage & Tobacco
 
$18,752,937
   
     
     
   
HEALTH CARE EQUIPMENT & SERVICES - 5.5%
       
   
Health Care Facilities - 4.4%
       
 
3,365,000(g)
CHS/Community Health Systems, Inc., 6.875%, 2/1/22
 
$2,940,169
   
 
610,000(g)
CHS/Community Health Systems, Inc., 8.0%, 11/15/19
 
613,050
   
 
2,400,000(g)
Kindred Healthcare, Inc., 6.375%, 4/15/22
 
2,364,000
   
 
2,000,000(g)
Kindred Healthcare, Inc., 8.0%, 1/15/20
 
2,100,000
   
 
2,540,000(g)
RegionalCare Hospital Partners Holdings, Inc., 8.25%, 5/1/23 (144A)
 
2,724,150
   
 
360,000
Tenet Healthcare Corp., 7.5%, 1/1/22 (144A)
 
390,528
   
 
2,830,000(g)
Universal Hospital Services, Inc., 7.625%, 8/15/20
 
2,875,987
   
       
$14,007,884
   
     
   
Health Care Services - 1.1%
       
 
2,250,000(g)
BioScrip, Inc., 8.875%, 2/15/21
 
$2,036,250
   
 
1,340,000
Team Health Holdings, Inc., 6.375%, 2/1/25 (144A)
 
1,299,800
   
       
$3,336,050
   
   
Total Health Care Equipment & Services
 
$17,343,934
   
     
     
   
HOUSEHOLD & PERSONAL PRODUCTS - 1.5%
       
   
Household Products - 0.7%
       
 
2,220,000
Springs Industries, Inc., 6.25%, 6/1/21
 
$2,294,925
   
     
   
Personal Products - 0.8%
       
 
2,725,000
Revlon Consumer Products Corp., 6.25%, 8/1/24
 
$2,370,750
   
   
Total Household & Personal Products
 
$4,665,675
   
     
     
   
INSURANCE - 7.8%
       
   
Multi-Line Insurance - 2.1%
       
 
3,075,000(a)(g)
Liberty Mutual Group, Inc., 10.75%, 6/15/58 (144A)
 
$4,873,875
   
 
1,100,000(g)
MetLife, Inc., 10.75%, 8/1/39
 
1,831,500
   
       
$6,705,375
   
     
   
Property & Casualty Insurance - 2.2%
       
 
5,300,000(g)
Hanover Insurance Corp., 7.625%, 10/15/25
 
$6,473,060
   
             
 
Principal
Amount
USD ($)
   
Value
   
     
   
Property & Casualty Insurance - (continued)
       
 
265,000(a)(g)(h)
Sirius International Group, Ltd., 7.506% (144A)
 
$265,994
   
       
$6,739,054
   
     
   
Reinsurance - 3.5%
       
 
500,000(b)
Alamo Re, Ltd., 5.821%, 6/7/18 (144A) (Cat Bond)
 
$506,950
   
 
500,000(j)(k)
Arlington Segregated Account (Artex SAC, Ltd.), Variable Rate Notes, 8/1/17
 
24,300
   
 
700,000(j)(k)
Carnoustie Segregated Account (Artex SAC, Ltd.), Variable Rate Notes, 12/31/17
 
14,280
   
 
700,000(j)(k)
Carnoustie Segregated Account (Artex SAC, Ltd.), Variable Rate Notes, 11/30/20
 
75,740
   
 
1,000,000(j)(k)
Carnoustie Segregated Account (Artex SAC, Ltd.), Variable Rate Notes, 11/30/21
 
1,024,900
   
 
500,000(j)(k)
Cyprus Segregated Account (Artex SAC, Ltd.), Variable Rate Notes, 1/10/18
 
456,250
   
 
1,300,000(j)(k)
Gullane Segregated Account (Artex SAC, Ltd.), Variable Rate Notes, 11/30/20
 
28,340
   
 
1,000,000(j)(k)
Gullane Segregated Account (Artex SAC, Ltd.), Variable Rate Notes, 11/30/21
 
1,053,100
   
 
750,000(b)
Kilimanjaro Re, Ltd., 5.761%, 4/30/18 (144A) (Cat Bond)
 
747,525
   
 
250,000(b)
Kilimanjaro Re, Ltd., Series 2015-1, Class D, 10.261%, 12/6/19 (144A) (Cat Bond)
 
249,450
   
 
250,000(b)
Kilimanjaro Re, Ltd., Series 2015-1, Class E, 7.761%, 12/6/19 (144A) (Cat Bond)
 
252,675
   
 
1,000,000(j)(k)
Lahinch Segregated Account (Artex SAC, Ltd.), Variable Rate Notes, 5/10/21
 
17,800
   
 
250,000(l)
Limestone Re, Ltd., Series 1, Class A Non Voting, 8/31/21 (Cat Bond)
 
253,250
   
 
250,000(l)
Limestone Re, Ltd., Series 1, Class A Voting, 8/31/21 (Cat Bond)
 
253,250
   
 
760,000(j)(k)
Lorenz Re, Ltd. (Prime, Ltd.), Variable Rate Notes, 3/31/18
 
4,408
   
 
800,000(j)(k)
Lorenz Re, Ltd. (Prime, Ltd.), Variable Rate Notes, 3/31/19
 
44,800
   
 
400,000(j)(k)
Lorenz Re, Ltd. (Prime, Ltd.), Variable Rate Notes, 3/31/20
 
408,040
   
 
1,000,000(j)(k)
Pangaea Re Segregated Account (Artex SAC, Ltd.), Series 2015-1, Variable Rate Notes, 2/1/19
 
4,500
   
 
1,000,000(j)(k)
Pangaea Re Segregated Account (Artex SAC, Ltd.), Series 2015-2, Variable Rate Notes, 7/1/19
 
