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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21043
Pioneer High Income Trust
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Dorothy E. Bourassa, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: March 31
Date of reporting period: June 30, 2008
Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (239.24 and 274.5 of this
chapter), to file reports with the Commission, not later than 60 days after
close of the first and third fiscal quarters, pursuant to Rule 30b1-5under
the Investment Company Act of 1940 (17 CFR 270.30b-5). The Commission may
use the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-Q
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. Schedule of Investments.
Pioneer High Income Trust
SCHEDULE OF Investments 6/30/08 (unaudited)
Principal
Amount
USD ($) Value ($)
ASSET BACKED SECURITIES - 2.0%
Transportation - 0.3%
Airlines - 0.3%
792,554 (m)American Airlines, Inc., 7.379%, 11/23/17 507,235
691,667 Continental Airlines, Inc., Series B, 8.499%, 636,334
Total Transportation 1,143,569
Banks - 0.1%
Thrifts & Mortgage Finance - 0.1%
531,443 (a)ACE Securities Corp., 3.083%, 12/25/34 427,506
Total Banks 427,506
Utilities - 1.6%
Electric Utilities - 1.1%
4,110,220 Ormat Funding Corp., 8.25%, 12/30/20 4,048,566
Multi - Utilities - 0.5%
2,175,000 (a)Power Contract Financing III LLC, 1.332%, 2/5/11,881,375
Total Utilities 5,929,941
TOTAL ASSET BACKED SECURITIES
(Cost $7,815,854) 7,501,016
COLLATERALIZED MORTAGE BACKED SECURITIES - 1.3%
Consumer Services - 0.3%
Restaurants - 0.3%
1,245,000 DB Master Finance LLC, 8.285%, 6/20/31 (144A) 1,104,589
Total Consumer Services 1,104,589
Banks - 1.0%
Thrifts & Mortgage Finance - 1.0%
440,000 (a)Carrington Mortgage Loan Trust, 2.583%, 10/25/3419,118
1,504,000 (a)Carrington Mortgage Loan Trust, 2.683%, 2/25/371,337,702
1,790,514 (a)Luminent Mortgage Trust, 2.743%, 7/25/36 705,236
1,086,021 (a)WaMu Mortgage Pass Through Certificates, 2.713%853,347
3,315,403
Diversified Financials - 0.0%
Other Diversified Financial Services - 0.0%
174,192 (a)First Franklin Mortgage Loan Asset Backed Certi165,098
Total Banks 3,480,501
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $4,742,711) 4,585,090
CORPORATE BONDS & NOTES - 114.8%
Energy - 14.2%
Oil & Gas Drilling - 3.9%
3,924,838 DDI Holding AS, 9.3%, 1/19/12 (144A) 3,905,214
2,500,000 Norse Energy Corp. ASA, 6.5%, 7/14/11 (144A) 2,050,000
NOK 3,000,000 Norse Energy Corp. ASA, 10.0%, 7/13/10 556,597
NOK 11,500,000 Norwegian Energy Co. AS, 11.0%, 7/13/10 (144A) 2,167,490
NOK 11,500,000 Petrojack AS, 11.0%, 4/19/10 2,280,380
3,500,000 Skeie Drilling & Production ASA, 11.25%, 3/8/133,237,500
14,197,181
Oil & Gas Equipment & Services - 1.1%
600,000 (a)DP Producer AS, 8.673%, 12/5/11 (144A) 534,000
1,100,000 Nexus 1 Pte, Ltd., 10.5%, 3/7/12 (144A) 990,000
500,000 (a)PetroProd, Ltd., 8.71%, 1/12/12 (144A) 470,000
2,000,000 Sevan Marine ASA, 9.25%, 12/20/11 (144A) 2,000,000
3,994,000
Oil & Gas Exploration & Production - 6.8%
6,584,000 Baytex Energy, Ltd., 9.625%, 7/15/10 6,715,680
3,200,000 Biofuel Energy ASA, 10.0%, 6/7/12 2,656,000
4,500,000 Methanex Corp., 8.75%, 8/15/12 4,758,750
1,610,000 Parallel Petroleum Corp., 10.25%, 8/1/14 1,614,025
5,300,000 PetroQuest Energy, Inc., 10.375%, 5/15/12 5,512,000
710,000 (a)SandRidge Energy, Inc., 6.323%, 4/1/14 (144A) 696,757
1,070,000 (b)SandRidge Energy, Inc., 8.625%, 4/1/15 (144A) 1,096,750
2,070,000 Tristan Oil, Ltd., 10.5%, 1/1/12 (144A) 2,028,600
25,078,562
Oil & Gas Refining & Marketing - 2.4%
5,075,000 (m)Aventine Renewable Energy Holdings, Inc., 10.0%3,146,500
1,275,000 (a)Ohio Air Quality Development Authority Revenue,828,750
2,370,000 (m)VeraSun Energy Corp., 9.375%, 6/1/17 1,220,550
4,280,000 (m)VeraSun Energy Corp., 9.875%, 12/15/12 3,761,050
8,956,850
Total Energy 52,226,593
