OMB APPROVAL OMB Number: 3235-0578 Expires: April 30, 2010 Estimated average burden hours per response..... 10.5 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-21043 Pioneer High Income Trust (Exact name of registrant as specified in charter) 60 State Street, Boston, MA 02109 (Address of principal executive offices) (ZIP code) Dorothy E. Bourassa, Pioneer Investment Management, Inc., 60 State Street, Boston, MA 02109 (Name and address of agent for service) Registrant's telephone number, including area code: (617) 742-7825 Date of fiscal year end: March 31 Date of reporting period: December 31, 2007 Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after close of the first and third fiscal quarters, pursuant to Rule 30b1-5under the Investment Company Act of 1940 (17 CFR 270.30b-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. Schedule of Investments. Pioneer High Income Trust SCHEDULE OF INVESTMENTS 12/31/07 (unaudited) Principal Amount USD ($) Value COLLATERIZED MORTGAGE OBLIGATIONS - 0.3% of Net Assets Diversified Financials - 0.3% 1,245,000 DB Master Finance LLC, 8.285%, 6/20/31 (144A) $1,257,614 TOTAL COLLATERIZED MORTGAGE OBLIGATIONS (Cost $1,267,943) $1,257,614 CORPORATE BONDS & NOTES - 121.6% of Net Assets Energy - 15.7% Oil & Gas Drilling - 3.2% 4,400,000 DDI Holding AS, 9.3%, 1/19/12 (144A) $4,554,000 2,500,000 Norse Energy Corp. ASA, 6.5%, 7/14/11 (144A) 2,075,000 3,000,000 Norse Energy Corp. ASA, 10.0%, 7/13/10 546,976 11,500,000 Petrojack AS, 11.0%, 4/19/10 2,096,743 3,500,000 Skeie Drilling & Production ASA, 11.25%, 3/8/13 (144A)3,412,500 $12,685,219 Oil & Gas Equipment & Services - 1.5% 600,000(a)DP Producer AS, 11.141%, 12/5/11 (144A) $ 576,000 1,100,000 Nexus 1 Pte, Ltd., 10.5%, 3/7/12 (144A) 1,100,000 11,500,000 Norwegian Energy Co. AS, 11.0%, 7/13/10 (144A) 2,086,153 2,000,000 Sevan Marine ASA, 9.25%, 12/20/11 (144A) 2,050,000 $5,812,153 Integrated Oil & Gas - 0.5% 2,070,000 Tristan Oil, Ltd., 10.5%, 1/1/12 (144A) $1,987,200 Oil & Gas Exploration & Production - 5.9% 6,584,000 Baytex Energy, Ltd., 9.625%, 7/15/10 $6,715,680 1,250,000 Hilcorp Energy I, LP, 9.0%, 6/1/16 (144A) 1,293,750 4,500,000 Methanex Corp., 8.75%, 8/15/12 4,826,250 1,610,000 Parallel Petroleum Corp., 10.25%, 8/1/14 (144A) 1,610,000 500,000(a)PetroProd, Ltd., 11.248%, 1/12/12 (144A) 482,500 5,300,000 PetroQuest Energy, Inc., 10.375%, 5/15/12 5,459,000 3,135,000 Stone Energy Corp., 6.75%, 12/15/14 2,907,712 $23,294,892 Oil & Gas Refining & Marketing - 3.9% 6,075,000 Aventine Renewable Energy Holdings, Inc., 10.0%, 4/1/$5,528,250 3,200,000 Biofuel Energy ASA, 10.0%, 6/7/12 3,168,000 1,275,000(a)Ohio Air Quality Development Authority Revenue, 10.36%1,198,500 1,425,000 VeraSun Energy Corp., 9.375%, 6/1/17 (144A) 1,243,313 4,280,000 VeraSun Energy Corp., 9.875%, 12/15/12 4,312,100 $15,450,163 Oil & Gas Storage & Transportation - 0.5% 2,130,000 SemGroup L.P., 8.75%, 11/15/15 (144A) $2,023,500 Coal & Consumable Fuels - 0.2% 845,000 Massey Energy Co., 6.875%, 12/15/13 $ 796,413 Total Energy $62,049,540 Materials - 19.3% Commodity Chemicals - 2.8% 4,635,000 ARCO Chemical Co., 9.8%, 2/1/20 $4,495,950 4,860,000(l)Georgia Gulf Corp., 10.75%, 10/15/16 3,256,200 3,150,000 Invista, 