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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21043
Pioneer High Income Trust
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Dorothy E. Bourassa, 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, 2009
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 30b1-5under
the Investment Company Act of 1940 (17 CFR 270.30b-5). The Commission may
use the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-Q
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. Schedule of Investments.
Pioneer High Income Trust
SCHEDULE OF INVESTMENTS 12/31/09 (unaudited)
Principal
Amount
USD ($) Value
ASSET BACKED SECURITIES - 2.6% of Net Assets
Transportation - 0.1%
Airlines - 0.1%
256,736 Continental Airlines, Inc., Series B, 8.499 $ 243,900
Total Transportation $ 243,900
Banks - 1.1%
Thrifts & Mortgage Finance - 1.1%
647,795 (ACE Securities Corp., 0.681%, 4/25/35 $ 605,579
531,443 (ACE Securities Corp., 0.831%, 12/25/34 364,951
385,936 (Amortizing Residential Collateral Trust, 1. 155,913
1,088,791 (Aviation Capital Group Trust, 0.713%, 11/15 555,283
280,000 (Bear Stearns Asset Backed Securities Trust, 77,155
222,982 (FBR Securitization Trust, 0.581%, 10/25/35 125,287
965,000 (Home Equity Asset Trust, 0.341%, 3/25/37 707,070
725,363 (Morgan Stanley Capital, Inc., 0.341%, 2/25/ 634,131
373,651 (Morgan Stanley Capital, Inc., 0.341%, 2/25/ 315,627
477,830 (Residential Asset Securities Corp., 0.461%, $ 399,441
Total Banks $ 3,940,437
Diversified Financials - 0.4%
Other Diversified Financial Services - 0.2%
1,417,916 (Aircraft Finance Trust, 0.713%, 5/15/24 (14 $ 552,987
281,489 (Aircraft Finance Trust, 0.733%, 5/15/24 (14 182,968
$ 735,955
Specialized Finance - 0.2%
850,000 Dominos Pizza Master Issuer LLC, 5.261%, 4/ $ 728,499
Total Diversified Financials $ 1,464,454
Utilities - 1.0%
Multi-Utilities - 1.0%
3,868,223 Ormat Funding Corp., 8.25%, 12/30/20 $ 3,491,071
Total Utilities $ 3,491,071
TOTAL ASSET BACKED SECURITIES
(Cost $9,312,393) $ 9,139,862
COLLATERALIZED MORTAGE BACKED SECURITIES - 1.7% of Net Assets
Consumer Services - 0.4%
Restaurants - 0.4%
300,000 DB Master Finance LLC, 5.779%, 6/20/31 (144 $ 289,245
1,245,000 DB Master Finance LLC, 8.285%, 6/20/31 (144 1,051,975
Total Consumer Services $ 1,341,220
Banks - 1.3%
Thrifts & Mortgage Finance - 1.3%
835,000 (Carrington Mortgage Loan Trust, 0.331%, 10/ $ 636,500
647,284 (Carrington Mortgage Loan Trust, 0.351%, 2/2 571,956
1,504,000 (Carrington Mortgage Loan Trust, 0.431%, 2/2 640,832
215,000 (Chase Commercial Mortgage Securities Corp., 213,896
399,509 (Countrywide Alternative Loan Trust, 0.561%, 208,498
473,546 (Countrywide Alternative Loan Trust, 0.581%, 246,984
662,683 (Countrywide Alternative Loan Trust, 0.591%, 195,489
291,158 (Countrywide Home Loan Mortgage Pass Through 99,311
147,354 (First Franklin Mortgage Loan Asset Backed C 97,385
586,885 (JPMorgan Mortgage Trust, 4.954%, 11/25/35 533,524
1,572,880 (Luminent Mortgage Trust, 0.491%, 7/25/36 183,827
399,726 (Structured Asset Mortgage Investments, Inc. 223,040
916,811 (WaMu Mortgage Pass Through Certificates, 0. 674,428
220,919 (WaMu Mortgage Pass Through Certificates, 0. 92,129
Total Banks $ 4,617,799
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $7,842,720) $ 5,959,019
CORPORATE BONDS & NOTES - 108.8% of Net Assets
Energy - 11.8%
Oil & Gas Drilling - 1.1%
3,453,669 DDI Holding AS, 9.3%, 1/19/12 (144A) $ 3,177,375
500,000 Hercules Offshore, Inc., 10.5%, 10/15/17 (1 527,500
$ 3,704,875
Oil & Gas Equipment & Services - 2.2%
3,000,000 Aquilex Holdings LLC/Aquilex Finance Corp., $ 2,992,500
600,000 (DP Producer AS, 0.0%, 12/5/11 (144A) 6,000
865,000 Expro Finance Luxembourg SCA, 8.5%, 12/15/1 858,513
NOK 4,600,000 Petrojack AS, 11.0%, 4/19/10 159,258
400,000 (PetroProd, Ltd., 0.0%, 1/12/12 (144A) 76,000
2,500,000 Sevan Marine ASA, 9.25%, 12/20/11 (144A) 2,300,000
1,806,000 Skeie Drilling & Production ASA, 11.25%, 3/ 1,092,630