Materials - 18.9%
Commodity Chemicals - 2.9%
4,635,000 ARCO Chemical Co., 9.8%, 2/1/20 3,684,825
2,000,000 (m)Georgia Gulf Corp., 9.5%, 10/15/14 1,495,000
2,860,000 (m)Georgia Gulf Corp., 10.75%, 10/15/16 1,716,000
3,000,000 Hexion US Finance Corp./Hexion Nova Scotia Fina2,715,000
1,000,000 Invista, 9.25%, 5/1/12 (144A) 1,022,500
10,633,325
Diversified Chemicals - 1.3%
4,750,000 Basell Finance Co., 8.1%, 3/15/27 (144A) 2,850,000
EURO 350,000 Ineos Group Holdings Plc, 7.875%, 2/15/16 (144A357,058
1,500,000 (m)Ineos Group Holdings Plc, 8.5%, 2/15/16 (144A) 986,250
EURO 540,000 Nell AF S.a.r.l., 8.375%, 8/15/15 (144A) 550,890
4,744,198
Specialty Chemicals - 0.5%
2,250,000 Tronox Worldwide LLC, 9.5%, 12/1/12 1,833,750
Construction Materials - 2.0%
4,500,000 AGY Holding Corp., 11.0%, 11/15/14 (144A) 4,196,250
1,500,000 (m)Panolam Industries International, 10.75%, 10/1/1,185,000
2,185,000 U.S. Concrete, Inc., 8.375%, 4/1/14 1,939,188
7,320,438
Paper Packaging - 3.8%
5,450,000 Exopack Holding Corp., 11.25%, 2/1/14 5,054,875
2,255,000 Graham Packaging Co., 9.875%, 10/15/14 1,995,675
5,540,000 (m)Graphic Packaging International, Inc., 9.5%, 8/5,290,700
2,150,000 U.S. Corrugated, Inc., 10.0%, 6/1/13 1,569,500
13,910,750
Aluminum - 1.7%
2,535,000 (m)Aleris International, Inc., 10.0%, 12/15/16 1,856,888
1,200,000 Asia Aluminum Holdings, Ltd., 8.0%, 12/23/11 (11,140,000
3,180,000 Indalex Holding Corp., 11.5%, 2/1/14 1,868,250
705,000 (a)Noranda Aluminum Acquisition Corp., 6.828%, 5/1608,063
800,000 (a)Noranda Aluminum Holdings Corp., 8.578%, 11/15/656,000
6,129,201
Diversified Metals & Mining - 4.3%
3,300,000 American Rock Salt Co. LLC, 9.5%, 3/15/14 3,465,000
3,000,000 FMG Finance Pty., Ltd., 10.625%, 9/1/16 (144A) 3,495,000
2,440,000 Industrias Metalurgicas Pescarmona SA, 11.25%, 2,196,000
3,975,000 PNA Group, Inc., 10.75%, 9/1/16 4,670,625
1,870,000 (a)PNA Intermediate Holding Corp., 9.676%, 2/15/131,860,650
15,687,275
Steel - 2.0%
4,205,000 Algoma Acquisition Corp., 9.875%, 6/15/15 (144A3,994,750
825,000 Blaze Recycling & Metals LLC, 10.875%, 7/15/12 808,500
2,400,000 CSN Islands VIII Corp., 9.75%, 12/16/13 (144A) 2,742,000
7,545,250
Forest Products - 0.4%
1,645,000 Mandra Forestry Holdings, Ltd., 12.0%, 5/15/13 1,529,850
Total Materials 69,334,037
Capital Goods - 7.2%
Building Products - 0.5%
2,500,000 (m) Industrias Unidas SA de CV, 11.5%, 11/15/16 (11,625,000
Electrical Components & Equipment - 0.6%
2,220,000 (c)Rede Empresas de Energia Electrica SA, (144A) 2,175,600
Heavy Electrical Equipment - 2.4%
4,790,000 Altra Industrial Motion, 9.0%, 12/1/11 4,885,800
3,975,000 Hawk Corp., 8.75%, 11/1/14 4,029,656
8,915,456
Construction & Farm Machinery & Heavy Truck - 3.7%
4,900,000 (m)Accuride Corp., 8.5%, 2/1/15 3,601,500
1,855,000 (b)Allison Transmission Inc., 11.25%, 11/1/15 (1441,595,300
3,250,000 Commercial Vehicle Group, Inc., 8.0%, 7/1/13 2,819,375
1,500,000 (d)Stanadyne Corp., 0.0%, 2/15/15 1,140,000
4,690,000 Stanadyne Corp., 10.0%, 8/15/14 4,549,300
13,705,475
Total Capital Goods 26,421,531
Commercial Services & Supplies - 6.2%
Trading Companies & Distributors - 0.0%
200,000 United Rentals North America, 6.5%, 2/15/12 180,000
Diversified Commercial & Professional Services - 3.4%
3,500,000 Allied Security Escrow, 11.375%, 7/15/11 3,010,000
9,000,000 NCO Group, Inc., 11.875%, 11/15/14 7,380,000
2,515,000 Park-Ohio Industries, Inc., 8.375%, 11/15/14 2,012,000
12,402,000
Environmental & Facilities Services - 2.8%
4,088,000 Clean Harbors, Inc., 11.25%, 7/15/12 4,328,170
5,800,000 Waste Services, Inc., 9.5%, 4/15/14 5,858,000
10,186,170
Total Commercial Services & Supplies 22,768,170
Transportation - 2.1%
Air Freight & Logistics - 1.0%
2,000,000 CEVA Group Plc, 10.0%, 9/1/14 (144A) 2,055,000
EURO 1,545,000 CEVA Group Plc, 10.0%, 12/1/16 (144A) 1,722,211
3,777,211
Marine - 0.6%
