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)

Terrence J. Cullen, Amundi Pioneer Asset 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, 2021

Date of reporting period:  April 1, 2020 through September 30, 2020

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.


Pioneer High
Income Trust

Semiannual Report | September 30, 2020
Ticker Symbol: PHT

Beginning in or after March 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Trust’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Trust or from your financial intermediary, such as a broker-dealer, bank or insurance company. Instead, the reports will be made available on the Trust’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications electronically by contacting your financial intermediary or, if you invest directly with the Trust, by calling 1-800-710-0935.
You may elect to receive all future reports in paper free of charge. If you invest directly with the Trust, you can inform the Trust that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-710-0935. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held within the Pioneer Fund complex if you invest directly.




visit us: www.amundipioneer.com/us


 

   
Table of Contents
 
   
   
   
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Pioneer High Income Trust | Semiannual Report | 9/30/20 1

President’s Letter


Dear Shareholders,
The new decade has arrived delivering a calendar year that will go down in the history books. The beginning of 2020 seemed to extend the positive market environment of 2019. Then, March roared in like a lion and the COVID-19 pandemic became a global crisis impacting lives and life as we know it. As the fourth quarter of 2020 got underway, it appeared that the long-anticipated “second wave” of COVID-19 cases was occurring, both in some U.S. states and in Europe. In response, some governments began retightening restrictions on both business and personal activities, likely assuring that the “new normal” conditions created by the pandemic will continue well into 2021.
The long-term impact on the global economy from the COVID-19 virus pandemic, while currently unknown, is likely to be considerable. It is clear that several industries have already felt greater effects than others. And the markets, which do not thrive on uncertainty, have been volatile, delivering significantly negative performance in the first quarter, and then recovering most of those losses throughout the rest of the spring and summer. Despite the rebound, volatility has remained elevated, with momentum rising and falling on seemingly every bit of positive or negative news regarding potential COVID-19 vaccines as well as headlines surrounding the U.S. elections.
Our business continuity plan was implemented given the new COVID-19 guidelines, and most of our employees are working remotely. To date, our operating environment has faced no interruption. I am proud of the careful planning that has taken place and confident we can maintain this environment for as long as is prudent. History in the making for a company that first opened its doors way back in 1928.
Since 1928, Amundi’s investment process has been built on a foundation of fundamental research and active management, principles which have guided our investment decisions for more than 90 years. We believe active management – that is, making active investment decisions – can help mitigate the risks during periods of market volatility. As the first several months of 2020 have reminded us, investment risk can arise from a number of factors in today’s global economy, including slower or stagnating growth, changing U.S. Federal Reserve policy, oil price shocks, political and geopolitical factors and, unfortunately, major public health concerns such as a viral pandemic.
2 Pioneer High Income Trust | Semiannual Report | 9/30/20

 

At Amundi, active management begins with our own fundamental, bottom-up research process. Our team of dedicated research analysts and portfolio managers analyzes each security under consideration, communicating directly with the management teams of the companies issuing the securities and working together to identify those securities that best meet our investment criteria for our family of funds. Our risk management approach begins with each and every security, as we strive to carefully understand the potential opportunity, while considering any and all risk factors.
Today, as investors, we have many options. It is our view that active management can serve shareholders well, not only when markets are thriving, but also during periods of market stress. As you consider your long-term investment goals, we encourage you to work with your financial professional to develop an investment plan that paves the way for you to pursue both your short-term and long-term goals.
We remain confident that the current crisis, like others in human history, will pass, and we greatly appreciate the trust you have placed in us and look forward to continuing to serve you in the future.
Sincerely,
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
September 30, 2020
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 opinion as of the date of this report. Past performance is no guarantee of future results.
Pioneer High Income Trust | Semiannual Report | 9/30/20 3

 

Portfolio Management Discussion | 9/30/20
In the following interview, Andrew Feltus discusses the factors that affected the performance of Pioneer High Income Trust during the six-month period ended September 30, 2020. Mr. Feltus, Co-Director of High Yield and a portfolio manager at Amundi Pioneer Asset Management, Inc. (Amundi*), is responsible for the day-to-day management of the Trust, along with Matthew Shulkin, a vice president and a portfolio manager at Amundi, and Kenneth Monaghan, Co-Director of High Yield and a portfolio manager at Amundi.
Q    How did the Trust perform during the six-month period ended September 30, 2020?
A    Pioneer High Income Trust returned 26.68% at net asset value (NAV) and 30.74% at market price during the six-month period ended September 30, 2020. During the same six-month period, the Trust’s benchmark, the ICE
Bank of America U.S. High Yield Index (the ICE BofA Index), returned 14.76%. The ICE BofA Index is an unmanaged, commonly accepted measure of the performance of high-yield securities. Unlike the Trust, the ICE BofA Index does not use leverage. While the use of leverage increases investment opportunity, it also increases investment risk.
During the same six-month period, the average return at NAV of the 42 closed end funds in Morningstar’s High Yield Bond Closed End Funds category (which may or may not be leveraged) was 18.09%, and the average return (at market price) of the 42 closed end funds in the same Morningstar category was 21.72%.
The shares of the Trust were selling at a 8.6% discount to NAV at the end of the six-month period. Comparatively, the shares of the Trust were selling at an 11.4% discount to NAV on March 31, 2020.
On September 30, 2020, the standardized 30-day SEC yield of the Trust’s shares was 9.08%**.
Q    How would you describe the investment environment for high-yield debt during the six-month period ended September 30, 2020?
A    The extraordinary support forthcoming from policy makers in the wake of the pandemic was met with enthusiasm by investors entering the second quarter of 2020. Investors sought to put money to work at the now much

*     See Notes to Financial Statements Note 9.
**    The 30-day SEC yield is a standardized formula that is based on the hypothetical annualized earning power (investment income only) of the Trust’s portfolio securities during the period indicated.
4 Pioneer High Income Trust | Semiannual Report | 9/30/20
 

wider credit spreads, estimating that the market compensated well for the increased default risk. (Credit spreads are commonly defined as the differences in yield between Treasuries and other types of fixed-income securities with similar maturities.) As the second quarter progressed, investors became increasingly optimistic that steps toward re-opening the economy would support something resembling a “V-shaped” recovery. The result was a resurgence in investors’ appetite for riskier assets that allowed credit-sensitive areas of the bond market to recover much of their earlier losses over the quarter, even as rising COVID-19 cases in a number of states raised concerns.
Returns for high-yield corporate bonds were well into double digits for the six-month period, given the rebound in market participants’ interest in riskier assets. The recovery in oil prices from historical lows to the $40 per barrel range also supported high-yield returns, given the significant representation of energy issuers within the Trust’s benchmark.
Q    What factors affected the Trust’s performance relative to the benchmark ICE BofA Index during the six-month period ended September 30, 2020?
A    In broad terms, the Trust carried leveraged exposure to the high-yield market, boosting returns as the segment posted a strong positive return for the six-month period. In addition, the Trust’s portfolio holdings favored cyclical and consumer-oriented sectors. While this positioning had a negative effect on returns in the immediate wake of the COVID-19 crisis, it supported performance as the appetite for risk assets rebounded in the second quarter of 2020.
In terms of individual holdings, leading positive contributors to the Trust’s benchmark-relative performance included an overweight to the debt of Scientific Games, a provider of gambling and lottery products and services. While the pandemic-related shutdowns weighed heavily on sentiment with respect to Scientific Games, the bond price recovered strongly as gaming activity began to resume in May. Surgery Center Holdings was another standout position that aided the Trust’s benchmark-relative returns during the six-month period. The company’s debt experienced a downgrade in late-March due to the postponement of the vast majority of elective procedures as part of the measures taken to fight the coronavirus outbreak. However, the ambulatory (or “day”) surgery center operator was able to shift some centers to treat COVID-19 patients, and then appeared positioned to benefit as discretionary procedures resumed with the relaxation of the initial virus-mitigation efforts. Exposure to the longer-maturity debt of property and casualty
Pioneer High Income Trust | Semiannual Report | 9/30/20 5

 

insurer Liberty Mutual also supported the Trust’s performance. While an investment-grade issuer, Liberty Mutual has carried credit ratings below those of its industry peers. While the “risk-off” trade as pandemic concerns mounted earlier in the period weighed on the company’s debt, the bond price eventually rebounded, aided by strong support from government policymakers for the credit markets. Finally, arts and crafts retailer Michaels Stores was a notable positive contributor to the Trust’s relative returns. While we are not constructive on the retail segment broadly, Michaels’ relatively sound capital structure and leading market position helped support a rebound in the bond price as risk sentiment improved over the second half of the six-month period.
On the negative side, security selection within energy acted as a modest constraint on the Trust’s benchmark-relative performance. In particular, exposure to Chesapeake Energy weighed on returns as the shale-based exploration & production (E&P) company filed for Chapter 11 bankruptcy protection from its creditors against the backdrop of plummeting demand for oil and gas. In addition, market sentiment turned sharply negative with respect to the debt of offshore drilling contractor Transocean during the six-month period, given the energy sector’s pullback in capital spending as oil prices faltered. Performance detractors outside of energy included Diamond Sports, a regional sports network spun out into Sinclair Broadcasting Group in order to facilitate Disney’s acquisition of 21st Century Fox. (Neither Sinclair nor 21st Century Fox are holdings in the Trust’s portfolio.) Diamond saw the outlook for its debt deteriorate with the absence of sports-related content resulting from COVID-19 containment measures. While helped by the resumption of play by professional sports leagues in the third quarter, the company’s owners have pushed for a bond swap in order to reduce the debt load, which has acted to suppress enthusiasm for the extant bonds.
Q    Did the Trust’s yield, or dividend distributions to shareholders change during the six-month period ended September 30, 2020?
A    The Trust’s dividend*** remained at 6.75 cents per share during the six-month period, based on management’s assessment of a sustainable level of income-generation.
Q    How did the level of leverage in the Trust change during the six-month period ended September 30, 2020?
A    The Trust employs leverage through a credit agreement.

***   Dividends are not guaranteed.
6 Pioneer High Income Trust | Semiannual Report | 9/30/20

 

As of September 30, 2020, 28.8% of the Trust’s total managed assets were financed by leverage, or borrowed funds, compared with 31.8% of the Trust’s total managed assets financed by leverage at the start of the six-month period on April 1, 2020. During the six-month period, the Trust increased the absolute amount of funds borrowed by a total of $4 million, to $103 million as of September 30, 2020. The percentage of the Trust’s total managed assets financed by leverage decreased during the six-month period due to an increase in the total managed assets of the Trust.
Q    Did the Trust have any investments in derivative securities during the six-month period ended September 30, 2020? If so, did the investments have a material effect on the Trust’s performance?
A    Yes, the Trust had investments in forward foreign currency transactions during the six-month period, which had a slight positive effect on relative performance. The Trust also had a position in CDX, a credit-default-swap index, which rose in value in line with the high-yield market during the period.
Q    What is your investment outlook?
A    The government’s first estimate of the third-quarter U.S. gross domestic product growth rate released after the end of the six-month period showed that domestic economic activity rebounded by more than 30% (annualized) during the quarter. Meanwhile, the economy has recovered more than 75% of the output drawdown recorded during the first half of 2020 while the COVID-19 lockdowns were in full force. Though it seems likely that the U.S. economic growth rate may slow from the third quarter to the fourth, we believe economic activity may continue to expand.
History has shown that expansions have tended to be self-sustaining unless derailed by an exogenous shock. While additional fiscal stimulus from the Federal government would likely accelerate the pace of economic activity, we anticipate growth continuing even without the government’s assistance, as personal savings balances have remained above normal. Although an increase in COVID-19 infections seems likely to occur during the winter months, another round of widespread lockdowns may not be necessary given the improvements in patient-treatment methods seen since the virus first arrived in this country.
We appreciate the near-term risks surrounding the uncertainties about the U.S. elections, a potential seasonal increase in COVID-19 infections, and unexpected delays in finding and distributing a safe and effective vaccine for the virus; however, we have framed those risks against spreads that, as of quarter-end, generally resided above early-2020
Pioneer High Income Trust | Semiannual Report | 9/30/20 7
 

levels. In addition, we believe the medium-term fundamental outlook has remained positive, given continued improvement in COVID-19 treatments, developments regarding the possible approval of a vaccine, and accommodative financial conditions, with the latter currently facing little risk of reversal from tighter monetary policy.
With high-yield corporate spreads above their long-term average, we believe investors have been receiving fair compensation for taking on credit risk. While default rates seem likely to remain elevated over the near term, any improvement as we enter 2021 would support further spread tightening, in our view. In the meantime, the below-investment-grade market could continue to benefit from investors seeking yield.
In response to the new economic environment, we have categorized all of the holdings in the Trust’s portfolio based on their relative exposure to the COVID-19 crisis. Sectors we view as “unimpaired” are those minimally affected by the crisis, such as food and drug retailers. The “wounded” category includes companies that have experienced temporary effects, but that in our opinion have continued to have good long-term business models, such as ambulatory surgery centers. In the “impaired” category are sectors that we have expected may experience lasting negative effects from the pandemic, such as movie theaters. We have found most unimpaired bonds to be expensive, and we are interested in only what we see as the strongest issuers within the impaired sectors. Our focus has been on investments in the wounded sectors, as we believe diligent research may help identify the potential survivors within that category.

Please refer to the Schedule of Investments on pages 13–35 for a full listing of Trust securities.
All investments are subject to risk, including the possible loss of principal. In the past several years, financial markets have experienced increased volatility and heightened uncertainty. The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues or adverse investor sentiment. These conditions may continue, recur, worsen or spread.
8 Pioneer High Income Trust | Semiannual Report | 9/30/20

 

Investments in high-yield or lower-rated securities are subject to greater-than-average risk.
The Trust may invest in securities of issuers that are in default or that are in bankruptcy.
The Trust may invest in insurance-linked securities. The return of principal and the payment of interest and/or dividends on insurance linked securities are contingent on the non-occurrence of a pre-defined “trigger” event, such as a hurricane or an earthquake of a specific magnitude.
Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions.
When interest rates rise, the prices of fixed-income securities held by the Trust will generally fall. Conversely, when interest rates fall the prices of fixed-income securities held by the Trust will generally rise.
Investments in the Trust are subject to possible loss due to the financial failure of the issuers of the underlying securities and their inability to meet their debt obligations.
The Trust may invest up to 50% of its total assets in illiquid securities. Illiquid securities may be difficult to dispose of at a price reflective of their value at the times when the Trust believes it is desirable to do so, and the market price of illiquid securities is generally more volatile than that of more liquid securities. Illiquid securities are also more difficult to value and investment of the Trust’s assets in illiquid securities may restrict the Trust’s ability to take advantage of market opportunities.
The Trust employs leverage through a credit agreement. Leverage creates significant risks, including the risk that the Trust’s incremental income or capital appreciation for investments purchased with the proceeds of leverage will not be sufficient to cover the cost of leverage, which may adversely affect the return for shareowners.
The Trust is required to meet certain regulatory and other asset coverage requirements in connection with its use of leverage. In order to maintain required asset coverage levels, the Trust may be required to reduce the amount of leverage employed by the Trust, alter the composition of its investment portfolio or take other actions at what might be inopportune times in the market. Such actions could reduce the net earnings or returns to shareowners over time, which is likely to result in a decrease in the market value of the Trust’s shares.
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 opinion as of the date of this report. Past performance is no guarantee of future results.
Pioneer High Income Trust | Semiannual Report | 9/30/20 9

 

Portfolio Summary | 9/30/20
Portfolio Diversification
(As a percentage of total investments)*




† Amount rounds to less than 0.1%.

