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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, 2007
Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (239.24 and 274.5 of this
chapter), to file reports with the Commission, not later than 60 days after
close of the first and third fiscal quarters, pursuant to Rule 30b1-5under
the Investment Company Act of 1940 (17 CFR 270.30b-5). The Commission may
use the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-Q
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. Schedule of Investments.
Pioneer High Income Trust
SCHEDULE OF INVESTMENTS 6/30/07 (unaudited)
Principal
Amount
USD ($) Value
COLLATERIZED MORTGAGE OBLIGATIONS - 0.3% of Net Assets
Diversified Financials - 0.3%
1,245,000 DB Master Finance LLC, 8.285%, 6/20/31 (144A) $ 1,257,421
TOTAL COLLATERIZED MORTGAGE OBLIGATIONS
(Cost $1,268,107) $ 1,257,421
CORPORATE BONDS & NOTES - 115.9% of Net Assets
Energy - 13.9%
Oil & Gas Drilling - 2.8%
4,400,000 DDI Holding AS, 9.3%, 1/19/12 (144A) $ 4,631,000
2,500,000 Norse Energy Corp. ASA, 6.5%, 7/14/11 (144A) 2,018,750
3,000,000 Norse Energy Corp. ASA, 10.0%, 7/13/10 507,928
11,500,000 Petrojack AS, 11.0%, 4/19/10 1,985,998
3,500,000 Skeie Drilling & Production ASA, 11.25%, 3/8/13 3,535,000
$12,678,676
Oil & Gas Equipment & Services - 2.3%
600,000 (a) DP Producer AS, 11.36%, 12/5/11 (144A) $ 612,000
1,100,000 Nexus 1 Pte, Ltd., 10.5%, 3/7/12 (144A) 1,111,000
2,000,000 Sevan Marine ASA, 9.25%, 12/20/11 (144A) 2,080,000
4,540,000 White Pine Hydro Portfolio LLC, 7.26%, 7/20/15 4,540,000
$ 8,343,000
Integrated Oil & Gas - 0.4%
1,770,000 Tristan Oil, Ltd., 10.5%, 1/1/12 (144A) $ 1,840,800
Oil & Gas Exploration & Production - 5.6%
6,584,000 Baytex Energy, Ltd., 9.625%, 7/15/10 $ 6,814,440
3,200,000 Biofuel Energy ASA, 10.0%, 6/7/12 3,200,000
1,250,000 Hilcorp Energy I, LP, 9.0%, 6/1/16 (144A) 1,293,750
4,500,000 Methanex Corp., 8.75%, 8/15/12 4,950,000
500,000 (a) PetroProd, Ltd., 11.355%, 1/12/12 513,750
5,300,000 PetroQuest Energy, Inc., 10.375%, 5/15/12 5,498,750
3,135,000 Stone Energy Corp., 6.75%, 12/15/14 2,884,200
$25,154,890
Oil & Gas Refining & Marketing - 2.5%
4,325,000 Aventine Renewable Energy Holdings, Inc., 10.0%, 4/$ 4,238,500
2,425,000 VeraSun Energy Corp., 9.375%, 6/1/17 (144A) 2,255,250
4,280,000 VeraSun Energy Corp., 9.875%, 12/15/12 4,494,000
$10,987,750
Oil & Gas Storage & Transportation - 0.3%
2,130,000 SemGroup L.P., 8.75%, 11/15/15 (144A) $ 2,140,650
820,000 Targa Resources, Inc., 8.5%, 11/1/13 (144A) 832,300
$ 2,972,950
Total Energy $61,978,066
Materials - 17.1%
Commodity Chemicals - 3.0%
4,635,000 ARCO Chemical Co., 9.8%, 2/1/20 $ 5,028,975
2,210,000 Georgia Gulf Corp., 9.5%, 10/15/14 2,198,950
2,650,000 (l) Georgia Gulf Corp., 10.75%, 10/15/16 2,636,750
3,150,000 Invista, 9.25%, 5/1/12 (144A) 3,331,125
$13,195,800
Diversified Chemicals - 2.1%
3,200,000 Basell Finance Co., 8.1%, 3/15/27 (144A) $ 2,912,000
3,000,000 Hexion US Finance Corp./Hexion Nova Scotia Finance U 3,105,000
2,000,000 Ineos Group Holdings Plc., 8.5%, 2/15/16 (144A) 1,955,000
1,190,000 Nell AF S.a.r.l., 8.375%, 8/15/15 (144A) 1,611,170
