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

                                   FORM N-CSR

                   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:  April 1, 2007 through March 31, 2008


Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1).  The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
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. REPORTS TO SHAREOWNERS.


--------------------------------------------------------------------------------


--------------------------------------------------------------------------------

                                     PIONEER
                                     -------
                                   HIGH INCOME
                                      TRUST

                                       PHT
                                  Ticker Symbol


                                     Annual
                                     Report

                                     3/31/08


                                 [LOGO] PIONEER
                                        Investments (R)


Table of Contents
--------------------------------------------------------------------------------


                                                         
Letter to Shareowners                                        2

Portfolio Management Discussion                              4

Portfolio Summary                                           10

Prices and Distributions                                    11

Performance Update                                          12

Schedule of Investments                                     13

Financial Statements                                        30

Financial Highlights                                        33

Notes to Financial Statements                               35

Report of Independent Registered Public Accounting Firm     48

Results of Shareowner Meeting                               49

Approval of Investment Advisory Agreement                   50

Trustees, Officers and Service Providers                    54



                                                                     President's

Dear Shareowner,
--------------------------------------------------------------------------------
Staying diversified and keeping your portfolio invested in the markets are two
general investment principles that have served investors well over time. They
are particularly useful guides to keep in mind today, at a time when markets
around the globe are being buffeted by problems in the financial and real estate
industries and by concerns about a slowing economy.

After an extended period of steady growth with sustained low unemployment and
low inflation, the U.S. economy ran into difficulty as 2007 drew to a close.
Problems in the financial system tied to poor practices in the mortgage
financing industry and the end of home price appreciation have forced investors
and bankers to mark down the value of assets on their balance sheets. A
late-summer credit crunch forced central banks in the U.S. and Europe to assume
the role of "lender of last resort" to keep credit markets functioning as a
number of hedge funds faced margin calls and, in March, broker Bear Stearns
failed. As the repercussions of the credit crunch and falling home prices were
felt in the real economy, unemployment rose and consumer confidence fell.
Inflation concerns have moved to the back burner for the U.S. Federal Reserve,
which lowered interest rates, first gradually, then more rapidly, as concern
grew that falling home prices and disruptions in financial markets posed a
significant threat to economic growth.

Markets have reacted poorly to these developments, with fixed-income credit
spreads (the difference in rates between corporate and U.S. government bonds)
widening dramatically and stock markets declining, wiping out much of the
positive returns markets had delivered in the preceding year. For the 12 months
ending March 31, 2008, the Dow Jones Industrial Average rose 2%, the Standard &
Poor's 500 Index declined 5%, the NASDAQ Composite Index fell 6%, and the MSCI
EAFE Developed Market Index of international stock markets fell 2%. Over the
12-month period, the MSCI Emerging Markets Index was a standout performer,
rising 22%. The U.S. investment-grade bond market, as measured by the Lehman
Brothers Aggregate Bond Index, rose 8% over the 12 months ending March 31, 2008.
The U.S. high-yield bond market, as measured by the Merrill Lynch High Yield
Bond Master II Index, fell approximately 3.5% over the 12 months ending March
31, 2008, as its higher coupon yields could not offset a fall in bond prices
triggered by widening credit spreads.

As you may know, the turmoil in the credit markets has translated into liquidity
problems for auction-rate preferred securities, which has been well documented
in the media. Five of Pioneer's six closed-end mutual funds are leveraged using
those securities. Pioneer is actively working to find a resolution to the
problems. We are considering a number of potential solutions. As we work through
the issues associated with auction-rate preferred shares, we intend to provide


2


Letter


shareholders with periodic updates on market conditions and any developments
affecting the shares.

Looking forward, a growing number of economists are concerned about a recession.
As always, though, emotions can get ahead of reality. The U.S. economy grew in
the fourth quarter of 2007 and appears to have grown in the first quarter of
2008. Higher mortgage defaults, a spreading of weakness to other consumer
sectors or to employment, and the possibility of a worsening of the
liquidity/credit crunch represent risks to the economy. Conversely, substantial
fiscal and monetary stimulus programs have been put in place, economic growth in
the rest of the world remains relatively positive, and a weak U.S. dollar has
significantly benefited U.S. companies competing in the global marketplace.
While falling risk tolerances and deleveraging may continue to depress asset
prices in the short term, equity and corporate bond valuations look reasonable
unless the U.S. economy falls into a severe recession.

Sudden swings in the markets are always to be expected. The history of the stock
market demonstrates that sharp market downturns are frequently followed by
strong recoveries, but they are also difficult to time. Just as staying
diversified and invested are important investment principles, it is also
important to pay attention to asset allocation. As always, we encourage you to
work closely with your financial advisor to find the mix of stocks, bonds and
money market assets that is best aligned to your particular risk tolerance and
investment objective.

Respectfully,

[Signature of Daniel K. Kingsbury]

Daniel K. Kingsbury, President and CEO
Pioneer Investment Management USA, Inc.

Any information in this shareowner report regarding market or economic trends or
the factors influencing the Trust's historical or future performance are
statements of the opinion of Trust management as of the date of this report.
These statements should not be relied upon for any other purposes. Past
performance is no guarantee of future results, and there is no guarantee that
market forecasts discussed will be realized.


                                                                               3


Pioneer High Income Trust

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PORTFOLIO MANAGEMENT DISCUSSION 3/31/08
--------------------------------------------------------------------------------

Growing problems in the credit markets, precipitated by a crisis in subprime
mortgages, undermined the performance of high-yield bonds during the 12 months
ending March 31, 2008. As the period progressed, fixed-income investors sought
out the highest-quality securities and tried to minimize credit risk exposure.
The following is an interview with Andrew Feltus, who discusses the performance
of Pioneer High Income Trust during the 12-month period. Mr. Feltus, a member of
Pioneer's fixed-income team, is responsible for the daily management of the
Trust.

Q:   How did the Trust perform during the 12 months ended March 31, 2008?

A:   Pioneer High Income Trust produced a total return of -7.42% at net asset
     value during the 12 months. At market price, the Trust returned -15.37%.
     During the same 12-month period, the Trust's benchmark, the Merrill Lynch
     High Yield Master II Index, returned -3.51%. At the end of the fiscal year,
     on March 31, 2008, the Trust's 30-day SEC yield was 14.75%. During a time
     when high-yield bond values tended to decline, the Trust's use of leverage
     - or borrowing - to invest in high-yield bonds tended to hold back total
     return performance, relative to the benchmark index, which does not include
     leverage.

     Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
     month-end performance results. Current performance may be lower or higher
     than the performance data quoted.

     The performance data quoted represents past performance, which is no
     guarantee of future results. Investment return and principal value will
     fluctuate, and shares, when redeemed, may be worth more or less than their
     original cost.

Q:   What were the principal factors that affected the Trust's performance over
     the 12 months?

A:   The investment environment actually favored high-yield corporate bonds in
     the early months of the period. Into the early summer of 2007, healthy
     economic growth and rising corporate profits provided a favorable backdrop
     for lower-rated, high-yield bonds. As high-yield prices rose, the yield
     spreads between lower-rated corporate bonds and Treasuries tightened
     further, leading to


4


Pioneer High Income Trust

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

     outperformance by higher-yielding debt. In June, however, the emerging
     crisis in subprime mortgages started affecting credit markets generally,
     with a loss of liquidity that undercut the valuations of high-yield bonds.
     Yield spreads widened as major financial institutions reported that they
     were writing down the values of subprime debt that they had been holding,
     causing a drying up of liquidity for credit in general. Moreover, new
     leveraged buyout deals included many that involved unusually high
     proportions of debt or leverage. As the credit conditions worsened, the
     values of the resulting bonds tended to slip, and it was not unusual to see
     a 20%-to-30% decline in the valuations of some bonds tied to leveraged
     buyout deals just six months after their issuance. All this encouraged a
     general flight to quality, favoring Treasuries and other high-rated
     securities. And yet, despite the disappointing performance by high-yield
     corporate bonds during this period, the default rate for high-yield issues
     remained low by historical measures -- just 1.5% of the high-yield market
     defaulted during the 12 months ending March 31, 2008.

     To inject more cash or liquidity into the financial markets and stabilize
     market conditions, the Federal Reserve ("Fed") became increasingly
     aggressive in cutting the key Fed funds rate and making other policy
     decisions intended to free up more money for lending activities. In a
     series of actions from mid-September through the end of the Trust's fiscal
     year in March, the Fed cut the Fed funds rate from 5.25% to 2.25%.

     Pioneer High Income Trust under most circumstances uses leverage in pursuit
     of its goal of seeking high current income for its shareholders. This
     leveraged strategy typically works better when the high-yield market is
     performing well, with either stable or appreciating bond prices. The
     leveraged strategy, however, does not work as well when high-yield bond
     prices are retreating, as occurred in the final months of the fiscal year.
     This caused a further drag on Trust results. At the end of the fiscal year,
     leverage or borrowed money accounted for about 29% of assets. The Fund had
     no exposure to subprime mortgages during the period.


                                                                               5


Pioneer High Income Trust

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PORTFOLIO MANAGEMENT DISCUSSION 3/31/08                              (continued)
--------------------------------------------------------------------------------

Q:   Can you comment on the issues surrounding auction-rate preferred
     securities.

A:   The Trust has issued auction-rate preferred shares as a low-cost way of
     borrowing to provide leverage for the Trust. These auction-rate preferred
     shares typically have been traded at regularly scheduled auctions, giving
     investors in the preferred shares a source of financial liquidity while
     keeping the Trust's borrowing costs low. However, the aggravated problems
     in the credit markets have recently led to failed auctions for the
     preferred shares of many closed-end mutual funds, including Pioneer
     closed-end funds. Investors holding the preferred shares have been
     adversely affected because they have not had the ability to sell their
     shares at recent auctions. Meanwhile, the Trust must pay higher dividend
     rates on the preferred shares, consistent with the terms of documents
     authorizing issuance of preferred shares.

     Pioneer High Income Trust continues to pay all dividends in compliance with
     the terms of the auction-rate preferred share agreements. Further,
     auction-rate preferred shares issued by the Trust continue to be rated
     AAA/Aaa by Fitch and Moody's, the two principal credit rating agencies
     monitoring the Trust. Under current market conditions, the Trust's
     auction-rate preferred shares are an effective form of leverage. As market
     conditions change, that may not continue to be the case. Other forms of
     leverage may be more advantageous over the long term. Although the Trust
     may pursue obtaining alternative forms of leverage, there can be no
     assurance that it will be successful in doing so or that such leverage will
     be more effective than the auction-rate preferred shares.

Q:   Did you make any adjustments in strategy during this period?

A:   In the summer of 2007, we became increasingly selective in the types of
     high-yield bonds in which the Trust invested, raising the overall credit
     quality of bond holdings without compromising the income orientation of the
     Trust. We also began reducing the exposure to bonds of cyclical companies,
     including consumer cyclicals and industrial bonds whose revenues are more
     closely linked to the business cycle. We favored securities from
     non-cyclical industries, including the health care and non-cyclical
     consumer staples sectors. We also increased the Trust's investments in
     bonds from the energy sector and added catastrophe-linked bonds from the
     insurance


6


Pioneer High Income Trust

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

     industry. These insurance industry issues are securities whose risks are
     linked more to weather-related incidents than credit risk, and so their
     performance tends not to be correlated closely with economic cycles.

     At the end of the fiscal year, on March 31, 2008, the average credit
     quality of Trust holdings was B-. Approximately 67% of Trust assets were
     invested in domestic, high-yield corporate bonds, with almost 24% of assets
     invested in international high-yield and emerging market debt.
     Approximately 10% of assets were invested in domestic, investment-grade
     corporates on March 31, 2008.

Q:   What types of investments most affected Trust performance?

A:   The Trust's investments in catastrophe-linked bonds helped as the insurance
     industry experienced relatively modest claims from hurricanes and other
     storms during the 12 months. Individual investments that helped included
     bonds of Compucom (CRH Holdings), a computer services company. When
     Compucom was sold to another company, the bonds were called back at a
     premium to their most recent market price. Similarly, the Trust's
     investment in securities of Mirant Jamaica, a Jamaican utility, appreciated
     when that issuing company was acquired. The Trust's investment in
     securities of Mandra Forestry, a Chinese forestry company, also helped. The
     value of the company's debt rose as Mandra's performance improved and
     investors speculated that the company might be acquired. Among European
     holdings, securities issued by Norse Energy, a Norwegian exploration and
     production company, and by Kabel Deutschland, a cable communication
     services provider based in Germany, also appreciated in value during the
     period.

     Individual investments that detracted from results included securities of
     Angiotech Pharmaceuticals, Builders FirstSource, and Accuride. Angiotech,
     which produces drug-coated stents and other medical devices, struggled in
     an industry-wide slump. Builders FirstSource is a distributor who is
     heavily reliant on home builders as customers. The securities of Accuride,
     a manufacturer of truck parts, declined in price when capital spending by
     truck manufacturers weakened.


                                                                               7


Pioneer High Income Trust

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PORTFOLIO MANAGEMENT DISCUSSION 3/31/08                              (continued)
--------------------------------------------------------------------------------

Q:   What is your investment outlook?

A:   Corporate high-yield bonds currently are selling at attractive valuations
     after several months in which the yield differentials between high-yield
     and Treasury securities have widened considerably. While fixed-income
     markets may continue to be volatile, especially because of unresolved
     issues in the investment banking and other industries, we believe investors
     currently are being well compensated for the credit risks of high-yield
     bonds.

     We think the economy is not likely to fall into a major recession, although
     it may enter a period of slow growth. At the same time, we should begin to
     see in the next few months the positive economic effects of the
     interest-rate cuts of the Federal Reserve and the tax rebates recently
     passed by Congress. Meanwhile the weak U.S. dollar and strong export
     activity should help support the overall economy until market conditions
     begin to stabilize and improve later in 2008.

     Overall, we believe the domestic high-yield market may offer interesting
     opportunities in the months ahead. While the problems in credit markets
     have adversely affected Trust borrowing costs, the back-up in yields of
     lower-rated corporates has strengthened the Trust's ability to maintain its
     dividend in the coming months.

     Investments in high-yield or lower-rated securities are subject to
     greater-than-average risk. The Trust may invest in securities of issuers
     that are in default or that are in bankruptcy.

     Investing in foreign and/or emerging markets securities involves risks
     relating to interest rates, currency exchange rates, economic, and
     political conditions.

     When interest rates rise, the prices of fixed-income securities in the
     Trust will generally fall. Conversely, when interest rates fall the prices
     of fixed-income securities in the Trust will generally rise. Investments in
     the Trust are subject to possible loss due to the financial failure of
     underlying securities and their inability to meet their debt obligations.

     The Trust may invest up to 50% of its total assets in illiquid securities.
     Illiquid securities may be difficult to dispose of at a fair price at the
     times when the Trust believes it is desirable


8


Pioneer High Income Trust

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--------------------------------------------------------------------------------

     to do so and their market price is generally more volatile than that of
     more liquid securities. Illiquid securities are also more difficult to
     value and investment of the Trust's assets in illiquid securities may
     restrict the Trust's ability to take advantage of market opportunities.

     The Trust may use leverage through the issuance of preferred shares with an
     aggregate liquidation preference of up to 331/3% of the Trust's total
     assets after such issuance. Leverage creates significant risks, including
     the risk that the Trust's income or capital appreciation will not be
     sufficient to cover the cost of leverage, which may adversely affect the
     return for the holders of common shares.

     Risks of investing in the Trust are discussed in greater detail in the
     Trust's registration statement on Form N-2 relating to its common shares.

     Any information in this shareowner report regarding market or economic
     trends or the factors influencing the Trust's historical or future
     performance are statements of the opinion of Trust management as of the
     date of this report. These statements should not be relied upon for any
     other purposes. Past performance is no guarantee of future results, and
     there is no guarantee that market forecasts discussed will be realized.


                                                                               9


Pioneer High Income Trust

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PORTFOLIO SUMMARY 3/31/08
--------------------------------------------------------------------------------

Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)

[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]


                                            
Corporate Bonds & Notes                        87.5%
Municipal Bonds                                 5.5%
Floating Rate Loan Interests                    2.8%
Sovereign Debt Obligations                      1.7%
Temporary Cash Investments                      0.6%
Municipal Collateralized Debt Obligations       0.6%
Collateralized Mortgage Obligations             0.4%
Common Stocks                                   0.3%
Convertible Bonds                               0.2%
Fixed Rate Loan Interests                       0.2%
Warrants                                        0.2%


Portfolio Maturity
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)

[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]


                                            
0-1 Year                                        9.4%
1-3 Years                                      17.8%
3-4 Years                                      18.0%
4-6 Years                                      46.6%
6-8 Years                                       3.9%
8+ Years                                        4.3%


The portfolio is actively managed, and current holdings may be different.


10


Pioneer High Income Trust

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PRICES AND DISTRIBUTIONS 3/31/08
--------------------------------------------------------------------------------

Share Prices and Distributions
--------------------------------------------------------------------------------



Market Value
per Common Share    3/31/08   3/31/07
                        
                    $13.15    $17.84




Net Asset Value
per Common Share    3/31/08   3/31/07
                        
                    $13.41    $16.63




                       Net
Distributions per      Investment   Short-Term      Long-Term
Common Share           Income*      Capital Gains   Capital Gains
                                           
(4/1/07 - 3/31/08)     $1.65        $0.0507         $0.3988


*    The Trust has paid a monthly dividend of $0.1375 since its very first
     declaration in June of 2002.


10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)*


                                                     
 1.     Xerox Capital Trust I, 8.0%, 2/1/27                2.30%
 2.     Seabulk International, Inc., 9.5%, 8/15/13         1.66
 3.     GATX Financial Corp., 8.875%, 6/1/09               1.64
 4.     Cia Brasileira de Bebida, 10.5%, 12/15/11          1.38
 5.     NCO Group, Inc., 11.875%, 11/15/14                 1.36
 6.     Baytex Energy, Ltd., 9.625%, 7/15/10               1.31
 7.     Cricket Communications, Inc., 9.375%, 11/1/14      1.19
 8.     Kabel Deutschland GMBH, 10.75%, 7/1/14             1.16
 9.     First Data Corp., 9.875%, 9/24/15 (144A)           1.14
10.     Presidential Life Corp., 7.875%, 2/15/09           1.12


*    This list excludes temporary cash and derivative investments. The portfolio
     is actively managed, and current holdings may be different. The holdings
     listed should not be considered recommendations to buy or sell any security
     listed.


                                                                              11


Pioneer High Income Trust

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PERFORMANCE UPDATE 3/31/08
--------------------------------------------------------------------------------

Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in market value, plus
reinvested dividends and distributions, of a $10,000 investment made in common
shares of Pioneer High Income Trust, compared to that of the Merrill Lynch High
Yield Master II Index.



----------------------------------------------------
Cumulative Total Returns
(As of March 31, 2008)
                           Net Asset       Market
Period                    Value (NAV)      Price
                                     
Life-of-Trust
(4/25/02)                   84.77%          73.09%
5 Years                     77.50           61.32
1 Year                      -7.42          -15.37
----------------------------------------------------


[THE FOLLOWING DATA WAS REPRESENTED AS A LINE CHART IN THE PRINTED MATERIAL]

Value of $10,000 Investment



                Pioneer            Merrill Lynch
                High Income        High Yield
                Trust              Master II Index
                             
4/02            $10,013            $10,000
                 $9,072            $10,169
3/04            $11,973            $12,428
                $14,398            $13,291
3/06            $15,990            $14,252
                $19,334            $15,903
3/08            $17,308            $15,344


Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.

Performance data shown represents past performance. Past performance is no
guarantee of future results. Investment return and market price will fluctuate,
and your shares may trade below net asset value ("NAV"), due to such factors as
interest rate changes, and the perceived credit quality of borrowers.

Total investment return does not reflect broker sales charges or commissions.
All performance is for common shares of the Trust.

Closed-end funds, unlike open-end funds, are not continuously offered. There is
a one-time public offering and, once issued, shares of closed-end funds are sold
in the open market through a stock exchange and frequently trade at prices lower
than their NAV. NAV per common shares is total assets less total liabilities,
which includes preferred shares, divided by the number of common shares
outstanding.

When NAV is lower than market price, dividends are assumed to be reinvested at
the greater of NAV or 95% of the market price. When NAV is higher, dividends are
assumed to be reinvested at prices obtained under the Trust's dividend
reinvestment plan.

The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Trust distributions or the redemption of Trust
shares.

Index comparison begins April 30, 2002. The Merrill Lynch High Yield Master II
Index is a commonly accepted measure of the performance of high yield
securities. Index returns are calculated monthly, assume reinvestment of
dividends and, unlike Trust returns, do not reflect any fees, expenses or sales
charges. You cannot invest directly in the Index.


