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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF REGISTERED MANAGEMENT INVESTMENT COMPANY
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, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: March 31
Date of reporting period: December 31, 2010
Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (239.24 and 274.5 of this
chapter), to file reports with the Commission, not later than 60 days after
close of the first and third fiscal quarters, pursuant to Rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may
use the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-Q
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. Schedule of Investments.
Pioneer High Income Trust
SCHEDULE OF INVESTMENTS 12/31/10 (unaudited)
Principal
Amount
USD ($) Value
ASSET BACKED SECURITIES - 2.7% of Net Assets
Transportation - 0.2%
Airlines - 0.2%
975,445 (a) Aviation Capital Group Trust, 0.71%, 11/15/ 595,021
248,016 Continental Airlines, Inc., Series B, 8.499 252,356
Total Transportation 847,377
Banks - 0.7%
Thrifts & Mortgage Finance - 0.7%
531,442 (a) ACE Securities Corp., 0.846%, 12/25/34 416,088
341,133 (a) Amortizing Residential Collateral Trust, 1. 140,828
280,000 (a) Bear Stearns Asset Backed Securities Trust, 126,573
577,710 Citigroup Mortgage Loan Trust, Inc., 0.366% 476,889
187,021 (a) FBR Securitization Trust, 0.596%, 10/25/35 119,741
965,000 (a) Home Equity Asset Trust, 0.356%, 3/25/37 801,039
335,302 (a) Residential Asset Securities Corp., 0.476%, 306,106
250,000 (a) Security National Mortgage Loan Trust, 6.55 188,125
Total Banks 2,575,389
Diversified Financials - 0.6%
Investment Banking & Brokerage - 0.1%
500,000 Bear Stearns Commercial Mortgage Securities 488,589
Other Diversified Financial Services - 0.3%
1,861,491 (a) Aircraft Finance Trust, 0.71%, 5/15/24 (144 1,014,513
112,614 (a) Aircraft Finance Trust, 0.73%, 5/15/24 (144 97,974
1,112,487
Specialized Finance - 0.2%
850,000 Dominos Pizza Master Issuer LLC, 5.261%, 4/ 872,313
Total Diversified Financials 2,473,389
Real Estate - 0.3%
Mortgage Real Estate Investment Trust - 0.3%
471,087 Real Estate Asset Trust, 10.0%, 9/25/40 (14 471,087
600,000 Credit Suisse First Boston Mortgage Securit 497,587
Total Real Estate 968,674
Utilities - 0.9%
Multi-Utilities - 0.9%
3,603,567 Ormat Funding Corp., 8.25%, 12/30/20 3,481,946
Total Utilities 3,481,946
TOTAL ASSET BACKED SECURITIES
(Cost $9,586,607) 10,346,775
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.7% of Net Assets
Banks - 0.7%
Thrifts & Mortgage Finance - 0.7%
409,192 (a) Carrington Mortgage Loan Trust, 0.366%, 2/2 386,718
1,504,000 (a) Carrington Mortgage Loan Trust, 0.446%, 2/2 987,205
372,858 (a) Countrywide Alternative Loan Trust, 0.576%, 226,282
299,059 (a) JPMorgan Mortgage Trust, 4.954%, 11/25/35 289,284
847,067 (a) Luminent Mortgage Trust, 0.506%, 7/25/36 53,136
365,860 (a) Structured Asset Mortgage Investments, Inc. 237,225
808,677 (a) WaMu Mortgage Pass Through Certificates, 0. 677,153
Total Banks 2,857,003
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $3,476,693) 2,857,003
CORPORATE BONDS & NOTES - 110.8% of Net Assets
Energy - 11.2%
Coal & Consumable Fuels - 1.4%
1,350,000 Bumi Capital Pte, Ltd., 12.0%, 11/10/16 (14 1,522,125
2,329,000 Drummond Co., Inc., 9.0%, 10/15/14 (144A) 2,486,208
1,166,000 Murray Energy Corp., 10.25%, 10/15/15 (144A 1,224,300
5,232,633
Oil & Gas Drilling - 1.7%
2,982,936 DDI Holding AS, 9.3%, 1/19/12 (144A) 2,953,107
1,900,000 Pioneer Drilling Co., 9.88%, 3/15/18 2,009,250
500,000 Hercules Offshore, Inc., 10.5%, 10/15/17 (1 413,750
1,085,000 Offshore Group Investments, Ltd., 11.5%, 8/ 1,177,225
6,553,332
Oil & Gas Equipment & Services - 3.2%
4,500,000 American Petroleum Tankers LLC, 10.25%, 5/1 4,657,500
3,000,000 Aquilex Holdings LLC, 11.125%, 12/15/16 3,037,500
600,000 (a)(b) DP Producer AS, 0.0%, 12/5/11 (144A) 6,000
1,515,000 Expro Finance Luxembourg SCA, 8.5%, 12/15/1 1,446,825
238,581 (b) Nexus 1 Pte, Ltd., 10.5%, 3/7/12 (144A) 239
385,386 (a)(b) PetroProd, Ltd., 0.0%, 1/12/12 (144A) 385
6,000,000 Sevan Marine ASA, 14.0%, 12/22/14 1,032,258
4,500,000 Sevan Marine ASA, 13.25%, 8/10/15 809,032
800,000 Sevan Marine ASA, 12.0%, 8/10/15 (144A) 844,000
400,000 (a) Sevan Marine ASA, 3.524%, 5/14/13 (144A) 342,000
12,175,739
Oil & Gas Exploration & Production - 3.5%
775,000 Berry Petroleum Co., 10.25%, 6/1/14 889,313
390,000 Denbury Resources, Inc., 9.75%, 3/1/16 434,850
1,750,000 Hilcorp Energy I LP, 9.0%, 6/1/16 (144A) 1,850,625
1,045,000 Mariner Energy, Inc., 11.75%, 6/30/16 1,196,525
2,125,000 Norse Energy Corp. ASA, 6.5%, 7/14/11 1,870,000