2,160,000 Trailer Bridge, Inc., 9.25%, 11/15/11 1,992,600
Railroads - 0.5%
1,750,000 Kansas City Southern de Mexico, 9.375%, 5/1/12 1,820,000
Total Transportation 7,589,811
Automobiles & Components - 1.7%
Auto Parts & Equipment - 1.7%
5,965,000 (m)Cooper-Standard Automotive, Inc., 8.375%, 12/154,384,275
2,500,000 Lear Corp., 8.75%, 12/1/16 1,950,000
Total Automobiles & Components 6,334,275
Consumer Durables & Apparel - 1.4%
Homebuilding - 0.7%
3,060,000 Meritage Homes Corp., 6.25%, 3/15/15 2,448,000
Household Products - 0.7%
2,665,000 Yankee Acquisition Corp., 8.5%, 2/15/15 2,078,700
735,000 (m)Yankee Acquisition Corp., 9.75%, 2/15/17 529,200
2,607,900
Total Consumer Durables & Apparel 5,055,900
Consumer Services - 4.0%
Casinos & Gaming - 3.5%
1,650,000 Buffalo Thunder Development Authority, 9.375%, 1,105,500
655,000 FireKeepers Development Authority, 13.875%, 5/1640,263
2,050,000 Fontainebleau Las Vegas Holdings LLC/Fontainebl1,332,500
630,000 Galaxy Entertainment Finance Co., Ltd., 9.875%,611,888
4,500,000 Little Traverse Bay Bands of Odawa Indians, 10.4,207,500
530,000 Mashantucket Western Pequot Tribe, 8.5%, 11/15/467,725
1,585,000 Pokagon Gaming Authority, 10.375%, 6/15/14 (1441,699,913
1,750,000 Shingle Springs Tribal Gaming Authority, 9.375%1,421,875
2,450,000 (m)Trump Entertainment Resorts, Inc., 8.5%, 6/1/151,525,125
13,012,289
Hotels, Resorts & Cruise Lines - 0.5%
2,000,000 (a)HRP Myrtle Beach Operations LLC, 7.383%, 4/1/121,720,000
Total Consumer Services 14,732,289
Media - 6.5%
Broadcasting & Cable Television - 3.4%
3,200,000 (m)CCH I Holdings LLC, 11.0%, 10/1/15 2,372,000
1,500,000 (m)CCH II Holdings LLC, 10.25%, 9/15/10 1,447,500
EURO 3,750,000 Kabel Deutschland GMBH, 10.75%, 7/1/14 5,893,532
3,865,000 (b)Univision Communications, 9.75%, 3/15/15 (144A)2,821,450
12,534,482
Publishing - 3.1%
2,508,672 (b)American Achievement Group Holding Corp., 14.752,209,705
4,835,000 Sheridan Acquisition Corp., 10.25%, 8/15/11 4,448,200
1,400,000 TL Acquisitions, Inc., 10.5%, 1/15/15 (144A) 1,211,000
3,700,000 (d)Visant Holding Corp., 0.0%, 12/1/13 3,589,000
11,457,905
Total Media 23,992,387
Retailing - 2.8%
Distributors - 1.2%
4,735,000 Intcomex, Inc., 11.75%, 1/15/11 4,237,825
General Mechandise Store - 0.2%
1,000,000 (m)Central Garden & Pet Co., 9.125%, 2/1/13 870,000
Home Improvement Retail - 0.2%
820,000 KAR Holdings, Inc., 10.0%, 5/1/15 (144A) 688,800
Specialty Stores - 1.2%
4,615,000 (m)Sally Holdings LLC, 10.5%, 11/15/16 4,395,787
Total Retailing 10,192,412
Food & Staples Retailing - 0.8%
Drug Retail - 0.8%
3,350,000 (m)Duane Reade, Inc., 9.75%, 8/1/11 2,998,250
Total Food & Staples Retailing 2,998,250
Food, Beverage & Tobacco - 3.0%
Brewers - 1.9%
5,885,000 Cia Brasileira de Bebida, 10.5%, 12/15/11 6,723,612
Agricultural Products - 0.1%
500,000 Marfrig Overseas, Ltd., 9.625%, 11/16/16 (144A)480,000
Packaged Foods & Meats - 0.8%
775,000 Bertin, Ltd., 10.25%, 10/5/16 (144A) 798,250
2,410,000 Minerva Overseas, Ltd., 9.5%, 2/1/17 (144A) 2,241,300
3,039,550
Tobacco - 0.2%
150,000 Alliance One International, Inc., 8.5%, 5/15/12 141,000
605,000 Alliance One International, Inc., 11.0%, 5/15/ 623,150
764,150
Total Food, Beverage & Tobacco 11,007,312
Health Care Equipment & Services - 8.2%
Health Care Equipment & Services - 2.1%
2,875,000 (m)Accellent, Inc., 10.5%, 12/1/13 2,630,625
3,195,000 (m)Angiotech Pharmaceuticals, Inc., 7.75%, 4/1/14 2,364,300
2,570,000 (b)Biomet, Inc., 10.375%, 10/15/17 2,724,200
7,719,125
Health Care Supplies - 1.1%
3,800,000 Hanger Orthopedic Group, Inc., 10.25%, 6/1/14 3,904,500
Health Care Services - 1.6%
2,160,000 AMR HoldCo/Emcare HoldCo, 10.0%, 2/15/15 2,289,600
4,055,000 Rural/Metro Corp., 9.875%, 3/15/15 3,710,325
5,999,925
Health Care Facilities - 1.5%
2,555,000 (b)HCA Inc., 9.625%, 11/15/16 2,631,650
3,725,000 Surgical Care Affiliates, Inc., 10.0%, 7/15/17 2,905,500
5,537,150
