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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: June 30, 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 6/30/10 (unaudited)
Principal
Amount
USD ($) Value ($)
ASSET BACKED SECURITIES - 2.5% of Net Assets
Transportation - 0.1%
Airlines - 0.1%
248,016 Continental Airlines, Inc., Series B, 8.499 246,775
Total Transportation 246,775
Banks - 1.0%
Thrifts & Mortgage Finance - 1.0%
547,736 (a) ACE Securities Corp., 0.797%, 4/25/35 528,197
531,442 (a) ACE Securities Corp., 1.247%, 12/25/34 388,903
385,936 (a) Amortizing Residential Collateral Trust, 1. 197,586
1,045,364 (a) Aviation Capital Group Trust, 1.33%, 11/15/ 574,950
280,000 (a) Bear Stearns Asset Backed Securities Trust, 110,203
205,228 (a) FBR Securitization Trust, 0.697%, 10/25/35 125,806
965,000 (a) Home Equity Asset Trust, 0.457%, 3/25/37 763,589
570,436 (a) Morgan Stanley Capital, Inc., 0.457%, 2/25/ 522,288
408,268 (a) Residential Asset Securities Corp., 0.577%, 358,592
Total Banks 3,570,114
Diversified Financials - 0.4%
Other Diversified Financial Services - 0.2%
1,953,668 (a) Aircraft Finance Trust, 0.83%, 5/15/24 (144 820,541
194,908 (a) Aircraft Finance Trust, 0.85%, 5/15/24 (144 140,334
960,875
Specialized Finance - 0.2%
850,000 Dominos Pizza Master Issuer LLC, 5.261%, 4/ 785,366
Total Diversified Financials 1,746,241
Utilities - 1.0%
Multi-Utilities - 1.0%
3,738,605 Ormat Funding Corp., 8.25%, 12/30/20 3,551,675
Total Utilities 3,551,675
TOTAL ASSET BACKED SECURITIES
(Cost $8,799,059) 9,114,805
COLLATERALIZED MORTAGE BACKED SECURITIES - 1.5% of Net
Assets
Consumer Services - 0.4%
Restaurants - 0.4%
300,000 DB Master Finance LLC, 5.779%, 6/20/31 (144 292,302
1,245,000 DB Master Finance LLC, 8.285%, 6/20/31 (144 1,139,797
Total Consumer Services 1,432,099
Banks - 1.1%
Thrifts & Mortgage Finance - 1.1%
835,000 (a) Carrington Mortgage Loan Trust, 0.447%, 10/ 644,805
522,709 (a) Carrington Mortgage Loan Trust, 0.467%, 2/2 476,855
1,504,000 (a) Carrington Mortgage Loan Trust, 0.547%, 2/2 786,774
385,991 (a) Countrywide Alternative Loan Trust, 0.677%, 210,357
450,250 (a) Countrywide Alternative Loan Trust, 0.697%, 255,734
279,965 (a) Countrywide Home Loan Mortgage Pass Through 89,216
427,414 (a) JPMorgan Mortgage Trust, 4.93%, 11/25/35 406,847
1,392,723 (a) Luminent Mortgage Trust, 0.607%, 7/25/36 119,173
377,711 (a) Structured Asset Mortgage Investments, Inc. 219,233
861,074 (a) WaMu Mortgage Pass Through Certificates, 0. 665,530
Total Banks 3,874,524
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $6,673,825) 5,306,623
CORPORATE BONDS & NOTES - 113.7% of Net Assets
Energy - 14.2%
Coal & Consumable Fuels - 1.0%
1,350,000 (o) Bumi Capital Pte, Ltd., 12.0%, 11/10/16 (14 1,370,250
2,329,000 Drummond Co., Inc., 9.0%, 10/15/14 (144A) 2,340,645
3,710,895
Oil & Gas Drilling - 1.4%
2,982,936 DDI Holding AS, 9.3%, 1/19/12 (144A) 2,774,130
500,000 (o) Hercules Offshore, Inc., 10.5%, 10/15/17 (1 443,750
1,900,000 Pioneer Drilling Co., 9.875%, 3/15/18 (144A 1,862,000
5,079,880
Oil & Gas Equipment & Services - 2.4%
3,000,000 Aquilex Holdings LLC/Aquilex Finance Corp., 3,000,000
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) 2,386
NOK 4,600,000 (b)(c) Petrojack AS, 11.0%, 4/19/10 77,808
385,386 (a)(b) PetroProd, Ltd., 0.0%, 1/12/12 (144A) 385
400,000 (a) Sevan Marine ASA, 3.619%, 5/14/13 (144A) 320,000
2,500,000 Sevan Marine ASA, 9.25%, 12/20/11 (144A) 2,425,000
1,806,000 Skeie Drilling & Production ASA, 11.25%, 3/ 1,191,960
8,470,364
Oil & Gas Exploration & Production - 6.4%
775,000 Berry Petroleum Co., 10.25%, 6/1/14 833,125
390,000 Denbury Resources, Inc., 9.75%, 3/1/16 421,200
1,750,000 Hilcorp Energy I LP, 9.0%, 6/1/16 (144A) 1,793,750
1,045,000 Linn Energy LLC, 11.75%, 5/15/17 1,186,075
2,020,000 Mariner Energy, Inc., 11.75%, 6/30/16 2,514,900
2,500,000 Norse Energy Corp. ASA, 6.5%, 7/14/11 (144A 2,375,000
NOK 3,000,000 Norse Energy Corp. ASA, 10.0%, 7/13/10 447,475
NOK 5,000,000 Norwegian Energy Co. AS, 12.9%, 11/20/14 768,858
945,000 PetroHawk Energy Corp., 9.125%, 7/15/13 985,163
5,300,000 PetroQuest Energy, Inc., 10.375%, 5/15/12 5,366,250
3,660,000 Quicksilver Resources, Inc., 7.125%, 4/1/16 3,376,350
1,497,000 Rosetta Resources, Inc, 9.5%, 4/15/18 (144A 1,489,515