1,497,000 Norse Energy Corp. ASA, 6.5%, 7/14/11 (144A 1,616,760
NOK 5,000,000 Norwegian Energy Co. AS, 12.9%, 11/20/14 901,075
3,660,000 Quicksilver Resources, Inc., 7.125%, 4/1/16 3,504,450
1,250,000 (c) SandRidge Energy, Inc., 8.625%, 4/1/15 1,279,688
13,543,286
Oil & Gas Refining & Marketing - 0.9%
1,000,000 Coffeyville Resources LLC, 10.875%, 4/1/17 1,075,000
175,000 Petroplus Finance, Ltd., 7.0%, 5/1/17 (144A 154,875
2,215,000 Tesoro Corp., 9.75%, 6/1/19 2,453,112
3,682,987
Oil & Gas Storage & Transportation - 0.5%
350,000 (a) Enterprise Products Operating LLC, 8.375%, 375,813
1,524,000 (a) Southern Union Co., 7.2%, 11/1/66 1,403,985
1,779,798
Total Energy 42,967,775
Materials - 17.8%
Aluminum - 0.6%
1,005,585 (a)(c) Noranda Aluminum Acquisition Corp., 5.274%, 901,255
1,320,000 Novelis, Inc., 8.75%, 12/15/20 (144A) 1,369,500
2,270,755
Commodity Chemicals - 2.6%
3,250,000 Basell Finance Co., 8.1%, 3/15/27 (144A) 3,501,875
1,350,000 Hexion US Finance Corp., 9.0%, 11/15/20 (14 1,427,625
221,000 Invista, 9.25%, 5/1/12 (144A) 224,867
4,500,000 Methanex Corp., 8.75%, 8/15/12 4,736,250
9,890,617
Diversified Chemicals - 1.1%
EURO 350,000 Ineos Group Holdings Plc, 7.875%, 2/15/16 ( 420,238
950,000 Momentive Performance Materials, Inc., 9.5% 1,325,445
2,625,000 (d) Ineos Group Holdings Plc, 8.5%, 2/15/16 (14 2,500,312
4,245,995
Diversified Metals & Mining - 1.6%
1,391,615 (b)(c) Blaze Recycling & Metals LLC, 13.0%, 7/16/1 1,179,394
4,070,000 Teck Resources, Ltd., 10.25%, 5/15/16 5,036,625
6,216,019
Materials - 1.3%
5,690,000 AGY Holding Corp., 11.0%, 11/15/14 5,142,338
Metal & Glass Containers - 1.7%
2,500,000 AEP Industries, Inc., 7.875%, 3/15/13 2,490,625
2,400,000 BWAY Holdings Co., 10.13%, 11/5/15 (144A) 2,424,000
1,450,000 BWAY Holdings Co., 10.0%, 6/15/18 (144A) 1,564,188
6,478,813
Paper Packaging - 5.0%
2,000,000 Berry Plastics Corp., 9.5%, 5/15/18 2,005,000
2,657,034 (a) Corp Durango SAB de CV, 6.0%, 8/27/16 2,417,901
6,157,000 Exopack Holdings Corp., 11.25%, 2/1/14 6,387,888
2,795,000 (d) Graham Packaging Co., 9.875%, 10/15/14 2,892,825
3,847,000 (d) Graphic Packaging International, Inc., 9.5% 3,923,940
2,250,000 U.S. Corrugated, Inc., 10.0%, 6/1/13 2,137,500
19,765,054
Paper Products - 1.5%
2,136,000 ABI Escrow Corp., 10.25%, 10/15/18 (144A) 2,338,920
2,000,000 Appleton Papers, Inc., 10.5%, 6/15/15 (144A 1,980,000
776,000 Mercer International, Inc., 9.5%, 12/1/17 ( 797,340
405,000 Clearwater Paper Corp., 10.625%, 6/15/16 462,713
5,578,973
Specialty Chemicals - 0.2%
575,000 Vertellus Specialities, Inc., 9.375%, 10/1/ 609,500
609,500
Steel - 2.2%
4,660,000 Algoma Acquisition Corp., 9.875%, 6/15/15 ( 4,194,000
2,400,000 CSN Islands VIII Corp., 9.75%, 12/16/13 (14 2,784,000
1,250,000 Severstal Columbus LLC, 10.25%, 2/15/18 (14 1,325,000
8,303,000
Total Materials 68,501,064
Capital Goods - 9.3%
Aerospace & Defense - 2.0%
3,600,000 Aeroflex, Inc., 11.75%, 2/15/15 3,960,000
1,465,000 BE Aerospace, Inc., 8.5%, 7/1/18 1,604,175
1,984,000 DynCorp International, Inc., 10.375%, 7/1/1 2,033,600
7,597,775
Building Products - 0.9%
1,935,000 (b) Industrias Unidas SA de CV, 11.5%, 11/15/16 1,644,750
1,790,000 Intcomex, Inc., 13.25%, 12/15/14 (144A) 1,915,300
3,560,050
Construction & Engineering - 0.3%
1,375,000 New Enterprise Stone & Lime Co., 11.0%, 9/1 1,306,250
Construction & Farm Machinery & Heavy Trucks - 1.3%
570,000 American Railcar Industries, Inc., 7.5%, 3/ 579,975
3,250,000 Commercial Vehicle Group, Inc., 8.0%, 7/1/1 2,957,500
383,000 Greenbrier Cos, Inc., 8.375%, 5/15/15 387,787
774,000 (d) Manitowoc Co., Inc., 9.5%, 2/15/18 847,530
4,772,792
Electrical Components & Equipment - 0.6%
2,000,000 Wireco Worldgroup, 9.5%, 5/15/17 (144A) 2,110,000
Industrial Conglomerates - 1.0%
3,180,000 (b) Indalex Holding Corp., 11.5%, 2/1/14 35,775
3,889,000 Park-Ohio Industries, Inc., 8.375%, 11/15/1 3,947,335
3,983,110
Industrial Machinery - 2.2%
1,080,000 Liberty Tire Recycling, 11.0%, 10/1/16 (144 1,158,300
5,170,000 Mueller Water Products, Inc., 7.375%, 6/1/1 4,989,050
2,440,000 WPE International Cooperatief , 10.375%, 9/ 2,391,200
8,538,550
Trading Companies & Distributors - 1.0%
500,000 Avis Budget Car Rental LLC, 9.625%, 3/15/18 538,750
3,370,000 Wesco Distribution, Inc., 7.5%, 10/15/17 3,407,912
3,946,662
Total Capital Goods 35,815,189
Commercial & Professional Services - 5.2%
Commercial Printing - 0.7%
2,560,000 Sheridan Acquisition Corp., 10.25%, 8/15/11 2,521,600
Diversified Support Services - 1.0%
4,450,000 (e) MSX International UK, 12.5%, 4/1/12 (144A) 3,827,000
Environmental & Facilities Services - 0.4%
2,180,000 (b) Aleris International, Inc., 10.0%, 12/15/16 5,472
892,000 Brickman Group Holdings, Inc., 9.13%, 11/1/ 903,150
