phtnq.htm
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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, 2014

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.


<PAGE>
ITEM 1. Schedule of Investments.

File the schedules as of the close of the reporting period as set forth in
ss. 210.12-12  12-14 of Regulation S-X [17 CFR 210.12-12  12-14]. The
schedules need not be audited.



   
Pioneer High
   
Income Trust
     
     
     
     
     
     
     
   
NQ | December 31, 2014
     
     
   
Ticker Symbol: PHT






 
 
Schedule of Investments  |  12/31/14 (unaudited)


 
Principal
Amount
USD ($)
 
Value
       
   
ASSET BACKED SECURITIES -  1.2% of Net Assets
 
       
   
BANKS - 0.2%
 
   
Thrifts & Mortgage Finance - 0.2%
 
 
  412,000(a)
Citicorp Residential Mortgage Trust, Series 2006-2, Class M1, 5.918%, 9/25/36     
$ 369,934 
 
  242,692(b)
Security National Mortgage Loan Trust, Series 2007-1A, Class 1A3, 6.55%, 4/25/37 (144A)   
  245,832 
   
Total Banks 
$ 615,766 
       
       
   
CONSUMER SERVICES - 0.4%
 
   
Hotels, Resorts, Cruise Lines - 0.4%
 
 
  155,581 
Westgate Resorts LLC, Series 2012-2A, Class C, 9.0%, 1/20/25 (144A)   
$ 158,596 
 
  946,729 
Westgate Resorts LLC, Series 2012-BA, Class A, 9.5%, 2/20/25 (144A)   
  984,040 
 
  134,007 
Westgate Resorts LLC, Series 2013-1A, Class B, 3.75%, 8/20/25 (144A)   
  134,796 
   
Total Consumer Services 
$ 1,277,432 
       
       
   
DIVERSIFIED FINANCIALS - 0.2%
 
   
Thrifts & Mortgage Finance - 0.2%
 
 
  660,000(b)
GMAT Trust, Series 2013-1A, Class M, 5.0%, 11/25/43 (144A)   
$ 625,425 
       
   
Total Diversified Financials 
$ 625,425 
       
       
   
TRANSPORTATION - 0.4%
 
   
Airlines - 0.4%
 
 
  1,215,688(c)
Aircraft Finance Trust, Series 1999-1A, Class A1, 0.641%, 5/15/24 (144A)  
$ 474,118 
 
  566,186(c)
Aviation Capital Group Trust, Series 2000-1A, Class A1, 0.641%, 11/15/25 (144A)   
  232,136 
 
  1,348,890(c)
Lease Investment Flight Trust, Series 1, Class A1, 0.551%, 7/15/31     
  876,779 
   
Total Transportation 
$ 1,583,033 
       
   
TOTAL ASSET BACKED SECURITIES
 
   
(Cost  $4,459,340)
$ 4,101,656 
   
COLLATERALIZED MORTGAGE OBLIGATIONS -  1.5% of Net Assets
 
       
   
BANKS - 0.8%
 
   
Thrifts & Mortgage Finance - 0.8%
 
 
  850,000(c)
BAMLL Commercial Mortgage Securities Trust, Series 2014-INLD, Class F, 2.693%, 12/15/29 (144A)   
$ 755,049 
 
  252,015 
Homeowner Assistance Program Reverse Mortgage Loan Trust, Series 2013-RM1, Class A, 4.0%, 5/26/53 (144A)   
  246,118 
 
  250,000(b)
Springleaf Mortgage Loan Trust, Series 2013-1A, Class B1, 5.58%, 6/25/58 (144A)   
  258,159 
 
  498,000(b)
Wachovia Bank Commercial Mortgage Trust, Series 2006-C24, Class AJ, 5.658%, 3/15/45     
  508,062 
 
  900,000(b)
Wachovia Bank Commercial Mortgage Trust, Series 2007-C34, Class AJ, 5.95%, 5/15/46     
  930,631 
   
Total Banks 
$ 2,698,019 
       
       
   
DIVERSIFIED FINANCIALS - 0.7%
 
   
Other Diversified Financial Services - 0.2%
 
 
  700,000(b)
LB-UBS Commercial Mortgage Trust, Series 2005-C2, Class C, 5.256%, 4/15/40     
$ 704,992 
       
   
Thrifts & Mortgage Finance - 0.5%
 
 
  586,769(a)
CAM Mortgage Trust, Series 2014-1, Class M, 5.5%  , 12/15/53 (144A)   
$ 587,156 
 
  200,000 
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2006-CB16, Class AJ, 5.623%, 5/12/45     
  204,955 
 
  650,000(b)
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-LD12, Class AJ, 6.011%, 2/15/51     
  658,325 
 
  375,000(c)
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-FL3, Class E, 2.952%, 4/15/28 (144A)   
  374,860 
     
$ 1,825,296 
   
Total Diversified Financials 
$ 2,530,288 
       
   
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
 
   
(Cost  $5,136,587)
$ 5,228,307 
   
SENIOR SECURED FLOATING RATE LOAN INTERESTS -  7.2% of Net Assets * (c)
 
       
   
CAPITAL GOODS - 0.4%
 
   
Industrial Conglomerates - 0.4%
 
 
  1,240,000 
Filtration Group Corp., Second Lien Initial Term Loan, 8.25%, 11/22/21   
$ 1,244,650 
       


   
Total Capital Goods 
$ 1,244,650 
       

 
Principal
Amount
USD ($)
 
Value
       
   
CONSUMER SERVICES - 0.8%
 
   
Education Services - 0.8%
 
 
  2,871,000 
McGraw-Hill School Education Holdings LLC, Term B Loan, 6.25%, 12/18/19   
$ 2,869,803 
       
   
Total Consumer Services 
$ 2,869,803 
       
       
   
ENERGY - 1.3%
 
   
Coal & Consumable Fuels - 0.1%
 
 
  587,500 
PT Bumi Resources Tbk, Term Loan, 18.0%, 8/15/14   
$ 235,000 
   
Oil & Gas Drilling - 0.2%
 
 
  1,050,500 
Jonah Energy LLC, Second Lien Initial Loan, 7.5%, 5/12/21   
$ 908,683 
   
Oil & Gas Equipment & Services - 0.4%
 
 
  1,950,000 
Templar Energy LLC, Second Lien New Term Loan, 8.5%, 11/25/20   
$ 1,408,875 
   
Oil & Gas Exploration & Production - 0.6%
 
 
  2,664,204 
Fieldwood Energy LLC, Closing Date Second Lien Term Loan, 8.375%, 9/30/20   
$ 1,962,186 
   
Total Energy 
$ 4,514,744 
       
       
   
FOOD, BEVERAGE & TOBACCO - 0.9%
 
   
Agricultural Products - 0.3%
 
 
  1,046,525 
Arysta LifeScience SPC LLC, Initial Second Lien Term Loan, 8.25%, 11/30/20   
$ 1,045,871 
   
Packaged Foods & Meats - 0.6%
 
 
  2,163,650 
New HB Acquisition LLC, Term B Loan, 6.75%, 4/9/20   
$ 2,206,923 
   
Total Food, Beverage & Tobacco 
$ 3,252,794 
       
       
   
HEALTH CARE EQUIPMENT & SERVICES - 1.0%
 
   
Health Care Equipment & Services - 0.3%
 
 
  875,000 
Accellent, Inc. (Medical Device/UTI), Second Lien Term Loan, 7.5%, 3/11/22   
$ 826,875 
   
Health Care Services - 0.4%
 
 
  1,336,128 
Gentiva Health Services, Inc., Initial Term Loan B, 6.5%, 10/18/19   
$ 1,337,798 
   
Health Care Technology - 0.3%
 
 
  1,146,654 
Medical Card System, Inc., Term Loan, 10.0%, 3/17/17   
$ 1,100,788 
   
Total Health Care Equipment & Services 
$ 3,265,461 
       
       
   
INSURANCE - 0.6%
 
   
Property & Casualty Insurance - 0.6%
 
 
  1,885,452 
Confie Seguros Holding II Co., Second Lien Term Loan, 10.25%, 5/8/19   
$ 1,884,666 
       
   
Total Insurance 
$ 1,884,666 
       
       
   
MATERIALS - 0.2%
 
   
Diversified Metals & Mining - 0.0%†
 
 
  100,918(d)
PT Bakrie & Brothers Tbk, Facility Term Loan B, 0.0%, 1/20/13   
$ 34,312 
   
Steel - 0.2%
 
 
  588,525 
Essar Steel Algoma Inc., Initial Term Loan, 7.5%, 8/16/19   
$ 586,318 
   
Total Materials 
$ 620,630 
       
       
   
MEDIA - 0.3%
 
   
Publishing - 0.3%
 
 
  483,348 
Cengage Learning Acquisitions, Inc. (fka TL Acquisitions, Inc.), Term Loan, 7.0%, 3/31/20   
$ 479,118 
 
  379,280 
Lee Enterprises, Inc., First Lien Term Loan, 7.25%, 3/31/19   
  378,332 
   
Total Media 
$ 857,450 
       
       
   
RETAILING - 0.8%
 
   
Automotive Retail - 0.5%
 
 
  1,608,750 
CWGS Group LLC, Term Loan, 5.75%, 2/20/20   
$ 1,602,717 
   
Computer & Electronics Retail - 0.3%
 
 
  1,354,709 
Targus Group International, Inc., Term Loan, 12.0%, 5/24/16   
$ 1,104,088 
   
Total Retailing 
$ 2,706,805 
       
       
   