$ 9,583,170
Specialty Chemicals - 1.0%
785,000 MacDermid, Inc., 9.5%, 4/15/07 (144A) $ 788,925
3,300,000 Tronox Worldwide LLC, 9.5%, 12/1/12 3,440,250
$ 4,229,175
Construction Materials - 2.5%
4,500,000 AGY Holding Corp., 11.0%, 11/15/14 (144A) $ 4,730,625
825,000 Blaze Recycling & Metals LLC, 10.875%, 7/15/12 (144A 841,500
1,500,000 Panolam Industries International, Inc., 10.75%, 10/1 1,567,500
4,185,000 U.S. Concrete, Inc., 8.375%, 4/1/14 4,174,538
$11,314,163
Paper Packaging - 2.9%
5,450,000 Exopack Holding Corp., 11.25%, 2/1/14 $ 5,749,750
5,540,000 Graphic Packaging International, Inc., 9.5%, 8/15/13 5,754,675
46,000 MDP Acquisitions Plc, 10.125%, 10/1/12 65,853
1,500,000 U.S. Corrugated, Inc., 10.0%, 6/1/13 1,488,750
$13,059,028
Aluminum - 1.5%
2,035,000 Aleris International, Inc., 10.0%, 12/15/16 (144A) $ 2,019,737
1,200,000 Asia Aluminum Holdings, Ltd., 8.0%, 12/23/11 (144A) 1,182,000
3,180,000 Indalex Holding Corp., 11.5%, 2/1/14 3,307,200
$ 6,508,937
Diversified Metals & Mining - 3.0%
3,300,000 American Rock Salt Co. LLC, 9.5%, 3/15/14 $ 3,337,125
3,000,000 FMG Finance Pty., Ltd., 10.625%, 9/1/16 (144A) 3,570,000
1,505,000 (a)(Noranda Aluminium Acquisition Corp., 9.36%, 5/15/15 1,452,325
3,050,000 PNA Group, Inc., 10.75%, 9/1/16 (144A) 3,324,500
1,870,000 (a) PNA Intermediate Holding Corp., 12.36%, 2/15/13 (144 1,888,700
$13,572,650
Steel - 0.7%
2,900,000 CSN Islands VIII Corp., 9.75%, 12/16/13 (144A) $ 3,255,250
Forest Products - 0.4%
1,645,000 Mandra Forestry Holdings, Ltd., 12.0%, 5/15/13 (144$ 1,661,450
Total Materials $76,379,623
Capital Goods - 8.8%
Building Products - 2.0%
6,135,000 (a) Builders FirstSource, Inc., 9.61%, 2/15/12 $ 6,211,687
2,500,000 Industrias Unidas SA de CV, 11.5%, 11/15/16 (144A) 2,631,250
$ 8,842,937
Electrical Components & Equipment - 0.7%
660,000 Baldor Electric Co., 8.625%, 2/15/17 $ 697,950
2,270,000 (c) Caiua Servicos Electricidad SA, 11.125% (144A) 2,374,420
$ 3,072,370
Heavy Electrical Equipment - 2.0%
4,790,000 Altra Industrial Motion, 9.0%, 12/1/11 $ 4,957,650
3,975,000 Hawk Corp., 8.75%, 11/1/14 4,094,250
$ 9,051,900
Construction & Farm Machinery & Heavy Truck - 3.8%
2,900,000 Accuride Corp., 8.5%, 2/1/15 $ 2,863,750
5,250,000 Commercial Vehicle Group, Inc., 8.0%, 7/1/13 5,236,875
1,520,000 Esco Corp., 8.625%, 12/15/13 (144A) 1,596,000
1,750,000 Greenbrier Companies, Inc., 8.375%, 5/15/15 1,763,125
1,000,000 (d) Stanadyne Corp., 0.0%, 2/15/15 830,000
4,690,000 Stanadyne Corp., 10.0%, 8/15/14 4,959,675
$17,249,425
Industrial Machinery - 0.3%
1,217,000 Manitowac Co., Inc., 10.5%, 8/1/12 $ 1,283,935
Total Capital Goods $39,500,567
Commercial Services & Supplies - 7.0%
Diversified Commercial & Professional Services - 3.5%
3,500,000 Allied Security Escrow, 11.375%, 7/15/11 $ 3,517,500
1,050,000 Mobile Services Group, Inc., 9.75%, 8/1/14 (144A) 1,118,250
9,000,000 NCO Group, Inc., 11.875%, 11/15/14 (144A) 9,292,500
1,565,000 Park-Ohio Industries, Inc., 8.375%, 11/15/14 1,506,312
$15,434,562
Environmental & Facilities Services - 3.5%
4,088,000 Clean Harbors, Inc., 11.25%, 7/15/12 $ 4,514,333