315,000 Casella Waste Systems, Inc., 11.0%, 7/15/14 348,469
1,275,000 (a)(f) Ohio Air Quality Development Authority Reve 133,493
1,390,584
Office Services & Supplies - 3.1%
11,830,000 Xerox Capital Trust I, 8.0%, 2/1/27 12,037,025
Total Commercial & Professional Services 19,776,209
Transportation - 2.4%
Air Freight & Logistics - 1.4%
EURO 272,000 CEVA Group Plc, 10.0%, 12/1/16 (144A) 332,059
500,000 AMGH Merger Sub, Inc., 9.25%, 11/1/18 (144A 525,000
3,351,000 CEVA Group Plc, 11.5%, 4/1/18 (144A) 3,639,063
720,000 CEVA Group Plc, 11.625%, 10/1/16 (144A) 790,200
5,286,322
Airlines - 0.2%
881,000 Delta Airlines, Inc., 9.5%, 9/15/14 (144A) 959,189
Trucking - 0.8%
1,430,000 Syncreon Global Ireland Ltd., 9.5%, 5/1/18 1,451,450
1,375,000 Swift Services Holdings, Inc., 10.0%, 11/15 1,440,312
2,891,762
Total Transportation 9,137,273
Automobiles & Components - 3.9%
Auto Parts & Equipment - 3.6%
1,250,000 Allison Transmission, Inc., 11.0%, 11/1/15 1,362,500
2,761,300 Allison Transmission, Inc., 11.25%, 11/1/15 2,989,107
950,000 (a) Pinafore LLC, 9.0%, 10/1/18 (144A) 1,026,000
4,760,000 Stanadyne Corp., 10.0%, 8/15/14 4,819,500
1,500,000 (g) Stanadyne Corp., 12.0%, 2/15/15 1,417,500
1,836,000 (d) Tower Automotive Holdings USA LLC, 10.625%, 1,964,520
13,579,127
Tires & Rubber - 0.3%
1,165,000 Goodyear Tire & Rubber Co., 10.5%, 5/15/16 1,328,100
Total Automobiles & Components 14,907,227
Consumer Durables & Apparel - 4.6%
Homebuilding - 1.8%
3,115,000 Beazer Homes USA, Inc., 9.125%, 6/15/18 3,021,550
750,000 Beazer Homes USA, Inc., 9.13%, 5/15/19 (144 712,500
3,060,000 Meritage Homes Corp., 6.25%, 3/15/15 3,075,300
6,809,350
Housewares & Specialities - 1.8%
1,435,000 Jarden Corp., 7.5%, 5/1/17 1,512,131
3,690,000 (d) Yankee Acquisition Corp., 8.5%, 2/15/15 3,837,600
1,500,000 Yankee Acquisition Corp., 9.75%, 2/15/17 1,563,750
6,913,481
Leisure Products - 1.0%
4,000,000 Icon Health & Fitness, Inc., 11.88%, 10/15/ 4,040,000
Total Consumer Durables & Apparel 17,762,831
Household & Personal Products - 0.3%
Personal Products - 0.3%
1,050,000 Revlon Consumer Products Corp., 9.75%, 11/1 1,110,375
Total Household & Personal Products 1,110,375
Consumer Services - 2.6%
Casinos & Gaming - 1.4%
1,650,000 (b) Buffalo Thunder Development Authority, 9.37 474,375
975,000 FireKeepers Development Authority, 13.875%, 1,152,938
1,375,000 (b) Mashantucket Western Pequot Tribe, 8.5%, 11 180,469
1,475,000 (f) Little Traverse Bay Bands of Odawa Indians, 1,209,500
401,000 Pinnacle Entertainment, Inc., 8.75%, 5/15/2 415,035
1,585,000 Pokagon Gaming Authority, 10.375%, 6/15/14 1,652,363
740,000 Shingle Springs Tribal Gaming Authority, 9. 510,600
5,595,280
Restaurants - 0.7%
1,400,000 (d) Blue Acquisition Sub, Inc., 9.88%, 10/15/18 1,491,000
1,175,000 Dunkin Finance Corp., 9.63%, 12/1/18 1,186,750
2,677,750
Specialized Consumer Services - 0.5%
EURO 1,750,000 Stonemor Operating LLC, 10.25%, 12/1/17 1,841,875
Total Consumer Services 10,114,905
Media - 10.4%
Advertising - 2.1%
2,900,000 Affinity Group, Inc., 11.5%, 12/1/16 (144A) 2,849,250
2,690,000 MDC Partners, Inc., 11.0%, 11/1/16 2,965,725
2,600,000 Sitel LLC/Sitel Finance Corp., 11.5%, 4/1/1 2,145,000
7,959,975
Broadcasting - 5.6%
1,096,054 CCH II LLC/CCH II Capital Corp., 13.5%, 11/ 1,307,044
970,000 Hughes Network Systems LLC, 9.5%, 4/15/14 1,000,312
4,320,000 Hughes Network Systems LLC, 9.5%, 4/15/14 4,455,000
3,527,831 (c) Intelsat Bermuda, Ltd., 11.5%, 2/4/17 3,898,253
2,500,000 Intelsat Corp., 9.25%, 6/15/16 2,700,000
1,000,000 Intelsat Subsidiary Holding Co., Ltd., 8.5% 1,001,250
535,000 Telesat Canada, 11.0%, 11/1/15 600,537
800,000 Telesat Canada, 12.5%, 11/1/17 942,000
5,380,689 (c) Univision Communications, Inc., 9.75%, 3/15 5,811,144
21,715,540
Cable & Satelite - 1.5%
570,000 Digitalglobe, Inc., 10.5%, 5/1/14 650,513
295,000 GeoEye, Inc., 9.625%, 10/1/15 333,350
EURO 3,390,000 Kabel Deutschland GMBH, 10.75%, 7/1/14 4,695,637
5,679,500
Movies & Entertainment - 0.7%
2,765,000 AMC Entertainment Holdings, Inc., 9.75%, 12 2,875,600
Publishing - 0.5%
400,000 Interactive Data Corp., 10.25%, 8/1/18 (144 438,000
1,400,000 TL Acquisitions, Inc., 10.5%, 1/15/15 (144A 1,445,500
1,883,500
Total Media 40,114,115
Retailing - 2.7%
Automotive Retailing - 0.2%
640,000 Sonic Automotive, Inc., 8.625%, 8/15/13 649,600
Internet Retailing - 1.2%
4,340,000 Ticketmaster Entertainment, Inc., 10.75%, 8 4,698,050
Specialty Stores - 1.3%
4,615,000 (d) Sally Holdings LLC, 10.5%, 11/15/16 5,088,038
Total Retailing 10,435,688
Food, Beverage & Tobacco - 5.6%
Agricultural Products - 1.6%
5,622,000 Southern States Cooperative, Inc., 11.25%, 5,959,320
Brewers - 1.6%