SOFTWARE & SERVICES - 0.7%
 
   
Application Software - 0.7%
 
 
  2,500,000 
Vertafore, Inc., Second Lien Term Loan, 9.75%, 10/27/17   
$ 2,514,582 
       
   
Total Software & Services 
$ 2,514,582 
       

 
Principal
Amount
USD ($)
 
Value
       
   
UTILITIES - 0.2%
 
   
Electric Utilities - 0.2%
 
 
  1,316,443 
Texas Competitive Electric Holdings Co., LLC, 2017 Term Loan, 4.648%, 10/10/17   
$ 852,397 
       
   
Total Utilities 
$ 852,397 
       
   
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
 
   
(Cost  $26,801,435)
$ 24,583,982 
   
CORPORATE BONDS & NOTES -  108.9% of Net Assets
 
       
   
AUTOMOBILES & COMPONENTS - 3.1%
 
   
Auto Parts & Equipment - 1.1%
 
 
  1,140,000(e)
International Automotive Components Group SA, 9.125%, 6/1/18 (144A)   
$ 1,188,450 
 
  580,000 
Pittsburgh Glass Works LLC, 8.0%, 11/15/18 (144A)   
  611,900 
 
  2,035,000(e)
Stackpole International Intermediate / Stackpole International Powder, 7.75%, 10/15/21 (144A)   
  2,035,000 
     
$ 3,835,350 
   
Automobile Manufacturers - 2.0%
 
 
  6,000,000(e)
Chrysler Group LLC/CG Co-Issuer, Inc., 8.0%, 6/15/19     
$ 6,307,500 
 
  500,000(e)
Chrysler Group LLC/CG Co-Issuer, Inc., 8.25%, 6/15/21     
  553,750 
     
$ 6,861,250 
   
Total Automobiles & Components 
$ 10,696,600 
       
       
   
BANKS - 1.2%
 
   
Regional Banks - 0.4%
 
 
  1,225,000(b)(e)(f)
PNC Financial Services Group, Inc., 4.451%, 5/29/49     
$ 1,225,000 
       
   
Thrifts & Mortgage Finance - 0.8%
 
 
  2,925,000(e)
Provident Funding Associates LP / PFG Finance Corp., 6.75%, 6/15/21 (144A)   
$ 2,837,250 
       
   
Total Banks 
$ 4,062,250 
       
       
   
CAPITAL GOODS - 6.9%
 
   
Aerospace & Defense - 1.8%
 
 
  2,200,000 
ADS Tactical, Inc., 11.0%, 4/1/18 (144A)   
$ 2,134,000 
 
  3,084,000(e)
DynCorp International, Inc., 10.375%, 7/1/17     
  2,621,400 
 
  1,025,000 
LMI Aerospace, Inc., 7.375%, 7/15/19 (144A)   
  999,375 
 
  525,000 
Triumph Group, Inc., 5.25%, 6/1/22     
  523,687 
     
$ 6,278,462 
   
Building Products - 0.1%
 
 
  400,000 
Griffon Corp., 5.25%, 3/1/22     
$ 374,500 
       
   
Construction & Engineering - 0.4%
 
 
  1,500,000(e)
Abengoa Finance SAU, 8.875%, 11/1/17 (144A)   
$ 1,425,000 
       
   
Construction & Farm Machinery & Heavy Trucks - 0.6%
 
 
  2,000,000 
Navistar International Corp., 8.25%, 11/1/21     
$ 1,972,500 
       
   
Electrical Components & Equipment - 0.6%
 
 
  2,000,000(e)
WireCo WorldGroup, Inc., 9.5%, 5/15/17     
$ 2,015,000 
       
   
Industrial Conglomerates - 0.4%
 
 
  253,000(e)
Boart Longyear Management Pty, Ltd., 10.0%, 10/1/18 (144A)   
$ 263,120 
 
  605,000 
JB Poindexter & Co., Inc., 9.0%, 4/1/22 (144A)   
  653,400 
 
  415,000 
Waterjet Holdings, Inc., 7.625%, 2/1/20 (144A)   
  427,450 
     
$ 1,343,970 
   
Industrial Machinery - 2.2%
 
 
  1,075,000 
Apex Tool Group LLC, 7.0%, 2/1/21 (144A)   
$ 919,125 
 
  1,040,000(e)
Cleaver-Brooks, Inc., 8.75%, 12/15/19 (144A)   
  1,094,600 
 
  1,080,000(e)
Liberty Tire Recycling, 11.0%, 10/1/16 (144A)   
  899,100 
 
  4,500,000(e)
Xerium Technologies, Inc., 8.875%, 6/15/18     
  4,727,813 
     
$ 7,640,638 
   
Trading Companies & Distributors - 0.8%
 
 
  2,510,000 
TRAC Intermodal LLC / TRAC Intermodal Corp., 11.0%, 8/15/19     
$ 2,710,800 
       
   
Total Capital Goods 
$ 23,760,870 
       
       
   
COMMERCIAL & PROFESSIONAL SERVICES - 1.9%
 
   
Commercial Printing - 0.7%
 
 
  1,675,000 
Multi-Color Corp., 6.125%, 12/1/22 (144A)   
$ 1,675,000 
 
  700,000 
Mustang Merger Corp., 8.5%, 8/15/21 (144A)   
  665,000 
     
$ 2,340,000 
   
Diversified Support Services - 1.2%
 
 
  3,900,000(e)
NANA Development Corp., 9.5%, 3/15/19 (144A)   
$ 3,510,000 

 
Principal
Amount
USD ($)
 
Value
   
Diversified Support Services (continued)
 
 
  660,000 
Transfield Services, Ltd., 8.375%, 5/15/20 (144A)   
 $ 702,900 
     
$ 4,212,900 
   
Environmental & Facilities Services - 0.0%
 
 
  2,180,000(d)(g)
Old AII, Inc., 10.0%, 12/15/16     
$ 22 
       
   
Total Commercial & Professional Services 
$ 6,552,922 
       
       
   
CONSUMER DURABLES & APPAREL - 4.3%
 
   
Homebuilding - 0.8%
 
 
  750,000(e)
Beazer Homes USA, Inc., 9.125%, 5/15/19     
$ 783,750 
 
  1,975,000(e)
Rialto Holdings LLC / Rialto Corp., 7.0%, 12/1/18 (144A)   
  2,004,625 
 
  200,000(d)(g)
Urbi Desarrollos Urbanos SAB de CV, 9.75%, 2/3/22 (144A)   
  20,000 
     
$ 2,808,375 
   
Housewares & Specialties - 1.8%
 
 
  1,435,000(e)
Jarden Corp., 7.5%, 5/1/17     
$ 1,571,325 
 
  3,000,000(e)
Reynolds Group Issuer, Inc., 9.0%, 4/15/19     
  3,105,000 
 
  1,430,000(e)
Reynolds Group Issuer, Inc., 9.875%, 8/15/19     
  1,515,800 
     
$ 6,192,125 
   
Leisure Products - 1.6%
 
EUR
  800,000 
Heckler & Koch GmbH, 9.5%, 5/15/18 (144A)   
$ 743,093 
 
  4,000,000 
Icon Health & Fitness, Inc., 11.875%, 10/15/16 (144A)   
  3,760,000 
 
  880,000 
PC Nextco Holdings LLC / PC Nextco Finance, Inc., 8.75%, 8/15/19     
  884,400 
     
$ 5,387,493 
   
Textiles - 0.1%
 
 
  460,000 
Polymer Group, Inc., 6.875%, 6/1/19 (144A)   
$ 441,600 
       
   
Total Consumer Durables & Apparel 
$ 14,829,593 
       
       
   
CONSUMER SERVICES - 4.1%
 
   
Business Services - 0.7%
 
 
  1,750,000(e)
Sitel LLC / Sitel Finance Corp., 11.0%, 8/1/17 (144A)   
$ 1,741,250 
 
  1,000,000 
Sitel LLC / Sitel Finance Corp., 11.5%, 4/1/18     
  785,000 
     
$ 2,526,250 
   
Casinos & Gaming - 2.4%
 
 
  643,728(d)(g)(h)
Mashantucket Western Pequot Tribe, 6.5% (6.5% PIK 1.0% cash), 7/1/36    
$ 6,437 
 
  1,700,000(e)
MGM Resorts International, 6.0%, 3/15/23     
  1,708,500 
 
  1,225,000 
Scientific Games International, Inc., 6.25%, 9/1/20     
  857,500 
 
  3,000,000(e)
Scientific Games International, Inc., 6.625%, 5/15/21 (144A)   
  2,092,500 
 
  3,800,000(e)
Scientific Games International, Inc., 10.0%, 12/1/22 (144A)   
  3,481,750 
     
$ 8,146,687 
   
Education Services - 0.2%
 
 
  555,000 
Cambium Learning Group, Inc., 9.75%, 2/15/17     
$ 543,900 
       
   
Restaurants - 0.6%
 
 
  2,000,000(e)
PF Chang's China Bistro, Inc., 10.25%, 6/30/20 (144A)   
$ 1,995,000 
       
   
Specialized Consumer Services - 0.2%
 
 
  740,000(e)
StoneMor Partners LP / Cornerstone Family Services of WV, 7.875%, 6/1/21     
$ 754,800 
       
   
Total Consumer Services 
$ 13,966,637 
       
       
   
DIVERSIFIED FINANCIALS - 6.1%
 
   
Asset Management & Custody Banks - 0.3%
 
 
  975,000(e)
Janus Capital Group, Inc., 6.7%, 6/15/17     
$ 1,078,765 
       
   
Consumer Finance - 0.7%
 
 
  1,030,000(e)
Jefferies Finance LLC / JFIN Co-Issuer Corp., 7.375%, 4/1/20 (144A)   
$ 957,900 
 
