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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, 2009
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 6/30/09 (unaudited)
Principal
Amount
USD ($) Value ($)
ASSET BACKED SECURITIES - 2.9% of Net Assets
Transportation - 0.1%
Airlines - 0.1%
256,736 Continental Airlines, Inc., Series B, 8.499%, 215,658
Total Transportation 215,658
Banks - 0.5%
Thrifts & Mortgage Finance - 0.5%
700,000 (a) ACE Securities Corp., 0.764%, 4/25/35 593,157
531,443 (a) ACE Securities Corp., 0.914%, 12/25/34 274,377
280,000 (a) Bear Stearns Asset Backed Securities Trust, 0. 37,034
557,458 (a) Countrywide Asset-Backed Certificates, 0.494%, 372,965
246,000 (a) FBR Securitization Trust, 0.664%, 10/25/35 130,480
Total Banks 1,408,013
Diversified Financials - 0.3%
Other Diversified Financial Services - 0.2%
1,435,000 (a) Aircraft Finance Trust, 0.799%, 5/15/24 (144A) 430,500
352,908 (a) Aircraft Finance Trust, 0.819%, 5/15/24 (144A) 218,803
Total Diversified Financials 649,303
Utilities - 2.0%
Electric Utilities - 0.8%
2,300,000 (a) Power Contract Financing III LLC, 0.995%, 2/5/2,156,250
Multi-Utilities - 1.2%
3,990,232 Ormat Funding Corp., 8.25%, 12/30/20 3,172,235
Total Utilities 5,328,485
TOTAL ASSET BACKED SECURITIES
(Cost $8,935,626) 7,601,459
COLLATERALIZED MORTAGE BACKED SECURITIES - 1.6%
Consumer Services - 0.4%
Restaurants - 0.4%
1,245,000 DB Master Finance LLC, 8.285%, 6/20/31 (144A) 1,037,471
Total Consumer Services 1,037,471
Banks - 1.1%
Thrifts & Mortgage Finance - 1.1%
720,000 (a) Carrington Mortgage Loan Trust, 0.414%, 10/25/ 449,713
1,504,000 (a) Carrington Mortgage Loan Trust, 0.513%, 2/25/3 828,347
417,156 (a) Countrywide Alternative Loan Trust, 0.644%, 10 179,351
498,847 (a) Countrywide Alternative Loan Trust, 0.664%, 9/ 226,936
710,369 (a) Countrywide Alternative Loan Trust, 0.674%, 1/ 193,817
308,389 (a) Countrywide Home Loan Mortgage Pass Through Tr 74,418
169,648 (a) First Franklin Mortgage Loan Asset Backed Cert 108,725
1,650,500 (a) Luminent Mortgage Trust, 0.574%, 7/25/36 230,389
420,470 (a) Structured Asset Mortgage Investments, Inc., 0 190,250
980,062 (a) WaMu Mortgage Pass Through Certificates, 0.544 501,990
234,762 (a) WaMu Mortgage Pass Through Certificates, 0.794 59,323
Total Banks 3,043,259
Diversified Financials - 0.1%
Other Diversified Financial Services - 0.1%
215,000 (a) Chase Commercial Mortgage Securities Corp., 8. 206,822
Total Diversified Financials 206,822
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $6,550,298) 4,287,552
CORPORATE BONDS & NOTES - 123.5% of Net Assets
Energy - 10.5%
Oil & Gas Drilling - 0.9%
3,453,669 DDI Holding AS, 9.3%, 1/19/12 (144A) 2,417,568
Oil & Gas Equipment & Services - 1.6%
1,530,000 (m) Compagnie Generale de Geophysique-Veritas, 9.51,526,175
600,000 (a)(b)DP Producer AS, 0.0%, 12/5/11 (144A) 6,000
1,100,000 Nexus 1 Pte, Ltd., 10.5%, 3/7/12 (144A) 220,000
NOK 4,600,000 Petrojack AS, 11.0%, 4/19/10 178,667
400,000 (a)(b)PetroProd, Ltd., 0.0%, 1/12/12 (144A) 60,000
2,000,000 Sevan Marine ASA, 9.25%, 12/20/11 (144A) 1,600,000
3,500,000 Skeie Drilling & Production ASA, 11.25%, 3/8/1 770,000
4,360,842
Oil & Gas Exploration & Production - 6.8%
775,000 Berry Petroleum Co., 10.25%, 6/1/14 782,750
390,000 Denbury Resources, Inc., 9.75%, 3/1/16 400,725
1,750,000 Hilcorp Energy I LP, 9.0%, 6/1/16 (144A) 1,522,500
1,045,000 Linn Energy LLC, 11.75%, 5/15/17 (144A) 1,016,262
2,020,000 Mariner Energy, Inc., 11.75%, 6/30/16 2,009,900
2,500,000 Norse Energy Corp. ASA, 6.5%, 7/14/11 (144A) 1,125,000
NOK 3,000,000 Norse Energy Corp. ASA, 10.0%, 7/13/10 279,653
NOK 8,500,000 Norwegian Energy Co. AS, 11.0%, 4/13/12 (144A)1,175,319
870,000 Parallel Petroleum Corp., 10.25%, 8/1/14 626,400
945,000 PetroHawk Energy Corp., 9.125%, 7/15/13 940,275
5,300,000 PetroQuest Energy, Inc., 10.375%, 5/15/12 4,584,500
3,260,000 Quicksilver Resources, Inc., 7.125%, 4/1/16 2,542,800