76,900
   
 
1,200,000(j)(k)
Pangaea Re Segregated Account (Artex SAC, Ltd.), Series 2016-1, Variable Rate Notes, 2/1/20
 
110,280
   
 
1,000,000(j)(k)
Pangaea Re Segregated Account (Artex SAC, Ltd.), Series 2016-2, Variable Rate Notes, 11/30/20
 
53,800
   
 
500,000(j)(k)
Pangaea Re Segregated Account (Artex SAC, Ltd.), Series 2017-1, Variable Rate Notes, 11/30/21
 
519,600
   
 
400,000(j)(k)
Resilience Re, Ltd., Variable Rate Notes, 7/7/17
 
8,600
   
 
400,000(j)(k)
Resilience Re, Ltd., Variable Rate Notes, 4/6/18
 
366,760
   
AUD
300,000(j)(k)
Rewire Securities LLC, Variable Rate Notes, 1/10/18
 
180,704
   
 
3,791(j)(k)
Sector Re V, Ltd. (Swiss Re), Series 5, Class C, Variable Rate Notes, 12/1/20 (144A)
 
28,123
   
 
1,211(j)(k)
Sector Re V, Ltd. (Swiss Re), Series 6, Class A, Variable Rate Notes, 3/1/21 (144A)
 
93,077
   
 
800,000(j)(k)
Sector Re V, Ltd. (Swiss Re), Series 6, Class D, Variable Rate Notes, 12/1/21 (144A)
 
840,320
   
 
500,000(j)(k)
Sector Re V, Ltd. (Swiss Re), Series 7, Class G, Variable Rate Notes, 3/1/22 (144A)
 
504,750
   
 
800,000(j)(k)
Silverton Re, Ltd. (Aon Benfield Securities, Inc.), Variable Rate Notes, 9/18/17 (144A)
 
1,600
   
 
500,000(j)(k)
Silverton Re, Ltd. (Aon Benfield Securities, Inc.), Variable Rate Notes, 9/17/18 (144A)
 
24,400
   
 
500,000(j)(k)
Silverton Re, Ltd. (Aon Benfield Securities, Inc.), Variable Rate Notes, 9/16/19 (144A)
 
537,450
   
 
500,000(j)(k)
St. Andrews Segregated Account (Artex SAC, Ltd.), Variable Rate Notes, 12/31/17
 
9,850
   
 
500,000(j)(k)
St. Andrews Segregated Account (Artex SAC, Ltd.), Variable Rate Notes, 2/1/18
 
70,300
   
 
500,000(j)(k)
St. Andrews Segregated Account (Artex SAC, Ltd.), Variable Rate Notes, 2/1/19
 
526,300
   
 
500,000(b)
Ursa Re, Ltd., 6.0%, 5/27/20 (144A) (Cat Bond)
 
500,400
   
 
1,250,000(j)(k)
Versutus, Ltd. (MMC Securities), Series 2016-A, Variable Rate Notes, 11/30/20
 
54,625
   
 
1,000,000(j)(k)
Versutus, Ltd. (MMC Securities), Series 2017-A, Variable Rate Notes, 11/30/21
 
1,025,900
   
       
$10,953,297
   
   
Total Insurance
 
$24,397,726
   
     
     
   
MATERIALS - 11.2%
       
   
Commodity Chemicals - 3.3%
       
 
3,250,000(g)
Basell Finance Co., BV, 8.1%, 3/15/27 (144A)
 
$4,310,702
   
 
2,316,000
Rain CII Carbon LLC / CII Carbon Corp., 7.25%, 4/1/25 (144A)
 
2,391,270
   
 
3,625,000(g)
Rain CII Carbon LLC / CII Carbon Corp., 8.25%, 1/15/21 (144A)
 
3,779,063
   
       
$10,481,035
   
     
   
Copper - 1.1%
       
 
1,065,000
First Quantum Minerals, Ltd., 7.25%, 4/1/23 (144A)
 
$1,041,037
   
             
 
Principal
Amount
USD ($)
   
Value
   
     
   
Copper - (continued)
       
 
2,420,000(g)
Freeport-McMoRan, Inc., 3.55%, 3/1/22
 
$2,267,976
   
       
$3,309,013
   
     
   
Diversified Chemicals - 0.9%
       
 
225,000
Alpha 3 BV / Alpha US Bidco, Inc., 6.25%, 2/1/25 (144A)
 
$231,469
   
 
210,000(g)
Blue Cube Spinco, Inc., 9.75%, 10/15/23
 
254,100
   
 
210,000(g)
Blue Cube Spinco, Inc., 10.0%, 10/15/25
 
258,825
   
 
1,660,000(g)
Evolution Escrow Issuer LLC, 7.5%, 3/15/22 (144A)
 
1,709,800
   
 
305,000(g)
Platform Specialty Products Corp., 10.375%, 5/1/21 (144A)
 
337,406
   
       
$2,791,600
   
     
   
Diversified Metals & Mining - 1.4%
       
 
253,000(g)
Boart Longyear Management Pty, Ltd., 10.0%, 10/1/18 (144A)
 
$197,340
   
 
725,000(g)
FMG Resources August 2006 Pty, Ltd., 9.75%, 3/1/22 (144A)
 
825,594
   
 
600,000
Hudbay Minerals, Inc., 7.25%, 1/15/23 (144A)
 
618,750
   
 
750,000
Hudbay Minerals, Inc., 7.625%, 1/15/25 (144A)
 
785,625
   
 
1,410,000
Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A)
 
1,445,250
   
 
145,000
Teck Resources, Ltd., 8.5%, 6/1/24 (144A)
 
167,475
   
 
340,000
Vale Overseas, Ltd., 6.25%, 8/10/26
 
366,775
   
       
$4,406,809
   
     
   