10 Largest Holdings 
 
(As a percentage of total investments)* 
 
     
1. 
Meritor, Inc., 7.875%, 3/1/26 
1.37% 
2. 
Hanover Insurance Group, Inc., 7.625%, 10/15/25 
1.35 
3. 
Liberty Mutual Insurance Co., 7.697%, 10/15/97 (144A) 
1.32 
4. 
West Street Merger Sub, Inc., 6.375%, 9/1/25 (144A) 
1.27 
5. 
Liberty Mutual Group, Inc., 10.75% (3 Month USD LIBOR + 712 bps), 
 
 
6/15/58 (144A) 
1.21 
6. 
Prime Security Services Borrower LLC/Prime Finance, Inc., 
 
 
6.25%, 1/15/28 (144A) 
1.20 
7. 
Hercules LLC, 6.5%, 6/30/29 
1.15 
8. 
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 
 
 
7.875%, 2/15/25 (144A) 
1.11 
9. 
Cardtronics, Inc./Cardtronics USA, Inc., 5.5%, 5/1/25 (144A) 
1.10 
10. 
Enterprise Development Authority, 12.0%, 7/15/24 (144A) 
1.07 
 
*     
Excludes temporary cash investments and all derivative contracts except for options purchased. The Trust is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any securities.
10 Pioneer High Income Trust | Semiannual Report | 9/30/20
 
Prices and Distributions | 9/30/20
     
Market Value per Share^ 
 
 
 
 
9/30/20 
3/31/20 
Market Value 
$7.96 
$6.42 
Discount 
(8.6)% 
(11.4)% 
 
     
Net Asset Value per Share^ 
 
 
 
9/30/20 
3/31/20 
Net Asset Value 
$8.71 
$7.25 
 
     
Distributions per Share*: 4/1/20–9/30/20 
 
 
Net Investment 
Short-Term 
Long-Term 
Income 
Capital Gains 
Capital Gains 
$0.4050 
$ — 
$ — 
 
     
Yields 
 
 
 
 
9/30/20 
3/31/20 
30-Day SEC Yield 
9.08% 
16.06% 
 
The data shown above represents past performance, which is no guarantee of future results.
^
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. Net asset value and market value are published daily on the Trust’s website at www.amundipioneer.com/us.
*
The amount of distributions made to shareowners during the period was in excess of the net investment income earned by the Trust during the period.
Pioneer High Income Trust | Semiannual Report | 9/30/20 11

 
Performance Update | 9/30/20
Investment Returns
The mountain chart on the right shows the change in market value, including reinvestment of dividends and distributions, of a $10,000 investment made in common shares of Pioneer High Income Trust during the periods shown, compared to that of the ICE BofA U.S. High Yield Index.
Average Annual Total Returns 
 
(As of September 30, 2020) 
 
 
 
Net 
 
ICE BofA 
 
Asset 
 
U.S. High 
 
Value 
Market 
Yield 
Period 
(NAV) 
Price 
Index 
10 years 
5.67% 
2.89% 
6.28% 
5 years 
5.92 
4.39 
6.61 
1 year 
-3.61 
-4.64 
2.30 

Call 1-800-225-6292 or visit www.amundipioneer.com/us 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 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.
Shares of 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 bought and sold in the open market through a stock exchange and frequently trade at prices lower than their NAV. NAV per common share is total assets less total liabilities, which include preferred shares or borrowings, as applicable, 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 prices obtained through open-market purchases under the Trust’s dividend reinvestment plan.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Trust distributions or the sale of Trust shares. Had these fees and taxes been reflected, performance would have been lower.
The ICE Bank of America U.S. High Yield Index is an unmanaged, 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. The Index does not employ leverage. It is not possible to invest directly in the Index.
12 Pioneer High Income Trust | Semiannual Report | 9/30/20

 

Schedule of Investments | 9/30/20 (unaudited)
       
Shares 
 
 
Value 
 
 
UNAFFILIATED ISSUERS — 137.4% 
 
   
COMMON STOCKS — 0.3% of Net Assets
 
 
 
Automobiles & Components — 0.0%† 
 
827 
 
Lear Corp. 
$ 90,185 
 
 
Total Automobiles & Components 
$ 90,185 
 
 
Construction & Engineering — 0.0%† 
 
1,307,384(a) 
 
Abengoa SA, Class B 
$ 9,498 
 
 
Total Construction & Engineering 
$ 9,498 
 
 
Entertainment — 0.0%† 
 
6,200 
 
AMC Entertainment Holdings, Inc. 
$ 29,202 
 
 
Total Entertainment 
$ 29,202 
 
 
Oil, Gas & Consumable Fuels — 0.2% 
 
21 
 
Amplify Energy Corp. 
$ 18 
65,597^(a) 
 
PetroQuest Energy, Inc. 
36,078 
20,000(a) 
 
Whiting Petroleum Corp. 
345,800 
 
 
Total Oil, Gas & Consumable Fuels 
$ 381,896 
 
 
Pharmaceuticals — 0.1% 
 
19,026(a) 
 
Teva Pharmaceutical Industries, Ltd. (A.D.R.) 
$ 171,424 
 
 
Total Pharmaceuticals 
$ 171,424 
 
 
Specialty Retail — 0.0%† 
 
68,241+^(a) 
 
Targus Cayman SubCo., Ltd. 
$ 90,078 
 
 
Total Specialty Retail 
$ 90,078 
 
 
TOTAL COMMON STOCKS 
 
 
 
(Cost $2,856,294) 
$ 772,283 
 
 
CONVERTIBLE PREFERRED STOCK — 0.8% of 
 
 
 
Net Assets 
 
 
 
Banks — 0.8% 
 
1,600(b) 
 
Wells Fargo & Co., 7.5% 
$ 2,147,280 
 
 
Total Banks 
$ 2,147,280 
 
 
TOTAL CONVERTIBLE PREFERRED STOCK 
 
 
 
(Cost $2,022,424) 
$ 2,147,280 
 
 
PREFERRED STOCKS — 2.6% of Net Assets 
 
 
 
Banks — 1.3% 
 
132,750(c) 
 
GMAC Capital Trust I, 6.065% (3 Month USD LIBOR + 
 
 
 
579 bps), 2/15/40 
$ 3,314,767 
 
 
Total Banks 
$ 3,314,767 
 
 
Diversified Financial Services — 1.2% 
 
3,000(b)(c) 
 
Compeer Financial ACA, 6.75% (3 Month USD LIBOR + 
 
 
 
458 bps) (144A) 
$ 3,195,000 
 
 
Total Diversified Financial Services 
$ 3,195,000 
 
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Trust | Semiannual Report | 9/30/20 13

 

Schedule of Investments | 9/30/20
(unaudited) (continued)
         
Shares 
 
 
Value 
 
 
Internet — 0.1% 
 
 
152,183(a) 
 
MYT Holding Co. 
$ 146,857 
 
 
Total Internet 
$ 146,857 
 
 
TOTAL PREFERRED STOCKS 
 
 
 
 
(Cost $6,600,252) 
$ 6,656,624 

Principal 
 
 
 
 
Amount 
 
 
 
 
USD ($) 
 
 
 
 
   
ASSET BACKED SECURITY — 0.1% of
   
 
 
Net Assets 
 
 
300,000 
 
InSite Issuer LLC, Series 2016-1A, Class C, 6.414%, 
 
 
 
 
11/15/46 (144A) 
$ 306,295 
 
 
TOTAL ASSET BACKED SECURITY 
 
 
 
 
(Cost $300,000) 
$ 306,295 
 
 
COLLATERALIZED MORTGAGE OBLIGATIONS — 
 
 
 
 
1.5% of Net Assets 
 
 
4,100,000(d) 
 
Connecticut Avenue Securities Trust, Series 2019-HRP1, 
 
 
 
 
Class B1, 9.398% (1 Month USD LIBOR + 
 
 
 
 
925 bps), 11/25/39 (144A) 
$ 3,185,569 
790,000(d) 
 
Connecticut Avenue Securities Trust, Series 2019-R04, 
 
 
 
 
Class 2B1, 5.398% (1 Month USD LIBOR + 
 
 
 
 
525 bps), 6/25/39 (144A) 
 
711,149 
 
 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS 
 
 
 
 
(Cost $4,890,000) 
$ 3,896,718 
 
 
COMMERCIAL MORTGAGE-BACKED SECURITIES — 
 
 
 
3.6% of Net Assets 
 
 
710,000(d) 
 
Freddie Mac Stacr Trust, Series 2019-HQA1, Class B2, 
 
 
 
 
12.398% (1 Month USD LIBOR + 
 
 
 
 
1,225 bps), 2/25/49 (144A) 
$ 685,180 
530,000(d) 
 
Freddie Mac Stacr Trust, Series 2019-HQA2, Class B2, 
 
 
 
 
11.398% (1 Month USD LIBOR + 
 
 
 
 
1,125 bps), 4/25/49 (144A) 
 
496,910 
1,941,646(c) 
 
FREMF Mortgage Trust, Series 2019-KJ24, Class B, 7.6%, 
 
 
 
 
10/25/27 (144A) 
 
1,627,857 
1,500,000(d) 
 
FREMF Mortgage Trust, Series 2019-KS12, Class C, 
 
 
 
 
7.045% (1 Month USD LIBOR + 690 bps), 8/25/29 
 
1,005,000 
1,499,492(d) 
 
FREMF Mortgage Trust, Series 2020-KF74, Class C, 
 
 
 
 
6.387% (1 Month USD LIBOR + 623 bps), 1/25/27 (144A) 
 
1,442,647 
1,500,000(d) 
 
FREMF Mortgage Trust, Series 2020-KF83, Class C, 
 
 
 
 
9.157% (1 Month USD LIBOR + 900 bps), 7/25/30 (144A) 
 
1,450,969 
991,215 
 
L1C 3/8L1 LLC, Series 2019-1, Class B, 8.5%, 
 
 
 
 
11/1/22 (144A) 
 
953,528 
2,500,000 
 
Wells Fargo Commercial Mortgage Trust, Series 
 
 
 
 
2015-C28, Class E, 3.0%, 5/15/48 (144A) 
 
1,386,241 
 
 
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES 
 
 
 
 
(Cost $10,503,901) 
$ 9,048,332 
 
The accompanying notes are an integral part of these financial statements.
14 Pioneer High Income Trust | Semiannual Report | 9/30/20

 

       
Principal 
 
 
 
Amount 
 
 
 
USD ($) 
 
 
Value 
 
 
CONVERTIBLE CORPORATE BONDS — 4.6% of 
 
 
 
Net Assets 
 
 
 
Airlines — 0.3% 
 
670,000 
 
Southwest Airlines Co., 1.25%, 5/1/25 
$ 874,350 
 
 
Total Airlines 
$ 874,350 
 
 
Auto Parts & Equipment — 1.9% 
 
2,625,000 
 
Meritor, Inc., 7.875%, 3/1/26 
$ 4,797,188 
 
 
Total Auto Parts & Equipment 
$ 4,797,188 
 
 
Banks — 0.0%† 
 
IDR 1,422,679,000^ 
 
PT Bakrie & Brothers Tbk, 12/22/22 
$ 9,561 
 
 
Total Banks 
$ 9,561 
 
 
Chemicals — 1.6% 
 
4,000,000(e) 
 
Hercules LLC, 6.5%, 6/30/29 
$ 4,015,000 
 
 
Total Chemicals 
$ 4,015,000 
 
 
Internet — 0.3% 
 
633,000 
 
Zendesk, Inc., 0.625%, 6/15/25 (144A) 
$ 750,907 
 
 
Total Internet 
$ 750,907 
 
 
Leisure Time — 0.2% 
 
490,000 
 
Royal Caribbean Cruises, Ltd., 4.25%, 6/15/23 (144A) 
$ 571,798 
 
 
Total Leisure Time 
$ 571,798 
 
 
Pharmaceuticals — 0.3% 
 
1,300,000 
 
Tricida, Inc., 3.5%, 5/15/27 (144A) 
$ 781,658 
 
 
Total Pharmaceuticals 
$ 781,658 
   
   TOTAL CONVERTIBLE CORPORATE BONDS
 
 
 
(Cost $8,168,466) 
$ 11,800,462 
 
 
CORPORATE BONDS — 116.6% of Net Assets 
 
 
 
Advertising — 1.6% 
 
200,000 
 
Clear Channel International BV, 6.625%, 8/1/25 (144A) 
$ 204,560 
345,000 
 
Lamar Media Corp., 4.875%, 1/15/29 (144A) 
358,800 
3,940,000 
 
MDC Partners, Inc., 6.5%, 5/1/24 (144A) 
3,595,250 
 
 
Total Advertising 
$ 4,158,610 
 
 
Aerospace & Defense — 1.5% 
 
1,942,000 
 
Bombardier, Inc., 7.5%, 3/15/25 (144A) 
$ 1,456,500 
1,210,000 
 
Howmet Aerospace, Inc., 6.875%, 5/1/25 
1,337,050 
745,000 
 
Kratos Defense & Security Solutions, Inc., 6.5%, 11/30/25 
 
 
 
(144A) 
777,750 
270,000 
 
Triumph Group, Inc., 8.875%, 6/1/24 (144A) 
287,550 
 
 
Total Aerospace & Defense 
$ 3,858,850 
 
 
Airlines — 1.6% 
 
1,455,000 
 
Delta Air Lines, Inc., 3.75%, 10/28/29 
$ 1,240,842 
355,000 
 
Delta Air Lines, Inc., 7.375%, 1/15/26 
372,162 
 
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Trust | Semiannual Report | 9/30/20 15
 

Schedule of Investments | 9/30/20
(unaudited) (continued)
       
Principal 
 
 
 
Amount 
 
 
 
USD ($) 
 
 
Value 
 
 
Airlines — (continued) 
 
1,380,000 
 
Mileage Plus Holdings LLC/Mileage Plus Intellectual 
 
 
 
Property Assets, Ltd., 6.5%, 6/20/27 (144A) 
$ 1,436,925 
EUR 1,400,000 
 
Transportes Aereos Portugueses SA, 5.625%, 
 
 
 
12/2/24 (144A) 
1,000,737 
 
 
Total Airlines 
$ 4,050,666 
 
 
Auto Manufacturers — 1.9% 
 
1,399,000 
 
General Motors Co., 6.125%, 10/1/25 
$ 1,625,161 
1,895,000 
 
JB Poindexter & Co., Inc., 7.125%, 4/15/26 (144A) 
2,009,420 
1,190,000 
 
Navistar International Corp., 9.5%, 5/1/25 (144A) 
1,340,856 
 
 
Total Auto Manufacturers 
$ 4,975,437 
 
 
Auto Parts & Equipment — 2.0% 
 
2,000,000 
 
American Axle & Manufacturing, Inc., 6.5%, 4/1/27 
$ 1,935,000 
1,683,000 
 
Dealer Tire LLC/DT Issuer LLC, 8.0%, 2/1/28 (144A) 
1,716,660 
1,195,000 
 
Goodyear Tire & Rubber Co., 9.5%, 5/31/25 
1,296,575 
 
 
Total Auto Parts & Equipment 
$ 4,948,235 
 
 
Banks — 6.1% 
 
825,000 
 
Access Bank Plc, 10.5%, 10/19/21 (144A) 
$ 849,750 
600,000(b)(c) 
 
Bank of America Corp., 6.5% (3 Month USD LIBOR + 
 
 
 
417 bps) 
666,900 
1,800,000(b)(c) 
 
Barclays Plc, 7.75% (5 Year USD Swap Rate + 484 bps) 
1,859,940 
700,000(b)(c) 
 