9.25%, 5/1/12 (144A) 3,260,250 $11,012,400 Diversified Chemicals - 2.0% 4,950,000 Basell Finance Co., 8.1%, 3/15/27 (144A) $3,762,000 350,000 Ineos Group Holdings Plc, 7.875%, 2/15/16 (144A) 427,285 2,500,000 Ineos Group Holdings Plc., 8.5%, 2/15/16 (144A) 2,225,000 1,190,000 Nell AF S.a.r.l., 8.375%, 8/15/15 (144A) 1,487,565 $7,901,850 Specialty Chemicals - 1.8% 3,000,000 Hexion US Finance Corp./Hexion Nova Scotia Finance UL$3,240,000 785,000 MacDermid, Inc., 9.5%, 4/15/07 (144A) 737,900 3,300,000 Tronox Worldwide LLC, 9.5%, 12/1/12 3,184,500 $7,162,400 Construction Materials - 2.6% 4,500,000 AGY Holding Corp., 11.0%, 11/15/14 (144A) $4,365,000 825,000 Blaze Recycling & Metals LLC, 10.875%, 7/15/12 (144A) 759,000 1,500,000 Panolam Industries International, 10.75%, 10/1/13 1,305,000 4,185,000 U.S. Concrete, Inc., 8.375%, 4/1/14 3,661,875 $10,090,875 Paper Packaging - 3.2% 5,450,000 Exopack Holding Corp., 11.25%, 2/1/14 $5,341,000 5,540,000 Graphic Packaging International, Inc., 9.5%, 8/15/13 5,470,750 2,150,000 U.S. Corrugated, Inc., 10.0%, 6/1/13 1,978,000 $12,789,750 Aluminum - 1.4% 2,035,000 Aleris International, Inc., 10.0%, 12/15/16 $1,648,350 1,200,000 Asia Aluminum Holdings, Ltd., 8.0%, 12/23/11 (144A) 1,158,000 3,180,000 Indalex Holding Corp., 11.5%, 2/1/14 2,798,400 $5,604,750 Diversified Metals & Mining - 3.2% 3,300,000 American Rock Salt Co. LLC, 9.5%, 3/15/14 $3,366,000 3,000,000 FMG Finance Pty., Ltd., 10.625%, 9/1/16 (144A) 3,435,000 1,505,000(a)Noranda Aluminium Acquisition Corp., 8.738%, 5/15/15 (1,264,200 3,050,000 PNA Group, Inc., 10.75%, 9/1/16 (144A) 2,867,000 1,870,000(a)PNA Intermediate Holding Corp., 11.869%, 2/15/13 (144A1,692,350 $12,624,550 Steel - 1.9% 4,205,000 Algoma Acquisition Corp., 9.875%, 6/15/15 (144A) $3,448,100 2,900,000 CSN Islands VIII Corp., 9.75%, 12/16/13 (144A) 3,248,000 760,000 Ryerson Inc., 12.0%, 11/1/15 (144A) 750,500 $7,446,600 Forest Products - 0.4% 1,645,000 Mandra Forestry Holdings, Ltd., 12.0%, 5/15/13 (144A)$1,533,963 Total Materials $76,167,138 Capital Goods - 9.3% Building Products - 1.9% 6,135,000(a)Builders FirstSource, Inc., 9.119%, 2/15/12 $5,337,450 2,500,000 Industrias Unidas SA de CV, 11.5%, 11/15/16 (144A) 2,050,000 $7,387,450 Electrical Components & Equipment - 0.7% 660,000 Baldor Electric Co., 8.625%, 2/15/17 $ 679,800 2,220,000(c)Caiua Servicos Electricidad SA, 11.125% (144A) 2,167,275 $2,847,075 Heavy Electrical Equipment - 2.3% 4,790,000 Altra Industrial Motion, 9.0%, 12/1/11 $4,861,850 3,975,000 Hawk Corp., 8.75%, 11/1/14 4,034,625 $8,896,475 Construction & Farm Machinery & Heavy Truck - 4.4% 4,900,000 Accuride Corp., 8.5%, 2/1/15 $3,969,000 740,000 Allison Transmission Inc., 11.0%, 11/1/15 (144A) 667,850 1,115,000(b)Allison Transmission Inc., 11.25%, 11/1/15 (144A) 946,759 3,250,000 Commercial Vehicle Group, Inc., 8.0%, 7/1/13 2,941,250 1,520,000 Esco Corp., 8.625%, 12/15/13 (144A) 1,520,000 1,750,000 Greenbrier Companies, Inc., 8.375%, 5/15/15 1,671,250 1,500,000(d)Stanadyne Corp., 0.0%, 2/15/15 1,155,000 4,690,000 Stanadyne Corp., 10.0%, 8/15/14 4,525,850 $17,396,959 Total Capital Goods $36,527,959 Commercial Services & Supplies - 6.5% Diversified Commercial & Professional Services - 3.3% 3,500,000 