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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21043
Pioneer High Income Trust
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Dorothy E. Bourassa, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: March 31
Date of reporting period: April 1, 2005 through September 30, 2005
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO SHAREOWNERS.
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PIONEER
-------
HIGH
INCOME
TRUST
Semiannual
Report
9/30/05
[LOGO]PIONEER
Investments(R)
Table of Contents
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Letter to Shareowners 1
Portfolio Summary 2
Prices and Distributions 3
Performance Update 4
Portfolio Management Discussion 5
Schedule of Investments 9
Financial Statements 21
Financial Highlights 24
Notes to Financial Statements 26
Results of Shareowner Meeting 35
Trustees, Officers and Service Providers 36
Pioneer High Income Trust
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LETTER TO SHAREOWNERS 9/30/05
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Dear Shareowner,
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Questions about the economic outlook moved from theoretical to real when
Hurricanes Katrina and Rita wreaked devastation on people and property across
much of the Gulf Coast. Before the storms struck, the economy had been motoring
forward, with strong profit growth and good jobs numbers being reported across
a range of sectors. Despite ten straight hikes by the Federal Reserve Board,
interest rates were at tolerable levels, and businesses and households were
managing to live with rising energy costs. The Fed raised rates again in
September, suggesting continued concern that inflationary fires are merely
banked, not extinguished. The stimulative effect of massive recovery spending
may have been a factor in the Fed's decision. Damage to many Gulf area
facilities may also keep oil and gasoline supplies tight and restrain GDP
growth for a time. By late in the third quarter, energy prices had backed off
peak levels, but remained high enough to prompt worries over their impact on
consumers and the economy in general.
Consumers are key to the economy's direction. The national savings rate stands
near zero, leaving households with little financial slack to continue absorbing
punishing prices at the pump and in their heating and utility bills; confidence
understandably sagged after the storms. However, U.S. consumers are notably
resilient. If conditions in the job market rebound from storm-induced
disruptions, their behavior seems unlikely to change very much.
Barring surprises, the hurricanes have not undercut our favorable expectations
for the rest of the year. We believe carefully selected, high-quality stocks
and bonds still show potential for solid results even in a slower-growth
environment. With that in mind, our global investment experts are well
positioned to seek attractive opportunities around the world.
Another Fund Group Joins the Pioneer Family
Pioneer Investment Management recently completed the acquisition of AmSouth
Bancorporation's mutual fund management business. This transaction, our fifth
in two years, adds seven new funds to our lineup and expands assets under
management by over $5 billion. Transactions such as these increase our ability
to offer competitively priced products to our shareowners and other investors
through the services of their financial advisors. Please consider the fund's
investment objectives, risks, charges and expenses. Contact your advisor or
Pioneer investments for a prospectus containing this information. Please read
the information carefully.
Respectfully,
/s/ Osbert M. Hood
Osbert M. Hood, President
Pioneer Investment Management, Inc.
Any information in this shareowner report regarding market or economic trends
or the factors influencing the Trust's historical or future performance are
statements of the opinion of Trust management as of the date of this report.
These statements should not be relied upon for any other purposes. Past
performance is no guarantee of future results, and there is no guarantee that
market forecasts discussed will be realized.
1
Pioneer High Income Trust
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PORTFOLIO SUMMARY 9/30/05
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Portfolio Diversification
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(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Corporate Bonds & Notes 86.9%
Municipal Bonds 5.4%
Temporary Cash Investments 4.2%
Sovereign Debt Obligations 1.5%
Convertible Bonds 1.2%
CMO 0.8%
Portfolio Maturity
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(As a percentage of long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
0-1 Year 8.1%
1-3 Years 28.3%
3-4 Years 16.6%
4-6 Years 36.3%
6-8 Years 4.6%
8+ Years 6.1%
The portfolio is actively managed, and current holdings may be different.
2
Pioneer High Income Trust
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PRICES AND DISTRIBUTIONS 9/30/05
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Share Prices and Distributions
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Market Value
per Common Share 9/30/05 3/31/05
$16.49 $15.12
Net Asset Value
per Common Share 9/30/05 3/31/05
$16.23 $16.34
Distributions per Net
Common Share Investment Short-Term Long-Term
(4/1/05 - 9/30/05) Income Capital Gains Capital Gains
$0.825 $ - $ -
10 Largest Holdings
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(As a percentage of long-term holdings)
1. Xerox Capital Trust I, 8.0%, 2/1/27 2.15%
2. Baytex Energy, Ltd., 9.625%, 7/15/10 1.80
3. Burns, Philip Capital Property, Ltd., 9.75%, 7/15/12 1.77
4. Huntsman International LLC, 10.125%, 7/1/09 1.72
5. Seabulk International, Inc., 9.5%, 8/15/13 1.58
6. GATX Financial Corp., 8.875%, 6/1/09 1.55
7. Kvaerner ASA, 0.0%, 10/30/11 1.38
8. Cia Brasileira de Bebida, 10.5%, 12/15/11 1.29
9. OM Group, Inc., 9.25%, 12/15/11 1.27
10. Ship Finance International, Ltd., 8.5%, 12/15/13 1.25
This list excludes temporary cash and derivative investments. The portfolio is
actively managed, and current holdings may be different.
3
Pioneer High Income Trust
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PERFORMANCE UPDATE 9/30/05
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Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in common shares of Pioneer High Income Trust, compared to that
of the Merrill Lynch High Yield Master II Index.
Cumulative Total Returns
(As of September 30, 2005)
Net Asset Market
Period Value (NAV) Price
Life-of-Trust
(4/25/02) 64.74% 59.90%
1 Year 12.99 11.06
[The following data was represented as a mountain chart in the printed
material.]
Pioneer Merrill Lynch
High Income High Yield
Trust Master II Index
----------- ---------------
4/02 10000 10000
9062 8879
9/03 11979 11481
14398 12899
9/05 15990 13763
Call 1-800-225-6292 or visit www.pioneerfunds.com for the most recent month-end
performance results. Current performance may be lower or higher than the
performance data quoted.
Performance data shown represents past performance. Past performance is no
guarantee of future results. Investment return and market price will fluctuate,
and your shares may trade below net asset value ("NAV"), due to such factors as
interest rate changes, and the perceived credit quality of borrowers.
Total investment return does not reflect broker sales charges or commissions.
All performance is for common shares of the Trust.
Closed-end funds, unlike open-end funds, are not continuously offered. There is
a one-time public offering and, once issued, shares of closed-end funds are sold
in the open market through a stock exchange and frequently trade at prices lower
than their NAV. NAV is total assets less total liabilities, which includes
preferred shares, divided by the number of common shares outstanding.
When NAV is lower than market price, dividends are assumed to be reinvested at
the greater of NAV or 95% of the market price. When NAV is higher, dividends are
assumed to be reinvested at market price.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Trust distributions or the redemption of Trust
shares.
Index comparison begins April 30, 2002. The Merrill Lynch High Yield Master II
Index is a commonly accepted measure of the performance of high yield
securities. Index returns are calculated monthly, assume reinvestment of
dividends and, unlike Trust returns, do not reflect any fees, expenses or sales
charges. You cannot invest directly in an Index.
4
Pioneer High Income Trust
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PORTFOLIO MANAGEMENT DISCUSSION 9/30/05
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Higher-yielding, lower-rated bonds tended to outperform most other domestic
fixed-income securities during the six months ended September 30, 2005, as the
economy continued to expand and corporate profits and balance sheets
strengthened. At the same time, investors began to worry about the impact of
higher energy prices and the Federal Reserve Board's increases in short-term
interest rates. In the following interview, Kenneth J. Taubes and Andrew
Feltus, discuss the performance of High Income Trust during the six months. Mr.
Taubes is the leader of the management team, and Mr. Feltus is a member of the
team responsible for the daily management of the Trust.
Q: How did the Trust perform?
A: Pioneer High Income Trust outperformed its high-yield benchmark, the Merrill
Lynch High Yield Master II Index, at net asset value, and the Trust's
return at market price was even higher. For the six months ended September
30, 2005, the Trust had a total return of 4.54% at net asset value, while
its return at market price was 14.78%. The Trust's benchmark returned
3.56% for the six months. The Trust also continued to produce a generous
flow of dividend income to investors. On September 30, 2005, the 30-day
yield of the Trust was 11.17%.
Call 1-800-225-6292 or visit www.pioneerfunds.com for the most recent
month-end performance results. Current performance may be lower or higher
than the performance data quoted.
The performance data quoted represents past performance, which is no
guarantee of future results. Investment return and principal value will
fluctuate, and shares, when redeemed, may be worth more or less than their
original cost.
Q: What were the principal factors that influenced performance?
A: High-yield bond performance was volatile over the six months, as investors
reacted to a variety of issues. In the spring, early in the period,
lower-rated securities struggled amid investor fears that economic growth
would slow because of the Federal Reserve's monetary tightening. Those
fears became more pronounced when two major credit agencies lowered the
bond ratings of automotive giants General Motors and Ford to below
investment grade. However, as we entered the summer months, the market
stabilized and absorbed the news about the automotive industry. Conditions
5
Pioneer High Income Trust
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PORTFOLIO MANAGEMENT DISCUSSION 9/30/05 (continued)
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further improved when the government reported strong economic growth for
the second quarter of 2005. However, anxiety increased again when
Hurricane Katrina devastated the Gulf Coast region and the Federal Reserve
Board continued to hike short-term rates because of inflation fears.
Overall, the high-yield market produced positive returns for the six
months, but results were very uneven during the period as sentiment
changed.
Q: What were your principal strategies?