5,885,000 Cia Brasileira de Bebida, 10.5%, 12/15/11 6,341,087
Packaged Foods & Meats - 1.5%
775,000 Bertin, Ltd., 10.25%, 10/5/16 (144A) 841,728
1,500,000 FAGE Dairy Industry SA/FAGE USA Dairy Indus 1,324,360
500,000 Marfrig Overseas, Ltd., 9.625%, 11/16/16 (1 526,250
2,862,000 Minerva Overseas II, Ltd., 10.875%, 11/15/1 3,026,565
5,718,903
Tobacco - 0.9%
3,450,000 Alliance One International, Inc., 10.0%, 7/ 3,536,250
Total Food, Beverage & Tobacco 21,555,560
Health Care Equipment & Services - 6.5%
Health Care Equipment & Services - 1.1%
3,000,000 Accellent, Inc., 10.0%, 11/1/17 (144A) 2,835,000
1,200,000 ConvaTec Healthcare E SA, 10.5%, 12/15/18 ( 1,216,500
4,051,500
Health Care Facilities - 2.1%
110,000 HCA, Inc., 9.875%, 2/15/17 121,000
535,000 HCA, Inc., 6.25%, 2/15/13 545,700
3,308,147 (c) HCA, Inc., 9.625%, 11/15/16 3,543,852
3,725,000 Surgical Care Affiliates, Inc., 10.0%, 7/15 3,780,875
7,991,427
Health Care Services - 1.8%
1,287,000 Bioscrip, Inc., 10.25%, 10/1/15 1,325,610
2,527,000 Gentiva Health Services, Inc., 11.5%, 9/1/1 2,754,430
2,837,000 Hologic, Inc., 2.0%, 12/15/37 2,964,665
7,044,705
Health Care Supplies - 1.5%
365,000 Alere, Inc., 9.0%, 5/15/16 375,950
1,000,000 Bausch & Lomb, Inc., 9.875%, 11/1/15 1,070,000
4,085,000 (c) Biomet, Inc., 10.375%, 10/15/17 4,483,288
5,929,238
Total Health Care Equipment & Services 25,016,870
Pharmaceuticals & Biotechnology & Life Sciences -
1.1%
Biotechnology - 0.5%
1,729,000 Lantheus Medical Imaging, Inc., 9.75%, 5/15 1,806,805
Life Sciences Tools & Services - 0.6%
961,893 (c) Catalent Pharma Solutions, Inc., 9.5%, 4/15 971,512
1,344,000 PharmaNet Development Group, Inc., 10.875%, 1,397,760
2,369,272
Total Pharmaceuticals & Biotechnology & Lif 4,176,077
Banks - 1.4%
Diversified Banks - 0.4%
1,265,000 (a) ABN AMRO North American Holding Preferred C 1,072,088
400,000 (a) Banco Macro SA, 10.75%, 6/7/12 301,000
1,373,088
Regional Banks - 1.0%
1,225,000 (a)(h) PNC Financial Services Group, Inc., 8.25% 1,306,205
1,790,000 (a) State Street Capital Trust III, 8.25%, 3/15 1,818,640
750,000 (a)(h) Wells Fargo Capital XV, 9.75% 834,375
3,959,220
Total Banks 5,332,308
Diversified Financials - 2.9%
Asset Management & Custody Banks - 0.4%
575,000 (g) Janus Capital Group, Inc., 6.5%, 6/15/12 621,885
975,000 (a) Janus Capital Group, Inc., 6.95%, 6/15/17 1,015,781
1,637,666
Investment Banking & Brokerage - 0.5%
2,325,000 (a)(h) Goldman Sachs Capital II, 5.793% 1,970,437
Specialized Finance - 2.0%
500,000 Capital One Capital V, 10.25%, 8/15/39 535,000
695,000 National Money Mart Co., 10.375%, 12/15/16 750,600
8,150,000 NCO Group, Inc., 11.875%, 11/15/14 6,520,000
7,805,600
Total Diversified Financials 11,413,703
Insurance - 6.8%
Insurance Brokers - 3.0%
3,305,000 Alliant Holdings I, Inc., 11.0%, 5/1/15 (14 3,445,463
100,000 HUB International Holdings, Inc., 9.0%, 12/ 101,250
4,455,000 HUB International Holdings, Inc., 10.25%, 6 4,466,137
2,286,000 (a) U.S.I. Holdings Corp., 4.125%, 11/15/14 (14 2,000,250
1,610,000 U.S.I. Holdings Corp., 9.75%, 5/15/15 (144A 1,626,100
11,639,200
Multi-Line Insurance - 1.4%
3,075,000 (a) Liberty Mutual Group, Inc., 10.75%, 6/15/58 3,720,750
1,100,000 MetLife, Inc., 10.75%, 8/1/39 1,474,000
5,194,750
Property & Casualty Insurance - 1.4%
5,300,000 Allmerica Financial Corp., 7.625%, 10/15/25 5,312,116
Reinsurance - 1.0%
EURO 275,000 (a) Atlas Reinsurance Plc, 10.95%, 1/10/11 (144 368,002
375,000 (a) Blue Fin, Ltd., 4.65% 4/10/12 (144A) 366,413
250,000 (a) Ibis Re, Ltd., 10.507%, 5/10/12 (144A) 266,650
800,000 Lodestone Re, Ltd., 7.38%, 1/8/14, (144A) 799,440
300,000 (a) Montana Re, Ltd., 13.502%, 12/7/12 (144A) 302,790
250,000 (a) Mystic Re II, Ltd., 10.252%, 6/7/11 (144A) 254,275
650,000 (a) Residential Reinsurance 2008, Ltd., 7.002%, 659,165
850,000 (a) Residential Reinsurance 2008, Ltd., 11.752% 874,480
3,891,215
Total Insurance 26,037,281
Real Estate - 1.2%
Real Estate Operating Companies - 1.2%
122,464 (a) Alto Palermo SA, 11.0%, 6/11/12 (144A) 53,884
5,000,000 Forest City Enterprises, Inc., 7.625%, 6/1/ 4,668,750
Total Real Estate 4,722,634
Software & Services - 4.2%
Application Software - 0.9%
1,870,000 Vangent, Inc., 9.625%, 2/15/15 1,692,350
1,710,000 Allen Systems Group, Inc., 10.5%, 11/15/16 1,722,825
3,415,175
Data Processing & Outsourced Services - 1.0%
399,000 First Data Corp., 9.875%, 9/24/15 380,048
1,783,000 First Data Corp., 8.25%, 1/15/21 (144A) 1,711,680
1,783,000 First Data Corp., 12.63%, 1/15/21 (144A) 1,702,765
3,794,493
Internet Software & Services - 0.9%
2,892,000 Terremark Worldwide, Inc., 12.0%, 6/15/17 3,311,340
IT Consulting & Other Services - 0.7%
2,845,000 Activant Solutions, Inc., 9.5%, 5/1/16 2,859,225