  1,720,000(e)
TMX Finance LLC / TitleMax Finance Corp., 8.5%, 9/15/18 (144A)   
  1,444,800 
     
$ 2,402,700 
   
Diversified Banks - 0.3%
 
 
  1,200,000(b)
Access Bank Plc, 9.25%, 6/24/21 (144A)   
$ 1,104,000 
       
   
Diversified Capital Markets - 0.2%
 
 
  700,000(b)(e)(f)
Credit Suisse Group AG, 7.5%, 12/29/49 (144A)   
$ 728,000 
       
   
Investment Banking & Brokerage - 0.5%
 
 
  2,325,000(b)(e)(f)
Goldman Sachs Capital II, 4.0%, 12/29/49     
$ 1,708,875 
       
   
Multi-Sector Holdings - 0.5%
 
 
  2,200,000(e)
Constellation Enterprises LLC, 10.625%, 2/1/16 (144A)   
$ 1,727,000 
       
   
Other Diversified Financial Services - 1.3%
 
 
  2,250,000(b)(e)(f)
Bank of America Corp., 6.25%, 9/29/49     
$ 2,223,984 
 
  3,000,000(a)(e)(g)(i)
Fixed Income Trust Series 2013-A, 0.0%, 10/15/97 (144A)   
  2,158,604 
     
$ 4,382,588 

 
Principal
Amount
USD ($)
 
Value
   
Specialized Finance - 2.3%
 
 
  845,000(h)
AAF Holdings LLC / AAF Finance Co., 12.0% (12.5% PIK 12.0% cash), 7/1/19 (144A)   
$ 819,650 
 
  1,645,000(e)
DFC Finance Corp., 10.5%, 6/15/20 (144A)   
  1,394,137 
 
  1,410,000 
Global Partners LP / GLP Finance Corp., 6.25%, 7/15/22 (144A)   
  1,367,700 
 
  425,000 
Nationstar Mortgage LLC / Nationstar Capital Corp., 6.5%, 7/1/21     
  386,750 
 
  2,845,000 
Nationstar Mortgage LLC / Nationstar Capital Corp., 6.5%, 6/1/22     
  2,596,063 
 
  1,325,000 
Ocwen Financial Corp., 6.625%, 5/15/19 (144A)   
  1,212,375 
     
$ 7,776,675 
   
Total Diversified Financials 
$ 20,908,603 
       
       
   
ENERGY - 16.6%
 
   
Coal & Consumable Fuels - 0.4%
 
 
  670,000 
Alpha Natural Resources, Inc., 7.5%, 8/1/20 (144A)   
$ 422,100 
 
  2,125,000(d)
James River Coal Co., 7.875%, 4/1/19     
  5,312 
 
  800,000(e)
Murray Energy Corp., 8.625%, 6/15/21 (144A)   
  764,000 
     
$ 1,191,412 
   
Integrated Oil & Gas - 0.5%
 
 
  380,000 
American Energy-Permian Basin LLC / AEPB Finance Corp., 7.375%, 11/1/21 (144A)   
$ 279,300 
 
  1,214,000 
Energy XXI Gulf Coast, Inc., 6.875%, 3/15/24 (144A)   
  655,560 
 
  750,000 
YPF SA, 8.875%, 12/19/18 (144A)   
  775,575 
     
$ 1,710,435 
   
Oil & Gas Drilling - 1.1%
 
 
  1,500,000(e)
Hercules Offshore, Inc., 8.75%, 7/15/21 (144A)   
$ 690,000 
 
  2,500,000 
Ocean Rig UDW, Inc., 7.25%, 4/1/19 (144A)   
  1,750,000 
 
  1,800,000(e)
Shelf Drill Holdings, Ltd., 8.625%, 11/1/18 (144A)   
  1,476,000 
     
$ 3,916,000 
   
Oil & Gas Equipment & Services - 1.0%
 
 
  1,020,000 
McDermott International, Inc., 8.0%, 5/1/21 (144A)   
$ 714,000 
 
  1,500,000 
Sanjel Corp., 7.5%, 6/19/19 (144A)   
  1,125,000 
 
  1,750,000 
Seitel, Inc., 9.5%, 4/15/19     
  1,452,500 
     
$ 3,291,500 
   
Oil & Gas Exploration & Production - 11.5%
 
 
  1,435,000 
Approach Resources, Inc., 7.0%, 6/15/21     
$ 1,061,900 
 
  4,332,000(e)
Comstock Resources, Inc., 7.75%, 4/1/19     
  3,075,720 
 
  3,850,000(e)
EP Energy LLC / EP Energy Finance, Inc., 9.375%, 5/1/20     
  3,888,500 
 
  1,295,000(e)
EPL Oil & Gas, Inc., 8.25%, 2/15/18     
  984,200 
 
  2,015,000 
Gulfport Energy Corp., 7.75%, 11/1/20     
  1,969,662 
 
  785,000(e)
Halcon Resources Corp., 8.875%, 5/15/21     
  590,712 
 
  1,205,000(e)
Halcon Resources Corp., 9.25%, 2/15/22     
  888,688 
 
  3,360,000(e)
Halcon Resources Corp., 9.75%, 7/15/20     
  2,520,000 
 
  1,140,000 
Jupiter Resources, Inc., 8.5%, 10/1/22 (144A)   
  857,850 
 
  1,050,000 
Legacy Reserves LP / Legacy Reserves Finance Corp., 6.625%, 12/1/21 (144A)   
  855,750 
 
  900,000 
Legacy Reserves LP / Legacy Reserves Finance Corp., 6.625%, 12/1/21     
  733,500 
 
  2,235,000(e)
Lightstream Resources, Ltd., 8.625%, 2/1/20 (144A)   
  1,564,500 
 
  800,000 
Linn Energy LLC / Linn Energy Finance Corp., 6.5%, 9/15/21     
  648,000 
 
  2,610,000 
Memorial Production Partners LP / Memorial Production Finance Corp., 6.875%, 8/1/22 (144A)   
  1,983,600 
 
  2,000,000(e)
Midstates Petroleum Co., Inc., 9.25%, 6/1/21     
  1,000,000 
 
  1,050,000(e)
Midstates Petroleum Co., Inc., 10.75%, 10/1/20     
  556,500 
 
  1,050,000 
MIE Holdings Corp., 7.5%, 4/25/19 (144A)   
  792,750 
 
  590,000 
Parsley Energy LLC / Parsley Finance Corp., 7.5%, 2/15/22 (144A)   
  559,025 
 
  2,485,000 
Penn Virginia Corp., 7.25%, 4/15/19     
  1,938,300 
 
  2,750,000 
PetroQuest Energy, Inc., 10.0%, 9/1/17     
  2,406,250 
 
  3,380,000 
Quicksilver Resources, Inc., 7.125%, 4/1/16     
  270,400 
 
  900,000 
Rice Energy, Inc., 6.25%, 5/1/22 (144A)   
  837,000 
 
  735,000 
RSP Permian, Inc., 6.625%, 10/1/22 (144A)   
  683,550 
 
  5,500,000(e)
Samson Investment Co., 9.75%, 2/15/20     
  2,279,063 
 
  4,035,000(e)
Sanchez Energy Corp., 7.75%, 6/15/21     
  3,752,550 
 
  2,770,000(e)
Talos Production LLC / Talos Production Finance, Inc., 9.75%, 2/15/18 (144A)   
  2,520,700 
     
$ 39,218,670 
   
Oil & Gas Refining & Marketing - 1.6%
 
 
  3,100,000 
Calumet Specialty Products Partners LP / Calumet Finance Corp., 6.5%, 4/15/21 (144A)   
$ 2,759,000 
 
  3,000,000(e)
Seven Generations Energy, Ltd., 8.25%, 5/15/20 (144A)   
  2,880,000 
     
$ 5,639,000 

 
Principal
Amount
USD ($)
 
Value
   
Oil & Gas Storage & Transportation - 0.5%
 
 
  1,524,000(c)(e)
Energy Transfer Partners LP, 3.25%, 11/1/66     
$ 1,363,980 
 
  350,000(b)(e)
Enterprise Products Operating LLC, 8.375%, 8/1/66     
  375,813 
     
$ 1,739,793 
   
Total Energy 
$ 56,706,810 
       
       
   
FOOD, BEVERAGE & TOBACCO - 6.7%
 
   
Agricultural Products - 1.2%
 
 
  2,100,000(e)
Pinnacle Operating Corp., 9.0%, 11/15/20 (144A)   
$ 2,163,000 
 
  1,215,000 
Southern States Cooperative, Inc., 10.0%, 8/15/21 (144A)   
  1,038,825 
 
  1,100,000 
Tonon Bioenergia SA, 9.25%, 1/24/20 (144A)   
  610,500 
 
  575,000 
Tonon Luxembourg SA, 10.5%, 5/14/24 (144A)   
  431,250 
     
$ 4,243,575 
   
Packaged Foods & Meats - 4.5%
 
 
  775,000 
Bertin SA / Bertin Finance, Ltd., 10.25%, 10/5/16 (144A)   
$ 840,875 
 
  1,250,000 
CFG Investment SAC, 9.75%, 7/30/19 (144A)   
  1,087,500 
 
  388,000(e)
Chiquita Brands International, Inc. / Chiquita Brands LLC, 7.875%, 2/1/21  
  417,100 
 
  3,500,000(e)
FAGE Dairy Industry SA / FAGE USA Dairy Industry, Inc., 9.875%, 2/1/20 (144A)   
  3,657,500 
 