12


Pioneer High Income Trust

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SCHEDULE OF INVESTMENTS 3/31/08
--------------------------------------------------------------------------------



Principal            S&P/Moody's
Amount               Ratings
USD ($)              (unaudited)                                                              Value
                                                                              
                                   COLLATERIZED MORTGAGE OBLIGATIONS - 0.5% of Net Assets
                                   Consumer Services - 0.3%
                                   Restaurants - 0.3%
     1,245,000       BB/Ba3        DB Master Finance LLC, 8.285%, 6/20/31 (144A)       $  1,088,354
                                                                                       ------------
                                   Banks - 0.2%
                                   Thrifts & Mortgage Finance - 0.2%
       440,000(a)    AAA/Aaa       Carrington Mortgage Loan Trust, 3.235%,
                                     10/25/36                                          $    392,140
       560,000       AAA/Aaa       Structured Asset Investment Loan Trust, 2.749%,
                                     9/25/36                                                376,767
                                                                                       ------------
                                                                                       $    768,907
                                                                                       ------------
                                   TOTAL COLLATERIZED MORTGAGE OBLIGATIONS
                                   (Cost $2,018,719)                                   $  1,857,261
                                                                                       ------------
                                   CORPORATE BONDS & NOTES - 122.5% of Net Assets
                                   Energy - 15.1%
                                   Oil & Gas Drilling - 3.8%
     3,924,838       NR/NR         DDI Holding AS, 9.3%, 1/19/12 (144A)                $  3,826,717
     2,500,000       NR/NR         Norse Energy Corp. ASA, 6.5%, 7/14/11 (144A)           2,037,500
NOK  3,000,000       NR/NR         Norse Energy Corp. ASA, 10.0%, 7/13/10                   566,734
NOK 11,500,000       NR/NR         Norwegian Energy Co. ASA, 11.0%, 7/13/10 (144A)        2,161,165
NOK 11,500,000       NR/NR         Petrojack ASA, 11.0%, 4/19/10                          2,206,425
     3,500,000       NR/NR         Skeie Drilling & Production ASA, 11.25%,
                                     3/8/13 (144A)                                        3,080,000
                                                                                       ------------
                                                                                       $ 13,878,541
                                                                                       ------------
                                   Oil & Gas Equipment & Services - 1.1%
       600,000(a)    NR/NR         DP Producer AS, 11.141%, 12/5/11 (144A)             $    543,000
     1,100,000       NR/NR         Nexus 1 Pte, Ltd., 10.5%, 3/7/12 (144A)                1,012,000
       500,000(a)    NR/NR         PetroProd, Ltd., 10.377%, 1/12/12 (144A)                 455,000
     2,000,000       NR/NR         Sevan Marine ASA, 9.25%, 12/20/11 (144A)               1,960,000
                                                                                       ------------
                                                                                       $  3,970,000
                                                                                       ------------
                                   Integrated Oil & Gas - 0.5%
     2,070,000       NR/B2         Tristan Oil, Ltd., 10.5%, 1/1/12 (144A)             $  1,945,800
                                                                                       ------------
                                   Oil & Gas Exploration & Production - 6.5%
     6,584,000       B/B3          Baytex Energy, Ltd., 9.625%, 7/15/10                $  6,649,840
     3,200,000       NR/NR         Biofuel Energy ASA, 10.0%, 6/7/12                      2,976,000
     4,500,000       BBB-/Ba1      Methanex Corp., 8.75%, 8/15/12                         4,826,250
     1,610,000       CCC+/Caa1     Parallel Petroleum Corp., 10.25%, 8/1/14               1,541,575
     5,300,000       B/Caa1        PetroQuest Energy, Inc., 10.375%, 5/15/12              5,445,750
     2,635,000       B+/Caa1       Stone Energy Corp., 6.75%, 12/15/14                    2,397,850
                                                                                       ------------
                                                                                       $ 23,837,265
                                                                                       ------------



The accompanying notes are an integral part of these financial statements.    13


Pioneer High Income Trust

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SCHEDULE OF INVESTMENTS 3/31/08                                      (continued)
--------------------------------------------------------------------------------



Principal            S&P/Moody's
Amount               Ratings
USD ($)              (unaudited)                                                              Value
                                                                              
                                   Oil & Gas Refining & Marketing - 2.4%
     5,075,000       B+/B3         Aventine Renewable Energy Holdings, Inc.,
                                     10.0%, 4/1/17                                     $  3,273,375
     2,425,000       B-/B3         VeraSun Energy Corp., 9.375%, 6/1/17 (144A)            1,661,125
     4,280,000       B+/Ba3        VeraSun Energy Corp., 9.875%, 12/15/12                 3,959,000
                                                                                       ------------
                                                                                       $  8,893,500
                                                                                       ------------
                                   Oil & Gas Storage & Transportation - 0.6%
       535,000       CCC+/Caa1     MacDermid, Inc., 9.5%, 4/15/17 (144A)               $    478,825
     1,630,000       NR/B1         SemGroup L.P., 8.75%, 11/15/15 (144A)                  1,491,450
                                                                                       ------------
                                                                                       $  1,970,275
                                                                                       ------------
                                   Coal & Consumable Fuels - 0.2%
       845,000       B+/B2         Massey Energy Co., 6.875%, 12/15/13                 $    817,538
                                                                                       ------------
                                   Total Energy                                        $ 55,312,919
                                                                                       ------------
                                   Materials - 19.6%
                                   Commodity Chemicals - 3.4%
     4,635,000       B/B3          ARCO Chemical Co., 9.8%, 2/1/20                     $  3,893,400
     2,000,000       CCC+/Caa1     Georgia Gulf Corp., 9.50%, 10/15/14                    1,545,000
     2,860,000(l)    CCC/Caa2      Georgia Gulf Corp., 10.75%, 10/15/16                   1,873,300
     3,000,000       B/B3          Hexion US Finance Corp./Hexion Nova Scotia
                                     Finance ULC, 9.75%, 11/15/14                         3,217,500
     1,850,000       BB/Ba3        Invista, 9.25%, 5/1/12 (144A)                          1,891,625
                                                                                       ------------
                                                                                       $ 12,420,825
                                                                                       ------------
                                   Diversified Chemicals - 1.9%
     4,750,000       B-/B3         Basell Finance Co., 8.1%, 3/15/27 (144A)            $  3,158,750
EURO   350,000       B-/B3         Ineos Group Holdings Plc, 7.875%,
                                     2/15/16 (144A)                                         402,082
     2,500,000       B-/B3         Ineos Group Holdings Plc., 8.5%, 2/15/16 (144A)        1,943,750
EURO 1,190,000       B-/B3         Nell AF S.a.r.l., 8.375%, 8/15/15 (144A)               1,376,507
                                                                                       ------------
                                                                                       $  6,881,089
                                                                                       ------------
                                   Specialty Chemicals - 0.5%
     2,250,000       B/B3          Tronox Worldwide LLC, 9.5%, 12/1/12                 $  1,923,750
                                                                                       ------------
                                   Construction Materials - 1.9%
     4,500,000       B/B2          AGY Holding Corp., 11.0%, 11/15/14 (144A)           $  4,050,000
     1,500,000       CCC+/Caa1     Panolam Industries International, 10.75%,
                                     10/1/13                                              1,162,500
     2,185,000       B/B2          U.S. Concrete, Inc., 8.375%, 4/1/14                    1,715,225
                                                                                       ------------
                                                                                       $  6,927,725
                                                                                       ------------



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


Pioneer High Income Trust

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------



Principal                  S&P/Moody's
Amount                     Ratings
USD ($)                    (unaudited)                                                             Value
                                                                                   
                                         Paper Packaging - 3.8%
        5,450,000          B-/B3         Exopack Holding Corp., 11.25%, 2/1/14              $  4,986,750
        2,255,000          CCC+/Caa1     Graham Packaging Co., 9.875%, 10/15/14                1,894,200
        5,540,000          B-/B3         Graphic Packaging International, Inc.,
                                           9.5%, 8/15/13                                       5,318,400
        2,150,000          B/B3          U.S. Corrugated, Inc., 10.0%, 6/1/13                  1,505,000
                                                                                            ------------
                                                                                            $ 13,704,350
                                                                                            ------------
                                         Aluminum - 1.6%
        2,535,000          B-/Caa1       Aleris International, Inc., 10.0%, 12/15/16        $  1,609,725
        1,200,000          B+/B1         Asia Aluminum Holdings, Ltd., 8.0%,
                                           12/23/11 (144A)                                     1,080,000
        3,180,000          B-/Caa2       Indalex Holding Corp., 11.5%, 2/1/14                  2,591,700
          800,000          CCC+/Caa1     Noranda Aluminum Holdings Corp., 10.488%,
                                           11/15/14 (144A)                                       588,000
                                                                                            ------------
                                                                                            $  5,869,425
                                                                                            ------------
                                         Diversified Metals & Mining - 4.0%
        3,300,000          B-/B3         American Rock Salt Co. LLC, 9.5%, 3/15/14          $  3,382,500
        3,000,000          B+/B1         FMG Finance Pty., Ltd., 10.625%, 9/1/16 (144A)        3,375,000
        2,440,000          B/NR          Industrias Metalurgicas Pescarmona SA, 11.25%,
                                           10/22/14 (144A)                                     2,318,000
          705,000(a)(b)    B-/B3         Noranda Aluminium Acquisition Corp., 8.738%,
                                           5/15/15 (144A)                                        553,425
        3,975,000          B-/B3         PNA Group, Inc., 10.75%, 9/1/16                       3,458,250
        1,870,000(a)(b)    B-/Caa1       PNA Intermediate Holding Corp., 10.065%,
                                         2/15/13                                               1,467,950
                                                                                            ------------
                                                                                            $ 14,555,125
                                                                                            ------------
                                         Steel - 2.1%
        4,205,000          B-/Caa1       Algoma Acquisition Corp., 9.875%,
                                           6/15/15 (144A)                                   $  3,637,325
          825,000          NR/NR         Blaze Recycling & Metals LLC, 10.875%,
                                           7/15/12 (144A)                                        726,000
        2,900,000          BB/Ba2        CSN Islands VIII Corp., 9.75%, 12/16/13 (144A)        3,298,750
                                                                                            ------------
                                                                                            $  7,662,075
                                                                                            ------------
                                         Forest Products - 0.4%
        1,645,000          B-/B3         Mandra Forestry Holdings, Ltd., 12.0%, 5/15/13
                                           (144A)                                           $  1,529,850
                                                                                            ------------
                                         Total Materials                                    $ 71,474,214
                                                                                            ------------



The accompanying notes are an integral part of these financial statements.    15


Pioneer High Income Trust

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SCHEDULE OF INVESTMENTS 3/31/08                                      (continued)
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Principal              S&P/Moody's
Amount                 Ratings
USD ($)                (unaudited)                                                             Value
                                                                               
                                     Capital Goods - 7.0%
                                     Building Products - 0.5%
       2,500,000       B/Caa1        Industrias Unidas SA de CV, 11.5%,
                                       11/15/16 (144A)                                  $  1,725,000
                                                                                        ------------
                                     Electrical Components & Equipment - 0.5%
       2,220,000(c)    NR/B3         Caiua Servicos Electricidad SA, 11.125% (144A)     $  2,072,925
                                                                                        ------------
                                     Heavy Electrical Equipment - 2.3%
       4,790,000       B/B2          Altra Industrial Motion, 9.0%, 12/1/11             $  4,520,562
       3,975,000       B/B3          Hawk Corp., 8.75%, 11/1/14                            4,034,625
                                                                                        ------------
                                                                                        $  8,555,187
                                                                                        ------------
                                     Construction & Farm Machinery & Heavy Truck - 3.7%
       4,900,000       B-/B3         Accuride Corp., 8.5%, 2/1/15                       $  3,993,500
       3,250,000       B+/B2         Commercial Vehicle Group, Inc., 8.0%, 7/1/13          2,665,000
       1,520,000       B/B2          Esco Corp., 8.625%, 12/15/13 (144A)                   1,474,400
       1,500,000(d)    CCC+/Caa2     Stanadyne Corp., 0.0%, 2/15/15                        1,005,000
       4,690,000       B-/B3         Stanadyne Corp., 10.0%, 8/15/14                       4,267,900
                                                                                        ------------
                                                                                        $ 13,405,800
                                                                                        ------------
                                     Total Capital Goods                                $ 25,758,912
                                                                                        ------------
                                     Commercial Services & Supplies - 6.3%
                                     Trading Companies & Distributors - 0.1%
         200,000       BB-/B1        United Rentals North America, 6.5%, 2/15/12        $    181,000
                                                                                        ------------
                                     Diversified Commercial & Professional Services - 3.3%
       3,500,000       CCC+/Caa1     Allied Security Escrow, 11.375%, 7/15/11           $  3,010,000
       9,000,000       B-/Caa1       NCO Group, Inc., 11.875%, 11/15/14                    6,930,000
       2,515,000       B-/B3         Park-Ohio Industries, Inc., 8.375%, 11/15/14          1,986,850
                                                                                        ------------
                                                                                        $ 11,926,850
                                                                                        ------------
                                     Environmental & Facilities Services - 2.9%
       4,088,000       BB-/Ba3       Clean Harbors, Inc., 11.25%, 7/15/12               $  4,374,160
       1,275,000(a)    NR/NR         Ohio Air Quality Development Authority Revenue,
                                       10.36%, 6/8/22 (144A)                                 828,750
       5,800,000       B-/Caa1       Waste Services, Inc., 9.5%, 4/15/14                   5,553,500
                                                                                        ------------
                                                                                        $ 10,756,410
                                                                                        ------------
                                     Total Commercial Services & Supplies               $ 22,864,260
                                                                                        ------------



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


Pioneer High Income Trust

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------



Principal             S&P/Moody's
Amount                Ratings
USD ($)               (unaudited)                                                             Value
                                                                              
                                    Transportation - 5.8%
                                    Air Freight & Logistics - 1.0%
     2,000,000        B-/B3         CEVA Group Plc, 10.0%, 9/1/14 (144A)               $  1,935,000
EURO 1,545,000        CCC+/Caa1     CEVA Group Plc, 10.0%, 12/1/16 (144A)                 1,689,220
                                                                                       ------------
                                                                                       $  3,624,220
                                                                                       ------------
                                    Airlines - 0.7%
       932,505        CCC+/B3       American Airlines, Inc., 7.379%, 11/23/17          $    794,961
       817,814        B+/B1         Continental Airlines, Inc., Series B, 8.499%,
                                      11/1/12                                               776,924
     1,000,000(c)     NR/Ba2        GOL Finance, 8.75% (144A)                               910,000
                                                                                       ------------
                                                                                       $  2,481,885
                                                                                       ------------
                                    Marine - 3.1%
     8,000,000        BBB-/Ba1      Seabulk International, Inc., 9.5%, 8/15/13         $  8,430,000
     2,900,000        B-/B3         Trailer Bridge, Inc., 9.25%, 11/15/11                 2,900,000
                                                                                       ------------
                                                                                       $ 11,330,000
                                                                                       ------------
                                    Railroads - 0.6%
     2,250,000        NR/B2         Kansas City Southern de Mexico, 9.375%, 5/1/12     $  2,323,125
                                                                                       ------------
                                    Trucking - 0.4%
     1,855,000(b)     B-/Caa1       Allison Transmission Inc., 11.25%, 11/1/15
                                      (144A)                                           $  1,539,650
                                                                                       ------------
                                    Total Transportation                               $ 21,298,880
                                                                                       ------------
                                    Automobiles & Components - 1.2%
                                    Auto Parts & Equipment - 1.2%
     5,965,000        CCC+/Caa1     Cooper-Standard Automotive, Inc., 8.375%,
                                      12/15/14                                         $  4,518,487
                                                                                       ------------
                                    Total Automobiles & Components                     $  4,518,487
                                                                                       ------------
                                    Consumer Durables & Apparel - 2.6%
                                    Homebuilding - 1.8%
     6,135,000(a)     B+/B3         Builders FirstSource, Inc., 7.315%, 2/15/12        $  4,294,500
     3,060,000        BB-/B1        Meritage Homes Corp., 6.25%, 3/15/15                  2,295,000
                                                                                       ------------
                                                                                       $  6,589,500
                                                                                       ------------
                                    Housewares & Specialties - 0.8%
     2,665,000        B-/B3         Yankee Acquisition Corp., 8.5%, 2/15/15            $  2,151,988
       735,000(l)     CCC+/Caa1     Yankee Acquisition Corp., 9.75%, 2/15/17                584,325
                                                                                       ------------
                                                                                       $  2,736,313
                                                                                       ------------
                                    Total Consumer Durables & Apparel                  $  9,325,813
                                                                                       ------------



The accompanying notes are an integral part of these financial statements.    17


Pioneer High Income Trust

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SCHEDULE OF INVESTMENTS 3/31/08                                      (continued)
--------------------------------------------------------------------------------



Principal            S&P/Moody's
Amount               Ratings
USD ($)              (unaudited)                                                               Value
                                                                               
                                   Consumer Services - 4.3%
                                   Casinos & Gaming - 3.8%
     1,650,000       B/B2          Buffalo Thunder Development Authority, 9.375%,
                                     12/15/14 (144A)                                    $  1,237,500
     2,050,000       CCC+/Caa1     Fontainebleau Las Vegas Holdings LLC/
                                     Fontainebleau Las Vegas Capital Corp., 10.25%,
                                     6/15/15 (144A)                                        1,445,250
     1,675,000       B+/B1         Galaxy Entertainment Finance Co., Ltd., 9.875%,
                                     12/15/12 (144A)                                       1,662,437
     4,500,000       B/B2          Little Traverse Bay Bands of Odawa Indians,
                                     10.25%, 2/15/14 (144A)                                4,533,750
     1,585,000       B/B3          Pokagon Gaming Authority, 10.375%, 6/15/14
                                     (144A)                                                1,672,175
     1,750,000       B/B3          Shingle Springs Tribal Gaming Authority, 9.375%,
                                     6/15/15 (144A)                                        1,548,750
     2,450,000       B/Caa1        Trump Entertainment Resorts, Inc., 8.5%, 6/1/15         1,653,750
                                                                                        ------------
                                                                                        $ 13,753,612
                                                                                        ------------
                                   Hotels, Resorts & Cruise Lines - 0.5%
     2,000,000(a)    B+/B2         HRP Myrtle Beach Operations LLC, 9.894%,
                                     4/1/12 (144A)                                      $  1,775,000
                                                                                        ------------
                                   Total Consumer Services                              $ 15,528,612
                                                                                        ------------
                                   Media - 6.0%
                                   Broadcasting & Cable Television - 3.1%
     3,200,000       CCC/Caa3      CCH I Holdings LLC, 11.0%, 10/1/15                   $  2,224,000
     1,500,000       CCC/Caa2      CCH II Holdings LLC, 10.25%, 9/15/10                    1,361,250
EURO 3,750,000       B-/B2         Kabel Deutschland GMBH, 10.75%, 7/1/14                  5,882,679
     3,180,000(b)    CCC/B3        Univision Communications, 9.75%, 3/15/15
                                     (144A)                                                1,892,100
                                                                                        ------------
                                                                                        $ 11,360,029
                                                                                        ------------
                                   Publishing - 2.9%
     2,336,366(b)    CCC+/NR       American Achievement Group Holding Corp.,
                                     14.75%, 10/1/12                                    $  1,834,047
     4,835,000       B/B2          Sheridan Acquisition Corp., 10.25%, 8/15/11             4,260,844
     1,400,000       CCC+/Caa1     TL Acquisitions, Inc., 10.5%, 1/15/15 (144A)            1,204,000
     3,700,000(d)    B-/B3         Visant Holding Corp., 0.0%, 12/1/13                     3,459,500
                                                                                        ------------
                                                                                        $ 10,758,391
                                                                                        ------------
                                   Total Media                                          $ 22,118,420
                                                                                        ------------



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


Pioneer High Income Trust

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------



Principal              S&P/Moody's
Amount                 Ratings
USD ($)                (unaudited)                                                               Value
                                                                                 
                                     Retailing - 2.9%
                                     Distributors - 1.3%
       4,735,000       B-/B3         Intcomex, Inc., 11.75%, 1/15/11                      $  4,628,463
                                                                                          ------------
                                     General Merchandise Store - 0.2%
       1,000,000(l)    CCC+/Caa1     Central Garden & Pet Co., 9.125%, 2/1/13             $    807,500
                                                                                          ------------
                                     Home Improvement Retail - 0.2%
         820,000       CCC/Caa1      KAR Holdings, Inc., 10.0%, 5/1/15 (144A)             $    709,300
                                                                                          ------------
                                     Specialty Stores - 1.2%
       4,615,000       CCC+/Caa1     Sally Holdings LLC, 10.5%, 11/15/16                  $  4,268,875
                                                                                          ------------
                                     Total Retailing                                      $ 10,414,138
                                                                                          ------------
                                     Food & Staples Retailing - 0.8%
                                     Drug Retail - 0.8%
       3,350,000       CC/Caa3       Duane Reade, Inc., 9.75%, 8/1/11                     $  2,797,250
                                                                                          ------------
                                     Total Food & Staples Retailing                       $  2,797,250
                                                                                          ------------
                                     Food, Beverage & Tobacco - 3.3%
                                     Brewers - 1.9%
       5,885,000       BBB/Baa1      Cia Brasileira de Bebida, 10.5%, 12/15/11            $  7,032,575
                                                                                          ------------
                                     Agricultural Products - 0.4%
       1,000,000(c)    BB/Ba2        Cosan SA Industria e Comercio, 8.25% (144A)          $    907,500
         500,000       B+/B1         Marfrig Overseas, Ltd., 9.625%, 11/16/16 (144A)           477,500
                                                                                          ------------
                                                                                          $  1,385,000
                                                                                          ------------
                                     Packaged Foods & Meats - 0.8%
         775,000       B+/Ba3        Bertin, Ltd., 10.25%, 10/5/16 (144A)                 $    788,562
       2,410,000       B/NR          Minerva Overseas, Ltd., 9.5%, 2/1/17 (144A)             2,175,025
                                                                                          ------------
                                                                                          $  2,963,587
                                                                                          ------------
                                     Tobacco - 0.2%
         150,000       B+/B2         Alliance One International, Inc., 8.5%, 5/15/12      $    141,000
         605,000       B+/B2         Alliance One International, Inc., 11.0%, 5/15/12          614,075
                                                                                          ------------
                                                                                          $    755,075
                                                                                          ------------
                                     Total Food, Beverage & Tobacco                       $ 12,136,237
                                                                                          ------------
                                     Health Care Equipment & Services - 8.9%
                                     Health Care Equipment & Services - 1.2%
       2,875,000       CCC+/Caa3     Accellent, Inc., 10.5%, 12/1/13                      $  2,300,000
       3,500,000       CCC/Caa1      Angiotech Pharmaceuticals, Inc., 7.75%, 4/1/14          2,135,000
                                                                                          ------------
                                                                                          $  4,435,000
                                                                                          ------------



The accompanying notes are an integral part of these financial statements.    19


Pioneer High Income Trust

--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 3/31/08                                      (continued)
--------------------------------------------------------------------------------



Principal                  S&P/Moody's
Amount                     Ratings
USD ($)                    (unaudited)                                                              Value
                                                                                    
                                         Health Care Supplies - 1.4%
        2,570,000(b)       B-/B3         LVB Acquisition Merger Sub, Inc., 10.375%,
                                           10/15/17 (144A)                                   $  2,653,525
        2,900,000(a)       CCC+/B3       Medical Services Co., 11.758%, 10/15/11                2,595,500
                                                                                             ------------
                                                                                             $  5,249,025
                                                                                             ------------
                                         Health Care Services - 2.3%
        2,000,000          B/B2          Phibro Animal Health Corp., 10.0%, 8/1/13
                                           (144A)                                            $  1,890,000
        3,000,000          CCC+/Caa1     Phibro Animal Health Corp., 13.0%, 8/1/14
                                           (144A)                                               3,000,000
        4,055,000          CCC+/B3       Rural/Metro Corp., 9.875%, 3/15/15                     3,588,675
                                                                                             ------------
                                                                                             $  8,478,675
                                                                                             ------------
                                         Health Care Facilities - 2.9%
        1,200,000          B/B3          Community Health Systems, 8.875%, 7/15/15           $  1,204,500
        3,800,000          CCC+/Caa1     Hanger Orthopedic Group, Inc., 10.25%, 6/1/14          3,819,000
        2,555,000(b)       BB-/B2        HCA Inc., 9.625%, 11/15/16                             2,650,812
        3,725,000          CCC+/Caa1     Surgical Care Affiliates, Inc., 10.0%, 7/15/17
                                           (144A)                                               2,793,750
                                                                                             ------------
                                                                                             $ 10,468,062
                                                                                             ------------
                                         Managed Health Care - 1.1%
        4,400,000          B-/Caa1       Multiplan, Inc., 10.375%, 4/15/16 (144A)            $  4,026,000
                                                                                             ------------
                                         Total Health Care Equipment & Services              $ 32,656,762
                                                                                             ------------
                                         Pharmaceuticals & Biotechnology & Life Sciences - 1.8%
                                         Pharmaceuticals - 1.8%
        2,160,000          B-/B1         AMR HoldCo/Emcare HoldCo, 10.0%, 2/15/15            $  2,295,000
        4,317,000          B-/B3         Warner Chilcott Corp., 8.75%, 2/1/15                   4,317,000
                                                                                             ------------
                                         Total Pharmaceuticals & Biotechnology &
                                         Life Sciences                                       $  6,612,000
                                                                                             ------------
                                         Banks - 0.4%
                                         Diversified Banks - 0.4%
        1,750,000(a)(c)    NR/B2         ALB Finance BV, 9.375%                              $  1,190,000
          400,000(a)       NR/Ba1        Banco Macro SA, 10.75%, 6/7/12                           324,000
                                                                                             ------------
                                         Total Banks                                         $  1,514,000
                                                                                             ------------



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


Pioneer High Income Trust

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------



Principal             S&P/Moody's
Amount                Ratings
USD ($)               (unaudited)                                                             Value
                                                                              
                                    Diversified Financials - 5.1%
                                    Specialized Finance - 2.3%
   7,950,000          BBB+/Baa1     GATX Financial Corp., 8.875%, 6/1/09               $  8,335,082
                                                                                       ------------
                                    Consumer Finance - 2.8%
   4,770,000          B-/Caa1       ACE Cash Express, Inc., 10.25%, 10/1/14 (144A)     $  3,887,550
   1,300,000          B+/Ba3        AmeriCredit Corp., 8.5%, 7/1/15 (144A)                  949,000
   3,000,000          B/B1          Ford Motor Credit Co., 7.875%, 6/15/10                2,615,811
   3,000,000(a)       B/B1          Ford Motor Credit Co., 8.708%, 4/15/12                2,818,959
                                                                                       ------------
                                                                                       $ 10,271,320
                                                                                       ------------
                                    Total Diversified Financials                       $ 18,606,402
                                                                                       ------------
                                    Insurance - 5.8%
                                    Insurance Brokers - 1.6%
   2,640,000          CCC/Caa1      Alliant Holdings I, Inc., 11.0%, 5/1/15 (144A)     $  2,112,000
   3,465,000          CCC+/Caa1     HUB International Holdings, Inc., 10.25%,
                                      6/15/15 (144A)                                      2,529,450
     900,000(a)       CCC/B3        U.S.I. Holdings Corp., 6.94%, 11/15/14 (144A)           650,250
     885,000          CCC/Caa1      U.S.I. Holdings Corp., 9.75%, 5/15/15 (144A)            639,413
                                                                                       ------------
                                                                                       $  5,931,113
                                                                                       ------------
                                    Life & Health Insurance - 1.6%
   5,725,000          B/B2          Presidential Life Corp., 7.875%, 2/15/09           $  5,717,844
                                                                                       ------------
                                    Multi-Line Insurance - 1.3%
   5,300,000          BB+/Baa3      Allmerica Financial Corp., 7.625%, 10/15/25        $  4,717,000
                                                                                       ------------
                                    Property & Casualty Insurance - 0.8%
     375,000(a)       BB+/NR        Blue Fin, Ltd., 9.02%, 4/10/12 (144A)              $    376,875
   2,500,000(a)       AA/Aa2        MBIA Insurance Co., 14.0%, 1/15/33 (144A)             2,450,000
                                                                                       ------------
                                                                                       $  2,826,875
                                                                                       ------------
                                    Reinsurance - 0.5%
EURO 275,000(a)       B/NR          Atlas Reinsurance Plc, 14.953%, 1/10/11 (144A)     $    443,380
     750,000(a)       BB/NR         Foundation Re, Ltd.,7.17%, 11/24/08 (144A)              733,350
     500,000(a)       B-/NR         Residential Reinsurance 2005, 11.526%,
                                      6/6/08 (144A)                                         499,850
     250,000(a)        B/NR         Residential Reinsurance 2006, 13.076%,
                                      6/5/09 (144A)                                         252,375
                                                                                       ------------
                                                                                       $  1,928,955
                                                                                       ------------
                                    Total Insurance                                    $ 21,121,787
                                                                                       ------------
                                    Real Estate - 0.1%
                                    Real Estate Management & Development - 0.1%
     225,000(a)       B+/NR         Alto Palermo SA, 11.0%, 6/11/12 (144A)             $    191,452
                                                                                       ------------
                                    Total Real Estate                                  $    191,452
                                                                                       ------------



The accompanying notes are an integral part of these financial statements.    21


Pioneer High Income Trust

--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 3/31/08                                      (continued)
--------------------------------------------------------------------------------



Principal                S&P/Moody's
Amount                   Ratings
USD ($)                  (unaudited)                                                              Value
                                                                                  
                                       Software & Services - 4.4%
                                       IT Consulting & Other Services - 1.0%
          4,450(e)       CCC+/B2       MSX International UK/MXS International Business
                                         Services FR/MXS International GmBH, 12.5%,
                                         4/1/12 (144A)                                     $  3,560,000
                                                                                           ------------
                                       Data Processing & Outsourced Services - 3.0%
      7,015,000          B/B3          First Data Corp., 9.875%, 9/24/15 (144A)            $  5,769,837
        640,000          CCC+/Caa1     iPayment, Inc., 9.75%, 5/15/14                           568,000
      5,745,000          B-/Caa1       Pegasus Solutions, Inc., 10.5%, 4/15/15 (144A)         4,596,000
                                                                                           ------------
                                                                                           $ 10,933,837
                                                                                           ------------
                                       Application Software - 0.2%
        810,000          CCC+/Caa1     Open Solutions, Inc., 9.75%, 2/1/15 (144A)          $    627,750
                                                                                           ------------
                                       Systems Software - 0.2%
      1,105,000          B-/Caa1       Vangent Inc., 9.625%, 2/15/15                       $    886,763
                                                                                           ------------
                                       Total Software & Services                           $ 16,008,350
                                                                                           ------------
                                       Technology Hardware & Equipment - 3.9%
                                       Computer Hardware - 0.7%
      3,245,000          CCC+/Caa1     Activant Solutions, Inc., 9.5%, 5/1/16              $  2,725,800
                                                                                           ------------
                                       Office Electronics - 3.2%
     11,830,000          BB/Baa3       Xerox Capital Trust I, 8.0%, 2/1/27                 $ 11,677,547
                                                                                           ------------
                                       Total Technology Hardware & Equipment               $ 14,403,347
                                                                                           ------------
                                       Semiconductors & Semiconductor Equipment - 0.6%
                                       Semiconductors - 0.6%
        500,000(a)(b)    B-/B2         Freescale Semiconductor, Inc., 9.125%, 12/15/14     $    365,000
      2,500,000          B-/B3         Freescale Semiconductor, Inc., 10.125%,
                                         12/15/16                                             1,687,500
                                                                                           ------------
                                       Total Semiconductors &
                                       Semiconductor Equipment                             $  2,052,500
                                                                                           ------------
                                       Telecommunication Services - 11.6%
                                       Integrated Telecommunication Services - 2.4%
      4,070,000          B-/B3         GC Impsat Holdings I Plc, 9.875%, 2/15/17
                                         (144A)                                            $  3,622,300
      1,250,000          B+/B1         GCI Inc., 7.25%, 2/15/14                               1,031,250
      3,565,000          CCC+/Caa1     PAETEC Holding Corp., 9.5%, 7/15/15                    3,279,800
        691,000          NR/Baa3       Tele Norte Leste Participacoes SA, 8.0%,
                                         12/18/13                                               723,823
                                                                                           ------------
                                                                                           $  8,657,173
                                                                                           ------------



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


Pioneer High Income Trust

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------



Principal              S&P/Moody's
Amount                 Ratings
USD ($)                (unaudited)                                                            Value
                                                                              
                                     Wireless Telecommunication Services - 9.2%
       4,165,000       CCC+/B3       Broadview Networks Holdings, Inc., 11.375%,
                                       9/1/12                                          $  3,956,750
       1,625,000       CCC/Caa3      Cell C Property, Ltd., 11.0%, 7/1/15 (144A)          1,560,000
       2,855,000(a)    CCC+/Caa2     Cleveland Unlimited, Inc., 11.05%, 12/15/10
                                       (144A)                                             2,740,800
       6,400,000       B-/Caa1       Cricket Communications, Inc., 9.375%, 11/1/14        6,064,000
       1,500,000       NR/B3         Digicel, Ltd., 9.25%, 9/1/12 (144A)                  1,488,750
       2,500,000(a)    CCC+/Caa1     Hellas Telecommunications Luxembourg II,
                                       10.008%, 1/15/15 (144A)                            1,787,500
       5,000,000       B-/B1         Hughes Network Systems LLC, 9.5%, 4/15/14            4,975,000
       2,200,000(d)    BB-/B1        Inmarsat Finance II Plc, 0.0%, 11/15/12              2,134,000
       3,000,000(a)    CCC/Caa2      Rural Cellular Corp., 8.989%, 11/1/12                3,000,000
       3,200,000       B-/B3         Stratos Global Corp., 9.875%, 2/15/13                3,252,000
       3,020,000       B/B1          True Move Co., Ltd., 10.75%, 12/16/13 (144A)         2,838,800
                                                                                       ------------
                                                                                       $ 33,797,600
                                                                                       ------------
                                     Total Telecommunication Services                  $ 42,454,773
                                                                                       ------------
                                     Utilities - 5.0%
                                     Electric Utilities - 3.3%
       2,000,000       BB/Ba2        Aes Chivor SA ESP, 9.75%, 12/30/14 (144A)         $  2,195,000
       3,800,000       BB-/Ba3       Intergen NV, 9.0%, 6/30/17 (144A)                    3,971,000
       1,500,000       NR/NR         Mirant JPSCo. Finance, Ltd., 11.0%,
                                       7/6/16 (144A)                                      1,586,250
       4,208,170       NR/NR         Ormat Funding Corp., 8.25%, 12/30/20                 4,229,211
                                                                                       ------------
                                                                                       $ 11,981,461
                                                                                       ------------
                                     Multi-Utilities - 0.5%
       2,175,000(a)    NR/NR         Power Contract Financing III LLC, 1.332%,
                                       2/5/10 (144A)                                   $  1,881,375
                                                                                       ------------
                                     Independent Power Producers & Energy Traders - 1.2%
       4,345,000       CCC/B3        Texas Computer Electric Hold LLC, 10.25%,
                                       11/1/15 (144A)                                  $  4,328,706
                                                                                       ------------
                                     Total Utilities                                   $ 18,191,542
                                                                                       ------------
                                     TOTAL CORPORATE BONDS & NOTES
                                     (Cost $475,898,815)                               $447,361,057
                                                                                       ------------
                                     CONVERTIBLE BONDS & NOTES - 0.3% of Net Assets
                                     Software & Services - 0.3%
                                     Systems Software - 0.3%
       1,400,000       NR/NR         Macrovision Corp., 2.625%, 8/15/11 (144A)         $  1,191,750
                                                                                       ------------
                                     TOTAL CONVERTIBLE BONDS & NOTES
                                     (Cost $1,400,000)                                 $  1,191,750
                                                                                       ------------



The accompanying notes are an integral part of these financial statements.    23


Pioneer High Income Trust

--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 3/31/08                                      (continued)
--------------------------------------------------------------------------------



Principal                  S&P/Moody's
Amount                     Ratings
USD ($)                    (unaudited)                                                                Value
                                                                                      
                                         MUNICIPAL BONDS - 7.8% of Net Assets
                                         Indiana - 1.6%
        1,650,000          BBB+/Baa2     East Chicago Industrial Pollution Control Revenue,
                                           7.0%, 1/1/14                                        $  1,645,528
        4,250,000          BBB+/NR       Indiana Development Finance Authority Revenue,
                                           5.75%, 10/1/11                                         4,222,163
                                                                                               ------------
                                                                                               $  5,867,691
                                                                                               ------------
                                         New Jersey - 2.5%
        4,525,000          B/B3          New Jersey Economic Development Authority
                                         Revenue, 7.0%, 11/15/30                               $  4,317,619
        4,000,000+         AAA/Aaa       Tobacco Settlement Financing Corp., 7.0%,
                                           6/1/41                                                 4,761,360
                                                                                               ------------
                                                                                               $  9,078,979
                                                                                               ------------
                                         New York - 1.0%
        3,475,000          BB+/Ba1       New York City Industrial Development Agency,
                                           British Airways Plc Project, 7.625%, 12/1/32        $  3,558,400
                                                                                               ------------
                                         North Carolina - 1.6%
        4,800,000          NR/NR         Charlotte, Special Facilities Revenue, Charlotte/
                                           Douglas International Airport, 5.6%, 7/1/27         $  3,911,616
        2,000,000          NR/NR         Charlotte, Special Facilities Revenue, Charlotte/
                                           Douglas International Airport, 7.75%, 2/1/28           2,016,780
                                                                                               ------------
                                                                                               $  5,928,396
                                                                                               ------------
                                         Texas - 1.1%
        3,200,000(f)       AAA/Aa1       San Antonio, Texas, Electric & Gas, RIB, 9.351%,
                                           2/1/19 (144A)                                       $  4,027,648
                                                                                               ------------
                                         TOTAL MUNICIPAL BONDS
                                         (Cost $23,174,419)                                    $ 28,461,114
                                                                                               ------------
                                         MUNICIPAL COLLATERALIZED DEBT OBLIGATION -
                                         0.9% of Net Assets
        3,300,000(g)       NR/NR         Non-Profit Preferred Funding Trust I, 12.5%,
                                           9/15/37 (144A)                                      $  3,106,059
                                                                                               ------------
                                         TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION
                                         (Cost $3,293,400)                                     $  3,106,059
                                                                                               ------------
                                         SOVEREIGN DEBT OBLIGATIONS - 2.4% of Net Assets
                                         Brazil - 1.1%
ITL 4,800,000,000(d)       BB+/Baa3      Banco Nacional de Desenvolimento Bndes, 8.0%,
                                           4/28/10                                             $  4,104,852
                                                                                               ------------
                                         Ecuador - 0.6%
        2,015,000(d)       B-/B3         Federal Republic of Ecuador, 10.0%,
                                           8/15/30 (144A)                                      $  1,949,513
                                                                                               ------------



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


Pioneer High Income Trust

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------



Principal              S&P/Moody's
Amount                 Ratings
USD ($)                (unaudited)                                                              Value
                                                                                
                                     Russia - 0.7%
       2,285,200(d)    BBB+/Baa2     Russia Government International Bond,
                                       7.5%, 3/31/30                                     $  2,631,408
                                                                                         ------------
                                     TOTAL SOVEREIGN DEBT OBLIGATIONS
                                     (Cost $5,328,260)                                   $  8,685,773
                                                                                         ------------
                                     FLOATING RATE LOAN INTERESTS - 3.9% of Net Assets (h)
                                     Energy - 0.3%
                                     Oil & Gas Exploration & Production - 0.3%
         710,000       B/B3          SandRidge Energy, Inc., Term Loan,
                                       6.323%, 4/1/14                                    $    663,850
         600,000       B/B3          Venoco, Inc., Second Lien Term Loan, 7.125%,
                                       9/20/11                                                537,000
                                                                                         ------------
                                     Total Energy                                        $  1,200,850
                                                                                         ------------
                                     Materials - 0.5%
                                     Steel - 0.5%
       2,282,750       NR/B1         Niagara Corp., Term Loan, 7.71%, 6/29/14            $  1,894,682
                                                                                         ------------
                                     Total Materials                                     $  1,894,682
                                                                                         ------------
                                     Capital Goods - 0.7%
                                     Building Products - 0.6%
         239,960       BB-/Ba3       Custom Building Products, Inc., First Lien Term
                                       Loan, 2.25%, 10/20/11                             $    208,765
       2,250,000       BB-/Ba3       Custom Building Products, Inc., Second Lien Term
                                       Loan, 9.718%, 4/20/12                                1,822,500
                                                                                         ------------
                                                                                         $  2,031,265
                                                                                         ------------
                                     Construction & Farm Machinery & Heavy Trucks - 0.1%
         397,921       BB-/B2        Rental Service Corp., Second Lien Initial Term
                                       Loan, 8.15%, 11/30/13                             $    366,087
                                                                                         ------------
                                     Total Capital Goods                                 $  2,397,352
                                                                                         ------------
                                     Consumer Durables & Apparel - 0.2%
                                     Homebuilding - 0.2%
       2,850,000       BB/Ba3        LandSource Communities Development LLC,
                                       Second Lien Term Loan, 7.59%, 2/27/14             $    883,500
                                                                                         ------------
                                     Total Consumer Durables & Apparel                   $    883,500
                                                                                         ------------



The accompanying notes are an integral part of these financial statements.    25


Pioneer High Income Trust

--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 3/31/08                                      (continued)
--------------------------------------------------------------------------------



Principal                S&P/Moody's
Amount                   Ratings
USD ($)                  (unaudited)                                                                 Value
                                                                                     
                                       Consumer Services - 0.5%
                                       Casinos & Gaming - 0.5%
     2,500,000           BB-/Caa1      New World Gaming Partners Holdings, Ltd..,
                                         Advance Second Lien Term Loan,
                                         10.229%, 5/18/15                                     $  1,825,000
                                                                                              ------------
                                       Total Consumer Services                                $  1,825,000
                                                                                              ------------
                                       Health Care Equipment & Services - 0.4%
                                       Health Care Equipment & Services - 0.4%
     1,496,212           NR/B2         Talecris Biotherapeutics Holdings Corp., First Lien
                                         Term Loan, 6.57%, 12/6/13                            $  1,268,040
                                                                                              ------------
                                       Total Health Care Equipment & Services                 $  1,268,040
                                                                                              ------------
                                       Diversified Financials - 0.9%
                                       Other Diversified Financial Services - 0.9%
EURO 2,205,640(b)        NR/NR         Louis Topco, Ltd., Term Loan, 12.134%, 6/1/17          $  3,173,431
                                                                                              ------------
                                       Total Diversified Financials                           $  3,173,431
                                                                                              ------------
                                       Insurance - 0.4%
                                       Insurance Brokers - 0.4%
     2,250,000           B-/B2         AmWins Group, Inc., Second Lien Initial Term
                                         Loan, 8.56%, 6/9/14                                  $  1,350,000
                                                                                              ------------
                                       Multi-Line Insurance - 0.0%
       249,372           B-/B2         AmWins Group, Inc., Term Loan B, 5.56% -
                                         5.59%, 6/8/13                                        $    162,092
                                                                                              ------------
                                       Total Insurance                                        $  1,512,092
                                                                                              ------------
                                       TOTAL FLOATING RATE LOAN INTERESTS
                                       (Cost $18,257,183)                                     $ 14,154,947
                                                                                              ------------
                                       FIXED RATE LOAN INTERESTS - 0.3% of Net Assets
                                       Energy - 0.3%
                                       Oil & Gas Exploration & Production - 0.3%
     1,070,000           B/B3          SandRidge Energy, Inc., Term Loan,
                                         8.625%, 4/1/15                                       $  1,057,963
                                                                                              ------------
                                       TOTAL FIXED RATE LOAN INTERESTS
                                       (Cost $1,070,000)                                      $  1,057,963
                                                                                              ------------
   Shares                              COMMON STOCKS - 0.4% of Net Assets
                                       Transportation - 0.2%
                                       Airlines - 0.2%
        71,520(i)                      Northwest Airlines Corp.                               $    642,965
                                                                                              ------------
                                       Total Transportation                                   $    642,965
                                                                                              ------------



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


Pioneer High Income Trust

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------



Shares                                                                            Value
                                                                    
                     Pharmaceuticals & Biotechnology & Life Sciences - 0.2%
                     Pharmaceuticals - 0.2%
        17,818       Teva Pharmaceutical Industries, Ltd. (A.D.R.)        $     823,013
                                                                          -------------
                     Total Pharmaceuticals & Biotechnology &
                     Life Sciences                                        $     823,013
                                                                          -------------
                     TOTAL COMMON STOCKS
                     (Cost $2,886,220)                                    $   1,465,978
                                                                          -------------
                     WARRANTS - 0.2% of Net Assets
                     Energy - 0.2%
                     Oil & Gas Drilling - 0.2%
     2,500,000(i)    Norse Energy Corp. ASA - CW11, Expires 7/14/11       $     664,141
                                                                          -------------
                     Oil & Gas Exploration & Production - 0.0%
       150,592(i)    Biofuel Energy ASA, Expires 6/7/12                   $           -
                                                                          -------------
                     Total Energy                                         $     664,141
                                                                          -------------
                     Materials - 0.0%
                     Forest Products - 0.0%
         1,645(i)    Mandra Forestry Holdings, Ltd. - CW13,
                       Expires 5/15/13                                    $     213,850
                                                                          -------------
                     Total Materials                                      $     213,850
                                                                          -------------
                     Transportation - 0.0%
                     Railroads - 0.0%
         4,525(i)    Atlantic Express Transportation Corp.,
                       Expires 4/15/08                                    $      56,563
                                                                          -------------
                     Total Transportation                                 $      56,563
                                                                          -------------
                     TOTAL WARRANTS
                     (Cost $523,408)                                      $     934,554
                                                                          -------------
                     TEMPORARY CASH INVESTMENTS - 0.8% of Net Assets
                     Security Lending Collateral - 0.8%
     3,065,051       Securities Lending Investment Fund, 3.024%           $   3,065,051
                                                                          -------------
                     TOTAL TEMPORARY CASH INVESTMENTS
                     (Cost $3,065,051)                                    $   3,065,051
                                                                          -------------
                     TOTAL INVESTMENTS IN SECURITIES - 140.0%
                     (Cost $536,915,475) (j)(k)                           $ 511,341,507
                                                                          -------------
                     OTHER ASSETS AND LIABILITIES 1.4%                    $   4,966,278
                                                                          -------------
                     PREFERRED SHARES AT REDEMPTION VALUE,
                     INCLUDING DIVIDENDS PAYABLE - (41.4)%                $(151,109,057)
                                                                          -------------
                     NET ASSETS APPLICABLE TO COMMON
                     SHAREOWNERS - 100.0%                                 $ 365,198,728
                                                                          -------------



The accompanying notes are an integral part of these financial statements.    27


Pioneer High Income Trust

--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 3/31/08                                      (continued)
--------------------------------------------------------------------------------

NR     Security not rated by S&P or Moody's.
(144A) Security is exempt from registration under Rule 144A of the Securities
       Act of 1933. Such securities may be resold normally to qualified
       institutional buyers in a transaction exempt from registration. At March
       31, 2008, the value of these securities amounted to $168,781,052 or 46.2%
       of total net assets applicable to common shareowners.
+      Prerefunded bonds have been collateralized by U.S. Treasury securities or
       U.S. Government Agencies which are held in escrow to pay interest and
       principal on the tax exempt issue and to retire the bonds in full at the
       earliest refunding date.
(a)    Floating rate note. The rate shown is the coupon rate at March 31, 2008.
(b)    Payment-in Kind (PIK) security which may pay interest in additional
       principal amount.
(c)    Security is a perpetual bond and has no definite maturity date.
(d)    Debt obligation initially issued at one coupon which converts to a higher
       coupon at a specific date. The rate shown is the rate at March 31, 2008.
(e)    Security is priced as a unit.
(f)    The interest rate is subject to change periodically and inversely based
       upon prevailing market rates. The rate shown is the rate at March 31,
       2008.
(g)    Indicates a security that has been deemed illiquid. The aggregate cost of
       illiquid securities is $3,293,400. The aggregate value $3,106,059
       represents 0.9% of the net assets.
(h)    Floating rate loan interests in which the Trust invests generally pay
       interest at rates that are periodically redetermined by reference to a
       base lending rate plus a premium. These base lending rates are generally
       (i) the lending rate offered by one or more major European banks, such as
       LIBOR (London InterBank Offered Rate), (ii) the prime rate offered by one
       or more major United States banks, (iii) the certificate of deposit (iv)
       other base lending rates used by commercial lenders. The interest rate
       shown is the rate accruing at March 31, 2008.
(i)    Non-income producing.
(j)    At March 31, 2008, the net unrealized loss on investments based on cost
       for federal income tax purposes of $537,505,765 was as follows:


                                                                             
       Aggregate gross unrealized gain for all investments in which there is
         an excess of value over tax cost                                       $ 22,575,133
       Aggregate gross unrealized loss for all investments in which there is
         an excess of tax cost over value                                        (48,739,391)
                                                                                ------------
       Net unrealized loss                                                      $(26,164,258)
                                                                                ============


       For financial reporting purposes net unrealized loss was $25,573,968 and
       cost of investments aggregated $536,915,475.