Systems Software - 0.7%
3,775,781 (c)(f) Pegasus Solutions, Inc., 13.0%, 4/15/14 (14 2,831,836
Total Software & Services 16,212,069
Technology Hardware & Equipment - 0.9%
Computer Storage & Peripherals - 0.2%
600,000 Seagate Technology International, 10.0%, 5/ 703,500
Computer Storage & Peripherals - 0.4%
1,550,000 Da-Lite Screen Co., Inc., 12.5%, 4/1/15 1,697,250
Electronic Equipment & Instruments - 0.3%
1,100,000 Atkore International, Inc., 9.88%, 1/1/18 ( 1,144,000
Total Technology Hardware & Equipment 3,544,750
Telecommunication Services - 6.0%
Alternative Carriers - 0.7%
2,210,000 Global Crossing, Ltd., 12.0%, 9/15/15 2,491,775
Integrated Telecommunication Services - 3.8%
1,100,000 Bakrie Telecom PTE, Ltd., 11.5%, 5/7/15 (14 1,190,750
4,295,000 Broadview Networks Holdings, Inc., 11.375%, 4,198,363
600,000 Paetec Holding Corp., 9.88%, 12/1/18 (144A) 616,500
539,000 Cincinnati Bell, Inc., 8.75%, 3/15/18 505,312
3,000,000 GCI, Inc., 7.25%, 2/15/14 3,037,500
1,000,000 Paetec Holding Corp., 8.875%, 6/30/17 1,067,500
3,865,000 (d) Paetec Holding Corp., 9.5%, 7/15/15 4,000,275
14,616,200
Wireless Telecommunication Services - 1.5%
2,500,000 Intelsat Jackson Holdings, Ltd., 11.5%, 6/1 2,693,750
3,020,000 True Move Co., Ltd., 10.75%, 12/16/13 (144A 3,246,500
5,940,250
Total Telecommunication Services 23,048,225
Utilities - 3.8%
Electric Utilities - 0.7%
885,000 Energy Future Holdings Corp., 10.0%, 1/15/2 910,464
2,105,000 Texas Competitive Electric Holdings Co., LL 1,841,875
2,752,339
Gas Utilities - 0.8%
2,740,000 (d) Northern Tier Energy LLC, 10.5%, 12/1/17 2,794,800
Independent Power Producers & Energy Traders - 2.0%
3,890,000 Foresight Energy Corp., 9.625%, 8/15/17 (14 4,142,850
1,800,000 Intergen NV, 9.0%, 6/30/17 (144A) 1,908,000
1,500,000 Star Energy Geothermal (Wayang Windu), Ltd. 1,707,323
7,758,173
Multi - Utilities - 0.3%
1,000,000 PNM Resources, Inc., 9.25%, 5/15/15 1,105,000
Total Utilities 14,410,312
TOTAL CORPORATE BONDS & NOTES
(Cost $397,445,411) 426,112,440
CONVERTIBLE BONDS & NOTES - 6.3% of Net Assets
Energy - 1.6%
Coal & Consumable Fuels - 0.5%
1,905,000 Massey Energy Co., 3.25%, 8/1/15 1,859,756
Oil & Gas Drilling - 0.9%
2,265,000 (d) Hercules Offshore, Inc., 10.5%, 10/15/17 1,729,894
1,600,000 (d) Transocean, Ltd., 1.5%, 12/15/37 1,576,000
3,305,894
Oil & Gas Exploration & Production - 0.2%
1,340,000 Chesapeake Energy Corp., 2.5%, 5/15/37 1,195,950
Total Energy 6,361,600
Materials - 0.9%
Diversified Chemicals - 0.9%
4,000,000 (e) Hercules, Inc., 6.5%, 6/30/29 3,400,000
Total Materials 3,400,000
Capital Goods - 0.5%
Electrical Components & Equipment - 0.5%
500,000 JA Solar Holdings Co., Ltd., 4.5%, 5/15/13 475,625
1,569,000 Suntech Power Holdings Co., Ltd., 3.0%, 3/1 1,374,836
Total Capital Goods 1,850,461
Transportation - 0.8%
Marine - 0.8%
3,511,000 Horizon Lines, Inc., 4.25%, 8/15/12 3,234,509
Total Transportation 3,234,509
Media - 0.4%
Movies & Entertainment - 0.4%
1,832,000 Live Nation, Inc., 2.875%, 7/15/27 1,637,350
Total Media 1,637,350
Health Care Equipment & Services - 0.8%
Health Care Facilities - 0.7%
1,985,000 (d) LifePoint Hospitals, Inc., 3.25%, 8/15/25 1,982,519
780,000 LifePoint Hospitals, Inc., 3.5%, 5/15/14 786,825
2,769,344
Health Care Services - 0.1%
361,000 Omnicare, Inc., 3.25%, 12/15/35 331,217
Total Health Care Equipment & Services 3,100,561
Technology Hardware & Equipment - 0.4%
Electronic Equipment & Instruments - 0.4%
1,514,000 L-1 Identity Solutions, Inc., 3.75%, 5/15/2 1,510,215
Total Technology Hardware & Equipment 1,510,215
Telecommunication Services - 0.9%
Alternative Carriers - 0.9%
3,025,000 Time Warner Telecom, Inc., 2.375%, 4/1/26 3,331,281
Total Telecommunication Services 3,331,281
TOTAL CONVERTIBLE BONDS & NOTES
(Cost $17,970,955) 24,425,977
MUNICIPAL BONDS - 5.4% of Net Assets
Indiana - 1.5%
1,650,000 East Chicago Industrial Pollution Control R 1,579,347
4,250,000 Indiana Development Finance Authority Reven 4,285,360
5,864,707
Michigan - 0.0%
3,000,000 (f) Wayne Charter Escrow, 0.0%, 12/1/15 30
New Jersey - 1.2%
4,525,000 New Jersey Economic Development Authority R 4,525,995
New York - 0.9%
3,475,000 New York City Industrial Development Agency 3,498,456
North Carolina - 1.8%
6,300,000 Charlotte Special Facilities Refunding Reve 5,277,006
1,670,000 Charlotte Special Facilities Refunding Reve 1,602,916
6,879,922
TOTAL MUNICIPAL BONDS
(Cost $16,740,580) 20,769,110
MUNICIPAL COLLATERALIZED DEBT OBLIGATION - 0.5% of
Net Assets
3,300,000 (a)(i) Non-Profit Preferred Funding Trust I, 12.0% 1,992,573
TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION
(Cost $3,293,400) 1,992,573
SOVEREIGN DEBT OBLIGATIONS - 1.0% of Net Assets