A: Over the course of the six months, we moved to lower overall risk in the
portfolio, both by upgrading credit quality and by reducing the Trust's
exposure to interest-rate changes. At the end of the period, average
credit quality had risen from B- to B, while the Trust's effective
duration - a measure of interest-rate sensitivity - was 4.55 years. We
invested about 9% of the portfolio in emerging market debt, which
outperformed domestic high-yielding bonds and had less volatility than
U.S. securities.
Over the six months, the difference between the yields generated by our
high-yield investments and the interest costs from short-term borrowing
continued to create opportunities. Because the Trust has the ability to
use leverage, or borrowed funds, as part of its strategy, it may borrow
money at short-term rates and use that money to invest in higher-yielding
assets. At the end of the period, about 25.5% of the portfolio's
investments were leveraged.
Among our holdings, we generally avoided the automotive industry and had
no investments in bonds of either Ford or General Motors. We did, however,
overweight bonds in the truck manufacturing industry, where manufacturing
capacity and product inventories were more under control.
We placed a significant emphasis on basic materials companies, including
chemical corporations.
Q: What were some of the individual investments that had notable effects on
performance?
A: Our investments in diversified chemicals companies did well, led by Celanese
and Basell. We had several positions in bonds that appreciated after their
issuers announced that the companies either were issuing stock offerings
or were being acquired. Companies involved in initial public stock
offerings included Horizon Lines, a shipping corporation, and Eschelon, a
6
Pioneer High Income Trust
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telecommunications services provider. Among companies that were to be
acquired by other corporations were IVAX, a generic drug manufacturer,
Doane Pet Care, a pet food company, and NDCHealth, which provides
processing services to the health care industry.
We did have some disappointments, however, including our investments in
bonds of Duane Reade, a New York-based retail pharmaceutical chain, and of
two companies that filed for bankruptcy protection: Northwest Airlines and
Anchor Glass.
Q: What is your outlook?
A: We anticipate that we will continue to upgrade the overall credit quality of
our portfolio holdings to reduce our exposure to a slowing of economic
growth as the effects of Federal Reserve Board's interest-rate increases
become more evident. We also believe inflationary pressures may increase
as the impacts of higher energy prices work their way through the economy.
While we are continuing to use leverage, we should note that rising
short-term interest rates are increasing borrowing costs, which may affect
the Trust's ability to sustain its current level of dividends at some
point in the future. However, at the end of the period, on September 30,
2005, the Trust still was earning more in dividends than it was paying
out.
At times, the Trust's investments may represent industries or industry
sectors that are interrelated or have common risks, making it more
susceptible to any economic, political, or regulatory developments or
other risks affecting those industries and sectors.
Investments in high-yield or lower-rated securities are subject to
greater-than-average risk. When interest rates rise, the prices of
fixed-income securities in the Trust will generally fall. Conversely, when
interest rates fall the prices of fixed-income securities in the Trust
will generally rise. When concentrating on one issuer, the portfolio is
sensitive to changes in the value of these securities. Investments in the
Trust are subject to possible loss due to the financial failure of
underlying securities and their inability to meet their debt obligations.
These risks may increase share price volatility.
Any information in this shareowner report regarding market or economic
trends or the factors influencing the Trust's historical or future
performance are statements of the opinion of Trust
7
Pioneer High Income Trust
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PORTFOLIO MANAGEMENT DISCUSSION 9/30/05 (continued)
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management as of the date of this report. These statements should not be
relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed
will be realized.
The Trust's investment objective is a high level of current income. The
Trust may, as a secondary objective, also seek capital appreciation to the
extent consistent with its investment objective. There can be no assurance
that the Trust will achieve its investment objectives. Under normal market
conditions, the Trust invests at least 80% of its assets (net assets plus
borrowing for investment purposes) in below investment grade (high-yield)
debt securities, loans and preferred stocks. Because the Trust's
investments will be concentrated in high-yield securities, it will be
subject to risks of such securities. Below investment grade securities are
commonly referred to as "junk bonds" and are considered speculative with
respect to the issuer's capacity to pay interest and repay principal. They
involve greater risk of loss, are subject to greater price volatility and
are less liquid, especially during periods of economic uncertainty or
change, than higher rated debt securities. Risks of the investing in the
Trust are discussed in greater detail in the Trust's registration
statement on Form N-2 relating to its common shares, which was filed with
the Securities and Exchange Commission on April 29, 2002.
8
Pioneer High Income Trust
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SCHEDULE OF INVESTMENTS 9/30/05 (unaudited)
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Principal S&P/Moody's
Amount Ratings
USD ($) (unaudited) Value
COLLATERIZED MORTGAGE OBLIGATIONS - 1.1% of Net Assets
Diversified Financials - 1.1%
4,860,000 NR/Ba2 Tower 2004-2A F, 6.376%, 12/15/14 (144A) $ 4,789,771
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TOTAL COLLATERIZED MORTGAGE OBLIGATIONS
(Cost $4,860,000) $ 4,789,771
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CORPORATE BONDS & NOTES - 118.7% of Net Assets
Energy - 9.1%
Oil & Gas Drilling - 0.6%
2,375,000 B-/B3 Ocean Rig Norway AS, 8.375%, 7/1/13 (144A) $ 2,570,938
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Oil & Gas Equipment & Services - 2.0%
1,477,000 B+/Ba3 Holly Energy Partners, L.P., 6.25%, 3/1/15 (144A) $ 1,462,230
6,200,000 CCC+/Caa1 J. Ray McDermott SA, 11.0%, 12/15/13 (144A) 7,099,000
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$ 8,561,230
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Oil & Gas Exploration & Production - 6.0%
9,784,000 B-/B3 Baytex Energy, Ltd., 9.625%, 7/15/10 $ 10,248,740
1,570,000 B-/B3 Clayton William Energy, 7.75%, 8/1/13 (144A) 1,534,675
1,735,000 B-/NR Delta Petroleum Corp., 7.0%, 4/1/15 1,656,925
5,000,000 B+/B2 Energy Partners, Ltd., 8.75%, 8/1/10 5,225,000
5,300,000 CCC+/NR PetroQuest Energy, Inc., 10.375%, 5/15/12 5,604,750
2,135,000 B+/B2 Stone Energy Corp., 6.75%, 12/15/14 2,097,638
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$ 26,367,728
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Oil & Gas Storage & Transportation - 0.5%
1,938,000 B/B3 Transmontaigne, Inc., 9.125%, 6/1/10 $ 2,034,900
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Total Energy $ 39,534,796
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Materials - 25.1%
Commodity Chemicals - 3.1%
4,635,000 BB-/B1 ARCO Chemical Co., 9.8%, 2/1/20 $ 5,231,756
2,900,000(b) B-/B3 Aventine Renewable Energy, 9.87%,
12/15/11 (144A) 3,016,000
5,000,000 B+/B1 Invista, 9.25%, 5/1/12 (144A) 5,437,500
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$ 13,685,256
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Diversified Chemicals - 3.6%
385,000 B/B2 Ashtead Holdings Plc, 8.625%, 8/1/15 (144A) $ 404,731
810,000 BB-/NR Braskem SA, 9.375%, 6/1/15 (144) 878,850
2,550,000 BB-/NR Braskem SA, 11.75%, 1/22/14 3,091,875
EURO 7,870,000 B/B3 Huntsman International LLC, 10.125%, 7/1/09 9,820,539
EURO 1,190,000 B-/B2 Nell AF S.a.r.l., 8.375%, 8/15/15 (144A) 1,477,762
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$ 15,673,757
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The accompanying notes are an integral part of these financial statements. 9
Pioneer High Income Trust
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SCHEDULE OF INVESTMENTS 9/30/05 (unaudited) (continued)
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Principal S&P/Moody's
Amount Ratings
USD ($) (unaudited) Value
Specialty Chemicals - 9.3%
550,000 BB-/B1 ARCO Chemical Co., 9.375%, 12/15/05 $ 554,813
3,700,000 B-/B2 Basell Finance Co., 8.1%, 3/15/27 (144A) 3,570,500
6,060,000(a) B-/Caa2 Crystal US Holdings, 0.0%, 10/1/14 4,242,000
5,800,000 BB/Ba1 Ferro Corp., 7.125%, 4/1/28 5,895,317
1,300,000 BB/Ba1 Ferro Corp., 7.625%, 5/1/13 1,333,387
4,500,000 BBB-/Ba1 Methanex Corp., 8.75%, 8/15/12 5,135,625
7,100,000 B-/Caa1 OM Group, Inc., 9.25%, 12/15/11 7,224,250
6,175,000(e) B-/Caa2 Resolution Performance Products LLC,
13.5%, 11/15/10 6,560,937
EURO 4,970,000 CCC+/Caa1 Rhodia SA, 9.25%, 6/1/11 5,932,146
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$ 40,448,975
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Construction Materials - 0.6%
2,225,000 CCC+/Caa1 RMCC Acquisition Co., 9.5%, 11/1/12 (144A) $ 2,247,250
438,000 BB-/Ba3 Texas Industries, Inc., 7.25%, 7/15/13 (144A) 455,520
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$ 2,702,770
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Metal & Glass Containers - 3.5%
3,055,000 D/NR Anchor Glass Container Corp., 11.0%, 2/15/13* $ 1,955,200
2,000,000 B+/B1 Crown Euro Holdings SA, 9.5%, 3/1/11 2,190,000
EURO 1,950,000 B+/NR Crown Euro Holdings SA, 10.25%, 3/1/11 2,668,399
4,020,000 BB-/B1 Greif Bros. Corp., 8.875%, 8/1/12 4,311,450
4,135,000 B/B2 Vitro Envases, 10.75%, 7/23/11 (144A) 4,217,700
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$ 15,342,749
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Paper Packaging - 1.2%
1,300,000 CCC+/Caa2 Graham Packaging Co., L.P., 9.875%, 10/15/14 $ 1,248,000
4,000,000 B-/B3 Graphic Packaging International, Inc.,
9.5%, 8/15/13 3,760,000
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$ 5,008,000
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Aluminum - 0.3%
1,440,000 B-/NR Aleris International, Inc., 9.0%, 11/15/14 $ 1,519,200
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Diversified Metals & Mining - 1.2%
4,600,000 B+/B1 Freeport-McMoRan Copper & Gold, Inc.,
10.125%, 2/1/10 $ 5,083,000
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Steel - 1.5%
2,900,000 BB-/Ba3 CSN Islands VIII Corp., 9.75%, 12/16/13 (144A) $ 3,219,000
880,000 BB-/Ba3 CSN Islands IX Corp., 10.0%, 1/15/15 (144A) 979,000
2,485,000 B-/B3 Edgen Acquisition Corp., 9.875%, 2/1/11 2,497,425
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$ 6,695,425
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10 The accompanying notes are an integral part of these financial statements.