1,250,000 (d) SandRidge Energy, Inc., 8.625%, 4/1/15 1,209,375
22,767,036
Oil & Gas Refining & Marketing - 1.1%
1,000,000 Coffeyville Resources LLC, 10.875%, 4/1/17 975,000
175,000 (o) Petroplus Finance, Ltd., 7.0%, 5/1/17 (144A 142,625
2,215,000 Tesoro Corp., 9.75%, 6/1/19 2,298,063
3,415,688
Oil & Gas Storage & Transportation - 1.9%
4,500,000 American Petroleum Tankers LLC/AP Tankers C 4,511,250
350,000 (a) Enterprise Products Operating LLC, 8.375%, 349,562
2,394,000 (a) Southern Union Co., 7.2%, 11/1/66 2,121,683
6,982,495
Total Energy 50,426,358
Materials - 17.3%
Aluminum - 0.2%
1,200,000 (b) Asia Aluminum Holdings, Ltd., 8.0%, 12/23/1 180,000
773,279 (a)(d) Noranda Aluminum Acquisition Corp., 5.373%, 591,558
771,558
Commodity Chemicals - 2.2%
3,250,000 Basell Finance Co., 8.1%, 3/15/27 (144A) 2,827,500
480,000 Invista, 9.25%, 5/1/12 (144A) 487,200
4,500,000 Methanex Corp., 8.75%, 8/15/12 4,657,500
7,972,200
Diversified Chemicals - 0.7%
EURO 350,000 Ineos Group Holdings Plc, 7.875%, 2/15/16 ( 311,891
2,625,000 (o) Ineos Group Holdings Plc, 8.5%, 2/15/16 (14 2,047,500
2,359,391
Diversified Metals & Mining - 2.5%
1,288,533 (d) Blaze Recycling & Metals LLC, 13.0%, 7/16/1 1,053,376
2,890,000 FMG Finance Pty., Ltd., 10.625%, 9/1/16 (14 3,179,000
4,070,000 Teck Resources, Ltd., 10.25%, 5/15/16 4,802,600
9,034,976
Materials - 1.4%
5,690,000 AGY Holding Corp., 11.0%, 11/15/14 4,836,500
Metal & Glass Containers - 1.1%
2,500,000 AEP Industries, Inc., 7.875%, 3/15/13 2,462,500
1,450,000 (o) BWAY Holding Co., 10.0%, 6/15/18 (144A) 1,511,625
3,974,125
Paper Packaging - 5.2%
2,000,000 Berry Plastics Corp., 9.5%, 5/15/18 (144A) 1,830,000
2,225,838 (e) Corporacion Durango SAB de CV, 6.0%, 8/27/1 1,691,637
4,607,000 Exopack Holding Corp., 11.25%, 2/1/14 4,664,587
2,795,000 Graham Packaging Co., 9.875%, 10/15/14 2,857,887
5,540,000 (o) Graphic Packaging International, Inc., 9.5% 5,636,950
2,250,000 U.S. Corrugated, Inc., 10.0%, 6/1/13 1,912,500
18,593,561
Paper Products - 0.9%
2,000,000 Appleton Papers, Inc., 10.5%, 6/15/15 (144A 1,890,000
645,000 Cellu Tissue Holdings, Inc., 11.5%, 6/1/14 696,600
405,000 Clearwater Paper Corp., 10.625%, 6/15/16 446,006
3,032,606
Specialty Chemicals - 0.8%
3,000,000 (o) Hexion U.S. Finance Corp., 9.75%, 11/15/14 2,835,000
Steel - 2.3%
4,660,000 Algoma Acquisition Corp., 9.875%, 6/15/15 ( 3,961,000
2,400,000 CSN Islands VIII Corp., 9.75%, 12/16/13 (14 2,796,000
1,250,000 Severstal Columbus LLC, 10.25%, 2/15/18 (14 1,281,250
8,038,250
Total Materials 61,448,167
Capital Goods - 8.8%
Aerospace & Defense - 2.3%
3,600,000 Aeroflex, Inc., 11.75%, 2/15/15 3,852,000
1,465,000 BE Aerospace, Inc., 8.5%, 7/1/18 1,538,250
620,000 Bombardier, Inc., 8.0%, 11/15/14 (144A) 643,250
570,000 DigitalGlobe, Inc., 10.5%, 5/1/14 612,750
1,079,000 DynCorp International, Inc., 10.375%, 7/1/1 1,081,697
295,000 GeoEye, Inc., 9.625%, 10/1/15 (144A) 300,900
8,028,847
Building Products - 0.3%
1,935,000 (b) Industrias Unidas SA de CV, 11.5%, 11/15/16 1,088,438
Construction & Farm Machinery & Heavy Trucks - 1.2%
570,000 American Railcar Industries, Inc., 7.5%, 3/ 552,900
3,250,000 Commercial Vehicle Group, Inc., 8.0%, 7/1/1 2,746,250
774,000 (o) Manitowoc Co., Inc., 9.5%, 2/15/18 774,000
275,000 Titan International, Inc., 8.0%, 1/15/12 286,000
4,359,150
Electrical Components & Equipment - 0.5%
2,000,000 WireCo WorldGroup, Inc., 9.5%, 5/15/17 (144 1,950,000
Industrial Conglomerates - 1.0%
3,180,000 (b) Indalex Holding Corp., 11.5%, 2/1/14 45,713
3,889,000 Park-Ohio Industries, Inc., 8.375%, 11/15/1 3,597,325
3,643,038
Industrial Machinery - 1.9%
2,440,000 Industrias Metalurgicas Pescarmona SA, 11.2 2,269,200
5,170,000 Mueller Water Products, Inc., 7.375%, 6/1/1 4,536,675
6,805,875
Trading Companies & Distributors - 1.6%
500,000 Avis Budget Car Rental LLC/Avis Budget Fina 505,000
1,790,000 Intcomex, Inc., 13.25%, 12/15/14 (144A) 1,828,038
3,370,000 Wesco Distribution, Inc., 7.5%, 10/15/17 3,235,200
5,568,238
Total Capital Goods 31,443,586
Commercial & Professional Services - 6.9%
Commercial Printing - 0.7%
2,560,000 Sheridan Acquisition Corp., 10.25%, 8/15/11 2,531,200
Diversified Support Services - 1.0%
4,450 (f) MSX International UK, 12.5%, 4/1/12 (144A) 3,649,000
Environmental & Facilities Services - 1.8%
2,180,000 (b) Aleris International, Inc., 10.0%, 12/15/16 19,075