Argentina - 0.4%
1,200,000 City of Buenos Aires, 12.5%, 4/6/15 (144A) 1,335,000
Russia - 0.6%
2,076,400 (g) Russia Government International Bond, 7.5%, 2,401,357
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $2,648,307) 3,736,357
FLOATING RATE LOAN INTERESTS - 5.2% of Net Assets (j)
Energy - 0.3%
Coal & Consumable Fuels - 0.2%
750,000 Bumi Resources Term Loan, 11.265%, 8/7/13 750,000
Oil & Gas Exploration & Production - 0.1%
443,545 Venoco, Inc., Second Lien Term Loan, 4.3125 425,896
Total Energy 1,175,896
Materials - 0.6%
Diversified Chemicals - 0.2%
413,566 Ineos US Finance LLC, Facility Term Loan B- 427,524
413,883 Ineos US Finance LLC, Facility Term Loan C- 427,851
855,375
Steel - 0.4%
1,571,050 (c)(f) Niagara Corp. Term Loan B, 8.5%, 6/29/14 1,555,340
Total Materials 2,410,715
Commercial & Professional Services - 0.0%
Diversified Support Services - 0.0%
119,378 Rental Service Corp., Second Lien Initial T 116,930
Total Commercial & Professional Services 116,930
Food, Beverage & Tobacco - 0.3%
Packaged Foods & Meats - 0.3%
1,300,000 Pierre Foods, Inc., Second Lien Term Loan, 1,296,208
Total Food, Beverage & Tobacco 1,296,208
Health Care Equipment & Services - 1.0%
Health Care Services - 0.3%
1,146,338 Prime Healthcare Services Term Loan B, 7.25 1,114,813
Health Care Technology - 0.4%
1,400,000 Medical Card 1st Lien Term Loan, 12.0%, 9/1 1,410,500
Managed Health Care - 0.3%
490,116 Aveta, Inc., MMM Term Loan, 8.5%, 4/14/15 486,441
490,117 Aveta, Inc., NAMM Term Loan, 8.5%, 4/14/15 485,624
972,065
Total Health Care Equipment & Services 3,497,378
Automobiles & Components - 0.6%
Auto Parts & Equipment - 0.6%
395,541 HHI Group Holdings LLC, Term Loan, 10.5%, 3 403,452
1,895,250 Metaldyne LLC, First Lien Term Loan B, 7.75 1,928,417
Total Automobiles & Components 2,331,869
Insurance - 0.6%
Multi-Line Insurance - 0.6%
373,797 AmWins Group, Inc., Initial Term Loan 2.80 352,303
2,250,000 AmWins Group, Inc., Second Lien Initial Ter 1,933,126
Total Insurance 2,285,429
Software & Services - 1.5%
Systems Software - 0.8%
1,700,000 Applied Systems, Inc., First Lien Term Loan 1,707,446
1,500,000 BNY Convergex Group, Term Loan, 8.75%, 12/1 1,501,250
3,208,696
Application Software - 0.7%
2,500,000 Vertafore, Inc., Second Lien Term Loan, 9.7 2,526,562
Total Software & Services 5,735,258
Utilities - 0.3%
Electric Utilities - 0.3%
187,625 Texas Competitive Electric Holdings Co. LLC 144,211
1,181,679 Texas Competitive Electric Holdings Co. LLC 915,331
Total Utilities 1,059,542
TOTAL FLOATING RATE LOAN INTERESTS
(Cost $19,878,407) 9,909,225
COMMON STOCKS - 2.9% of Net Assets
Automobiles & Components - 0.5%
Auto Parts & Equipment - 0.5%
19,070 (k) Lear Corp. 1,882,400
Total Automobiles & Components 1,882,400
Capital Goods - 0.1%
Building Products - 0.1%
894 (g)(k)(i)Panolam Holdings Co. 438,060
Total Capital Goods 438,060
Energy - 0.1%
Oil & Gas Drilling - 0.1%
13,045 Rowan Companies, Inc. 455,401
Total Energy 455,401
Materials - 1.5%
Commodity Chemicals - 0.3%
51,005 (k) Georgia Gulf Corp. 1,227,180
Diversified Chemicals - 1.0%
115,678 LyondellBasell Industries NV, Class A 3,979,323
3,979,323
Diversified Metals & Mining - 0.1%
2,600 Freeport-McMoRan Copper & Gold, Inc., Class 312,234
Steel - 0.0%
26,215 (f) KNIA Holdings, Inc., Class A 183,244
Total Materials 5,701,981
Media - 0.2%
Cable & Satellite - 0.2%
17,042 (k) Charter Communications, Inc. 663,615
Total Media 663,615
Pharmaceuticals & Biotechnology & Life Sciences-0.2%
Pharmaceuticals - 0.2%
17,818 Teva Pharmaceutical Industries, Ltd. (A.D.R 928,852
Total Pharmaceuticals & Biotechnology & Lif 928,852
Software & Services - 0.0%
Systems Software - 0.0%
10,942 (f)(k) Perseus Holding Corp. 0
Total Software & Services 0
Transportation - 0.3%
Airlines - 0.3%
97,306 (k) Delta Airlines, Inc. 1,226,056
Total Transportation 1,226,056
TOTAL COMMON STOCKS
(Cost $7,617,513) 11,296,365
CONVERTIBLE PREFERRED STOCK - 0.5% of Net Assets
Diversified Financials - 0.5%
Other Diversified Financial Services - 0.5%
1,880 Bank of America Corp., 7.25% 1,799,104
Total Diversified Financials 1,799,104
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost $1,383,242) 1,799,104
PREFERRED STOCK - 0.0% of Net Assets
Software & Services - 0.0%
Systems Software - 0.0%
5,745 (f) Perseus Holding Corp., 14.0% (144A) 0
TOTAL PREFERRED STOCK
(Cost $0) 0
RIGHTS/WARRANTS - 0.1% of Net Assets
Energy - 0.1%
Oil & Gas Exploration & Production - 0.1%
2,500,000 (k) Norse Energy Corp. ASA, Expires 7/14/11 73,118
1,310,558 (k) Norse Energy Corp. ASA, Expires 6/16/15 135,283
250,000 Panoro Energy Corp. 40,000
Total Energy 248,401
TOTAL RIGHTS/WARRANTS
(Cost $598,018) 248,401