Fertilizers & Agricultural Chemicals - 0.1%
       
 
420,000
CVR Partners LP / CVR Nitrogen Finance Corp., 9.25%, 6/15/23 (144A)
 
$439,425
   
     
   
Forest Products - 0.5%
       
 
1,655,000(g)
Eldorado International Finance GmbH, 8.625%, 6/16/21 (144A)
 
$1,626,865
   
     
   
Metal & Glass Containers - 1.4%
       
EUR
400,000(f)
ARD Finance SA, 6.625% (7.375% PIK 0.0% cash), 9/15/23
 
$484,635
   
 
400,000(f)(g)
ARD Finance SA, 7.125% (7.875% PIK 0.0% cash), 9/15/23
 
426,960
   
 
1,010,000(g)
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc., 7.25%, 5/15/24 (144A)
 
1,104,687
   
 
1,085,000(g)
Coveris Holdings SA, 7.875%, 11/1/19 (144A)
 
1,068,725
   
 
1,035,000(g)
Reynolds Group Issuer, Inc., 7.0%, 7/15/24 (144A)
 
1,110,260
   
       
$4,195,267
   
     
   
Paper Packaging - 1.2%
       
EUR
3,105,000
SIG Combibloc Holdings SCA, 7.75%, 2/15/23 (144A)
 
$3,773,367
   
     
   
Specialty Chemicals - 1.0%
       
 
1,075,000(g)
A Schulman, Inc., 6.875%, 6/1/23
 
$1,136,812
   
 
500,000(g)
GCP Applied Technologies, Inc., 9.5%, 2/1/23 (144A)
 
568,750
   
 
400,000(g)
Hexion US Finance Corp., 6.625%, 4/15/20
 
365,000
   
 
320,000
Koppers, Inc., 6.0%, 2/15/25 (144A)
 
340,000
   
 
595,000
Tronox Finance LLC, 6.375%, 8/15/20
 
596,488
   
       
$3,007,050
   
     
   
Steel - 0.3%
       
 
460,000
SunCoke Energy Partners LP / SunCoke Energy Partners Finance Corp., 7.5%, 6/15/25 (144A)
 
$454,250
   
 
635,000(g)
Zekelman Industries, Inc., 9.875%, 6/15/23 (144A)
 
   713,581
   
       
$1,167,831
   
   
Total Materials
 
$35,198,262
   
     
     
   
MEDIA - 3.7%
       
   
Advertising - 0.8%
       
 
2,540,000(g)
MDC Partners, Inc., 6.5%, 5/1/24 (144A)
 
$2,533,650
   
     
   
Broadcasting - 0.4%
       
 
535,000
CBS Radio, Inc., 7.25%, 11/1/24 (144A)
 
$551,050
   
 
670,000(g)
CSC Holdings LLC, 5.5%, 4/15/27 (144A)
 
708,525
   
       
$1,259,575
   
     
   
Cable & Satellite - 1.5%
       
 
1,885,000
DISH DBS Corp., 7.75%, 7/1/26
 
$2,233,725
   
 
2,000,000
Hughes Satellite Systems Corp., 6.625%, 8/1/26
 
2,150,000
   
 
205,000(g)
Intelsat Connect Finance SA, 12.5%, 4/1/22 (144A)
 
184,244
   
       
$4,567,969
   
     
   
Movies & Entertainment - 1.0%
       
 
675,000
AMC Entertainment Holdings, Inc., 6.125%, 5/15/27 (144A)
 
$712,334
   
 
1,400,000(g)
Gibson Brands, Inc., 8.875%, 8/1/18 (144A)
 
1,244,250
   
 
1,115,000
Regal Entertainment Group, 5.75%, 2/1/25
 
1,151,238
   
       
$3,107,822
   
   
Total Media
 
$11,469,016
   
     
     
   
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 3.7%
       
   
Pharmaceuticals - 3.7%
       
 
1,695,000(g)
Endo Finance LLC / Endo, Ltd. / Endo Finco, Inc., 6.0%, 7/15/23 (144A)
 
$1,424,647
   
 
2,540,000(g)
Endo Finance LLC / Endo, Ltd. / Endo Finco, Inc., 6.0%, 2/1/25 (144A)
 
2,070,100
   
 
145,000
Horizon Pharma, Inc. / Horizon Pharma USA, Inc., 8.75%, 11/1/24 (144A)
 
147,175
   
 
1,155,000
Horizon Pharma, Inc., 6.625%, 5/1/23
 
1,085,700
   
 
1,508,000(g)
Patheon Holdings I BV, 7.5%, 2/1/22 (144A)
 
1,602,250
   
EUR
575,000
VRX Escrow Corp., 4.5%, 5/15/23
 
538,415
   
EUR
1,265,000
VRX Escrow Corp., 4.5%, 5/15/23 (144A)
 
1,184,512
   
 
3,130,000(g)
VRX Escrow Corp., 5.875%, 5/15/23 (144A)
 
2,683,975
   
 
920,000
VRX Escrow Corp., 7.0%, 3/15/24 (144A)
 
967,150
   
   
Total Pharmaceuticals, Biotechnology & Life Sciences
 
$11,703,924
   
     
 
Principal
Amount
USD ($)
   
Value
   
   
REAL ESTATE - 1.4%
       
   
Specialized REITs - 1.4%
       
 
988,532(f)
AAF Holdings LLC / AAF Finance Co., 12.0% (12.75% PIK 12.0% cash), 7/1/19 (144A)
 
$1,033,016
   
 
3,480,000(g)
Uniti Group, Inc. / CSL Capital LLC, 8.25%, 10/15/23
 
  3,584,400
   
   
Total Real Estate
 
$4,617,416
   
     
   