Allied Security Escrow, 11.375%, 7/15/11 $3,290,000 9,000,000 NCO Group, Inc., 11.875%, 11/15/14 8,370,000 1,565,000 Park-Ohio Industries, Inc., 8.375%, 11/15/14 1,392,850 $13,052,850 Environmental & Facilities Services - 3.2% 4,088,000 Clean Harbors, Inc., 11.25%, 7/15/12 $4,389,490 2,440,000 Industrias Metalurgicas Pescarmona SA, 11.25%, 10/22/12,308,850 5,800,000 Waste Services, Inc., 9.5%, 4/15/14 5,655,000 $12,353,340 Total Commercial Services & Supplies $25,406,190 Transportation - 5.1% Air Freight & Logistics - 1.0% 2,000,000 CEVA Group Plc, 10.0%, 9/1/14 (144A) $2,055,000 1,545,000 CEVA Group Plc, 10.0%, 12/1/16 (144A) 1,908,746 $3,963,746 Airlines - 0.6% 932,505 American Airlines, Inc., 7.379%, 11/23/17 $ 867,230 817,814 Continental Airlines, Inc., Series B, 8.499%, 11/1/12 811,681 1,000,000(c)GOL Finance, 8.75% (144A) 930,000 $2,608,911 Marine - 2.9% 8,000,000 Seabulk International, Inc., 9.5%, 8/15/13 $8,460,000 2,900,000 Trailer Bridge, Inc., 9.25%, 11/15/11 2,896,375 $11,356,375 Railroads - 0.6% 2,250,000 Kansas City Southern de Mexico, 9.375%, 5/1/12 $2,356,875 Total Transportation $20,285,907 Automobiles & Components - 1.2% Auto Parts & Equipment - 1.2% 5,965,000(l)Cooper-Standard Automotive, Inc., 8.375%, 12/15/14 $4,727,262 Total Automobiles & Components $4,727,262 Consumer Durables & Apparel - 1.2% Homebuilding - 0.4% 2,000,000 Meritage Homes Corp., 6.25%, 3/15/15 $1,390,000 Housewares & Specialties - 0.8% 3,450,000(l)Yankee Acquisition Corp., 9.75%, 2/15/17 $3,156,750 Total Consumer Durables & Apparel $4,546,750 Consumer Services - 4.4% Casinos & Gaming - 3.9% 2,000,000 Buffalo Thunder Development Authority, 9.375%, 12/15/$1,780,000 2,050,000 Fontainebleau Las Vegas Holdings LLC/Fontainebleau Las1,778,375 1,675,000 Galaxy Entertainment Finance Co., Ltd., 9.875%, 12/15/1,767,125 4,500,000 Little Traverse Bay Bands of Odawa Indians, 10.25%, 2/4,522,500 1,700,000 Pokagon Gaming Authority, 10.375%, 6/15/14 (144A) 1,827,500 1,750,000 Shingle Springs Tribal Gaming Authority, 9.375%, 6/15/1,697,500 2,450,000 Trump Entertainment Resorts, Inc., 8.5%, 6/1/15 1,865,062 $15,238,062 Hotels, Resorts & Cruise Lines - 0.5% 2,000,000(a)HRP Myrtle Beach Operations LLC, 9.894%, 4/1/12 (144A$1,905,000 Total Consumer Services $17,143,062 Media - 5.5% Broadcasting & Cable Television - 2.5% 3,200,000 CCH I Holdings LLC, 11.0%, 10/1/15 $2,608,000 1,500,000 CCH II Holdings LLC, 10.25%, 9/15/10 1,462,500 3,750,000 Kabel Deutschland GMBH, 10.75%, 7/1/14 5,852,779 $9,923,279 Publishing - 3.0% 2,336,366(b)AAC Group Holding Corp., 14.75%, 10/1/12 $2,137,775 4,835,000 Sheridan Acquisition Corp., 10.25%, 8/15/11 4,835,000 1,400,000 TL Acquisitions, Inc., 10.5%, 1/15/15 (144A) 1,345,750 3,700,000(d)Visant Holding Corp., 0.0%, 12/1/13 3,459,500 $11,778,025 Total Media $21,701,304 Retailing - 2.8% Distributors - 1.4% 4,735,000 Intcomex, Inc., 11.75%, 1/15/11 $4,853,375 820,000 KAR Holdings, Inc., 10.0%, 5/1/15 (144A) 731,850 $5,585,225 General Mechandise Store - 0.2% 1,000,000(l)Central Garden & Pet Co., 9.713%, 2/1/13 $ 857,500 Specialty Stores - 1.2% 4,615,000(l)Sally Holdings LLC, 10.5%, 11/15/16 $4,545,775 Total Retailing $10,988,500 Food & Staples Retailing - 0.8% Drug Retail - 0.8% 