1,250,000 (c) SandRidge Energy, Inc., 8.625%, 4/1/15 1,121,875
18,127,959
Oil & Gas Refining & Marketing - 0.8%
2,215,000 Tesoro Corp., 9.75%, 6/1/19 2,187,313
Oil & Gas Storage & Transportation - 0.4%
350,000 (a) Enterprise Products Operating LLC, 8.375%, 8/1 281,750
945,000 (a) Southern Union Co., 7.2%, 11/1/66 642,600
924,350
Total Energy 28,018,032
Materials - 18.2%
Commodity Chemicals - 3.1%
2,240,000 (b) ARCO Chemical Co., 9.8%, 2/1/20 705,600
3,750,000 (b) Basell Finance Co., 8.1%, 3/15/27 (144A) 1,612,500
1,680,000 (b) Georgia Gulf Corp., 9.5%, 10/15/14 (144A) 504,000
2,560,000 (b)(m)Georgia Gulf Corp., 10.75%, 10/15/16 256,000
1,000,000 Invista, 9.25%, 5/1/12 (144A) 942,500
4,500,000 Methanex Corp., 8.75%, 8/15/12 4,297,500
EURO 540,000 (b) Nell AF S.a.r.l., 8.375%, 8/15/15 (144A) 32,191
8,350,291
Diversified Chemicals - 0.4%
680,000 Ashland, Inc., 9.125%, 6/1/17 (144A) 707,200
EURO 350,000 Ineos Group Holdings Plc, 7.875%, 2/15/16 (144 152,187
925,000 Ineos Group Holdings Plc, 8.5%, 2/15/16 (144A) 286,750
1,146,137
Specialty Chemicals - 0.5%
3,000,000 (m) Hexion U.S. Finance Corp., 9.75%, 11/15/14 1,350,000
Materials - 1.7 %
5,690,000 AGY Holding Corp., 11.0%, 11/15/14 4,480,875
Construction Materials - 0.5%
2,185,000 U.S. Concrete, Inc., 8.375%, 4/1/14 1,431,175
Metal & Glass Containers - 0.9%
2,500,000 AEP Industries, Inc., 7.875%, 3/15/13 2,259,375
Paper Packaging - 3.5%
2,795,000 Graham Packaging Co., 9.875%, 10/15/14 2,599,350
5,540,000 (m) Graphic Packaging International, Inc., 9.5%, 85,290,700
2,250,000 U.S. Corrugated, Inc., 10.0%, 6/1/13 1,462,500
9,352,550
Aluminum - 0.2%
1,200,000 (b) Asia Aluminum Holdings, Ltd., 8.0%, 12/23/11 ( 169,500
730,891 (a)(c)Noranda Aluminum Acquisition Corp., 5.413%, 5/ 393,910
563,410
Diversified Metals & Mining - 2.9%
1,200,000 Blaze Recycling & Metals LLC, 10.875%, 7/15/12 696,000
2,890,000 FMG Finance Pty., Ltd., 10.625%, 9/1/16 (144A)2,774,400
4,070,000 (m) Teck Resources, Ltd., 10.25%, 5/15/16 (144A) 4,263,325
7,733,725
Steel - 2.0%
4,435,000 Algoma Acquisition Corp., 9.875%, 6/15/15 (1442,483,600
2,400,000 CSN Islands VIII Corp., 9.75%, 12/16/13 (144A)2,682,000
5,165,600
Forest Products - 0.4%
1,645,000 (b) Mandra Forestry Holdings, Ltd., 12.0%, 5/15/131,151,500
Paper Products - 2.1%
645,000 Cellu Tissue Holdings, Inc., 11.5%, 6/1/14 (14 633,712
405,000 Clearwater Paper Corp., 10.625%, 6/15/16 (144A 413,100
5,450,000 Exopack Holding Corp., 11.25%, 2/1/14 4,469,000
5,515,812
Total Materials 48,500,450
Capital Goods - 10.5%
Aerospace & Defense - 1.7%
3,600,000 Aeroflex, Inc., 11.75%, 2/15/15 2,556,000
1,465,000 (m) BE Aerospace, Inc., 8.5%, 7/1/18 1,380,762
620,000 (m) Bombardier, Inc., 8.0%, 11/15/14 (144A) 583,575
4,520,337
Building Products - 1.0%
1,935,000 Industrias Unidas SA de CV, 11.5%, 11/15/16 1 870,750
4,735,000 Intcomex, Inc., 11.75%, 1/15/11 1,894,000
1,500,000 (b)(m)Panolam Industries International, 10.75%, 10/1 75,000
2,839,750
Heavy Electrical Equipment - 1.8%
5,105,000 Altra Industrial Motion, 9.0%, 12/1/11 4,913,563
Industrial Conglomerates - 0.6%
3,180,000 (b) Indalex Holding Corp., 11.5%, 2/1/14 226,575
2,639,000 Park-Ohio Industries, Inc., 8.375%, 11/15/14 1,293,110
1,519,685
Construction & Farm Machinery & Heavy Trucks - 2.5%
570,000 American Railcar Industries, Inc., 7.5%, 3/1/1 497,325
3,250,000 Commercial Vehicle Group, Inc., 8.0%, 7/1/13 1,852,500
3,975,000 Hawk Corp., 8.75%, 11/1/14 3,940,219
275,000 Titan International, Inc., 8.0%, 1/15/12 248,875
6,538,919
Industrial Machinery - 2.0%
2,440,000 (m) Industrias Metalurgicas Pescarmona SA, 11.25%,1,488,400
5,170,000 Mueller Water Products, Inc., 7.375%, 6/1/17 3,812,875
5,301,275
Trading Companies & Distributors - 0.9%
3,370,000 Wesco Distribution, Inc., 7.5%, 10/15/17 2,493,800
Total Capital Goods 28,127,329
Commercial & Professional Services - 8.5%
Commercial Printing - 1.1%
4,835,000 Sheridan Acquisition Corp., 10.25%, 8/15/11 2,901,000
Environmental & Facilities Services - 2.4%