  1,240,000 
Marfrig Holding Europe BV, 6.875%, 6/24/19 (144A)   
  1,153,200 
 
  1,000,000 
Marfrig Holding Europe BV, 8.375%, 5/9/18 (144A)   
  985,000 
 
  1,200,000 
Marfrig Holding Europe BV, 11.25%, 9/20/21 (144A)   
  1,249,200 
 
  3,400,000(e)
Minerva Luxembourg SA, 7.75%, 1/31/23 (144A)   
  3,332,000 
 
  400,000 
Minerva Luxembourg SA, 12.25%, 2/10/22 (144A)   
  460,400 
 
  2,100,000 
Post Holdings, Inc., 7.375%, 2/15/22     
  2,100,000 
     
$ 15,282,775 
   
Tobacco - 1.0%
 
 
  3,835,000(e)
Alliance One International, Inc., 9.875%, 7/15/21     
$ 3,422,738 
       
   
Total Food, Beverage & Tobacco 
$ 22,949,088 
       
       
   
HEALTH CARE EQUIPMENT & SERVICES - 6.9%
 
   
Health Care Equipment & Services - 1.2%
 
 
  3,799,000(e)
Physio-Control International, Inc., 9.875%, 1/15/19 (144A)   
$ 4,026,940 
       
   
Health Care Facilities - 1.8%
 
 
  2,560,000(e)
CHS/Community Health Systems, Inc., 6.875%, 2/1/22     
$ 2,712,000 
 
  2,400,000 
Kindred Healthcare, Inc., 6.375%, 4/15/22 (144A)   
  2,286,000 
 
  600,000(e)
United Surgical Partners International, Inc., 9.0%, 4/1/20     
  644,250 
 
  835,000 
Universal Hospital Services, Inc., 7.625%, 8/15/20     
  718,100 
     
$ 6,360,350 
   
Health Care Services - 2.0%
 
 
  2,250,000(e)
BioScrip, Inc., 8.875%, 2/15/21 (144A)   
$ 2,025,000 
 
  2,527,000(e)
Gentiva Health Services, Inc., 11.5%, 9/1/18     
  2,688,728 
 
  2,000,000 
Kindred Escrow Corp. II, 8.0%, 1/15/20 (144A)   
  2,125,000 
     
$ 6,838,728 
   
Health Care Supplies - 0.9%
 
 
  3,000,000(e)
Immucor, Inc., 11.125%, 8/15/19     
$ 3,240,000 
       
   
Health Care Technology - 0.3%
 
 
  900,000(e)
Emdeon, Inc., 11.0%, 12/31/19     
$ 978,750 
       
   
IT Consulting & Other Services - 0.7%
 
 
  2,380,000(e)
Truven Health Analytics, Inc., 10.625%, 6/1/20     
$ 2,320,500 
       
   
Total Health Care Equipment & Services 
$ 23,765,268 
       
       
   
HOUSEHOLD & PERSONAL PRODUCTS - 1.5%
 
   
Household Products - 0.3%
 
 
  1,160,000 
Springs Industries, Inc., 6.25%, 6/1/21     
$ 1,154,200 
       
   
Personal Products - 1.2%
 
 
  1,745,000 
Albea Beauty Holdings SA, 8.375%, 11/1/19 (144A)   
$ 1,832,250 
 
  2,315,000(e)
Monitronics International, Inc., 9.125%, 4/1/20     
  2,186,228 
     
$ 4,018,478 
   
Total Household & Personal Products 
$ 5,172,678 
       
       
   
INSURANCE - 10.6%
 
   
Insurance Brokers - 0.5%
 
GBP
  1,625,000(e)
Towergate Finance Plc, 10.5%, 2/15/19 (144A)   
$ 721,780 
 
  1,000,000(e)
USI, Inc., 7.75%, 1/15/21 (144A)   
  975,000 
     
$ 1,696,780 
   
Multi-Line Insurance - 1.9%
 
 
  3,075,000(b)(e)
Liberty Mutual Group, Inc., 10.75%, 6/15/58 (144A)   
$ 4,746,622 

 
Principal
Amount
USD ($)
 
Value
   
Multi-Line Insurance (continued)
 
 
  1,100,000(e)
MetLife, Inc., 10.75%, 8/1/39     
  $ 1,787,500 
     
$ 6,534,122 
   
Property & Casualty Insurance - 2.0%
 
 
  5,300,000(e)
Hanover Insurance Corp., 7.625%, 10/15/25     
$ 6,391,487 
 
  265,000(b)(e)(f)
White Mountains Insurance Group, Ltd., 7.506%, 5/29/49 (144A)   
  275,865 
     
$ 6,667,352 
   
Reinsurance - 6.2%
 
 
  400,000(g)
Arlington Segregated Account (Kane SAC Ltd.), Variable Rate Notes,  8/1/15
$ 432,560 
 
  250,000(c)
Atlas Reinsurance VII, Ltd., 8.125%, 1/7/16 (144A) (Cat Bond)   
  256,750 
 
  500,000(c)
Blue Danube II, Ltd., 4.279%, 5/23/16 (144A) (Cat Bond)   
  503,800 
 
  400,000(c)
Caelus Re 2013, Ltd., 6.88%, 4/7/17 (144A) (Cat Bond)   
  416,440 
 
  500,000(c)
Caelus Re, Ltd., 5.28%, 3/7/16 (144A) (Cat Bond)   
  506,400 
 
  560,000 
Carnoustie Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 2/19/16
  560,000 
 
  250,000(c)
Combine Re, Ltd., 10.03%, 1/7/15 (144A) (Cat Bond)  
  249,975 
 
  1,000,000(c)
Combine Re, Ltd., 17.78%, 1/7/15 (144A) (Cat Bond)  
  1,000,100 
 
  250,000(c)
Compass Re, Ltd., 10.28%, 1/8/15 (144A) (Cat Bond)  
  250,000 
 
  250,000(c)
Compass Re, Ltd., 11.28%, 1/8/15 (144A) (Cat Bond)  
  250,025 
 
  250,000(c)
East Lane Re V, Ltd., 9.03%, 3/16/16 (144A) (Cat Bond)  
  265,425 
 
  250,000(b)
Embarcadero Re, Ltd., 7.412%, 2/13/15 (144A) (Cat Bond)  
  249,925 
 
  913,500 
Exeter Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 1/7/16    
  913,500 
 
  600,000 
Fairfield Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 2/2/16
  548,220 
 
  500,000(c)
Galileo Re, Ltd., 7.43%, 1/9/17 (144A) (Cat Bond)  
  514,950 
 
  750,000(g)
Gloucester Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 0.0%, 6/12/15     
  711,075 
 
  750,000(c)
Kilimanjaro Re, Ltd., 4.78%, 4/30/18 (144A) (Cat Bond)  
  764,625 
 
  750,000(c)
Mystic Re, Ltd., 12.03%, 3/12/15 (144A) (Cat Bond)  
  761,400 
 
  1,000,000(g)
Pangaea Re, 0.0%, 7/1/18 (Cat Bond) 
  1,064,300 
 
  250,000(c)(e)
Queen Street V Re, Ltd., 8.53%, 4/9/15 (144A) (Cat Bond)  
  252,650 
 
  250,000(c)
Queen Street VI Re, Ltd., 10.38%, 4/9/15 (144A) (Cat Bond)  
  253,125 
 
  725,000(c)
Residential Reinsurance 2011, Ltd., 8.78%, 6/6/15 (144A) (Cat Bond)  
  741,820 
 
  250,000(c)
Residential Reinsurance 2011, Ltd., 8.93%, 12/6/15 (144A) (Cat Bond)  
  257,875 
 
  250,000(c)
Residential Reinsurance 2011, Ltd., 9.03%, 6/6/15 (144A) (Cat Bond)  
  256,600 
 
  250,000(c)
Residential Reinsurance 2012, Ltd., 8.03%, 6/6/16 (144A) (Cat Bond)  
  267,350 
 
  250,000(c)
Residential Reinsurance 2012, Ltd., 10.03%, 6/6/16 (144A) (Cat Bond)  
  271,675 
 
  400,000(c)
Residential Reinsurance 2012, Ltd., 12.78%, 12/6/16 (144A) (Cat Bond)  
  436,160 
 
  250,000(c)
Residential Reinsurance 2012, Ltd., 19.03%, 12/6/16 (144A) (Cat Bond)  
  280,075 
 
  400,000(c)
Residential Reinsurance 2012, Ltd., 22.03%, 6/6/16 (144A) (Cat Bond)  
  461,640 
 
  250,000(c)
Residential Reinsurance 2013, Ltd., 9.28%, 6/6/17 (144A) (Cat Bond)  
  265,900 
 
  500,000(c)
Sanders Re, Ltd., 4.03%, 5/5/17 (144A) (Cat Bond)  
  498,800 
 
  3,600(g)(j)
Sector Re V, Ltd., Series 2, Class C, 12/1/17 (144A) (Cat Bond)  
  – 
 
  924(g)(j)
Sector Re V, Ltd., Series 3, Class A, 3/1/18 (144A) (Cat Bond)  
  23,335 
 
  3,439(g)(j)
Sector Re V, Ltd., Series 3, Class C, 12/1/17 (144A) (Cat Bond)  
  143,820 
 
  850,000(j)
Sector Re V, Ltd., Series 4, Class A, 3/30/19 (144A) (Cat Bond)  
  993,735 
 
  800,000(j)
Sector Re V, Ltd., Series 4, Class C, 12/1/19 (144A) (Cat Bond)  
  804,160 
 