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


Pioneer High Income Trust
--------------------------------------------------------------------------

(k)      Distribution of investments by country of issue, as a percentage of
         total holdings, is as follows:


                    
  United States         73.8%
  Canada                 4.3
  Norway                 3.9
  Brazil                 3.2
  United Kingdom         2.9
  Cayman Islands         1.6
  Netherlands            1.6
  Germany                1.2
  Mexico                 1.1
  Virgin Islands         1.0
  Australia              0.7
  Luxembourg             0.6
  Thailand               0.6
  Argentina              0.6
  Russia                 0.5
  Bermuda                0.5
  Colombia               0.4
  Ecuador                0.4
  Jamaica                0.3
  South Africa           0.3
  Singapore              0.2
  Israel                 0.2
  Ireland                0.1
                       -----
                       100.0%
                       =====


(l)      At March 31, 2008, the following securities were out on loan:



     Principal
        Amount     Description                                 Market Value
                                                           
    $  185,000     Central Garden & Pet Co., 9.125%, 2/1/13      $  149,388
     1,569,490     Georgia Gulf Corp., 10.75%, 10/15/16           1,028,016
     2,191,000     Yankee Acquisition Corp., 9.75%, 2/15/17*      1,741,844
                                                                 ----------
                                                                 $2,919,248
                                                                 ==========


         * Awaiting pending sales, portion not part of portfolio at year end.

Note:    Principal amounts are denominated in U.S. dollars unless otherwise
         denoted.
EURO     Euro
ITL      Italian Lira
NOK      Norwegian Krone
(A.D.R.) American Depositary Receipt
RIB      Residual Interest Bonds


Purchases and sales of securities (excluding temporary cash investments) for the
year ended March 31, 2008, aggregated $144,753,756 and $80,853,155,
respectively.


The accompanying notes are an integral part of these financial statements.    29


Pioneer High Income Trust

--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES 3/31/08
--------------------------------------------------------------------------------


                                                              
ASSETS:
  Investments in securities, at value (including securities
    loaned of $2,919,248) (cost $536,915,475)                    $511,341,507
  Foreign currencies, at value (cost $999,303)                      1,257,869
  Receivables -
    Investment securities sold                                      2,604,734
    Interest and foreign tax reclaim                               14,012,855
    Reinvestment of distributions                                      29,518
  Prepaid expenses                                                     30,677
                                                                 ------------
      Total assets                                               $529,277,160
                                                                 ------------
LIABILITIES:
  Payables -
    Investment securities purchased                              $  2,788,760
    Upon return of securities loaned                                3,065,051
    Forward foreign currency portfolio hedge contracts - net        1,969,270
  Due to custodian                                                  4,743,886
  Due to affiliates                                                   270,182
  Accrued expenses                                                    132,226
                                                                 ------------
      Total liabilities                                          $ 12,969,375
                                                                 ------------
PREFERRED SHARES AT REDEMPTION VALUE:
  $25,000 liquidation value per share applicable to 6,040
    shares, including dividends payable of $109,057              $151,109,057
                                                                 ------------
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS:
  Paid-in capital                                                $388,269,027
  Undistributed net investment income                              10,542,800
  Accumulated net realized loss on investments and foreign
    currency transactions                                          (6,384,477)
  Net unrealized loss on investments                              (25,573,968)
  Net unrealized loss on forward foreign currency
    contracts and other assets and liabilities denominated
    in foreign currencies                                          (1,654,654)
                                                                 ------------
     Net assets applicable to common shareowners                 $365,198,728
                                                                 ============
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
  Based on $365,198,728/27,227,442 common shares                 $      13.41
                                                                 ============



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


Pioneer High Income Trust

--------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
--------------------------------------------------------------------------------
For the Year Ended 3/31/08


                                                                       
INVESTMENT INCOME:
  Interest                                               $ 55,690,102
  Dividends (net of foreign taxes withheld $283)                6,222
  Income from securities loaned, net                          289,842
                                                         ------------
    Total investment income                                                  $ 55,986,166
                                                                             ------------
EXPENSES:
  Management fees                                        $  3,414,994
  Administrative fees                                          99,604
  Transfer agent fees and expenses                             66,762
  Auction agent fees                                          404,076
  Custodian fees                                               93,196
  Registration fees                                            24,447
  Professional fees                                            64,084
  Printing expense                                             37,218
  Trustees' fees                                               15,987
  Pricing fee                                                  23,654
  Miscellaneous                                                35,073
                                                         ------------
    Total expenses                                                           $  4,279,095
                                                                             ------------
      Less fees paid indirectly                                                       (28)
                                                                             ------------
    Net expenses                                                             $  4,279,067
                                                                             ------------
      Net investment income                                                  $ 51,707,099
                                                                             ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS:
  Net realized loss from:
    Investments                                          $   (638,556)
    Forward foreign currency contracts and other assets
      and liabilities denominated in foreign currencies    (1,879,262)       $ (2,517,818)
                                                         ------------        ------------
  Change in net unrealized gain (loss) from:
    Investments                                          $(71,110,199)
    Forward foreign currency contracts and other assets
      and liabilities denominated in foreign currencies      (451,436)       $(71,561,635)
                                                         ------------        ------------
      Net loss on investments and foreign currency
        transactions                                                         $(74,079,453)
                                                                             ------------
DIVIDENDS AND DISTRIBUTIONS TO PREFERRED
SHAREOWNERS FROM NET INVESTMENT INCOME:
  Net investment income                                  $ (6,061,497)
  Net realized gains                                       (1,860,388)
                                                         ------------
    Total distributions                                                      $ (7,921,885)
                                                                             ------------
    Net decrease in net assets applicable to common
      shareowners resulting from operations                                  $(30,294,239)
                                                                             ============



The accompanying notes are an integral part of these financial statements.    31


Pioneer High Income Trust

--------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
For the Years Ended 3/31/08 and 3/31/07, respectively



                                                               Year                Year
                                                               Ended              Ended
                                                              3/31/08            3/31/07
                                                                      
FROM OPERATIONS:
  Net investment income                                  $ 51,707,099       $ 50,707,850
  Net realized gain (loss) on investments and
    foreign currency transactions                          (2,517,818)        16,283,907
  Change in net unrealized gain (loss) on
    investments and foreign currency transactions         (71,561,635)           792,354
  Dividends and distributions to preferred
    shareowners from:
    Net investment income                                  (6,061,497)        (7,327,339)
    Net realized gains                                     (1,860,388)          (351,876)
                                                         ------------       ------------
      Net increase (decrease) in net assets
        applicable to common shareowners
        resulting from operations                        $(30,294,239)      $ 60,104,896
                                                         ------------       ------------
DIVIDENDS AND DISTRIBUTIONS TO COMMON
SHAREOWNERS:
  Net investment income
    ($1.65 and $1.65 per share, respectively)            $(44,810,401)      $(44,546,595)
  Net realized capital gains
    ($0.45 and $0.09 per share, respectively)             (12,222,501)        (2,298,583)
                                                         ------------       ------------
    Total distributions to common shareowners            $(57,032,902)      $(46,845,178)
                                                         ------------       ------------
FROM TRUST SHARE TRANSACTIONS:
  Reinvestment of distributions                          $  2,081,512       $  2,755,523
                                                         ------------       ------------
    Net increase in net assets applicable to
      common shareowners resulting from Trust
      share transactions                                 $  2,081,512       $  2,755,523
                                                         ------------       ------------
    Net increase (decrease) in net assets applicable
      to common shareowners                              $(85,245,629)      $ 16,015,241
NET ASSETS APPLICABLE TO COMMON
SHAREOWNERS:
  Beginning of year                                       450,444,357        434,429,116
                                                         ------------       ------------
  End of year                                            $365,198,728       $450,444,357
                                                         ------------       ------------
  Undistributed net investment income                    $ 10,542,800       $ 10,652,261
                                                         ============       ============



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


Pioneer High Income Trust

--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------



                                                                  Year        Year         Year          Year        Year
                                                                 Ended        Ended       Ended         Ended        Ended
                                                                3/31/08      3/31/07     3/31/06       3/31/05      3/31/04
                                                                                                    
Per Common Share Operating Performance
Net asset value, beginning of period                           $  16.63     $ 16.13     $ 16.34       $ 16.20      $ 13.43
                                                               --------     -------     -------       -------      -------
Increase (decrease) from investment operations:(a)
  Net investment income                                        $   1.90     $  1.88     $  1.88       $  1.87      $  1.77
  Net realized and unrealized gain (loss) on investments and
    foreign currency transactions                                 (2.73)       0.64        0.00(b)       0.15         2.73
  Dividends and distributions to preferred shareowners from:
    Net investment income                                         (0.22)      (0.27)      (0.19)        (0.10)       (0.06)
    Net realized gains                                            (0.07)      (0.01)      (0.02)         0.00(b)         -
                                                               --------     -------     -------       -------      -------
  Net increase (decrease) from investment operations           $  (1.12)    $  2.24     $  1.67       $  1.92      $  4.44
Dividends and distributions to common shareowners from:
  Net investment income                                           (1.65)      (1.65)      (1.65)        (1.65)       (1.65)
  Net realized gains                                              (0.45)      (0.09)      (0.23)        (0.13)           -
Capital charge with respect to issuance of:
 Preferred shares                                                     -           -           -             -        (0.02)
                                                               --------     -------     -------       -------      -------
Net increase (decrease) in net asset value                     $  (3.22)    $  0.50     $ (0.21)      $  0.14      $  2.77
                                                               --------     -------     -------       -------      -------
Net asset value, end of period(c)                              $  13.41     $ 16.63     $ 16.13       $ 16.34      $ 16.20
                                                               --------     -------     -------       -------      -------
Market value, end of period(c)                                 $  13.15     $ 17.84     $ 16.80       $ 15.12      $ 16.57
                                                               ========     =======     =======       =======      =======
Total return (d)                                                 (15.37)%     17.61%      24.84%         1.97%       27.33%
Ratios to average net assets of common shareowners
  Net expenses(e)                                                  1.02%       1.01%       0.99%         1.00%        0.96%
  Net investment income before preferred share dividends          12.36%      11.57%      11.68%        11.60%       11.64%
  Preferred share dividends                                        1.45%       1.67%       1.19%         0.63%        0.39%
  Net investment income available to common shareowners           10.91%       9.90%      10.49%        10.97%       11.25%
Portfolio turnover                                                   15%         27%         20%           54%          66%



The accompanying notes are an integral part of these financial statements.   33


Pioneer High Income Trust

--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------



                                                                           Year          Year
                                                                          Ended         Ended
                                                                         3/31/08       3/31/07
                                                                                
Per Common Share Operating Performance (continued)
Net assets of common shareowners, end of period (in thousands)          $ 365,199     $ 450,444
Preferred shares outstanding (in thousands)                             $ 151,000     $ 151,000
Asset coverage per preferred share, end of period                       $  85,481     $  99,597
Average market value per preferred share (f)                            $  25,000     $  25,000
Liquidation value, including dividends payable, per preferred share     $  25,018     $  25,020
Ratios to average net assets of common shareowners before
  waivers and reimbursement of expenses
  Net expenses(e)                                                            1.02%         1.01%
  Net investment income before preferred share dividends                    12.36%        11.57%
  Preferred share dividends                                                  1.45%         1.67%
  Net investment income available to common shareowners                     10.91%         9.90%


                                                                           Year          Year          Year
                                                                          Ended         Ended         Ended
                                                                         3/31/06       3/31/05       3/31/04
                                                                                           
Per Common Share Operating Performance (continued)
Net assets of common shareowners, end of period (in thousands)          $ 434,429     $ 438,303     $ 433,556
Preferred shares outstanding (in thousands)                             $ 151,000     $ 151,000     $ 151,000
Asset coverage per preferred share, end of period                       $  96,940     $  97,569     $  96,781
Average market value per preferred share (f)                            $  25,000     $  25,000     $  25,000
Liquidation value, including dividends payable, per preferred share     $  25,015     $  25,003     $  25,000
Ratios to average net assets of common shareowners before
  waivers and reimbursement of expenses
  Net expenses(e)                                                            0.99%         1.00%         0.96%
  Net investment income before preferred share dividends                    11.68%        11.60%        11.64%
  Preferred share dividends                                                  1.19%         0.63%         0.39%
  Net investment income available to common shareowners                     10.49%        10.97%        11.25%


(a)  The per common share data presented above is based upon the average common
     shares outstanding for the periods presented.
(b)  Amount is less than $0.01 per common share.
(c)  Net asset value and market value are published in Barron's on Saturday, The
     Wall Street Journal on Monday and The New York Times on Monday and
     Saturday.
(d)  Total investment return is calculated assuming a purchase of common shares
     at the current market value on the first day and a sale at the current
     market value on the last day of the periods reported. Dividends and
     distributions, if any, are assumed for purposes of this calculation to be
     reinvested at prices obtained under the Trust's dividend reinvestment plan.
     Total investment return does not reflect brokerage commissions. Past
     performance is not a guarantee of future results.
(e)  Ratios do not reflect the effect of dividend payments to preferred
     shareowners.
(f)  Market value is redemption value in absence of an active market.

The information above represents the audited operating performance data for a
share of common stock outstanding, total investment return, ratios to average
net assets of common shareowners and other supplemental data for the periods
indicated. This information has been determined based upon financial information
provided in the financial statements and market value data for the Trust's
common shares.


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


Pioneer High Income Trust

--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 3/31/08
--------------------------------------------------------------------------------

1. Organization and Significant Accounting Policies

Pioneer High Income Trust (the "Trust") was organized as a Delaware statutory
trust on January 30, 2002. Prior to commencing operations on April 26, 2002, the
Trust had no operations other than matters relating to its organization and
registration as a diversified, closed-end management investment company under
the Investment Company Act of 1940, as amended. The investment objective of the
Trust is to seek a high level of current income and the Trust may seek capital
appreciation to the extent that it is consistent with its investment objective.

The Trust's investments in certain foreign markets or countries with limited
developing markets may subject the Trust to a greater degree of risk than in a
developed market. These risks include disruptive political or economic
conditions and the possible imposition of adverse governmental laws or currency
exchange restrictions.

Information regarding the Trust's principal risks is contained in the Trust's
original offering prospectus, with additional information included in the
Trust's Shareowner reports from time to time. Please refer to those documents
when considering the Trust's risks. At times, the Trust's investments may
represent industries or industry sectors that are interrelated or have common
risks, making it more susceptible to any economic, political, or regulatory
developments or other risks affecting those industries or sectors. Under normal
market conditions, the Trust invests at least 80% of its assets in below
investment grade (high-yield) debt securities, loans and preferred stocks.
Because the Trust's investments will be concentrated in the high-yield
securities, it will be subject to risks of such securities. Below investment
grade securities are commonly referred to as "junk bonds" and are considered
speculative with respect to the issuer's capacity to pay interest and repay
principal.

The Trust's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the
Trust to, among other things, make estimates and assumptions that affect the
reported amounts of assets and liabilities, and the reported amounts of income,
expenses and gains and losses on investments during the reporting year. Actual
results could differ from those estimates.

The following is a summary of significant accounting policies followed by the
Trust in the preparation of its financial statements, which are


                                                                              35


Pioneer High Income Trust

--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 3/31/08                                (continued)
--------------------------------------------------------------------------------

consistent with those policies generally accepted in the investment company
industry:

A.   Security Valuation

     Security transactions are recorded as of trade date. Investments in Loan
     Interests are valued in accordance with guidelines established by the Board
     of Trustees at the mean between the last available bid and asked prices
     from one or more brokers or dealers as obtained from Loan Pricing
     Corporation. For the limited number of Loan Interests for which no reliable
     price quotes are available, such investments will be valued by Loan Pricing
     Corporation through the use of pricing matrices to determine valuations.

     Fixed-income securities are valued at prices supplied by independent
     pricing services, which consider such factors as Treasury spreads, yields,
     maturities and ratings. Valuations may be supplemented by values obtained
     from dealers and other sources, as required. Equity securities are valued
     at the last sale price on the principal exchanges where they are traded.
     Securities or Loan Interests for which market quotations are not readily
     available are valued using fair value methods pursuant to procedure adopted
     by the Board of Trustees. Trading in foreign securities is substantially
     completed each day at various times prior to the close of the NYSE. The
     values of such securities used in computing the net asset value of the
     Trust's shares are determined as of such times. The Trust may also use the
     fair value of a security, including a non-U.S. security, when the closing
     market price on the primary exchange where the security is traded no longer
     accurately reflects the value of the security as of the close of the
     exchange. As of March 31, 2008, the Trust had no fair valued securities.
     Temporary cash investments are valued at amortized cost which approximates
     market value.

     Dividend income is recorded on the ex-dividend date, except that certain
     dividends from foreign securities where the ex-dividend date may have
     passed are recorded as soon as the Trust becomes aware of the ex-dividend
     data in the exercise of reasonable diligence. Discounts and premiums on
     debt securities are accreted or amortized, respectively, daily, on an
     effective yield to maturity basis and are included in interest income.
     Premiums and discounts related to certain mortgage-backed securities are
     amortized or accreted in proportion to the monthly paydowns. Interest
     income,


36


Pioneer High Income Trust

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

     including income on interest bearing cash accounts, is recorded on an
     accrual basis.

     Gains and losses on sales of investments are calculated on the identified
     cost method for both financial reporting and federal income tax purposes.

B.   Foreign Currency Translation

     The books and records of the Trust are maintained in U.S. dollars. Amounts
     denominated in foreign currencies are translated into U.S. dollars using
     current exchange rates.

     Net realized gains and losses on foreign currency transactions represent,
     among other things, the net realized gains and losses on foreign currency
     contracts, disposition of foreign currencies and the difference between the
     amount of income accrued and the U.S. dollars actually received. Further,
     the effects of changes in foreign currency exchange rates on investments
     are not segregated in the Statement of Operations from the effects of
     changes in market prices of those securities but are included with the net
     realized and unrealized gain or loss on investments.

C.   Forward Foreign Currency Contracts

     The Trust enters into forward foreign currency contracts ("contracts") for
     the purchase or sale of a specific foreign currency at a fixed price on a
     future date as a hedge or cross-hedge against either specific investment
     transactions (settlement hedges) or portfolio positions (portfolio hedges).
     All contracts are marked to market daily at the applicable exchange rates,
     and any resulting unrealized gains or losses are recorded in the Trust's
     financial statements. The Trust records realized gains and losses at the
     time a portfolio hedge is offset by entry into a closing transaction or
     extinguished by delivery of the currency. Risks may arise upon entering
     into these contracts from the potential inability of counterparties to meet
     the terms of the contracts and from unanticipated movements in the value of
     foreign currencies relative to the U.S. dollar (see Note 5).


                                                                              37


Pioneer High Income Trust

--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 3/31/08                                (continued)
--------------------------------------------------------------------------------

D.   Federal Income Taxes

     It is the Trust's policy to comply with the requirements of the Internal
     Revenue Code applicable to regulated investment companies and to distribute
     all of its taxable income and net realized capital gains, if any, to its
     shareowners. Therefore, no federal income tax provision is required. Tax
     years prior to 2004 are closed (not subject to examination by Tax
     authorities) due to expiration of statute of limitations; all other tax
     years are open.