ESCROW HOLDINGS - 0.0% of Net Assets
Automobiles & Components - 0.0%
Auto Parts & Equipment - 0.0%
4,535,000 (f)(k) Lear Corp. 45
Total Automobiles & Components 45
TOTAL ESCROW HOLDINGS
(Cost $0) 45
TEMPORARY CASH INVESTMENTS - 8.2% of Net Assets
Repurchase Agreements - 0.8%
3,100,000 Deutsche Bank AG, 0.28%, dated 12/31/10, re 3,100,000
plus accrued interest on 1/3/11 collateralized by
$3,162,000 Federal National
Mortgage Association, 7.0%, 8/1/38
Total Repurchase Agreements 3,100,000
Securities Lending Collateral - 7.4%(l)
Certificates of Deposit:
810,787 Bank of Nova Scotia, 0.37%, 9/29/11 810,787
567,552 BBVA Group NY, 0.61%, 7/26/11 567,552
591,421 BNP Paribas Bank NY, 0.1%, 1/3/11 591,421
405,395 BNP Paribas Bank NY, 0.29%, 2/8/11 405,395
405,395 BNP Paribas Bank NY, 0.3%, 1/20/11 405,395
810,787 Canadian Imperial Bank of Commerce NY, 0.29 810,787
810,787 DnB NOR Bank ASA NY, 0.25%, 3/7/11 810,787
405,368 National Australia Bank NY, 0.31%, 10/19/11 405,368
810,787 RoboBank Netherland NV NY, 0.31%, 8/8/11 810,787
810,787 Royal Bank of Canada NY, 0.44%, 12/2/11 810,787
405,395 SocGen NY, 0.30%, 2/10/11 405,395
810,787 Westpac Banking Corp. NY, 0.44%, 12/6/11 810,787
7,645,248
Commercial Paper:
486,472 American Honda Finance, 0.30%, 5/4/11 486,472
325,503 American Honda Finance, 1.05%, 6/20/11 325,503
297,836 Australia & New Zealand Banking Group, 0.89 297,836
825,964 Caterpillar Financial Services Corp., 1.05% 825,964
891,866 CBA, 0.32%, 1/3/11 891,866
243,169 CHARFD, 0.26%, 2/8/11 243,169
405,296 FAIRPP, 0.27%, 2/2/11 405,296
416,250 FAIRPP, 0.27%, 3/7/11 416,250
810,855 Federal Home Loan Bank, 0.37%, 6/1/11 810,855
405,389 GE Corp., 0.34%, 1/26/11 405,389
405,533 General Electric Capital Corp., 0.38%, 4/28 405,533
81,047 General Electric Capital Corp., 0.38%, 6/6/ 81,047
810,368 OLDLLC, 0.27%, 3/11/11 810,368
810,462 SEB, 0.39%, 2/7/11 810,462
972,939 SOCNAM, 0.1%, 1/3/11 972,939
405,351 SOCNAM, 0.29%, 1/14/11 405,351
486,164 STDFIN, 0.6%, 2/8/11 486,164
810,607 STRAIT, 0.25%, 2/2/11 810,607
405,366 TBLLC, 0.27%, 1/10/11 405,366
405,296 TBLLC, 0.27%, 2/2/11 405,296
810,787 Toyota Motor Credit Corp., 0.44%, 9/8/11 810,787
324,212 VARFUN, 0.26%, 2/14/11 324,212
494,169 VARFUN, 0.27%, 1/20/11 494,169
486,481 Wachovia, 0.40%, 3/22/11 486,481
324,525 Wachovia, 0.42%, 10/15/11 324,525
13,141,907
Tri-party Repurchase Agreements:
1,183,750 Barclays Capital Markets, 0.2%, 10/1/10 1,183,750
1,621,575 JPMorgan, Inc., 0.22%, 10/1/10 1,621,575
2,351,283 RBS Securities, Inc., 0.25%, 10/1/10 2,351,283
5,156,608
Shares
Money Market Mutual Funds:
1,297,260 Dreyfus Preferred Money Market Fund 1,297,260
1,297,260 Fidelity Prime Money Market Fund 1,297,260
2,594,520
28,538,283 Total Securities Lending Collateral 28,538,283
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $31,638,283) 31,638,283
TOTAL INVESTMENTS IN SECURITIES - 144.3%
(Cost $512,277,415) (m)(n) 555,131,658
OTHER ASSETS AND LIABILITIES - (5.0)% -19,444,536
PREFERRED SHARES AT REDEMPTION VALUE,
INCLUDING DIVIDENDS PAYABLE - (39.3)% -151,008,238
NET ASSETS APPLICABLE TO
COMMON SHAREOWNER 384,678,884
NR Security not rated by S&P or Moody's.
(144A) Security is exempt from registration under Rule 144A
of the Securities Act of 1933. Such
securities may be resold normally to qualified
institutional buyers in a transaction exempt
from registration. At December 31, 2010,
the value of these securities amounted to
$188,780,863 or 49.1% of total net assets applicable
To common shareowners.
(a) Floating rate note. The rate shown is the coupon
rate at December 31, 2010.
(b) Security is in default and is non-income producing.
(c) Payment-in Kind (PIK) security which may pay interest in
additional principal amount.
(d) At December 31, 2010, the following securities were
out on loan:
Principal
Amount
USD($) Description Market
Value
1,386,000 Blue Acquisition Sub, Inc., 9.88%, 10/15/18 1,476,090
1,095,000 Graham Packaging Co., 9.875%, 10/15/14 1,133,325
3,230,000 Graphic Packaging International, Inc., 9.5% 3,294,600
2,242,000 Hercules Offshore, Inc., 10.5%, 10/15/17 1,712,328
1,327,000 Ineos Group Holdings Plc, 8.5%, 2/15/16 (14 1,263,968
1,965,000 LifePoint Hospitals, Inc., 3.25%, 8/15/25 1,962,544
400,000 Manitowoc Co., Inc., 9.5%, 2/15/18 438,000
2,710,000 Northern Tier Energy LLC, 10.5%, 12/1/17 2,764,200
1,149,000 Paetec Holding Corp., 9.5%, 7/15/15 1,189,215
4,565,000 Sally Holdings LLC, 10.5%, 11/15/16 5,032,913
1,774,000 Tower Automotive Holdings USA LLC, 10.625%, 1,898,180
1,499,000 Transocean, Ltd., 1.5%, 12/15/37 1,476,515
3,602,000 Yankee Acquisition Corp., 8.5%, 2/15/15 3,746,080
27,387,956
(e) Security is priced as a unit.