$ 7,484,901
Oil & Gas Exploration & Production - 6.0%
775,000 Berry Petroleum Co., 10.25%, 6/1/14 $ 842,813
390,000 Denbury Resources, Inc., 9.75%, 3/1/16 416,325
1,750,000 Hilcorp Energy I LP, 9.0%, 6/1/16 (144A) 1,776,250
1,045,000 Linn Energy LLC, 11.75%, 5/15/17 (144A) 1,173,013
2,020,000 Mariner Energy, Inc., 11.75%, 6/30/16 2,252,300
2,500,000 Norse Energy Corp. ASA, 6.5%, 7/14/11 (144A 1,950,000
NOK 3,000,000 Norse Energy Corp. ASA, 10.0%, 7/13/10 451,807
NOK 5,000,000 Norwegian Energy Co. AS, 12.9%, 11/20/14 867,695
945,000 PetroHawk Energy Corp., 9.125%, 7/15/13 987,525
5,300,000 PetroQuest Energy, Inc., 10.375%, 5/15/12 5,300,000
3,660,000 Quicksilver Resources, Inc., 7.125%, 4/1/16 3,412,950
1,250,000 (SandRidge Energy, Inc., 8.625%, 4/1/15 1,250,000
$ 20,680,678
Oil & Gas Refining & Marketing - 0.7%
2,215,000 Tesoro Corp., 9.75%, 6/1/19 $ 2,292,525
Oil & Gas Storage & Transportation - 0.3%
350,000 (Enterprise Products Operating LLC, 8.375%, $ 341,250
945,000 (Southern Union Co., 7.2%, 11/1/66 807,975
$ 1,149,225
Coal & Consumable Fuels - 1.5%
1,350,000 (Bumi Capital Pte, Ltd., 12.0%, 11/10/16 (14 $ 1,336,500
2,329,000 Drummond Co., Inc., 9.0%, 10/15/14 (144A) 2,442,539
1,600,000 Murray Energy Corp., 10.25%, 10/15/15 (144A 1,592,000
$ 5,371,039
Total Energy $ 40,683,243
Materials - 16.3%
Commodity Chemicals - 3.0%
2,240,000 (ARCO Chemical Co., 9.8%, 2/1/20 $ 1,590,400
3,250,000 (Basell Finance Co., 8.1%, 3/15/27 (144A) 2,892,500
1,000,000 Invista, 9.25%, 5/1/12 (144A) 1,015,000
4,500,000 Methanex Corp., 8.75%, 8/15/12 4,668,750
EURO540,000 (Nell AF S.a.r.l., 8.375%, 8/15/15 (144A) 139,457
$ 10,306,107
Diversified Chemicals - 0.3%
EURO350,000 Ineos Group Holdings Plc, 7.875%, 2/15/16 ( $ 317,616
925,000 Ineos Group Holdings Plc, 8.5%, 2/15/16 (14 622,063
$ 939,679
Specialty Chemicals - 0.8%
3,000,000 (Hexion U.S. Finance Corp., 9.75%, 11/15/14 $ 2,940,000
Materials - 1.3%
5,690,000 AGY Holding Corp., 11.0%, 11/15/14 $ 4,651,575
Construction Materials - 0.1%
585,000 U.S. Concrete, Inc., 8.375%, 4/1/14 $ 351,731
Paper Packaging - 3.8%
2,500,000 AEP Industries, Inc., 7.875%, 3/15/13 $ 2,393,750
300,000 (Corp Durango SAB de CV, 6.0%, 8/27/16 210,000
2,795,000 Graham Packaging Co., 9.875%, 10/15/14 2,850,900
5,540,000 (Graphic Packaging International, Inc., 9.5% 5,720,050
2,250,000 U.S. Corrugated, Inc., 10.0%, 6/1/13 1,867,500
$ 13,042,200
Aluminum - 0.2%
1,200,000 (Asia Aluminum Holdings, Ltd., 8.0%, 12/23/1 $ 187,500
753,411 (Noranda Aluminum Acquisition Corp., 5.274%, 555,641
$ 743,141
Diversified Metals & Mining - 2.5%
1,200,000 (Blaze Recycling & Metals LLC, 13.0%, 7/16/1 $ 813,000
2,890,000 FMG Finance Pty., Ltd., 10.625%, 9/1/16 (14 3,197,062
4,070,000 Teck Resources, Ltd., 10.25%, 5/15/16 4,741,550
$ 8,751,612
Steel - 1.9%
4,435,000 Algoma Acquisition Corp., 9.875%, 6/15/15 ( $ 3,775,294
2,400,000 CSN Islands VIII Corp., 9.75%, 12/16/13 (14 2,772,000
$ 6,547,294
Forest Products - 0.5%
1,645,000 (Mandra Forestry Holdings, Ltd., 12.0%, 5/15 $ 1,562,750
Paper Products - 1.9%
645,000 Cellu Tissue Holdings, Inc., 11.5%, 6/1/14 $ 715,950
405,000 Clearwater Paper Corp., 10.625%, 6/15/16 (1 452,081
5,450,000 Exopack Holding Corp., 11.25%, 2/1/14 5,538,562
$ 6,706,593
Total Materials $ 56,542,682
Capital Goods - 8.3%
Aerospace & Defense - 1.5%
3,600,000 Aeroflex, Inc., 11.75%, 2/15/15 $ 3,636,000
1,465,000 BE Aerospace, Inc., 8.5%, 7/1/18 1,552,900
$ 5,188,900
Building Products - 1.0%
1,935,000 (Industrias Unidas SA de CV, 11.5%, 11/15/16 $ 1,015,875
1,790,000 Intcomex, Inc., 13.25%, 12/15/14 (144A) 1,772,100
1,500,000 (Panolam Industries International, 10.75%, 1 483,750
$ 3,271,725
Industrial Conglomerates - 1.0%
620,000 Bombardier, Inc., 8.0%, 11/15/14 (144A) $ 644,025
3,180,000 (Indalex Holding Corp., 11.5%, 2/1/14 47,700
3,639,000 (Park-Ohio Industries, Inc., 8.375%, 11/15/1 2,792,932
$ 3,484,657
Construction & Farm Machinery & