N-Q 1 n-q.txt OMB APPROVAL OMB Number: 3235-0578 Expires: April 30, 2010 Estimated average burden hours per response..... 10.5 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.