Credit Suisse Group AG, 7.5% (5 Year USD Swap Rate + 
 
 
 
460 bps) (144A) 
763,000 
1,931,000 
 
Freedom Mortgage Corp., 8.125%, 11/15/24 (144A) 
1,926,173 
2,147,000 
 
Freedom Mortgage Corp., 8.25%, 4/15/25 (144A) 
2,189,478 
675,000(b)(c) 
 
Intesa Sanpaolo S.p.A., 7.7% (5 Year USD Swap Rate + 
 
 
 
546 bps) (144A) 
708,750 
2,250,000(b)(c) 
 
Natwest Group Plc, 8.625% (5 Year USD Swap Rate + 
 
 
 
760 bps) 
2,306,250 
3,415,000 
 
Provident Funding Associates LP/PFG Finance Corp., 
 
 
 
6.375%, 6/15/25 (144A) 
3,304,012 
980,000(b)(c) 
 
Societe Generale SA, 7.375% (5 Year USD Swap Rate + 
 
 
 
624 bps) (144A) 
1,004,500 
 
 
Total Banks 
$ 15,578,753 
 
 
Building Materials — 1.9% 
 
1,491,000 
 
Builders FirstSource, Inc., 6.75%, 6/1/27 (144A) 
$ 1,597,234 
470,000 
 
Cornerstone Building Brands, Inc., 6.125%, 
 
 
 
1/15/29 (144A) 
476,058 
2,062,000 
 
Patrick Industries, Inc., 7.5%, 10/15/27 (144A) 
2,237,270 
140,000 
 
Summit Materials LLC/Summit Materials Finance Corp., 
 
 
 
5.125%, 6/1/25 (144A) 
141,925 
150,000 
 
Summit Materials LLC/Summit Materials Finance Corp., 
 
 
 
5.25%, 1/15/29 (144A) 
156,188 
 
 
Total Building Materials 
$ 4,608,675 
 
The accompanying notes are an integral part of these financial statements.
16 Pioneer High Income Trust | Semiannual Report | 9/30/20
 

       
Principal 
 
 
 
Amount 
 
 
 
USD ($) 
 
 
Value 
 
 
Chemicals — 4.5% 
 
36,000 
 
Blue Cube Spinco LLC, 9.75%, 10/15/23 
$ 37,125 
210,000 
 
Blue Cube Spinco LLC, 10.0%, 10/15/25 
222,075 
1,272,000 
 
Hexion, Inc., 7.875%, 7/15/27 (144A) 
1,271,618 
1,330,000 
 
Kraton Polymers LLC/Kraton Polymers Capital Corp., 
 
 
 
7.0%, 4/15/25 (144A) 
1,356,600 
2,250,000 
 
LYB Finance Co. BV, 8.1%, 3/15/27 (144A) 
2,974,030 
470,000 
 
Olin Corp., 9.5%, 6/1/25 (144A) 
547,832 
2,316,000 
 
Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 
 
 
 
4/1/25 (144A) 
2,211,780 
1,290,000 
 
Tronox, Inc., 6.5%, 5/1/25 (144A) 
1,344,825 
1,634,000 
 
Tronox, Inc., 6.5%, 4/15/26 (144A) 
1,634,000 
 
 
Total Chemicals 
$ 11,599,885 
 
 
Coal — 0.9% 
 
2,429,000 
 
SunCoke Energy Partners LP/SunCoke Energy Partners 
 
 
 
Finance Corp., 7.5%, 6/15/25 (144A) 
$ 2,191,006 
 
 
Total Coal 
$ 2,191,006 
 
 
Commercial Services — 7.2% 
 
350,000 
 
Allied Universal Holdco LLC/Allied Universal Finance 
 
 
 
Corp., 6.625%, 7/15/26 (144A) 
$ 372,750 
1,905,000 
 
Allied Universal Holdco LLC/Allied Universal Finance 
 
 
 
Corp., 9.75%, 7/15/27 (144A) 
2,069,821 
950,000 
 
APX Group, Inc., 6.75%, 2/15/27 (144A) 
985,625 
3,850,000 
 
Cardtronics, Inc./Cardtronics USA, Inc., 5.5%, 
 
 
 
5/1/25 (144A) 
3,850,000 
1,025,000 
 
Carriage Services, Inc., 6.625%, 6/1/26 (144A) 
1,071,125 
3,226,000 
 
Garda World Security Corp., 9.5%, 11/1/27 (144A) 
3,387,300 
319,000 
 
Herc Holdings, Inc., 5.5%, 7/15/27 (144A) 
330,053 
4,155,000 
 
Prime Security Services Borrower LLC/Prime Finance, 
 
 
 
Inc., 6.25%, 1/15/28 (144A) 
4,206,938 
1,093,000 
 
Sotheby’s, 7.375%, 10/15/27 (144A) 
1,093,000 
862,000 
 
Verscend Escrow Corp., 9.75%, 8/15/26 (144A) 
937,244 
 
 
Total Commercial Services 
$ 18,303,856 
 
 
Computers — 0.7% 
 
555,000 
 
Dell International LLC/EMC Corp., 7.125%, 
 
 
 
6/15/24 (144A) 
$ 577,305 
175,000 
 
Diebold Nixdorf, Inc., 9.375%, 7/15/25 (144A) 
184,625 
730,000 
 
NCR Corp., 5.0%, 10/1/28 (144A) 
730,584 
155,000 
 
NCR Corp., 8.125%, 4/15/25 (144A) 
171,314 
 
 
Total Computers 
$ 1,663,828 
 
 
Diversified Financial Services — 5.0% 
 
2,305,000 
 
Alliance Data Systems Corp., 7.0%, 1/15/26 (144A) 
$ 2,293,705 
2,150,000 
 
ASG Finance Designated Activity Co., 7.875%, 
 
 
 
12/3/24 (144A) 
1,537,250 
 
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Trust | Semiannual Report | 9/30/20 17
 

Schedule of Investments | 9/30/20
(unaudited) (continued)
       
Principal 
 
 
 
Amount 
 
 
 
USD ($) 
 
 
Value 
   
Diversified Financial Services — (continued)
 
1,240,000 
 
Avation Capital SA, 6.5%, 5/15/21 (144A) 
$ 840,100 
3,105,000 
 
Credito Real SAB de CV SOFOM ER, 9.5%, 2/7/26 (144A) 
3,006,416 
2,072,500(f) 
 
Global Aircraft Leasing Co., Ltd., 6.5% (7.25% PIK or 6.5% 
 
 
 
cash), 9/15/24 (144A) 
1,155,419 
845,000 
 
Nationstar Mortgage Holdings, Inc., 6.0%, 1/15/27 (144A) 
861,359 
1,000,000 
 
Nationstar Mortgage Holdings, Inc., 9.125%, 
 
 
 
7/15/26 (144A) 
1,072,500 
160,000 
 
OneMain Finance Corp., 6.625%, 1/15/28 
177,568 
460,000 
 
OneMain Finance Corp., 8.875%, 6/1/25 
509,450 
1,290,000 
 
Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc., 
 
 
 
6.375%, 12/15/22 (144A) 
1,257,750 
 
 
Total Diversified Financial Services 
$ 12,711,517 
 
 
Electric — 3.3% 
 
825,000 
 
Cemig Geracao e Transmissao SA, 9.25%, 12/5/24 (144A) 
$ 911,584 
1,010,000(c) 
 
Enel S.p.A., 8.75% (5 Year USD Swap Rate + 
 
 
 
588 bps), 9/24/73 (144A) 
1,178,852 
2,240,000 
 
NRG Energy, Inc., 6.625%, 1/15/27 
2,368,800 
950,000 
 
NRG Energy, Inc., 7.25%, 5/15/26 
1,011,057 
1,251,784 
 
NSG Holdings LLC/NSG Holdings, Inc., 7.75%, 
 
 
 
12/15/25 (144A) 
1,326,891 
1,520,000 
 
Talen Energy Supply LLC, 7.625%, 6/1/28 (144A) 
1,520,000 
6,000 
 
Vistra Operations Co. LLC, 5.625%, 2/15/27 (144A) 
6,331 
 
 
Total Electric 
$ 8,323,515 
   
Electrical Components & Equipment — 0.5%
 
750,000 
 
WESCO Distribution, Inc., 7.125%, 6/15/25 (144A) 
$ 816,975 
520,000 
 
WESCO Distribution, Inc., 7.25%, 6/15/28 (144A) 
569,751 
 
 
Total Electrical Components & Equipment 
$ 1,386,726 
 
 
Engineering & Construction — 1.1% 
 
2,510,000 
 
PowerTeam Services LLC, 9.033%, 12/4/25 (144A) 
$ 2,644,913 
635,968(g) 
 
Stoneway Capital Corp., 10.0%, 3/1/27 (144A) 
253,751 
 
 
Total Engineering & Construction 
$ 2,898,664 
 
 
Entertainment — 6.6% 
 
768,000 
 
AMC Entertainment Holdings, Inc., 10.5%, 
 
 
 
4/24/26 (144A) 
$ 552,960 
2,044,000(f) 
 
AMC Entertainment Holdings, Inc., 12.0% (12.0% PIK 
 
 
 
or 10.0% cash), 6/15/26 (144A) 
572,320 
1,085,000 
 
Caesars Entertainment, Inc., 8.125%, 7/1/27 (144A) 
1,150,100 
2,250,000 
 
Caesars Resort Collection LLC/CRC Finco, Inc., 5.25%, 
 
 
 
10/15/25 (144A) 
2,176,875 
EUR 1,025,000 
 
Cirsa Finance International S.a.r.l., 6.25%, 
 
 
 
12/20/23 (144A) 
1,087,707 
854,000 
 
Cirsa Finance International S.a.r.l., 7.875%, 
 
 
 
12/20/23 (144A) 
787,815 
 
The accompanying notes are an integral part of these financial statements.
18 Pioneer High Income Trust | Semiannual Report | 9/30/20
 

       
Principal 
 
 
 
Amount 
 
 
 
USD ($) 
 
 
Value 
 
 
Entertainment — (continued) 
 
1,040,000 
 
Codere Finance 2 Luxembourg SA, 7.625%, 
 
 
 
11/1/21 (144A) 
$ 572,000 
3,369,000 
 
Enterprise Development Authority, 12.0%, 
 
 
 
7/15/24 (144A) 
3,756,435 
395,000 
 
International Game Technology Plc, 6.25%, 
 
 
 
1/15/27 (144A) 
423,637 
656,000 
 
International Game Technology Plc, 6.5%, 
 
 
 
2/15/25 (144A) 
697,820 
1,910,000 
 
Scientific Games International, Inc., 7.0%, 
 
 
 
5/15/28 (144A) 
1,914,675 
1,910,000 
 
Scientific Games International, Inc., 7.25%, 
 
 
 
11/15/29 (144A) 
1,938,650 
571,000 
 
Scientific Games International, Inc., 8.25%, 
 
 
 
3/15/26 (144A) 
596,175 
230,000 
 
SeaWorld Parks & Entertainment, Inc., 
 
 
 
9.5%, 8/1/25 (144A) 
238,961 
 
 
Total Entertainment 
$ 16,466,130 
 
 
Environmental Control — 1.9% 
 
815,000 
 
Covanta Holding Corp., 5.0%, 9/1/30 
$ 822,579 
1,691,000 
 
Covanta Holding Corp., 6.0%, 1/1/27 
1,758,640 
2,521,000 
 
Tervita Corp., 7.625%, 12/1/21 (144A) 
2,300,412 
 
 
Total Environmental Control 
$ 4,881,631 
 
 
Food — 3.8% 
 
531,000 
 
Albertsons Cos., Inc./Safeway, Inc./New Albertsons 
 
 
 
LP/Albertsons LLC, 7.5%, 3/15/26 (144A) 
$ 582,528 
1,412,000 
 
FAGE International SA/FAGE USA Dairy Industry, Inc., 
 
 
 
5.625%, 8/15/26 (144A) 
1,355,520 
775,000 
 
JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, 
 
 
 
2/15/28 (144A) 
842,750 
625,000 
 
JBS USA LUX SA/JBS USA Food Co./JBS USA 
 
 
 
Finance, Inc., 6.5%, 
 
 
 
4/15/29 (144A) 
693,731 
1,240,000 
 
Minerva Luxembourg SA, 6.5%, 9/20/26 (144A) 
1,286,500 
2,310,000 
 
Simmons Foods, Inc., 5.75%, 11/1/24 (144A) 
2,312,402 
2,618,000 
 
Simmons Foods, Inc., 7.75%, 1/15/24 (144A) 
2,742,355 
 
 
Total Food 
$ 9,815,786 
 
 
Forest Products & Paper — 1.8% 
 
1,655,000 
 
Eldorado International Finance GmbH, 8.625%, 
 
 
 
6/16/21 (144A) 
$ 1,665,344 
1,770,000 
 
Mercer International, Inc., 7.375%, 1/15/25 
1,792,125 
831,000 
 
Schweitzer-Mauduit International, Inc., 6.875%, 
 
 
 
10/1/26 (144A) 
876,705 
 
 
Total Forest Products & Paper 
$ 4,334,174 
 
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Trust | Semiannual Report | 9/30/20 19

 

Schedule of Investments | 9/30/20
(unaudited) (continued)
Principal 
 
 
 
Amount 
 
 
 
USD ($) 
 
 
Value 
 
 
 
Healthcare-Products — 0.5% 
 

EUR 450,000 
 
Avantor, Inc., 4.75%, 10/1/24 (144A) 
$ 545,086 
 
610,000 
 
Varex Imaging Corp., 7.875%, 10/15/27 (144A) 
631,350 
 
 
 
Total Healthcare-Products 
$ 1,176,436 
 
 
 
Healthcare-Services — 4.5% 
 
 
1,340,000 
 
Centene Corp., 4.625%, 12/15/29 
$ 1,445,404 
 
580,000 
 
LifePoint Health, Inc., 6.75%, 4/15/25 (144A) 
610,450 
 
2,396,000 
 
Surgery Center Holdings, Inc., 10.0%, 4/15/27 (144A) 
2,551,740 
 
2,500,000 
 
US Renal Care, Inc., 10.625%, 7/15/27 (144A) 
2,650,000 
 
4,357,000 
 
West Street Merger Sub, Inc., 6.375%, 9/1/25 (144A) 
4,443,225 
 
 
 
Total Healthcare-Services 
$ 11,700,819 
 
 
 
Holding Companies-Diversified — 0.6% 
 
 
1,580,000 
 
VistaJet Malta Finance Plc/XO Management Holding, 
 
 
 
 
Inc., 10.5%, 6/1/24 (144A) 
$ 1,482,356 
 
 
 
Total Holding Companies-Diversified 
$ 1,482,356 
 
 
 
Home Builders — 2.2% 
 
 
475,000 
 
Beazer Homes USA, Inc., 6.75%, 3/15/25 
$ 490,437 
 
1,155,000 
 
Beazer Homes USA, Inc., 7.25%, 10/15/29 
1,238,737 
 
970,000 
 
Brookfield Residential Properties, Inc./Brookfield 
 
 
 
 
Residential US Corp., 4.875%, 2/15/30 (144A) 
907,930 
 
800,000 
 
Brookfield Residential Properties, Inc./Brookfield 
 
 
 
 
Residential US Corp., 6.375%, 5/15/25 (144A) 
800,000 
 
790,000 
 
KB Home, 7.5%, 9/15/22 
864,062 
 
1,035,000 
 
KB Home, 7.625%, 5/15/23 
1,135,913 
 
 
 
Total Home Builders 
$ 5,437,079 
 
 
 