     The amounts and characterizations of distributions to shareowners for
     financial reporting purposes are determined in accordance with federal
     income tax rules. Therefore, the sources of the Trust's distributions may
     be shown in the accompanying financial statements as either from or in
     excess of net investment income or net realized gain (loss) on investment
     and foreign currency transactions, or from paid-in capital, depending on
     the type of book/tax differences that may exist.

     As of March 31, 2008, the Trust reclassified $944,662 to decrease
     undistributed net investment income and to decrease net realized loss on
     investments. The reclassification has no impact on the net asset value of
     the Trust and presents the Trust's capital accounts on a tax basis.

     The tax character of distributions paid to common and preferred shareowners
     during the years ended March 31, 2008 and March 31, 2007 was as follows:



-----------------------------------------------------------------------------
                                        2008             2007
-----------------------------------------------------------------------------
                                              
  Distributions paid from:
  Ordinary Income                  $52,250,498      $51,873,934
  Net long-term capital gains       12,704,289        2,650,459
                                   -----------      -----------
      Total taxable distribution   $64,954,787      $54,524,393
                                   ===========      ===========
-----------------------------------------------------------------------------


     The following shows components of distributable earnings on a federal
     income tax basis at March 31, 2008.


38


Pioneer High Income Trust

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------




-----------------------------------------------------------------------------
                                                  2008
-----------------------------------------------------------------------------
                                         
  Undistributed ordinary income             $  9,845,904
  Undistributed long-term capital gains           16,941
  Dividends payable                             (109,057)
  Unrealized depreciation                    (32,824,087)
                                            ------------
      Total                                 $(23,070,299)
                                            ============
-----------------------------------------------------------------------------


     The difference between book basis and tax basis unrealized depreciation is
     primarily attributable to the tax deferral of losses on straddles and wash
     sales, the realization for tax purposes of unrealized gains on investments
     in passive foreign investment companies, the realization for tax purposes
     of unrealized losses on certain foreign currency contracts, the difference
     between book and tax amortization methods for premiums and discounts on
     fixed income securities, the deferral of post-October capital losses and
     other book/tax temporary differences.

E.   Repurchase Agreements

     With respect to repurchase agreements entered into by the Trust, the value
     of the underlying securities (collateral), including accrued interests
     received from counterparties, is required to be at least equal to or in
     excess of the repurchase price at the time of purchase. The collateral for
     all repurchase agreements is held in safekeeping in the customer-only
     account of the Trust's custodian or subcustodians. Pioneer Investment
     Management, Inc., the Trust's investment adviser, is responsible for
     determining that the value of the collateral remains at least equal to the
     repurchase price.

F.   Securities Lending

     The Trust lends securities in its portfolio to certain broker-dealers or
     other institutional investors, with the Trust's custodian acting as the
     lending agent. When entering into a loan, the Trust receives collateral
     which is maintained by the custodian and earns income in the form of
     negotiated lenders' fees. The Trust also continues to receive interest or
     payments in lieu of dividends on the securities loaned. Unrealized gain or
     loss on the fair value of the loaned securities that may occur during the
     term of the loan will be for the account of the Trust. The loans are
     secured by collateral of at least 102%, at all times, of the fair value of
     the securities loaned. The


                                                                              39


Pioneer High Income Trust

--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 3/31/08                                (continued)
--------------------------------------------------------------------------------

     amount of the collateral will be adjusted daily to reflect any price
     fluctuation in the value of the loaned securities. The Trust has the right
     under the securities lending arrangement to recover the securities on loan
     from the borrower on demand. The Trust invests cash collateral in the
     Securities Lending Investment Fund which is sponsored by Brown Brothers
     Harriman & Co., the Trust's custodian.

G.   Automatic Dividend Reinvestment Plan

     All common shareowners automatically participate in the Automatic Dividend
     Reinvestment Plan (the "Plan"), under which participants receive all
     dividends and capital gain distributions (collectively, "dividends") in
     full and fractional common shares of the Trust in lieu of cash. Shareowners
     may elect not to participate in the Plan. Shareowners not participating in
     the Plan receive all dividends and capital gain distributions in cash.
     Participation in the Plan is completely voluntary and may be terminated or
     resumed at any time without penalty by notifying American Stock Transfer &
     Trust Company, the agent for shareowners in administering the Plan (the
     "Plan Agent"), in writing prior to any dividend record date; otherwise such
     termination or resumption will be effective with respect to any
     subsequently declared dividend or other distribution.

     Whenever the Trust declares a dividend on common shares payable in cash,
     participants in the Plan will receive the equivalent in common shares
     acquired by the Plan Agent either (i) through receipt of additional
     unissued but authorized common shares from the Trust or (ii) by purchase of
     outstanding common shares on the New York Stock Exchange or elsewhere. If,
     on the payment date for any dividend, the net asset value per common share
     is equal to or less than the market price per share plus estimated
     brokerage trading fees ("market premium"), the Plan Agent will invest the
     dividend amount in newly issued common shares. The number of newly issued
     common shares to be credited to each account will be determined by dividing
     the dollar amount of the dividend by the net asset value per common share
     on the date the shares are issued, provided that the maximum discount from
     the then current market price per share on the date of issuance does not
     exceed 5%. If, on the payment date for any dividend, the net asset value
     per common share is greater than the market value ("market discount"), the
     Plan Agent will invest the dividend amount in common shares acquired in
     open-market purchases. There are no


40


Pioneer High Income Trust

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

     brokerage charges with respect to newly issued common shares. However, each
     participant will pay a pro rata share of brokerage trading fees incurred
     with respect to the Plan Agent's open-market purchases. Participating in
     the Plan does not relieve shareowners from any federal, state or local
     taxes which may be due on dividends paid in any taxable year. Shareowners
     holding Plan shares in a brokerage account may not be able to transfer the
     shares to another broker and continue to participate in the Plan.

2. Management Agreement

Pioneer Investment Management, Inc. ("PIM"), a wholly owned indirect subsidiary
of UniCredito Italiano S.p.A. ("UniCredito Italiano") manages the Trust's
portfolio. Management fees payable under the Trust's Advisory Agreement with PIM
are calculated daily at the annual rate of 0.60% of the Trust's average weekly
managed assets. "Managed assets" is the average daily value of the Trust's total
assets minus the sum of the Trust's liabilities, which liabilities exclude debt
related to leverage, short-term debt and the aggregate liquidation preference of
any outstanding preferred shares. For the year ended March 31, 2008, the net
management fee was equivalent to 0.60% of the Trust's average weekly managed
assets, which was equivalent to 0.82% of the Trust's average daily net assets
attributable to the common shareowners.

In addition, under PIM's management and administration agreements, certain other
services and costs are paid by PIM and reimbursed by the Trust. At March 31,
2008, $270,182 was payable to PIM related to management costs, administrative
costs and certain other services and is in included in "Due to affiliates" on
the Statement of Assets and Liabilities.

PIM has retained Princeton Administrators, LLC ("Princeton") to provide certain
administrative and accounting services to the Trust on its behalf. PIM pays
Princeton a monthly fee at an annual rate of 0.07% of the average daily value of
the Trust's managed assets up to $500 million and 0.03% for average daily
managed assets in excess of $500 million, subject to a minimum monthly fee of
$10,000. Princeton receives no compensation directly from the Trust.


                                                                              41


Pioneer High Income Trust

--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 3/31/08                                (continued)
--------------------------------------------------------------------------------

3. Transfer Agents

Pioneer Investment Management Shareholder Services, Inc. ("PIMSS"), a wholly
owned indirect subsidiary of UniCredito Italiano, through a sub-transfer agency
agreement with American Stock Transfer & Trust Company, provides substantially
all transfer agent and shareowner services related to the Trust's common shares
at negotiated rates. Deutsche Bank Trust Company Americas ("Deutsche Bank") is
the transfer agent, registrar, dividend paying agent and auction agent with
respect to the Trust's Auction Market Preferred Shares ("AMPS"). The Trust pays
Deutsche Bank an annual fee, as is agreed to from time to time by the Trust and
Deutsche Bank, for providing such services.

4. Expense Offset Arrangements

The Trust has entered into an arrangement with its custodian whereby credits
realized as a result of uninvested cash balances are used to reduce a portion of
the Trust's custodian expenses. For the year ended March 31, 2008, the Trust
expenses were reduced by $28 under such arrangement.

5. Forward Foreign Currency Contracts

The Trust may enter into contracts that obligate the Trust to deliver currencies
at specified future dates. At the maturity of a contract, the Trust must make
delivery of the specified currency. Alternatively, prior to the settlement date
of these hedges, the Trust may close out such contracts by entering into
offsetting hedge contract.

Open portfolio hedges at March 31, 2008 were as follows:



--------------------------------------------------------------------------------------------
                  Net                                                              Net
               Contracts     In Exchange     Settlement                        Unrealized
  Currency   to (Deliver)      For US$          Date         US$ Value            Loss
--------------------------------------------------------------------------------------------
                                                               
  EURO      (5,950,000)     $(8,059,632)      6/11/08      $ (9,397,463)      $(1,337,831)
  EURO      (7,000,000)     (10,285,184)       2/4/09       (10,916,623)         (631,439)
                                                                              -----------
      Total                                                                   $(1,969,270)
                                                                              ===========
--------------------------------------------------------------------------------------------


As of March 31, 2008, the Trust had no outstanding forward currency settlement
hedges.


42


Pioneer High Income Trust

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

6. Trust Shares

There are an unlimited number of common shares of beneficial interest
authorized.

Transactions in common shares of beneficial interest for the years ended March
31, 2008 and March 31, 2007 were as follows:



-----------------------------------------------------------------------------
                                        2008            2007
-----------------------------------------------------------------------------
                                             
  Shares outstanding at
    beginning of year               27,093,609     26,931,420
  Reinvestment of distributions        133,833        162,189
                                    ----------     ----------
  Shares outstanding at
    end of year                     27,227,442     27,093,609
                                    ==========     ==========
-----------------------------------------------------------------------------


The Trust may classify or reclassify any unissued common shares of beneficial
interest into one or more series of preferred shares of beneficial interest. As
of March 31, 2008, there were 6,040 AMPS as follows: Series M7-2,020, Series
W28-2,020 and Series TH7-2,000.

Dividends on Series M7 and Series TH7 are cumulative at a rate which is reset
every seven days based on the results of an auction. An auction fails if there
are more AMPS offered than there are buyers. When an auction fails, the dividend
rate for the period will be the maximum rate on the auction dates described in
the prospectus for the AMPS. You will not be able to sell your AMPS at an
auction if the auction fails. Since February 13, 2008, the Trust's auctions
related to the AMPS have failed. The maximum rate for the 7-Day Series is 150%
of the 7 Day commercial paper rate. The maximum rate for the 28 day Series is
150% of the 30 day commercial paper rate. Dividends on Series W28 are also
cumulative at a rate reset every 28 days based on the results of an auction.
Dividend rates ranged from 3.00% to 6.50% during the year ended March 31, 2008.

The Trust may not declare dividends or make other distributions on its common
shares or purchase any such shares if, at the time of the declaration,
distribution or purchase, asset coverage with respect to the outstanding
preferred shares would be less than 200%.

The AMPS are redeemable at the option of the Trust, in whole or in part, on any
dividend payment date at $25,000 per share plus any accumulated or unpaid
dividends, whether or not declared. The AMPS


                                                                              43


Pioneer High Income Trust

--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 3/31/08                                (continued)
--------------------------------------------------------------------------------

are also subject to mandatory redemption at $25,000 per share plus any
accumulated or unpaid dividends, whether or not declared, if certain
requirements relating to the composition of the assets and liabilities of the
Trust as set forth in the Agreement and Declaration of Trust are not satisfied.

The holders of AMPS have voting rights equal to the holders of the Trust's
common shares (one vote per share) and will vote together with holders of the
common shares as a single class. However, holders of AMPS are also entitled to
elect two of the Trust's Trustees. In addition, the Investment Company Act of
1940, as amended, requires that along with approval by shareowners that might
otherwise be required, the approval of the holders of a majority of any
outstanding preferred shares, voting separately as a class, would be required to
(a) adopt any plan of reorganization that would adversely affect the preferred
shares and (b) take any action requiring a vote of security holders, including,
among other things, changes in the Trust's subclassification as a closed-end
management investment company or changes in its fundamental investment
restrictions.

7. New Pronouncements

In September 2006, Statement of Financial Accounting Standards No. 157, Fair
Value Measurements ("SFAS 157"), was issued and is effective for fiscal years
beginning after November 15, 2007. SFAS 157 defines fair value, establishes a
framework for measuring fair value and expands disclosures about fair value
measurements. Management is currently evaluating the impact the adoption of SFAS
157 will have on the Trust's financial statement disclosures.

In March 2008, Statement of Financial Accounting Standards No. 161, Disclosures
about Derivative Instruments and Hedging Activities ("SFAS 161"), was issued and
is effective for fiscal years beginning after November 15, 2008. SFAS 161
requires enhanced disclosures about an entity's derivative and hedging
activities. Management is currently evaluating the impact the adoption of SFAS
161 will have on the Trust's financial statement disclosures.


44


Pioneer High Income Trust

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

8. Subsequent Events

Subsequent to March 31, 2008, the Board of Trustees of the Trust declared a
dividend from undistributed net investment income of $0.1375 per common share
payable April 30, 2008, to common shareowners of record on April 15, 2008.

Subsequent to March 31, 2008, dividends declared and paid on preferred shares
totaled $416,033 in aggregate for the three outstanding preferred share series
through May 15, 2008.

ADDITIONAL INFORMATION (unaudited)

During the period, there have been no material changes in the Trust's investment
objective or fundamental policies that have not been approved by the
shareowners. There have been no changes in the Trust's charter or By-Laws that
would delay or prevent a change in control of the Trust which have not been
approved by the shareowners. There have been no changes in the principal risk
factors associated with investment in the Trust. Day-to-day management of the
Trust's portfolio is the responsibility of Andrew Feltus. Mr. Feltus is
supported by the fixed income team. Members of this team manage other Pioneer
funds investing primarily in fixed income securities. The portfolio manager and
the team also may draw upon the research and investment management expertise of
the global research team, which provides fundamental research on companies and
includes members from Pioneer's affiliate, Pioneer Investment Management
Limited. Mr. Feltus, a Senior vice president, joined Pioneer in 1994 and has
been an investment professional for more than 10 years.

Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940 that the Trust may purchase, from time to time, its common
shares in the open market.

Additional Information Regarding the Trust's Investment Policies

Event-Linked Bonds

The Trust may invest in "event-linked" bonds, which sometimes are referred to as
"insurance-linked" or "catastrophe" bonds. Event-linked bonds are debt
obligations for which the return of principal and the payment of interest are
contingent on the non-occurrence of a pre-defined "trigger" event, such as a
hurricane or an earthquake of a specific magnitude. For some event-linked bonds,
the trigger event's magnitude


                                                                              45


Pioneer High Income Trust

--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 3/31/08                                (continued)
--------------------------------------------------------------------------------

may be based on losses to a company or industry, industry indexes or readings of
scientific instruments rather than specified actual losses. If a trigger event,
as defined within the terms of an event-linked bond, involves losses or other
metrics exceeding a specific magnitude in the geographic region and time period
specified therein, the Trust may lose a portion or all of its accrued interest
and/or principal invested in such event-linked bond. The Trust is entitled to
receive principal and interest payments so long as no trigger event occurs of
the description and magnitude specified by the instrument.

Event-linked bonds may be issued by government agencies, insurance companies,
reinsurers, special purpose corporations or other on-shore or off-shore
entities. In addition to the specified trigger events, event-linked bonds may
also expose the Trust to other risks, including but not limited to issuer
(credit) default, adverse regulatory or jurisdictional interpretations and
adverse tax consequences. Event-linked bonds are subject to the risk that the
model used to calculate the probability of a trigger event was not accurate and
underestimated the likelihood of a trigger event. Upon the occurrence or
possible occurrence of a trigger event, and until the completion of the
processing and auditing of applicable loss claims, the Trust's investment in
such event-linked bond may be priced using fair value methods. As a relatively
new type of financial instrument, there is limited trading history for these
securities, and there can be no assurance that a more liquid market in these
instruments will develop.

Event-linked bonds typically are rated by at least one nationally recognized
rating agency, but also may be unrated. The rating for an event-linked bond
primarily reflects the rating agency's calculated probability that a pre-defined
trigger event will occur. This rating also assesses the event-linked bond's
credit risk and model used to calculate the probability of a trigger event.

CEO CERTIFICATION DISCLOSURE (unaudited)

The Trust's Chief Executive Officer has submitted to the New York Stock Exchange
the annual CEO certification as required by Section 303A.12(a) of the NYSE
Listed Company Manual. In addition, the Trust has filed with the Securities and
Exchange Commission the certification of its Chief Executive Officer and Chief
Financial Officer required by Section 302 of the Sarbanes-Oxley Act.


46


Pioneer High Income Trust

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

IMPORTANT TAX INFORMATION (unaudited)

The Pioneer High Income Trust paid a long-term capital gain distribution of
$0.3988 per share to common shareowners of record on December 12, 2007.

Additionally, the following summarizes the per share long-term capital gain
distributions paid to preferred shareowners during the year:



-----------------------------------------------------------------------------
                 Payable Date     Long-Term Capital Gain
-----------------------------------------------------------------------------
                                   
  Series M        12/26/07               $ 26.94
  Series M        1/2/2008               $ 27.95
  Series M        1/8/2008               $ 23.13
  Series M       1/15/2008               $ 25.28
  Series M       1/22/2008               $ 23.82
  Series M       1/29/2008               $ 23.33
  Series M        2/5/2008               $ 20.90
  Series M       2/12/2008               $ 20.42
  Series M       2/19/2008               $ 20.66
  Series M       2/26/2008               $ 21.23
  Series M        3/4/2008               $ 21.09
  Series M       3/11/2008               $ 21.45
  Series M       3/18/2008               $ 21.38
  Series M       3/25/2008               $ 11.17
  Series W       1/24/2008               $119.58
  Series W       2/21/2008               $ 93.33
  Series W       3/20/2008               $ 89.19
  Series TH     12/21/2007               $ 25.28
  Series TH     12/28/2007               $ 24.31
  Series TH       1/4/2008               $ 17.01
  Series TH      1/11/2008               $ 26.74
  Series TH      1/18/2008               $ 25.28
  Series TH      1/25/2008               $ 24.06
  Series TH       2/1/2008               $ 22.12
  Series TH       2/8/2008               $ 20.90
  Series TH      2/15/2008               $ 20.17
  Series TH      2/22/2008               $ 21.23
  Series TH      2/29/2008               $ 21.89
  Series TH       3/7/2008               $ 21.23
  Series TH      3/14/2008               $ 20.80
  Series TH      3/24/2008               $ 12.56
-----------------------------------------------------------------------------



                                                                              47


Pioneer High Income Trust

--------------------------------------------------------------------------------
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
--------------------------------------------------------------------------------

To the Board of Trustees and the Shareowners of
Pioneer High Income Trust:

We have audited the accompanying statement of assets and liabilities of Pioneer
High Income Trust (the "Trust"), including the schedule of investments, as of
March 31, 2008, and the related statement of operations for the year then ended,
the statements of changes in net assets for each of the two years in the period
then ended, and the financial highlights for each of the five years in the
period then ended. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of March 31, 2008, by correspondence with the custodian,
selling or agent banks and brokers or by other appropriate auditing procedures
where replies from brokers were not received. We believe that our audits provide
a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer High Income Trust at March 31, 2008, the results of its operations for
the year then ended, the changes in its net assets for each of the two years in
the period then ended, and the financial highlights for each of the five years
in the period then ended, in conformity with U.S. generally accepted accounting
principles.

                                                [Signature of Ernst & Young LLP]

Boston, Massachusetts
May 20, 2008


48


Pioneer High Income Trust

--------------------------------------------------------------------------------
RESULTS OF SHAREOWNER MEETING (unaudited)
--------------------------------------------------------------------------------

On September 11, 2007, Pioneer High Income Trust held its annual meeting of
shareowners to elect Class II Trustees. All Class II Trustees were elected. Here
are the detailed results of the votes.

Proposal 1 - To elect Class II Trustees.



-----------------------------------------------------------------------------
Nominee                  Affirmative     Withheld
-----------------------------------------------------------------------------
                                   
 David R. Bock           24,423,450      283,027
 Stephen K. West         24,416,488      289,989
 John F. Cogan, Jr.+          4,467           18
-----------------------------------------------------------------------------


+ Elected by Preferred Shares only


                                                                              49


Pioneer High Income Trust

--------------------------------------------------------------------------------
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
--------------------------------------------------------------------------------

Pioneer Investment Management, Inc. ("PIM") serves as the Trust's investment
adviser pursuant to an investment advisory agreement between PIM and the Trust.
The Trustees of the Trust, as required by law, determine annually whether to
continue the investment advisory agreement for the Trust.

In connection with their most recent consideration of the investment advisory
agreement for the Trust, the Trustees received and reviewed a substantial amount
of information provided by PIM in response to requests of the independent
Trustees and their independent legal counsel. The independent Trustees met on a
number of occasions with PIM and also separately with their independent legal
counsel to evaluate and discuss the information provided to them by PIM. At a
meeting held on November 13, 2007, based on their evaluation of the information
provided by PIM, the Trustees, including the independent Trustees voting
separately, unanimously approved the continuation of the investment advisory
agreement for another year.

In considering the continuation of the investment advisory agreement, the
Trustees considered various factors that they determined were relevant,
including the factors described below. The Trustees did not identify any single
factor as the controlling factor in determining to approve the continuation of
the agreement.

Nature, Extent and Quality of Services

The Trustees considered the nature, extent and quality of the services provided
by PIM to the Trust, taking into account the investment objective and strategy
of the Trust and the information related to the Trust provided to the Trustees
at each quarterly meeting. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for the
Trust and its research process. The Trustees considered the resources of PIM and
the personnel of PIM who provide investment management services to the Trust.
They also considered PIM's compliance and legal resources and personnel.

In addition, the Trustees considered the other services that PIM provides to the
Trust under the investment advisory agreement and that, as administrator, PIM is
responsible for the administration of the Trust's business and other affairs. It
was noted that PIM supervises and monitors the performance of the Trust's
service providers and provides the Trust with personnel (including officers) as
are necessary


50


Pioneer High Income Trust

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

for the Trust's operations. The Trustees considered the fees paid to PIM for the
provision of such services.