Pioneer High Income Trust
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Principal S&P/Moody's
Amount Ratings
USD ($) (unaudited) Value
Forest Products - 0.4%
1,645,000 B/B1 Mandra Forestry Holdings, Ltd., 12.0%,
5/15/13 (144A) $ 1,661,450
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Paper Products - 0.4%
1,875,000 B/Caa1 Mercer International, Inc., 9.25%, 2/15/13 $ 1,593,750
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Total Materials $ 109,414,332
-------------
Capital Goods - 5.2%
Building Products - 1.7%
3,160,000(b) B/B3 Builders FirstSource, Inc., 8.04%, 2/15/12 (144A) $ 3,191,600
4,185,000 B-/B3 U.S. Concrete, Inc., 8.375%, 4/1/14 4,205,925
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$ 7,397,525
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Heavy Electrical Equipment - 2.0%
4,790,000 CCC+/B3 Altra Industrial Motion, 9.0%, 12/1/11 (144A) $ 4,694,200
3,975,000 B/B2 Hawk Corp., 8.75%, 11/1/14 4,014,750
-------------
$ 8,708,950
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Construction & Farm Machinery & Heavy Truck - 1.2%
3,300,000 B-/B3 American Rock Salt Co., LLC, 9.5%, 3/15/14 $ 3,357,750
1,980,000 B/B3 Hines Nurseries, Inc., 10.25%, 10/1/11 2,009,700
-------------
$ 5,367,450
-------------
Industrial Machinery - 0.3%
1,217,000 B/B2 Manitowac Co., Inc., 10.5%, 8/1/12 $ 1,359,998
-------------
Total Capital Goods $ 22,833,923
-------------
Commercial Services & Supplies - 9.9%
Diversified Commercial & Professional Services - 5.3%
3,500,000 B-/Caa1 Allied Security Escrow, 11.375%, 7/15/11 $ 3,473,750
1,850,000 B/B2 Brickman Group, Ltd., Series B,
11.75%, 12/15/09 2,072,000
3,620,000 B-/Caa1 Cardtronics, Inc., 9.25%, 8/15/13 (144A) 3,701,450
3,230,000 CCC+/B3 Cornell Companies, Inc., 10.75%, 7/1/12 3,326,900
4,820,000 CCC+/Caa1 Park-Ohio Industries, Inc., 8.375%, 11/15/14 4,181,350
6,695,000(e) B+/Caa1 United Rentals North America, Inc., 7.75%, 11/15/13 6,460,675
-------------
$ 23,216,125
-------------
Human Resource & Employment Services - 0.6%
2,700,000 B-/B3 Knowledge Learning Corp., Inc., 7.75%,
2/1/15 (144A) $ 2,646,000
-------------
Environmental & Facilities Services - 4.0%
6,275,000 B/B3 Clean Harbors, Inc., 11.25%, 7/15/12 (144A) $ 7,028,000
5,020,000 CCC+/Caa1 Hydrochem Industrial Services, Inc., 9.25%,
2/15/13 (144A) 4,674,875
The accompanying notes are an integral part of these financial statements. 11
Pioneer High Income Trust
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SCHEDULE OF INVESTMENTS 9/30/05 (unaudited) (continued)
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Principal S&P/Moody's
Amount Ratings
USD ($) (unaudited) Value
Environmental & Facilities Services (continued)
5,800,000 CCC/Ca Waste Services, Inc., 9.5%, 4/15/14 (144A) $ 5,771,000
-------------
$ 17,473,875
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Total Commerical Service & Supplies $ 43,336,000