RETAILING - 1.5%
       
   
Automotive Retail - 0.7%
       
 
1,385,000(g)
Asbury Automotive Group, Inc., 6.0%, 12/15/24
 
$1,409,238
   
 
775,000
Hertz Corp., 7.625%, 6/1/22 (144A)
 
773,140
   
       
$2,182,378
   
   
Department Stores - 0.8%
       
 
935,000(g)
Argos Merger Sub, Inc., 7.125%, 3/15/23 (144A)
 
$832,150
   
 
1,425,000
Argos Merger Sub, Inc., 8.875%, 6/1/25 (144A)
 
1,316,130
   
 
900,000(g)
Neiman Marcus Group, Ltd., LLC, 8.0%, 10/15/21 (144A)
 
497,250
   
       
$2,645,530
   
   
Total Retailing
 
$4,827,908
   
   
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.7%
       
   
Semiconductors - 0.7%
       
 
425,000
Micron Technology, Inc., 5.5%, 2/1/25
 
$448,375
   
 
1,715,000(g)
Micron Technology, Inc., 5.625%, 1/15/26 (144A)
 
1,783,600
   
   
Total Semiconductors & Semiconductor Equipment
 
$2,231,975
   
     
     
   
SOFTWARE & SERVICES - 2.1%
       
   
Data Processing & Outsourced Services - 0.3%
       
 
805,000(g)
First Data Corp., 7.0%, 12/1/23 (144A)
 
$859,338
   
   
Internet Software & Services - 0.6%
       
 
1,500,000
Cimpress NV, 7.0%, 4/1/22 (144A)
 
$1,552,500
   
 
285,000
j2 Cloud Services LLC / j2 Global, Inc., 6.0%, 7/15/25 (144A)
 
293,550
   
       
$1,846,050
   
   
IT Consulting & Other Services - 1.2%
       
 
555,000(g)
Dell International LLC / EMC Corp., 7.125%, 6/15/24 (144A)
 
$610,087
   
 
3,005,000
Rackspace Hosting, Inc., 8.625%, 11/15/24 (144A)
 
3,200,325
   
       
$3,810,412
   
   
Total Software & Services
 
$6,515,800
   
     
     
   
TECHNOLOGY HARDWARE & EQUIPMENT - 1.6%
       
   
Communications Equipment - 0.2%
       
 
645,000(g)
CommScope Technologies LLC, 6.0%, 6/15/25 (144A)
 
$688,537
   
   
Electronic Equipment & Instruments - 0.3%
       
 
745,000(g)
Zebra Technologies Corp., 7.25%, 10/15/22
 
$791,563
   
   
Technology Hardware, Storage & Peripherals - 1.1%
       
 
3,055,000(g)
Diebold Nixdorf, Inc., 8.5%, 4/15/24
 
$3,418,087
   
   
Total Technology Hardware & Equipment
 
$4,898,187
   
   
TELECOMMUNICATION SERVICES - 8.0%
       
   
Integrated Telecommunication Services - 5.3%
       
 
3,500,000(g)
CenturyLink, Inc., 5.625%, 4/1/25
 
$3,494,155
   
 
600,000
Cincinnati Bell, Inc., 7.0%, 7/15/24 (144A)
 
627,120
   
 
2,890,000
Frontier Communications Corp., 7.125%, 1/15/23
 
2,405,925
   
 
1,300,000
Frontier Communications Corp., 10.5%, 9/15/22
 
1,243,125
   
 
1,330,000(g)
Frontier Communications Corp., 11.0%, 9/15/25
 
1,233,575
   
 
1,975,000(g)
GCI, Inc., 6.75%, 6/1/21
 
2,024,375
   
 
1,725,000(g)
GCI, Inc., 6.875%, 4/15/25
 
1,865,156
   
 
4,200,000(g)
Windstream Corp., 7.5%, 6/1/22
 
3,748,500
   
       
$16,641,931
   
   
Wireless Telecommunication Services - 2.7%
       
 
1,085,000(g)
Altice Financing SA, 6.625%, 2/15/23 (144A)
 
$1,151,120
   
 
300,000(g)
Altice Finco SA, 8.125%, 1/15/24 (144A)
 
326,250
   
 
1,025,000
Digicel Group, Ltd., 8.25%, 9/30/20 (144A)
 
958,272
   
 
3,080,000(g)
Sprint Corp., 7.125%, 6/15/24
 
3,426,500
   
 
2,150,000(g)
Sprint Corp., 7.25%, 9/15/21
 
2,389,188
   
 
400,000
Unison Ground Lease Funding LLC, 5.78%, 3/15/20 (144A)
 
396,731
   
       
$8,648,061
   
   
Total Telecommunication Services
 
$25,289,992
   
   
TRANSPORTATION - 2.7%
       
   
Airlines - 1.4%
       
 
280,000
Fly Leasing, Ltd., 6.375%, 10/15/21
 
$293,650
   
 
1,460,000
Intrepid Aviation Group Holdings LLC / Intrepid Finance Co., 6.875%, 2/15/19 (144A)
 
1,416,200
   
 
2,050,000
Intrepid Aviation Group Holdings LLC / Intrepid Finance Co., 8.25%, 7/15/17 (144A)
 
2,044,875
   
 
600,000(g)
United Continental Holdings, Inc., 6.375%, 6/1/18
 
621,750
   
       
$4,376,475
   
   
Marine - 0.3%
       
 
1,025,000
Navios South American Logistics, Inc. / Navios Logistics
Finance US, Inc., 7.25%, 5/1/22 (144A)
 
$989,125
   
   
Railroads - 0.5%
       
 
1,520,000
Florida East Coast Holdings Corp., 9.75%, 5/1/20 (144A)
 
$1,632,100
   
     
 