Based on these considerations, the Trustees concluded that the nature, extent
and quality of services provided by PIM to the Trust were satisfactory and
consistent with the terms of the investment advisory agreement.

Performance of the Trust

The Trustees considered the performance results of the Trust over various time
periods. They reviewed information comparing the Trust's performance with the
average performance of its peer group of funds as classified by Morningstar,
Inc. ("Morningstar"), an independent provider of investment company data, and
with the performance of the Trust's benchmark index. The Trustees considered
that the Trust's annualized total return was in the first quintile of its
Morningstar category for the one, three and five year periods ended June 30,
2007. (In all quintile rankings referred to throughout this disclosure, first
quintile is most favorable to the Trust's shareowners. Thus, highest relative
performance would be first quintile and lowest relative expenses would also be
first quintile.) The Trustees concluded that the investment performance of the
Trust was satisfactory.

Management Fee and Expenses

The Trustees considered information on the fees and expenses of the Trust in
comparison to the management fees and the expense ratios of a peer group of
funds selected on the basis of criteria determined by the independent Trustees
for this purpose using data provided by Strategic Insight Mutual Fund Research
and Consulting, LLC ("Strategic Insight"), an independent third party.

The Trustees considered that the Trust's management fee for the twelve months
ended June 30, 2007 was in the first quintile relative to the management fees
paid by other funds in its Strategic Insight peer group for the comparable
period. The Trustees also considered that the Trust's expense ratio for the
twelve months ended June 30, 2007 was in the first quintile relative to its
Strategic Insight peer group. It was noted that PIM did not currently manage any
separate accounts with an investment objective and strategies that were similar
to the Trust.

The Trustees concluded that the management fee payable by the Trust to PIM was
reasonable in relation to the nature and quality of


                                                                              51


Pioneer High Income Trust

--------------------------------------------------------------------------------
APPROVAL OF INVESTMENT ADVISORY AGREEMENT                            (continued)
--------------------------------------------------------------------------------

services provided, taking into account the fees charged by other advisers for
managing comparable funds with similar strategies. The Trustees also concluded
that the Trust's expense ratio was reasonable, taking into account the size of
the Trust, the quality of services provided by PIM and the investment
performance of the Trust.

Profitability

The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Trust,
including the methodology used by PIM in allocating certain of its costs to the
management of the Trust. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Trust. They further reviewed the
financial results realized by PIM and its affiliates from non-Trust businesses.
The Trustees considered PIM's profit margins with respect to the Trust in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
recognized that PIM should be entitled to earn a reasonable level of profit for
the services provided to the Trust. The Trustees concluded that PIM's
profitability with respect to the management of the Trust was not unreasonable.

Economies of Scale

The Trustees considered the extent to which PIM may realize economies of scale
or other efficiencies in managing and supporting the Trust. Since the Trust is a
closed-end fund and its size is relatively stable at an asset level that was
anticipated when the management fee was initially set, the majority of the
Trustees concluded that economies of scale were not a relevant consideration.

Other Benefits

The Trustees considered the other benefits to PIM from its relationship with the
Trust. The Trustees considered that an affiliate of PIM serves as the Trust's
transfer agent. The Trustees further considered the intangible benefits to PIM
by virtue of its relationship with the Trust and the other Pioneer funds. The
Trustees concluded that the receipt of these benefits was reasonable in the
context of the overall relationship between PIM and the Trust.


52


Pioneer High Income Trust

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

Conclusion

After consideration of the factors described above as well as other factors, the
Trustees, including all of the independent Trustees, concluded that the terms of
the investment advisory agreement between PIM and the Trust, including the fees
payable thereunder, were fair and reasonable and voted to approve the proposed
continuation of the investment advisory agreement for the Trust.


                                                                              53


Pioneer High Income Trust

--------------------------------------------------------------------------------
TRUSTEES, OFFICERS AND SERVICE PROVIDERS
--------------------------------------------------------------------------------

Investment Adviser
Pioneer Investment Management, Inc.

Custodian
Brown Brothers Harriman & Co.

Independent Registered Public Accounting Firm
Ernst & Young LLP

Legal Counsel
Bingham McCutchen LLP

Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.

Shareowner Services and Sub-Transfer Agent
American Stock Transfer & Trust Company

Preferred Share Auction/Transfer Agent and Registrar
Deutsche Bank Trust Company Americas

Sub-Administrator
Princeton Administrators, LLC

Trustees and Officers

The Board of Trustees provides broad supervision over the Trust's affairs. The
officers of the Trust are responsible for the Trust's operations. The Trustees
and officers are listed below, together with their principal occupations during
the past five years. Trustees who are interested persons of the Trust within the
meaning of the Investment Company Act of 1940 are referred to as Interested
Trustees. Trustees who are not interested persons of the Trust are referred to
as Independent Trustees. Each of the Trustees (except Mr. Kingsbury, Mr. West
and Mr. Bock) serves as a Trustee of each of the 77 U.S. registered investment
portfolios for which Pioneer serves as investment adviser (the "Pioneer Funds").
Mr. Kingsbury serves as Trustee of 34 of the 77 Pioneer Funds, Mr. West serves
as Trustee of 33 of the 77 Pioneer Funds, and Mr. Bock serves as Trustee of 76
of the 77 Pioneer Funds. The address for all Trustees and all officers of the
Trust is 60 State Street, Boston, Massachusetts 02109.

The Trust's statement of additional information provides more detailed
information regarding the Trust's Trustees and is available upon request,
without charge, by calling 1-800-225-6292.

Proxy Voting Policies and Procedures of the Trust are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Trust voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at www.pioneerinvestments.com and on the SEC's web site at
http://www.sec.gov.


54


Pioneer High Income Trust

--------------------------------------------------------------------------------
INTERESTED TRUSTEES
--------------------------------------------------------------------------------



                            Positions Held        Length of Service
Name and Age                With the Trust        and Term of Office
                                            
John F. Cogan, Jr. (81)*    Chairman of the       Class II Trustee since
                            Board, Trustee and    2002. Term expires
                            President             in 2010. Elected by
                                                  Preferred Shares
                                                  only.
================================================================================

Daniel K. Kingsbury (49)*   Trustee and Execu-    Class III Trustee
                            tive Vice President   since March 2007.
                                                  Term expires
                                                  in 2008.
================================================================================


                                                                                       Other Directorships Held
Name and Age                Principal Occupation During Past Five Years                by this Trustee
                                                                                 
John F. Cogan, Jr. (81)*    Deputy Chairman and a Director of Pioneer Global Asset     None
                            Management S.p.A. ("PGAM"); Non-Executive Chairman
                            and a Director of Pioneer Investment Management USA
                            Inc. ("PIM-USA"); Chairman and a Director of Pioneer;
                            Chairman and Director of Pioneer Institutional Asset
                            Management, Inc. (since 2006); Director of Pioneer
                            Alternative Investment Management Limited (Dublin);
                            President and a Director of Pioneer Alternative Invest-
                            ment Management (Bermuda) Limited and affiliated
                            funds; Director of PIOGLOBAL Real Estate Investment
                            Fund (Russia) (until June 2006); Director of Nano-C,
                            Inc. (since 2003); Director of Cole Management Inc.
                            (since 2004); Director of Fiduciary Counseling, Inc.;
                            President and Director of Pioneer Funds Distributor, Inc.
                            ("PFD") (until May 2006); President of all of the Pioneer
                            Funds; and Of Counsel, Wilmer Cutler Pickering Hale
                            and Dorr LLP
================================================================================================================
Daniel K. Kingsbury (49)*   Director, CEO and President of Pioneer Investment          None
                            Management USA Inc. (since February 2007); Director
                            and President of Pioneer Investment Management, Inc.
                            and Pioneer Institutional Asset Management, Inc. (since
                            February 2007); Executive Vice President of all of the
                            Pioneer Funds (since March 2007); Director of Pioneer
                            Global Asset Management S.p.A. (since April 2007);
                            Head of New Markets Division, Pioneer Global Asset
                            Management S.p.A. (2000 - 2007)
================================================================================================================


*Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are officers
or directors of the Trust's investment adviser and certain of its affiliates.


                                                                              55


Pioneer High Income Trust

--------------------------------------------------------------------------------
INDEPENDENT TRUSTEES
--------------------------------------------------------------------------------



                     Positions Held   Length of Service
Name and Age         With the Trust   and Term of Office
                                
David R. Bock (64)   Trustee          Class II Trustee since
                                      2005. Term expires
                                      in 2010.
================================================================================
Mary K. Bush (59)    Trustee          Class I Trustee since
                                      2002. Term expires
                                      in 2009.
================================================================================


                                                                              Other Directorships Held
Name and Age         Principal Occupation During Past Five Years              by this Trustee
                                                                        
David R. Bock (64)   Executive Vice President and Chief Financial Officer,    Director of The
                     I-trax, Inc. (publicly traded health care services       Enterprise Social Invest-
                     company) (2004 - 2007); Partner, Federal City Capital    ment Company
                     Advisors (boutique merchant bank) (1997 to 2004 and      (privately-held affordable
                     2008 - present); and Executive Vice President and        housing finance
                     Chief Financial Officer, Pedestal Inc. (internet-based   company); and Director
                     mortgage trading company) (2000 - 2002)                  of New York Mortgage
                                                                              Trust (publicly traded
                                                                              mortgage REIT)
=========================================================================================================
Mary K. Bush (59)    President, Bush International, LLC (international        Director of Brady
                     financial advisory firm)                                 Corporation (industrial
                                                                              identification and
                                                                              specialty coated material
                                                                              products manufacturer);
                                                                              Director of Briggs &
                                                                              Stratton Co. (engine
                                                                              manufacturer); Director
                                                                              of UAL Corporation
                                                                              (airline holding
                                                                              company); Director of
                                                                              Mantech International
                                                                              Corporation (national
                                                                              security, defense, and
                                                                              intelligence technology
                                                                              firm); and Member,
                                                                              Board of Governors,
                                                                              Investment Company
                                                                              Institute
=========================================================================================================



56


Pioneer High Income Trust

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------



                            Positions Held   Length of Service
Name and Age                With the Trust   and Term of Office
                                       
Margaret B.W. Graham (60)   Trustee          Class III Trustee
                                             since 2002. Term
                                             expires in 2008.
================================================================================
Thomas J. Perna (57)        Trustee          Class I Trustee since
                                             February 2006. Term
                                             expires in 2009.
================================================================================
Marguerite A. Piret (59)    Trustee          Class I Trustee since
                                             2002. Term expires
                                             in 2009. Elected by
                                             Preferred Shares only.
================================================================================
Stephen K. West (79)        Trustee          Class II Trustee since
                                             2002. Term expires
                                             in 2010.
================================================================================
John Winthrop (71)          Trustee          Class III Trustee
                                             since 2002. Term
                                             expires in 2008.
================================================================================


                                                                                      Other Directorships Held
Name and Age                Principal Occupation During Past Five Years               by this Trustee
                                                                                
Margaret B.W. Graham (60)   Founding Director, Vice-President and Corporate           None
                            Secretary, The Winthrop Group, Inc. (consulting firm);
                            and Desautels Faculty of Management, McGill University
===============================================================================================================
Thomas J. Perna (57)        Private investor (2004 - present); and Senior Executive   Director of Quadriserv
                            Vice President, The Bank of New York (financial and       Inc. (technology
                            securities services) (1986 - 2004)                        products for securities
                                                                                      lending industry)
===============================================================================================================
Marguerite A. Piret (59)    President and Chief Executive Officer, Newbury, Piret &   Director of New America
                            Company, Inc. (investment banking firm)                   High Income Fund, Inc.
                                                                                      (closed-end investment
                                                                                      company)
===============================================================================================================
Stephen K. West (79)        Senior Counsel, Sullivan & Cromwell LLP (law firm)        Director, The Swiss
                                                                                      Helvetia Fund, Inc.
                                                                                      (closed-end investment
                                                                                      company)
===============================================================================================================
John Winthrop (71)          President, John Winthrop & Co., Inc.                      None
                            (private investment firm)
===============================================================================================================



                                                                              57


Pioneer High Income Trust

--------------------------------------------------------------------------------
FUND OFFICERS
--------------------------------------------------------------------------------



                             Positions Held        Length of Service
Name and Age                 With the Trust        and Term of Office
                                             
Dorothy E. Bourassa (60)     Secretary             Since 2002. Serves
                                                   at the discretion of
                                                   the Board
================================================================================
Christopher J. Kelley (43)   Assistant Secretary   Since 2003. Serves
                                                   at the discretion of
                                                   the Board
================================================================================
Mark E Bradley (48)          Treasurer             Since 2008. Serves
                                                   at the discretion of
                                                   the Board
================================================================================
Luis I. Presutti (42)        Assistant Treasurer   Since 2002. Serves
                                                   at the discretion of
                                                   the Board
================================================================================
Gary Sullivan (49)           Assistant Treasurer   Since 2002. Serves
                                                   at the discretion of
                                                   the Board
================================================================================


                                                                                       Other Directorships Held
Name and Age                 Principal Occupation During Past Five Years               by this Officer
                                                                                 
Dorothy E. Bourassa (60)     Secretary of PIM-USA; Senior Vice President - Legal of    None
                             Pioneer; Secretary/Clerk of most of PIM-USA's
                             subsidiaries; and Secretary of all of the Pioneer Funds
                             since September 2003 (Assistant Secretary from
                             November 2000 to September 2003)
================================================================================================================
Christopher J. Kelley (43)   Associate General Counsel of Pioneer since January        None
                             2008 and Assistant Secretary of all of the Pioneer
                             Funds since September 2003; Vice President and
                             Senior Counsel of Pioneer from July 2002 to December
                             2007
================================================================================================================
Mark E Bradley (48)          Vice President -- Fund Accounting, Administration and     None
                             Controllership Services of Pioneer; and Treasurer of all
                             of the Pioneer Funds since March 2008; Deputy
                             Treasurer of Pioneer and Assistant Treasurer of all of
                             the Pioneer Funds from November 2004 to March
                             2008; Treasurer and Senior Vice President, CDC IXIS
                             Asset Management Services from 2002 to 2003
================================================================================================================
Luis I. Presutti (42)        Assistant Vice President - Fund Accounting, Administra-   None
                             tion and Controllership Services of Pioneer; and As-
                             sistant Treasurer of all of the Pioneer Funds
================================================================================================================
Gary Sullivan (49)           Fund Accounting Manager - Fund Accounting,                None
                             Administration and Controllership Services of Pioneer;
                             and Assistant Treasurer of all of the Pioneer Funds
================================================================================================================



58


Pioneer High Income Trust

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------



                              Positions Held        Length of Service
Name and Age                  With the Trust        and Term of Office
                                              
Katherine Kim Sullivan (34)   Assistant Treasurer   Since 2003. Serves
                                                    at the discretion of
                                                    the Board
================================================================================
Teri W. Anderholm (48)        Chief Compliance      Since January 2007.
                              Officer               Serves at the discre-
                                                    tion of the Board
================================================================================


                                                                                         Other Directorships Held
Name and Age                  Principal Occupation During Past Five Years                by this Officer
                                                                                   
Katherine Kim Sullivan (34)   Fund Administration Manager - Fund Accounting,             None
                              Administration and Controllership Services since June
                              2003 and Assistant Treasurer of all of the Pioneer
                              Funds since September 2003; Assistant Vice President
                              - Mutual Fund Operations of State Street Corporation
                              from June 2002 to June 2003 (formerly Deutsche Bank
                              Asset Management)
==================================================================================================================
Teri W. Anderholm (48)        Chief Compliance Officer of Pioneer since December         None
                              2006 and of all the Pioneer Funds since January 2007;
                              Vice President and Compliance Officer, MFS Investment
                              Management (August 2005 to December 2006);
                              Consultant, Fidelity Investments (February 2005 to July
                              2005); Independent Consultant (July 1997 to February
                              2005)
==================================================================================================================


The outstanding capital stock of PFD, PIM and PIMSS is indirectly wholly owned
by UniCredito Italiano S.p.A. ("UniCredito Italiano"), one of the largest
banking groups in Italy. PIM, the Trust's investment adviser, provides
investment management and financial services to mutual funds, institutional and
other clients.


                                                                              59


--------------------------------------------------------------------------------

--------------------------------------------------------------------------------


                            This page for your notes.


60


--------------------------------------------------------------------------------
HOW TO CONTACT PIONEER
--------------------------------------------------------------------------------

We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.

You can call American Stock Transfer & Trust Company (AST) for:

Account Information                             1-800-710-0935

Or write to AST:



For                                             Write to
                                             
General inquiries, lost dividend checks,        American Stock
change of address, lost stock certificates,     Transfer & Trust
stock transfer                                  Operations Center
                                                6201 15th Ave.
                                                Brooklyn, NY 11219

Dividend reinvestment plan (DRIP)               American Stock
                                                Transfer & Trust
                                                Wall Street Station
                                                P.O. Box 922
                                                New York, NY 10269-0560

Website                                         www.amstock.com


For additional information, please contact your investment advisor or visit our
web site www.pioneerinvestments.com.

The Trust files a complete statement of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareowners may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.

The Trust's Chief Executive Officer is required by the New York Stock Exchange's
Listing Standards to file annually with the Exchange a certification that he is
not aware of any violation by the Trust of the Exchange's Corporate Governance
Standards applicable to the Trust. The Trust has filed such certification.


ITEM 2. CODE OF ETHICS.

(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party.  If
the registrant has not adopted such a code of ethics, explain why it has not
done so.

The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.

(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:

        (1) Honest and ethical conduct, including the ethical handling of actual
        or apparent conflicts of interest between personal and professional
        relationships;

        (2) Full, fair, accurate, timely, and understandable disclosure in
        reports and documents that a registrant files with, or submits to, the
        Commission and in other public communications made by the registrant;

        (3) Compliance with applicable governmental laws, rules, and
        regulations;

        (4) The prompt internal reporting of violations of the code to an
        appropriate person or persons identified in the code; and

        (5) Accountability for adherence to the code.

(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.

The registrant has made no amendments to the code of ethics during the period
covered by this report.

(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.

Not applicable.

(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.

Not applicable.

(f) The registrant must:

        (1) File with the Commission, pursuant to Item 10(a), a copy of its code
        of ethics that applies to the registrant's principal executive officer,
        principal financial officer, principal accounting officer or controller,
        or persons performing similar functions, as an exhibit to its annual
        report on this Form N-CSR;

        (2) Post the text of such code of ethics on its Internet website and
        disclose, in its most recent report on this Form N-CSR, its Internet
        address and the fact that it has posted such code of ethics on its
        Internet website; or

        (3) Undertake in its most recent report on this Form N-CSR to provide to
        any person without charge, upon request, a copy of such code of ethics
        and explain the manner in which such request may be made.
	See Item 10(2)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1)  Disclose that the registrant's board of trustees has determined that
         the registrant either:

    (i)  Has at least one audit committee financial expert serving on its audit
         committee; or

    (ii) Does not have an audit committee financial expert serving on its audit
         committee.

The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.

    (2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:

    (i)  Accept directly or indirectly any consulting, advisory, or other
         compensatory fee from the issuer; or

    (ii) Be an "interested person" of the investment company as defined in
         Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.

    (3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.

Not applicable.


ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.

Audit Fees
Fees for audit services provided to the Trust, including fees
associated with the filings to update its Form N-2 and issuance
of comfort letters, totaled approximately $40,100 in 2008 and
$38,545 in 2007.

(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.

Audit-Related Fees
Fees for the Trust's audit-related services totaled
approximately $9,652 in 2008 and $9,285 in 2007, which were
related to the issuance of agreed upon procedures report to the
rating agencies.


(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.

Tax Fees
Fees for tax compliance services, primarily for tax returns,
totaled approximately $8,290 and $7,820 for 2008 and 2007,
respectively.


(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.

Other Fees
Fees for FAS 157 services totaled approximately $1,200 in
2008. There were no other services provided to the Trust
during the fiscal year ended March 31, 2007.


(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

 PIONEER FUNDS
            APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
                       PROVIDED BY THE INDEPENDENT AUDITOR

                  SECTION I - POLICY PURPOSE AND APPLICABILITY

The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.

The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.

Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).

In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.

Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.