2,180,000 (b)(m)Aleris International, Inc., 10.0%, 12/15/16 46,325
720,000 Clean Harbors, Inc., 11.25%, 7/15/12 719,100
1,275,000 (a) Ohio Air Quality Development Authority Revenue 127,500
5,800,000 (m) Waste Services, Inc., 9.5%, 4/15/14 5,466,500
6,359,425
Office Services & Supplies - 3.4%
11,830,000 Xerox Capital Trust I, 8.0%, 2/1/27 8,990,800
Diversified Support Services - 1.6 %
570,000 DigitalGlobe, Inc., 10.5%, 5/1/14 (144A) 589,950
820,000 KAR Holdings, Inc., 10.0%, 5/1/15 672,400
4,450 (d) MSX International UK, 12.5%, 4/1/12 (144A) 1,557,500
1,870,000 Vangent, Inc., 9.625%, 2/15/15 1,552,100
4,371,950
Total Commercial & Professional Services 22,623,175
Transportation - 1.2%
Air Freight & Logistics - 0.8%
2,000,000 CEVA Group Plc, 10.0%, 9/1/14 (144A) 1,360,000
EURO 1,545,000 CEVA Group Plc, 10.0%, 12/1/16 (144A) 715,137
2,075,137
Railroads - 0.4%
1,250,000 Kansas City Southern de Mexico, 9.375%,5/1/12 1,187,500
Total Transportation 3,262,637
Automobiles & Components - 4.8%
Auto Parts & Equipment - 4.3%
1,250,000 (m) Allison Transmission, Inc., 11.0%, 11/1/15 14 987,500
2,605,000 (c) Allison Transmission, Inc., 11.25%, 11/1/15 11,875,600
4,535,000 (b) Lear Corp., 8.75%, 12/1/16 1,190,438
1,500,000 (e) Stanadyne Corp., 0.0%, 2/15/15 675,000
4,760,000 Stanadyne Corp., 10.0%, 8/15/14 3,712,800
4,235,000 Tenneco Automotive, Inc., 8.625%, 11/15/14 3,049,200
11,490,538
Tires & Rubber - 0.5%
1,165,000 Goodyear Tire & Rubber Co., 10.5%, 5/15/16 1,176,650
Total Automobiles & Components 12,667,188
Consumer Durables & Apparel - 3.0%
Homebuilding - 0.9%
3,060,000 Meritage Homes Corp., 6.25%, 3/15/15 2,402,100
Housewares & Specialities - 2.1%
1,435,000 (m) Jarden Corp., 7.5%, 5/1/17 1,255,625
3,690,000 (m) Yankee Acquisition Corp., 8.5%, 2/15/15 3,108,825
1,500,000 (m) Yankee Acquisition Corp., 9.75%, 2/15/17 1,170,000
5,534,450
Total Consumer Durables & Apparel 7,936,550
Consumer Services - 4.2%
Casinos & Gaming - 2.8%
1,650,000 (b) Buffalo Thunder Development Authority, 9.375%, 231,000
975,000 FireKeepers Development Authority, 13.875%, 5/ 899,437
630,000 Galaxy Entertainment Finance Co., Ltd., 9.875% 529,200
4,500,000 Little Traverse Bay Bands of Odawa Indians, 101,890,000
1,375,000 Mashantucket Western Pequot Tribe, 8.5%, 11/15 687,500
1,585,000 Pokagon Gaming Authority, 10.375%, 6/15/14 1,553,300
275,000 (m) Scientific Games International, Inc., 9.25%, 6 275,000
2,015,000 Shingle Springs Tribal Gaming Authority, 9.375 1,209,000
2,450,000 (b) Trump Entertainment Resorts, Inc., 8.5%, 6/1/1 303,188
7,577,625
Leisure Facilities - 0.0%
2,000,000 (a)(b)HRP Myrtle Beach Operations LLC, 0.0%, 4/1/12 20,000
Specialized Consumer Services - 1.4%
2,923,964 (a)(c)American Achievement Group Holding Corp., 16.7 533,975
3,195,000 (e) Visant Holding Corp., 10.25%, 12/1/13 3,171,037
3,705,012
Total Consumer Services 11,302,637
Media - 4.2%
Broadcasting & Cable - 3.7%
3,200,000 (b)(m)CCH I Holdings LLC, 11.0%, 10/1/15 (144A) 384,000
1,500,000 (b) CCH II Holdings LLC, 10.25%, 9/15/10 1,575,000
EURO 3,750,000 Kabel Deutschland GMBH, 10.75%, 7/1/14 5,365,108
4,615,000 (c)(m)Univision Communications, 9.75%, 3/15/15 (144A2,630,550
9,954,658
Publishing - 0.5%
1,400,000 TL Acquisitions, Inc., 10.5%, 1/15/15 (144A) 1,134,000
Total Media 11,088,658
Retailing - 3.9%
Internet Retailing - 1.3%
3,740,000 Ticketmaster, 10.75%, 7/28/16 (144A) 3,328,600
Specialty Stores - 1.7%
4,615,000 (m) Sally Holdings LLC, 10.5%, 11/15/16 4,568,850
Automotive Retailing - 0.9%
3,475,000 Sonic Automotive, Inc., 8.625%, 8/15/13 2,432,500
Total Retailing 10,329,950
Food, Beverage & Tobacco - 4.7%
Brewers - 2.6%
5,885,000 Cia Brasileira de Bebida, 10.5%, 12/15/11 6,767,750
Packaged Foods & Meats - 0.9%
775,000 Bertin, Ltd., 10.25%, 10/5/16 (144A) 639,375
500,000 Marfrig Overseas, Ltd., 9.625%, 11/16/16 (144A 410,000
2,410,000 (m) Minerva Overseas, Ltd., 9.5%, 2/1/17 (144A) 1,355,625
2,405,000
Tobacco - 1.2%