315,000 Casella Waste Systems, Inc., 11.0%, 7/15/14 340,200
1,275,000 (a)(b)(Ohio Air Quality Development Authority Reve 133,492
5,800,000 (o) Waste Services, Inc., 9.5%, 4/15/14 5,945,000
6,437,767
Office Services & Supplies - 3.4%
11,830,000 Xerox Capital Trust I, 8.0%, 2/1/27 11,893,681
Total Commercial & Professional Services 24,511,648
Transportation - 2.2%
Air Freight & Logistics - 1.3%
EURO 272,000 CEVA Group Plc, 10.0%, 12/1/16 (144A) 271,537
3,351,000 CEVA Group Plc, 11.5%, 4/1/18 (144A) 3,464,099
720,000 CEVA Group Plc, 11.625%, 10/1/16 (144A) 743,400
4,479,036
Airlines - 0.9%
965,000 Delta Airlines, Inc., 9.5%, 9/15/14 (144A) 1,013,250
2,090,000 Delta Airlines, Inc., 12.25%, 3/15/15 (144A 2,231,075
3,244,325
Railroads - 0.0%
153,000 (o) Kansas City Southern de Mexico, 9.375%, 5/1 156,825
Total Transportation 7,880,186
Automobiles & Components - 4.3%
Auto Parts & Equipment - 3.9%
1,250,000 (o) Allison Transmission, Inc., 11.0%, 11/1/15 1,309,375
2,761,300 (d)(o) Allison Transmission, Inc., 11.25%, 11/1/15 2,892,462
4,760,000 Stanadyne Corp., 10.0%, 8/15/14 4,331,600
1,500,000 (e) Stanadyne Corp., 12.0%, 2/15/15 1,110,000
4,235,000 (o) Tenneco Automotive, Inc., 8.625%, 11/15/14 4,272,056
13,915,493
Tires & Rubber - 0.4%
1,165,000 Goodyear Tire & Rubber Co., 10.5%, 5/15/16 1,266,938
Total Automobiles & Components 15,182,431
Consumer Durables & Apparel - 2.7%
Homebuilding - 0.8%
3,060,000 Meritage Homes Corp., 6.25%, 3/15/15 2,891,700
Housewares & Specialities - 1.9%
1,435,000 Jarden Corp., 7.5%, 5/1/17 1,406,300
3,690,000 (o) Yankee Acquisition Corp., 8.5%, 2/15/15 3,731,513
1,500,000 (o) Yankee Acquisition Corp., 9.75%, 2/15/17 1,526,250
6,664,063
Total Consumer Durables & Apparel 9,555,763
Consumer Services - 2.2%
Casinos & Gaming - 1.7%
1,650,000 (b) Buffalo Thunder Development Authority, 9.37 297,000
975,000 FireKeepers Development Authority, 13.875%, 1,126,125
4,500,000 (b) Little Traverse Bay Bands of Odawa Indians, 1,530,000
1,375,000 (b) Mashantucket Western Pequot Tribe, 8.5%, 11 209,688
401,000 Pinnacle Entertainment, Inc, 8.75%, 5/15/20 371,426
1,585,000 Pokagon Gaming Authority, 10.375%, 6/15/14 1,640,475
275,000 Scientific Games International, Inc., 9.25% 281,188
740,000 Shingle Springs Tribal Gaming Authority, 9. 586,450
6,042,352
Specialized Consumer Services - 0.5%
1,750,000 StoneMor Operating LLC/Cornerstone Family S 1,776,250
Total Consumer Services 7,818,602
Media - 9.5%
Advertising - 2.4%
2,690,000 MDC Partners, Inc., 11.0%, 11/1/16 (144A) 2,864,850
2,600,000 Sitel LLC/Sitel Finance Corp., 11.5%, 4/1/1 2,405,000
3,195,000 (e) Visant Holding Corp., 10.25%, 12/1/13 3,262,894
8,532,744
Broadcasting - 5.4%
1,096,054 CCH II LLC/CCH II Capital Corp., 13.5%, 11/ 1,276,903
970,000 Hughes Network Systems LLC, 9.5%, 4/15/14 982,125
4,320,000 Hughes Network Systems LLC, 9.5%, 4/15/14 4,374,000
3,320,312 (d) Intelsat Bermuda, Ltd., 11.5%, 2/4/17 3,312,011
2,500,000 Intelsat Corp., 9.25%, 6/15/16 2,625,000
1,000,000 Intelsat Subsidiary Holding Co., Ltd., 8.5% 1,007,500
535,000 Telesat Canada, 11.0%, 11/1/15 577,800
800,000 Telesat Canada, 12.5%, 11/1/17 896,000
5,112,294 (d)(o) Univision Communications, Inc., 9.75%, 3/15 4,268,765
19,320,104
Cable & Satelite - 1.3%
EURO 3,750,000 Kabel Deutschland GMBH, 10.75%, 7/1/14 4,765,645
Publishing - 0.4%
1,400,000 TL Acquisitions, Inc., 10.5%, 1/15/15 (144A 1,302,000
Total Media 33,920,493
Retailing - 3.1%
Automotive Retailing - 0.3%
939,000 Sonic Automotive, Inc., 8.625%, 8/15/13 953,085
Distributors - 0.1%
475,000 Minerva Overseas II, Ltd., 10.875%, 11/15/1 472,625
Internet Retailing - 1.3%
4,340,000 Ticketmaster Entertainment, Inc., 10.75%, 8 4,676,350
Specialty Stores - 1.4%
4,615,000 (o) Sally Holdings LLC, 10.5%, 11/15/16 4,938,050
Total Retailing 11,040,110
Food, Beverage & Tobacco - 5.8%
Agricultural Products - 1.5%
5,622,000 Southern States Cooperative, Inc., 11.25%, 5,397,120
Brewers - 1.9%
5,885,000 (o) Cia Brasileira de Bebida, 10.5%, 12/15/11 6,635,337
Packaged Foods & Meats - 1.4%
775,000 Bertin, Ltd., 10.25%, 10/5/16 (144A) 821,500
1,500,000 FAGE Dairy Industry SA/FAGE USA Dairy Indus 1,297,902
500,000 Marfrig Overseas, Ltd., 9.625%, 11/16/16 (1 497,500
2,410,000 Minerva Overseas, Ltd., 9.5%, 2/1/17 (144A) 2,337,700
4,954,602
Tobacco - 1.0%