  800,000(j)
Silverton RE, Ltd., 9/18/17 (144A) (Cat Bond)  
  800,000 
 
  600,000(g)(j)
Silverton RE, Ltd., 9/16/16 (144A) (Cat Bond)  
  743,580 
 
  500,000 
St. Andrews Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 1/22/16      
  500,000 
 
  250,000(c)
Successor X, Ltd., 16.53%, 1/27/15 (144A) (Cat Bond)  
  250,750 
 
  300,000(c)
Tar Heel Re, Ltd., 8.53%, 5/9/16 (144A) (Cat Bond)  
  317,220 
 
  1,012,000 
Turnberry Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 1/15/16      
  1,012,000 
 
  1,250,000 
Versutus, Ltd., Series 2015-A, Variable Rate Notes, 12/31/2017 (Cat Bond)      
  1,250,000 
     
$ 21,301,740 
   
Total Insurance 
$ 36,199,994 
       
       
   
MATERIALS - 12.9%
 
   
Commodity Chemicals - 1.6%
 
 
  3,250,000(e)
Basell Finance Co. BV, 8.1%, 3/15/27 (144A)   
$ 4,355,211 
 
  1,100,000 
Rain CII Carbon LLC / CII Carbon Corp., 8.25%, 1/15/21 (144A)   
  1,124,750 
     
$ 5,479,961 
   
Construction Materials - 0.2%
 
 
  1,635,000 
OAS Finance, Ltd., 8.0%, 7/2/21 (144A)   
$ 523,200 
       
   
Diversified Metals & Mining - 1.6%
 
 
  2,000,000(e)
Global Brass & Copper, Inc., 9.5%, 6/1/19     
$ 2,160,000 
 
  3,000,000(d)
Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18 (144A)   
  450,000 

 
Principal
Amount
USD ($)
 
Value
   
Diversified Metals & Mining (continued)
 
 
  1,668,667(g)
Mirabela Nickel, Ltd., 9.5% (9.5% PIK 0.0% cash), 6/20/19     
$  1,334,934 
 
  1,410,000 
Prince Mineral Holding Corp., 12.5%, 12/15/19 (144A)   
  1,438,200 
     
$ 5,383,134 
   
Forest Products - 1.2%
 
 
  4,000,000(e)
Millar Western Forest Products, Ltd., 8.5%, 4/1/21     
$ 4,140,000 
       
   
Gold - 0.7%
 
 
  3,255,000(e)
IAMGOLD Corp., 6.75%, 10/1/20 (144A)   
$ 2,451,666 
       
   
Metal & Glass Containers - 1.4%
 
 
  1,565,765(h)
Ardagh Finance Holdings SA, 8.625% (8.625% PIK 0.0% cash), 6/15/19 (144A)   
$ 1,542,278 
EUR
  2,250,000(e)
Ardagh Glass Finance Plc, 8.75%  , 2/1/20 (144A)   
  2,804,918 
 
  500,000 
Beverage Packaging Holdings Luxembourg II SA / Beverage Packaging Holdings II Is, 6.0%, 6/15/17 (144A)   
  487,500 
     
$ 4,834,696 
   
Paper Packaging - 1.4%
 
 
  2,150,057(a)
Bio Pappel SAB de CV, 10.0%, 8/27/16     
$ 2,130,707 
 
  2,220,000(e)
Exopack Holding Corp., 10.0%, 6/1/18 (144A)   
  2,353,200 
 
  445,000 
Exopack Holding SA, 7.875%, 11/1/19 (144A)   
  458,350 
     
$ 4,942,257 
   
Paper Products - 1.0%
 
 
  1,590,000(e)
Appvion, Inc., 9.0%, 6/1/20 (144A)   
$ 1,089,150 
 
  1,800,000 
Mercer International, Inc., 7.0%, 12/1/19 (144A)   
  1,818,000 
 
  595,000(e)
Unifrax I LLC / Unifrax Holding Co., 7.5%, 2/15/19 (144A)   
  586,075 
     
$ 3,493,225 
   
Specialty Chemicals - 0.8%
 
 
  3,330,000 
Hexion US Finance Corp., 9.0%, 11/15/20     
$ 2,380,950 
 
  190,000 
Rentech Nitrogen Partners LP / Rentech Nitrogen Finance Corp., 6.5%, 4/15/21 (144A)   
  169,100 
     
$ 2,550,050 
   
Steel - 3.0%
 
 
  700,000 
Ferrexpo Finance Plc, 7.875%, 4/7/16 (144A)   
$ 532,000 
 
  1,900,000 
Metinvest BV, 8.75%, 2/14/18 (144A)   
  1,045,000 
 
  2,915,000 
Optima Specialty Steel, Inc., 12.5%, 12/15/16 (144A)   
  3,031,600 
 
  1,578,000(e)
Permian Holdings, Inc., 10.5%, 1/15/18 (144A)   
  1,183,500 
 
  3,750,000(e)
Ryerson, Inc., 9.0%, 10/15/17     
  3,853,125 
 
  720,000 
SunCoke Energy Partners LP / SunCoke Energy Partners Finance Corp., 7.375%, 2/1/20 (144A)   
  747,900 
     
$ 10,393,125 
   
Total Materials 
$ 44,191,314 
       
       
   
MEDIA - 5.9%
 
   
Broadcasting - 1.5%
 
 
  1,000,000(e)
Intelsat Luxembourg SA, 7.75%, 6/1/21     
$ 1,002,500 
 
  3,805,000(e)
Townsquare Radio LLC / Townsquare Radio, Inc., 9.0%, 4/1/19 (144A)   
  4,052,325 
     
$ 5,054,825 
   
Cable - 0.6%
 
 
  1,500,000(e)
Ono Finance II Plc, 10.875%, 7/15/19 (144A)   
$ 1,590,000 
EUR
  350,000 
Ono Finance II Plc, 11.125%, 7/15/19 (144A)   
  449,037 
     
$ 2,039,037 
   
Movies & Entertainment - 3.1%
 
 
  2,765,000(e)
AMC Entertainment, Inc., 9.75%, 12/1/20     
$ 3,006,937 
 
  1,400,000(e)
Gibson Brands, Inc., 8.875%, 8/1/18 (144A)   
  1,344,000 
 
  1,900,000 
Production Resource Group, Inc., 8.875%, 5/1/19     
  1,396,500 
 
  1,890,000(e)
SFX Entertainment, Inc., 9.625%, 2/1/19 (144A)   
  1,743,525 
 
  3,575,000(e)
WMG Acquisition Corp., 6.75%, 4/15/22 (144A)   
  3,253,250 
     
$ 10,744,212 
   
Publishing - 0.7%
 
 
  2,200,000(e)(g)
MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A)   
$ 2,365,000 
       
   
Total Media 
$ 20,203,074 
       
       
   
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.9%
 
   
Biotechnology - 1.6%
 
 
  1,400,000(e)
ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A)   
$ 1,477,000 
 
  4,104,000(e)
Lantheus Medical Imaging, Inc., 9.75%, 5/15/17     
  3,939,840 
     
$ 5,416,840 
   
Pharmaceuticals - 0.3%
 
 
  1,240,000(e)
JLL/Delta Dutch Newco BV, 7.5%, 2/1/22 (144A)   
$ 1,258,600 
       
   
Total Pharmaceuticals, Biotechnology & Life Sciences 
$ 6,675,440 
       

 
Principal
Amount
USD ($)
 
Value
       
   
REAL ESTATE - 0.5%
 
   
Diversified Real Estate Activities - 0.1%
 
 
  330,000 
Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A)   
$ 336,270 
       
   
Diversified REIT - 0.4%
 
 
  1,500,000(e)
CNL Lifestyle Properties, Inc., 7.25%, 4/15/19     
$ 1,522,500 
       
   
Total Real Estate 
$ 1,858,770 
       
       
   
RETAILING - 3.1%
 
   
Automotive Retail - 1.2%
 
 
  1,385,000 
Asbury Automotive Group, Inc., 6.0%, 12/15/24 (144A)   
$ 1,409,238 
 
  2,860,000(e)
DriveTime Automotive Group, Inc. / DT Acceptance Corp., 8.0%, 6/1/21 (144A)   
  2,570,425 
     
$ 3,979,663 
   
Computer & Electronics Retail - 0.9%
 
 
  3,305,000 
Rent-A-Center, Inc., 6.625%, 11/15/20     
$ 3,172,800 
       
   
Department Stores - 0.3%
 
 
  900,000(e)
Neiman Marcus Group Ltd. LLC, 8.0%, 10/15/21 (144A)   
$ 951,750 
       
   
Speciality Stores - 0.7%
 
 
  1,635,000 
Outerwall, Inc., 5.875%, 6/15/21 (144A)   
$ 1,524,637 
 
  200,000 
Outerwall, Inc., 6.0%, 3/15/19     
  197,000 
 
  685,000 
Radio Systems Corp., 8.375%, 11/1/19 (144A)   
  734,663 
     
$ 2,456,300 
   
Total Retailing 
$ 10,560,513 
       
       
   
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.1%
 
   
Semiconductors - 1.1%
 
 
  995,000 
Advanced Micro Devices, Inc., 7.0%, 7/1/24     
$ 843,262 
 
  3,250,000 
Advanced Micro Devices, Inc., 7.5%, 8/15/22     
  2,925,000 
   
Total Semiconductors & Semiconductor Equipment 
$ 3,768,262 
       
       
   
SOFTWARE & SERVICES - 2.1%
 
   
Application Software - 0.3%
 
 
  955,000 
Interface Security Systems Holdings, Inc. / Interface Security Systems LLC, 9.25%, 1/15/18     
$ 964,550 
       