5,020,000 Hydrochem Industrial Services, Inc., 9.25%, 2/15/13 5,170,600
5,800,000 Waste Services, Inc., 9.5%, 4/15/14 6,097,250
$15,782,183
Total Commercial Services & Supplies $31,216,745
Transportation - 5.0%
Air Freight & Logistics - 0.5%
1,545,000 CEVA Group Plc, 10.0%, 12/1/16 (144A) $ 2,044,865
Airlines - 0.6%
976,135 American Airlines, Inc., 7.379%, 11/23/17 $ 912,686
817,814 Continental Airlines, Inc., Series B, 8.499%, 11/1/1 830,082
1,000,000 (c) GOL Finance, 8.75% (144A) 1,002,500
$ 2,745,268
Marine - 3.4%
3,899,000 (d) H-Lines Finance Holding, 0.0%, 4/1/13 $ 3,821,020
8,000,000 Seabulk International, Inc., 9.5%, 8/15/13 8,550,000
2,900,000 Trailer Bridge, Inc., 9.25%, 11/15/11 2,965,250
$15,336,270
Railroads - 0.5%
2,250,000 Kansas City Southern de Mexico, 9.375%, 5/1/12 $ 2,407,500
Total Transportation $22,533,903
Automobiles & Components - 1.2%
Auto Parts & Equipment - 1.2%
5,965,000 (l) Cooper-Standard Automotive, Inc., 8.375%, 12/15/14 $ 5,562,362
Total Automobiles & Components $ 5,562,362
Consumer Durables & Apparel - 2.0%
Homebuilding - 1.6%
2,000,000 Meritage Homes Corp., 6.25%, 3/15/15 $ 1,780,000
1,480,000 (l) TOUSA, Inc., 10.375%, 7/1/12 1,243,200
1,100,000 (l) WCI Communities, Inc., 7.875%, 10/1/13 1,012,000
600,000 (l) William Lyon Homes, Inc., 7.5%, 2/15/14 504,000
3,200,000 William Lyon Homes, Inc., 7.625%, 12/15/12 2,736,000
$ 7,275,200
Housewares & Specialties - 0.4%
1,650,000 (l) Yankee Acquisition Corp., 9.75%, 2/15/17 $ 1,596,375
Total Consumer Durables & Apparel $ 8,871,575
Consumer Services - 5.5%
Casinos & Gaming - 5.0%
2,000,000 Buffalo Thunder Development Authority, 9.375%, 12/1$ 2,000,000
1,400,000 Fontainebleau Las Vegas Holdings LLC/Fontainebleau L 1,379,000
1,675,000 Galaxy Entertainment Finance Co., Ltd., 9.875%, 12/1 1,800,625
4,500,000 Little Traverse Bay Bands of Odawa Indians, 10.25%, 4,635,000
1,700,000 Pokagon Gaming Authority, 10.375%, 6/15/14 (144A) 1,874,250
1,750,000 Shingle Springs Tribal Gaming Authority, 9.375%, 6/1 1,765,312
2,450,000 Trump Entertainment Resorts, Inc., 8.5%, 6/1/15 2,431,625
6,800,000 Wimar Opco LLC, 9.625%, 12/15/14 (144A) 6,545,000
$22,430,812
Hotels, Resorts & Cruise Lines - 0.5%
2,000,000 (a) HRP Myrtle Beach Operations LLC, 10.07%, 4/1/12 (14$ 2,000,000
Total Consumer Services $24,430,812
Media - 4.7%
Broadcasting & Cable Television - 2.4%
3,200,000 CCH I Holdings LLC, 11.0%, 10/1/15 $ 3,340,000
1,500,000 CCH II Holdings LLC, 10.25%, 9/15/10 1,565,625
3,750,000 Kabel Deutschland GMBH, 10.75%, 7/1/14 5,659,642
$10,565,267
Publishing - 2.3%
1,710,237 (b) AAC Group Holding Corp., 14.75%, 10/1/12 $ 1,876,985
4,835,000 Sheridan Acquisition Corp., 10.25%, 8/15/11 5,076,750
3,700,000 (d) Visant Holding Corp., 0.0%, 12/1/13 3,394,750
$10,348,485
Total Media $20,913,752
Retailing - 2.1%
Distributors - 1.1%
4,735,000 Intcomex, Inc., 11.75%, 1/15/11 $ 4,877,050
820,000 KAR Holdings, Inc., 10.0%, 5/1/15 (144A) 799,500
$ 5,676,550
Catalog Retail - 1.0%
4,615,000 Sally Holdings LLC, 10.5%, 11/15/16 (144A) $ 4,638,075
Total Retailing $10,314,625
Food & Staples Retailing - 0.7%
Drug Retail - 0.7%