3,450,000 Alliance One International, Inc., 10.0%, 7/ 3,510,375
Total Food, Beverage & Tobacco 20,497,434
Household & Personal Products - 0.3%
Personal Products - 0.3%
1,050,000 Revlon Consumer Products Corp., 9.75%, 11/1 1,076,250
Total Household & Personal Products 1,076,250
Health Care Equipment & Services - 6.3%
Health Care Equipment & Services - 0.8%
2,875,000 Accellent, Inc., 10.5%, 12/1/13 2,831,875
Health Care Facilities - 1.2%
535,000 HCA, Inc., 6.25%, 2/15/13 525,638
3,308,147 (d) HCA, Inc., 9.625%, 11/15/16 3,539,717
110,000 HCA, Inc., 9.875%, 2/15/17 118,250
4,183,605
Health Care Services - 1.4%
1,287,000 BioScrip, Inc., 10.25%, 10/1/15 (144A) 1,274,130
3,725,000 Surgical Care Affiliates, Inc., 10.0%, 7/15 3,678,438
4,952,568
Health Care Supplies - 1.7%
1,000,000 Bausch & Lomb, Inc., 9.875%, 11/1/15 1,027,500
4,085,000 (d) Biomet, Inc., 10.375%, 10/15/17 4,370,950
615,000 Inverness Medical Innovations, Inc., 9.0%, 616,538
6,014,988
Managed Health Care - 1.2%
4,400,000 Multiplan, Inc., 10.375%, 4/15/16 (144A) 4,510,000
Total Health Care Equipment & Services 22,493,036
Pharmaceuticals & Biotechnology & Life Sciences - 2.3%
Biotechnology - 0.5%
1,729,000 Lantheus Medical Imaging, Inc., 9.75%, 5/15 1,711,710
Life Sciences Tools & Services - 0.6%
961,893 (d) Catalent Pharma Solutions, Inc., 9.5%, 4/15 916,203
1,344,000 PharmaNet Development Group, Inc., 10.875%, 1,310,400
2,226,603
Pharmaceuticals - 1.2%
1,050,000 Phibro Animal Health Corp., 10.0%, 8/1/13 ( 1,102,500
3,070,000 Phibro Animal Health Corp., 13.0%, 8/1/14 ( 3,269,550
4,372,050
Total Pharmaceuticals & Biotechnology & Lif 8,310,363
Banks - 1.4%
Diversified Banks - 0.3%
1,265,000 (a)(h) ABN Amro Holding Capital Trust, 6.523% (144 999,350
400,000 (a) Banco Macro SA, 10.75%, 6/7/12 272,000
1,271,350
Regional Banks - 1.1%
1,225,000 (a)(h) PNC Financial Services Group, Inc., 8.25% 1,257,492
1,790,000 (a)(h) State Street Capital Trust III, 8.25% 1,792,506
750,000 (a)(h) Wells Fargo Capital XV, 9.75% 802,500
3,852,498
Total Banks 5,123,848
Diversified Financials - 3.7%
Asset Management & Custody Banks - 0.4%
575,000 (a) Janus Capital Group, Inc., 6.5%, 6/15/12 593,437
975,000 (a) Janus Capital Group, Inc., 6.95%, 6/15/17 978,771
1,572,208
Investment Banking & Brokerage - 0.5%
2,325,000 (a)(h) Goldman Sachs Capital II, 5.793% 1,755,375
Specialized Finance - 2.7%
500,000 Capital One Capital V, 10.25%, 8/15/39 527,500
695,000 National Money Mart Co., 10.375%, 12/15/16 705,425
9,000,000 NCO Group, Inc., 11.875%, 11/15/14 8,550,000
9,782,925
Total Diversified Financials 13,110,508
Insurance - 6.8%
Insurance Brokers - 3.1%
3,305,000 Alliant Holdings I, Inc., 11.0%, 5/1/15 (14 3,329,787
100,000 HUB International Holdings, Inc., 9.0%, 12/ 94,750
4,455,000 HUB International Holdings, Inc., 10.25%, 6 4,087,463
2,286,000 (a) U.S.I. Holdings Corp., 4.311%, 11/15/14 (14 1,868,805
1,610,000 U.S.I. Holdings Corp., 9.75%, 5/15/15 (144A 1,477,175
10,857,980
Multi-Line Insurance - 1.3%
3,075,000 (a) Liberty Mutual Group, Inc., 10.75%, 6/15/58 3,321,000
1,100,000 MetLife, Inc., 10.75%, 8/1/39 1,307,383
4,628,383
Property & Casualty Insurance - 1.5%
5,300,000 Allmerica Financial Corp., 7.625%, 10/15/25 5,454,665
Reinsurance - 0.9%
EURO 275,000 (a) Atlas Reinsurance Plc, 10.885%, 1/10/11 (14 339,375
375,000 (a) Blue Fin, Ltd., 4.695% 4/10/12 (144A) 350,512
250,000 (a) Ibis Re, Ltd., 10.787%, 5/10/12 (144A) 258,425
300,000 (a) Montana Re, Ltd., 13.788%, 12/7/12 (144A) 283,230
250,000 (a) Mystic Re II, Ltd., 10.538%, 6/7/11 (144A) 242,175
650,000 (a) Residential Reinsurance 2008, Ltd., 7.288%, 630,565
850,000 (a) Residential Reinsurance 2008, Ltd., 12.038% 825,350
250,000 Successor X, Ltd., 0.0%, 12/9/10 (144A) 232,625
3,162,257
Total Insurance 24,103,285
Real Estate - 1.3%
Real Estate Operating Companies - 1.3%
147,349 (a) Alto Palermo SA, 11.0%, 6/11/12 (144A) 66,307
5,000,000 Forest City Enterprises, Inc., 7.625%, 6/1/ 4,612,500
Total Real Estate 4,678,807
Software & Services - 4.0%
Application Software - 0.5%
1,870,000 Vangent, Inc., 9.625%, 2/15/15 1,788,188
Data Processing & Outsourced Services - 1.1%
4,965,000 First Data Corp., 9.875%, 9/24/15 3,773,400
Internet Software & Services - 0.9%
2,892,000 Terremark Worldwide, Inc., 12.0%, 6/15/17 3,253,500
IT Consulting & Other Services - 0.8%