   
Data Processing & Outsourced Services - 1.8%
 
 
  1,783,000(e)
First Data Corp., 8.25%, 1/15/21 (144A)   
$ 1,907,810 
 
  422,000 
First Data Corp., 10.625%, 6/15/21     
  477,915 
 
  1,783,000(e)
First Data Corp., 12.625%, 1/15/21     
  2,117,313 
 
  1,650,000(e)(h)
Igloo Holdings Corp., 8.25% (9.0% PIK 8.25% cash), 12/15/17 (144A)   
  1,666,500 
     
$ 6,169,538 
   
Total Software & Services 
$ 7,134,088 
       
       
   
TECHNOLOGY HARDWARE & EQUIPMENT - 1.4%
 
   
Communications Equipment - 0.9%
 
 
  1,350,000(e)(h)
CommScope Holding Co., Inc., 6.625% (7.375% PIK 6.625% cash), 6/1/20 (144A)
$ 1,390,500 
 
  1,500,000 
CPI International, Inc., 8.75%, 2/15/18     
  1,541,250 
     
$ 2,931,750 
   
Electronic Equipment & Instruments - 0.5%
 
 
  880,000(e)
Viasystems, Inc., 7.875%, 5/1/19 (144A)   
$ 928,400 
 
  745,000 
Zebra Technologies Corp., 7.25%, 10/15/22 (144A)   
  782,250 
     
$ 1,710,650 
   
Total Technology Hardware & Equipment 
$ 4,642,400 
       
       
   
TELECOMMUNICATION SERVICES - 3.6%
 
   
Alternative Carriers - 0.2%
 
 
  600,000 
PAETEC Holding Corp., 9.875%, 12/1/18     
$ 630,000 
       
   
Integrated Telecommunication Services - 2.1%
 
 
  1,695,000 
Cincinnati Bell, Inc., 8.75%, 3/15/18     
$ 1,741,612 
 
  300,000 
Frontier Communications Corp., 6.25%, 9/15/21     
  301,500 
 
  1,400,000(e)
Frontier Communications Corp., 7.625%, 4/15/24     
  1,442,000 
 
  1,650,000(e)
GCI, Inc., 6.75%, 6/1/21     
  1,621,125 
 
  2,200,000 
Windstream Corp., 7.5%, 6/1/22     
  2,194,500 
     
$ 7,300,737 
   
Wireless Telecommunication Services - 1.3%
 
 
  300,000 
Altice Finco SA, 8.125%, 1/15/24 (144A)   
$ 292,500 
 
  1,580,000(e)
Sprint Corp., 7.125%, 6/15/24     
  1,469,400 
 
  1,500,000 
Sprint Corp., 7.25%, 9/15/21     
  1,486,875 

 
Principal
Amount
USD ($)
 
Value
   
Wireless Telecommunication Services (continued)
 
 
  400,000 
Unison Ground Lease Funding LLC, 5.78%, 3/15/20 (144A)   
 $  397,049 
 
  725,000(e)
Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC, 9.125%, 4/30/18 (144A)   
  681,500 
     
$ 4,327,324 
   
Total Telecommunication Services 
$ 12,258,061 
       
       
   
TRANSPORTATION - 3.7%
 
   
Air Freight & Logistics - 0.3%
 
 
  1,005,000 
XPO Logistics, Inc., 7.875%, 9/1/19 (144A)   
$ 1,050,225 
       
   
Airlines - 1.1%
 
 
  1,295,000 
Gol LuxCo SA, 8.875%, 1/24/22 (144A)   
$ 1,217,300 
 
  360,000 
Intrepid Aviation Group Holdings LLC / Intrepid Finance Co., 6.875%, 2/15/19 (144A)   
  349,200 
 
  1,500,000(e)
United Continental Holdings, Inc., 6.0%, 7/15/26     
  1,443,750 
 
  600,000(e)
United Continental Holdings, Inc., 6.375%, 6/1/18     
  634,500 
     
$ 3,644,750 
   
Marine - 0.3%
 
 
  1,025,000 
Navios South American Logistics, Inc. / Navios Logistics Finance US, Inc., 7.25%, 5/1/22 (144A)   
$ 1,014,750 
       
   
Railroads - 0.4%
 
 
  1,520,000 
Florida East Coast Holdings Corp., 9.75%, 5/1/20 (144A)   
$ 1,512,400 
       
   
Trucking - 1.6%
 
 
  3,500,000(e)
Jack Cooper Holdings Corp., 9.25%, 6/1/20 (144A)   
$ 3,622,500 
 
  2,000,000 
Syncreon Group BV / Syncreon Global Finance US, Inc., 8.625%, 11/1/21 (144A)   
  1,880,000 
     
$ 5,502,500 
   
Total Transportation 
$ 12,724,625 
       
       
   
UTILITIES - 2.8%
 
   
Electric Utilities - 1.0%
 
 
  895,000 
ContourGlobal Power Holdings SA, 7.125%, 6/1/19 (144A)   
$ 895,000 
 
  310,000 
Empresa Distrbuidora Y Comercializadora Norte, 9.75%, 10/25/22 (144A)   
  216,690 
 
  1,010,000(b)(e)
Enel S.p.A., 8.75%, 9/24/73 (144A)   
  1,172,862 
 
  1,000,000(e)
PNM Resources, Inc., 9.25%, 5/15/15     
  1,027,900 
     
$ 3,312,452 
   
Independent Power Producers & Energy Traders - 1.1%
 
 
  3,675,000(e)
NRG Energy, Inc., 6.25%, 5/1/24 (144A)   
$ 3,739,313 
       
   
Multi-Utilities - 0.7%
 
 
  2,342,663 
Ormat Funding Corp., 8.25%, 12/30/20     
$ 2,366,089 
       
   
Total Utilities 
$ 9,417,854 
       
   
TOTAL CORPORATE BONDS & NOTES
 
   
(Cost  $392,626,525)
$ 373,005,714 
   
CONVERTIBLE BONDS & NOTES -  5.7% of Net Assets
 
       
   
CAPITAL GOODS - 1.3%
 
   
Construction & Farm Machinery & Heavy Trucks - 1.3%
 
 
  2,625,000(e)
Meritor, Inc., 7.875%, 3/1/26     
$ 4,323,047 
       
   
Total Capital Goods 
$ 4,323,047 
       
       
   
DIVERSIFIED FINANCIALS - 0.1%
 
   
Asset Management & Custody Banks - 0.1%
 
 
  400,000 
Apollo Investment Corp., 5.75%, 1/15/16     
$ 409,750 
       
   
Total Diversified Financials 
$ 409,750 
       
       
   
ENERGY - 1.7%
 
   
Coal & Consumable Fuels - 0.5%
 
 
  1,905,000 
Massey Energy Co., 3.25%, 8/1/15     
$ 1,828,800 
       
   
Oil & Gas Drilling - 0.7%
 
 
  2,265,000(a)(e)
Hercules Offshore, Inc., 0.0%, 6/1/38     
$ 2,259,338 
       
   
Oil & Gas Exploration & Production - 0.5%
 
 
  1,340,000(e)
Chesapeake Energy Corp., 2.5%, 5/15/37     
$ 1,301,475 
 
  1,175,000 
Energy & Exploration Partners, Inc., 8.0%, 7/1/19 (144A)   
  411,250 
     
$ 1,712,725 
   
Total Energy 
$ 5,800,863 
       

 
Principal
Amount
USD ($)
 
Value
       
   
HEALTH CARE EQUIPMENT & SERVICES - 1.1%
 
   
Health Care Equipment & Services - 1.0%
 
 
  2,837,000(a)(e)
Hologic, Inc., 2.0%, 12/15/37     
$ 3,537,384 
       
   
Health Care Services - 0.1%
 
 
  361,000 
Omnicare, Inc., 3.25%, 12/15/35     
$ 388,075 
       
   
Total Health Care Equipment & Services 
$ 3,925,459 
       
       
   
MATERIALS - 1.1%
 
   
Diversified Chemicals - 1.1%
 
 
  4,000,000(k)
Hercules, Inc., 6.5% (6.5% PIK 0.0% cash), 6/30/29     
$ 3,705,200 
       
   
Total Materials 
$ 3,705,200 
       
       
   
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.3%
 
   
Biotechnology - 0.3%
 
 
  1,400,000 
Corsicanto, Ltd., 3.5%, 1/15/32     
$ 869,750 
       
   
Total Pharmaceuticals, Biotechnology & Life Sciences 
$ 869,750 
       
       
   
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
 
   
Semiconductors - 0.1%
 
 
  161,900(h)
LDK Solar Co. Ltd., 5.535% (5.535% PIK 0.0% cash), 12/31/18     
$ – 
 
  750,000 
ReneSola, Ltd., 4.125%, 3/15/18 (144A)   
  427,500 
 
  42,000(d)(g)
Suntech Power Holdings Co., Ltd., 3.0%, 3/15/13     
  420 
   
Total Semiconductors & Semiconductor Equipment 
$ 427,920 
       
   
TOTAL CONVERTIBLE BONDS & NOTES
 
   
(Cost  $16,377,608)
$ 19,461,989 
   
U.S. GOVERNMENT AND AGENCY OBLIGATIONS -  2.5% of Net Assets
 
       
 
  2,780,000(c)
U.S. Treasury Notes, 0.11%, 7/31/16     
$ 2,779,942 
 
  2,780,000(c)
U.S. Treasury Notes, 0.09%, 1/31/16     
  2,779,241 
 
  2,780,000(c)
U.S. Treasury Notes, 0.11%, 4/30/16     
  2,779,869 
       
   
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
 
   
(Cost  $8,342,122)
$ 8,339,052 
   
SOVEREIGN DEBT OBLIGATIONS -  1.0% of Net Assets
 
   
Argentina - 0.3%
 
 
  1,200,000 
City of Buenos Aires, 12.5%, 4/6/15 (144A) 
$ 1,218,000 
       
   
Ecuador - 0.2%
 
 
  870,000 
Ecuador Government International Bond, 7.95%, 6/20/24 (144A) 
$ 743,850 
       
   
Russia - 0.5%
 
 
  1,519,600(a)
Russian Government International Bond, 7.5%, 3/31/30   
$ 1,575,825 
       
   
TOTAL SOVEREIGN DEBT OBLIGATIONS
 
   
(Cost  $3,164,167)
$ 3,537,675 
       
   
TAX EXEMPT OBLIGATION -  1.0% of Net Assets
 
   
New York - 1.0%
 
 
  3,475,000 
New York City Industrial Development Agency Revenue, 7.625%, 12/1/32   
$ 3,494,217 
       
   
TOTAL TAX EXEMPT OBLIGATION
 
   
(Cost $3,124,868)
$ 3,494,217 
       
   
MUNICIPAL COLLATERALIZED DEBT OBLIGATION -  0.1% of Net Assets
 
 
  3,300,000(b)(g)
Non-Profit Preferred Funding Trust I, 0.0%, 9/15/37 (144A) 
$ 413,622 
       
   
TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION
 
   
(Cost  $3,293,723)
$ 413,622 
       
 
Shares
 
Value
       
   
COMMON STOCKS -  2.2% of Net Assets
 
       
   
CAPITAL GOODS - 0.2%
 
   
Building Products - 0.2%
 
 
  894(g)(i)(l)
Panolam Holdings Co.
$ 657,984 
       
   
Total Capital Goods 
$ 657,984 
       
       


 


 
Shares
 
Value
   
INSURANCE - 0.1%
 
   
Reinsurance - 0.1%
 
 
  320,000(l)
Altair Re III, Ltd. (Cat Bond)
$ 320,000 
       
   
Total Insurance 
$ 320,000 
       
       
   
MATERIALS - 0.1%
 
   
Diversified Metals & Mining - 0.1%
 
 
  3,402 
Freeport-McMoRan, Inc.
$ 79,471 
AUD
  6,776,723(g)(l)
Mirabela Nickel, Ltd.
  160,649 
     
$ 240,120 
   
Total Materials 
$ 240,120 
       
       
   
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.2%
 
   
Pharmaceuticals - 0.2%
 
 
  15,900 
Teva Pharmaceutical Industries, Ltd. (A.D.R.)
$ 914,409 
       
   
Total Pharmaceuticals, Biotechnology & Life Sciences 
$ 914,409 
       
       
   
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
 
   
Semiconductors - 0.0%
 
 
  11,342(l)
LDK Solar Co. Ltd. (A.D.R.)
$ 1,134 
       
   
Total Semiconductors & Semiconductor Equipment 
$ 1,134 
       
       
   
SOFTWARE & SERVICES - 0.0%
 
   
Systems Software - 0.0%
 
 
  10,942(g)(l)
Perseus Holding Corp.
$ – 
       
   
Total Software & Services 
$ – 
       
       
   
TRANSPORTATION - 1.6%
 
   
Air Freight & Logistics - 0.7%
 
 
  3,266(g)(l)
CEVA Holdings LLC
$ 2,530,949 
       
   
Airlines - 0.7%
 
 
  48,108 
Delta Air Lines, Inc.
$ 2,366,433 
       
   
Marine - 0.2%
 
 
  877,784(g)(l)
Horizon Lines, Inc., Class A
$ 553,969 
       
   
Total Transportation 
$ 5,451,351 
       
   
TOTAL COMMON STOCKS
 
   
(Cost  $8,077,202)
$ 7,584,998 
       
       
   
CONVERTIBLE PREFERRED STOCKS -  0.8% of Net Assets
 
       
   
DIVERSIFIED FINANCIALS - 0.7%
 
   
Other Diversified Financial Services - 0.7%
 
 
  1,880(f)
Bank of America Corp., 7.25% 
$ 2,186,384 
       
   
Total Diversified Financials 
$ 2,186,384 
       
       
   
ENERGY - 0.1%
 
   
Oil & Gas Exploration & Production - 0.1%
 
 
  1,100(f)
Halcon Resources Corp., 5.75% 
$ 358,462 
       
   
Total Energy 
$ 358,462 
       
   
TOTAL CONVERTIBLE PREFERRED STOCKS
 
   
(Cost  $2,164,242)
$ 2,544,846 
       
       
   
PREFERRED STOCKS -  2.7% of Net Assets
 
       
   
BANKS - 0.9%
 
   
Diversified Banks - 0.9%
 
 
  3,000(b)(f)
AgStar Financial Services ACA, 6.75% (144A)
$ 3,091,687 
       
   
Total Banks 
$ 3,091,687 
       
       
   
DIVERSIFIED FINANCIALS - 1.0%
 
   
Other Diversified Financial Services - 1.0%
 
 
  132,750(b)
GMAC Capital Trust I, 8.125% 
$ 3,501,945 
       
   
Total Diversified Financials 
$ 3,501,945 
       
       
   
ENERGY - 0.2%
 
   
Oil & Gas Storage & Transportation - 0.2%
 
 
  33,215(b)
NuStar Logistics LP, 7.625% 
$ 856,947 
       
   
Total Energy 
$ 856,947 
       
       
   
INSURANCE - 0.6%
 
   
Reinsurance - 0.6%
 
 
  875,402(g)(l)
Altair Re II, Ltd. (Cat Bond) 
$ 959,178 

 
Shares
 
Value
   
Reinsurance - (continued)
 
 
  8,500(g)(l)
Lorenz Re, Ltd. (Cat Bond)
  $964,495 
     
$ 1,923,673 
   
Total Insurance 
$ 1,923,673 
       
       
   
SOFTWARE & SERVICES - 0.0%
 
   
Systems Software - 0.0%
 
 
  5,745(g)(l)
Perseus Holding Corp., 14.0% 
$ – 
       
   
Total Software & Services 
$ – 
       
   
TOTAL PREFERRED STOCKS
 
   
(Cost  $8,875,136)
$ 9,374,252 
       
 
Principal
Amount
USD ($)
 
Value
   
TEMPORARY CASH INVESTMENTS - 0.3% - of Net Assets
 
       
   
REPURCHASE AGREEMENT - 0.3%
 
 
  980,000 
Bank of Nova Scotia, 0.09%, repurchase price of $980,000 plus accrued interest on 1/2/15 collateralized by the following: $853,476 Federal National Mortgage Association, 2.9%, 5/1/44 and $146,131 Freddie Mac Giant, 3.5%, 12/1/44
$ 980,000 
       
   
TOTAL TEMPORARY CASH INVESTMENTS
 
   
(Cost  $980,000)
$ 980,000 
   
TOTAL INVESTMENTS IN SECURITIES - 135.1%
 
   
(Cost - $483,422,955) (m)(n)
  462,650,310 
   
OTHER ASSETS AND LIABILITIES - (35.1)%
$ (120,092,437)
   
NET ASSETS APPLICABLE TO
COMMON SHAREOWNERS -100.0%
$ 342,557,873 
 

REIT
Real Estate Investment Trust.
(Cat Bond)
Catastrophe bond is a high-yield debt instrument that is usually insurance linked and meant to raise money in case of a catastrophe.
(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, 2014, the value of these securities amounted to $215,863,967, or 63.0% of total net assets applicable to common shareowners.
 
†                  Amount rounds to less than 0.1%.

 *
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 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 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 December 31, 2014.
(a)
Debt obligation initially issued at one coupon which converts to a higher coupon at a specific date.  The rate shown is the rate at December 31, 2014.
(b)
The interest rate is subject to change periodically. The interest rate shown is the rate at December 31, 2014.
(c)
Floating rate note.  The rate shown is the coupon rate at December 31, 2014.
(d)
Security is in default and is non income producing.
(e)
Denotes security pledged and segregated as collateral for the margin-loan financing agreement. 
(f)
Security is perpetual in nature and has no stated maturity date.
(g)
Indicates a security that has been deemed illiquid. As of December 31, 2014 the aggregate cost of illiquid securities in the Trust's portfolio was $21,619,984. As of that date, the aggregate value of illiquid securities in the Trust's portfolio of $15,244,933 represented 4.5% of total net assets applicable to common shareowners.
(h)
Payment in Kind (PIK) security which may pay interest in the form of additional principal amount.
(i)
Security is valued using fair value methods (other than prices supplied by independent pricing services or broker-dealers.
(j)
Security issued with a zero coupon.  Income is recognized through accretion of discount.
(k)
Security is priced as a unit.
(l)
Non-income producing.
 
 

(m)
At December 31, 2014, the net unrealized depreciation on investments based on cost for federal tax purposes of $485,324,915 was as follows:
   
 
Aggregate gross unrealized appreciation for all investments in which there
   
 
     is an excess of value over tax cost
 
$ 27,979,499 
 
Aggregate gross unrealized depreciation for all investments in which there
   
 
     is an excess of tax cost over value
 
  (50,654,104) 
   
 
Net unrealized depreciation
$ (22,674,605) 
     
 

(n)
Distributions of Investments by country of issue, as a percentage of total investments in securities, is as follows:
 
 
United States
77.9%
 
Canada
3.5
 
Luxembourg
2.8
 
Netherlands
2.6
 
Bermuda
2.4
 
Cayman Islands
1.4
 
Ireland
1.4
 
Other (individually less than 1%)
8.0
   
100.0%
 

As of December 31, 2014, the Fund had no unfunded loan commitments.