3,350,000 Duane Reade, Inc., 9.75%, 8/1/11 $ 3,274,625
Total Food & Staples Retailing $ 3,274,625
Food, Beverage & Tobacco - 4.0%
Brewers - 1.5%
5,885,000 Cia Brasileira de Bebida, 10.5%, 12/15/11 $ 6,914,875
Agricultural Products - 0.6%
2,000,000 (c) Cosan SA Industria e Comercio, 8.25% (144A) $ 2,025,000
500,000 Marfrig Overseas, Ltd., 9.625%, 11/16/16 (144A) 522,500
$ 2,547,500
Packaged Foods & Meats - 1.6%
775,000 Bertin, Ltd., 10.25%, 10/5/16 (144A) $ 848,625
2,410,000 Minerva Overseas, Ltd., 9.5%, 2/1/17 (144A) 2,482,300
3,180,000 Nutro Products, Inc., 10.75%, 4/15/14 (144A) 3,695,294
$ 7,026,219
Tobacco - 0.3%
1,230,000 Alliance One International, Inc., 8.5%, 5/15/12 (14$ 1,257,675
Total Food, Beverage & Tobacco $17,746,269
Health Care Equipment & Services - 6.9%
Health Care Equipment & Services - 0.6%
2,875,000 Accellent, Inc., 10.5%, 12/1/13 $ 2,853,438
Health Care Supplies - 0.6%
2,900,000 (a) Medical Services Co., 12.856%, 10/15/11 $ 2,813,000
Health Care Services - 2.2%
2,160,000 AMR HoldCo/Emcare HoldCo, 10.0%, 2/15/15 $ 2,332,800
4,055,000 Rural/Metro Corp., 9.875%, 3/15/15 4,257,750
1,880,000 (b) Surgical Care Affiliates, Inc., 8.875%, 7/15/15 (144 1,870,600
1,475,000 Surgical Care Affiliates, Inc., 10.0%, 7/15/17 (144A 1,471,313
$ 9,932,463
Health Care Facilities - 2.4%
1,200,000 Community Health Systems, Inc., 8.875%, 7/15/15 (14$ 1,216,500
3,800,000 Hanger Orthopedic Group, Inc., 10.25%, 6/1/14 4,085,000
2,555,000 (b) HCA, Inc., 10.375%, 11/15/16 (144A) 2,746,625
130,000 Psychiatric Solutions, Inc., 7.75%, 7/15/15 128,538
2,000,000 Psychiatric Solutions, Inc., 7.75%, 7/15/15 (144A) 1,977,500
575,000 Sun Healthcare Group, Inc., 9.125%, 4/15/15 (144A) 598,000
$10,752,163
Managed Health Care - 1.1%
4,400,000 Multiplan, Inc., 10.375%, 4/15/16 (144A) $ 4,686,000
Total Health Care Equipment & Services $31,037,064
Pharmaceuticals & Biotechnology & Life Sciences - 2.9%
Biotechnology - 0.7%
3,500,000 (l) Angiotech Pharmaceuticals, Inc., 7.75%, 4/1/14 $ 3,298,750
Pharmaceuticals - 2.2%
2,000,000 Phibro Animal Health Corp., 10.0%, 8/1/13 (144A) $ 2,090,000
3,000,000 Phibro Animal Health Corp., 13.0%, 8/1/14 (144A) 3,165,000
4,317,000 Warner Chilcott Corp., 8.75%, 2/1/15 4,435,718
$ 9,690,718
Total Pharmaceuticals & Biotechnology & Life Scienc$12,989,468
Banks - 0.4%
Diversified Banks - 0.4%
1,750,000 (a)(ALB Finance BV, 9.375% $ 1,677,288
Total Banks $ 1,677,288
Diversified Financials - 6.5%
Other Diversified Financial Services - 0.2%
605,000 PGS Solutions, Inc., 9.625%, 2/15/15 (144A) $ 611,744
Specialized Finance - 2.6%
7,950,000 GATX Financial Corp., 8.875%, 6/1/09 $ 8,401,568
Consumer Finance - 2.8%
4,770,000 ACE Cash Express, Inc., 10.25%, 10/1/14 (144A) $ 4,877,325
1,300,000 AmeriCredit Corp., 8.5%, 7/1/15 (144A) 1,309,750
3,000,000 Ford Motor Credit Co., 7.875%, 6/15/10 2,999,424
3,000,000 (a) Ford Motor Credit Co., 9.806%, 4/15/12 3,215,133
$12,401,632
Investment Banking & Brokerage - 0.9%
4,205,000 Algoma Acquisition Corp., 9.875%, 6/15/15 (144A) $ 4,183,975
Total Diversified Financials $25,598,919
Insurance - 3.7%
Insurance Brokers - 0.9%