2,845,000 Activant Solutions, Inc., 9.5%, 5/1/16 2,702,750
Systems Software - 0.7%
3,545,335 (d)(g) Pegasus Solutions, Inc., 13.0%, 4/15/14 (14 2,659,001
Total Software & Services 14,176,839
Technology Hardware & Equipment - 0.6%
Computer Storage & Peripherals - 0.2%
600,000 Seagate Technology International, 10.0%, 5/ 684,000
Electronic Equipment & Instruments - 0.4%
1,550,000 Da-Lite Screen Co, Inc., 12.5%, 4/1/15 (144 1,548,062
Total Technology Hardware & Equipment 2,232,062
Telecommunication Services - 8.0%
Alternative Carriers - 0.6%
2,210,000 Global Crossings, Ltd., 12.0%, 9/15/15 (144 2,342,600
Integrated Telecommunication Services - 3.5%
4,295,000 Broadview Networks Holdings, Inc., 11.375%, 4,166,150
539,000 Cincinnati Bell, Inc., 8.75%, 3/15/18 493,185
3,000,000 GCI, Inc., 7.25%, 2/15/14 2,996,250
1,000,000 (o) PAETEC Holding Corp., 8.875%, 6/30/17 1,000,000
3,865,000 (o) PAETEC Holding Corp., 9.5%, 7/15/15 3,758,713
12,414,298
Wireless Telecommunication Services - 3.9%
1,100,000 Bakrie Telecom Tbk PT, 11.5%, 5/7/15 (144A) 1,078,000
6,400,000 (o) Cricket Communications, Inc., 9.375%, 11/1/ 6,496,000
2,500,000 Intelsat Jackson Holdings, Ltd., 11.5%, 6/1 2,650,000
540,000 MetroPCS Wireless, Inc., 9.25%, 11/1/14 556,200
3,020,000 True Move Co., Ltd., 10.75%, 12/16/13 (144A 2,967,150
13,747,350
Total Telecommunication Services 28,504,248
Utilities - 2.1%
Electric Utilities - 0.8%
885,000 (o) Energy Future Holdings Corp., 10.0%, 1/15/2 880,575
3,095,000 (o) Texas Competitive Electric Holdings Co. LLC 2,042,700
2,923,275
Independent Power Producers & Energy Traders - 1.0%
1,800,000 Intergen NV, 9.0%, 6/30/17 (144A) 1,791,000
1,500,000 Star Energy Geothermal (Wayang Windu), Ltd. 1,557,055
3,348,055
Multi - Utilities - 0.3%
1,000,000 PNM Resources, Inc., 9.25%, 5/15/15 1,063,750
Total Utilities 7,335,080
TOTAL CORPORATE BONDS & NOTES
(Cost $397,054,983) 404,869,104
CONVERTIBLE BONDS & NOTES - 7.6% of Net Assets
Energy - 2.0%
Coal & Consumable Fuels - 0.5%
1,905,000 Massey Energy Co., 3.25%, 8/1/15 1,583,531
Oil & Gas Drilling - 1.2%
2,265,000 (e)(o) Hercules Offshore, Inc., 3.375%, 6/1/38 1,528,875
1,600,000 Transocean, Ltd., 1.5%, 12/15/37 1,420,000
1,175,000 (o) Transocean, Ltd., 1.625%, 12/15/37 1,138,281
4,087,156
Oil & Gas Exploration & Production - 0.3%
225,000 Carrizo Oil & Gas, Inc., 4.375%, 6/1/28 193,500
1,340,000 Chesapeake Energy Corp., 2.5%, 5/15/37 1,043,525
1,237,025
Total Energy 6,907,712
Materials - 0.8%
Diversified Chemicals - 0.8%
4,000 (f) Hercules, Inc., 6.5%, 6/30/29 2,800,000
Total Materials 2,800,000
Capital Goods - 0.4%
Electrical Components & Equipment - 0.4%
500,000 JA Solar Holdings Co., Ltd., 4.5%, 5/15/13 430,000
1,340,000 Suntech Power Holdings Co., Ltd., 3.0%, 3/1 1,006,675
Total Capital Goods 1,436,675
Transportation - 0.8%
Marine - 0.8%
3,330,000 Horizon Lines, Inc., 4.25%, 8/15/12 2,747,250
Total Transportation 2,747,250
Media - 0.4%
Movies & Entertainment - 0.4%
1,832,000 Live Nation, Inc., 2.875%, 7/15/27 1,522,850
Total Media 1,522,850
Health Care Equipment & Services - 1.7%
Health Care Equipment & Services - 0.7%
2,837,000 (e) Hologic, Inc., 2.0%, 12/15/37 2,414,996
Health Care Facilities - 0.7%
1,985,000 LifePoint Hospitals, Inc., 3.25%, 8/15/25 1,858,456
780,000 LifePoint Hospitals, Inc., 3.5%, 5/15/14 720,525
2,578,981
Health Care Services - 0.3%
1,210,000 Omnicare, Inc., 3.25%, 12/15/35 1,001,275
Total Health Care Equipment & Services 5,995,252
Technology Hardware & Equipment - 0.6%
Communications Equipment - 0.2%
1,080,000 (b) Nortel Networks Corp., 2.125%, 4/15/14 839,700
Electronic Equipment & Instruments - 0.4%
1,514,000 L-1 Identity Solutions, Inc., 3.75%, 5/15/2 1,417,483
Total Technology Hardware & Equipment 2,257,183
Telecommunication Services - 0.9%
Alternative Carriers - 0.9%
3,025,000 Time Warner Telecom, Inc., 2.375%, 4/1/26 3,274,563
Total Telecommunication Services 3,274,563
TOTAL CONVERTIBLE BONDS & NOTES 26,941,485
(Cost $21,765,505)
MUNICIPAL BONDS - 5.9% of Net Assets
Indiana - 1.7%
1,650,000 East Chicago Industrial Pollution Control R 1,589,495
4,250,000 Indiana Development Finance Authority Reven 4,330,665
5,920,160
Michigan - 0.0%
3,000,000 (g)(i) Wayne Charter Escrow 0.0%, 12/1/15 0
New Jersey - 1.2%
4,525,000 New Jersey Economic Development Authority R 4,479,976