-------------
Transportation - 15.2%
Airlines - 3.0%
401,841 CCC/Caa2 American Airlines, Inc., 8.97%, 3/29/08 $ 343,024
1,100,000 NR/B3 American Airlines, Inc., 10.38%, 3/4/06 1,061,500
2,065,000(e) CCC/Caa2 AMR Corp., 9.0%, 8/1/12 1,455,825
2,440,000 CCC/Caa2 AMR Corp., 9.8%, 10/1/21 1,427,400
3,200,000 CCC/Caa2 AMR Corp., 10.2%, 3/15/20 1,872,000
6,000,000 B/B3 Continental Airlines, Inc., Series D, 7.568%,
12/1/06 5,569,906
3,885,000 D/C Northwest Airlines, Inc., 8.7%, 3/15/07* 1,107,225
-------------
$ 12,836,880
-------------
Marine - 9.9%
5,000,000 BB+/Ba3 CP Ships, Ltd., 10.375%, 7/15/12 $ 5,675,000
6,000,000(a) NR/Caa2 H-Lines Finance Holding, 0.0%, 4/1/13 (144A) 4,980,000
NOK 27,300,000(a) NR/NR Kvaerner ASA, 0.0%, 10/30/11 3,682,234
8,897,000(a) NR/NR Kvaerner ASA, 0.0%, 10/30/11 7,873,845
8,000,000 BB+/Ba3 Seabulk International, Inc., 9.5%, 8/15/13 9,000,000
7,350,000 B/B1 Ship Finance International, Ltd., 8.5%, 12/15/13 7,157,062
1,000,000 BB-/Ba3 Stena AB, 7.0%, 12/1/16 925,000
1,000,000 BB-/Ba3 Stena AB, 7.5%, 11/1/13 972,500
2,900,000 B-/B3 Trailer Bridge, Inc., 9.25%, 11/15/11 2,990,625
-------------
$ 43,256,266
-------------
Railroads - 1.7%
4,525,000 CCC+/Caa2 Atlantic Express Transportation Corp.,
12.0%, 4/15/08 $ 4,146,031
2,500,000 B+/B2 Grupo Transportacion Ferroviaria Mexicana, SA de
CV, 9.375%, 5/1/12 (144A) 2,700,000
400,000 B+/B2 Grupo Transportacion Ferroviaria Mexicana, SA de
CV, 10.25%, 6/15/07 428,000
-------------
$ 7,274,031
-------------
Trucking - 0.5%
2,175,000 B+/B1 Greenbrier Companies, Inc., 8.375%, 5/15/15 $ 2,262,000
-------------
Airport Services - 0.1%
535,000 B-/Caa1 K&F Acquisition, Inc., 7.75%, 11/15/14 $ 540,350
-------------
Total Transportation $ 66,169,527
-------------
12 The accompanying notes are an integral part of these financial statements.
Pioneer High Income Trust
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Principal S&P/Moody's
Amount Ratings
USD ($) (unaudited) Value
Automobiles & Components - 4.6%
Auto Parts & Equipment - 3.0%
3,590,000 B/B3 Cooper-Standard Automotive, Inc.,
8.375%, 12/15/14 $ 3,015,600
2,400,000(e) CCC-/Ca Delphi Corp., 6.55%, 6/15/06 1,764,000
5,475,000 B-/Caa1 Stanadyne Corp., 10.0%, 8/15/14 5,420,250
2,600,000 B-/B3 UGS Corp., 10.0%, 6/1/12 2,847,000
-------------
$ 13,046,850
-------------
Tires & Rubber - 1.6%
7,010,000 B-/B3 Goodyear Tire & Rubber Co., 9.0%, 7/1/15 (144A) $ 6,904,850
-------------
Total Automobiles & Components $ 19,951,700
-------------
Consumer Durable & Apparel - 0.4%
Homebuilding - 0.4%
1,165,000 B+/Ba3 WCI Communities, Inc., 7.875%, 10/1/13 $ 1,150,437
700,000 B/B2 William Lyon Homes, Inc., 7.625%, 12/15/12 663,250
-------------
$ 1,813,687
-------------
Total Consumer Durable & Apparel $ 1,813,687
-------------
Consumer Services - 1.6%
Hotels, Resorts & Cruise Lines - 1.1%
1,350,000 BB-/Ba3 Grupo Posadas SA, 8.75%, 10/4/11 (144A) $ 1,444,500
2,990,000(e) CCC+/B2 MeriStar Hospitality Operating Partnership, L.P.,
10.5%, 6/15/09 3,169,400
-------------
$ 4,613,900
-------------
Leisure Facilities - 0.5%
2,500,000 CCC+/Caa1 True Temper Sports, Inc., 8.375%, 9/15/11 $ 2,325,000
-------------
Total Consumer Services $ 6,938,900
-------------
Media - 4.2%
Broadcasting & Cable TV - 1.6%
EURO 3,750,000 B-/B2 Kabel Deutschland GMBH, 10.75%,
7/1/14 (144A) $ 5,176,748
EURO 1,590,000 B-/B3 NTL Cable Plc, 8.75%, 4/15/14 2,008,036
-------------
$ 7,184,784
-------------
Movies & Entertainment - 0.8%
3,000,000 B-/B3 LodgeNet Entertainment Corp., 9.5%, 6/15/13 $ 3,285,000
-------------
Publishing - 1.8%
5,085,000 B/B1 Sheridan Acquisition Corp., 10.25%, 8/15/11 $ 5,288,400
3,700,000(a) B-/Caa2 Visant Holding Corp., 0.0%, 12/1/13 2,664,000
-------------
$ 7,952,400
-------------
Total Media $ 18,422,184
-------------
The accompanying notes are an integral part of these financial statements. 13
Pioneer High Income Trust
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 9/30/05 (unaudited) (continued)
--------------------------------------------------------------------------------
Principal S&P/Moody's
Amount Ratings
USD ($) (unaudited) Value
Retailing - 4.5%
Distributors - 0.7%
2,830,000 B-/Caa1 Intcomex, Inc., 11.75%, 1/15/11 (144A) $ 2,815,850
-------------
Department Stores - 0.9%
3,800,000 BB+/Ba1 J.C. Penney Co., Inc., 8.125%, 4/1/27 $ 4,004,250
-------------
General Merchandise Stores Retail - 0.7%
EURO 2,500,000 CCC+/Caa1 Ray Acquisition SCA, 9.375%, 3/16/15 (144A) $ 3,134,683
-------------
Computer & Electronics Retailing - 0.2%
695,000 B+/Ba3 GSC Holdings Corp., 8.0%, 10/1/12 (144A) $ 691,525
-------------
Specialty Stores - 0.9%
3,840,000 B/B3 Asbury Automotive Group, Inc., 9.0%, 6/15/12 $ 3,859,200
-------------
Automotive Retail - 1.1%
5,370,000 B-/B3 Pep Boys-Manny, Moe & Jack, 7.5%, 12/15/14 $ 4,994,100
-------------
Total Retailing $ 19,499,608
-------------
Food & Staples Retailing - 2.9%
Drug Retail - 0.8%
550,000(b) CCC+/Caa1 Duane Reade, Inc., 8.37% 12/15/10 $ 525,250
3,700,000(e) CCC+/Caa3 Duane Reade, Inc., 9.75%, 8/1/11 2,775,000
-------------
$ 3,300,250
-------------
Food Distributors - 2.1%
5,750,000 CCC+/Caa2 Doane Pet Care Co., 9.75%, 5/15/07 $ 5,721,250
3,380,000 B+/B2 Wornick Co., 10.875%, 7/15/11 3,472,950
-------------
$ 9,194,200
-------------
Total Food & Staples Retailing $ 12,494,450
-------------
Food, Beverage & Tobacco - 4.0%
Soft Drinks - 1.7%
5,885,000 BBB-/Baa3 Cia Brasileira de Bebida, 10.5%, 12/15/11 $ 7,341,537
-------------
Packaged Foods & Meats - 2.3%
9,000,000 B/B3 Burns, Philp Capital Property, Ltd., 9.75%,
7/15/12 $ 10,080,000
-------------
Total Food, Beverage & Tobacco $ 17,421,537
-------------
Health Care Equipment & Services - 4.8%
Health Care Equipment & Services - 1.8%
5,265,000(e) CCC+/B3 Hanger Orthopedic Group, Inc., 10.375%,
2/15/09 $ 5,357,138
2,900,000(b) B-/B3 Medical Services Co., 10.93938%, 10/15/11
(144A) 2,610,000
-------------
$ 7,967,138
-------------
14 The accompanying notes are an integral part of these financial statements.
Pioneer High Income Trust
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Principal S&P/Moody's
Amount Ratings
USD ($) (unaudited) Value
Health Care Services - 2.4%
2,160,000 B-/Caa1 AMR HoldCo/Emcare HoldCo, 10.0%,
2/15/15 (144A) $ 2,332,800
1,500,000 B/B1 National Nephrology Associates, Inc., 9.0%,
11/1/11 (144A) 1,668,750
2,000,000 CCC+/B3 NDCHealth Corp., 10.5%, 12/1/12 2,290,000
4,055,000 CCC+/Caa1 Rural/Metro Corp., 9.875%, 3/15/15 (144A) 4,318,575
-------------
$ 10,610,125
-------------
Managed Health Care - 0.6%
2,335,000 BBB-/Ba3 PacifiCare Health Systems, Inc., 10.75%, 6/1/09 $ 2,527,637
-------------
Total Health Care Equipment & Services $ 21,104,900
-------------
Pharmaceuticals & Biotechnology - 1.0%
Pharmaceuticals - 1.0%
4,400,000 CCC+/Caa1 Warner Chilcott Corp., 8.75%, 2/1/15 (144A) $ 4,224,000
-------------
Total Pharmaceuticals & Biotechnology $ 4,224,000
-------------
Diversified Financials - 6.7%
Other Diversified Financials Services - 3.5%
5,587,000(a) CCC+/Caa1 Alamosa Delaware, Inc., 12.0%, 7/31/09 $ 6,187,602
6,135,000 B/B3 Dollar Financial Group, 9.75%, 11/15/11 6,380,400
EURO 2,000,000 B-/B3 MDP Acquisitions Plc, 10.125%, 10/1/12 2,592,142
-------------
$ 15,160,144
-------------
Specialized Finance - 2.4%
1,500,000 NR/B3 Digicel, Ltd., 9.25%, 9/1/12 (144A) $ 1,552,500
7,950,000 BBB-/Baa3 GATX Financial Corp., 8.875%, 6/1/09 8,867,414
-------------
$ 10,419,914
-------------
Investment Banking & Brokerage - 0.8%
3,213,000 B/B3 Refco Finance Holdings, 9.0%, 8/1/12 $ 3,494,137
-------------
Total Diversified Financials $ 29,074,195
-------------
Insurance - 3.4%
Life & Health Insurance - 1.3%
5,725,000 B-/B2 Presidential Life Corp., 7.875%, 2/15/09 $ 5,696,375
-------------
Multi-Line Insurance - 1.3%
5,300,000 BB/Ba1 Allmerica Financial Corp., 7.625%, 10/15/25 $ 5,672,187
-------------
Property & Casualty Insurance - 0.8%
3,380,000 BBB-/NR Kingsway America, Inc., 7.5%, 2/1/14 $ 3,499,814
-------------
Total Insurance $ 14,868,376
-------------
The accompanying notes are an integral part of these financial statements. 15
Pioneer High Income Trust
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 9/30/05 (unaudited) (continued)