Housewares — 0.1% 
 
 
250,000 
 
CD&R Smokey Buyer, Inc., 6.75%, 7/15/25 (144A) 
$ 263,750 
 
 
 
Total Housewares 
$ 263,750 
 
 
 
Insurance — 6.0% 
 
 
3,800,000 
 
Hanover Insurance Group, Inc., 7.625%, 10/15/25 
$ 4,732,013 
 
3,075,000(c) 
 
Liberty Mutual Group, Inc., 10.75% (3 Month USD LIBOR + 
 
 
 
 
712 bps), 6/15/58 (144A) 
4,253,421 
 
3,000,000 
 
Liberty Mutual Insurance Co., 7.697%, 10/15/97 (144A) 
4,630,090 
 
1,100,000 
 
MetLife, Inc., 10.75%, 8/1/39 
1,788,888 
 
 
 
Total Insurance 
$ 15,404,412 
 
 
 
Internet — 0.3% 
 
 
465,000 
 
Expedia Group, Inc., 6.25%, 5/1/25 (144A) 
$ 512,853 
 
235,000 
 
Expedia Group, Inc., 7.0%, 5/1/25 (144A) 
254,168 
 
 
 
Total Internet 
$ 767,021 
 
The accompanying notes are an integral part of these financial statements.
20 Pioneer High Income Trust | Semiannual Report | 9/30/20
 

         
Principal 
 
 
 
Amount 
 
 
 
USD ($) 
 
 
Value 
 
 
 
Iron & Steel — 1.4% 
 
 
1,840,000 
 
Cleveland-Cliffs, Inc., 6.75%, 3/15/26 (144A) 
$ 1,872,200 
 
235,000 
 
Cleveland-Cliffs, Inc., 9.875%, 10/17/25 (144A) 
262,319 
 
1,470,000 
 
Commercial Metals Co., 5.375%, 7/15/27 
1,550,409 
 
 
 
Total Iron & Steel 
$ 3,684,928 
 
 
 
Leisure Time — 1.6% 
 
 
285,000 
 
Carnival Corp., 10.5%, 2/1/26 (144A) 
$ 315,637 
 
270,000 
 
Royal Caribbean Cruises, Ltd., 9.125%, 6/15/23 (144A) 
286,200 
 
638,000 
 
Royal Caribbean Cruises, Ltd., 11.5%, 6/1/25 (144A) 
740,116 
 
708,000 
 
Viking Cruises, Ltd., 5.875%, 9/15/27 (144A) 
550,470 
 
2,790,000 
 
Viking Cruises, Ltd., 6.25%, 5/15/25 (144A) 
2,190,150 
 
 
 
Total Leisure Time 
$ 4,082,573 
 
 
 
Lodging — 2.0% 
 
 
880,000 
 
Boyd Gaming Corp., 8.625%, 6/1/25 (144A) 
$ 964,726 
 
815,000 
 
Hyatt Hotels Corp., 5.375%, 4/23/25 
877,392 
 
390,000 
 
Hyatt Hotels Corp., 5.75%, 4/23/30 
447,822 
 
325,000 
 
Marriott International, Inc., 5.75%, 5/1/25 
362,707 
 
1,700,000 
 
MGM Resorts International, 6.0%, 3/15/23 
1,763,589 
 
725,000 
 
Wyndham Destinations, Inc., 6.625%, 7/31/26 (144A) 
759,517 
 
 
 
Total Lodging 
$ 5,175,753 
 
 
 
Machinery-Diversified — 0.6% 
 
 
1,517,000 
 
Maxim Crane Works Holdings Capital LLC, 10.125%, 
 
 
 
 
8/1/24 (144A) 
$ 1,537,859 
 
 
 
Total Machinery-Diversified 
$ 1,537,859 
 
 
 
Media — 2.6% 
 
 
833,000 
 
Clear Channel Worldwide Holdings, Inc., 9.25%, 2/15/24 
$ 807,510 
 
3,727,000 
 
Diamond Sports Group LLC/Diamond Sports Finance 
 
 
 
 
Co., 6.625%, 8/15/27 (144A) 
1,940,369 
 
303,000 
 
Gray Television, Inc., 5.875%, 7/15/26 (144A) 
314,362 
 
1,057,000 
 
Gray Television, Inc., 7.0%, 5/15/27 (144A) 
1,145,933 

EUR 890,000 
 
Virgin Media Finance Plc, 3.75%, 7/15/30 (144A) 
995,777 

GBP 890,000 
 
Virgin Media Vendor Financing Notes III DAC, 4.875%, 
 
 
 
 
7/15/28 (144A) 
1,156,283 
 
 
 
Total Media 
$ 6,360,234 
 
 
 
Mining — 3.6% 
 
 
1,500,000 
 
Coeur Mining, Inc., 5.875%, 6/1/24 
$ 1,496,250 
 
375,000 
 
First Quantum Minerals, Ltd., 6.875%, 3/1/26 (144A) 
361,406 
 
705,000 
 
First Quantum Minerals, Ltd., 6.875%, 10/15/27 (144A) 
679,444 
 
1,750,000 
 
First Quantum Minerals, Ltd., 7.25%, 4/1/23 (144A) 
1,747,813 
 
830,000 
 
Hudbay Minerals, Inc., 6.125%, 4/1/29 (144A) 
821,700 
 
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Trust | Semiannual Report | 9/30/20 21

 

Schedule of Investments | 9/30/20
(unaudited) (continued)
       
Principal 
 
 
 
Amount 
 
 
 
USD ($) 
 
 
Value 
 
 
Mining — (continued) 
 
600,000 
 
Hudbay Minerals, Inc., 7.25%, 1/15/23 (144A) 
$ 611,280 
1,236,000 
 
Hudbay Minerals, Inc., 7.625%, 1/15/25 (144A) 
1,257,630 
1,140,000 
 
Joseph T Ryerson & Son, Inc., 8.5%, 8/1/28 (144A) 
1,199,850 
1,000,000 
 
Novelis Corp., 5.875%, 9/30/26 (144A) 
1,027,500 
 
 
Total Mining 
$ 9,202,873 
 
 
Miscellaneous Manufacturers — 0.2% 
 
424,000 
 
Koppers, Inc., 6.0%, 2/15/25 (144A) 
$ 429,830 
 
 
Total Miscellaneous Manufacturers 
$ 429,830 
 
 
Multi-National — 0.3% 
 
IDR 10,330,000,000 
 
Inter-American Development Bank, 7.875%, 3/14/23 
$ 728,168 
 
 
Total Multi-National 
$ 728,168 
 
 
Oil & Gas — 6.9% 
 
199,000 
 
Ascent Resources Utica Holdings LLC/ARU Finance 
 
 
 
Corp., 10.0%, 4/1/22 (144A) 
$ 196,015 
2,430,000 
 
Baytex Energy Corp., 8.75%, 4/1/27 (144A) 
1,096,537 
1,400,000 
 
Cenovus Energy, Inc., 5.375%, 7/15/25 
1,347,412 
1,402,000 
 
Cenovus Energy, Inc., 6.75%, 11/15/39 
1,409,499 
330,000 
 
Endeavor Energy Resources LP/EER Finance, Inc., 
 
 
 
6.625%, 7/15/25 (144A) 
339,075 
3,779,000 
 
Indigo Natural Resources LLC, 6.875%, 2/15/26 (144A) 
3,678,025 
250,000 
 
MEG Energy Corp., 6.5%, 1/15/25 (144A) 
245,230 
561,000 
 
MEG Energy Corp., 7.0%, 3/31/24 (144A) 
521,730 
1,535,000 
 
MEG Energy Corp., 7.125%, 2/1/27 (144A) 
1,376,634 
2,000,000 
 
Neptune Energy Bondco Plc, 6.625%, 5/15/25 (144A) 
1,783,840 
1,965,000 
 
PBF Holding Co. LLC/PBF Finance Corp., 6.0%, 
 
 
 
2/15/28 (144A) 
1,318,613 
805,000 
 
PBF Holding Co. LLC/PBF Finance Corp., 9.25%, 
 
 
 
5/15/25 (144A) 
825,141 
683,849(f) 
 
PetroQuest Energy, Inc., 10.0% (10.0% PIK or 0.0% 
 
 
 
cash), 2/15/24 
627,972 
2,819,000 
 
Shelf Drilling Holdings, Ltd., 8.25%, 2/15/25 (144A) 
1,113,505 
1,173,000 
 
Transocean, Inc., 6.8%, 3/15/38 
155,423 
1,785,000 
 
Transocean, Inc., 7.25%, 11/1/25 (144A) 
499,800 
1,470,000 
 
Transocean, Inc., 7.5%, 1/15/26 (144A) 
323,400 
1,000,000 
 
YPF SA, 6.95%, 7/21/27 (144A) 
667,500 
ARS 15,750,000 
 
YPF SA, 16.5%, 5/9/22 (144A) 
133,361 
 
 
Total Oil & Gas 
$ 17,658,712 
 
 
Oil & Gas Services — 2.5% 
 
385,000 
 
Archrock Partners LP/Archrock Partners Finance Corp., 
 
 
 
6.25%, 4/1/28 (144A) 
$ 362,862 
2,583,000 
 
Archrock Partners LP/Archrock Partners Finance Corp., 
 
 
 
6.875%, 4/1/27 (144A) 
2,474,204 
 
The accompanying notes are an integral part of these financial statements.
22 Pioneer High Income Trust | Semiannual Report | 9/30/20
 
 

         
Principal 
 
 
 
Amount 
 
 
 
USD ($) 
 
 
Value 
 
 
 
Oil & Gas Services — (continued) 
 
 
1,940,000 
 
Exterran Energy Solutions LP/EES Finance Corp., 
 
 
 
 
8.125%, 5/1/25 
$ 1,656,275 
 
3,093,000 
 
FTS International, Inc., 6.25%, 5/1/22 
1,051,620 
 
525,000 
 
SESI LLC, 7.75%, 9/15/24 
120,750 
 
703,000 
 
USA Compression Partners LP/USA Compression 
 
 
 
 
Finance Corp., 6.875%, 9/1/27 
697,109 
 
 
 
Total Oil & Gas Services 
$ 6,362,820 
 
 
 
Packaging & Containers — 1.3% 
 
 
1,087,000 
 
Ardagh Packaging Finance Plc/Ardagh Holdings 
 
 
 
 
USA, Inc., 6.0%, 2/15/25 (144A) 
$ 1,128,632 
 
1,500,000 
 
Greif, Inc., 6.5%, 3/1/27 (144A) 
1,553,970 
 
112,000 
 
Plastipak Holdings, Inc., 6.25%, 10/15/25 (144A) 
112,000 
 
841,000 
 
Reynolds Group Issuer, Inc./Reynolds Group Issuer 
 
 
 
 
LLC/Reynolds Group Issuer Lu, 7.0%, 7/15/24 (144A) 
856,138 
 
 
 
Total Packaging & Containers 
$ 3,650,740 
 
 
 
Pharmaceuticals — 4.3% 
 
 
1,005,000 
 
Bausch Health Americas, Inc., 8.5%, 1/31/27 (144A) 
$ 1,104,244 

EUR 575,000 
 
Bausch Health Cos., Inc., 4.5%, 5/15/23 
667,493 

 EUR 1,265,000 
 
Bausch Health Cos., Inc., 4.5%, 5/15/23 (144A) 
1,468,485 
 
84,000 
 
Bausch Health Cos., Inc., 5.875%, 5/15/23 (144A) 
83,580 
 
920,000 
 
Bausch Health Cos., Inc., 7.0%, 3/15/24 (144A) 
952,200 
 
535,000 
 
Bausch Health Cos., Inc., 7.0%, 1/15/28 (144A) 
567,100 
 
535,000 
 
Bausch Health Cos., Inc., 7.25%, 5/30/29 (144A) 
576,462 
 
1,970,000 
 
Endo Dac/Endo Finance LLC/Endo Finco, Inc., 6.0%, 
 
 
 
 
6/30/28 (144A) 
1,447,950 
 
1,376,000 
 
Endo Dac/Endo Finance LLC/Endo Finco, Inc., 9.5%, 
 
 
 
 
7/31/27 (144A) 
1,437,920 
 
579,000 
 
Par Pharmaceutical, Inc., 7.5%, 4/1/27 (144A) 
606,607 
 
2,080,000 
 
Teva Pharmaceutical Finance Netherlands III BV, 
 
 
 
 
2.8%, 7/21/23 
1,989,000 
 
 
 
Total Pharmaceuticals 
$ 10,901,041 
 
 
 
Pipelines — 8.7% 
 
 
3,075,000 
 
American Midstream Partners LP/American Midstream 
 
 
 
 
Finance Corp., 9.5%, 12/15/21 (144A) 
$ 3,051,937 
 
910,000 
 
DCP Midstream Operating LP, 5.6%, 4/1/44 
829,237 
 
1,175,000(c) 
 
DCP Midstream Operating LP, 5.85% (3 Month USD 
 
 
 
 
LIBOR + 385 bps), 5/21/43 (144A) 
857,750 
 
1,210,000 
 
Delek Logistics Partners LP/Delek Logistics Finance 
 
 
 
 
Corp., 6.75%, 5/15/25 
1,098,075 
 
1,524,000(d) 
 
Energy Transfer Operating LP, 3.269% (3 Month USD 
 
 
 
 
LIBOR + 302 bps), 11/1/66 
780,745 
 
1,965,000(b)(c) 
 
Energy Transfer Operating LP, 7.125% (5 Year CMT 
 
 
 
 
Index + 531 bps) 
1,552,350 
 
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Trust | Semiannual Report | 9/30/20 23

 

Schedule of Investments | 9/30/20
(unaudited) (continued)
       
Principal 
 
 
 
Amount 
 
 
 
USD ($) 
 
 
Value 
 
 
Pipelines — (continued) 
 
925,000 
 
EnLink Midstream Partners LP, 4.15%, 6/1/25 
$ 796,453 
248,000 
 
EnLink Midstream Partners LP, 5.05%, 4/1/45 
157,480 
717,000 
 
EnLink Midstream Partners LP, 5.6%, 4/1/44 
460,672 
2,175,000 
 
Global Partners LP/GLP Finance Corp., 7.0%, 6/15/23 
2,218,500 
421,000 
 
Global Partners LP/GLP Finance Corp., 7.0%, 8/1/27 
429,054 
1,600,000 
 
Harvest Midstream I LP, 7.5%, 9/1/28 (144A) 
1,592,000 
1,240,000 
 
Hess Midstream Operations LP, 5.625%, 2/15/26 (144A) 
1,263,225 
1,150,000 
 
NuStar Logistics LP, 6.375%, 10/1/30 
1,193,125 
1,850,000 
 
ONEOK, Inc., 6.875%, 9/30/28 
2,190,264 
1,885,000 
 
PBF Logistics LP/PBF Logistics Finance Corp., 
 
 
 
6.875%, 5/15/23 
1,771,900 
1,801,000 
 
Williams Cos., Inc., 5.75%, 6/24/44 
2,121,496 
 
 
Total Pipelines 
$ 22,364,263 
 
 
REITs — 2.4% 
 
814,000 
 
Iron Mountain, Inc., 4.5%, 2/15/31 (144A) 
$ 821,652 
1,363,000 
 
MPT Operating Partnership LP/MPT Finance Corp., 
 
 
 
4.625%, 8/1/29 
1,418,161 
3,676,000 
 
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital 
 
 
 