The Trust had the following bridge loan outstanding at December 31, 2014:
       
Unrealized
       
Appreciation
Borrower
Par
Cost
Value
(Depreciation)
Kindred Healthcare, Inc., Bridge Loan
$ 2,245,000 
$ 2,245,000 
$ 2,245,000 
$ – 
 

Open foreign currency contracts at December 31, 2014, were as follows:
         
Net
         
Unrealized
Security
Quantity/
 
Settlement
US$ Value
Appreciation/
Description
Shares
Book Value
Date
at 12/31/14
(Depreciation)
EUR
(5,128,699)
$ (7,076,235)
4/24/15
$ (6,213,397)
$ 862,839
GBP
(1,500,688)
  (2,478,229)
3/30/15
  (2,337,207)
  141,021
GBP
797,815
  1,252,067 
3/30/15
  1,242,536
  (9,531)
  Total
       
$ 994,329
 

Glossary of Terms:
(A.D.R.)
American Depositary Receipt
 

Principal amounts are denominated in U.S. dollars unless otherwise noted.
 
EUR
-
Euro
GBP
-
Great British Pound
 

CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION
Notional
Principal ($) (1)
Counterparty
Obligation Entity/Index
Coupon
Credit Rating (2)
Expiration Date
Premiums (Received)
Net Unrealized Appreciation 
 2,000,000 
JPMorgan Chase & Co.
Goodyear Tire & Rubber Co.
5.00% 
B+
12/20/17
$(65,000)
  $303,175 
   
(1)
The notional amount is the maximum amount that a seller of credit protection would be obligated to pay upon occurrence of a credit event.
(2)
Based on Standard & Poor's rating of the issuer.
 

 













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.).
 
Level 3 - significant unobservable inputs (including the Trust's own assumptions in determining fair value of investments).
 
   
Generally, equity securities are categorized as Level 1, fixed income securities and senior loans are categorized as Level 2, and securities valued using fair value methods (other than prices supplied by independent pricing services or broker dealers) as Level 3.
 
   
The following is a summary of the inputs used as of December 31, 2014, in valuing the Trust's investments.
 
   
   
Level 1
   
Level 2
   
Level 3
   
Total
 
   
                         
Asset Backed Securities
                       
Transportation
                       
    Airlines
  $     $ 706,254     $ 876,779     $ 1,583,033  
All Other Asset Backed Securities
          2,518,623             2,518,623  
                                 
Collateralized Mortgage Obligations
          5,228,307             5,228,307  
                                 
Senior Secured Floating Rate Loan Interests
          24,583,982             24,583,982  
                                 
Corporate Bonds & Notes
                               
Diversified Financials
                               
    Other Diversified Financial Services
          2,223,984       2,158,604       4,382,588  
Insurance
                               
    Reinsurance
          12,051,455       9,250,285       21,301,740  
All Other Corporate Bonds & Notes
          347,321,386             347,321,386  
                                 
Convertible Bonds & Notes
                               
Semiconductors & Semiconductor Equipment
                               
    Semiconductors
          427,920           427,920  
All Other Convertible Bonds & Notes
          19,034,069             19,034,069  
                                 
U.S. Government and Agency Obligations
          8,339,052             8,339,052  
                                 
Sovereign Debt Obligations
          3,537,675             3,537,675  
                                 
Tax Exempt Obligation
          3,494,217             3,494,217  
                                 
Municipal Collateralized Debt Obligation
          413,622             413,622  
                                 
Common Stocks
                               
                                 
Capital Goods
                               
    Building Products
                657,984       657,984  
Insurance
                               
    Reinsurance
                320,000       320,000  
Software & Services
                               
    Systems Software
                   
Transportation
                               
    Air Freight & Logistics
          2,530,949             2,530,949  
All Other Common Stocks
    4,076,065                   4,076,065  
                                 
Convertible Preferred Stocks
    2,544,846                   2,544,846  
                                 
Preferred Stocks
                               
                                 
Insurance
                               
    Reinsurance
                1,923,673       1,923,673  
Software & Services
                               
    Systems Software
                   
All Other Preferred Stocks
    7,450,579                   7,450,579  
                                 
Repurchase Agreement
          980,000             980,000  
Total Investments in Securities
  $ 14,071,490     $ 433,391,495     $ 15,187,325     $ 462,650,310  
Other Financial Instruments
                               
Net unrealized appreciation on swap contracts
  $     $ 303,175     $     $ 303,175  
Net unrealized appreciation on forward foreign currency contracts
          994,329             994,329  
Total Other Financial Instruments
  $     $ 1,297,504     $     $ 1,297,504  
   

*  Securities in this category are valued at $0.




The following is a summary of the fair valuation  of certain of the Trust's assets and liabilities as of December 31, 2014:
 
Level 1
Level 2
Level 3
Total
Assets:
       
Foreign currencies, at value
$ –
$5,469,561
$ – 
$  5,469,561
Liabilities:
  (151,000,000)
  – 
  – 
  (151,000,000)
Swap collateral
  –
  (200,000)
  – 
  (200,000)
Outstanding borrowings
  –
  (151,000,000)
  – 
  (151,000,000)
Total
$ –
$ (145,730,439)
$ – 
$ (145,730,439)
         

The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):
 
               
Change in
                                     
   
Balance
   
Realized
   
unrealized
               
Accrued
   
Transfers
   
Transfers
   
Balance
 
   
as of
   
gain
   
appreciation
               
discounts/
   
in to
   
out of
   
as of
 
   
3/31/14
   
(loss)
   
(depreciation)
   
Purchases
   
Sales
   
premiums
   
Level 3*
   
Level 3*
   
12/31/14
 
   
Asset Backed Securities
 
Transportation
                         
Airlines
  $     $ 7,783     $ (125,255   $     $ (26,374   $ 30,435     $ 990,190     $     $ 876,779  
Corporate Bonds & Notes
 
Diversified Financials
                                 
Other Diversified Financial Services
    1,748,033             410,571                                     2,158,604  
Materials
                                 
Diversified Metals & Mining
    626,708             16,070       210,555       (853,333                        
Insurance
                                 
Reinsurance
    1,470,812       3,439       283,663       8,037,450       (600,000 )     54,921                   9,250,285  
Convertible Bonds & Notes
 
Semiconductors &
Semiconductor Equipment
                                 
Semiconductors
                                                    ** 
Common Stocks
 
Capital Goods
                                 
Building Products
    700,002             (42,018                                   657,984  
Insurance
                                 
Reinsurance
                1,120       318,880                               320,000  
Preferred Stocks
 
Insurance
                                 
Reinsurance
    3,527,053       98,575       (148,674 )     558,040       (2,111,321 )                       1,923,673  
Total
  $ 8,072,608     $ 109,797     $ 395,477     $ 9,124,925     $ (3,591,028 )   $ 85,356     $ 990,190     $     $ 15,187,325  
   
* Transfers are calculated on the beginning of period value.
 
** Securities in this category are valued at $0.
 
   
   
Net change in unrealized appreciation of Level 3 investments still held and considered Level 3 at 12/31/14: $541,860.
 
 
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.

File as exhibits as part of this Form 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)), exactly as set forth below:

                             CERTIFICATIONS

I, [identify the certifying individual], certify that:

1.  I have reviewed this report on Form N-Q of [identify registrant];

2.  Based on my knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3.  Based on my knowledge, the schedules of investments included in this report
fairly present in all material respects the investments of the registrant as of
the end of the fiscal quarter for which the report is filed;

4.  The registrants other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over
financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act
of 1940) for the registrant and have:

  (a)  Designed such disclosure controls and procedures, or caused such
  disclosure controls and procedures to be designed under our supervision, to
  ensure that material information relating to the registrant, including its
  consolidated subsidiaries, is made known to us by others within those entities,
  particularly during the period in which this report is being prepared;

  (b)  Designed such internal control over financial reporting, or caused such
  internal control over financial reporting to be designed under our supervision,
  to provide reasonable assurance regarding the reliability of financial
  reporting and the preparation of financial statements for external purposes
  in accordance with generally accepted accounting principles;

  (c)  Evaluated the effectiveness of the registrants disclosure controls and
  procedures and presented in this report our conclusions about the effectiveness
  of the disclosure controls and procedures, as of a date within 90 days prior to
  the filing date of this report, based on such evaluation; and

  (d)  Disclosed in this report any change in the registrants internal control
  over financial reporting that occurred during the registrants most recent
  fiscal quarter that has materially affected, or is reasonably likely to
  materially affect, the registrants internal control over financial reporting;
  and

5.  The registrants other certifying officer(s) and I have disclosed to the
registrants auditors and the audit committee of the registrants board of
directors (or persons performing the equivalent functions):

  (a)  All significant deficiencies and material weaknesses in the design or operation
  of internal control over financial reporting which are reasonably likely to adversely
  affect the registrants ability to record, process, summarize, and report financial
  information; and

  (b)  Any fraud, whether or not material, that involves management or other employees
  who have a significant role in the registrants internal control over financial
  reporting.


Date:                                                  [Signature] [Title]


Filed herewith.



<PAGE>


                                   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/ Lisa M.Jones
                          -----------------------
                          Lisa M.Jones, President and Chief Executive Officer

Date February 27, 2015

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/ Lisa M.Jones
                          -----------------------
                          Lisa M.Jones, President and Chief Executive Officer


Date February 27, 2015



By (Signature and Title)* /s/ Mark E. Bradley
                          -----------------
                          Mark E. Bradley, Treasurer and Chief Accounting
                                        and Financial Officer

Date February 27, 2015

* Print the name and title of each signing officer under his or her signature.