3,150,000 HUB International Holdings, Inc., 10.25%, 6/15/15 ($ 3,031,875
885,000 U.S.I. Holdings Corp., 9.75%, 5/15/15 (144A) 880,575
$ 3,912,450
Life & Health Insurance - 1.3%
5,725,000 Presidential Life Corp., 7.875%, 2/15/09 $ 5,725,000
Multi-Line Insurance - 1.2%
5,300,000 Allmerica Financial Corp., 7.625%, 10/15/25 $ 5,507,967
Reinsurance - 0.3%
750,000 (a) Foundation Re, Ltd., 9.46%, 11/24/08 (144A) $ 712,980
500,000 (a) Residential Reinsurance 2005, 13.81%, 6/6/08 469,900
$ 1,182,880
Total Insurance $16,328,297
Software & Services - 3.5%
IT Consulting & Other Services - 1.0%
4,450 (e) MSX International UK/MXS International Business Ser$ 4,516,750
Data Processing & Outsourced Services - 1.3%
640,000 iPayment, Inc., 9.75%, 5/15/14 $ 640,000
5,250,000 Pegasus Solutions, Inc., 10.5%, 4/15/15 (144A) 5,250,000
$ 5,890,000
Application Software - 0.2%
810,000 Open Solutions, Inc., 9.75%, 2/1/15 (144A) $ 818,100
Computer Hardware - 1.0%
2,900,000 (b) CHR Intermediate Holding Corp., 12.61%, 6/1/13 (144$ 2,889,125
3,750,000 Compucom Systems, Inc., 12.0%, 11/1/14 (144A) 4,031,250
$ 6,920,375
Total Software & Services $18,145,225
Technology Hardware & Equipment - 3.4%
Computer Hardware - 0.7%
2,945,000 Activant Solutions, Inc., 9.5%, 5/1/16 $ 2,893,462
Office Electronics - 2.7%
11,830,000 Xerox Capital Trust I, 8.0%, 2/1/27 $12,144,832
Total Technology Hardware & Equipment $15,038,294
Semiconductors & Semiconductor Equipment - 0.3%
Semiconductors - 0.3%
1,300,000 (a) Freescale Semiconductor, Inc., 9.235%, 12/15/14 (14$ 1,254,500
Total Semiconductors & Semiconductor Equipment $ 1,254,500
Telecommunication Services - 14.0%
Alternative Carriers - 0.6%
2,500,000 PAETEC Holding Corp., 9.5%, 7/15/15 (144A) $ 2,500,000
Integrated Telecommunication Services - 2.5%
7,149,000 Eschelon Operating Co., 8.375%, 3/15/10 $ 6,907,721
3,720,000 GC Impsat Holdings I Plc, 9.875%, 2/15/17 (144A) 3,766,500
691,000 Tele Norte Leste Participacoes SA, 8.0%, 12/18/13 725,550
$11,399,771
Wireless Telecommunication Services - 10.9%
4,165,000 Broadview Networks Holdings, Inc., 11.375%, 9/1/12 $ 4,414,900
1,625,000 Cell C Property, Ltd., 11.0%, 7/1/15 (144A) 1,523,437
2,855,000 (a) Cleveland Unlimited, Inc., 13.61%, 12/15/10 (144A) 3,126,225
6,900,000 Cricket Communications, Inc., 9.375%, 11/1/14 7,124,250
1,500,000 Digicel, Ltd., 9.25%, 9/1/12 (144A) 1,580,625
2,500,000 (a) Hellas Telecommunications Luxembourg II, 11.106%, 1/ 2,575,000
5,000,000 Hughes Network Systems LLC, 9.5%, 4/15/14 5,225,000
2,200,000 (d) Inmarsat Finance II Plc, 0.0%, 11/15/12 2,098,250
3,200,000 (d) Intelsat Intermediate Holding Co., Ltd., 0.0%, 2/1/1 2,632,000
5,150,000 Mobifon Holdings BV, 12.5%, 7/31/10 5,497,625
3,230,000 Mobile Telesystems, 9.75%, 1/30/08 (144A) 3,287,494
3,000,000 (a) Rural Cellular Corp., 11.106%, 11/1/12 3,090,000
3,200,000 Stratos Global Corp., 9.875%, 2/15/13 3,400,000
3,020,000 True Move Co, Ltd., 10.75%, 12/16/13 (144A) 3,201,200
$48,776,006
Total Telecommunication Services $62,675,777
Utilities - 2.3%
Electric Utilities - 1.9%
2,000,000 Aes Chivor SA ESP, 9.75%, 12/30/14 (144A) $ 2,265,000