LLC, 7.875%, 2/15/25 (144A) 
3,895,476 
 
 
Total REITs 
$ 6,135,289 
 
 
Retail — 2.9% 
 
1,240,000 
 
AAG FH LP/AAG FH Finco, Inc., 9.75%, 7/15/24 (144A) 
$ 1,168,700 
589,000 
 
Asbury Automotive Group, Inc., 4.75%, 3/1/30 (144A) 
593,417 
1,045,000 
 
Golden Nugget, Inc., 6.75%, 10/15/24 (144A) 
872,575 
470,000 
 
IRB Holding Corp., 7.0%, 6/15/25 (144A) 
501,138 
525,000 
 
L Brands, Inc., 6.625%, 10/1/30 (144A) 
534,188 
2,859,000 
 
Michaels Stores, Inc., 8.0%, 7/15/27 (144A) 
2,987,655 
798,000 
 
Staples, Inc., 7.5%, 4/15/26 (144A) 
737,480 
 
 
Total Retail 
$ 7,395,153 
 
 
Software — 0.4% 
 
1,050,000 
 
Logan Merger Sub, Inc., 5.5%, 9/1/27 (144A) 
$ 1,062,128 
 
 
Total Software 
$ 1,062,128 
 
 
Telecommunications — 5.2% 
 
1,495,000 
 
Altice France Holding SA, 6.0%, 2/15/28 (144A) 
$ 1,425,916 
1,169,000 
 
Altice France Holding SA, 10.5%, 5/15/27 (144A) 
1,299,051 
270,000 
 
Altice France SA, 5.125%, 1/15/29 (144A) 
268,987 
1,700,000 
 
CenturyLink, Inc., 5.625%, 4/1/25 
1,816,216 
1,075,000 
 
Cincinnati Bell, Inc., 8.0%, 10/15/25 (144A) 
1,135,469 
603,000 
 
CommScope Technologies LLC, 6.0%, 6/15/25 (144A) 
611,171 
 
The accompanying notes are an integral part of these financial statements.
24 Pioneer High Income Trust | Semiannual Report | 9/30/20

 

       
Principal 
 
 
 
Amount 
 
 
 
USD ($) 
 
 
Value 
 
 
Telecommunications — (continued) 
 
119,296 
 
Digicel International Finance, Ltd./Digicel Holdings 
 
 
 
Bermuda, Ltd., 8.0%, 12/31/26 (144A) 
$ 91,858 
298,833 
 
Digicel International Finance, Ltd./Digicel Holdings 
 
 
 
Bermuda, Ltd., 8.75%, 5/25/24 (144A) 
299,954 
151,361(f) 
 
Digicel International Finance, Ltd./Digicel Holdings 
 
   
Bermuda, Ltd., 13.0% (7.0% PIK or 6.0% cash),
 
 
 
12/31/25 (144A) 
138,117 
3,080,000 
 
Sprint Corp., 7.125%, 6/15/24 
3,543,879 
41,000 
 
Sprint Corp., 7.625%, 3/1/26 
49,544 
2,385,000 
 
Windstream Escrow LLC/Windstream Escrow Finance 
 
 
 
Corp., 7.75%, 8/15/28 (144A) 
2,343,263 
 
 
Total Telecommunications 
$ 13,023,425 
 
 
Transportation — 1.3% 
 
1,240,000 
 
Watco Cos LLC/Watco Finance Corp., 6.5%, 
 
 
 
6/15/27 (144A) 
$ 1,268,675 
2,055,000 
 
Western Global Airlines LLC, 10.375%, 8/15/25 (144A) 
2,096,100 
 
 
Total Transportation 
$ 3,364,775 
 
 
Trucking & Leasing — 0.3% 
 
690,000 
 
Fortress Transportation & Infrastructure Investors LLC, 
 
 
 
9.75%, 8/1/27 (144A) 
$ 738,731 
 
 
Total Trucking & Leasing 
$ 738,731 
 
 
TOTAL CORPORATE BONDS 
 
 
 
(Cost $295,976,225) 
$296,847,112 
 
 
FOREIGN GOVERNMENT BONDS — 1.4% of 
 
 
 
Net Assets 
 
 
 
Bahrain — 0.4% 
 
1,055,000 
 
Bahrain Government International Bond, 5.625%, 
 
 
 
9/30/31 (144A) 
$ 1,028,158 
 
 
Total Bahrain 
$ 1,028,158 
 
 
Mexico — 0.7% 
 
MXN 38,420,700 
 
Mexican Bonos, 8.0%, 12/7/23 
$ 1,906,023 
 
 
Total Mexico 
$ 1,906,023 
 
 
Russia — 0.3% 
 
591,600(h) 
 
Russian Government International Bond, 7.5%, 3/31/30 
$ 684,777 
 
 
Total Russia 
$ 684,777 
 
 
TOTAL FOREIGN GOVERNMENT BONDS 
 
 
 
(Cost $3,540,325) 
$ 3,618,958 
 
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Trust | Semiannual Report | 9/30/20 25


Schedule of Investments | 9/30/20
(unaudited) (continued)
       
Face 
 
 
 
Amount 
 
 
 
USD ($) 
 
 
Value 
 
 
INSURANCE-LINKED SECURITIES — 1.4% of 
 
 
 
Net Assets# 
 
 
 
Collateralized Reinsurance — 0.5% 
 
 
 
Multiperil – U.S. — 0.2% 
 
500,000+(a)(i) 
 
Dingle Re 2019, 2/1/21 
$ 510,263 
 
 
Multiperil – Worldwide — 0.3% 
 
500,000+(a)(i) 
 
Cypress Re 2017, 1/10/21 
$ 9,100 
324,897+(a)(i) 
 
Gloucester Re 2018, 2/28/21 
57,182 
12,000+(i) 
 
Limestone Re 2016-1, 8/31/21 
34 
12,000+(i) 
 
Limestone Re 2016-1, 8/31/21 
35 
54,000+(a)(i) 
 
Limestone Re 2019-2, 3/1/23 (144A) 
94,176 
277,770+(a)(i) 
 
Oyster Bay Re 2018, 1/15/21 
252,104 
400,000+(a)(i) 
 
Resilience Re, 4/6/21 (144A) 
40 
300,000+(a)(i) 
 
Wentworth Re 2020-1, 12/31/23 
290,097 
 
 
 
$ 702,768 
 
 
Total Collateralized Reinsurance 
$ 1,213,031 
 
 
Reinsurance Sidecars — 0.9% 
 
 
 
Multiperil – U.S. — 0.0%† 
 
1,000,000+(a)(i) 
 
Carnoustie Re 2017, 11/30/21 
$ 131,800 
500,000+(a)(j) 
 
Harambee Re 2018, 12/31/21 
5,600 
600,000+(j) 
 
Harambee Re 2019, 12/31/22 
6,900 
 
 
 
$ 144,300 
 
 
Multiperil – Worldwide — 0.9% 
 
3,037+(i) 
 
Alturas Re 2019-2, 3/10/22 
$ 16,206 
24,550+(a)(i) 
 
Alturas Re 2019-3, 9/12/23 
51,801 
250,000+(a)(i) 
 
Alturas Re 2020-1A, 3/10/23 (144A) 
211,975 
246,000+(a)(i) 
 
Alturas Re 2020-2, 3/10/23 
271,953 
1,167,977+(a)(i) 
 
Berwick Re 2018-1, 12/31/21 
142,143 
834,446+(a)(i) 
 
Berwick Re 2019-1, 12/31/22 
99,716 
1,000+(i) 
 
Limestone Re 2018, 3/1/22 
34,177 
500,000+(a)(j) 
 
Lorenz Re 2018, 7/1/21 
13,700 
499,318+(a)(j) 
 
Lorenz Re 2019, 6/30/22 
48,284 
500,000+(a)(i) 
 
Merion Re 2018-2, 12/31/21 
538,750 
1,000,000+(i) 
 
Pangaea Re 2016-2, 11/30/20 
1,783 
500,000+(a)(i) 
 
Pangaea Re 2018-1, 12/31/21 
10,527 
1,000,000+(a)(i) 
 
Pangaea Re 2018-3, 7/1/22 
20,743 
409,624+(a)(i) 
 
Pangaea Re 2019-1, 2/1/23 
8,536 
735,313+(a)(i) 
 
Pangaea Re 2019-3, 7/1/23 
26,450 
300,000+(a)(i) 
 
Sector Re V, 12/1/23 (144A) 
100,157 
200,000+(a)(i) 
 
Sector Re V, 12/1/24 (144A) 
210,250 
500,000+(a)(i) 
 
St. Andrews Re 2017-1, 2/1/21 
33,900 
250,000+(a)(i) 
 
Sussex Re 2020-1, 12/31/22 
265,500 
 
The accompanying notes are an integral part of these financial statements.
26 Pioneer High Income Trust | Semiannual Report | 9/30/20

 

       
Face 
 
 
 
Amount 
 
 
 
USD ($) 
 
 
Value 
 
 
Multiperil – Worldwide — (continued) 
 
1,000,000+(a)(i) 
 
Versutus Re 2017, 11/30/21 
$ — 
500,000+(a)(i) 
 
Versutus Re 2018, 12/31/21 
9,500 
441,274+(i) 
 
Versutus Re 2019-A, 12/31/21 
19,725 
58,727+(i) 
 
Versutus Re 2019-B, 12/31/21 
2,625 
253,645+(a)(i) 
 
Woburn Re 2018, 12/31/21 
23,370 
244,914+(a)(i) 
 
Woburn Re 2019, 12/31/22 
83,452 
 
 
 
$ 2,245,223 
 
 
Total Reinsurance Sidecars 
$ 2,389,523 
 
 
TOTAL INSURANCE-LINKED SECURITIES 
 
 
 
(Cost $4,221,657) 
$ 3,602,554 
 
Principal 
 
 
 
Amount 
 
 
 
USD ($) 
 
 
 
 
 
SENIOR SECURED FLOATING RATE LOAN 
 
   
INTERESTS — 4.5% of Net Assets*(d)
 
 
 
Aerospace & Defense — 0.2% 
 
570,000 
 
Grupo Aeromexico, Sociedad Anonima Bursatil De 
 
 
 
Capital Variable, Senior Secured Tranche 1, 8.25% 
 
 
 
(LIBOR + 800 bps), 8/19/22 
$ 564,300 
 
 
Total Aerospace & Defense 
$ 564,300 
 
 
Automobile — 0.1% 
 
146,195 
 
CWGS Group LLC (aka Camping World, Inc.), Term 
 
 
 
Loan, 3.5% (LIBOR + 275 bps), 11/8/23 
$ 142,723 
 
 
Total Automobile 
$ 142,723 
   
Diversified & Conglomerate Service — 1.5%
 
500,000 
 
Albany Molecular Research, Inc., Second Lien Initial 
 
 
 
Term Loan, 8.0% (LIBOR + 700 bps), 8/30/25 
$ 495,000 
1,045,000 
 
DynCorp International, Inc., Term Loan, 7.0% (LIBOR + 
 
 
 
600 bps), 8/18/25 
1,039,775 
1,475,641 
 
First Brands Group LLC, First Lien Tranche B-3 Term 
 
 
 
Loan, 8.5% (LIBOR + 750 bps), 2/2/24 
1,445,206 
1,083,578 
 
Team Health Holdings, Inc., Initial Term Loan, 3.75% 
 
 
 
(LIBOR + 275 bps), 2/6/24 
912,915 
 
 
Total Diversified & Conglomerate Service 
$ 3,892,896 
   
Healthcare, Education & Childcare — 1.2%
 
2,535,510 
 
LifePoint Health, Inc. (fka Regionalcare Hospital 
 
 
 
Partners Holdings, Inc.), First Lien Term B Loan, 3.897% 
 
 
 
(LIBOR + 375 bps), 11/16/25 
$ 2,468,420 
512,425 
 
Surgery Center Holdings, Inc., 2020 Incremental Term 
 
 
 
Loan, 9.0% (LIBOR + 800 bps), 9/3/24 
520,538 
 
 
Total Healthcare, Education & Childcare 
$ 2,988,958 
 
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Trust | Semiannual Report | 9/30/20 27

Schedule of Investments | 9/30/20
(unaudited) (continued)
       
Principal 
 
 
 
Amount 
 
 
 
USD ($) 
 
 
Value 
 
 
Machinery — 0.1% 
 
366,840 
 
Blount International, Inc., New Refinancing Term 
 
 
 
Loan, 4.75% (LIBOR + 375 bps), 4/12/23 
$ 364,948 
 
 
Total Machinery 
$ 364,948 
 
 
Oil & Gas — 0.1% 
 
825,530 
 
Summit Midstream Partners Holdings LLC, Term Loan 
 
 
 
Credit Facility, 7.0% (LIBOR + 600 bps), 5/13/22 
$ 181,617 
 
 
Total Oil & Gas 
$ 181,617 
 
 
Securities & Trusts — 0.5% 
 
1,381,300 
 
Spectacle Gary Holdings LLC, Closing Date Term Loan, 
 
 
 
11.0% (LIBOR + 900 bps), 12/23/25 
$ 1,312,235 
 
 
Total Securities & Trusts 
$ 1,312,235 
 
 
Telecommunications — 0.8% 
 
1,980,000 
 
Commscope, Inc., Initial Term Loan, 3.397% (LIBOR + 
 
 
 
325 bps), 4/6/26 
$ 1,934,213 
 
 
Total Telecommunications 
$ 1,934,213 
 
 
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS 
 
 
 
(Cost $12,094,673) 
$ 11,381,890 
 
Shares 
 
 
 
 
 
RIGHTS/WARRANTS — 0.0%† of Net Assets 
 
 
 
Construction & Engineering — 0.0%† 
 
499,469(a)(k) 
 
Abengoa Abenewco 2 SA, 4/26/24 (144A) 
$ 4,690 
499,469(a)(k) 
 
Abengoa Abenewco 2 SA, 4/26/24 (144A) 
300 
 
 
Total Construction & Engineering 
$ 4,990 
   
Health Care Providers & Services — 0.0%†
 
1,819,798(l) 
 
ANR, Inc., 3/31/23 
$ 5,459 
 
 
Total Health Care Providers & Services 
$ 5,459 
 
 
Oil, Gas & Consumable Fuels — 0.0%† 
 
354(a)(m) 
 
Contura Energy, Inc., 7/26/23 
$ 106 
 
 
Total Oil, Gas & Consumable Fuels 
$ 106 
 
 
TOTAL RIGHTS/WARRANTS 
 
 
 
(Cost $853,869) 
$ 10,555 
 
The accompanying notes are an integral part of these financial statements.
28 Pioneer High Income Trust | Semiannual Report | 9/30/20
 

               
Number of 
 
 
 
Strike 
Expiration 
 
 
Contracts 
Description 
Counterparty 
Amount
Price 
Date 
Value 
 
OVER THE COUNTER (OTC) CURRENCY PUT 
 
 
 
OPTIONS PURCHASED — 0.0%† 
 
 
 
5,690,000 
Put EUR 
Bank of 
USD 88,626  
USD 1.11 
3/8/21 
$ 17,639 
 
Call USD 
America NA 
 
 
 
 
 
773,000 
Put EUR 
Bank of 
EUR 12,793  
EUR 1.11 
6/4/21 
 
4,707 
 
Call USD 
America NA 
 
 
 
 
 
1,550,000 
Put EUR 
Goldman Sachs 
 EUR 12,484  
EUR 1.13 
12/18/20 
 
4,096 
 
Call USD 
International 
 
 
 
 
 
 
 
 
 
 
 
$ 26,442 
 
TOTAL OVER THE COUNTER (OTC) CURRENCY PUT 
 
 
 
OPTIONS PURCHASED 
 
 
 
 
 
 
  (Premiums paid $113,903) 
 
 
$ 26,442 
 
TOTAL INVESTMENTS IN UNAFFILIATED 
 
 
 
 
ISSUERS — 137.4% 
 
 
 
 
 
 
  (Cost $352,141,989) (n) 
 
 
$ 350,115,505 
 
OVER THE COUNTER (OTC) CURRENCY CALL 
 
 
 
OPTIONS WRITTEN — (0.0)%† 
 
 
 
 
(773,000) 
Call EUR 
Bank of 
EUR 12,793  
EUR 1.17 
6/4/21 
$ (23,102) 
 
Put USD 
America NA 
 
 
 
 
 
(1,550,000) 
Call EUR 
Goldman Sachs 
 EUR 12,484  
EUR 1.20 
12/18/20
 
(13,014) 
 
Put USD 
International 
 
 
 
 
 
(5,690,000) 
Call EUR 
Bank of 
USD 88,626  
USD 1.20 
3/8/21
 
(62,527) 
 
Put USD 
America NA 
 
 
 
 
 
 
 
 
 
 
 
$ (98,643) 
 
TOTAL OVER THE COUNTER (OTC) CURRENCY CALL 
 
 
 
OPTIONS WRITTEN 
 
 
 
 
 
 
  (Premiums received $(113,903)) 
 
 
$ (98,643) 
 
  OTHER ASSETS AND LIABILITIES — (37.4)% 
 
$ (95,335,218) 
 
  NET ASSETS — 100.0% 
 
 
 
$ 254,681,644 
 
bps        Basis Points.
CMT       Constant Maturity Treasury Index.
FREMF   Freddie Mac Multifamily Fixed-Rate Mortgage Loans.
LIBOR     London Interbank Offered Rate.
REIT        Real Estate Investment Trust.
(A.D.R.)   American Depositary Receipts.
(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, 2020, the value of these securities amounted to $242,824,262, or 95.3% of net assets.
†             Amount rounds to less than 0.1%.
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Trust | Semiannual Report | 9/30/20 29

Schedule of Investments | 9/30/20
(unaudited) (continued)
*     
Senior secured 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, (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certificate of deposit or (iv) other base lending rates used by commercial lenders. The interest rate shown is the rate accruing at September 30, 2020.
   