--------------------------------------------------------------------------------
Principal S&P/Moody's
Amount Ratings
USD ($) (unaudited) Value
Technology Hardware & Equipment - 4.6%
Communications Equipment - 0.7%
2,900,000 B/B1 Lucent Technologies, Inc., 7.25%, 7/15/06 $ 2,950,750
-------------
Electronic Equipment Manufacturers - 0.1%
215,000 B/B2 General Cable Corp., 9.5%, 11/15/10 $ 226,288
-------------
Electronic Manufacturing Services - 1.0%
4,000,000 BB-/Ba2 Sanmina-SCI Corp., 10.375%, 1/15/10 $ 4,410,000
-------------
Office Electronics - 2.8%
11,830,000 B-/Ba3 Xerox Capital Trust I, 8.0%, 2/1/27 $ 12,273,625
-------------
Total Technology Hardware & Equipment $ 19,860,663
-------------
Telecommunication Services - 8.5%
Integrated Telecommunication Services - 2.2%
5,212,000 CCC+/Caa1 Eschelon Operating Co., 8.375%, 3/15/10 $ 4,847,160
4,025,000 B+/B2 GCI, Inc., 7.25%, 2/15/14 3,894,188
1,400,000(a) B/B3 Zeus Special Subsidiary, Ltd., 0.0%,
2/1/15 (144A) 924,000
-------------
$ 9,665,348
-------------
Wireless Telecommunications Services - 6.3%
3,900,000 CCC/B3 Horizon PCS, Inc., 11.375%, 7/15/12 $ 4,485,000
2,200,000(a) B/B2 Inmarsat Finance II Plc, 0.0%, 11/15/12 1,804,000
5,150,000 B+/B3 Mobifon Holdings BV, 12.5%, 7/31/10 6,051,250
3,230,000 BB-/Ba3 Mobile Telesystems, 9.75%, 1/30/08 (144A) 3,488,400
3,000,000(e) CCC/Caa2 Rural Cellular Corp., 9.75%, 1/15/10 3,030,000
2,470,000 NR/Baa3 Tele Norte Leste Participacoes SA, 8.0%,
12/18/13 2,605,850
5,525,000 CCC/Caa1 UbiquiTel Operating Co., 9.875%, 3/1/11 6,132,750
-------------
$ 27,597,250
-------------
Total Telecommunication Services $ 37,262,598
-------------
Utilities - 3.0%
Electric Utilities - 2.5%
2,000,000 B/B1 Aes Chivor SA ESP, 9.75%, 12/30/14 (144A) $ 2,241,000
1,867,500 BBB-/Baa3 Empresa Electrica Guacolda SA, 8.625%,
4/30/13 (144A) 2,058,528
6,478,631 NR/NR Ormat Funding Corp., 8.25%, 12/30/20 6,527,221
-------------
$ 10,826,749
-------------
Multi-Utilities - 0.5%
2,300,000 B+/B1 Reliant Energy, Inc., 6.75%, 12/15/14 $ 2,259,750
-------------
Total Utilities $ 13,086,499
-------------
TOTAL CORPORATE BONDS & NOTES
(Cost $486,933,938) $ 517,311,875
-------------
16 The accompanying notes are an integral part of these financial statements.
Pioneer High Income Trust
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Principal S&P/Moody's
Amount Ratings
USD ($) (unaudited) Value
CONVERTIBLE BONDS & NOTES - 1.6% of Net Assets
Consumer Services - 0.9%
Specialized Consumer Services - 0.9%
4,000,000 B/B1 SCI Systems, Inc., 3.0%, 3/15/07 $ 3,850,000
-------------
Total Consumer Services $ 3,850,000
-------------
Pharmaceuticals & Biotechnology - 0.7%
Pharmaceuticals - 0.7%
2,500,000 NR/NR IVAX Corp., 1.875%, 12/15/24 $ 3,228,125
-------------
Total Pharmaceuticals & Biotechnology $ 3,228,125
-------------
TOTAL CONVERTIBLE BONDS & NOTES
(Cost $6,110,886) $ 7,078,125
-------------
MUNICIPAL BONDS - 7.3% of Net Assets
Indiana - 3.0%
1,650,000 BBB-/Ba3 East Chicago Industrial Pollution Ctl. Rev.,
7.0%, 1/1/14 $ 1,749,907
3,000,000 BBB-/Ba3 East Chicago Industrial Pollution Ctl. Rev.,
7.125%, 6/1/07 3,124,050
3,665,000 BBB-/Ba3 Indiana Dev. Fin. Auth. Pollution Ctl. Rev.,
7.25%, 11/1/11 3,822,632
4,250,000 BBB-/Ba3 Indiana Dev. Fin. Auth. Rev., 5.75%, 10/1/11 4,422,465
-------------
$ 13,119,054
-------------
Michigan - 0.3%
3,000,000 NR/NR Wayne Charter County, Spl. Arpt. Facs. Rev.,
6.75%, 12/1/15* $ 1,567,500
-------------
New Jersey - 2.0%
4,525,000 B/Caa2 New Jersey Economic Dev. Auth. Rev., 7.0%,
11/15/30 $ 3,928,741
4,000,000 BBB/Baa3 Tobacco Settlement Financing Corp., 7.0%,
6/1/41 4,773,880
-------------
$ 8,702,621
-------------
New York - 0.9%
3,475,000 BB-/Ba2 New York City Ind. Dev. Agcy., British Airways Plc
Proj., 7.625%, 12/1/32 $ 3,773,815
-------------
The accompanying notes are an integral part of these financial statements. 17
Pioneer High Income Trust
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 9/30/05 (unaudited) (continued)
--------------------------------------------------------------------------------
Principal S&P/Moody's
Amount Ratings
USD ($) (unaudited) Value
North Carolina - 1.1%
4,800,000 NR/NR Charlotte, Spl. Facs. Rev., Charlotte/Douglas Int'l
Airport, 5.60%, 7/1/27 $ 3,113,952
2,000,000 NR/NR Charlotte, Spl. Facs. Rev., Charlotte/Douglas Int'l
Airport, 7.75%, 2/1/28 1,749,720
--------------
$ 4,863,672
--------------
TOTAL MUNICIPAL BONDS
(Cost $26,067,223) $ 32,026,662
--------------
SOVEREIGN DEBT OBLIGATIONS - 2.1% of Net Assets
Brazil - 0.7%
ITL 4,800,000,000(a) BB-/B1 Banco Nacional de Desenvolimento Bndes,
8.0%, 4/28/10 $ 3,272,734
--------------
Ecuador - 0.8%
3,515,000(a) CCC+/Caa1 Federal Republic of Ecuador, 9.0%,
8/15/30 (144A) $ 3,304,100
--------------
Russia - 0.6%
2,320,000(a) BBB-/Baa3 Russian Federation, 5.0%, 3/31/30 $ 2,662,200
--------------
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $5,988,431) $ 9,239,034
--------------
Shares
WARRANTS - 0.0% of Net Assets
Materials - 0.0%
Forest Products - 0.0%
1,645 Mandra Forestry Holdings, Ltd. - CW13,
Expires 5/15/13** $ -
--------------
Total Materials $ -
--------------
Transportation - 0.0%
Railroads - 0.0%
4,525 Atlantic Express Transportation Corp.,
Expires 4/15/08** $ -
--------------
Total Transportation $ -
--------------
TOTAL WARRANTS
(Cost $0) $ -
--------------
18 The accompanying notes are an integral part of these financial statements.
Pioneer High Income Trust
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Principal S&P/Moody's
Amount Ratings
USD ($) (unaudited) Value
TEMPORARY CASH INVESTMENTS - 5.7% of Net Assets
Repurchase Agreement - 0.5%
2,200,000 NR/NR Bear Stearns Co., Inc., 3.2%, dated 9/30/05,
repurchase price of $2,200,000 plus accrued
interest on 10/3/05 collateralized by $2,319,000
U.S. Treasury Notes, 3.0%, 2/15/09 $ 2,200,000
-------------
Shares
Security Lending Collateral - 5.2%
22,671,532 Securities Lending Investment Fund, 3.76% $ 22,671,532
-------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $24,871,532) $ 24,871,532
-------------
TOTAL INVESTMENTS IN SECURITIES - 136.5%
(Cost $554,832,010) (c)(d) $ 595,316,999
-------------
OTHER ASSETS AND LIABILITIES - (1.9)% $ (8,341,598)
-------------
PREFERRED SHARES AT REDEMPTION
VALUE - (34.6)% $(151,000,000)
-------------
NET ASSETS APPLICABLE TO COMMON
SHAREOWNERS - 100.0% $ 435,975,401
=============
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
September 30, 2005, the value of these securities amounted to
$133,299,811 or 30.6% of total net assets applicable to common
shareholders.
* Security is in default and is non-income producing.
** Non-income producing.
(a) Debt obligation initially issued at one coupon which converts to a higher
coupon at a specific date. The rate shown is the rate at period end.
(b) Floating rate note.
(c) At September 30, 2005, the net unrealized gain on investments based on
cost for federal income tax purposes of $555,188,996 was as follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $50,165,724
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (10,037,721)
-----------
Net unrealized gain $40,128,003
===========
For financial reporting purposes net unrealized gain was $40,484,989
and cost of investments aggregated $554,832,010
The accompanying notes are an integral part of these financial statements. 19
Pioneer High Income Trust
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 9/30/05 (unaudited) (continued)
--------------------------------------------------------------------------------
(d) Distribution of investments by country of issue, as a percentage of total
holdings, is as follows:
United States 74.6%
Canada 4.5
Norway 3.6
Brazil 2.9
France 2.3
Australia 1.7
Mexico 1.5
Panama 1.2
Romania 1.0
Russia 1.0
Germany 0.9
Cayman Islands 0.7
Great Britain 0.7
Ecuador 0.6
Netherlands 0.6
Colombia 0.4
Ireland 0.4
Bermuda 0.3
Chile 0.3
China 0.3
Sweden 0.3
Luxembourg 0.2
------
100.0%
======
(e) At September 30, 2005, the following securities were out on loan:
Principal
Amount Description Market Value
$2,064,750 AMR Corp., 9.0%, 8/1/12 $ 1,455,649
2,280,00 Delphi Corp., 6.55%, 6/15/06 1,675,800
3,515,000 Duane Reade, Inc., 9.75%, 8/1/11 2,636,250
5,001,750 Hanger Orthopedic Group, Inc., 10.375%, 2/15/09 5,089,281
1,125,000 MeriStar Hospitality Operating Partnership, L.P.,
10.5%, 6/15/09 1,192,500
540,000 Northwest Airlines, Inc., 9.875%, 3/15/07*** 151,200
2,500,000 Resolution Performance Products LLC, 13.5%,
11/15/10 2,656,250
700,000 Rural Cellular Corp., 9.75%, 1/15/10 707,000
6,360,250 United Rentals North America, Inc., 7.75%,
11/15/13 6,137,641
-----------
$21,701,571
===========
*** Awaiting pending sale, not part of portfolio at period ending 9/30/05.
Note: Principal amounts are denominated in U.S. dollars unless otherwise
denoted.
EURO Euro
ITL Italian Lira
NOK Norwegian Krone
Purchases and sales of securities (excluding temporary cash investments) for
the year ended September 30, 2005, aggregated $74,897,415 and $52,878,252,
respectively.