1,500,000 Mirant JPSCo. Finance, Ltd., 11.0%, 7/6/16 (144A) 1,650,000
4,436,159 Ormat Funding Corp., 8.25%, 12/30/20 4,524,882
$ 8,439,882
Multi - Utilities - 0.4%
2,175,000 (a) Power Contract Financing III LLC, 0.681%, 2/5/10 (1$ 1,805,250
Total Utilities $10,245,132
TOTAL CORPORATE BONDS & NOTES
(Cost $490,832,406) $517,712,888
CONVERTIBLE BONDS & NOTES - 0.4% of Net Assets
Software & Services - 0.4%
Systems Software - 0.4%
1,400,000 Macrovision Corp., 2.625%, 8/15/11 (144A) $ 1,743,000
TOTAL CONVERTIBLE BONDS & NOTES
(Cost $1,400,000) $ 1,743,000
MUNICIPAL BONDS - 7.1% of Net Assets
Indiana - 1.4%
1,650,000 East Chicago Industrial Pollution Control Revenue, $ 1,730,108
4,250,000 Indiana Development Finance Authority Revenue, 5.75% 4,372,102
$ 6,102,210
Michigan - 0.0%
3,000,000 Wayne Charter County, Special Airport Facilities Re$ 0
New Jersey - 2.1%
4,525,000 New Jersey Economic Development Authority Revenue, $ 4,793,604
4,000,000 Tobacco Settlement Financing Corp., 7.0%, 6/1/41 4,622,480
$ 9,416,084
New York - 0.9%
3,475,000 New York City Industrial Development Agency, Britis$ 3,819,720
North Carolina - 1.5%
4,800,000 Charlotte, Special Facilities Revenue, Charlotte/Do$ 4,793,664
2,000,000 Charlotte, Special Facilities Revenue, Charlotte/Dou 2,119,680
$ 6,913,344
Ohio - 0.3%
1,275,000 (a) Ohio Air Quality Development Authority Revenue, 10.$ 1,275,000
Texas - 0.9%
3,200,000 (f) San Antonio, Texas, Electric & Gas, RIB, 7.915%, 2/$ 3,993,568
TOTAL MUNICIPAL BONDS
(Cost $24,331,532) $31,519,926
MUNICIPAL COLLATERALIZED DEBT OBLIGATION - 0.7% of Net Assets
3,300,000 (g) Non-Profit Preferred Funding Trust I, 12.5%, 9/15/3$ 3,298,581
TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION
(Cost $3,293,400) $ 3,298,581
SOVEREIGN DEBT OBLIGATIONS - 2.0% of Net Assets
Brazil - 0.8%
4,800,000,0(d) Banco Nacional de Desenvolimento Bndes, 8.0%, 4/28/$ 3,582,364
Ecuador - 0.6%
3,515,000 (d) Federal Republic of Ecuador, 10.0%, 8/15/30 (144A) $ 2,882,300
Russia - 0.6%
2,308,400 (d) Russia Government International Bond, 7.5%, 3/31/30$ 2,542,703
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $6,125,575) $ 9,007,367
FLOATING RATE LOAN INTERESTS - 5.8% of Net Assets(h)
Energy - 0.2%
Oil & Gas Exploration & Production - 0.2%
710,000 SandRidge Energy, Inc., Unsecured Bridge Term Loan,$ 727,750
300,000 Venoco, Inc., Second Lien Term Loan, 9.36%, 9/20/11 303,000
Total Energy $ 1,030,750
Capital Goods - 0.5%
Building Products - 0.4%
2,000,000 Custom Building Products, Inc., Second Lien Term Lo$ 1,997,084
Construction & Farm Machinery & Heavy Trucks - 0.1%
397,920 Rental Service Corp., Second Lien Initial Term Loan$ 400,532
Total Capital Goods $ 2,397,616
Automobiles & Components - 0.9%
Auto Parts & Equipment - 0.9%
3,885,000 Lear Corp., U.S. Term Loan, 2.75%, 7/2/14 $ 3,854,514
Total Automobiles & Components $ 3,854,514
Consumer Durables & Apparel - 0.7%
Homebuilding - 0.7%
2,850,000 LandSource Communities Development LLC, Second Lien$ 2,874,937
Total Consumer Durables & Apparel $ 2,874,937
Household & Personal Products - 0.1%
Household Products - 0.1%