+     
Security that used significant unobservable inputs to determine its value.
   
^     
Security is valued using fair value methods (other than supplied by independent pricing services).
   
(a)     
Non-income producing security.
   
(b)     
Security is perpetual in nature and has no stated maturity date.
   
(c)     
The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at September 30, 2020.
   
(d)     
Floating rate note. Coupon rate, reference index and spread shown at September 30, 2020.
   
(e)     
Security is priced as a unit.
   
(f)     
Payment-in-kind (PIK) security which may pay interest in the form of additional principal amount.
   
(g)     
Security is in default.
   
(h)     
Debt obligation initially issued at one coupon which converts to a higher coupon at a specific date. The rate shown is the rate at September 30, 2020.
   
(i)     
Issued as participation notes.
   
(j)     
Issued as preference shares.
   
(k)     
Abengoa Abenewco 2 SA warrants are exercisable into 499,469 shares.
   
(l)     
ANR, Inc. warrants are exercisable into 1,819,798 shares.
   
(m)     
Contura Energy, Inc. warrants are exercisable into 354 shares.
   
(n)     
Distributions of investments by country of issue, as a percentage of long-term holdings based on country of domicile, is as follows:

 
United States 
77.5% 
 
 
Canada 
7.0 
 
 
Luxembourg 
2.5 
 
 
United Kingdom 
1.7 
 
 
Mexico 
1.6 
 
 
Netherlands 
1.5 
 
 
Ireland 
1.1 
 
 
Bermuda 
1.0 
 
 
Other (individually less than 1%) 
6.1 
 
 
 
100.0% 
 
 
 
Securities are restricted as to resale. 
 
 
 
The accompanying notes are an integral part of these financial statements.
30 Pioneer High Income Trust | Semiannual Report | 9/30/20

 

       
Restricted Securities 
Acquisition date 
Cost 
Value 
Alturas Re 2019-2 
12/19/2018 
$ 3,037 
$ 16,206 
Alturas Re 2019-3 
6/26/2019 
24,550 
51,801 
Alturas Re 2020-1A 
12/27/2019 
250,000 
211,975 
Alturas Re 2020-2 
1/1/2020 
246,000 
271,953 
Berwick Re 2018-1 
1/10/2018 
222,517 
142,143 
Berwick Re 2019-1 
12/31/2018 
99,709 
99,716 
Carnoustie Re 2017 
1/3/2017 
237,757 
131,800 
Cypress Re 2017 
1/24/2017 
1,681 
9,100 
Dingle Re 2019 
3/4/2019 
455,946 
510,263 
Gloucester Re 2018 
1/2/2018 
52,650 
57,182 
Harambee Re 2018 
12/19/2017 
39,023 
5,600 
Harambee Re 2019 
12/20/2018 
— 
6,900 
Limestone Re 2016-1 
12/15/2016 
990 
34 
Limestone Re 2016-1 
12/15/2016 
990 
35 
Limestone Re 2018 
6/20/2018 
1,000 
34,177 
Limestone Re 2019-2 
6/20/2018 
54,000 
94,176 
Lorenz Re 2018 
6/26/2018 
134,141 
13,700 
Lorenz Re 2019 
6/26/2019 
162,426 
48,284 
Merion Re 2018-2 
12/28/2017 
500,000 
538,750 
Oyster Bay Re 2018 
1/17/2018 
247,921 
252,104 
Pangaea Re 2016-2 
5/31/2016 
— 
1,783 
Pangaea Re 2018-1 
12/26/2017 
71,503 
10,527 
Pangaea Re 2018-3 
5/31/2018 
240,861 
20,743 
Pangaea Re 2019-1 
1/9/2019 
4,301 
8,536 
Pangaea Re 2019-3 
7/25/2019 
22,059 
26,450 
Resilience Re 
4/13/2017 
1,307 
40 
Sector Re V 
1/1/2020 
200,000 
210,250 
Sector Re V 
12/4/2018 
163,942 
100,157 
St. Andrews Re 2017-1 
1/5/2017 
33,874 
33,900 
Sussex Re 2020-1 
1/23/2020 
250,000 
265,500 
Versutus Re 2017 
1/5/2017 
66,241 
— 
Versutus Re 2018 
1/31/2018 
16,982 
9,500 
Versutus Re 2019-A 
1/28/2019 
— 
19,725 
Versutus Re 2019-B 
12/24/2018 
— 
2,625 
Wentworth Re 2020-1 
1/28/2020 
246,731 
290,097 
Woburn Re 2018 
3/20/2018 
94,515 
23,370 
Woburn Re 2019 
1/30/2019 
75,003 
83,452 
Total Restricted Securities 
 
 
$3,602,554 
% of Net assets 
 
 
1.4% 
 
             
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS 
 
 
 
In 
 
 
 
 
Unrealized 
Currency 
Exchange 
Currency 
 
 
Settlement 
Appreciation
Purchased 
for 
Sold 
Deliver 
Counterparty 
Date 
(Depreciation) 
NOK 
7,297,056 
EUR 
(678,992) 
Bank of 
10/6/20 
$ (14,962) 
 
 
 
 
America NA 
 
 
EUR 
3,432,000 
USD 
(4,027,739) 
Bank of New York 
11/24/20
    (1,645) 
 
 
 
 
Mellon Corp. 
 
 
IDR 
8,956,970,000 
USD 
(598,500) 
Citibank NA 
11/27/20 
        292 
TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS 
 
$ (16,315) 
 
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Trust | Semiannual Report | 9/30/20 31
 

Schedule of Investments | 9/30/20
(unaudited) (continued)
SWAP CONTRACT 
 
 
 
 
 
 
 
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACT 
 
 
 
 
 
Annual 
 
 
 
 
 
 
Notional 
Pay/ 
Fixed 
Pay/ 
Floating 
Expiration 
Premiums
Unrealized 
Market 
Amount ($) 
Receive(1)
Rate
Receive(2) 
Rate
Date 
Paid 
(Depreciation) 
Value
22,500,000 
Pay 
1.59% 
Receive 
3 Month
11/9/20 
$101 
$(165,994) 
$(165,893) 
 
 
 
 
LIBOR USD 
 
 
 
 
TOTAL CENTRALLY CLEARED INTEREST RATE SWAP CONTRACT 
$101 
$(165,994) 
$(165,893) 
TOTAL SWAP CONTRACT 
 
 
 
 
$101 
$(165,994) 
$(165,893) 
 
(1)     
Pays semiannually.
(2)     
Receives quarterly.
Principal amounts are denominated in U.S. dollars (“USD”) unless otherwise noted.
ARS — Argentine Peso
EUR — Euro
GBP — Great British Pound
IDR — Indonesian Rupiah
MXN — Mexican Peso
NOK — Norwegian Krone
Purchases and sales of securities (excluding temporary cash investments) for the six months ended September 30, 2020, aggregated $95,934,073 and $92,485,529, respectively.
The Trust is permitted to engage in purchase and sale transactions (“cross trades”) with certain funds and accounts for which Amundi Pioneer Asset Management, Inc. (the “Adviser”) serves as the Trust’s investment adviser, as set forth in Rule 17a-7 under the Investment Company Act of 1940, pursuant to procedures adopted by the Board of Trustees. Under these procedures, cross trades are effected at current market prices. During the six months ended September 30, 2020, the Trust engaged in purchases of $380,869 and sales of $1,431,403 pursuant to these procedures, which resulted in a net realized gain/(loss) of $(16,325).
At September 30, 2020, the net unrealized depreciation on investments based on cost for federal tax purposes of $351,440,959 was as follows:
Aggregate gross unrealized appreciation for all investments in which 
 
there is an excess of value over tax cost 
$ 24,373,081 
Aggregate gross unrealized depreciation for all investments in which 
 
there is an excess of tax cost over value 
(25,979,386) 
Net unrealized depreciation 
$ (1,606,305) 
 
Various inputs are used in determining the value of the Trust’s investments. These inputs are summarized in the three broad levels below.
Level 1 – quoted prices in active markets for identical securities.
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). See Notes to Financial Statements —Note 1A.
Level 3 – significant unobservable inputs (including the Trust’s own assumptions in determining fair value of investments). See Notes to Financial Statements — Note 1A.
The accompanying notes are an integral part of these financial statements.
32 Pioneer High Income Trust | Semiannual Report | 9/30/20
 

The following is a summary of the inputs used as of September 30, 2020, in valuing the Trust’s investments:
         
 
Level 1 
Level 2 
Level 3 
Total 
Common Stocks 
 
 
 
 
Construction & 
 
 
 
 
Engineering 
$ — 
$ 9,498 
$ — 
$ 9,498 
Oil, Gas & Consumable 
 
 
 
 
Fuels 
345,818 
36,078 
— 
381,896 
Specialty Retail 
— 
— 
90,078 
90,078 
All Other Common Stocks 
290,811 
— 
— 
290,811 
Convertible Preferred Stock 
2,147,280 
— 
— 
2,147,280 
Preferred Stocks 
 
 
 
 
Diversified Financial 
 
 
 
 
Services 
— 
3,195,000 
— 
3,195,000 
Internet 
— 
146,857 
— 
146,857 
All Other Preferred Stock 
3,314,767 
— 
— 
3,314,767 
Asset Backed Security 
— 
306,295 
— 
306,295 
Collateralized Mortgage 
 
 
 
 
Obligations 
— 
3,896,718 
— 
3,896,718 
Commercial Mortgage-Backed 
 
 
 
 
Securities 
— 
9,048,332 
— 
9,048,332 
Convertible Corporate Bonds 
— 
11,800,462 
— 
11,800,462 
Corporate Bonds 
— 
296,847,112 
— 
296,847,112 
Foreign Government Bonds 
— 
3,618,958 
— 
3,618,958 
Insurance-Linked Securities 
— 
— 
— 
— 
Collateralized Reinsurance 
 
 
 
 
Multiperil – U.S. 
— 
— 
510,263 
510,263 
Multiperil – Worldwide 
— 
— 
702,768 
702,768 
Reinsurance Sidecars 
 
 
 
 
Multiperil – U.S. 
— 
— 
144,300 
144,300 
Multiperil – Worldwide 
— 
— 
2,245,223 
2,245,223 
Senior Secured Floating Rate 
 
 
 
 
Loan Interests 
— 
11,381,890 
— 
11,381,890 
Rights/Warrants 
 
 
 
 
Construction & Engineering 
— 
4,990 
— 
4,990 
Health Care Providers & 
 
 
 
 
Services 
— 
5,459 
— 
5,459 
Oil, Gas & Consumable 
 
 
 
 
Fuels 
— 
106 
— 
106 
Over The Counter (OTC) 
 
 
 
 
 Currency Put Option 
 
 
 
 
Purchased 
— 
26,442 
— 
26,442 
Total Investments 
 
 
 
 
in Securities 
$ 6,098,676 
$ 340,324,197 
$ 3,692,632 
$ 350,115,505 
 
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Trust | Semiannual Report | 9/30/20 33

 

Schedule of Investments | 9/30/20
(unaudited) (continued)
 
Level 1
Level 2 
Level 3 
Total 
Other Financial Instruments 
 
 
 
 
 
 
Credit agreement(a) 
$ — 
$(103,000,000) 
$ — 
$(103,000,000) 
Over The Counter (OTC) 
 
 
 
 
 
 
Currency Call 
 
 
 
 
 
 
Option Written 
 
— 
(98,643) 
 
— 
(98,643) 
Net unrealized 
 
 
 
 
 
 
depreciation on 
 
 
 
 
 
 
forward foreign 
 
 
 
 
 
 
currency exchange 
 
 
 
 
 
 
contracts 
 
— 
(16,315) 
 
— 
(16,315) 
Swap contracts, at value 
 
— 
(165,893) 
 
— 
(165,893) 
Total Other 
 
 
 
 
 
 
Financial Instruments 
$ — 
$(103,280,851) 
$ — 
$(103,280,851) 
 
(a)     
The Trust may hold liabilities in which the fair value approximates the carrying amount for financial statement purposes.
The accompanying notes are an integral part of these financial statements.
34 Pioneer High Income Trust | Semiannual Report | 9/30/20


                   
 
 
 
Change in 
 
 
 
 
 
 
 
Balance 
Realized 
unrealized 
 
 
Accrued 
Transfers 
Transfers
Balance 
 
as of 
gain 
appreciation 
 
 
discounts/ 
into 
out of 
as of 
 
3/31/20 
(loss)(1) 
(depreciation)(2) 
Purchases
Sales 
premiums 
Level 3* 
Level 3* 
9/30/20 
Common Stocks 
 
 
 
 
 
 
 
 
 
Oil, Gas & 
 
 
 
 
 
 
 
 
 
Consumable 
 
 
 
 
 
 
 
 
 
Fuels 
$ 81,996 
$ — 
$ — 
$ — 
$ — 
$ — 
$ — 
$(81,996) 
$ — 
Specialty 
 
 
 
 
 
 
 
 
 
Retail 
81,207 
— 
8,871 
— 
— 
— 
— 
— 
90,078 
Insurance-Linked 
 
 
 
 
 
 
 
 
 
Securities 
 
 
 
 
 
 
 
 
 
Collateralized 
 
 
 
 
 
 
 
 
 
Reinsurance 
 
 
 
 
 
 
 
 
 
Multiperil – 
 
 
 
 
 
 
 
 
 
U.S. 
510,263 
— 
— 
— 
— 
— 
— 
— 
510,263 
Multiperil – 
 
 
 
 
 
 
 
 
 
U.S. 
 