3,450,000 Alliance One International, Inc., 10.0%, 7/15/3,268,875
Total Food, Beverage & Tobacco 12,441,625
Household & Personal Products - 0.6%
Household Products - 0.6%
1,740,000 Central Garden & Pet Co., 9.125%, 2/1/13 1,663,875
Total Household & Personal Products 1,663,875
Health Care Equipment & Services - 8.9%
Health Care Equipment & Services - 0.9%
2,875,000 Accellent, Inc., 10.5%, 12/1/13 2,436,562
Health Care Supplies - 2.1%
1,000,000 Bausch & Lomb, Inc., 9.875%, 11/1/15 955,000
4,085,000 (c) Biomet, Inc., 10.375%, 10/15/17 3,952,237
615,000 Inverness Medical Innovations, Inc., 9.0%, 5/1 595,013
5,502,250
Health Care Services - 1.7%
1,105,000 AMR HoldCo, 10.0%, 2/15/15 1,121,575
4,055,000 Rural/Metro Corp., 9.875%, 3/15/15 3,573,469
4,695,044
Health Care Facilities - 2.6%
535,000 HCA, Inc., 6.25%, 2/15/13 468,125
450,000 HCA, Inc., 8.5%, 4/15/19 (144A) 441,000
3,308,147 (c) HCA, Inc., 9.625%, 11/15/16 3,250,940
110,000 HCA, Inc., 9.875%, 2/15/17 (144A) 111,100
3,725,000 Surgical Care Affiliates, Inc., 10.0%, 7/15/172,588,875
6,860,040
Managed Health Care - 1.6%
4,400,000 Multiplan, Inc., 10.375%, 4/15/16 (144A) 4,235,000
Total Health Care Equipment & Services 23,728,896
Pharmaceuticals & Biotechnology & Life Sciences - 3.2%
Pharmaceuticals - 3.2%
2,070,000 (m) Angiotech Pharmaceuticals, Inc., 7.75%, 4/1/141,242,000
2,075,000 Phibro Animal Health Corp., 10.0%, 8/1/13 (144 1,826,000
3,070,000 Phibro Animal Health Corp., 13.0%, 8/1/14 (144 2,640,200
2,917,000 Warner Chilcott Corp., 8.75%, 2/1/15 2,902,415
8,610,615
Total Pharmaceuticals & Biotechnology & Life S8,610,615
Banks - 1.3%
Diversified Banks - 0.1%
400,000 (a) Banco Macro SA, 10.75%, 6/7/12 200,000
Regional Banks - 1.2%
1,225,000 (a)(f)PNC Financial Services Group, Inc., 8.25% 1,027,861
1,790,000 (a) State Street Capital Trust III, 8.25%, 3/15/42 1,512,085
750,000 (a)(f)Wells Fargo Capital XV, 9.75% 725,625
3,265,571
Total Banks 3,465,571
Diversified Financials - 2.5%
Specialized Finance - 0.6%
3,770,000 ACE Cash Express, Inc., 10.25%, 10/1/14 (144A)1,696,500
Consumer Finance - 1.1%
3,000,000 (m) Ford Motor Credit Co., LLC, 7.875%, 6/15/10 2,849,595
Asset Management & Custody Banks - 0.5%
575,000 (a) Janus Capital Group, Inc., 6.5%, 6/15/12 531,134
975,000 (a) Janus Capital Group, Inc., 6.95%, 6/15/17 851,448
1,382,582
Investment Banking & Brokerage - 0.3%
1,325,000 (a)(f)Goldman Sachs Capital II, 5.793% 807,521
Total Diversified Financials 6,736,198
Insurance - 8.9%
Insurance Brokers - 2.7%
3,305,000 Alliant Holdings I, Inc., 11.0%, 5/1/15 (144A)2,780,331
100,000 HUB International Holdings, Inc., 9.0%, 12/15/ 81,625
4,055,000 HUB International Holdings, Inc., 10.25%, 6/152,985,494
1,035,000 (a) U.S.I. Holdings Corp., 4.758%, 11/15/14 (144A) 672,750
910,000 U.S.I. Holdings Corp., 9.75%, 5/15/15 (144A) 609,700
7,129,900
Multi-Line Insurance - 1.2%
3,075,000 (a) Liberty Mutual Group, Inc., 10.75%, 6/15/58 (12,214,000
1,100,000 MetLife, Inc., 10.75%, 8/1/39 1,099,791
3,313,791
Property & Casualty Insurance - 1.7%
5,300,000 Allmerica Financial Corp., 7.625%, 10/15/25 4,452,000
Reinsurance - 3.3%
EURO 275,000 (a) Atlas Reinsurance Plc, 11.77%, 1/10/11 (144A) 364,512
375,000 (a) Blue Fin, Ltd., 5.557% 4/10/12 (144A) 322,125
250,000 (a) Ibis Re, Ltd., 10.879%, 5/10/12 (144A) 250,125
2,300,000 (a)(m)MBIA Insurance Co., 14.0% 1/15/33 (144A) 874,000
250,000 (a) Mystic Re II, Ltd., 10.668%, 6/7/11 (144A) 230,100
9,000,000 NCO Group, Inc., 11.875%, 11/15/14 4,725,000
250,000 (a) Residential Reinsurance 2007, Ltd., 10.918%, 6 237,575
850,000 (a) Residential Reinsurance 2008, Ltd., 12.168%, 6 768,910
650,000 (a) Residential Reinsurance 2008, Ltd., 7.418%, 6/ 595,920
500,000 (a) Successor II, Ltd., 25.629%, 4/6/10 (144A) 453,150
8,821,417
Total Insurance 23,717,108
Real Estate - 1.2%
Real Estate Operating Companies - 1.2%
198,588 (a) Alto Palermo SA, 11.0%, 6/11/12 (144A) 95,322
5,000,000 Forest City Enterprises, Inc., 7.625%, 6/1/15 3,150,000