Managed Health Care - 1.9%
2,900,000 (a)Medical Services Co., 10.213%, 10/15/11 2,675,250
4,400,000 Multiplan, Inc., 10.375%, 4/15/16 (144A) 4,312,000
6,987,250
Total Health Care Equipment & Services 30,147,950
Pharmaceuticals & Biotechnology & Life Sciences - 2.6%
Pharmaceuticals - 2.6%
2,000,000 Phibro Animal Health Corp., 10.0%, 8/1/13 (144A2,020,000
3,000,000 Phibro Animal Health Corp., 13.0%, 8/1/14 (144A3,000,000
4,317,000 Warner Chilcott Corp., 8.75%, 2/1/15 4,381,755
Total Pharmaceuticals & Biotechnology & Life Sc9,401,755
Banks - 0.4%
Diversified Banks - 0.4%
1,750,000 (a)ALB Finance BV, 9.375% 1,101,118
400,000 (a)Banco Macro SA, 10.75%, 6/7/12 264,500
Total Banks 1,365,618
Diversified Financials - 4.6%
Specialized Finance - 2.2%
7,950,000 GATX Financial Corp., 8.875%, 6/1/09 8,178,666
Consumer Finance - 2.4%
3,770,000 ACE Cash Express, Inc., 10.25%, 10/1/14 (144A) 2,827,500
495,000 (m)AmeriCredit Corp., 8.5%, 7/1/15 396,000
3,000,000 (a)Ford Motor Credit Co., 7.163%, 4/15/12 2,811,726
3,000,000 Ford Motor Credit Co., 7.875%, 6/15/10 2,589,471
8,624,697
Total Diversified Financials 16,803,363
Insurance - 6.3%
Insurance Brokers - 1.9%
2,640,000 Alliant Holdings I, Inc., 11.0%, 5/1/15 (144A) 2,296,800
3,765,000 HUB International Holdings, Inc., 10.25%, 6/15/3,087,300
900,000 (a)U.S.I. Holdings Corp., 6.551%, 11/15/14 (144A) 751,500
885,000 U.S.I. Holdings Corp., 9.75%, 5/15/15 (144A) 761,100
6,896,700
Life & Health Insurance - 1.5%
5,725,000 Presidential Life Corp., 7.875%, 2/15/09 5,710,687
Multi-Line Insurance - 2.2%
5,300,000 Allmerica Financial Corp., 7.625%, 10/15/25 4,590,197
2,600,000 (a)Liberty Mutual Group, Inc., 10.75%, 6/15/58 (142,489,500
2,410,000 (a)MBIA Insurance Co., 14.0% 1/15/33 (144A) 1,000,150
8,079,847
Property & Casualty Insurance - 0.1%
375,000 (a)Blue Fin, Ltd., 7.128% 4/10/12 (144A) 369,038
Reinsurance - 0.6%
EURO 275,000 (a)Atlas Reinsurance Plc, 14.981%, 1/10/11 (144A) 443,024
750,000 (a)Foundation Re, Ltd.,6.795%, 11/24/08 (144A) 731,925
250,000 (a)Residential Reinsurance 2006, 12.682%, 6/5/09 (248,675
350,000 (a)Residential Reinsurance 2008, 14.149%, 6/6/11 (348,985
500,000 (a)Successor II, Ltd., 27.672%, 4/6/10 (144A) 488,550
2,261,159
Total Insurance 23,317,431
Real Estate - 0.0%
Real Estate Management & Development - 0.0%
225,000 (a)Alto Palermo SA, 11.0%, 6/11/12 (144A) 179,719
Total Real Estate 179,719
Software & Services - 5.1%
IT Consulting & Other Services - 1.3%
4,450 (e)MSX International UK/MXS International Business Services
FR/MXS International GmBH, 12.5%, 4/1/12 (13,426,500
1,705,000 Vangent, Inc., 9.625%, 2/15/15 1,483,350
4,909,850
Data Processing & Outsourced Services - 3.0%
7,015,000 First Data Corp., 9.875%, 9/24/15 (144A) 6,103,050
640,000 iPayment, Inc., 9.75%, 5/15/14 540,800
5,745,000 Pegasus Solutions, Inc., 10.5%, 4/15/15 (144A) 4,308,750
10,952,600
Application Software - 0.8%
2,790,000 Activant Solutions, Inc., 9.5%, 5/1/16 2,204,100
810,000 Open Solutions, Inc., 9.75%, 2/1/15 (144A) 660,150
2,864,250
Total Software & Services 18,726,700
Technology Hardware & Equipment - 3.2%
Office Electronics - 3.2%
11,830,000 Xerox Capital Trust I, 8.0%, 2/1/27 11,546,802
Total Technology Hardware & Equipment 11,546,802
Semiconductors & Semiconductor Equipment - 0.6%
Semiconductors - 0.6%
2,000,000 (a)Freescale Semiconductor, Inc., 9.125%, 12/15/141,555,000
750,000 (m)Freescale Semiconductor, Inc., 10.125%, 12/15/1571,875
Total Semiconductors & Semiconductor Equipment 2,126,875
Telecommunication Services - 11.6%
Integrated Telecommunication Services - 5.0%
4,165,000 Broadview Networks Holdings, Inc., 11.375%, 9/13,738,087
4,070,000 (m)GC Impsat Holdings I Plc, 9.875%, 2/15/17 (144A3,718,962
2,810,000 GCI, Inc., 7.25%, 2/15/14 2,416,600
1,000,000 Intelsat Subsidiary Holdings, 8.5%, 1/15/13 (14975,000
3,565,000 PAETEC Holding Corp., 9.5%, 7/15/15 3,288,712