Principal
Amount
USD ($)
   
Value
   
   
Trucking - 0.5%
       
 
2,000,000(g)
Syncreon Group BV / Syncreon Global Finance US, Inc., 8.625%, 11/1/21 (144A)
 
$1,520,000
   
   
Total Transportation
 
$8,517,700
   
     
   
UTILITIES - 7.5%
       
   
Electric Utilities - 1.0%
       
 
1,010,000(a)(g)
Enel S.p.A., 8.75%, 9/24/73 (144A)
 
$1,201,900
   
 
500,000
Stoneway Capital Corp., 10.0%, 3/1/27 (144A)
 
527,660
   
 
32,000
Talen Energy Supply LLC, 4.625%, 7/15/19 (144A)
 
31,200
   
 
1,911,000(g)
Talen Energy Supply LLC, 6.5%, 6/1/25
 
1,347,255
   
       
$3,108,015
   
     
   
Gas Utilities - 1.2%
       
 
3,005,000(g)
Ferrellgas LP / Ferrellgas Finance Corp., 6.75%, 6/15/23
 
$2,802,162
   
 
950,000
Ferrellgas LP / Ferrellgas Finance Corp., 8.625%, 6/15/20 (144A)
 
897,750
   
       
$3,699,912
   
     
   
Independent Power Producers & Energy Traders - 4.9%
       
 
2,331,000
Calpine Corp., 5.75%, 1/15/25
 
$2,185,313
   
 
1,226,000
Dynegy, Inc., 8.0%, 1/15/25 (144A)
 
1,189,220
   
 
525,000
NRG Energy, Inc., 6.25%, 5/1/24
 
530,250
   
 
2,915,000(g)
NRG Energy, Inc., 6.625%, 1/15/27
 
2,918,644
   
 
950,000(g)
NRG Energy, Inc., 7.25%, 5/15/26 (144A)
 
983,250
   
 
1,687,335
NSG Holdings LLC / NSG Holdings, Inc., 7.75%, 12/15/25 (144A)
 
1,813,885
   
 
2,430,000(g)
TerraForm Global Operating LLC, 9.75%, 8/15/22 (144A)
 
2,721,600
   
 
505,000(g)(i)
TerraForm Power Operating LLC, 6.375%, 2/1/23 (144A)
 
525,200
   
 
2,620,000(g)(i)
TerraForm Power Operating LLC, 6.625%, 6/15/25 (144A)
 
2,783,750
   
       
$15,651,112
   
     
   
Multi-Utilities - 0.4%
       
 
1,230,418
Ormat Funding Corp., 8.25%, 12/30/20
 
$1,230,418
   
   
Total Utilities
 
$23,689,457
   
     
   
TOTAL CORPORATE BONDS & NOTES
       
   
(Cost  $343,818,804)
 
$361,390,117
   
   
CONVERTIBLE BONDS & NOTES - 2.7% of Net Assets
       
     
   
CAPITAL GOODS - 1.4%
       
   
Construction Machinery & Heavy Trucks - 1.4%
       
 
2,625,000(g)
Meritor, Inc., 7.875%, 3/1/26
 
$4,465,781
   
   
Total Capital Goods
 
$4,465,781
   
     
     
   
ENERGY - 0.0%
       
   
Coal & Consumable Fuels - 0.0%
       
 
1,905,000(d)
Alpha Appalachia Holdings, Inc., 3.25%, 12/31/17
 
$         9,525
   
   
Total Energy
 
$         9,525
   
     
   
MATERIALS - 1.3%
       
   
Specialty Chemicals - 1.3%
       
 
4,000,000(m)
Hercules, Inc., 6.5%, 6/30/29
 
$4,020,000
   
   
Total Materials
 
$4,020,000
   
     
   
UTILITIES - 0.0%
       
   
Renewable Electricity - 0.0%
       
 
170,984(d)(e)(f)
LDK Solar Co., Ltd., 5.535% (5.535% PIK 0.0% cash), 12/31/18
 
$             222
   
   
Total Utilities
 
$             222
   
     
   
TOTAL CONVERTIBLE BONDS & NOTES
       
   
(Cost  $7,334,852)
 
$8,495,528
   
   
SOVEREIGN DEBT OBLIGATIONS - 1.2% of Net Assets
       
   
Argentina - 0.8%
       
 
2,405,000
Provincia del Chubut Argentina, 7.75%, 7/26/26 (144A)
 
$2,423,591
   
     
   
Russia - 0.4%
       
 
1,171,600(i)
Russian Government International Bond, 7.5%, 3/31/30
 
$1,405,920
   
     
   
TOTAL SOVEREIGN DEBT OBLIGATIONS
       
   
(Cost  $3,272,228)
 
$3,829,511
   
     
   
U.S. GOVERNMENT AND AGENCY OBLIGATION - 0.5% of Net Assets
       
 
1,500,000(b)
U.S. Treasury Notes, 1.193%, 4/30/18
 
$1,502,550
   
     
   
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATION
       
   
(Cost  $1,500,331)
 
$1,502,550
   
   
TAX EXEMPT OBLIGATIONS - 0.5% of Net Assets (n)
       
   
Mississippi - 0.1%
       
 
250,000(a)
Mississippi Business Finance Corp., Chevron USA, Inc., Project, Series G, 0.89%, 12/1/30
 
$250,000
   
   
Texas - 0.4%
       
 
1,405,000(a)
Harris County Health Facilities Development Corp., The Methodist Hospital System, Series A-2, 0.95%, 12/1/41
 
$1,405,000
   
     
   
TOTAL TAX EXEMPT OBLIGATIONS
       
   
(Cost $1,655,000)
 