Total Real Estate 3,245,322
Software & Services - 4.1%
Internet Software & Services - 1.0%
2,620,000 Terremark Worldwide, Inc., 12.0%, 6/15/17 (1442,515,200
IT Consulting & Other Services - 0.8%
2,845,000 Activant Solutions, Inc., 9.5%, 5/1/16 2,197,763
Data Processing & Outsourced Services - 1.6%
5,965,000 (m) First Data Corp., 9.875%, 9/24/15 4,235,150
Systems Software - 0.7%
5,745,000 Pegasus Solutions, Inc., 10.5%, 4/15/15 (144A)1,960,481
Total Software & Services 10,908,594
Technology Hardware & Equipment - 0.2%
Computer Storage & Peripherals - 0.2%
600,000 Seagate Technology International, 10.0%, 5/1/1 618,750
Total Technology Hardware & Equipment 618,750
Telecommunication Services - 15.2%
Integrated Telecommunication Services - 5.2%
4,295,000 Broadview Networks Holdings, Inc., 11.375%, 9/3,393,050
4,070,000 GC Impsat Holdings I Plc, 9.875%, 2/15/17 (1443,500,200
3,000,000 GCI, Inc., 7.25%, 2/15/14 2,737,500
1,000,000 PAETEC Holding Corp., 8.875%, 6/30/17 (144A) 940,000
3,865,000 (m) PAETEC Holding Corp., 9.5%, 7/15/15 3,352,887
13,923,637
Wireless Telecommunication Services - 10.0%
905,000 Cell C Property, Ltd., 11.0%, 7/1/15 (144A) 814,500
6,400,000 Cricket Communications, Inc., 9.375%, 11/1/14 6,304,000
1,500,000 Digicel, Ltd., 9.25%, 9/1/12 (144A) 1,455,000
4,320,000 Hughes Network Systems LLC, 9.5%, 4/15/14 4,212,000
970,000 Hughes Network Systems LLC, 9.5%, 4/15/14 (144 945,750
1,400,000 (e) Inmarsat Finance II Plc, 10.375%, 11/15/12 1,449,000
2,000,000 (c) Intelsat Bermuda, Ltd., 11.5%, 2/4/17 (144A) 1,463,591
2,500,000 Intelsat Corp., 9.25%, 6/15/16 (144A) 2,393,750
2,500,000 Intelsat Jackson Holdings, Ltd., 11.5%, 6/15/12,450,000
1,000,000 Intelsat Subsidiary Holding Co., Ltd., 8.5%, 1 960,000
540,000 (m) MetroPCS Wireless, Inc., 9.25%, 11/1/14 (144A) 534,600
535,000 Telesat Canada, 11.0%, 11/1/15 (144A) 548,375
800,000 Telesat Canada, 12.5%, 11/1/17 (144A) 788,000
3,020,000 True Move Co., Ltd., 10.75%, 12/16/13 (144A) 2,310,300
26,628,866
Total Telecommunication Services 40,552,503
Utilities - 3.7%
Electric Utilities - 1.0%
4,345,000 (m) Texas Computer Electric Hold LLC, 10.25%, 11/1 2,704,763
Multi - Utilities - 0.5%
1,325,000 PNM Resources, Inc., 9.25%, 5/15/15 1,227,281
Independent Power Producers & Energy Traders - 2.2%
1,750,000 (m) Aes Chivor SA ESP, 9.75%, 12/30/14 (144A) 1,890,000
2,800,000 Intergen NV, 9.0%, 6/30/17 (144A) 2,653,000
3,200,000 (g) Umoe BioEnergy ASA, 10.0%, 6/7/12 1,280,000
5,823,000
Total Utilities 9,755,044
TOTAL CORPORATE BONDS & NOTES
(Cost $411,774,602) 329,300,707
CONVERTIBLE BONDS & NOTES - 7.3% of Net Assets
Energy - 2.4%
Oil & Gas Drilling - 1.5%
2,265,000 (e) Hercules Offshore, Inc., 3.375%, 6/1/38 (144A)1,395,806
1,600,000 Transocean, Ltd., 1.5%, 12/15/37 1,466,000
1,175,000 Transocean, Ltd., 1.625%, 12/15/37 1,110,375
3,972,181
Oil & Gas Exploration & Production - 0.4%
225,000 Carrizo Oil & Gas, Inc., 4.375%, 6/1/28 163,688
1,340,000 Chesapeake Energy Corp., 2.5%, 5/15/37 948,050
1,111,738
Coal & Consumable Fuels - 0.5%
1,905,000 Massey Energy Co., 3.25%, 8/1/15 1,257,300
Total Energy 6,341,219
Transportation - 0.9%
Marine - 0.9%
3,330,000 Horizon Lines, Inc., 4.25%, 8/15/12 2,335,162
Total Transportation 2,335,162
Media - 0.3%
Movies & Entertainment - 0.3%
1,432,000 Live Nation, Inc., 2.875%, 7/15/27 733,900
Total Media 733,900
Health Care Equipment & Services - 1.8%
Health Care Equipment & Services - 0.7%
2,565,000 (e) Hologic, Inc., 2.0%, 12/15/37 1,821,150
Health Care Services - 0.3%
1,210,000 Omnicare, Inc., 3.25%, 12/15/35 837,925
Health Care Facilities - 0.8%
1,985,000 LifePoint Hospitals, Inc., 3.25%, 8/15/25 1,588,000
780,000 LifePoint Hospitals, Inc., 3.5%, 5/15/14 625,950
2,213,950
Total Health Care Equipment & Services 4,873,025
Technology Hardware & Equipment - 0.8%
Communications Equipment - 0.3%
2,580,000 (b)(m)Nortel Networks Corp., 2.125%, 4/15/14 851,400
Electronic Equipment & Instruments - 0.5%