3,200,000 Stratos Global Corp., 9.875%, 2/15/13 3,384,000
691,000 Tele Norte Leste Participacoes SA, 8.0%, 12/18/714,321
18,235,682
Wireless Telecommunication Services - 6.6%
1,625,000 (m)Cell C Property, Ltd., 11.0%, 7/1/15 (144A) 1,665,625
6,400,000 Cricket Communications, Inc., 9.375%, 11/1/14 6,160,000
1,500,000 Digicel, Ltd., 9.25%, 9/1/12 (144A) 1,543,125
2,500,000 (a)Hellas Telecommunications Luxembourg II, 8.463%1,900,000
5,000,000 Hughes Network Systems LLC, 9.5%, 4/15/14 5,056,250
2,200,000 (d)Inmarsat Finance II Plc, 0.0%, 11/15/12 2,222,000
3,000,000 (a)Rural Cellular Corp., 8.623%, 11/1/12 3,022,500
3,020,000 True Move Co, Ltd., 10.75%, 12/16/13 (144A) 2,631,175
24,200,675
Total Telecommunication Services 42,436,357
Utilities - 3.4%
Electric Utilities - 2.1%
2,000,000 Aes Chivor SA ESP, 9.75%, 12/30/14 (144A) 2,276,200
3,800,000 Intergen NV, 9.0%, 6/30/17 (144A) 3,933,000
1,500,000 Mirant JPSCo. Finance, Ltd., 11.0%, 7/6/16 (1441,582,500
7,791,700
Multi - Utilities - 0.1%
485,000 PNM Resources, Inc., 9.25%, 5/15/15 500,763
Independent Power Producers & Energy Traders - 1.2%
4,345,000 Texas Computer Electric Hold LLC, 10.25%, 11/1/4,258,100
Total Utilities 12,550,563
TOTAL CORPORATE BONDS & NOTES
(Cost $445,150,899) 421,256,100
CONVERTIBLE BONDS & NOTES - 0.3% of Net Assets
Transportation - 0.3%
Marine - 0.3%
1,415,000 Horizon Lines, Inc., 4.25%, 8/15/12 1,098,394
TOTAL CONVERTIBLE BONDS & NOTES 1,098,394
(Cost $1,083,449)
MUNICIPAL BONDS - 5.9% of Net Assets
Indiana - 1.6%
1,650,000 East Chicago Industrial Pollution Control Reven1,688,726
4,250,000 Indiana Development Finance Authority Revenue, 4,301,000
5,989,726
New Jersey - 1.0%
4,525,000 New Jersey Economic Development Authority Reven3,659,051
New York - 0.8%
3,475,000 New York City Industrial Development Agency, Br2,988,639
North Carolina - 1.4%
4,800,000 Charlotte, Special Facilities Revenue, Charlott3,327,024
2,000,000 Charlotte, Special Facilities Revenue, Charlott1,771,500
5,098,524
Texas - 1.1%
3,200,000 (f)San Antonio, Texas, Electric & Gas, RIB,10.343%4,035,424
TOTAL MUNICIPAL BONDS
(Cost $19,494,943) 21,771,364
MUNICIPAL COLLATERALIZED DEBT OBLIGATION - 0.9%
3,300,000 (g)Non-Profit Preferred Funding Trust I, 12.5%, 9/3,152,985
TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION
(Cost $3,293,400) 3,152,985
SOVEREIGN DEBT OBLIGATIONS - 2.3%
Brazil - 1.1%
ITL 4,800,000,0(d)Banco Nacional de Desenvolimento Bndes, 8.0%, 44,019,045
Ecuador - 0.5%
2,015,000 (d)Federal Republic of Ecuador, 10.0%, 8/15/30 (141,964,625
Russia - 0.7%
2,285,200 (d)Russia Government International Bond, 7.5%, 3/32,563,743
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $5,361,520) 8,547,413
FLOATING RATE LOAN INTERESTS - 5.3% (h)
Energy - 0.2%
Oil & Gas Exploration & Production - 0.2%
600,000 Venoco, Inc., Second Lien Term Loan, 6.688%, 9/585,000
Total Energy 585,000
Materials - 0.5%
Steel - 0.5%
2,277,000 Niagara Corp., Term Loan, 7.386%, 6/29/14 2,026,530
Total Materials 2,026,530
Capital Goods - 1.6%
Aerospace & Defense - 0.9%
3,600,000 Aeroflex, Inc., Senior Unsecured Bridge Loan, 63,330,000
Building Products - 0.6%
229,418 Custom Building Products, Inc., First Lien Term200,741
2,250,000 Custom Building Products, Inc., Second Lien Ter1,822,500
2,023,241
Construction & Farm Machinery & Heavy Trucks - 0.1%
397,920 Rental Service Corp., Second Lien Initial Term 339,476
Total Capital Goods 5,692,717
Consumer Durables & Apparel - 0.1%
Homebuilding - 0.1%
2,850,000 (i)LandSource Communities Development LLC, Second 534,375
Total Consumer Durables & Apparel 534,375
Consumer Services - 0.5%
Casinos & Gaming - 0.5%
2,500,000 Gateway Casinos & Entertainment, Advance Second1,725,000
Total Consumer Services 1,725,000
Health Care Equipment & Services - 0.4%
1,492,424 Talecris Biotherapeutics Holdings Corp., First 1,376,761