 
 
 
 
 
 
 
 
Regional 
256,041 
— 
(19,156) 
— 
(236,885) 
— 
— 
— 
— 
Multiperil – 
 
 
 
 
 
 
 
 
 
Worldwide 
1,257,279 
(32,920) 
75,565 
— 
(597,156) 
— 
— 
— 
702,768 
Reinsurance 
 
 
 
 
 
 
 
 
 
Sidecars 
 
 
 
 
 
 
 
 
 
Multiperil – 
 
 
 
 
 
 
 
 
 
U.S. 
282,565 
(67,456) 
(12,047) 
— 
(58,762) 
— 
— 
— 
144,300 
Multiperil – 
 
 
 
 
 
 
 
 
 
    Worldwide 
4,664,477 
(87,820) 
(55,129) 
— 
(2,276,305) 
— 
— 
— 
2,245,223 
Total 
$7,133,828 
$(188,196) 
$ (1,896) 
$ — 
$(3,169,108) 
$ — 
$ — 
$(81,996) 
$3,692,632 
 
(1)     
Realized gain (loss) on these securities is included in the realized gain (loss) from investments in unaffiliated issuers on the Statement of Operations.
   
(2)     
Unrealized appreciation (depreciation) on these securities is included in the change in unrealized appreciation (depreciation) from investments in unaffiliated issuers on the Statement of Operations.
   
*     
Transfers are calculated on the beginning of period value. For the six months ended September 30, 2020, security valued at $81,996 was transferred from Level 3 to Level 2.
   
 
The change in the level designation within the fair value hierarchy was due to valuing a security using observable inputs. There were no other transfers between Levels 1, 2 and 3.
Net change in unrealized appreciation (depreciation) of Level 3 investments still held and considered Level 3 at March 31, 2020: $(98,343)
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Trust | Semiannual Report | 9/30/20 35

 

Statement of Assets and Liabilities | 9/30/20
(unaudited)
ASSETS: 
     
Investments in unaffiliated issuers, at value (cost $352,141,989) 
 
$
350,115,505
 
Cash 
   
2,329,108
 
Foreign currencies, at value (cost $265) 
   
267
 
Swaps collateral 
   
7,778
 
Due from broker for swaps 
   
163,371
 
Receivables — 
       
Investment securities sold 
   
739,160
 
Interest 
   
6,214,444
 
Other assets 
   
143,172
 
Total assets 
 
$
359,712,805
 
LIABILITIES: 
       
Payables — 
       
Credit agreement 
 
$
103,000,000
 
Investment securities purchased 
   
1,451,485
 
Trustees’ fees 
   
858
 
Forwards collateral 
   
20,000
 
Swaps collateral 
   
7,625
 
Unrealized depreciation on unfunded loan commitments 
   
2,440
 
Written options outstanding (net premiums received $(113,903)) 
   
98,643
 
Net unrealized depreciation on forward foreign currency exchange contracts 
   
16,315
 
Swap contracts, at value (net premiums paid $101) 
   
165,893
 
Due to affiliates 
   
187,641
 
Accrued expenses 
   
80,261
 
Total liabilities 
 
$
105,031,161
 
NET ASSETS: 
       
Paid-in capital 
 
$
371,680,871
 
Distributable earnings (loss) 
   
(116,999,227
)
Net assets 
 
$
254,681,644
 
NET ASSET VALUE PER SHARE: 
       
No par value 
       
Based on $254,681,644/29,231,771 shares 
 
$
8.71
 
 
The accompanying notes are an integral part of these financial statements.
36 Pioneer High Income Trust | Semiannual Report | 9/30/20

 

     
Statement of Operations 
 
 
FOR THE SIX MONTHS ENDED 9/30/20 
 
 

INVESTMENT INCOME: 
           
Interest from unaffiliated issuers 
 
$
12,793,508
       
Dividends from unaffiliated issuers 
   
410,539
       
Total investment income 
         
$
13,204,047
 
EXPENSES: 
               
Management fees 
 
$
1,036,213
         
Administrative expense 
   
29,420
         
Transfer agent fees 
   
6,715
         
Shareowner communications expense 
   
16,716
         
Custodian fees 
   
6,102
         
Professional fees 
   
50,430
         
Printing expense 
   
8,366
         
Pricing fees 
   
9,277
         
Trustees’ fees 
   
6,632
         
Insurance expense 
   
2,687
         
Interest expense 
   
613,036
         
Miscellaneous 
   
167,779
         
Total expenses 
         
$
1,953,373
 
Net investment income 
         
$
11,250,674
 
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
         
Net realized gain (loss) on: 
               
Investments in unaffiliated issuers 
 
$
(18,808,508
)
       
Written options 
   
39,386
         
Forward foreign currency exchange contracts 
   
107,860
         
Swap contracts 
   
(1,144,387
)
       
Other assets and liabilities denominated in 
               
foreign currencies 
   
46,081
   
$
(19,759,568
)
Change in net unrealized appreciation (depreciation) on: 
               
Investments in unaffiliated issuers 
 
$
62,132,171
         
Written options 
   
(23,652
)
       
Forward foreign currency exchange contracts 
   
96,383
         
Swap contracts 
   
943,989
         
Unfunded loan commitments 
   
9,257
         
Other assets and liabilities denominated in 
               
foreign currencies 
   
9,879
   
$
63,168,027
 
Net realized and unrealized gain (loss) on investments 
         
$
43,408,459
 
Net increase in net assets resulting from operations 
         
$
54,659,133
 
 
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Trust | Semiannual Report | 9/30/20 37
 

Statements of Changes in Net Assets
 
 
Six Months
       
 
 
Ended
   
Year
 
 
 
9/30/20
   
Ended
 
 
 
(unaudited)
   
3/31/20
 
FROM OPERATIONS: 
           
Net investment income (loss) 
 
$
11,250,674
   
$
23,595,916
 
Net realized gain (loss) on investments 
   
(19,759,568
)
   
(9,406,642
)
Change in net unrealized appreciation (depreciation) 
               
on investments 
   
63,168,027
     
(68,206,549
)
Net increase (decrease) in net assets resulting 
               
from operations 
 
$
54,659,133
   
$
(54,017,275
)
DISTRIBUTIONS TO SHAREOWNERS: 
               
($0.41 and $0.81 per share, respectively) 
 
$
(11,838,867
)
 
$
(23,677,735
)
Total distributions to shareowners 
 
$
(11,838,867
)
 
$
(23,677,735
)
Net increase (decrease) in net assets 
 
$
42,820,266
   
$
(77,695,010
)
NET ASSETS: 
               
Beginning of period 
 
$
211,861,378
   
$
289,556,388
 
End of period 
 
$
254,681,644
   
$
211,861,378
 
 
The accompanying notes are an integral part of these financial statements.
38 Pioneer High Income Trust | Semiannual Report | 9/30/20
 

 
Statement of Cash Flows 
FOR THE SIX MONTHS ENDED 9/30/20 
 
Cash Flows From Operating Activities: 
     
Net increase in net assets resulting from operations 
 
$
54,659,133
 
Adjustments to reconcile net increase in net assets resulting from operations 
       
to net cash, restricted cash and foreign currencies from operating activities:
 
Purchases of investment securities 
 
$
(99,912,307
)
Proceeds from disposition and maturity of investment securities 
   
96,828,394
 
Net (accretion) and amortization of discount/premium on investment securities 
   
(652,592
)
Change in unrealized appreciation on investments in unaffiliated issuers 
   
(62,132,171
)
Change in unrealized appreciation on unfunded loan commitments 
   
(9,257
)
Change in unrealized appreciation on swap contracts 
   
(943,989
)
Change in unrealized appreciation on forward foreign currency exchange contracts 
   
(96,383
)
Change in unrealized appreciation on other assets and liabilities denominated 
       
in foreign currencies 
   
(2
)
Change in unrealized depreciation on written options 
   
23,652
 
Net realized loss on investments 
   
18,808,508
 
Net premiums paid on swap contracts 
   
(155,325
)
Forwards collateral received 
   
20,000
 
Swap collateral received 
   
1,153,828
 
Decrease in interest receivable 
   
721,871
 
Decrease in due from the Adviser 
   
1,900
 
Increase in other assets 
   
(142,980
)
Increase in due to affiliates 
   
187,461
 
Increase in trustees’ fees payable 
   
149
 
Increase in accrued expenses payable 
   
3,742
 
Increase in premiums received on written options 
   
25,277
 
Realized gains on written options 
   
(39,386
)
Decrease in cash due from broker 
   
176,836
 
Change in variation margin for centrally cleared swap contracts 
   
(2,401
)
Net cash, restricted cash and foreign currencies from operating activities 
 
$
8,523,958
 
Cash Flows Used in Financing Activities: 
       
Payments on borrowings 
 
$
4,000,000
 
Distributions to shareowners 
   
(11,838,867
)
Net cash, restricted cash and foreign currencies used in financing activities 
 
$
(7,838,867
)
Effect of Foreign Exchange Fluctuations on Cash: 
       
Effect of foreign exchange fluctuations on cash 
 
$
2
 
Cash, restricted cash and foreign currencies: 
       
Beginning of the period* 
 
$
1,815,431
 
End of the period* 
 
$
2,500,524
 
Cash Flow Information: 
       
Cash paid for interest 
 
$
470,736
 
 
*     
The following table provides a reconciliation of cash, restricted cash and foreign currencies reported within Statement of Assets and Liabilities that sum to the total of the same such amounts shown in the Statement of Cash Flows:

 
 
Six Months
       
 
 
Ended 9/30/20
   
Year Ended
 
 
 
(unaudited)
   
3/31/20
 
Cash 
 
$
2,329,108
   
$
1,815,431
 
Foreign currencies, at value 
   
267
     
 
Swaps collateral 
   
7,778
     
1,146,203
 
Due from broker for swaps 
   
163,371
     
176,836
 
Total cash, restricted cash and foreign currencies 
               
shown in the Statement of Cash Flows 
 
$
2,500,524
   
$
3,138,470
 
 
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Trust | Semiannual Report | 9/30/20 39
 

                   
Financial Highlights 
 
 
 
 
 
 
 
 
 
 

   
Six Months
                               
 
 
Ended
   
Year
   
Year
   
Year
   
Year
   
Year
 
 
 
9/30/20
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
 
 
(unaudited)
   
3/31/20
   
3/31/19
   
3/31/18
   
3/31/17*
   
3/31/16*
 
Per Share Operating Performance 
                                   
Net asset value, beginning of period 
 
$
7.25
   
$
9.91
   
$
10.52
   
$
10.70
   
$
9.34
   
$
11.89
 
Increase (decrease) from investment operations: (a) 
                                               
Net investment income 
 
$
0.38
   
$
0.81
   
$
0.80
   
$
0.85
   
$
0.95
   
$
1.19
 
Net realized and unrealized gain (loss) on investments 
   
1.49
     
(2.66
)
   
(0.62
)
   
(0.25
)
   
1.38
     
(2.40
)
Net increase (decrease) from investment operations 
 
$
1.87
   
$
(1.85
)
 
$
0.18
   
$
0.60
   
$
2.33
   
$
(1.21
)
Distributions to shareowners from: 
                                    ,          
Net investment income and previously undistributed net investment income 
 
$
(0.41
)**
 
$
(0.81
)
 
$
(0.79
)
 
$
(0.78
)
 
$
(0.97
)**
 
$
(1.34
)**
Net increase (decrease) in net asset value 
 
$
1.46
   
$
(2.66
)
 
$
(0.61
)
 
$
(0.18
)
 
$
1.36
   
$
(2.55
)
Net asset value, end of period 
 
$
8.71
   
$
7.25
   
$
9.91
   
$
10.52
   
$
10.70
   
$
9.34
 
Market value, end of period 
 
$
7.96
   
$
6.42
   
$
8.95
   
$
9.39
   
$
9.87
   
$
10.04
 
Total return at net asset value (b) 
   
26.68
%(c)
   
(19.93
)%
   
2.79
%
   
6.38
%
   
26.13
%
   
(10.54
)%
Total return at market value (b) 
   
30.74
%(c)
   
(21.49
)%
   
4.00
%
   
2.94
%
   
8.23
%
   
(11.37
)%
Ratios to average net assets of shareowners: 
                                               
Total expenses plus interest expense (d)(e) 
   
1.60
%(f)
   
2.35
%
   
2.41
%
   
2.14
%
   
2.10
%
   
1.67
%
Net investment income available to shareowners 
   
9.23
%(f)
   
8.17
%
   
7.93
%
   
7.88
%
   
9.36
%
   
11.23
%
Portfolio turnover rate 
   
28
%(c)
   
36
%
   
33
%
   
29
%
   
48
%
   
24
%
Net assets, end of period (in thousands) 
 
$
254,682
   
$
211,861
   
$
289,556
   
$
307,410
   
$
312,757
   
$
271,900
 
 
The accompanying notes are an integral part of these financial statements.
40 Pioneer High Income Trust | Semiannual Report | 9/30/20

 

   
Six Months
                               
 
 
Ended
   
Year
   
Year
   
Year
   
Year
   
Year
 
 
 
9/30/20
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
 
 
(unaudited)
   
3/31/20
   
3/31/19
   
3/31/18
   
3/31/17*
   
3/31/16*
 
Total amount of debt outstanding (in thousands) 
 
$
103,000
   
$
99,000
   
$
125,000
   
$
125,000
   
$
125,000
   
$
125,000
 
Asset coverage per $1,000 of indebtedness 
 
$
3,473
   
$
3,140
   
$
3,316
   
$
3,459
   
$
3,502
   
$
3,175
 
 
*     
The Trust was audited by an independent registered public accounting firm other than Ernst & Young LLP.
**     
The amount of distributions made to shareowners during the period was in excess of the net investment income earned by the Trust during the period. The Trust has accumulated undistributed net investment income which is part of the Trust’s NAV. A portion of this accumulated net investment income was distributed to shareowners during the period. A decrease in distributions may have a negative effect on the market value of the Trust’s shares.
(a)     
The per-share data presented above is based upon the average common shares outstanding for the periods presented.
(b)     
Total investment return is calculated assuming a purchase of common shares at the current net asset value or market value on the first day and a sale at the current net asset value or 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. Past performance is not a guarantee of future results.
(c)     
Not annualized.
(d)     
Expense ratios do not reflect the effect of distribution payments to preferred shareowners.
(e)     
Includes interest expense of 0.50% (annualized), 1.37%, 1.42%, 1.05%, 1.11% and 0.63%, respectively.
(f)     
Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Trust | Semiannual Report | 9/30/20 41


Notes to Financial Statements | 9/30/20
(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 26, 2002, the Trust had no operations other than matters relating to its organization and registration as a closed-end management investment company under the Investment Company Act of 1940, as amended. The investment objective of the Trust is to provide a high level of current income and the Trust may, as a secondary objective, also seek capital appreciation to the extent that it is consistent with its investment objective.
Amundi Pioneer Asset Management, Inc., an indirect, wholly owned subsidiary of Amundi and Amundi’s wholly owned subsidiary, Amundi USA, Inc., serves as the Trust’s investment adviser (the “Adviser”). Amundi Pioneer Distributor, Inc., an affiliate of Amundi Pioneer Asset Management, Inc., serves as the Trust’s distributor (the “Distributor”).
During March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standard Update, ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”), which shortens the amortization period for purchased non-contingently callable debt securities held at a premium. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date, for certain purchased non-contingently callable debt securities. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Trust has adopted ASU 2017-08 as of January 1, 2019. The implementation of ASU 2017-08 did not have a material impact on the Trust’s financial statements.
The Trust is an investment company and follows investment company accounting and reporting guidance under U.S. GAAP. U.S. GAAP requires the management of the Trust to 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 gain or loss on investments during the reporting period. 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:
42 Pioneer High Income Trust | Semiannual Report | 9/30/20