1,514,000 L-1 Identity Solutions, Inc., 3.75%, 5/15/27 1,196,060
Total Technology Hardware & Equipment 2,047,460
Telecommunication Services - 1.1%
Alternative Carriers - 0.9%
3,025,000 Time Warner Telecom, Inc., 2.375%, 4/1/26 2,529,656
Wireless Telecommunication Services - 0.2%
455,000 SBA Communications Corp., 4.0%, 10/1/14 (144A) 457,275
Total Telecommunication Services 2,986,931
TOTAL CONVERTIBLE BONDS & NOTES 19,317,697
(Cost $18,463,193)
MUNICIPAL BONDS - 6.7% of Net Assets
Indiana - 2.1%
1,650,000 East Chicago Industrial Pollution Control Reve1,535,391
4,250,000 Indiana Development Finance Authority Revenue,4,075,920
5,611,311
New Jersey - 1.4%
4,525,000 New Jersey Economic Development Authority Reve3,620,271
New York - 1.1%
3,475,000 New York City Industrial Development Agency Re2,839,214
North Carolina - 2.1%
6,300,000 Charlotte Special Facilities Refunding Revenue4,140,549
2,000,000 Charlotte Special Facilities Refunding Revenue1,600,240
5,740,789
TOTAL MUNICIPAL BONDS
(Cost $16,442,444) 17,811,585
MUNICIPAL COLLATERALIZED DEBT OBLIGATION - 0.9%
3,300,000 (a)(g)Non-Profit Preferred Funding Trust I, 12.0%, 92,272,809
TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION
(Cost $3,293,400) 2,272,809
SOVEREIGN DEBT OBLIGATIONS - 2.1% of Net Assets
Brazil - 1.3%
ITL 4,600,000, (e) Banco Nacional de Desenvolimento Bndes, 8.0%, 3,432,246
Russia - 0.8%
2,227,200 (e) Russia Government International Bond, 7.5%, 3/2,192,679
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $4,257,455) 5,624,925
FLOATING RATE LOAN INTERESTS - 3.4% (h)
Energy - 0.1%
Oil & Gas Exploration & Production - 0.1%
483,383 Venoco, Inc., Second Lien Term Loan, 4.375%, 5 372,204
Total Energy 372,204
Materials - 0.5%
Steel - 0.5%
2,254,000 Niagara Corp., Term Loan, 7.25%, 6/30/14 1,256,605
Total Materials 1,256,605
Capital Goods - 0.6%
Building Products - 0.6%
166,094 Custom Building Products, Inc., First Lien Ter 149,485
2,250,000 Custom Building Products, Inc., Second Lien Te1,524,375
Total Capital Goods 1,673,860
Comercial & Professional Services - 0.1%
Diversified Support Services - 0.1%
397,920 Rental Service Corp., Second Lien Initial Term 306,399
Total Commercial & Professional Services 306,399
Consumer Durables & Apparel - 0.0%
Homebuilding - 0.0%
2,600,000 (b)(g)LandSource Communities Development, LLC, Secon 35,750
Total Consumer Durables & Apparel 35,750
Consumer Services - 0.2%
Casinos & Gaming - 0.2%
2,500,000 Gateway Casinos & Entertainment, Inc., Advance 500,000
Total Consumer Services 500,000
Household & Personal Products - 0.1%
Household Products - 0.1%
142,443 Central Garden & Pet Co., Tranche B Term Loan, 132,286
Total Household & Personl Products 132,286
Health Care Equipment & Services - 0.5%
Health Care Equipment & Services - 0.5%
1,477,273 Talecris Biotherapeutics Holdings Corp., First1,344,318
Total Health Care Equipment & Services 1,344,318
Diversified Financials - 0.9%
Other Diversified Financial Services - 0.9%
EURO 2,553,544 (c) Louis Topco, Ltd., Term Loan, 9.012%, 6/1/17 2,459,442
Total Diversified Financials 2,459,442
Insurance - 0.4%
Multi-Line Insurance - 0.4%
385,875 AmWins Group, Inc., Initial Term Loan 3.11% - 244,066
2,250,000 AmWins Group, Inc., Second Lien Initial Term L 855,000
Total Insurance 1,099,066
TOTAL FLOATING RATE LOAN INTERESTS
(Cost $17,716,867) 9,179,930
FIXED RATE LOAN INTERESTS - 0.3%
Semiconductors & Semiconductor Equipment - 0.3%
Semiconductor Equipment - 0.3%
1,027,655 (m) Freescale Semiconductor, Inc., Incremental Ter 906,906
TOTAL FIXED RATE LOAN INTERESTS
(Cost $2,437,277) 906,906
Shares COMMON STOCKS - 0.5%
Transportation - 0.2%
Airlines - 0.2%
96,367 (i)(m)Delta Airlines, Inc. 557,965
Total Transportation 557,965
Pharmaceuticals & Biotechnology & Life Sciences - 0.3%
Pharmaceuticals - 0.3%
17,818 Teva Pharmaceutical Industries, Ltd. (A.D.R.) 879,140
Total Pharmaceuticals & Biotechnology & Life S 879,140
TOTAL COMMON STOCKS
(Cost $2,886,220) 1,437,105
CONVERTIBLE PREFERRED STOCK - 1.0%
