Pioneer High Income Trust is a closed-end fund. The Fund invests for a high level of current income by investing in a portfolio of below-investment grade bonds and convertible securities. It also seeks capital appreciation as a secondary objective. Below investment grade bonds are rated BBB-or lower by a national rating service and are riskier than investment-grade securities. A portion of income may be subject to state, federal and/or alternative minimum tax. The Trust may invest up to 50% of the total assets in illiquid securities. When interest rates rise, the prices of fixed-income securities in the Trust will generally fall. Conversely, when interest rates fall the prices of fixed-income securities in the fund will generally rise. These risks may increase share price volatility. It follows a research-intensive credit and issue selection process to carefully select fixed-income securities that The Trust intends to pay dividends on a monthly basis.