New York - 1.0%
3,475,000 New York City Industrial Development Agency 3,469,857
North Carolina - 2.0%
6,300,000 Charlotte Special Facilities Refunding Reve 5,119,317
2,000,000 Charlotte Special Facilities Refunding Reve 2,001,240
7,120,557
TOTAL MUNICIPAL BONDS
(Cost $16,759,297) 20,990,550
MUNICIPAL COLLATERALIZED DEBT OBLIGATION - 0.7% of Net
Assets
3,300,000 (a)(j) Non-Profit Preferred Funding Trust I, 12.0% 2,446,587
TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION
(Cost $3,293,400) 2,446,587
SOVEREIGN DEBT OBLIGATIONS - 1.0% of Net Assets
Argentina - 0.3%
1,200,000 City of Buenos Aires, 12.5%, 4/6/15 (144A) 1,215,000
Russia - 0.7%
2,134,400 (e) Russia Government International Bond, 7.5%, 2,406,109
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $2,684,060) 3,621,109
FLOATING RATE LOAN INTERESTS - 3.1% of Net Assets (k)
Energy - 0.1%
Oil & Gas Exploration & Production - 0.1%
452,132 Venoco, Inc., Second Lien Term Loan, 4.375% 403,980
Total Energy 403,980
Materials - 0.6%
Diversified Chemicals - 0.2%
418,000 Ineos US Finance LLC, Facility Term Loan B- 401,280
418,000 Ineos US Finance LLC, Facility Term Loan C- 401,802
803,082
Steel - 0.4%
1,565,721 Niagara Corp., Term Loan, 10.5%, 6/29/14 1,463,950
Total Materials 2,267,032
Commercial & Professional Services - 0.0%
Diversified Support Services - 0.0%
119,378 Rental Service Corp., Second Lien Initial T 109,380
Total Commercial & Professional Services 109,380
Automobiles & Components - 0.1%
Auto Parts & Equipment - 0.1%
355,500 HHI Group Holdings LLC, Term Loan, 10.5%, 3 357,722
Total Automobiles & Components 357,722
Consumer Services - 0.1%
Casinos & Gaming - 0.1%
2,330,000 (b) Gateway Casinos & Entertainment, Inc., Adva 422,313
Total Consumer Services 422,313
Media - 0.9%
Publishing - 0.9%
3,000,000 Interactive Data Corp, Intial Term Loan, 8. 3,000,000
Total Media 3,000,000
Heathcare Equipment & Services - 0.3%
Healthcare Services - 0.3%
1,152,113 Prime HealthCare Services, Inc., Term B Loa 1,117,549
Total Healthcare Equipment & Services 1,117,549
Insurance - 0.7%
Multi-Line Insurance - 0.7%
373,797 AmWins Group, Inc., Initial Term Loan 3.04 346,229
2,250,000 AmWins Group, Inc., Second Lien Initial Ter 1,901,250
Total Insurance 2,247,479
Utilities - 0.3%
Electric Utilities - 0.3%
188,575 Texas Competitive Electric Holdings Co., LL 138,636
1,187,786 Texas Competitive Electric Holdings Co., LL 881,189
Total Utilities 1,019,825
TOTAL FLOATING RATE LOAN INTERESTS
(Cost $13,319,298) 10,945,280
COMMON STOCKS - 3.0% of Net Assets
Energy - 0.1%
Oil & Gas Equipment & Services - 0.1%
2,272,024 (i) Skeie Drilling & Production ASA 209,624
Total Energy 209,624
Materials - 1.1%
Commodity Chemicals - 0.3%
94,257 (i) Georgia Gulf Corp. 1,257,388
Diversified Chemicals - 0.6%
78,679 (i) Lyondell Basell Indudtries Class A 1,270,666
67,842 (i) Lyondell Basell Indudtries Class B 1,095,648
2,366,314
Diversified Metals & Mining - 0.1%
3,995 Freeport-McMoRan Copper & Gold, Inc., 6.75% 236,234
Steel - 0.1%
26,215 (g)(i) Niagara Corp. 203,428
Total Materials 4,063,364
Capital Goods - 0.1%
Building Products - 0.1%
894 (g)(j)(Panolam Holdings Co. 438,060
Total Capital Goods 438,060
Transportation - 0.3%
Airlines - 0.3%
96,819 (i)(o) Delta Airlines, Inc. 1,137,623
Total Transportation 1,137,623
Automobiles & Components - 0.9%
Auto Parts & Equipment - 0.9%
49,888 (i) Lear Corp. 3,302,586
Total Automobiles & Components 3,302,586
Media - 0.2%
Cable & Satellite - 0.2%
17,042 (i)(o) Charter Communications, Inc. 601,583
Total Media 601,583
Pharmaceuticals & Biotechnology & Life Sciences - 0.3%
Pharmaceuticals - 0.3%
17,818 Teva Pharmaceutical Industries, Ltd. (A.D.R 926,358
Total Pharmaceuticals & Biotechnology & Lif 926,358
Software & Services - 0.0%
Systems Software - 0.0%
10,942 (g)(i) Perseus Holding Corp. 0
Total Software & Services 0
TOTAL COMMON STOCKS
(Cost $10,174,060) 10,679,198
CONVERTIBLE PREFERRED STOCK - 0.7% of Net Assets
Diversified Financials - 0.7%
Other Diversified Financial Services - 0.7%
2,755 Bank of America Corp., 7.25% 2,501,540
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost $2,108,446) 2,501,540
PREFERRED STOCK - 0.0% of Net Assets
Software & Services - 0.0%
Systems Software - 0.0%
5,745 (g)(i) Perseus Holding Corp., 14.0% (144A) 0