3,350,000 Duane Reade, Inc., 9.75%, 8/1/11 $3,023,375 Total Food & Staples Retailing $3,023,375 Food, Beverage & Tobacco - 3.2% Brewers - 1.7% 5,885,000 Cia Brasileira de Bebida, 10.5%, 12/15/11 $6,848,963 Agricultural Products - 0.3% 1,000,000(c)Cosan SA Industria e Comercio, 8.25% (144A) $ 925,000 Packaged Foods & Meats - 0.9% 775,000 Bertin, Ltd., 10.25%, 10/5/16 (144A) $ 808,945 500,000 Marfrig Overseas, Ltd., 9.625%, 11/16/16 (144A) 496,875 2,410,000 Minerva Overseas, Ltd., 9.5%, 2/1/17 (144A) 2,307,575 $3,613,395 Tobacco - 0.3% 1,230,000 Alliance One International, Inc., 8.5%, 5/15/12 (144A$1,199,250 Total Food, Beverage & Tobacco $12,586,608 Health Care Equipment & Services - 6.8% Health Care Equipment & Services - 0.6% 2,875,000 Accellent, Inc., 10.5%, 12/1/13 $2,415,000 Health Care Supplies - 0.7% 2,900,000(a)Medical Services Co., 12.743%, 10/15/11 $2,653,500 Health Care Services - 2.4% 2,160,000 AMR HoldCo/Emcare HoldCo, 10.0%, 2/15/15 $2,278,800 4,055,000 Rural/Metro Corp., 9.875%, 3/15/15 3,933,350 1,880,000(b)Surgical Care Affiliates, Inc., 8.875%, 7/15/15 (144A)1,710,800 1,475,000 Surgical Care Affiliates, Inc., 10.0%, 7/15/17 (144A) 1,342,250 $9,265,200 Health Care Facilities - 2.0% 1,200,000 Community Health Systems, 8.875%, 7/15/15 $1,222,500 3,800,000 Hanger Orthopedic Group, Inc., 10.25%, 6/1/14 3,895,000 2,555,000(b)HCA Inc., 9.625%, 11/15/16 2,701,913 130,000 Psychiatric Solutions, Inc., 7.75%, 7/15/15 129,675 $7,949,088 Managed Health Care - 1.1% 4,400,000 Multiplan, Inc., 10.375%, 4/15/16 (144A) $4,378,000 Total Health Care Equipment & Services $26,660,788 Pharmaceuticals & Biotechnology & Life Sciences - 3.1% Biotechnology - 0.7% 3,500,000(l)Angiotech Pharmaceuticals, Inc., 7.75%, 4/1/14 $2,931,250 Pharmaceuticals - 2.4% 2,000,000 Phibro Animal Health Corp., 10.0%, 8/1/13 (144A) $2,000,000 3,000,000 Phibro Animal Health Corp., 13.0%, 8/1/14 (144A) 3,000,000 4,317,000 Warner Chilcott Corp., 8.75%, 2/1/15 4,446,510 $9,446,510 Total Pharmaceuticals & Biotechnology & Life Sciences$12,377,760 Banks - 0.4% Diversified Banks - 0.4% 1,750,000(a)ALB Finance BV, 9.375% $1,197,088 400,000(a)Banco Macro SA, 10.75%, 6/7/12 281,880 $1,478,968 Total Banks $1,478,968 Diversified Financials - 5.6% Specialized Finance - 2.1% 7,950,000 GATX Financial Corp., 8.875%, 6/1/09 $8,258,985 Consumer Finance - 2.9% 4,770,000 ACE Cash Express, Inc., 10.25%, 10/1/14 (144A) $4,603,050 1,300,000 AmeriCredit Corp., 8.5%, 7/1/15 (144A) 991,250 3,000,000 Ford Motor Credit Co., 7.875%, 6/15/10 2,768,001 3,000,000(a)Ford Motor Credit Co., 9.693%, 4/15/12 2,950,116 $11,312,417 Investment Banking & Brokerage - 0.6% 2,305,000(b)LVB Acquisition Merger Sub, Inc., 10.375%, 10/15/17 ($2,229,229 Total Diversified Financials $21,800,631 Insurance - 4.9% Insurance Brokers - 1.6% 2,640,000 Alliant Holdings I Inc., 11.0%, 5/1/15 (144A) $2,508,000 3,465,000 HUB International Holdings, Inc., 10.25%, 6/15/15 (1442,945,250 885,000 U.S.I. Holdings Corp., 9.75%, 5/15/15 (144A) 712,425 $6,165,675 Life & Health Insurance - 1.4% 5,725,000 Presidential Life Corp., 7.875%, 2/15/09 $5,667,750 Multi-Line Insurance - 1.3% 5,300,000 Allmerica Financial Corp., 7.625%, 10/15/25 $5,121,125 Reinsurance - 0.6% 