20 The accompanying notes are an integral part of these financial statements.
Pioneer High Income Trust
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES 9/30/05 (unaudited)
--------------------------------------------------------------------------------
ASSETS:
Investments in securities, at value (including securities
loaned of $21,701,571) (cost $554,832,010) $595,316,999
Foreign currencies, at value (cost $165,965) 163,316
Receivables -
Investment securities sold 1,691,833
Interest and foreign tax reclaim 12,040,038
Reinvestment of distributions 145,892
Forward foreign currency portfolio hedge contract - net 1,852,226
Prepaid expenses and other assets 141,215
------------
Total assets $611,351,519
------------
LIABILITIES:
Payables -
Investment securities purchased $ 1,151,457
Upon return of securities loaned 22,671,532
Due to custodian 99,434
Due to affiliate 291,361
Accrued expenses 162,334
------------
Total liabilities $ 24,376,118
------------
PREFERRED SHARES AT REDEMPTION VALUE:
$25,000 liquidation value per share applicable to
6,040 shares $151,000,000
------------
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS:
Paid-in capital $382,273,992
Undistribution net investment income 3,597,995
Accumulated net realized gain on investments and foreign
currency transactions 7,783,431
Net unrealized gain on investments 40,484,989
Net unrealized gain on forward foreign currency contracts
and other assets and liabilities denominated in foreign
currencies 1,834,994
------------
Net assets applicable to common shareowners $435,975,401
============
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Based on $435,975,401/26,859,160 common shares $ 16.23
============
The accompanying notes are an integral part of these financial statements. 21
Pioneer High Income Trust
--------------------------------------------------------------------------------
STATEMENT OF OPERATIONS (unaudited)
--------------------------------------------------------------------------------
For the Six Months Ended 9/30/05
INVESTMENT INCOME:
Interest $27,424,661
Income from securities loaned, net 159,246
-----------
Total investment income $27,583,907
-----------
EXPENSES:
Management fees $ 1,764,009
Transfer agent fees and expenses 33,017
Administrative reimbursements 20,541
Auction agent fees 196,445
Custodian fees 49,129
Registration fees 11,907
Professional fees 33,352
Printing expense 13,092
Trustees' fees 7,823
Insurance fees 10,019
Miscellaneous 17,444
-----------
Total expenses $ 2,156,778
-----------
Net investment income $25,427,129
-----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain from:
Investments $ 425,429
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 689,585 $ 1,115,014
----------- -----------
Change in net unrealized gain on:
Investments $(6,718,161)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 1,785,469 $(4,932,692)
----------- -----------
Net loss on investments and foreign currency
transactions $(3,817,678)
-----------
DISTRIBUTIONS TO PREFERRED SHAREOWNERS FROM
NET INVESTMENT INCOME: $(2,375,790)
-----------
Net increase in net assets applicable to common
shareowners resulting from operations $19,233,661
===========
22 The accompanying notes are an integral part of these financial statements.
Pioneer High Income Trust
--------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
For the Six Months Ended 9/30/05 and the Year Ended 3/31/05
Six Months
Ended Year
9/30/05 Ended
(unaudited) 3/31/05
FROM OPERATIONS:
Net investment income $ 25,427,129 $ 50,150,097
Net realized gain on investments and foreign
currency transactions 1,115,014 11,252,767
Change in net unrealized gain on investments and
foreign currency transactions (4,932,692) (6,979,737)
Distributions to preferred shareowners from:
Net investment income (2,375,790) (2,727,375)
Net realized gains - (79,055)
------------- -------------
Net increase in net assets applicable to common
shareowners resulting from operations $ 19,233,661 $ 51,616,697
------------- -------------
DIVIDENDS AND DISTRIBUTIONS TO COMMON
SHAREOWNERS FROM:
Net investment income ($0.83 and $1.65 per
share, respectively) $ (22,137,022) $ (44,211,566)
Net realized capital gains ($0.00 and $0.13 per
share, respectively) - (3,558,745)
------------- -------------
Total distributions to common shareowners $ (22,137,022) $ (47,770,311)
------------- -------------
FROM TRUST SHARE TRANSACTIONS:
Reinvestment of distributions $ 575,358 $ 900,543
------------- -------------
Net increase in net assets applicable to
common shareowners resulting from Trust
share transactions $ 575,358 $ 900,543
------------- -------------
Net increase in net assets applicable to
common shareowners $ (2,328,003) $ 4,746,929
NET ASSETS APPLICABLE TO COMMON
SHAREOWNERS:
Beginning of period 438,303,404 433,556,475
------------- -------------
End of period (including undistributed net
investment income of $3,597,995 and
$2,683,678, respectively) $ 435,975,401 $ 438,303,404
============= =============
The accompanying notes are an integral part of these financial statements. 23
Pioneer High Income Trust
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
For the
Six Months Ended Year
9/30/05 Ended
Per Common Share Operating Performance (unaudited) 3/31/05
Net asset value, beginning of period $ 16.34 $ 16.20
--------- --------
Increase (decrease) from investment operations:(a)
Net investment income(d) $ 0.95 $ 1.87
Net realized and unrealized gain (loss) on investments and foreign currency
transactions (0.14) 0.15
Dividends and distributions to preferred shareowners from:
Net investment income (0.09) (0.10)
Net realized gains - -(e)
--------- --------
Net increase from investment operations $ 0.72 $ 1.92
Distributions to common shareowners from:
Net investment income (0.83) (1.65)
Net realized gains - (0.13)
Changes in estimated offering costs charged to paid-in capital with respect to:
Common shares - -
Preferred shares - -
--------- --------
Net increase (decrease) in net asset value $ (0.11) $ 0.14
--------- --------
Net asset value, end of period(f) $ 16.23 $ 16.34
--------- --------
Market value, end of period(f) $ 16.49 $ 15.12
--------- --------
Total return(g) 14.78% 1.97%
Ratios to average net assets of common shareowners
Net expenses(h) 0.99%(i) 1.00%
Net investment income before preferred share dividends(h) 11.65%(i) 11.60%
Preferred share dividends 1.09%(i) 0.63%
Net investment income available to common shareowners 10.56%(i) 10.97%
Portfolio turnover 9% 54%
Net assets of common shareowners, end of period (in thousands) $ 435,975 $438,303
Preferred shares outstanding (in thousands) $ 151,000 $151,000
Asset coverage per preferred share, end of period $ 97,181 $97,569
Average market value per preferred share $ 25,000 $25,000
Liquidation value, including dividends payable, per preferred share $ 25,000 $25,003
Year 4/25/02(b)
Ended to
Per Common Share Operating Performance 3/31/04 3/31/03
Net asset value, beginning of period $ 13.43 $ 14.33(c)
-------- ---------
Increase (decrease) from investment operations:(a)
Net investment income(d) $ 1.77 $ 1.41
Net realized and unrealized gain (loss) on investments and foreign currency
transactions 2.73 (0.81)
Dividends and distributions to preferred shareowners from:
Net investment income (0.06) (0.04)
Net realized gains - -
-------- ---------
Net increase from investment operations $ 4.44 $ 0.56
Distributions to common shareowners from:
Net investment income (1.65) (1.38)
Net realized gains - -
Changes in estimated offering costs charged to paid-in capital with respect to:
Common shares - (0.03)
Preferred shares (0.02) (0.05)
-------- ---------
Net increase (decrease) in net asset value $ 2.77 $ (0.90)
-------- ---------
Net asset value, end of period(f) $ 16.20 $ 13.43
-------- ---------
Market value, end of period(f) $ 16.57 $ 14.49
-------- ---------
Total return(g) 27.33% 7.29%
Ratios to average net assets of common shareowners
Net expenses(h) 0.96% 0.87%(i)
Net investment income before preferred share dividends(h) 11.64% 11.62%(i)
Preferred share dividends 0.39% 0.37%(i)
Net investment income available to common shareowners 11.25% 11.25%(i)
Portfolio turnover 66% 49%
Net assets of common shareowners, end of period (in thousands) $433,556 $358,123
Preferred shares outstanding (in thousands) $151,000 $101,000
Asset coverage per preferred share, end of period $ 96,781 $113,647
Average market value per preferred share $ 25,000 $ 25,000
Liquidation value, including dividends payable, per preferred share $ 25,000 $ 25,003
24 The accompanying notes are an integral part of these financial statements.
--------------------------------------------------------------------------------
Pioneer High Income Trust
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
For the
Six Months Ended Year Year 4/25/02(b)
9/30/05 Ended Ended to
Per Common Share Operating Performance (continued) (unaudited) 3/31/05 3/31/04 3/31/03
Ratios to average net assets of common shareowners before reimbursement
of organization expenses
Net expenses(h) 0.99%(i) 1.00% 0.96% 0.88%(i)
Net investment income before preferred share dividends(h) 11.65%(i) 11.60% 11.64% 11.61%(i)
Preferred share dividends 1.09%(i) 0.63% 0.39% 0.37%(i)
Net investment income available to common shareowners 10.56%(i) 10.97% 11.25% 11.24%(i)
(a) The per common share data presented above is based upon the average common
shares outstanding for the periods presented.
(b) Trust shares were first publicly offered on April 26, 2002.
(c) Net asset value immediately after the closing of the first public offering
was $14.30.
(d) Based on average shares outstanding.
(e) Amount is less than $0.01 per common share.
(f) Net asset value and market value are published in Barron's on Saturday, The
Wall Street Journal on Monday and The New York Times on Monday and
Saturday.
(g) Total investment return is calculated assuming a purchase of common shares
at the current market value on the first day and a sale at the current
market value on the last day of the periods reported. Dividends and
distributions, if any, are assumed for purposes of this calculation to be
reinvested at prices obtained under the Trust's dividend reinvestment plan.
Total investment return does not reflect brokerage commissions. Total
investment returns less than a full period are not annualized. Past
performance is not a guarantee of future results.
(h) Ratios do not reflect the effect of dividend payments to preferred
shareowners.
(i) Annualized.
The information above represents the operating performance data for a share of
common stock outstanding, total investment return, ratios to average net assets
of common shareowners and other supplemental data for the periods indicated.
This information has been determined based upon financial information provided
in the financial statements and market value data for the Trust's common
shares.
The accompanying notes are an integral part of these financial statements. 25
Pioneer High Income Trust
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 9/30/05 (unaudited)
--------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies
Pioneer High Income Trust (the "Trust") was organized as a Delaware statutory
trust on January 30, 2002. Prior to commencing operations on April 25, 2002,
the Trust had no operations other than matters relating to its organization and
registration as a diversified, closed-end management investment company under
the Investment Company Act of 1940, as amended.
The Trust invests in below investment grade (high-yield) debt securities, loans
and preferred stocks. Certain high-yield securities held by the Trust may be
convertible into equity securities of the issuer. Debt securities rated below
investment grade are commonly referred to as "junk bonds" and are considered
speculative. These securities involve greater risk of loss, are subject to
greater price volatility, and are less liquid, especially during periods of
economic uncertainty or change, than higher rated debt securities.