(f) Security is valued using fair value methods
(other than prices supplied by independent pricing
services).
(g) Debt obligation initially issued at one coupon which
converts to
another coupon at a specific date.
The rate shown is the rate at December 31, 2010.
(h) Security is a perpetual bond and has no definite
maturity date.
(i) Indicates a security that has been deemed illiquid.
The aggregate cost of illiquid securities is
$3,731,460. The aggregate value of $2,430,633
represents
0.6% of total net assets applicable to common
shareowners.
(j) Floating rate loan interests in which the Trust
invests generally pay
interest at rates that are periodically redetermined
by
reference to a base lending rate plus a premium.
These base lending
rates are generally (i) the lending rate offered by
one or more major
European banks, such as LIBOR (London InterBank
Offered Rate),
(ii) the prime rate offered by one or more major
United States banks,
(iii) the certificate of deposit (iv) other base
lending rates used by commercial
lenders. The interest rate shown is the rate
accruing at December 31, 2010.
(k) Non-income producing.
(l) Securities lending collateral is managed by Credit
Suisse AG, New York Branch.
(m) At December 31, 2010, the net unrealized gain on
investments
based on cost for federal income tax purposes
Aggregate gross unrealized gain for all investments
in which
there is an excess of value over tax cost 63,968,386
Aggregate gross unrealized loss for all investments
in which
there is an excess of tax cost over valu -1,114,143
Net unrealized gain 42,854,243
For financial reporting purposes net unrealized gain
was $42,854,243
and cost of investments aggregated $512,277,415.
(n) Distribution of investments by country of issue, as a
percentage of
total holdings, is as follows:
United States 81%
Canada 3
Cayman Islands 2
Netherlands 2
Bermuda 2
Norway 2
Brazil 1
United Kingdom 1
Other (individually less than 1%) 5
100%
Note: Principal amounts are denominated in
U.S. dollars unless otherwise denoted.
Euro EURO
Norwegian Krone NOK
Glossary of Terms:
American Depositary Receipt (A.D.R.)
Purchases and sales of securities (excluding
temporary cash
investments) for the nine months ended December 31,
2010, aggregated
$120,355,918 and $35,685,602, respectively.
Various inputs are used in determining the value of the
Trust's investments. These inputs are summarized in
the
three broad levels listed below.
Highest priority is given to Level 1 inputs and lowest
priority is given to Level 3.
Level 1 - quoted prices in active markets for identical
securities
Level 2 - other significant observable inputs
(including
quoted prices for similar securities, interest
rates,
prepayment speeds, credit risk, etc.)
Level 3 - significant unobservable inputs (including
the
Trust's own assumptions in determining fair value
of
investments)
The following is a summary of the inputs used as of
December
31, 2010, in valuing the Trust's assets:
Level 1 Level 2 Level 3 Total
Asset backed securities $0 $10,346,775 $0 $10,346,775
Collateralized mortgage b 0 2,857,003 0 2,857,003
Corporate bonds & notes (environ 0 1,257,091 133,493 1,390,584
Corporate bonds & notes (systems 0 0 2,831,636 2,831,636
Corporate bonds & notes (casinos 0 0 1,209,500 1,209,500
Corporate bonds & notes (other) 0 420,860,520 0 420,860,520
Convertible bonds & notes 0 24,425,977 0 24,425,977
Municipal bonds 0 20,769,080 0 20,769,080
Municipal collaterized debt 0 1,992,573 0 1,992,573
Sovereign debt obligation 0 3,736,357 0 3,736,357
Floating rate loans (steel) 0 0 1,555,340 1,555,340
Floating rate loans (other indus 0 18,353,885 0 18,353,885
Common stock (steel) 0 0 183,244 183,244
Common stock (building products) 0 0 438,060 438,060
Common stock (other industries) 10,675,061 0 0 10,675,061
Convertible preferred stocks 0 1,799,104 0 1,799,104
Rights/Warrants 248,401 0 0 248,401
Escrow holdings 0 0 45 45
Temporary Cash Investments 0 29,043,763 0 29,043,763
Money market mutual funds 2,594,520 0 0 2,594,520
Total $13,517,982 $535,262,128 $6,351,548 $555,131,658
The following is a reconciliation of assets valued
using significant unobservable inputs (level 3):
Balance Change in unreal. Net purch Transfer Balance as
of 3/31/10 app (dep) (sales) in/out of of 12/31/10
Level 3
Corporate bonds (environ) $0 $5,993 $0 $127,500 $133,493
Corporate bonds(system)2,585,250 (82,195) 328,781 0 2,831,836
Corporate bonds(casinos) 0 0 1,209,500 0 1,209,500
Muncipial bonds (Michigan) 0 30 0 0 30
Floating rate loan 1,546,097 (4,008) 13,251 0 1,555,340
Common stock (steel) 203,428 (20,184) 0 0 183,244
Common stock (building) 438,060 0 0 0 438,060
Escrow holdings 0 0 0 45 45
Ending balance $4,772,835 ($100,364) $1,551,532 ($127,545) $3,433,981
* Transfers are calculated beginning of period.
ITEM 2. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive
and principal financial officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph, based on the
evaluation of these controls and procedures required by Rule 30a-3(b)
under the Act (17 CFR 270.30a-3(b))) and Rule 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer and principal financial officer
have concluded that the registrant's disclosure controls and procedures are
effective based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of this report.
(b) Disclose any change in the registrant's internal controls over financial
reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))
that occurred during the registrant's last fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting.
There were no significant changes in the registrant's internal control over
financial reporting that occurred during the second fiscal quarter of the
period covered by this report that have materially affected, or are
reasonably likely to materially affect, the registrant's internal control
over financial reporting.
ITEM 3. EXHIBITS.
(a) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer High Income Trust
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date March 1, 2011
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date March 1, 2011
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date March 1, 2011
* Print the name and title of each signing officer under his or her signature.