275,000(a)Atlas Reinsurance Plc, 14.953%, 1/10/11 (144A) $ 402,064 375,000(a)Blue Fin, Ltd., 9.275% 4/10/12 (144A) 375,000 750,000(a)Foundation Re, Ltd., 9.005%, 11/24/08 (144A) 734,925 500,000(a)Residential Reinsurance 2005, 13.574%, 6/6/08 (144A) 499,700 250,000(a)Residential Reinsurance 2006, 15.124%, 6/5/09 (144A) 255,775 $2,267,464 Total Insurance $19,222,014 Real Estate - 0.0% Real Estate Management & Development - 0.0% 225,000(a)Alto Palermo SA, 11.0%, 6/11/12 (144A) $ 176,062 Total Real Estate $ 176,062 Software & Services - 3.6% IT Consulting & Other Services - 1.1% 4,450(e)MSX International UK/MXS International Business Servi$4,138,500 Data Processing & Outsourced Services - 2.2% 3,215,000 First Data Corp., 9.875%, 9/24/15 (144A) $2,989,950 640,000 iPayment, Inc., 9.75%, 5/15/14 598,400 5,745,000 Pegasus Solutions, Inc., 10.5%, 4/15/15 (144A) 5,055,600 $8,643,950 Application Software - 0.2% 810,000 Open Solutions, Inc., 9.75%, 2/1/15 (144A) $ 738,112 Systems Software - 0.1% 605,000 Vangent Inc., 9.625%, 2/15/15 $ 518,788 Total Software & Services $14,039,350 Technology Hardware & Equipment - 3.7% Computer Hardware - 0.7% 3,245,000 Activant Solutions, Inc., 9.5%, 5/1/16 $2,806,925 Office Electronics - 3.0% 11,830,000 Xerox Capital Trust I, 8.0%, 2/1/27 $11,815,047 Total Technology Hardware & Equipment $14,621,972 Semiconductors & Semiconductor Equipment - 0.6% Semiconductors - 0.6% 1,000,000(a)Freescale Semiconductor, Inc., 9.875%, 12/15/14 $ 850,000 2,000,000(l)Freescale Semiconductor, Inc., 10.125%, 12/15/16 1,650,000 Total Semiconductors & Semiconductor Equipment $2,500,000 Telecommunication Services - 12.6% Alternative Carriers - 0.8% 3,120,000 PAETEC Holding Corp., 9.5%, 7/15/15 (144A) $3,042,000 Integrated Telecommunication Services - 1.2% 4,070,000 GC Impsat Holdings I Plc, 9.875%, 2/15/17 (144A) 3,866,500 691,000 Tele Norte Leste Participacoes SA, 8.0%, 12/18/13 718,640 $4,585,140 Wireless Telecommunication Services - 10.6% 4,165,000 Broadview Networks Holdings, Inc., 11.375%, 9/1/12 $4,342,013 1,625,000 Cell C Property, Ltd., 11.0%, 7/1/15 (144A) 1,389,375 2,855,000(a)Cleveland Unlimited, Inc., 13.241%, 12/15/10 (144A) 2,997,750 6,900,000 Cricket Communications, Inc., 9.375%, 11/1/14 6,468,750 1,500,000 Digicel, Ltd., 9.25%, 9/1/12 (144A) 1,528,200 2,500,000(a)Hellas Telecommunications Luxembourg II, 10.993%, 1/152,356,250 5,000,000 Hughes Network Systems LLC, 9.5%, 4/15/14 5,062,500 2,200,000(d)Inmarsat Finance II Plc, 0.0%, 11/15/12 2,136,750 3,200,000(d)Intelsat Intermediate Holding Co., Ltd., 0.0%, 2/1/15 2,616,000 3,230,000 Mobile Telesystems, 9.75%, 1/30/08 (144A) 3,231,615 3,000,000(a)Rural Cellular Corp., 10.661%, 11/1/12 3,060,000 3,200,000 Stratos Global Corp., 9.875%, 2/15/13 3,376,000 3,020,000 True Move Co, Ltd., 10.75%, 12/16/13 (144A) 3,050,200 $41,615,403 Total Telecommunication Services $49,242,543 Utilities - 5.3% Electric Utilities - 4.2% 2,000,000 Aes Chivor SA ESP, 9.75%, 12/30/14 (144A) $2,200,000 3,800,000 Intergen NV, 9.0%, 6/30/17 (144A) 3,999,500 1,500,000 Mirant JPSCo. Finance, Ltd., 11.0%, 7/6/16 (144A) 1,620,000 4,208,170 Ormat Funding Corp., 8.25%, 12/30/20 4,208,170 4,540,000 White Pine Hydro Portfolio LLC, 7.26%, 7/20/15 (144A) 4,706,359 $16,734,029 Multi - Utilities - 0.5% 2,175,000(a)Power Contract Financing III LLC, 1.332%, 2/5/10 (144$1,881,375 Independent Power Producers & Energy Traders - 0.6% 2,345,000 Texas Computer Electric Hold LLC, 10.25%, 11/1/15 (14$2,321,550 Total Utilities $20,936,954 TOTAL CORPORATE BONDS & NOTES (Cost $482,550,391) $478,210,637 CONVERTIBLE BONDS & NOTES - 0.3% of Net Assets Software & Services - 0.3% Systems Software - 0.3% 1,400,000 Macrovision Corp., 2.625%, 8/15/11 (144A) $1,319,500 TOTAL CONVERTIBLE BONDS & NOTES (Cost $1,400,000) $1,319,500 MUNICIPAL BONDS - 7.5% of Net Assets Indiana - 1.5% 1,650,000 East Chicago Industrial Pollution Control Revenue, 7.$1,680,228 4,250,000 Indiana Development Finance Authority Revenue, 5.75%, 4,280,855 $5,961,083 Michigan - 0.0% 3,000,000 Wayne Charter County, Special Airport Facilities Reve$ 0 New Jersey - 2.4% 4,525,000 New Jersey Economic Development Authority Revenue, 7.$4,552,874 4,000,000 + Tobacco Settlement Financing Corp., 7.0%, 6/1/41 4,696,400 $9,249,274 New York - 0.9% 3,475,000 New York City Industrial Development Agency, British $3,650,314 North Carolina - 1.6% 4,800,000 Charlotte, Special Facilities Revenue, Charlotte/Doug$4,290,288 2,000,000 Charlotte, Special Facilities Revenue, Charlotte/Dougl2,055,160 $6,345,448 Texas - 1.1% 3,200,000(f)San Antonio, Texas, Electric & Gas, RIB, 7.415%, 2/1/$4,232,160 TOTAL MUNICIPAL BONDS (Cost $23,133,596) $29,438,279 MUNICIPAL COLLATERALIZED DEBT OBLIGATION - 0.8% of Net Assets 3,300,000(g)Non-Profit Preferred Funding Trust I, 12.5%, 9/15/37 $3,208,029 TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION (Cost $3,293,400) $3,208,029 SOVEREIGN DEBT OBLIGATIONS - 2.5% of Net Assets Brazil - 0.9% 4,800,000,0(d)Banco Nacional de Desenvolimento Bndes, 8.0%, 4/28/10$3,769,388 Ecuador - 0.9% 3,515,000(d)Federal Republic of Ecuador, 10.0%, 8/15/30 (144A) $3,400,763 Russia - 0.7% 2,296,800(d)Russia Government International Bond, 7.5%, 3/31/30 $2,631,214 TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $6,175,736) $9,801,365 FLOATING RATE LOAN INTERESTS - 3.6% of Net Assets (h) Energy - 0.3% Oil & Gas Exploration & Production - 0.3% 710,000 SandRidge Energy, Inc., Term Loan, 8.625%-8.854%, 4/1$ 702,900 300,000 Venoco, Inc., Second Lien Term Loan, 8.938%, 9/20/11 294,000 Total Energy $ 996,900 Materials - 0.5% Steel - 0.5% 2,288,500 Niagara Corp., Term Loan, 9.809%, 6/29/14 $2,025,322 Total Materials $2,025,322 Capital Goods - 0.6% Building Products - 0.5% 2,000,000 Custom Building Products, Inc., Second Lien Term Loan$1,900,000 Construction & Farm Machinery & Heavy Trucks - 0.1% 397,920 Rental Service Corp., Second Lien Initial Term Loan, $ 391,952 Total Capital Goods $2,291,952 Consumer Durables & Apparel - 0.4% Homebuilding - 0.4% 2,850,000 LandSource Communities Development LLC, Second Lien T$1,638,750 Total Consumer Durables & Apparel $1,638,750 Consumer Services - 0.4% Casinos & Gaming - 0.4% 2,500,000 New World Gaming Partners Holdings, Ltd., Advance Sec$2,162,500 Total Consumer Services $2,162,500 Household & Personal Products - 0.1% Household Products - 0.1% 500,000 Huish Detergents, Inc., Second Lien Term Loan, 9.45%,$ 402,500 Total Household & Personal