                               SECTION II - POLICY

---------------- -------------------------------- -------------------------------------------------
SERVICE           SERVICE CATEGORY DESCRIPTION      SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
                                            
I.  AUDIT        Services that are directly       o Accounting research assistance
SERVICES         related to performing the        o SEC consultation, registration
                 independent audit of the Funds     statements, and reporting
                                                  o Tax accrual related matters
                                                  o Implementation of new accounting
                                                    standards
                                                  o Compliance letters (e.g. rating agency
                                                    letters)
                                                  o Regulatory reviews and assistance
                                                    regarding financial matters
                                                  o Semi-annual reviews (if requested)
                                                  o Comfort letters for closed end
                                                    offerings
---------------- -------------------------------- -------------------------------------------------
II.              Services which are not           o AICPA attest and agreed-upon procedures
AUDIT-RELATED    prohibited under Rule            o Technology control assessments
SERVICES         210.2-01(C)(4) (the "Rule")      o Financial reporting control assessments
                 and are related extensions of    o Enterprise security architecture
                 the audit services support the     assessment
                 audit, or use the
                 knowledge/expertise gained
                 from the audit procedures as a
                 foundation to complete the
                 project.  In most cases, if
                 the Audit-Related Services are
                 not performed by the Audit
                 firm, the scope of the Audit
                 Services would likely
                 increase.  The Services are
                 typically well-defined and
                 governed by accounting
                 professional standards (AICPA,
                 SEC, etc.)
---------------- -------------------------------- -------------------------------------------------

 ------------------------------------- ------------------------------------
                                    
   AUDIT COMMITTEE APPROVAL POLICY               AUDIT COMMITTEE
                                                REPORTING POLICY
 ------------------------------------- ------------------------------------
                                    
 o "One-time" pre-approval             o A summary of all such
   for the audit period for all          services and related fees
   pre-approved specific service         reported at each regularly
   subcategories.  Approval of the       scheduled Audit Committee
   independent auditors as               meeting.
   auditors for a Fund shall
   constitute pre approval for
   these services.
 ------------------------------------- ------------------------------------
 o "One-time" pre-approval             o A summary of all such
   for the fund fiscal year within       services and related fees
   a specified dollar limit              (including comparison to
   for all pre-approved                  specified dollar limits)
   specific service subcategories        reported quarterly.

 o Specific approval is
   needed to exceed the
   pre-approved dollar limit for
   these services (see general
   Audit Committee approval policy
   below for details on obtaining
   specific approvals)

 o Specific approval is
   needed to use the Fund's
   auditors for Audit-Related
   Services not denoted as
   "pre-approved", or
   to add a specific service
   subcategory as "pre-approved"
 ------------------------------------- ------------------------------------




                     SECTION III - POLICY DETAIL, CONTINUED

----------------------- --------------------------- -----------------------------------------------
   SERVICE CATEGORY          SERVICE CATEGORY        SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
                               DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
                                              
III. TAX SERVICES       Services which are not      o Tax planning and support
                        prohibited by the Rule,     o Tax controversy assistance
                        if an officer of the Fund   o Tax compliance, tax returns, excise
                        determines that using the     tax returns and support
                        Fund's auditor to provide   o Tax opinions
                        these services creates
                        significant synergy in
                        the form of efficiency,
                        minimized disruption, or
                        the ability to maintain a
                        desired level of
                        confidentiality.
----------------------- --------------------------- -----------------------------------------------

------------------------------------- -------------------------
  AUDIT COMMITTEE APPROVAL POLICY         AUDIT COMMITTEE
                                          REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval             o A summary of
  for the fund fiscal  year             all such services and
  within a specified dollar limit       related fees
  				        (including comparison
  			                to specified dollar
  			                limits) reported
  			                quarterly.

o Specific approval is
  needed to exceed the
  pre-approved dollar limits for
  these services (see general
  Audit Committee approval policy
  below for details on obtaining
  specific approvals)

o Specific approval is
  needed to use the Fund's
  auditors for tax services not
  denoted as pre-approved, or to add a specific
  service subcategory as
  "pre-approved"
------------------------------------- -------------------------




                     SECTION III - POLICY DETAIL, CONTINUED

----------------------- --------------------------- -----------------------------------------------
   SERVICE CATEGORY          SERVICE CATEGORY        SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
                               DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
                                              
IV.  OTHER SERVICES     Services which are not      o Business Risk Management support
                        prohibited by the Rule,     o Other control and regulatory
A. SYNERGISTIC,         if an officer of the Fund     compliance projects
UNIQUE QUALIFICATIONS   determines that using the
                        Fund's auditor to provide
                        these services creates
                        significant synergy in
                        the form of efficiency,
                        minimized disruption,
                        the ability to maintain a
                        desired level of
                        confidentiality, or where
                        the Fund's auditors
                        posses unique or superior
                        qualifications to provide
                        these services, resulting
                        in superior value and
                        results for the Fund.
----------------------- --------------------------- -----------------------------------------------

--------------------------------------- ------------------------
    AUDIT COMMITTEE APPROVAL POLICY         AUDIT COMMITTEE
                                            REPORTING POLICY
------------------------------------- --------------------------
                                   
o "One-time" pre-approval             o A summary of
  for the fund fiscal year within       all such services and
  a specified dollar limit              related fees
  			               (including comparison
  			                to specified dollar
  				        limits) reported
                                        quarterly.
o Specific approval is
  needed to exceed the
  pre-approved dollar limits for
  these services (see general
  Audit Committee approval policy
  below for details on obtaining
  specific approvals)

o Specific approval is
  needed to use the Fund's
  auditors for "Synergistic" or
  "Unique Qualifications" Other
  Services not denoted as
  pre-approved to the left, or to
  add a specific service
  subcategory as "pre-approved"
------------------------------------- --------------------------




                     SECTION III - POLICY DETAIL, CONTINUED

----------------------- ------------------------- -----------------------------------------------
   SERVICE CATEGORY         SERVICE CATEGORY        SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
                              DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
                                            
PROHIBITED  SERVICES    Services which result     1. Bookkeeping or other services
                        in the auditors losing       related to the accounting records or
                        independence status          financial statements of the audit
                        under the Rule.              client*
                                                  2. Financial information systems design
                                                     and implementation*
                                                  3. Appraisal or valuation services,
                                                     fairness* opinions, or
                                                     contribution-in-kind reports
                                                  4. Actuarial services (i.e., setting
                                                     actuarial reserves versus actuarial
                                                     audit work)*
                                                  5. Internal audit outsourcing services*
                                                  6. Management functions or human
                                                     resources
                                                  7. Broker or dealer, investment
                                                     advisor, or investment banking services
                                                  8. Legal services and expert services
                                                     unrelated to the audit
                                                  9. Any other service that the Public
                                                     Company Accounting Oversight Board
                                                     determines, by regulation, is
                                                     impermissible
----------------------- ------------------------- -----------------------------------------------

------------------------------------------- ------------------------------
     AUDIT COMMITTEE APPROVAL POLICY               AUDIT COMMITTEE
                                                  REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be              o A summary of all
  performed with the exception of the(*)      services and related
  services that may be permitted              fees reported at each
  if they would not be subject to audit       regularly scheduled
  procedures at the audit client (as          Audit Committee meeting
  defined in rule 2-01(f)(4)) level           will serve as continual
  the firm providing the service.             confirmation that has
  				              not provided any
                                              restricted services.
------------------------------------------- ------------------------------

--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
  make an assessment to determine that any proposed projects will not impair
  independence.

o Potential services will be classified into the four non-restricted service
  categories and the "Approval of Audit, Audit-Related, Tax and Other
  Services" Policy above will be applied. Any services outside the specific
  pre-approved service subcategories set forth above must be specifically
  approved by the Audit Committee.

o At least quarterly, the Audit Committee shall review a report summarizing the
  services by service category, including fees, provided by the Audit firm as
  set forth in the above policy.

--------------------------------------------------------------------------------


    (2) Disclose the percentage of services described in each of paragraphs (b)
   through (d) of this Item that were approved by the audit committee pursuant
   to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

Beginning with non-audit service contracts entered into on or
after May 6, 2003, the effective date of the new SEC pre-
approval rules, the Trust's audit committee is required to pre-
approve services to affiliates defined by SEC rules to the
extent that the services are determined to have a direct impact
on the operations or financial reporting of the Trust. For the
years ended March 31, 2008 and 2007, there were no services
provided to an affiliate that required the Trust's audit
committee pre-approval.

(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.

N/A

(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.

The aggregate non-audit fees for the Trust and affiliates, as
previously defined, totaled approximately $19,142 in 2008 and
$17,105 in 2007.


(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.

The Fund's audit committee of the Board of Trustees has
considered whether the provision of non-audit services that
were rendered to the Affiliates (as defined) that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal
accountant's independence.

Item 5. Audit Committee of Listed Registrants

(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
 audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrants audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.

N/A

(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.

N/A

Item 6. Schedule of Investments.

File Schedule I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.

Included in Item 1


ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.

Proxy Voting Policies and Procedures of
                       Pioneer Investment Management, Inc.

                            VERSION DATED July, 2004

                                    Overview

   Pioneer Investment Management, Inc. ("Pioneer") is a fiduciary that owes
   each of its client's duties of care and loyalty with respect to all
   services undertaken on the client's behalf, including proxy voting. When
   Pioneer has been delegated proxy-voting authority for a client, the duty of
   care requires Pioneer to monitor corporate events and to vote the proxies.
   To satisfy its duty of loyalty, Pioneer must place its client's interests
   ahead of its own and must cast proxy votes in a manner consistent with the
   best interest of its clients. Pioneer will vote all proxies presented in a
   timely manner.

   The Proxy Voting Policies and Procedures are designed to complement
   Pioneer's investment policies and procedures regarding its general
   responsibility to monitor the performance and/or corporate events of
   companies that are issuers of securities held in accounts managed by
   Pioneer. Pioneer's Proxy Voting Policies summarize Pioneer's position on a
   number of issues solicited by companies held by Pioneer's clients. The
   policies are guidelines that provide a general indication on how Pioneer
   would vote but do not include all potential voting scenarios.

   Pioneer's Proxy Voting Procedures detail monitoring of voting, exception
   votes, and review of conflicts of interest and ensure that case-by-case
   votes are handled within the context of the overall guidelines (i.e. best
   interest of client). The overriding goal is that all proxies for US and
   non-US companies that are received promptly will be voted in accordance
   with Pioneer's policies or specific client instructions. All shares in a
   company held by Pioneer-managed accounts will be voted alike, unless a
   client has given us specific voting instructions on an issue or has not
   delegated authority to us or the Proxy Voting Oversight Group determines
   that the circumstances justify a different approach.

   Pioneer does not delegate the authority to vote proxies relating to its
   clients to any of its affiliates, which include other subsidiaries of
   UniCredito.

   Any questions about these policies and procedures should be directed to the
   Proxy Coordinator.

                                       1


                             Proxy Voting Procedures

   Proxy Voting Service
   Pioneer has engaged an independent proxy voting service to assist in the
   voting of proxies. The proxy voting service works with custodians to ensure
   that all proxy materials are received by the custodians and are processed
   in a timely fashion. To the extent applicable, the proxy voting service
   votes all proxies in accordance with the proxy voting policies established
   by Pioneer. The proxy voting service will refer proxy questions to the
   Proxy Coordinator (described below) for instructions under circumstances
   where: (1) the application of the proxy voting guidelines is unclear; (2) a
   particular proxy question is not covered by the guidelines; or (3) the
   guidelines call for specific instructions on a case-by-case basis. The
   proxy voting service is also requested to call to the Proxy Coordinator's
   attention specific proxy questions that, while governed by a guideline,
   appear to involve unusual or controversial issues. Pioneer reserves the
   right to attend a meeting in person and may do so when it determines that
   the company or the matters to be voted on at the meeting are strategically
   important to its clients.

   Proxy Coordinator
   Pioneer's Director of Investment Operations (the "Proxy Coordinator")
   coordinates the voting, procedures and reporting of proxies on behalf of
   Pioneer's clients. The Proxy Coordinator will deal directly with the proxy
   voting service and, in the case of proxy questions referred by the proxy
   voting service, will solicit voting recommendations and instructions from
   the Director of Portfolio Management US or, to the extent applicable,
   investment sub-advisers. The Proxy Coordinator is responsible for ensuring
   that these questions and referrals are responded to in a timely fashion and
   for transmitting appropriate voting instructions to the proxy voting
   service. The Proxy Coordinator is responsible for verifying with the
   Compliance Department whether Pioneer's voting power is subject to any
   limitations or guidelines issued by the client (or in the case of an
   employee benefit plan, the plan's trustee or other fiduciaries).

   Referral Items
   From time to time, the proxy voting service will refer proxy questions to
   the Proxy Coordinator that are described by Pioneer's policy as to be voted
   on a case-by-case basis, that are not covered by Pioneer's guidelines or
   where Pioneer's guidelines may be unclear with respect to the matter to be
   voted on. Under such certain circumstances, the Proxy Coordinator will seek
   a written voting recommendation from the Director of Portfolio Management
   US. Any such recommendation will include: (i) the manner in which the
   proxies should be voted; (ii) the rationale underlying any such decision;
   and (iii) the disclosure of any contacts or communications made between
   Pioneer and any outside parties concerning the proxy proposal prior to the
   time that the voting instructions are provided. In addition, the Proxy
   Coordinator will ask the Compliance Department to review the question for
   any actual or apparent conflicts of interest as described below under
   "Conflicts of

                                       2


   Interest." The Compliance Department will provide a "Conflicts of Interest
   Report," applying the criteria set forth below under "Conflicts of
   Interest," to the Proxy Coordinator summarizing the results of its review.
   In the absence of a conflict of interest, the Proxy Coordinator will vote
   in accordance with the recommendation of the Director of Portfolio
   Management US.

   If the matter presents a conflict of interest for Pioneer, then the Proxy
   Coordinator will refer the matter to the Proxy Voting Oversight Group for a
   decision. In general, when a conflict of interest is present, Pioneer will
   vote according to the recommendation of the Director of Portfolio
   Management US where such recommendation would go against Pioneer's interest
   or where the conflict is deemed to be immaterial. Pioneer will vote
   according to the recommendation of its proxy voting service when the
   conflict is deemed to be material and the Pioneer's internal vote
   recommendation would favor Pioneer's interest, unless a client specifically
   requests Pioneer to do otherwise. When making the final determination as to
   how to vote a proxy, the Proxy Voting Oversight Group will review the
   report from the Director of Portfolio Management US and the Conflicts of
   Interest Report issued by the Compliance Department.

   Conflicts of Interest
   A conflict of interest occurs when Pioneer's interests interfere, or appear
   to interfere with the interests of Pioneer's clients. Occasionally, Pioneer
   may have a conflict that can affect how its votes proxies. The conflict may
   be actual or perceived and may exist when the matter to be voted on
   concerns:

       o      An affiliate of Pioneer,  such as another company  belonging to
              the UniCredito  Italiano  S.p.A.  banking group (a "UniCredito
              Affiliate");

       o      An issuer of a security for which Pioneer acts as a sponsor,
              advisor, manager, custodian, distributor, underwriter, broker, or
              other similar capacity (including those securities specifically
              declared by PGAM to present a conflict of interest for Pioneer);

       o      An issuer of a security for which UniCredito has informed Pioneer
              that a UniCredito Affiliate acts as a sponsor, advisor, manager,
              custodian, distributor, underwriter, broker, or other similar
              capacity; or

       o      A person with whom Pioneer (or any of its affiliates) has an
              existing, material contract or business relationship that was not
              entered into in the ordinary course of Pioneer's business.

       o      Pioneer will abstain from voting with respect to companies
              directly or indirectly owned by UniCredito Italiano Group, unless
              otherwise directed by a client. In addition, Pioneer will inform
              PGAM Global Compliance and the PGAM Independent Directors before
              exercising such rights.

   Any associate involved in the proxy voting process with knowledge of any
   apparent or actual conflict of interest must disclose such conflict to the
   Proxy Coordinator and the Compliance Department. The Compliance Department
   will review each item referred to Pioneer to determine whether an actual or
   potential conflict of interest with Pioneer exists in connection with the
   proposal(s) to be voted upon. The review will be conducted by comparing the
   apparent parties affected by the proxy proposal being

                                       3


   voted upon against the Compliance Department's internal list of interested
   persons and, for any matches found, evaluating the anticipated magnitude
   and possible probability of any conflict of interest being present. For
   each referral item, the determination regarding the presence or absence of
   any actual or potential conflict of interest will be documented in a
   Conflicts of Interest Report to the Proxy Coordinator.

   Securities Lending
   In conjunction with industry standards Proxies are not available to be
   voted when the shares are out on loan through either Pioneer's lending
   program or a client's managed security lending program. However, Pioneer
   will reserve the right to recall lent securities so that they may be voted
   according to the Pioneer's instructions. If a portfolio manager would like
   to vote a block of previously lent shares, the Proxy Coordinator will work
   with the portfolio manager and Investment Operations to recall the
   security, to the extent possible, to facilitate the vote on the entire
   block of shares.

   Share-Blocking

   "Share-blocking" is a market practice whereby shares are sent to a
   custodian (which may be different than the account custodian) for record
   keeping and voting at the general meeting. The shares are unavailable for
   sale or delivery until the end of the blocking period (typically the day
   after general meeting date).

   Pioneer will vote in those countries with "share-blocking." In the event a
   manager would like to sell a security with "share-blocking", the Proxy
   Coordinator will work with the Portfolio Manager and Investment Operations
   Department to recall the shares (as allowable within the market time-frame
   and practices) and/or communicate with executing brokerage firm. A list of
   countries with "share-blocking" is available from the Investment Operations
   Department upon request.

   Record Keeping
   The Proxy Coordinator shall ensure that Pioneer's proxy voting service:

       o   Retains a copy of the proxy statement received (unless the proxy
           statement is available from the SEC's Electronic Data Gathering,
           Analysis, and Retrieval (EDGAR) system);

       o   Retains a record of the vote cast;

       o   Prepares Form N-PX for filing on behalf of each client that is a
           registered investment company; and

       o   Is able to promptly provide Pioneer with a copy of the voting
           record upon its request.

                                       4


   The Proxy Coordinator shall ensure that for those votes that may require
   additional documentation (i.e. conflicts of interest, exception votes and
   case-by-case votes) the following records are maintained:

       o    A record memorializing the basis for each referral vote cast;

       o    A copy of any document created by Pioneer that was material in
            making the decision on how to vote the subject proxy; and

       o    A copy of any conflict notice, conflict consent or any other
            written communication (including emails or other electronic
            communications) to or from the client (or in the case of an
            employee benefit plan, the plan's trustee or other fiduciaries)
            regarding the subject proxy vote cast by, or the vote
            recommendation of, Pioneer.

       o    Pioneer shall maintain the above records in the client's file for a
            period not less than ten (10) years.

     Disclosure
     Pioneer shall take reasonable measures to inform its clients of the process
     or procedures clients must follow to obtain information regarding how
     Pioneer voted with respect to assets held in their accounts. In addition,
     Pioneer shall describe to clients its proxy voting policies and procedures
     and will furnish a copy of its proxy voting policies and procedures upon
     request. This information may be provided to clients through Pioneer's Form
     ADV (Part II) disclosure, by separate notice to the client, or through
     Pioneer's website.

     Proxy Voting Oversight Group
     The members of the Proxy Voting Oversight Group are Pioneer's: Director of
     Portfolio Management US, Head of Investment Operations, and Director of
     Compliance. Other members of Pioneer will be invited to attend meetings and
     otherwise participate as necessary. The Head of Investment Operations will
     chair the Proxy Voting Oversight Group.

     The Proxy Voting Oversight Group is responsible for developing, evaluating,
     and changing (when necessary) Pioneer's Proxy Voting Policies and
     Procedures. The group meets at least annually to evaluate and review these
     policies and procedures and the services of its third-party proxy voting
     service. In addition, the Proxy Voting Oversight Group will meet as
     necessary to vote on referral items and address other business as
     necessary.

     Amendments
     Pioneer may not amend its Proxy Voting Policies And Procedures without the
     prior approval of the Proxy Voting Oversight Group and its corporate
     parent, Pioneer Global Asset Management S.p.A

                                       5


   Proxy Voting Policies
   Pioneer's sole concern in voting proxies is the economic effect of the
   proposal on the value of portfolio holdings, considering both the short-
   and long-term impact. In many instances, Pioneer believes that supporting
   the company's strategy and voting "for" management's proposals builds
   portfolio value. In other cases, however, proposals set forth by management
   may have a negative effect on that value, while some shareholder proposals
   may hold the best prospects for enhancing it. Pioneer monitors developments
   in the proxy-voting arena and will revise this policy as needed.

   All proxies that are received promptly will be voted in accordance with the
   specific policies listed below. All shares in a company held by
   Pioneer-managed accounts will be voted alike, unless a client has given us
   specific voting instructions on an issue or has not delegated authority to
   us. Proxy voting issues will be reviewed by Pioneer's Proxy Voting
   Oversight Group, which consists of the Director of Portfolio Management US,
   the Director of Investment Operations (the Proxy Coordinator), and the
   Director of Compliance.

   Pioneer has established Proxy Voting Procedures for identifying and
   reviewing conflicts of interest that may arise in the voting of proxies.

   Clients may request, at any time, a report on proxy votes for securities
   held in their portfolios and Pioneer is happy to discuss our proxy votes
   with company management. Pioneer retains a proxy voting service to provide
   research on proxy issues and to process proxy votes.

Administrative
   While administrative items appear infrequently in U.S. issuer proxies, they
   are quite common in non-U.S. proxies.

   We will generally support these and similar management proposals:

       o    Corporate name change.

       o    A change of corporate headquarters.

       o    Stock exchange listing.

       o    Establishment of time and place of annual meeting.

       o    Adjournment or postponement of annual meeting.

       o    Acceptance/approval of financial statements.

       o    Approval of dividend payments, dividend reinvestment plans and other
            dividend-related proposals.

       o    Approval of minutes and other formalities.

                                       6


       o    Authorization of the transferring of reserves and allocation of
            income.

       o    Amendments to authorized signatories.

       o    Approval of accounting method changes or change in fiscal year-end.

       o    Acceptance of labor agreements.

       o    Appointment of internal auditors.

   Pioneer will vote on a case-by-case basis on other routine business;
   however, Pioneer will oppose any routine business proposal if insufficient
   information is presented in advance to allow Pioneer to judge the merit of
   the proposal. Pioneer has also instructed its proxy voting service to
   inform Pioneer of its analysis of any administrative items inconsistent, in
   its view, with supporting the value of Pioneer portfolio holdings so that
   Pioneer may consider and vote on those items on a case-by-case basis.

Auditors
     We normally vote for proposals to:

       o    Ratify the auditors. We will consider a vote against if we are
            concerned about the auditors' independence or their past work for
            the company. Specifically, we will oppose the ratification of
            auditors and withhold votes from audit committee members if
            non-audit fees paid by the company to the auditing firm exceed the
            sum of audit fees plus audit-related fees plus permissible tax
            fees according to the disclosure categories proposed by the
            Securities and Exchange Commission.

       o    Restore shareholder rights to ratify the auditors.

     We will normally oppose proposals that require companies to:

       o    Seek bids from other auditors.

       o    Rotate auditing firms, except where the rotation is statutorily
            required or where rotation would demonstrably strengthen financial
            disclosure.

       o    Indemnify auditors.

       o    Prohibit auditors from engaging in non-audit services for the
            company.

     Board of Directors
     On issues related to the board of directors, Pioneer normally supports
     management. We will, however, consider a vote against management in
     instances where corporate performance has been very poor or where the board
     appears to lack independence.

                                       7


     General Board Issues
     Pioneer will vote for:

       o    Audit, compensation and nominating committees composed of
            independent directors exclusively.

       o    Indemnification for directors for actions taken in good faith in
            accordance with the business judgment rule. We will vote against
            proposals for broader indemnification.

       o    Changes in board size that appear to have a legitimate business
            purpose and are not primarily for anti-takeover reasons.

       o    Election of an honorary director.

     We will vote against:

       o    Minimum stock ownership by directors.

       o    Term limits for directors. Companies benefit from experienced
            directors, and shareholder control is better achieved through
            annual votes.

       o    Requirements for union or special interest representation on the
            board.

       o    Requirements to provide two candidates for each board seat.

     We will vote on a case-by case basis on these issues:

       o    Separate chairman and CEO positions. We will consider voting with
            shareholders on these issues in cases of poor corporate
            performance.