Total Health Care Equipment & Services 1,376,761
Diversified Financials - 0.9%
Logistics - 0.9%
EURO 2,274,035 (b)Louis Topco, Ltd., Term Loan, 12.134%, 6/1/17 3,421,621
Total Diversified Financials 3,421,621
Insurance - 0.5%
Insurance Brokers - 0.4%
2,250,000 AmWins Group, Inc., Second Lien Initial Term Lo1,473,750
Multi-Line Insurance - 0.1%
249,372 AmWins Group, Inc., Initial Term Loan 4.98% - 209,472
Total Insurance 1,683,222
Telecommunication Services - 0.6%
Integrated Telecommunication Services - 0.6%
2,500,000 Intelsat, Ltd., Senior Notes Backstop Loan, 9.22,337,500
Total Telecommunication Services 2,337,500
TOTAL FLOATING RATE LOAN INTERESTS
(Cost $23,541,511) 19,382,726
Shares COMMON STOCKS - 0.3%
Transportation - 0.1%
Airlines - 0.1%
73,808 (j)Northwest Airlines Corp. 491,561
Total Transportation
Pharmaceuticals & Biotechnology & Life Sciences - 0.2%
Pharmaceuticals - 0.2%
17,818 Teva Pharmaceutical Industries, Ltd. (A.D.R.) 816,064
Total Pharmaceuticals & Biotechnology & Life Sciences
TOTAL COMMON STOCKS
(Cost $2,886,220) 1,307,625
WARRANTS - 0.6% of Net Assets
Energy - 0.5%
Oil & Gas Drilling - 0.5%
2,500,000 (j)Norse Energy Corp. ASA - CW11, Expires 7/14/11 1,791,517
Oil & Gas Exploration & Production - 0.0%
150,592 (j)Biofuel Energy ASA, Expires 6/7/12 0
Total Energy 1,791,517
Materials - 0.1%
Forest Products - 0.1%
1,645 (j)Mandra Forestry Holdings, Ltd. - CW13, Expires 213,850
Total Materials 213,850
TOTAL WARRANTS
(Cost $523,408) 2,005,367
Principal
Amount
USD ($)
TEMPORARY CASH INVESTMENTS - 19.1%
Repurchase Agreement - 5.4%
3,990,000 Bank of America Corp., 2.44%, dated 6/30/08, re3,990,000
plus accrued interest on 7/1/08 collateralized by $10,777,524
Federal National Mortgage Association, 5.5%, 6/1/33
3,990,000 Barclays Plc, 2.4%, dated 6/30/08, repurchase p3,990,000
plus accrued interest on 7/1/08 collateralized by the
following:
$2,425,677 Federal Home Loan Mortgage Corp., 4.171% -
6.27%, 12/1/34 - 10/1/37
$2,492,527 Federal National Mortgage Association (ARM),
5.024% - 6.082%, 8/1/36 - 2/1/48
3,995,000 Deutsche Bank AG, 2.7%, dated 6/30/08, repurcha3,995,000
plus accrued interest on 7/1/08 collateralized by the
following:
$944,287 Federal Home Loan Mortgage Corp., 4.703% -
4.704%, 5/1/35 - 12/1/35
$1,245,301 Federal National Mortgage Association (ARM),
4.708% - 5.887%, 12/1/13 - 8/1/37
$3,881,778 Freddie Mac Giant, 4.5% - 7.0%, 10/1/34 -
5/1/38
$7,864,933 U.S. Treasury Strip, 0.0%, 8/15/22
3,990,000 JPMorgan Chase & Co., 2.65%, dated 6/30/08, rep 3,990,000
plus accrued interest on 7/1/08 collateralized by $4,436,742
Federal
National Mortgage Association, 4.5% - 6.5%, 3/1/23 - 5/1/38
3,990,000 Merrill Lynch & Co., 2.5%, dated 6/30/08,repurc 3,990,000
plus accrued interest on 7/1/08 collateralized by $4,964,724
Federal Home
Loan Mortgage Corp., 5.065% - 5.985%, 9/1/36 - 4/1/38
19,955,000
Security Lending Collateral - 13.7%
Certificates of Deposit:
1,027,980 American Express, 2.72%, 8/8/08 1,027,980
277,074 Banco Santander NY, 2.8%, 10/7/08 277,074
770,220 Banco Santander NY, 3.09%, 12/22/08 770,220
1,154,181 Bank Bovespa NY, 2.705%, 8/8/08 1,154,181
769,446 Bank of America, 2.88%, 8/11/08 769,446
769,187 Bank of Nova Scotia, 3.18%, 5/5/09 769,187
461,668 Bank of Scotland NY, 2.7%, 8/1/08 461,668
384,723 Bank of Scotland NY, 2.72%, 8/15/08 384,723
384,723 Bank of Scotland NY, 2.73%, 7/11/08 384,723
276,691 Bank of Scotland NY, 2.89%, 11/4/08 276,691
461,992 Bank of Scotland NY, 2.96%, 11/3/08 461,992
384,469 Bank of Scotland NY, 3.03%, 9/26/08 384,469
1,385,002 Barclay's Bank, 3.18%, 5/27/09 1,385,002
769,446 BNP Paribas NY, 2.88%, 7/23/08 769,446
646,335 Calyon NY, 2.64%, 9/29/08 646,335
244,044 Calyon NY, 2.69%, 1/16/09 244,044
461,675 Calyon NY, 2.85%, 8/25/08 461,675
769,446 Citibank, 2.85%, 7/29/08 769,446
638,640 Commonwealth Bank of Australia NY, 2.63%, 7/11/638,640