Products $ 402,500 Diversified Financials - 0.8% Other Diversified Financial Services - 0.8% 2,137,768(b)Louis Topco, Ltd., Term Loan, 12.474%, 6/1/17 $3,038,273 Total Diversified Financials $3,038,273 Insurance - 0.5% Insurance Brokers - 0.5% 2,250,000 AmWins Group, Inc., Second Lien Initial Term Loan, 11$1,856,250 Total Insurance $1,856,250 TOTAL FLOATING RATE LOAN INTERESTS (Cost $16,518,327) $14,412,447 FIXED RATE LOAN INTERESTS - 0.3% of Net Assets Energy - 0.3% Oil & Gas Exploration & Production - 0.3% 1,070,000 SandRidge Energy, Inc., Term Loan, 8.625%, 4/1/15 $1,067,325 TOTAL FIXED RATE LOAN INTERESTS (Cost $1,070,000) $1,067,325 Shares COMMON STOCKS - 0.5% of Net Assets Transportation - 0.3% Airlines - 0.3% 71,082 Northwest Airlines Corp. $1,031,400 Total Transportation Pharmaceuticals & Biotechnology & Life Sciences - 0.2% Pharmaceuticals - 0.2% 17,818 Teva Pharmaceutical Industries, Ltd. (A.D.R.) $ 828,180 Total Pharmaceuticals & Biotechnology & Life Sciences TOTAL COMMON STOCKS (Cost $2,886,220) $1,859,580 WARRANTS - 0.2% of Net Assets (i) Energy - 0.2% Oil & Gas Drilling - 0.2% 2,500,000 Norse Energy Corp. ASA - CW11, Expires 7/14/11 $ 667,606 Oil & Gas Exploration & Production - 0.0% 150,592 Biofuel Energy ASA- Expires 6/7/12 $ 0 Total Energy $ 667,606 Materials - 0.0% Forest Products - 0.0% 1,645(g)Mandra Forestry Holdings, Ltd. - CW13, Expires 5/15/1$ 0 Total Materials $ 0 Transportation - 0.0% Railroads - 0.0% 4,525 Atlantic Express Transportation Corp., Expires 4/15/0$ 56,562 Total Transportation $ 56,562 TOTAL WARRANTS (Cost $523,408) $ 724,168 TEMPORARY CASH INVESTMENTS - 4.9% of Net Assets Security Lending Collateral - 4.9% 19,207,491 Securities Lending Investment Fund, 5.189% $19,207,491 TOTAL TEMPORARY CASH INVESTMENTS (Cost $19,207,491) $19,207,491 TOTAL INVESTMENTS IN SECURITIES - 142.5% (Cost $558,026,512) (j) (k) $560,506,435 OTHER ASSETS AND LIABILITIES - (4.1)% $-16,219,244 PREFERRED SHARES AT REDEMPTION VALUE, INCLUDING DIVIDENDS PAYABLE - (38.4)% $-151,043,134 NET ASSETS APPLICABLE TO COMMON SHAREOWNERS - 100.0% $393,244,057 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 December 31, 2007, the value of these securities amounted to $189,947,907 or 48.3% of total net assets applicable to common shareowners. + Prerefunded bonds have been collateralized by U.S. Treasury securities or U.S. Government Agencies which are held in escrow to pay interest and principal on the tax exempt issue and to retire the bonds in full at the earliest refunding date. (a) Floating rate note. The rate shown is the rate at December 31, 2007. (b) Represents a pay-in-kind security which may pay interest in additional principal. (c) Security is a perpetual bond and has no definite maturity date. (d) Debt obligation initially issued at one coupon which converts to a higher coupon at a specific date. The rate shown is the rate at December 31, 2007. (e) Security is priced as a unit. (f) The interest rate is subject to change periodically and inversely based upon prevailing market rates. The rate shown is the rate at December 31, 2007. (g) Indicates a security that has been deemed illiquid. The aggregate cost of illiquid securities is $3,293,400. The aggregate