     Elections of Directors
     In uncontested elections of directors we will vote against:

       o    Individual directors with absenteeism above 25% without valid
            reason. We support proposals that require disclosure of director
            attendance.

       o    Insider directors and affiliated outsiders who sit on the audit,
            compensation, stock option or nominating committees. For the
            purposes of our policy, we accept the definition of affiliated
            directors provided by our proxy voting service.

     We will also vote against:

       o    Directors who have failed to act on a takeover offer where the
            majority of shareholders have tendered their shares.

       o    Directors who appear to lack independence or are associated with
            very poor corporate performance.

                                       8


     We will vote on a case-by case basis on these issues:

       o    Re-election of directors who have implemented or renewed a
            dead-hand or modified dead-hand poison pill (a "dead-hand poison
            pill" is a shareholder rights plan that may be altered only by
            incumbent or "dead " directors. These plans prevent a potential
            acquirer from disabling a poison pill by obtaining control of the
            board through a proxy vote).

       o    Contested election of directors.

       o    Prior to phase-in required by SEC, we would consider supporting
            election of a majority of independent directors in cases of poor
            performance.

       o    Mandatory retirement policies.

       o    Directors who have ignored a shareholder proposal that has been
            approved by shareholders for two consecutive years.

     Takeover-Related Measures
     Pioneer is generally opposed to proposals that may discourage takeover
     attempts. We believe that the potential for a takeover helps ensure that
     corporate performance remains high.

     Pioneer will vote for:

       o    Cumulative voting.

       o    Increase ability for shareholders to call special meetings.

       o    Increase ability for shareholders to act by written consent.

       o    Restrictions on the ability to make greenmail payments.

       o    Submitting rights plans to shareholder vote.

       o    Rescinding shareholder rights plans ("poison pills").

       o    Opting out of the following state takeover statutes:

     o Control share acquisition statutes, which deny large holders voting
       rights on holdings over a specified threshold.

     o Control share cash-out provisions, which require large holders to
       acquire shares from other holders.

     o Freeze-out provisions, which impose a waiting period on large
       holders before they can attempt to gain control.

     o Stakeholder laws, which permit directors to consider interests of
       non-shareholder constituencies.

                                       9


     o Disgorgement provisions, which require acquirers to disgorge profits
       on purchases made before gaining control.

     o Fair price provisions.

     o Authorization of shareholder rights plans.

     o Labor protection provisions.

     o Mandatory classified boards.

     We will vote on a case-by-case basis on the following issues:

       o    Fair price provisions. We will vote against provisions requiring
            supermajority votes to approve takeovers. We will also consider
            voting against proposals that require a supermajority vote to
            repeal or amend the provision. Finally, we will consider the
            mechanism used to determine the fair price; we are generally
            opposed to complicated formulas or requirements to pay a premium.

       o    Opting out of state takeover statutes regarding fair price
            provisions. We will use the criteria used for fair price
            provisions in general to determine our vote on this issue.

       o    Proposals that allow shareholders to nominate directors.

     We will vote against:

       o    Classified boards, except in the case of closed-end mutual funds.

       o    Limiting shareholder ability to remove or appoint directors. We
            will support proposals to restore shareholder authority in this
            area. We will review on a case-by-case basis proposals that
            authorize the board to make interim appointments.

       o    Classes of shares with unequal voting rights.

       o    Supermajority vote requirements.

       o    Severance packages ("golden" and "tin" parachutes). We will support
            proposals to put these packages to shareholder vote.

       o    Reimbursement of dissident proxy solicitation expenses. While we
            ordinarily support measures that encourage takeover bids, we
            believe that management should have full control over corporate
            funds.

       o    Extension of advance notice requirements for shareholder proposals.

       o    Granting board authority normally retained by shareholders (e.g.,
            amend charter, set board size).

       o    Shareholder rights plans ("poison pills"). These plans generally
            allow shareholders to buy additional shares at a below-market
            price in the event of a change in control and may deter some bids.

                                       10


     Capital Structure
     Managements need considerable flexibility in determining the company's
     financial structure, and Pioneer normally supports managements' proposals
     in this area. We will, however, reject proposals that impose high barriers
     to potential takeovers.

     Pioneer will vote for:

       o    Changes in par value.

       o    Reverse splits, if accompanied by a reduction in number of shares.

       o    Share repurchase programs, if all shareholders may participate on
            equal terms.

       o    Bond issuance.

       o    Increases in "ordinary" preferred stock.

       o    Proposals to have blank-check common stock placements (other than
            shares issued in the normal course of business) submitted for
            shareholder approval.

       o    Cancellation of company treasury shares.

     We will vote on a case-by-case basis on the following issues:

       o    Reverse splits not accompanied by a reduction in number of shares,
            considering the risk of delisting.

       o    Increase in authorized common stock. We will make a determination
            considering, among other factors:

     o Number of shares currently available for issuance;

     o Size of requested increase (we would normally approve increases of up to
       100% of current authorization);

     o Proposed use of the additional shares; and

     o Potential consequences of a failure to increase the number of shares
       outstanding (e.g., delisting or bankruptcy).

       o    Blank-check preferred. We will normally oppose issuance of a new
            class of blank-check preferred, but may approve an increase in a
            class already outstanding if the company has demonstrated that it
            uses this flexibility appropriately.

       o    Proposals to submit private placements to shareholder vote.

       o    Other financing plans.

     We will vote against preemptive rights that we believe limit a company's
financing flexibility.

                                      11


     Compensation
     Pioneer supports compensation plans that link pay to shareholder returns
     and believes that management has the best understanding of the level of
     compensation needed to attract and retain qualified people. At the same
     time, stock-related compensation plans have a significant economic impact
     and a direct effect on the balance sheet. Therefore, while we do not want
     to micromanage a company's compensation programs, we will place limits on
     the potential dilution these plans may impose.

     Pioneer will vote for:

       o    401(k) benefit plans.

       o    Employee stock ownership plans (ESOPs), as long as shares
            allocated to ESOPs are less than 5% of outstanding shares. Larger
            blocks of stock in ESOPs can serve as a takeover defense. We will
            support proposals to submit ESOPs to shareholder vote.

       o    Various issues related to the Omnibus Budget and Reconciliation Act
            of 1993 (OBRA), including:

     o Amendments to performance plans to conform with OBRA;

     o Caps on annual grants or amendments of administrative features;

     o Adding performance goals; and

     o Cash or cash-and-stock bonus plans.

       o    Establish a process to link pay, including stock-option grants, to
            performance, leaving specifics of implementation to the company.

       o    Require that option repricings be submitted to shareholders.

       o    Require the expensing of stock-option awards.

       o    Require reporting of executive retirement benefits (deferred
            compensation, split-dollar life insurance, SERPs, and pension
            benefits).

       o    Employee stock purchase plans where the purchase price is equal to
            at least 85% of the market price, where the offering period is no
            greater than 27 months and where potential dilution (as defined
            below) is no greater than 10%.

                                       12


     We will vote on a case-by-case basis on the following issues:

       o    Executive and director stock-related compensation plans. We will
            consider the following factors when reviewing these plans:

       o    The program must be of a reasonable size. We will approve plans
            where the combined employee and director plans together would
            generate less than 15% dilution. We will reject plans with 15% or
            more potential dilution.

            Dilution = (A + B + C) / (A + B + C + D), where

            A = Shares reserved for plan/amendment,

            B = Shares available under continuing plans,

            C = Shares granted but unexercised and

            D = Shares outstanding.

       o    The plan must not:

            o   Explicitly permit unlimited option repricing authority or that
                have repriced in the past without shareholder approval.

            o   Be a self-replenishing "evergreen" plan, plans that grant
                discount options and tax offset payments.

     o We are generally in favor of proposals that increase participation beyond
       executives.

     o We generally support proposals asking companies to adopt rigorous
       vesting provisions for stock option plans such as those that vest
       incrementally over, at least, a three- or four-year period with a pro
       rata portion of the shares becoming exercisable on an annual basis
       following grant date.

     o We generally support proposals asking companies to disclose their
       window period policies for stock transactions. Window period policies
       ensure that employees do not exercise options based on insider
       information contemporaneous with quarterly earnings releases and other
       material corporate announcements.

     o We generally support proposals asking companies to adopt stock holding
       periods for their executives.

       o    All other employee stock purchase plans.

       o    All other compensation-related proposals, including deferred
            compensation plans, employment agreements, loan guarantee programs
            and retirement plans.

       o    All other proposals regarding stock compensation plans, including
            extending the life of a plan, changing vesting restrictions,
            repricing options, lengthening exercise periods or accelerating
            distribution of awards and pyramiding and cashless exercise
            programs.

                                       13


     We will vote against:

       o    Pensions for non-employee directors. We believe these retirement
            plans reduce director objectivity.

       o    Elimination of stock option plans.

     We will vote on a case-by case basis on these issues:

       o    Limits on executive and director pay.

       o    Stock in lieu of cash compensation for directors.

     Corporate Governance
     Pioneer will vote for:

       o    Confidential Voting.

       o    Equal access provisions, which allow shareholders to contribute
            their opinion to proxy materials.

       o    Proposals requiring directors to disclose their ownership of shares
            in the company.

     We will vote on a case-by-case basis on the following issues:

       o    Change in the state of incorporation. We will support
            reincorporations supported by valid business reasons. We will
            oppose those that appear to be solely for the purpose of
            strengthening takeover defenses.

       o    Bundled proposals. We will evaluate the overall impact of the
            proposal.

       o    Adopting or amending the charter, bylaws or articles of association.

       o    Shareholder appraisal rights, which allow shareholders to demand
            judicial review of an acquisition price.

     We will vote against:

       o    Shareholder advisory committees. While management should solicit
            shareholder input, we prefer to leave the method of doing so to
            management's discretion.

       o    Limitations on stock ownership or voting rights.

       o    Reduction in share ownership disclosure guidelines.

                                       14


     Mergers and Restructurings
     Pioneer will vote on the following and similar issues on a case-by-case
     basis:

       o    Mergers and acquisitions.

       o    Corporate restructurings, including spin-offs, liquidations, asset
            sales, joint ventures, conversions to holding company and
            conversions to self-managed REIT structure.

       o    Debt restructurings.

       o    Conversion of securities.

       o    Issuance of shares to facilitate a merger.

       o    Private placements, warrants, convertible debentures.

       o    Proposals requiring management to inform shareholders of merger
            opportunities.

     We will normally vote against shareholder proposals requiring that the
     company be put up for sale.

     Mutual Funds
     Many of our portfolios may invest in shares of closed-end mutual funds or
     exchange-traded funds. The non-corporate structure of these investments
     raises several unique proxy voting issues.

     Pioneer will vote for:

       o    Establishment of new classes or series of shares.

       o    Establishment of a master-feeder structure.

     Pioneer will vote on a case-by-case on:

       o    Changes in investment policy. We will normally support changes
            that do not affect the investment objective or overall risk level
            of the fund. We will examine more fundamental changes on a
            case-by-case basis.

       o    Approval of new or amended advisory contracts.

       o    Changes from closed-end to open-end format.

       o    Authorization for, or increase in, preferred shares.

       o    Disposition of assets, termination, liquidation, or mergers.

       o    Classified boards of closed-end mutual funds, but will typically
            support such proposals.

                                       15


     Social Issues
     Pioneer will abstain on stockholder proposals calling for greater
     disclosure of corporate activities with regard to social issues. "Social
     Issues" may generally be described as shareholder proposals for a company
     to:

       o    Conduct studies regarding certain issues of public concern and
            interest;

       o    Study the feasibility of the company taking certain actions with
            regard to such issues; or

       o    Take specific action, including ceasing certain behavior and
            adopting company standards and principles, in relation to issues
            of public concern and interest.

     We believe these issues are important and should receive management
     attention.

     Pioneer will vote against proposals calling for substantial changes in the
     company's business or activities. We will also normally vote against
     proposals with regard to contributions, believing that management should
     control the routine disbursement of funds.

                                       16



Item 8. Portfolio Managers of Closed-End Management Investment
        Companies.

(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.


Additional Information About the Portfolio Managers

Other Accounts Managed by the Portfolio Managers. The table below indicates, for
the portfolio manager of the fund, information about the accounts other than the
fund over which the portfolio manager has day-to-day investment responsibility.
All information on the number of accounts and total assets in the table is as of
March 31, 2008. For purposes of the table, "Other Pooled Investment Vehicles"
may include investment partnerships, undertakings for collective investments in
transferable securities ("UCITS") and other non-U.S. investment funds and group
trusts, and "Other Accounts" may include separate accounts for institutions or
individuals, insurance company general or separate accounts, pension funds and
other similar institutional accounts but generally do not include the portfolio
manager's personal investment accounts or those which the manager may be deemed
to own beneficially under the code of ethics. Certain funds and other accounts
managed by the portfolio manager may have substantially similar investment
strategies.



--------------------- -------------------- ----------------- ------------------- ------------------ -------------------
Name of Portfolio     Type of Account      Number of         Total Assets        Number of          Assets Managed
Manager                                    Accounts Managed  Managed             Accounts Managed   for which
                                                                                 for which          Advisory Fee is
                                                                                 Advisory Fee is    Performance-Based
                                                                                 Performance-Based
--------------------- -------------------- ----------------- ------------------- ------------------ -------------------
--------------------- -------------------- ----------------- ------------------- ------------------ -------------------
                                                                                     
Andrew Feltus         Other Registered     7                 $6,313,500,000      N/A                N/A
                      Investment
                      Companies
                      -------------------- ----------------- ------------------- ------------------ -------------------
                      -------------------- ----------------- ------------------- ------------------ -------------------
                      Other Pooled         4                 $729,994,000        N/A                N/A
                      Investment Vehicles
                      -------------------- ----------------- ------------------- ------------------ -------------------
                      -------------------- ----------------- ------------------- ------------------ -------------------
                      Other Accounts       3                 $564,841,000        N/A                N/A
--------------------- -------------------- ----------------- ------------------- ------------------ -------------------




Potential Conflicts of Interest. When a portfolio manager is responsible for the
management of more than one account, the potential arises for the portfolio
manager to favor one account over another. The principal types of potential
conflicts of interest that may arise are discussed below. For the reasons
outlined below, Pioneer does not believe that any material conflicts are likely
to arise out of a portfolio manager's responsibility for the management of the
fund as well as one or more other accounts. Although Pioneer has adopted
procedures that it believes are reasonably designed to detect and prevent
violations of the federal securities laws and to mitigate the potential for
conflicts of interest to affect its portfolio management decisions, there can be
no assurance that all conflicts will be identified or that all procedures will
be effective in mitigating the potential for such risks. Generally, the risks of
such conflicts of interest are increased to the extent that a portfolio manager
has a financial incentive to favor one account over another. Pioneer has
structured its compensation arrangements in a manner that is intended to limit
such potential for conflicts of interest. See "Compensation of Portfolio
Managers" below.

o       A portfolio manager could favor one account over another in allocating
        new investment opportunities that have limited supply, such as initial
        public offerings and private placements. If, for example, an initial
        public offering was expected to appreciate in value significantly
        shortly after the offering was allocated to a single account, that
        account may be expected to have better investment performance than other
        accounts that did not receive an allocation of the initial public
        offering. Generally, investments for which there is limited availability
        are allocated based upon a range of factors including available cash and
        consistency with the accounts' investment objectives and policies. This
        allocation methodology necessarily involves some subjective elements but
        is intended over time to treat each client in an equitable and fair
        manner. Generally, the investment opportunity is allocated among
        participating accounts on a pro rata basis.  Although Pioneer believes
        that its practices are reasonably designed to treat each client in an
        equitable and fair manner, there may be instances where a fund may not
        participate, or may participate to a lesser degree than other clients,
        in the allocation of an investment opportunity.

o       A portfolio manager could favor one account over another in the order
        in which trades for the accounts are placed.  If a portfolio manager
        determines to purchase a security for more than one account in an
        aggregate amount that may influence the market price of the security,
        accounts that purchased or sold the security first may receive a more
        favorable price than accounts that made subsequent transactions. The
        less liquid the market for the security or the greater the percentage
        that the proposed aggregate purchases or sales represent of average
        daily trading volume, the greater the potential for accounts that make
        subsequent purchases or sales to receive a less favorable price. When a
        portfolio manager intends to trade the same security on the same day for
        more than one account, the trades typically are "bunched," which means
        that the trades for the individual accounts are aggregated and each
        account receives the same price.  There are some types of accounts as to
        which bunching may not be possible for contractual reasons (such as
        directed brokerage arrangements). Circumstances may also arise where the
        trader believes that bunching the orders may not result in the best
        possible price. Where those accounts or circumstances are involved,
        Pioneer will place the order in a manner intended to result in as
        favorable a price as possible for such client.

o       A portfolio manager could favor an account if the portfolio manager's
        compensation is tied to the performance of that account to a greater
        degree than other accounts managed by the portfolio manager.  If, for
        example, the portfolio manager receives a bonus based upon the
        performance of certain accounts relative to a benchmark while other
        accounts are disregarded for this purpose, the portfolio manager will
        have a financial incentive to seek to have the accounts that determine
        the portfolio manager's bonus achieve the best possible performance to
        the possible detriment of other accounts.  Similarly, if Pioneer
        receives a performance-based advisory fee, the portfolio manager may
        favor that account, whether or not the performance of that account
        directly determines the portfolio manager's compensation.

o       A portfolio manager could favor an account if the portfolio manager has
        a beneficial interest in the account, in order to benefit a large client
        or to compensate a client that had poor returns. For example, if the
        portfolio manager held an interest in an investment partnership that was
        one of the accounts managed by the portfolio manager, the portfolio
        manager would have an economic incentive to favor the account in which
        the portfolio manager held an interest.

o       If the different accounts have materially and potentially conflicting
        investment objectives or strategies, a conflict of interest could arise.
        For example, if a portfolio manager purchases a security for one account
        and sells the same security for another account, such trading pattern
        may disadvantage either the account that is long or short.  In making
        portfolio manager assignments, Pioneer seeks to avoid such potentially
        conflicting situations. However, where a portfolio manager is
        responsible for accounts with differing investment objectives and
        policies, it is possible that the portfolio manager will conclude that
        it is in the best interest of one account to sell a portfolio security
        while another account continues to hold or increase the holding in such
        security.


Compensation of Portfolio Managers. Pioneer has adopted a system of compensation
for portfolio managers that seeks to align the financial interests of the
portfolio managers with those of shareholders of the accounts (including Pioneer
funds) the portfolio managers manage, as well as with the financial performance
of Pioneer. The compensation program for all Pioneer portfolio managers includes
a base salary (determined by the rank and tenure of the employee) and an annual
bonus program, as well as customary benefits that are offered generally to all
full-time employees. Base compensation is fixed and normally reevaluated on an
annual basis. Pioneer seeks to set base compensation at market rates, taking
into account the experience and responsibilities of the portfolio manager. The
bonus plan is intended to provide a competitive level of annual bonus
compensation that is tied to the portfolio manager achieving superior investment
performance and align the interests of the investment professional with those of
shareholders, as well as with the financial performance of Pioneer. Any bonus
under the plan is completely discretionary, with a maximum annual bonus that may
be in excess of base salary. The annual bonus is based upon a combination of the
following factors:

o        Quantitative Investment Performance. The quantitative investment
         performance calculation is based on pre-tax investment performance
         of all of the accounts managed by the portfolio manager (which includes
         the fund and any other accounts managed by the portfolio manager) over
         a one-year period (20% weighting) and four-year period (80% weighting),
         measured for periods ending on December 31. The accounts, which include
         the fund, are ranked against a group of mutual funds with similar
         investment objectives and investment focus (60%) and a broad-based
         securities market index measuring the performance of the same type of
         securities in which the accounts invest (40%), which, in the case of
         the fund, is the Merrill Lynch High Yield Master II Index.  As a result
         of these two benchmarks, the performance of the portfolio manager for
         compensation purposes is measured against the criteria that are
         relevant to the portfolio manager's competitive universe.

o        Qualitative Performance. The qualitative performance component with
         respect to all of the accounts managed by the portfolio manager
         includes objectives, such as effectiveness in the areas of teamwork,
         leadership, communications and marketing, that are mutually established
         and evaluated by each portfolio manager and management.

o        Pioneer Results and Business Line Results. Pioneer's financial
         performance, as well as the investment performance of its investment
         management group, affect a portfolio manager's actual bonus by a
         leverage factor of plus or minus (+/-) a predetermined percentage.

The quantitative and qualitative performance components comprise 80% and 20%,
respectively, of the overall bonus calculation (on a pre-adjustment basis). A
portion of the annual bonus is deferred for a specified period and may be
invested in one or more Pioneer funds.

Certain portfolio managers may participate in other programs designed to reward
and retain key contributors. Senior executives or other key employees may be
granted performance units based on the stock price performance of UniCredito
Italiano and the financial performance of Pioneer Global Asset Management
S.p.A., which are affiliates of Pioneer. Portfolio managers also may participate
in a deferred compensation program, whereby deferred amounts are invested in one
or more Pioneer funds.


Share Ownership by Portfolio Manager. The following table indicates as of March
31, 2008 the value, within the indicated range, of shares beneficially owned by
the portfolio manager of the fund.



--------------------------------------- -----------------------------------------------------------------
Name of Portfolio Manager               Beneficial Ownership of the Fund*
--------------------------------------- -----------------------------------------------------------------
--------------------------------------- -----------------------------------------------------------------
                                     

Andrew Feltus                           C
--------------------------------------- -----------------------------------------------------------------



*Key to Ranges

A. None B. $1 - $10,000 C. $10,001 - $50,000 D. $50,001 - $100,000
E. $100,001 - $500,000 F. $500,001 - $1,000,000 G. Over $1,000,000




Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.

(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.

During the period covered by this report, there were no purchases
made by or on behalf of the registrant or any affiliated purchaser
as defined in Rule 10b-18(a)(3) under the Securities Exchange Act
of 1934 (the Exchange Act), of shares of the registrants equity
securities that are registered by the registrant pursuant to
Section 12 of the Exchange Act.


Item 10. Submission of Matters to a Vote of Security Holders.

Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
of Schedule 14A (17 CFR 240.14a-101), or this Item.


There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in
its definitive proxy statement, or this Item.


ITEM 11. 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-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.

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 whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.

The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:

In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose.  Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.


ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.

(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.



(b) 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 May 30, 2008


Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.


By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President

Date May 30, 2008


By (Signature and Title)* /s/ Vincent Nave
Vincent Nave, Treasurer

Date May 30, 2008

* Print the name and title of each signing officer under his or her signature.