A.   Security Valuation
The net asset value of the Trust is computed once daily, on each day the New York Stock Exchange (“NYSE”) is open, as of the close of regular trading on the NYSE.
Fixed-income securities are valued by using prices supplied by independent pricing services, which consider such factors as market prices, market events, quotations from one or more brokers, Treasury spreads, yields, maturities and ratings, or may use a pricing matrix or other fair value methods or techniques to provide an estimated value of the security or instrument. A pricing matrix is a means of valuing a debt security on the basis of current market prices for other debt securities, historical trading patterns in the market for fixed-income securities and/or other factors. Non-U.S. debt securities that are listed on an exchange will be valued at the bid price obtained from an independent third party pricing service. When independent third party pricing services are unable to supply prices, or when prices or market quotations are considered to be unreliable, the value of that security may be determined using quotations from one or more broker-dealers.
Loan interests are valued in accordance with guidelines established by the Board of Trustees at the mean between the last available bid and asked prices from one or more brokers or dealers as obtained from Loan Pricing Corporation, an independent third party pricing service. If price information is not available from Loan Pricing Corporation, or if the price information is deemed to be unreliable, price information will be obtained from an alternative loan interest pricing service. If no reliable price quotes are available from either the primary or alternative pricing service, broker quotes will be solicited.
Event-linked bonds are valued at the bid price obtained from an independent third party pricing service. Other insurance-linked securities (including reinsurance sidecars, collateralized reinsurance and industry loss warranties) may be valued at the bid price obtained from an independent pricing service, or through a third party using a pricing matrix, insurance industry valuation models, or other fair value methods or techniques to provide an estimated value of the instrument.
Equity securities that have traded on an exchange are valued by using the last sale price on the principal exchange where they are traded. Equity securities that have not traded on the date of valuation, or securities for which sale prices are not available, generally are valued using the mean between the last bid and asked prices or, if both last bid and asked prices are not available, at the last quoted bid price. Last sale and bid and asked prices are provided by independent third party pricing services. In the case
Pioneer High Income Trust | Semiannual Report | 9/30/20 43


of equity securities not traded on an exchange, prices are typically determined by independent third party pricing services using a variety of techniques and methods.
The value of foreign securities is translated into U.S. dollars based on foreign currency exchange rate quotations supplied by a third party pricing source. Trading in non-U.S. equity 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 asset value of the Trust’s shares are determined as of such times. The Trust may use a fair value model developed by an independent pricing service to value non-U.S. equity securities.
Options contracts are generally valued at the mean between the last bid and ask prices on the principal exchange where they are traded. Over-the-counter (“OTC”) options and options on swaps (“swaptions”) are valued using prices supplied by independent pricing services, which consider such factors as market prices, market events, quotations from one or more brokers, Treasury spreads, yields, maturities and ratings, or may use a pricing matrix or other fair value methods or techniques to provide an estimated value of the security or instrument.
Forward foreign currency exchange contracts are valued daily using the foreign exchange rate or, for longer term forward contract positions, the spot currency rate and the forward points on a daily basis, in each case provided by a third party pricing service. Contracts whose forward settlement date falls between two quoted days are valued by interpolation.
Swap contracts, including interest rate swaps, caps and floors (other than centrally cleared swap contracts), are valued at the dealer quotations obtained from reputable International Swap Dealers Association members. Centrally cleared swaps are valued at the daily settlement price provided by the central clearing counterparty.
Securities or loan interests for which independent pricing services or broker-dealers are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of the Adviser pursuant to procedures adopted by the Trust’s Board of Trustees. The Adviser’s fair valuation team uses fair value methods approved by the Valuation Committee of the Board of Trustees. The Adviser’s fair valuation team is responsible for monitoring developments that may impact fair valued securities and for discussing and assessing fair values on an ongoing basis, and at least quarterly, with the Valuation Committee of the Board of Trustees.
44 Pioneer High Income Trust | Semiannual Report | 9/30/20
 

Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Trust may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Trust’s net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Trust’s securities may differ significantly from exchange prices, and such differences could be material.
At September 30, 2020, three securities were valued using fair value methods (in addition to securities valued using prices supplied by independent pricing services, broker-dealers or using a third party insurance pricing model) representing 0.05% of net assets. The value of these fair valued securities was $135,717.
B.    Investment Income and Transactions
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.
Interest income, including interest on income-bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates and net of income accrued on defaulted securities.
Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt and is included in interest and dividend income, respectively.
Principal amounts of mortgage-backed securities are adjusted for monthly paydowns. Premiums and discounts related to certain mortgage-backed securities are amortized or accreted in proportion to the monthly paydowns. All discounts/premiums on purchase prices of debt securities are accreted/amortized for financial reporting purposes over the life of the respective securities, and such accretion/amortization is included in interest income.
Security transactions are recorded as of trade date. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes.
Pioneer High Income Trust | Semiannual Report | 9/30/20 45
 
C.    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, if any, represent, among other things, the net realized gains and losses on foreign currency exchange 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 on the Statement of Operations from the effects of changes in the market prices of those securities, but are included with the net realized and unrealized gain or loss on investments.
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 net taxable income and net realized capital gains, if any, to its shareowners. Therefore, no provision for federal income taxes is required. As of March 31, 2020, the Trust did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense on the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities.
The amount and character of income and capital gain distributions to shareowners are determined in accordance with federal income tax rules, which may differ from U.S. GAAP. Distributions in excess of net investment income or net realized gains are temporary over distributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences.
The tax character of current year distributions payable will be determined at the end of the current taxable year. The tax character of distributions paid during the year ended March 31, 2020 was as follows:
 
2020 
Distributions paid from: 
 
Ordinary income 
$23,677,735 
Total 
$23,677,735 
 
46 Pioneer High Income Trust | Semiannual Report | 9/30/20
 
The following shows the components of distributable earnings (losses) on a federal income tax basis at March 31, 2020:
 
2020 
Distributable earnings: 
 
Undistributed ordinary income 
$ 2,800,144 
Capital loss carryforward 
(97,560,208) 
Unrealized depreciation 
(65,059,429) 
Total 
$(159,819,493) 
The difference between book basis and tax basis unrealized depreciation is primarily attributable to the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the book/tax differences in the accrual of income on securities in default, the difference between book and tax amortization methods and discounts on fixed income securities.
E.    Risks
The value of securities held by the Trust may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions, recessions, the spread of infectious illness or other public health issues, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, financial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread.
At times, the Trust’s investments may represent industries or industry sectors that are interrelated or have common risks, making the Trust more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. The Trust’s investments in foreign markets and countries with limited developing markets may subject the Trust to a greater degree of risk than investments in a developed market. These risks include disruptive political or economic conditions and the imposition of adverse governmental laws or currency exchange restrictions.
The Trust invests in below-investment-grade (high-yield) debt securities and preferred stocks. Some of these high-yield securities 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
Pioneer High Income Trust | Semiannual Report | 9/30/20 47

 

subject to greater price volatility, and are less liquid, especially during periods of economic uncertainty or change, than higher rated debt securities.
Certain securities in which the Trust invests, including floating rate loans, once sold, may not settle for an extended period (for example, several weeks or even longer). The Trust will not receive its sale proceeds until that time, which may constrain the Trust’s ability to meet its obligations. The Trust may invest in securities of issuers that are in default or that are in bankruptcy. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer’s obligations or may be difficult to liquidate. No active trading market may exist for many floating rate loans, and many loans are subject to restrictions on resale. Any secondary market may be subject to irregular trading activity and extended settlement periods. The Trust’s investments in certain 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.
The fund’s investments, payment obligations and financing terms may be based on floating rates, such as LIBOR (London Interbank Offered Rate). Plans are underway to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the fund, issuers of instruments in which the fund invests, and financial markets generally.
The Trust may invest up to 50% of its total assets in illiquid securities. Illiquid securities are securities that the Trust reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the securities.
With the increased use of technologies such as the Internet to conduct business, the Trust is susceptible to operational, information security and related risks. While the Trust’s Adviser has established business continuity plans in the event of, and risk management systems to prevent, limit or mitigate, such cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified. Furthermore, the Trust cannot control the cybersecurity plans and systems put in place by service providers to the Trust such as Brown Brothers Harriman & Co., the Trust’s custodian and accounting agent, and American Stock Transfer & Trust Company, the Trust’s transfer agent. In addition, many beneficial owners of Trust shares hold them through accounts at broker-dealers, retirement platforms and other financial market
48 Pioneer High Income Trust | Semiannual Report | 9/30/20
 

participants over which neither the Trust nor Amundi exercises control. Each of these may in turn rely on service providers to them, which are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at Amundi or the Trust’s service providers or intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Trust’s ability to calculate its net asset value, impediments to trading, the inability of Trust shareowners to effect share purchases or redemptions or receive distributions, loss of or unauthorized access to private shareowner information and violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, or additional compliance costs. Such costs and losses may not be covered under any insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks.
COVID-19
The respiratory illness COVID-19 caused by a novel coronavirus has resulted in a global pandemic and major disruption to economies and markets around the world, including the United States. Global financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Some sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the Trust’s investments. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. Governments and central banks, including the Federal Reserve in the U.S., have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. The consequences of high public debt, including its future impact on the economy and securities markets, likewise may not be known for some time.
F.    Insurance-Linked Securities (“ILS”)
The Trust invests in ILS. The Trust could lose a portion or all of the principal it has invested in an ILS, and the right to additional interest or dividend payments with respect to the security, upon the occurrence of one or more trigger events, as defined within the terms of an insurance-linked security. Trigger events, generally, are hurricanes, earthquakes, or other
Pioneer High Income Trust | Semiannual Report | 9/30/20 49

natural events of a specific size or magnitude that occur in a designated geographic region during a specified time period, and/or that involve losses or other metrics that exceed a specific amount. There is no way to accurately predict whether a trigger event will occur, and accordingly, ILS carry significant risk. The Trust is entitled to receive principal, and interest and/or dividend payments so long as no trigger event occurs of the description and magnitude specified by the instrument. In addition to the specified trigger events, ILS may expose the Trust to other risks, including but not limited to issuer (credit) default, adverse regulatory or jurisdictional interpretations and adverse tax consequences.
The Trust’s investments in ILS may include event-linked bonds. ILS also may include special purpose vehicles (“SPVs”) or similar instruments structured to comprise a portion of a reinsurer’s catastrophe-oriented business, known as quota share instruments (sometimes referred to as reinsurance sidecars), or to provide reinsurance relating to specific risks to insurance or reinsurance companies through a collateralized instrument, known as collateralized reinsurance. Structured reinsurance investments also may include industry loss warranties (“ILWs”). A traditional ILW takes the form of a bilateral reinsurance contract, but there are also products that take the form of derivatives, collateralized structures, or exchange-traded instruments.
Where the ILS are based on the performance of underlying reinsurance contracts, the Trust has limited transparency into the individual underlying contracts, and therefore must rely upon the risk assessment and sound underwriting practices of the issuer. Accordingly, it may be more difficult for the Adviser to fully evaluate the underlying risk profile of the Trust’s structured reinsurance investments, and therefore the Trust’s assets are placed at greater risk of loss than if the Adviser had more complete information. Structured reinsurance instruments generally will be considered illiquid securities by the Trust. These securities may be difficult to purchase, sell or unwind. Illiquid securities also may be difficult to value. If the Trust is forced to sell an illiquid asset, the Trust may be forced to sell at a loss.
G.   Purchased Options
The Trust may purchase put and call options to seek to increase total return. Purchased call and put options entitle the Trust to buy and sell a specified number of shares or units of a particular security, currency or index at a specified price at a specific date or within a specific period of time. Upon the purchase of a call or put option, the premium paid by the Trust is included on the Statement of Assets and Liabilities as an
50 Pioneer High Income Trust | Semiannual Report | 9/30/20
 

investment. All premiums are marked-to-market daily, and any unrealized appreciation or depreciation is recorded on the Trust’s Statement of Operations. As the purchaser of an index option, the Trust has the right to receive a cash payment equal to any depreciation in the value of the index below the strike price of the option (in the case of a put) or equal to any appreciation in the value of the index over the strike price of the option (in the case of a call) as of the valuation date of the option. Premiums paid for purchased call and put options which have expired are treated as realized losses on investments on the Statement of Operations. Upon the exercise or closing of a purchased put option, the premium is offset against the proceeds on the sale of the underlying security or financial instrument in order to determine the realized gain or loss on investments. Upon the exercise or closing of a purchased call option, the premium is added to the cost of the security or financial instrument. The risk associated with purchasing options is limited to the premium originally paid.
The average market value of purchased options contracts open during the six months ended September 30, 2020, was $74,467. Open purchased options at September 30, 2020, are listed in the Schedule of Investments.
H.   Option Writing
The Trust may write put and covered call options to seek to increase total return. When an option is written, the Trust receives a premium and becomes obligated to purchase or sell the underlying security at a fixed price, upon the exercise of the option. When the Trust writes an option, an amount equal to the premium received by the Trust is recorded as “Written options outstanding” on the Statement of Assets and Liabilities and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Trust on the expiration date as realized gains from investments on the Statement of Operations. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain on the Statement of Operations, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss on the Statement of Operations. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Trust has realized a gain or loss. The Trust as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.
The average market value of written options for the six months ended September 30, 2020, was $(77,987). Open written options contracts at September 30, 2020, are listed in the Schedule of Investments.
Pioneer High Income Trust | Semiannual Report | 9/30/20 51

 

I.     Forward Foreign Currency Exchange Contracts
The Trust may enter into forward foreign currency exchange contracts (“contracts”) for the purchase or sale of a specific foreign currency at a fixed price on a future date. All contracts are marked-to-market daily at the applicable exchange rates, and any resulting unrealized appreciation or depreciation is recorded in the Trust’s financial statements. The Trust records realized gains and losses at the time a contract 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 5).
During the six months ended September 30, 2020, the Trust had entered into various forward foreign currency exchange contracts that obligated the Trust to deliver or take delivery of currencies at specified future maturity dates. Alternatively, prior to the settlement date of a forward foreign currency exchange contract, the Trust may close out such contract by entering into an offsetting contract.
The average market value of forward foreign currency exchange contracts open during the six months ended September 30, 2020, was $3,874,068. Open forward foreign currency exchange contracts outstanding at September 30, 2020, are listed in the Schedule of Investments.
J.    Credit Default Swap Contracts
A credit default swap is a contract between a buyer of protection and a seller of protection against a pre-defined credit event or an underlying reference obligation, which may be a single security or a basket or index of securities. The Trust may buy or sell credit default swap contracts to seek to increase the Trust’s income, or to attempt to hedge the risk of default on portfolio securities. A credit default swap index is used to hedge risk or take a position on a basket of credit entities or indices.
As a seller of protection, the Trust would be required to pay the notional (or other agreed-upon) value of the referenced debt obligation to the counterparty in the event of a default by a U.S. or foreign corporate issuer of a debt obligation, which would likely result in a loss to the Trust. In return, the Trust would receive from the counterparty a periodic stream of payments during the term of the contract, provided that no event of default occurred. The maximum exposure of loss to the seller would be the notional value of the credit default swaps outstanding. If no default occurs, the Trust would keep the stream of payments and would have no payment
52 Pioneer High Income Trust | Semiannual Report | 9/30/20