646,335 Deutsche Bank Financial, 2.72%, 7/30/08 646,335
307,807 Deutsche Bank Financial, 2.72%, 8/4/08 307,807
153,880 Dexia Bank NY, 2.65%, 8/12/08 153,880
630,949 Dexia Bank NY, 2.69%, 8/7/08 630,949
570,144 Dexia Bank NY, 3.37%, 9/29/08 570,144
1,385,003 DNB NOR Bank ASA NY, 2.9%, 6/8/09 1,385,003
66,096 Fortis, 3.11%, 9/30/08 66,096
1,409,626 Intesa SanPaolo S.p.A., 2.72%, 5/22/09 1,409,626
670,957 Lloyds Bank, 2.61%, 7/11/08 670,957
384,723 Lloyds Bank, 2.61%, 8/18/08 384,723
523,224 Natixis, 2.83%, 8/4/08 523,224
88,907 NORDEA NY, 2.72%, 4/9/09 88,907
73,741 NORDEA NY, 2.73%, 12/1/08 73,741
769,446 NORDEA NY, 2.81%, 8/29/08 769,446
123,085 Rabobank Nederland NY, 2.37%, 8/29/08 123,085
384,723 Royal Bank of Canada NY, 2.57%, 7/15/08 384,723
769,460 Royal Bank of Canada NY, 2.6%, 9/5/08 769,460
297,008 Skandinavian Enskilda Bank NY, 2.7%, 7/17/08 297,008
153,513 Skandinavian Enskilda Bank NY, 3.06%, 2/13/09 153,513
89,188 Skandinavian Enskilda Bank NY, 3.18%, 9/22/08 89,188
638,640 Svenska Bank NY, 2.55%, 7/11/08 638,640
307,780 Svenska Bank NY, 2.7%, 7/17/08 307,780
461,668 Toronto Dominion Bank NY, 2.75%, 11/5/08 461,668
969,502 Toronto Dominion Bank NY, 2.77%, 9/5/08 969,502
153,554 Wachovia Bank, 3.62%, 10/28/08 153,554
24,065,901
Commercial Paper:
146,393 Bank Bovespa NY, 2.79%, 3/12/09 146,393
306,874 Bank of America, 2.6%, 8/11/08 306,874
236,493 Bank of America, 2.7%, 8/26/08 236,493
230,662 CBA, 2.7%, 7/11/08 230,662
613,415 CBA, 2.88%, 8/18/08 613,415
153,803 Deutsche Bank Financial, 2.72%, 7/9/08 153,803
692,344 General Electric Capital Corp., 2.77%, 1/5/09 692,344
769,162 General Electric Capital Corp., 2.82%, 3/16/09 769,162
764,464 HSBC, 2.88%, 9/29/08 764,464
153,644 HSBC, 2.89%, 7/21/08 153,644
284,546 IBM, 3.18%, 2/13/09 284,546
769,446 IBM, 3.18%, 6/26/09 769,446
613,649 ING Funding, 2.7%, 8/13/08 613,649
1,385,003 Met Life Global Funding, 3.16%, 6/12/09 1,385,003
230,669 Natixis, 2.87%, 7/10/08 230,669
230,446 Natixis, 2.87%, 7/21/08 230,446
189,629 PARFIN, 3.18%, 8/1/08 189,629
304,944 Royal Bank of Scotland, 2.66%, 10/21/08 304,944
383,821 Societe Generale, 2.93%, 7/30/08 383,821
153,877 Societe Generale, 2.98%, 7/2/08 153,877
306,908 Societe Generale, 3.18%, 8/5/08 306,908
613,227 Societe Generale, 3.18%, 8/22/08 613,227
306,872 SVSS NY, 3.18%, 8/11/08 306,872
1,308,059 WestPac, 3.18%, 6/1/09 1,308,059
11,148,350
Shares
Mutual Funds:
923,336 BlackRock Liquidity Money Market Fund, 3.18% 923,336
1,200,798 Dreyfus Preferred Money Market Fund, 3.18% 1,200,798
2,124,134
Principal
Amount
USD ($)
Tri-party Repurchase Agreements:
3,272,870 Deutsche Bank, 2.5% 7/1/08 3,272,870
9,233,355 Lehman Brothers, 2.65% 7/1/08 9,233,355
12,506,225
Other:
382,655 ABS CFAT 2008-A A1, 3.005%, 4/27/09 382,655
Total Security Lending Collateral 50,227,265
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $70,182,265) 70,182,265
TOTAL INVESTMENTS IN SECURITIES - 152.8%
(Cost $584,076,180) (k)(l) 560,790,345
OTHER ASSETS AND LIABILITIES - (11.6)% (42,773,873)
PREFERRED SHARES AT REDEMPTION VALUE,
INCLUDING DIVIDENDS PAYABLE - (41.2)% (151,114,435)
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS - 1366,902,037
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 June 30, 2008, the value of these
securities amounted to
$156,091,435 or 42.5% of total net assets applicable to
common shareowners.
(a) Floating rate note. The rate shown is the coupon rate at
June 30, 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 June 30, 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 June 30, 2008.
(g) Indicates a security that has been deemed illiquid. The
aggregate cost of illiquid securities is
$3,293,400. The aggregate value $3,152,985 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
June 30, 2008.
(i) Security is in default and is non-income producing.
(ij Non-income producing.