Materials - 0.1%
Diversified Metals & Mining - 0.1%
5,100 Freeport-McMoRan Copper & Gold, Inc., 6.75% 405,093
Total Materials 405,093
Diversified Financials - 0.9%
Other Diversified Financial Services - 0.9%
2,755 Bank of America Corp., 7.25% 2,303,263
Total Other Diversified Financial Services 2,303,263
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost $2,383,713) 2,708,356
WARRANTS - 0.1%
Energy - 0.1%
Oil & Gas Exploration & Production - 0.1%
2,500,000 (i) Norse Energy Corp. ASA - CW11, Expires 7/14/11 368,987
Total Energy 368,987
Materials - 0.0%
Forest Products- 0.0%
1,645 (i) Mandra Forestry Holdings, Ltd. - CW13, Expires 1,645
Total Materials 1,645
Utilities- 0.0%
Independent Power Producer & Energy Traders- 0.0%
150,592 (g)(i)Biofuel Energy ASA, Expires 6/7/12 0
Total Utilities 0
TOTAL WARRANTS
(Cost $523,408) 370,632
TEMPORARY CASH INVESTMENTS - 13.4%
Security Lending Collateral - 13.4%(j)
Certificates of Deposit:
800,016 Abbey National Plc, 1.27%, 8/13/09 800,016
1,598,395 Cafco, 0.40%, 10/1/09 1,598,395
1,600,031 CBA, 1.35%, 7/16/09 1,600,031
1,119,151 Ciesco, 0.40%, 9/1/09 1,119,151
1,199,948 Fasco, 0.25%, 7/10/09 1,199,948
1,598,573 Kithaw, 0.40%, 9/21/09 1,598,573
1,599,635 Merrill Lynch, 0.61%, 8/14/09 1,599,635
1,200,023 Royal Bank of Canada NY, 1.19%, 8/7/09 1,200,023
1,600,031 Societe Generale, 1.06%, 9/4/09 1,600,031
1,440,028 Svenska Bank NY, 1.48%, 7/8/09 1,440,028
1,600,031 U.S. Bank NA, 0.76%, 8/24/09 1,600,031
15,355,862
Commercial Paper:
1,571,230 American Honda Finance Corp., 1.27%, 7/14/09 1,571,230
800,016 CME Group, Inc., 1.21%, 8/6/09 800,016
1,200,467 GE, 0.47%, 9/18/09 1,200,467
322,957 GE, 0.79%, 10/26/09 322,957
1,600,031 HSBC Bank, Inc., 1.31%, 8/14/09 1,600,031
400,008 IBM, 0.88%, 9/25/09 400,008
1,600,031 Monumental Global Funding, Ltd., 1.28%, 8/17/01,600,031
1,440,028 New York Life Global, 0.75%, 9/4/09 1,440,028
8,934,768
Tri-party Repurchase Agreements:
5,334,392 Barclays Capital Markets, 0.01%, 7/1/09 5,334,392
4,480,087 Deutsche Bank, 0.08%, 7/1/09 4,480,087
9,814,479
Shares
Money Market Mutual Fund:
1,600,031 JPMorgan, U.S. Government Money Market Fund 1,600,031
TOTAL SECURITIES LENDING COLLATERAL 35,705,140
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $35,705,140) 35,705,140
TOTAL INVESTMENTS IN SECURITIES - 163.7%
(Cost $531,369,643) (k)(l) 436,524,803
OTHER ASSETS AND LIABILITIES - (7.1)% (18,868,661)
PREFERRED SHARES AT REDEMPTION VALUE,
INCLUDING DIVIDENDS PAYABLE - (56.6)% (151,014,907)
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS - 100% 266,641,235
(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, 2009, the value of these
securities
amounted to $124,371,033 or 46.6% of total net
assets applicable to common shareowners.
(a) Floating rate note. The rate shown is the
coupon rate at June 30, 2009.
(b) Security is in default and is non-income producing.
(c) Payment-in Kind (PIK) security which may pay
interest in additional principal amount.
(d) Security is priced as a unit.
(e) 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, 2009.
(f) Security is a perpetual bond and has no definite maturity
date.
(g) Indicates a security that has been deemed illiquid.
The aggregate cost of illiquid securities is
$11,125,320. The aggregate value $3,608,559 represents
1.4% of total net assets applicable to common shareowners.
(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, 2009.
(i) Non-income producing.
(j) Security lending collateral is managed by Credit
Suisse, New York Branch.
(k) At June 30, 2009, the net unrealized loss on investments
based on cost for federal income tax purposes
of $532,042,534 was as follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $17,624,504
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (113,142,235)
Net unrealized loss ($95,517,731)
For financial reporting purposes net unrealized loss was
$94,844,840 and cost of investments aggregated $531,369,643.