500,000 Huish Detergents, Inc., Second Lien Term Loan, 9.57$ 499,375
Total Household & Personal Products $ 499,375
Health Care Equipment & Services - 1.1%
Health Care Equipment & Services - 0.4%
1,800,000 Niagara Corp., Term Loan B, 5.0%, 6/29/14 $ 1,800,000
Health Care Facilities - 0.7%
3,175,000 Community Health Systems, Inc., Sr. Unsecured Bridg$ 3,185,417
Total Health Care Equipment & Services $ 4,985,417
Diversified Financials - 1.2%
Other Diversified Financial Services - 1.2%
2,500,000 J.G. Wentworth, Second Lien Term Loan, 10.35%, 3/1/$ 2,512,500
2,009,513 Louis Topco, Ltd., Term Loan, 11.863%, 6/1/17 2,732,039
Total Diversified Financials $ 5,244,539
Insurance - 0.5%
Multi-Line Insurance - 0.5%
2,250,000 AmWins Group, Inc., Second Lien Term Loan, 5.75%, 6$ 2,254,219
Total Insurance $ 2,254,219
Utilities - 0.6%
Independent Power Producers & Energy Traders - 0.6%
817,560 NRG Energy, Inc., Credit-Linked Deposit, 1.75%, 2/1$ 815,297
1,968,623 NRG Energy, Inc., Term Loan, 1.75%, 2/1/13 1,963,174
Total Utilities $ 2,778,471
TOTAL FLOATING RATE LOAN INTERESTS
(Cost $25,747,317) $25,919,838
FIXED RATE LOAN INTERESTS - 0.3% of Net Assets
Energy - 0.3%
Oil & Gas Exploration & Production - 0.3%
1,070,000 SandRidge Energy, Inc., Unsecured Bridge Term Loan,$ 1,096,750
TOTAL FIXED RATE LOAN INTERESTS
(Cost $1,070,000) $ 1,096,750
Shares COMMON STOCKS - 0.5% of Net Assets
Transportation - 0.3%
Airlines - 0.3%
62,126 (l) Northwest Airlines Corp. $ 1,379,197
Total Transportation
Pharmaceuticals & Biotechnology & Life Sciences - 0.2%
Pharmaceuticals - 0.2%
17,818 Teva Pharmaceutical Industries, Ltd. (A.D.R.) $ 734,993
Total Pharmaceuticals & Biotechnology & Life Sciences
TOTAL COMMON STOCKS
(Cost $2,886,220) $ 2,114,190
WARRANTS - 0.1% of Net Assets (i)
Energy - 0.1%
Oil & Gas Drilling - 0.1%
2,500,000 Norse Energy Corp. ASA - CW11, Expires 7/14/11 $ 529,092
Total Energy $ 529,092
Materials - 0.0%
Forest Products - 0.0%
1,645 (g) Mandra Forestry Holdings, Ltd. - CW13, Expires 5/15$ 0
Total Materials $ 0
Transportation - 0.0%
Railroads - 0.0%
4,525 Atlantic Express Transportation Corp., Expires 4/15$ 6,787
Total Transportation $ 6,787
TOTAL WARRANTS
(Cost $523,408) $ 535,879
Principal
Amount
USD ($) Value
TEMPORARY CASH INVESTMENTS - 4.7% of Net Assets
Repurchase Agreement - 1.7%
7,500,000 Lehman Brothers Holdings, Inc., 4.0%, dated 6/29/07, repurchase
price of $8,700,000 plus accrued
interest on 7/2/07 collateralized by $5,880,000 U.S$7,500,000
Shares Security Lending Collateral - 3.0%
13,684,012 Securities Lending Investment Fund, 5.284% $13,684,012
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $21,184,012) $21,184,012
TOTAL INVESTMENTS IN SECURITIES - 137.8%
(Cost $579,661,977) (j) (k) $615,389,852
OTHER ASSETS AND LIABILITIES - (3.9)% $(17,657,112)
PREFERRED SHARES AT REDEMPTION VALUE,
INCLUDING DIVIDENDS PAYABLE - (33.9)% $(151,172,916)
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS - 100.0$446,559,824
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, 2007, the value of these
securities amounted to
$222,979,336 or 49.9% of total net assets applicable to common
shareowners.