$1,655,000
   
   
MUNICIPAL COLLATERALIZED DEBT OBLIGATION - 0.0% of Net Assets
       
 
3,300,000(a)
Non-Profit Preferred Funding Trust I, Series E, 0.0%, 9/15/37 (144A)
 
$      57,750
   
     
   
TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION
       
   
(Cost  $3,294,259)
 
$      57,750
   
     
 
Shares
   
Value
   
   
COMMON STOCKS - 0.4% of Net Assets
       
   
CAPITAL GOODS - 0.0%
       
   
Construction & Engineering - 0.0%
       
 
115,286(e)
Abengoa SA, Class A
 
$         4,609
   
 
1,192,098(e)
Abengoa SA, Class B
 
16,339
   
       
$      20,948
   
   
Industrial Machinery - 0.0%
       
 
33,171(c)(e)
Liberty Tire Recycling LLC
 
$             332
   
   
Total Capital Goods
 
$      21,280
   
     
   
ENERGY - 0.1%
       
   
Coal & Consumable Fuels - 0.0%
       
 
2,781(e)
Alpha Natural Resources Holdings, Inc.
 
$         6,118
   
 
198(e)
Contura Energy, Inc.
 
12,969
   
       
$      19,087
   
   
Oil & Gas Exploration & Production - 0.1%
       
 
910(e)
Midstates Petroleum Co., Inc.
 
$      11,530
   
 
40,561(e)
PetroQuest Energy, Inc.
 
80,311
   
       
$      91,841
   
   
Total Energy
 
$110,928
   
     
   
HEALTH CARE EQUIPMENT & SERVICES - 0.0%
       
   
Health Care Services - 0.0%
       
 
2,781(e)
ANR, Inc.
 
$      23,638
   
     
   
Health Care Technology - 0.0%
       
 
244,563(c)(e)
Medical Card System, Inc.
 
$         2,446
   
   
Total Health Care Equipment & Services
 
$      26,084
   
     
   
RETAILING - 0.0%
       
   
Computer & Electronics Retail - 0.0%
       
 
68,241(c)(e)
Targus Cayman SubCo., Ltd.
 
$      66,194
   
   
Total Retailing
 
$      66,194
   
   
TRANSPORTATION - 0.3%
       
   
Air Freight & Logistics - 0.3%
       
 
3,266(e)
CEVA Holdings LLC
 
$883,449
   
   
Total Transportation
 
$883,449
   
             
   
TOTAL COMMON STOCKS
       
   
(Cost  $4,462,108)
 
$1,107,935
   
     
   
CONVERTIBLE PREFERRED STOCKS - 1.5% of Net Assets
       
   
BANKS - 1.3%
       
   
Diversified Banks - 1.3%
       
 
3,355(h)
Bank of America Corp., 7.25%
 
$4,233,976
   
   
Total Banks
 
$4,233,976
   
   
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.2%
       
   
Pharmaceuticals - 0.2%
       
 
1,000
Teva Pharmaceutical Industries, Ltd., 7.0%, 12/15/18
 
$594,500
   
   
Total Pharmaceuticals, Biotechnology & Life Sciences
 
$594,500
   
   
TOTAL CONVERTIBLE PREFERRED STOCKS
       
   
(Cost  $4,135,786)
 
$4,828,476
   
   
PREFERRED STOCKS - 2.4% of Net Assets
       
   
BANKS - 2.1%
       
   
Diversified Banks - 2.1%
       
 
3,000(a)(h)
AgStar Financial Services ACA, 6.75% (144A)
 
$3,207,938
   
 
132,750(a)(g)
GMAC Capital Trust I, 6.967%, 2/15/40
 
  3,478,050
   
   
Total Banks
 
$6,685,988
   
   
ENERGY - 0.0%
       
   
Coal & Consumable Fuels - 0.0%
       
 
5,233
Alpha Natural Resources Holdings, Inc.
 
$      27,036
   
   
Total Energy
 
$      27,036
   
   
HEALTH CARE EQUIPMENT & SERVICES - 0.1%
       
   
Health Care Services - 0.1%
       
 
5,233
ANR, Inc.
 
$103,352
   
   
Total Health Care Equipment & Services
 
$103,352
   
   
MATERIALS - 0.2%
       
   
Diversified Chemicals - 0.2%
       
 
1,062,203
Pinnacle Agriculture
 
$690,432
   
   
Total Materials
 
$690,432
   
   
TOTAL PREFERRED STOCKS
       
   
(Cost  $7,218,644)
 
$7,506,808
   
   
WARRANTS - 0.0% of Net Assets
       
   
ENERGY - 0.0%
       
   
Coal & Consumable Fuels - 0.0%
       
 
322(e)(o)
Contura Energy, Inc.
 
$         6,440
   
   
Oil & Gas Exploration & Production - 0.0%
       
 
6,448(e)(p)
Midstates Petroleum Co., Inc.
 
$                   
   
   
Total Energy
 
$         6,440
   
   
TOTAL WARRANTS
       
   
(Cost  $908)
 
$         6,440
   
     
 
Principal
Amount
USD ($)
   
Value
   
   
TEMPORARY CASH INVESTMENTS - 6.1% of Net Assets
       
   
REPURCHASE AGREEMENT - 0.6%
       
 
1,990,000
$1,990,000 ScotiaBank, 1.12%, dated 6/30/17,
plus accrued interest on 7/3/17 collateralized
by the following:
$2,029,990 Federal National Mortgage Association, 3.5%, 6/1/46.
 