The Trust's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the
Trust to, among other things, make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets
and liabilities at the date of the financial statements, and the reported
amounts of income, expenses and gains and losses on investments during the
reporting year. Actual results could differ from those estimates. The following
is a summary of significant accounting policies followed by the Trust in the
preparation of its financial statements, which are consistent with those
policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. Equity securities are
valued at the last sales price on the principal exchanges where they are
traded. Fixed income securities are valued at prices supplied by
independent pricing services, which consider such factors as Treasury
spreads, yields, maturities and ratings. Valuations may be supplemented by
dealers and other sources, as required. Securities for which market
quotations are not readily available are valued at their fair values as
determined by, or under the direction of, the Board of Trustees. Trading
in foreign securities is substantially completed each day at various times
prior to the close of the NYSE. The values of such securities used in
computing the net
26
Pioneer High Income Trust
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
asset value of the Trust's shares are determined as of such times. The
Trust may also use the fair value of a security, including a non-U.S.
security, when the closing market price on the primary exchange where the
security is traded no longer accurately reflects the value of the security
as of the close of the exchange. As of September 30, 2005, the Trust had
no fair valued securities. Temporary cash investments are valued at
amortized cost.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Trust becomes aware of the ex-dividend
data in the exercise of reasonable diligence. Discount and premium on debt
securities are accreted or amortized daily, respectively, on an effective
yield to maturity basis and are included in interest income. Premiums and
discounts related to certain mortgage-backed securities are amortized or
accreted in proportion to the underlying monthly paydowns. Interest
income, including income on interest bearing cash accounts, is recorded on
an accrual basis.
The Trust's investments in foreign markets or countries with limited
developing markets may subject the Trust to a greater degree of risk than
in a developed market. These risks include disruptive political or
economic conditions and the possible imposition of adverse governmental
laws or currency exchange restrictions.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Foreign Currency Translation
The books and records of the Trust are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions represent,
among other things, the net realized gains and losses on foreign currency
contracts, disposition of foreign currencies and the difference between
the amount of income accrued and the U.S. dollars actually received.
Further, the effects of changes in foreign currency exchange rates on
investments are not segregated in the Statement of Operations from the
effects of changes in market
27
Pioneer High Income Trust
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 9/30/05 (unaudited) (continued)
--------------------------------------------------------------------------------
price of those securities but are included with the net realized and
unrealized gain or loss on investments.
C. Forward Foreign Currency Contracts
The Trust enters into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date as a hedge or cross-hedge against either specific investment
transactions (settlement hedges) or portfolio positions (portfolio
hedges). All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized gains or losses are recorded
in the Trust's financial statements. The Trust records realized gains and
losses at the time a portfolio hedge is offset by entry into a closing
transaction or extinguished by delivery of the currency. Risks may arise
upon entering into these contracts from the potential inability of
counterparties to meet the terms of the contract and from unanticipated
movements in the value of foreign currencies relative to the U.S. dollar
(see Note 4).
D. Federal Income Taxes
It is the Trust's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income and net realized capital gains, if
any, to its shareowners. Therefore, no federal income tax provision is
required.
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal
income tax rules. Therefore, the source of the Trust's distributions may
be shown in the accompanying financial statements as either from or in
excess of net investment income or net realized gain on investment and
foreign currency transactions, or from paid-in capital, depending on the
type of book/tax differences that may exist.
The tax character of current year distributions paid to common and
preferred shareowners will be determined at the end of the fiscal year.
The distribution during the year ended March 31, 2005 was as follows:
28
Pioneer High Income Trust
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Distributions paid from: 2005
Ordinary Income $48,778,440
Net long-term capital gains 1,798,301
-----------
Total taxable distribution $50,576,741
-----------
--------------------------------------------------------------------------------
The following shows components of distributable earnings on a federal income
tax basis at March 31, 2005.
--------------------------------------------------------------------------------
Undistributed ordinary income $ 7,839,430
Long-term capital gain 5,722,883
Dividend Payable (15,820)
Unrealized appreciation 43,058,277
-----------
Total $56,604,770
-----------
--------------------------------------------------------------------------------
The difference between book-basis and tax-basis unrealized appreciation
primarily attributable to the tax deferral of losses on straddles, the
realization for tax purposes of unrealized gains on certain foreign
currency contracts, and the difference between book and tax amortization
methods for premiums and discounts on fixed income securities.
E. Repurchase Agreements
With respect to repurchase agreements entered into by the Trust, the value
of the underlying securities (collateral), including accrued interest
received from counterparties, is required to be at least equal to or in
excess of the repurchase agreement at the time of purchase. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Trust's custodian, or subcustodians. Pioneer Investment
Management, Inc. ("PIM"), the Trust's investment adviser is responsible
for determining that the value of the collateral remains at least equal to
the repurchase price.
F. Securities Lending
The Trust lends securities in its portfolio to certain broker-dealers or
other institutional investors, with the Trust's custodian acting as the
lending agent. When entering into a loan, the Trust receives collateral
which is maintained by the custodian and earns income in the form of
negotiated lenders' fees. The Trust also continues to receive interest or
payments in lieu of dividends on the securities
29
Pioneer High Income Trust
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 9/30/05 (unaudited) (continued)
--------------------------------------------------------------------------------
loaned. Unrealized gain or loss on the fair value of the loaned securities
that may occur during the term of the loan will be for the account of the
Trust. The loans are secured by collateral of at least 102%, at all times,
of the fair value of the securities loaned. The amount of the collateral
will be adjusted daily to reflect any price fluctuation in the value of
the loaned securities. The Trust has the right under the securities
lending arrangement to recover the securities on loan from the borrower on
demand. The Trust invests cash collateral in the Securities Lending
Investment Fund which is sponsored by Brown Brothers Harriman & Co., the
Trust's custodian.
G. Automatic Dividend Reinvestment Plan
All common shareowners automatically participate in the Automatic Dividend
Reinvestment Plan (the "Plan"), under which participants receive all
dividends and capital gain distributions (collectively, "dividends") in
full and fractional common shares of the Trust in lieu of cash.
Shareowners may elect not to participate in the Plan. Shareowners not
participating in the Plan receive all dividends and capital gain
distributions in cash. Participation in the Plan is completely voluntary
and may be terminated or resumed at any time by notifying Mellon Investor
Services LLC, the agent for shareowners in administering the Plan (the
"Plan Agent"), prior to any dividend record date; otherwise such
termination or resumption will be effective with respect to any
subsequently declared dividend or other distribution. Whenever the Trust
declares a dividend on common shares payable in cash, participants in the
Plan will receive the equivalent in common shares acquired by the Plan
Agent either (i) through receipt of additional unissued but authorized
common shares from the Trust or (ii) by purchase of outstanding common
shares on the New York Stock Exchange or elsewhere. If, on the payment
date for any dividend the net asset value per common share is equal to or
less than the market price per share plus estimated brokerage trading fees
("market premium"), the Plan Agent will invest the dividend amount in
newly issued common shares. The number of newly issued common shares to be
credited to each account will be determined by dividing the dollar amount
of the dividend by the net asset value per common share on the date the
shares are issued, provided that the maximum discount from the then
current market price per share on the date of issuance does not exceed 5%.
If, on the payment date for any dividend, the net asset value per common
share is greater than the market value
30
Pioneer High Income Trust
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
("market discount"), the Plan Agent will invest the dividend amount in
common shares acquired in open-market purchases. There are no brokerage
charges with respect to newly issued common shares. However, each
participant will pay a pro rata share of brokerage trading fees incurred
with respect to the Plan Agent's open-market purchases. Participating in
the Plan does not relieve shareowners from any federal, state or local
taxes, which may be due on dividends paid in any taxable year. Shareowners
holding Plan shares in a brokerage account may not be able to transfer the
shares to another broker and continue to participate in the Plan.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of Unicredito Italiano S.p.A.
("Unicredito Italiano") manages the Trust's portfolio. Management fees are
calculated weekly at the annual rate of 0.60% of the Trust's average weekly
managed assets. "Managed assets" is the average weekly value of the Trust's
total assets minus the sum of the Trust's liabilities, which liabilities
exclude debt related to leverage, short-term debt and the aggregate liquidation
preference of any outstanding preferred shares. At September 30, 2005, $291,361
was payable to PIM related to management fees.
In addition, under PIM's management and administration agreements, certain
other services and costs are paid by PIM and reimbursed by the Trust. For the
six months ended September 30, 2005, the Trust recorded $20,541 as
"Administrative reimbursements" on the Statement of Operations.
PIM has retained Princeton Administrators, L.P., an affiliate of Merrill Lynch,
Pierce, Fenner & Smith Incorporated, to provide certain administrative services
to the Trust on its behalf. PIM pays Princeton Administrators, L.P., a monthly
fee at an annual rate of 0.07% of the average weekly value of the Trust's
managed assets, subject to a minimum monthly fee of $10,000. Princeton
Administrators, L.P. receives no compensation directly from the Trust.
3. Transfer Agents
Pioneer Investment Management Shareholder Services, Inc. ("PIMSS"), a wholly
owned indirect subsidiary of UniCredito Italiano, through a sub-transfer agency
agreement with Mellon Investor Services LLC, provides substantially all
transfer agent and shareowner services related to the Trust's common shares at
negotiated rates
31
Pioneer High Income Trust
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 9/30/05 (unaudited) (continued)
--------------------------------------------------------------------------------
which are paid by the Trust. Deutsche Bank Trust Company Americas is the
transfer agent, registrar, dividend paying agent and redemption agent with
respect to the Trust's Auction Market Preferred Shares ("AMPS"). The Trust pays
Deutsche Bank Trust Company Americas an annual fee, as is agreed to from time
to time by the Trust and Deutsche Bank Trust Company Americas, for providing
such services.