(a) Floating rate note. The rate shown is the rate at June 30, 2007.
(b) Represents a pay-in-kind security which may pay interest in
additional principal.
(c) Security is a perpetual bond and has no definite maturity date.
(d) Debt obligation initially issued at one coupon which converts to
a higher coupon at a specific date.
The rate shown is the rate at June 30, 2007.
(e) Security is priced as a unit.
(f) The interest rate is subject to change periodically and inversely
based upon prevailing market rates. The
rate shown is the rate at June 30, 2007.
(g) Indicates a security that has been deemed illiquid. The aggregate
cost of illiquid securities is
$3,293,400. The aggregate value $3,298,581 represents 0.7% of
the net assets.
(h) Floating rate loan interests in which the Trust invests generally
pay interest at rates that are periodically redetermined by
reference to a base lending rate plus a premium. These base
lending rates are generally (i) the lending rate offered by one or more major
European banks, such as LIBOR (London InterBank Offered Rate),
(ii) the prime rate offered by one or more major United States banks,
(iii) the certificate of deposit or (iv) other base lending
rates used by commercial lenders. The rate shown is the coupon rate
at June 30, 2007.
(i) Non-income producing.
(j) At June 30, 2007, the net unrealized gain on investments based on
cost for federal income tax purposes of $578,941,127 was as
follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $39,124,973
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (2,676,248)
Net unrealized gain $36,448,725
For financial reporting purposes net unrealized gain was
$36,725,890 and cost of
investments aggregated $579,378,988.
(k) Distribution of investments by country of issue, as a
percentage of total holdings, is as follows:
United States 76 %
Canada 4
Brazil 4
Norway 3
Great Britain 2
Netherlands 2
Mexico 2
Cayman Islands 1
Luxembourg 1
Virgin Islands 1
Germany 1
Bermuda 1
Australia 1
Thailand 1
Ecuador 1
Russia 0
Colombia 0
Jamaica 0
South Africa 0
Singapore 0
Israel 0
100 %
(l) At June 30, 2007, the following securities were out on loan:
Principal
Amount Description Market Value
1,605,000 Angiotech Pharmaceuticals, Inc., 7.75%, 4/1/14 $1,512,712
5,905,350 Cooper-Standard Automotive, Inc., 8.375%, 12/15/14 5,506,739
1,569,490 Georgia Gulf Corp., 10.75%, 10/15/16 1,561,643
1,465,200 TOUSA, Inc., 10.375%, 7/1/12 1,230,768
89,000 WCI Communities, Inc., 7.875%, 10/1/13 81,880
594,000 William Lyon Homes, Inc., 7.5%, 2/15/14 498,960
1,633,500 Yankee Acquisition Corp., 9.75%, 2/15/17 1,580,411
Shares
61,505 Northwest Airlines Corp. 1,365,411
$13,338,524
(A.D.R) American Depositary Receipt
RIB Residual Interest Bonds
For the period ended June 30, 2007, the Trust had
unfunded loan commitments of $717,011 which would
be extended at the option of the borrower,
pursuant to the following loan agreements:
Unfunded
Borrower Commitment
NRG Holdings, Inc., HoldCo Delayed Draw Term Loan $ 717,011
$ 717,011
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, 2007
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, 2007
By (Signature and Title)* /s/ Vincent Nave
Vincent Nave, Treasurer
Date August 29, 2007
* Print the name and title of each signing officer under his or her signature.