value $3,208,029 represents 0.8% of the net assets. (h) Floating rate loan interests in which the Trust invests generally pay interest at rates that are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate offered by one or more major United States banks, (iii) the certificate of deposit or (iv) other base lending rates used by commercial lenders. The rate shown is the accruing rate at December 31, 2007. (i) Non-income producing. (j) At December 31, 2007, the net unrealized gain on investments based on cost for federal income tax purposes of $558,284,236 was as follows: Aggregate gross unrealized gain for all investments in which there is an excess of value over tax cost $26,217,910 Aggregate gross unrealized loss for all investments in which there is an excess of tax cost over value -23,995,711 Net unrealized gain $2,222,199 For financial reporting purposes net unrealized gain was $2,479,923 and cost of investments aggregated $558,026,512. (k) Distribution of investments by country of issue, as a percentage of total holdings, is as follows: United States 74.9% Norway 4.5 Brazil 3.6 Cayman Islands 2.9 Mexico 2.3 Netherlands 2.2 United Kingdom 1.6 Luxembourg 1.4 Canada 1.1 Bermuda 1.0 Thailand 0.8 Australia 0.6 Ecuador 0.6 Argentina 0.5 Virgin Islands 0.5 Colombia 0.4 Ireland 0.4 Russia 0.3 South Africa 0.2 Israel 0.1 Singapore 0.1 100.0% (l) At December 31, 2007, the following securities were out on loan: Principal Amount Description Market Value 2,605,000 Angiotech Pharmaceuticals, Inc., 7.75%, 4/1/14 $2,181,688 990,000 Central Garden & Pet Co., 9.713, 2/1/13 848,925 1,120,000 Cooper-Standard Automotive, Inc., 8.375%, 12/15/14 887,600 1,980,000 Freescale Semiconductor, Inc., 10.125%, 12/15/16 1,633,500 1,569,490 Georgia Gulf Corp., 10.75%, 10/15/16 1,051,558 4,568,850 Sally Holdings LLC, 10.5%, 11/15/16 4,500,317 4,237,200 VeraSun Energy Corp., 9.875%, 12/15/12 4,268,979 3,415,500 Yankee Acquisition Corp., 9.75%, 2/15/17 3,125,183 $18,497,750 RIB Residual Interest Bonds ITEM 2. CONTROLS AND PROCEDURES. (a) Disclose the conclusions of the registrant's principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, about the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR270.30a-3(b))) and Rule 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR240.13a-15(b) or 240.15d-15(b)). The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report. (b) Disclose any change in the registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR270.30a-3(d)) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. There were no significant changes in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. (a) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2). Filed herewith. SIGNATURES [See General Instruction F] Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Pioneer High Income Trust By (Signature and Title)* /s/ John F. Cogan, Jr. John F. Cogan, Jr, President Date February 29, 2008 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ John F. Cogan, Jr. John F. Cogan, Jr., President Date February 29, 2008 By (Signature and Title)* /s/ Vincent Nave Vincent Nave, Treasurer Date February 29, 2008 * Print the name and title of each signing officer under his or her signature.