4. Forward Foreign Currency Contracts
During the six months ended September 30, 2005, the Trust had entered into
contracts that obligate the Trust to deliver currencies at specified future
dates. At the maturity of a contract, the Trust must make delivery of the
foreign currency. Alternatively, prior to the settlement date of contracts, the
Trust may close out such contracts by entering into an offsetting hedge
contract.
Open portfolio hedges at September 30, 2005 were as follows:
--------------------------------------------------------------------------------
Net Net
Contracts In Exchange Settlement Unrealized
Currency to Deliver For Date Value Gain
-------- ---------- --- ---- ----- ----
EURO 17,000,000 $22,526,700 4/26/06 $20,739,822 $1,786,878
EURO 8,800,000 $10,844,944 7/3/06 $10,779,596 $ 65,348
---------- ----------- ----------- ----------
Total 25,800,000 $33,371,644 $31,519,418 $1,852,226
---------- ----------- ----------- ----------
--------------------------------------------------------------------------------
As of September 30, 2005, the Trust had no outstanding forward cur
rency settlement hedges.
5. Trust Shares
There are an unlimited number of common shares of beneficial interest
authorized. Of the 26,859,160 common shares of beneficial interest outstanding
at September 30, 2005 PIM owned 6,981 shares.
Transactions in common shares of beneficial interest for the six months ended
September 30, 2005 and the year ended March 31, 2005 were as follows:
--------------------------------------------------------------------------------
9/2005 3/2005
Shares outstanding at beginning of period 26,839,948 26,768,347
Reinvestment of distributions 35,212 55,601
---------- ----------
Shares outstanding at end of period 26,859,160 26,839,948
---------- ----------
--------------------------------------------------------------------------------
32
Pioneer High Income Trust
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
The Trust may classify or reclassify any unissued common shares of beneficial
interest into one or more series of preferred shares of beneficial interest. As
of September 30, 2005, there were 6,040 AMPS as follows: Series M7-2,020,
Series W28-2,020 and Series TH7-2,000.
Dividends on Series M7 AMPS and Series TH7 AMPS are cumulative at a rate, which
is reset every seven days based on the results of an auction. Dividends on
Series W28 AMPS are also cumulative at a rate reset every 28 days based on the
results of an auction. Dividend rates ranged from 2.89% to 3.65% during the six
months ended September 30, 2005.
The Trust may not declare dividends or make other distributions on its common
shares or purchase any such shares if, at the time of the declaration,
distribution or purchase, asset coverage with respect to the outstanding
preferred shares would be less than 200%.
The AMPS are redeemable at the option of the Trust, in whole or in part, on any
dividend payment date at $25,000 per share plus any accumulated or unpaid
dividends, whether or not declared. The AMPS are also subject to mandatory
redemption at $25,000 per share plus any accumulated or unpaid dividends,
whether or not declared, if certain requirements relating to the composition of
the assets and liabilities of the Trust as set forth in the Agreement and
Declaration of Trust are not satisfied.
The holders of AMPS have voting rights equal to the holders of the Trust's
common shares (one vote per share) and will vote together with holders of the
common shares as a single class. However, holders of AMPS are also entitled to
elect two of the Trust's Trustees. In addition, the Investment Company Act of
1940, as amended, requires that along with approval by shareowners that might
otherwise be required, the approval of the holders of a majority of any
outstanding preferred shares, voting separately as a class would be required to
(a) adopt any plan of reorganization that would adversely affect the preferred
shares and (b) take any action requiring a vote of security holders, including,
among other things, changes in the Trust's subclassification as a closed-end
management investment company or changes in its fundamental investment
restrictions.
33
Pioneer High Income Trust
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 9/30/05 (unaudited) (continued)
--------------------------------------------------------------------------------
6. Subsequent Events
Subsequent to September 30, 2005, the Board of Trustees of the Trust declared a
dividend from undistributed net investment income of $0.1375 per common share
payable October 31, 2005, to shareowners of record on October 17, 2005.
For the period October 1, 2005 to October 31, 2005, dividends declared on
preferred shares totaled $463,771 in aggregate for the three outstanding
preferred share series.
ADDITIONAL INFORMATION (unaudited)
During the period, there have been no material changes in the Trust's
investment objective or fundamental policies that have not been approved by the
shareowners. There have been no changes in the Trust's charter or By-Laws that
would delay or prevent a change in control of the Trust which have not been
approved by the shareowners. There have been no changes in the principal risk
factors associated with investment in the Trust. There have been no changes in
the persons who are primarily responsible for the day-to-day management of the
Trust's portfolio.
Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940 that the Trust may purchase, from time to time, its common
shares in the open market.
34
Pioneer High Income Trust
--------------------------------------------------------------------------------
RESULTS OF SHAREOWNER MEETING
--------------------------------------------------------------------------------
On August 16, 2005, Pioneer High Income Trust held its annual meeting of
shareowners to elect Trustees. All Trustees were elected. Here are the detailed
results of the votes.
Proposal 1 - To elect Class III Trustees.
--------------------------------------------------------------------------------
Nominee Affirmative Withheld
--------------------------------------------------------------------------------
Margaret B.W. Graham 25,534,165 577,403
Osbert M. Hood 25,557,876 553,692
John Winthrop 25,544,322 567,246
--------------------------------------------------------------------------------
35
Pioneer High Income Trust
--------------------------------------------------------------------------------
TRUSTEES, OFFICERS AND SERVICE PROVIDERS
--------------------------------------------------------------------------------
Trustees Officers
John F. Cogan, Jr., Chairman John F. Cogan, Jr., President
David R. Bock Osbert M. Hood, Executive
Mary K. Bush Vice President
Margaret B.W. Graham Vincent Nave, Treasurer
Osbert M. Hood Dorothy E. Bourassa, Secretary
Marguerite A. Piret
Stephen K. West
John Winthrop
Investment Adviser
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Legal Counsel
Wilmer Cutler Pickering Hale and Dorr LLP
Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Shareowner Services and Sub-Transfer Agent
Mellon Investor Services LLC
Preferred Share Auction/Transfer Agent and Registrar
Deutsche Bank Trust Company Americas
Sub-Administration
Princeton Administrators, L.P.
Proxy Voting Policies and Procedures of the Trust are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Trust voted proxies relating to portfolio securities during
the most recent 12 months ended June 30 is publicly available to shareowners at
www.pioneerfunds.com. This information is also available on our web site at
www.pioneerfunds.com and on the Securities and Exchange Commission's web site
at http://www.sec.gov.
36
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HOW TO CONTACT PIONEER
--------------------------------------------------------------------------------
We are pleased to offer a variety of convenient ways for you to contact Mellon
for assistance or information.
You can call Mellon Investor Services LLC for:
Account Information 1-800-710-0935
Telecommunications Device for the Deaf (TDD) 1-800-231-5469
Or write to Mellon Investor Services LLC:
For Write to
General inquiries, lost dividend checks P.O. Box 3315
South Hackensack, NJ
07606-1915
Change of address, account consolidation P.O. Box 3316
South Hackensack, NJ
07606-1916
Lost stock certificates P.O. Box 3317
South Hackensack, NJ
07606-1917
Stock transfer P.O. Box 3312
South Hackensack, NJ
07606-1912
Dividend reinvestment plan (DRIP) P.O. Box 3338
South Hackensack, NJ
07606-1938
For additional information, please contact your investment advisor or visit our
web site www.pioneerfunds.com.
The Trust files a complete statement of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareowners may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 10(a), a copy of its code
of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller,
or persons performing similar functions, as an exhibit to its annual
report on this Form N-CSR;
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's independent auditor, Ernst &
Young LLP ("E&Y"), has advised the Audit
Committee of the Fund's Board of Trustees that
E&Ys Spanish affiliate (E&Y Spain) performed
certain non-audit work for Pioneer Global
Investments Limited ("PGIL"), an affiliate of the
Funds investment adviser. The services involved
the receipt and disbursement of monies transferred
to E&Y Spain by PGIL in payment of individual
payroll and related income tax withholdings due on
returns prepared by E&Y Spain for certain PGIL
employees located in Spain from February 2001 to
October 2005. E&Y became auditors of the Fund in
May 2002. These payroll and tax services were
discontinued in November 2005. The annual fee
received by E&Y Spain for all such services totaled
approximately 9,000 Euro per year. E&Y has informed
the Audit Committee that based on its internal
reviews and the de minimus nature of the services
provided and fees received, E&Y does not believe
its independence with respect to the Fund has been
impaired or that it is disqualified from acting as
independent auditors to the Fund.
ITEMS 5-6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
N/A
ITEM 8. [RESERVED]
ITEM 9. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
The registrant's principal executive officer and principal financial
officer have concluded, that the registrant's disclosure controls and
procedures are effective based on their evaluation of these controls and
procedures as of a date within 90 days of the filing date of this report.
(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
There were no significant changes in the registrant's internal controls or
in other factors that could significantly affect these controls subsequent to
the date of their evaluation, including any corrective actions with regard
to significant deficiencies and material weaknesses.
ITEM 10. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer High Income Trust
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date November 29, 2005
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 November 29, 2005
By (Signature and Title)* /s/ Vincent Nave
Vincent Nave, Treasurer
Date November 29, 2005
* Print the name and title of each signing officer under his or her signature.