(k) At June 30, 2008, the net unrealized loss on investments
based on cost for
federal income tax purposes of $584,663,625 was as follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost 21,711,370
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (45,584,650)
Net unrealized loss (23,873,280)
For financial reporting purposes net unrealized loss was
$23,285,835
and cost of investments aggregated $584,076,180.
(l) Distribution of investments by country of issue, as a
percentage of total holdings,
is as follows:
United States 76.8%
Canada 4.0
Norway 3.8
Brazil 2.7
United Kingdom 2.6
Netherlands 1.4
Cayman Islands 1.3
Germany 1.0
Mexico 1.0
Virgin Islands 0.8
Australia 0.6
Bermuda 0.5
Argentina 0.5
Thailand 0.5
Russia 0.4
Luxembourg 0.4
Colombia 0.4
Ecuador 0.3
South Africa 0.3
Jamaica 0.3
Singapore 0.2
Israel 0.1
Ireland 0.1
100.0
(m) At June 30, 2008, the following securities were out on loan:
Principal
Amount
USD($) Description Market Value($)
1,450,000 Accellent, Inc., 10.5%, 12/1/13 1,139,014
4,820,000 Accuride Corp., 8.5%, 2/1/15 3,700,222
2,500,000 Aleris International, Inc., 10.0%, 12/15/16 1,829,168
792,554 American Airlines, Inc., 7.379%, 11/23/17 245,930
456,000 AmeriCredit Corp., 8.5%, 7/1/15* 384,072
2,500,000 Angiotech Pharmaceuticals, Inc., 7.75%, 4/1/14 1,897,900
1,592,000 Aventine Renewable Energy Holdings, Inc., 10.0%1,018,437
3,168,000 CCH I Holdings LLC, 11.0%, 10/1/15 2,430,471
500,000 CCH II Holdings LLC, 10.25%, 9/15/10 499,948
1,600,000 Cell C Property, Ltd., 11.0%, 7/1/15 (144A) 1,735,510
990,000 Central Garden & Pet Co., 9.125%, 2/1/13 898,689
1,000,000 Cooper-Standard Automotive, Inc., 8.375%, 12/15733,490
3,316,000 Duane Reade, Inc., 9.75%, 8/1/11 3,085,054
492,500 Freescale Semiconductor, Inc., 10.125%, 12/15/1377,609
1,005,000 GC Impsat Holdings I Plc, 9.875%, 2/15/17 (144A954,708
1,803,000 Georgia Gulf Corp., 9.5%, 10/15/14 1,387,935
2,831,000 Georgia Gulf Corp., 10.75%, 10/15/16 1,767,541
5,000,000 Graphic Packaging International, Inc., 9.5%, 8/4,928,125
2,000,000 Industrias Unidas SA de CV, 11.5%, 11/15/16 (141,336,834
1,485,000 Ineos Group Holdings Plc, 8.5%, 2/15/16 (144A) 1,042,284
1,485,000 Panolam Industries International, 10.75%, 10/1/1,211,286
4,568,000 Sally Holdings LLC, 10.5%, 11/15/16 4,422,395
2,420,000 Trump Entertainment Resorts, Inc., 8.5%, 6/1/151,510,920
3,825,000 Univision Communications, 9.75%, 3/15/15 (144A)2,910,588
4,230,000 VeraSun Energy Corp., 9.875%, 12/15/12 3,708,082
2,000,000 VeraSun Energy Corp., 9.375%, 6/1/17 1,035,104
2,638,000 Yankee Acquisition Corp., 8.5%, 2/15/15 2,141,726
Shares
73,000 Northwest Airlines Corp. 460,630
48,793,672
*Awaiting pending sales, portion not part of portfolio at
period end.
Note: Principal amounts are denominated in U.S. dollars
unless otherwise denoted.
EURO Euro
ITL Italian Lira
NOK Norwegian Krone
Glossary
of Terms:
(A.D.R.) American Depositary Receipt
RIB Residual Interest Bonds
FAS 157 Footnote Disclosures
Various inputs are used in determining the value of the
Fund's
investments. These inputs are summarized in the three broad
levels listed below.
Highest priority is given to Level 1 inputs and lowest
priority
is given to Level 3.
Level 1 - quoted prices in active markets for identical
securities
Level 2 - other significant observable inputs (including
quoted
prices for similar securities, interest rates, prepayment
speeds,
credit risk, etc.)
Level 3 - significant unobservable inputs (including the
Fund's
own assumptions in determining fair value of investments)
The following is a summary of the inputs used as of June
30, 2008, in valuing the Fund's assets:
Valuation Inputs Investments
in Securities
Level 1 - Quoted Prices 3,099,142
Level 2 - Other Significant Observable Inputs 557,691,203
Level 3 - Significant Unobservable Inputs -
Total 560,790,345
ITEM 2. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph, based on their
evaluation of these controls and procedures required by Rule 30a-3(b)
under the Act (17 CFR270.30a-3(b))) and Rule 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer and principal financial officer
have concluded that the registrant's disclosure controls and procedures are
effective based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of this report.
(b) Disclose any change in the registrant's internal controls over financial
reporting (as defined in Rule 30a-3(d) under the Act (17 CFR270.30a-3(d))
that occurred during the registrant's last fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting.
There were no significant changes in the registrant's internal control over
financial reporting that occurred during the second fiscal quarter of the
period covered by this report that have materially affected, or are
reasonably likely to materially affect, the registrant's internal control
over financial reporting.
ITEM 3. EXHIBITS.
(a) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer High Income Trust
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date August 29, 2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date August 29, 2008
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date August 29, 2008
* Print the name and title of each signing officer under his or her signature.