(l) Distribution of investments by country of issue,
as a percentage of total holdings, is as follows:
United States 80.2%
Canada 3.2
United Kingdom 2.3
Norway 2.1
Brazil 1.8
Cayman Islands 1.6
Bermuda 1.3
Germany 1.2
Netherlands 1.0
Mexico 0.8
Italy 0.8
Australia 0.6
Thailand 0.5
Russia 0.5
Colombia 0.4
Argentina 0.4
Virgin Islands 0.4
France 0.3
Israel 0.2
South Africa 0.2
Ireland 0.1
Singapore 0.1
Luxembourg 0.0
100.0%
(m) At June 30, 2009, the following securities were out on loan:
Principal
Amount
USD($) Description Market Value
750,000 Aes Chivor SA ESP, 9.75%, 12/30/14 (144A) $810,000
2,137,000 Aleris International, Inc., 10.0%, 12/15/16 45,411
1,237,000 Allison Transmission, Inc., 11.0%, 11/1/15 (14 977,230
39,000 Angiotech Pharmaceuticals, Inc., 7.75%, 4/1/14 23,400
304,000 BE Aerospace, Inc., 8.5%, 7/1/18 286,520
507,000 Bombardier, Inc., 8.0%, 11/15/14 (144A) 477,214
1,450,000 CCH I Holdings LLC, 11.0%, 10/1/15 (144A) 174,000
687,000 Compagnie Generale de Geophysique-Veritas, 9.5 685,283
1,101,000 Cricket Communications, Inc., 7.75%, 5/15/16* 1,059,713
2,650,000 First Data Corp., 9.875%, 9/24/15 1,881,500
783,000 Ford Motor Credit Co., LLC, 7.875%, 6/15/10 743,744
152,000 Freescale Semiconductor, Inc., Incremental Ter 134,140
100,000 Georgia Gulf Corp., 10.75%, 10/15/16 10,000
1,665,000 Graphic Packaging International, Inc., 9.5%, 81,590,075
220,000 Hexion U.S. Finance Corp., 9.75%, 11/15/14 99,000
1,500,000 Industrias Metalurgicas Pescarmona SA, 11.25%, 915,000
1,420,000 Jarden Corp., 7.5%, 5/1/17 1,242,500
2,063,000 MBIA Insurance Co., 14.0% 1/15/33 (144A) 783,940
92,000 MetroPCS Wireless, Inc., 9.25%, 11/1/14 (144A) 91,080
1,000,000 Minerva Overseas, Ltd., 9.5%, 2/1/17 (144A) 562,500
2,407,000 Nortel Networks Corp., 2.125%, 4/15/14 794,310
3,403,000 PAETEC Holding Corp., 9.5%, 7/15/15 2,952,103
1,300,000 Panolam Industries International, 10.75%, 10/1 65,000
3,698,000 Sally Holdings LLC, 10.5%, 11/15/16 3,661,020
272,000 Scientific Games International, Inc., 9.25%, 6 272,000
2,762,000 Teck Resources, Ltd., 10.25%, 5/15/16 (144A) 2,879,385
4,300,000 Texas Computer Electric Hold LLC, 10.25%, 11/12,676,750
185,000 United Rentals North America, 6.5%, 2/15/12* 179,450
4,421,000 Univision Communications, 9.75%, 3/15/15 (144A2,519,970
70,000 Waste Services, Inc., 9.5%, 4/15/14 65,975
701,000 Wells Fargo Capital XV, 9.75% 678,218
3,653,000 Yankee Acquisition Corp., 8.5%, 2/15/15 3,077,653
1,485,000 Yankee Acquisition Corp., 9.75%, 2/15/17 1,158,300
Shares
95,000 Delta Airlines, Inc. 550,050
$34,122,434
*Awaiting pending sales, portion not part of portfolio at period end.
Note: Principal amounts are denominated in U.S.
dollars unless otherwise denoted.
EURO
ITL
NOK
Glossary of Terms:
(A.D.R.)
Various inputs are used in determining the value of the
Trust's
investments. These inputs are summarized in the three
broad
levels listed below.
Highest priority is given to Level 1 inputs and lowest
priority
is given to Level 3.
Level 1 - quoted prices in active markets for identical
securities
Level 2 - other significant observable inputs (including
quoted
prices for similar securities, interest rates,
prepayment speeds
credit risk, etc.)
Level 3 - significant unobservable inputs (including the Trust's
own assumptions in determining fair value of investments)
The following is a summary of the inputs used as of June
30, 2009, in valuing the Trust's assets:
Level 1 Level 2 Level 3 Total
Asset Backed Securitie $0 $7,601,459 $0 $7,601,459
Collateralized Mortgag 0 4,287,552 0 4,287,552
Corporate Bonds & Note 0 329,300,707 0 329,300,707
Convertible Bonds & No 0 19,317,697 0 19,317,697
Municipal Bonds 0 17,811,585 0 17,811,585
Municipal Collateraliz 0 2,272,809 0 2,272,809
Sovereign Debt Obligat 0 5,624,925 0 5,624,925
Floating Rate Loan Int 0 9,179,930 0 9,179,930
Fixed Rate Loan Intere 0 906,906 0 906,906
Common Stocks 1,437,105 0 0 1,437,105
Convertible Preferred 405,093 2,303,263 0 2,708,356
Warrants 0 370,632 0 370,632
Temporary Cash Investm 0 35,705,140 0 35,705,140
Total $1,842,198 $434,682,605 $0 $436,524,803
Other Financial Instru ($291,400) $0 $0 ($291,400)
* Other financial instruments include foreign exchange contracts.
ITEM 2. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph, based on their
evaluation of these controls and procedures required by Rule 30a-3(b)
under the Act (17 CFR270.30a-3(b))) and Rule 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer and principal financial officer
have concluded that the registrant's disclosure controls and procedures are
effective based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of this report.
(b) Disclose any change in the registrant's internal controls over financial
reporting (as defined in Rule 30a-3(d) under the Act (17 CFR270.30a-3(d))
that occurred during the registrant's last fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting.
There were no significant changes in the registrant's internal control over
financial reporting that occurred during the second fiscal quarter of the
period covered by this report that have materially affected, or are
reasonably likely to materially affect, the registrant's internal control
over financial reporting.
ITEM 3. EXHIBITS.
(a) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer High Income Trust
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date August 28, 2009
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date August 28, 2009
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date August 28, 2009
* Print the name and title of each signing officer under his or her signature.