$1,990,000
   
   
TREASURY BILLS - 5.5%
       
 
4,015,000(l)
U.S. Treasury Bill, 7/6/17
 
$4,014,747
   
 
5,520,000(l)
U.S. Treasury Bill, 7/13/17
 
5,518,813
   
 
5,505,000(l)
U.S. Treasury Bill, 7/20/17
 
5,502,969
   
 
2,220,000(l)
U.S. Treasury Bill, 9/28/17
 
2,214,581
   
       
$17,251,110
   
   
TOTAL TEMPORARY CASH INVESTMENTS
       
   
(Cost  $19,240,179)
 
$19,241,110
   
   
TOTAL INVESTMENTS IN SECURITIES - 138.0%
       
   
(Cost - $420,924,809) (q)(r)
 
$434,110,281
   
   
OTHER ASSETS AND LIABILITIES - (38.0)%
 
$(119,436,256)
   
   
NET ASSETS - 100.0%
 
$314,674,025
   
     
REIT
Real Estate Investment Trust.
   
     
(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, 2017, the value of these securities amounted to $198,457,740, or 63.1% of net assets.
   
     
(Cat Bond)
Catastrophe or event-linked bond. At June 30, 2017, the value of these securities amounted to $2,763,500, or 0.9% of net assets.
   
     
Amount rounds to less than 0.1%.
   
     
*
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 rate of a certificate of deposit or (iv) other base lending rates used by commercial lenders. The interest rate shown is the rate accruing at June 30, 2017.
 
     
(a)
The interest rate is subject to change periodically. The interest rate shown is the rate at June 30, 2017.
 
     
(b)
Floating rate note. The rate shown is the coupon rate at June 30, 2017.
 
     
(c)
Security is valued using fair value methods (other than prices supplied by independent pricing services).
 
     
(d)
Security is in default.
 
     
(e)
Non-income producing.
 
     
(f)
Payment in Kind (PIK) security which may pay interest in the form of additional principal amount.
 
     
(g)
Denotes security pledged and segregated as collateral for the credit agreement.
 
     
(h)
Security is perpetual in nature and has no stated maturity date.
 
     
(i)
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, 2017.
 
     
(j)
Structured reinsurance investment. At June 30, 2017, the value of these securities amounted to $8,189,797, or 2.6% of net assets.
 
     
(k)
Rate to be determined.
 
     
(l)
Security issued with a zero coupon. Income is recognized through accretion of discount.
 
     
(m)
Security is priced as a unit.
 
     
(n)
Consists of Revenue Bonds unless otherwise indicated.
 
     
(o)
Contura Energy warrants are exercisable into 322 shares.
 
     
(p)
Midstates Petroleum warrants are exercisable into 6,448 shares.
 
     
(q)
At June 30, 2017, the net unrealized appreciation on investments based on cost for federal tax purposes of $422,413,808 was as follows:
 
     
 
Aggregate gross unrealized appreciation for all investments in which there
     
 
     is an excess of value over tax cost
 
$32,055,465
 
 
Aggregate gross unrealized depreciation for all investments in which there
     
 
     is an excess of tax cost over value
 
(20,358,992)
 
     
 
Net unrealized appreciation
$11,696,473
 
       
 
   
(r)
Distributions of investments by country of issue, as a percentage of long-term holdings based on country of domicile, is as follows:
 
   
 
United States
80.2%
 
 
Luxembourg
4.2
 
 
Netherlands
3.4
 
 
Bermuda
2.7
 
 
Canada
2.4
 
 
Ireland
United Kingdom
1.2
1.0
 
 
Other (individually less than 1%)
4.9
 
   
100.0%
 
   
   
(r)
Distributions of investments by country of issue, as a percentage of long-term holdings based on country of domicile, is as follows:
 
   
 
United States
80.2%
 
 
Luxembourg
4.2
 
 
Netherlands
3.4
 
 
Bermuda
2.7
 
 
Canada
2.4
 
 
Ireland
United Kingdom
1.2
1.0
 
 
Other (individually less than 1%)
4.9
 
   
100.0%
 
   


The accompanying notes are an integral part of these financial statements.

Pioneer High Income Trust | Semiannual Report | 9/30/16
 
 

 
Prices and Distributions  |  9/30/16 (unaudited)



Principal amounts are denominated in U.S. dollars unless otherwise noted.
 
AUD
-
Australian Dollar
EUR
-
Euro
IDR
-
Indonesian Rupiah

CREDIT DEFAULT SWAP AGREEMENT - SELL PROTECTION
Notional
Principal ($)(1)
Counterparty
Obligation
Entity/
Index
Coupon
Credit Rating(2)
Expiration
Date
Premiums
(Received)
Unrealized
Appreciation
  2,000,000
JPMorgan
Chase
Bank NA
Goodyear
Tire &
Rubber Co.
5.00%
BB
12/20/17
$(65,000)
$114,453
 
(1)
The notional amount is the maximum amount that a seller of credit protection would be obligated to pay upon occurrence of a credit event.
(2)
Based on Standard & Poor's rating of the issuer or weighted average of all the underlying securities of the index.

CENTRALLY CLEARED INTEREST RATE SWAP AGREEMENT
Notional
Principal ($)
Exchange
Pay/
Receive
Floating
Rate
Annual
Fixed
Rate
Expiration
Date
Premiums
Paid
Unrealized
Appreciation
  22,500,000
Chicago
Mercantile
Exchange
Receive
LIBOR USD
3 Month
1.593%
11/9/20
$101
$119,788
 
Various inputs are used in determining the value of the Trust's investments. These inputs are summarized in the three broad levels below.
 
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 risks, 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 June 30, 2017, in valuing the Trust's investments.
 