TOTAL PREFERRED STOCK
(Cost $0) 0
Shares Value
RIGHTS/WARRANTS - 0.1% of Net Assets
Energy - 0.1%
Oil & Gas Exploration & Production - 0.1%
2,500,000 (g)(i) Norse Energy Corp. ASA - CW11, Expires 7/14 222,969
TOTAL RIGHTS/WARRANTS
(Cost $523,408) 222,969
ESCROW HOLDINGS - 0.0% of Net Assets
Energy - 0.0%
Oil & Gas Refining & Marketing - 0.0%
4,280,000 (g)(i) Verasun Energy Corp. 0
Total Energy 0
Automobiles & Components - 0.0%
Auto Parts & Equipment - 0.0%
4,535,000 (g)(i) Lear Corp. 0
Total Automobiles & Components 0
TOTAL ESCROW HOLDINGS
(Cost $0) 0
TEMPORARY CASH INVESTMENTS - 12.0% of Net Assets
Securities Lending Collateral - 12.0%(l)
Certificates of Deposit:
1,240,476 Bank of Nova Scotia, 0.47%, 9/7/10 1,240,476
1,240,476 Barclays, 0.30%, 7/23/10 1,240,476
1,364,524 CBA Financial, 0.56%, 1/3/11 1,364,524
1,240,476 Deutschebank, 0.30%, 7/19/10 1,240,476
744,286 DnB NOR Bank ASA NY, 0.49%, 8/26/10 744,286
1,240,478 Rabobank Nederland NY, 0.23%, 7/6/10 1,240,478
1,240,476 Royal Bank of Canada, 0.26%, 1/21/11 1,240,476
1,240,476 Svenska NY, 0.265%, 7/19/10 1,240,476
9,551,668
Commercial Paper:
496,190 American Honda Finance, 0.38%, 4/15/11 496,190
744,285 American Honda Finance, 0.38%, 5/4/11 744,285
164,110 Caterpillar Financial Services, 0.47%, 8/20 164,110
991,709 CHARF, 0.46%, 8/23/10 991,709
743,709 CLIPPR, 0.45%, 9/1/10 743,709
1,121,531 CME, Inc., 1.00%, 8/6/10 1,121,531
516,303 FAIRPP, 0.50%, 8/16/10 516,303
570,120 FASCO, 0.45%, 9/9/10 570,120
619,739 FASCO, 0.46%, 9/2/10 619,739
1,240,707 Federal Home Loan Bank, 0.31%, 6/1/11 1,240,707
620,174 GE, 0.37%, 1/26/11 620,174
123,941 GE Capital Corp., 0.33%, 6/6/11 123,941
135,203 GE Capital Corp., 0.35%, 10/6/10 135,203
134,276 GE Capital Corp., 0.40%, 10/21/10 134,276
372,214 GE Capital Corp., 0.64%, 8/20/10 372,214
138,317 John Deere Capital Corp., 0.32%, 7/16/10 138,317
1,049,001 JPMorgan Chase & Co., 0.57%, 9/24/10 1,049,001
496,121 NABPP, 0.28%, 7/19/10 496,121
619,962 PARFIN, 0.39%, 8/11/10 619,962
1,406,348 Santander, 0.30%, 7/23/10 1,406,348
1,240,428 SOCNAM, 0.28%, 7/6/10 1,240,428
868,295 SRCPP, 0.26%, 7/7/10 868,295
870,362 STRAIT, 0.43%, 8/23/10 870,362
598,444 TBLLC, 0.40%, 8/9/10 598,444
1,240,476 Toyota Motor Credit Corp., 0.35%, 1/10/11 1,240,476
1,240,226 VARFUN, 0.29%, 7/26/10 1,240,226
744,328 Wachovia, 0.64%, 3/22/11 744,328
347,370 Wal Mart Stores, Inc., 0.22%, 7/1/10 347,370
496,107 WFC, 0.60%, 12/2/10 496,107
1,240,476 WSTPAC, 0.39%, 11/5/10 1,240,476
21,190,472
Tri-party Repurchase Agreements:
1,556,301 Barclays, 0.1%, 7/1/10 1,556,301
3,101,190 Deutsche Bank, 0.3%, 7/1/10 3,101,190
3,721,428 RBS Securities, Inc., 0.5%, 7/1/10 3,721,428
8,378,919
Shares
Money Market Mutual Funds:
1,860,714 Blackrock Liquidity Temp Cash Fund 1,860,714
1,860,714 Dreyfus Preferred Money Market Fund 1,860,714
3,721,428
TOTAL SECURITIES LENDING COLLATERAL 42,842,487
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $42,842,487) 42,842,487
TOTAL INVESTMENTS IN SECURITIES - 151.8%
(Cost $525,997,828)(m)(n) 540,481,737
OTHER ASSETS AND LIABILITIES - (9.4)% (33,497,640)
PREFERRED SHARES AT REDEMPTION VALUE,
INCLUDING DIVIDENDS PAYABLE - (42.4)% (151,014,597)
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS 355,969,500
(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 June 30,
2010,
the value of these securities amounted to $169,168,218
or 47.5% of total net assets applicable to common
shareowners.
(a) Floating rate note. The rate shown is the coupon rate
at June 30, 2010.
(b) Security is in default and is non-income producing.
(c) The company filed for bankruptcy.
(d) Payment-in Kind (PIK) security which may pay interest
in additional principal amount.
(e) Debt obligation initially issued at one coupon which
converts to another coupon at a specific date.
The rate shown is the rate at June 30, 2010.
(f) Security is priced as a unit.
(g) Security is fair valued using fair value methods (other
than prices supplied by independent pricing services).
(h) Security is a perpetual bond and has no definite
maturity date.
(i) Non-income producing.
(j) Indicates a security that has been deemed illiquid. The
aggregate
cost of illiquid securities is $3,731,460. The
aggregate value
of $2,884,647 represents 0.8% of total net assets
applicable
to common shareowners.
(k) 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,
commercial lenders. The interest rate shown is the
(iii) the certificate of deposit (iv) other base
lending rates used by
coupon rate accruing at June 30, 2010.
(l) Securities lending collateral is managed by Credit
Suisse AG,
New York Branch.
(m) At June 30, 2010, the net unrealized gain on
investments
based on cost for federal income tax purposes
of $527,937,307 was as follows:
Aggregate gross unrealized gain for all investments in
which
there is an excess of value over tax cos $47,627,032
Aggregate gross unrealized loss for all investments in
which
there is an excess of tax cost over valu
(35,082,602)
Net unrealized gain $12,544,430
For financial reporting purposes net unrealized gain
was
$14,483,909 and cost of investments aggregated
$525,997,828.
(n) Distribution of investments by country of issue, as a
percentage
of total holdings, is as follows:
United States 81.5%
Canada 3.7
Cayman Islands 2.0
Norway 2.0
Bermuda 1.8
United Kingdom 1.4
Brazil 1.4
Netherlands 1.3
Germany 0.9
Argentina 0.7
Australia 0.6
Thailand 0.5
Mexico 0.5
Russia 0.4
Virgin Islands 0.3
Luxembourg 0.3
Indonesia 0.2
Singapore 0.2
Israel 0.2
Ireland 0.1
100.0%
(o) At June 30, 2010, the following securities were out on loan:
Principal
Amount
USD($) Description Market
Value
313,000 Allison Transmission, Inc., 11.0%, 11/1/15 $327,868
1,181,000 Allison Transmission, Inc., 11.25%, 11/1/15 1,237,098
1,300,000 Bumi Capital Pte, Ltd., 12.0%, 11/10/16 (14 1,319,500
1,400,000 BWAY Holding Co., 10.0%, 6/15/18 (144A) 1,459,500
572,000 Cia Brasileira de Bebida, 10.5%, 12/15/11 644,930
5,686,000 Cricket Communications, Inc., 9.375%, 11/1/ 5,771,290
876,000 Energy Future Holdings Corp., 10.0%, 1/15/2 871,620
1,230,000 Graphic Packaging International, Inc., 9.5% 1,251,525
625,000 Hercules Offshore, Inc., 3.375%, 6/1/38 421,875
495,000 Hercules Offshore, Inc., 10.5%, 10/15/17 (1 439,313
2,970,000 Hexion U.S. Finance Corp., 9.75%, 11/15/14 2,806,650
2,598,750 Ineos Group Holdings Plc, 8.5%, 2/15/16 (14 2,027,025
151,000 Kansas City Southern de Mexico, 9.375%, 5/1 154,775
468,000 Manitowoc Co., Inc., 9.5%, 2/15/18 468,000
45,000 PAETEC Holding Corp., 8.875%, 6/30/17 45,000
2,133,000 PAETEC Holding Corp., 9.5%, 7/15/15 2,074,343
170,000 Petroplus Finance, Ltd., 7.0%, 5/1/17 (144A 138,550
2,170,000 Sally Holdings LLC, 10.5%, 11/15/16 2,321,900
4,192,000 Tenneco Automotive, Inc., 8.625%, 11/15/14 4,228,680
3,064,000 Texas Competitive Electric Holdings Co. LLC 2,022,240
1,163,000 Transocean, Ltd., 1.625%, 12/15/37 1,126,656
2,000,000 Univision Communications, Inc., 9.75%, 3/15 1,670,000
3,031,000 Waste Services, Inc., 9.5%, 4/15/14 3,106,775
3,302,000 Yankee Acquisition Corp., 8.5%, 2/15/15 3,339,148
330,000 Yankee Acquisition Corp., 9.75%, 2/15/17 335,775
Shares
15,900 Charter Communications, Inc. 561,270
81,500 Delta Airlines, Inc. 957,625
$41,128,931
Note: Principal amounts are denominated in U.S. dollars unless otherwise
denoted.
EURO Euro
NOK Norwegian Krone
Glossary of Terms:
(A.D.R.) American Depositary Receipt
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
June
30, 2010, in valuing the Trust's assets:
Level 1 Level 2 Level 3 Total
Asset backed securities $0 $9,114,805 $0 $9,114,805
Collateralized mortgage b 0 5,306,623 0 5,306,623
Corporate bonds & notes (environ 0 0 133,492 133,492
Corporate bonds & notes (systems 0 0 2,659,001 2,659,001
Corporate bonds & notes (other) 0 402,076,611 0 402,076,611
Convertible bonds & notes 0 26,941,485 0 26,941,485
Municipal bonds 0 20,990,550 0 20,990,550
Municipal collaterized debt 0 2,446,587 0 2,446,587
Sovereign debt obligation 0 3,621,109 0 3,621,109
Floating rate loans 0 10,945,280 0 10,945,280
Common stock (steel) 0 0 203,428 203,428
Common stock (building products) 0 0 438,060 438,060
Common stock (other industries) 10,037,710 0 0 10,037,710
Convertible preferred stocks 0 2,501,540 0 2,501,540
Preferred stock 0 0 0 0
Rights/Warrants 222,969 0 0 222,969
Escrow holdings 0 0 0 0
Temporary Cash Investments 0 39,121,059 0 39,121,059
Money market mutual funds 3,721,428 0 0 3,721,428
Total $13,982,107 $523,065,649 $3,433,981 $540,481,737
Other Financial Instruments $0 ($53,523) $0 ($53,523)
*Other financial instruments include foreign exchange contracts.
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 6/30/10
Level 3
Corporate bonds (environ) $0 $5,992 $0 $127,500 $133,492
Corporate bonds(system)2,585,250 (24,584) 98,335 0 2,659,001
Muncipial bonds (Michigan) 0 0 0 0 0
Floating rate loan 1,546,097 (86,242) 5,346 (1,465,201) 0
Common stock (steel) 203,428 0 0 0 203,428
Common stock (building) 438,060 0 0 0 438,060
Preferred stock 0 0 0 0 0
Escrow holdings 0 0 0 0 0
Ending balance $4,772,835 ($104,834) $103,681 ($1,337,701) $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 August 27, 2010
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 August 27, 2010
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date August 27, 2010
* Print the name and title of each signing officer under his or her signature.