 
Level 1
Level 2
Level 3
Total
 
Asset Backed Securities
    $
 $344,812
    $
 $344,812
Collateralized Mortgage
Obligations
     
  677,790
     
  677,790
Commercial Mortgage-Backed Securities
     
  3,147,301
     
  3,147,301
Senior Secured Floating
Rate Loan Interests
       
Capital Goods
       
Aerospace & Defense
     
  882,938
  2,139,250
  3,022,188
Health Care Equipment & Services
       
Health Care Technology
     
     
  853,713
  853,713
All Other Senior Secured
Floating Rate Loan Interests
  16,443,252
  16,443,252
Corporate Bonds & Notes
       
Diversified Financials
       
Other Diversified Financial Services
     
     
  3,179,763
  3,179,763
Insurance
       
Reinsurance
     
  2,257,000
  8,696,297
  10,953,297
All Other Corporate Bonds & Notes
  347,257,057
  347,257,057
Convertible Bonds & Notes
     
  8,495,528
     
  8,495,528
Sovereign Debt Obligations
     
  3,829,511
     
  3,829,511
U.S. Government and Agency Obligation
     
  1,502,550
     
  1,502,550
Tax Exempt Obligations
     
  1,655,000
     
  1,655,000
Municipal Collateralized Debt Obligation
     
  57,750
     
  57,750
Common Stocks
       
Capital Goods
       
Industrial Machinery
     332
     332
Health Care Equipment & Services
       
Health Care Technology
     2,446
     2,446
Retailing
       
Computer & Electronics Retail
66,194
66,194
Transportation
       
Air Freight & Logistics
     
  883,449
      
   883,449
All Other Common Stocks
  155,514
  155,514
Convertible Preferred Stocks
  4,828,476
  4,828,476



 
Level 1
Level 2
Level 3
Total
Preferred Stocks
       
Banks
       
Diversified Banks
 $3,478,050
 $3,207,938
    $
 $6,685,988
Energy
       
Coal & Consumable Fuels
  27,036
  27,036
Health Care Equipment & Services
       
Health Care Services
  103,352
  103,352
Materials
       
Diversified Chemicals
  690,432
  690,432
Warrants
       
Energy
       
Coal & Consumable
Fuels
     6,440
     6,440
Oil & Gas Exploration & Production
     *
     *
Repurchase Agreement
     
  1,990,000
     
  1,990,000
Treasury Bills
     
  17,251,110
     
  17,251,110
Total Investments in
Securities
 $8,462,040
 $410,710,246
 $14,937,995
 $434,110,281
Other Financial Instruments
       
Unrealized appreciation
on centrally cleared
interest rate swap
agreement
    $
 $119,788
    $
 $119,788
Unrealized appreciation
on credit default
swap agreement
114,453
114,453
Total Other
Financial Instruments
    $
 $234,241
    $
 $234,241
 

*   Includes securities that are valued at $0.

 
The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):
   
 
Balance
as of
3/31/17
Realized
gain
(loss)
Change in
unrealized
appreciation
(depreciation)
Purchases
Sales
Accrued
discounts/
premiums
Transfers
in to
Level 3*
Transfers
out of
Level 3*
Transfers
in and out
of Level 3
categories
Balance
as of
6/30/17
Commercial
Mortgage-Backed Securities
                   
Banks
                   
Thrifts & Mortgage Finance
$113,123
$
$
$
$
$
$
$(113,123)
$
$
Senior Secured
Floating Rate
Loan Interests
                   
Capital Goods
                   
Aerospace & Defense
 2,144,625
       49
  (1,124)
          –
 (5,375)
 1,075
          –
          –
          –
 2,139,250
Health Care
Equipment & Services
                   
Health Care Technology
 853,713
          –
  (12,704)
          –
            –
 12,704
          –
          –
          –
 853,713
Corporate Bonds
& Notes
                   
Diversified Financials
                   
Other Diversified Financial Services
             –
          –
  312,457
          –
            –
 3,031
          –
          –
 2,864,275
 3,179,763
Insurance
                   
Property
& Casualty Insurance
 2,864,275
          –
   
          –
            –
          –
          –
          –
 (2,864,275)
            –
Reinsurance
 10,836,716
 1,211
  (156,821)
 1,261,110
 (3,214,739)
 (31,180)
          –
          –
          –
 8,696,297
Common Stocks
                   
Capital Goods
                   
Industrial
Machinery
      332
          –
   
          –
            –
          –
          –
          –
          –
      332
Health Care Equipment & Services
                   
Health Care Technology
 2,446
          –
   
          –
            –
          –
          –
          –
          –
 2,446
Retailing
                   
Computer & Electronics Retail
 66,194
          –
   
          –
            –
          –
          –
          –
          –
 66,194
Total
$16,881,424
$1,260
$141,808
$1,261,110
$(3,220,114)
$(14,370)
$
$   (113,123)
$        
$14,937,995
   
*    Transfers are calculated on the beginning of period value. For the three months ended June 30, 2017, there were no transfers between Levels 1 and 2. Securities with an aggregate market value $113,123 transferred from Level 3 to Level 2 as there were observable inputs available to determine their value.
   
Net change in unrealized appreciation of Level 3 investments still held and considered Level 3 at June 30, 2017: $199,832.



ITEM 2. CONTROLS AND PROCEDURES. (a) Disclose the conclusions of the registrant's principal executive and principal financial officers, or persons performing similar functions, regarding 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 the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b))) and Rule 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-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 CFR 270.30a-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. File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), exactly as set forth below: CERTIFICATIONS I, [identify the certifying individual], certify that: 1. I have reviewed this report on Form N-Q of [identify registrant]; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and 5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. Date: [Signature] [Title] Filed herewith. <PAGE> 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/ Lisa M.Jones ----------------------- Lisa M.Jones, President and Chief Executive Officer Date August 29, 2017 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/ Lisa M.Jones ----------------------- Lisa M.Jones, President and Chief Executive Officer Date August 29, 2017 By (Signature and Title)* /s/ Mark E. Bradley ----------------- Mark E. Bradley, Treasurer and Chief Accounting and Financial Officer Date August 29, 2017 * Print the name and title of each signing officer under his or her signature.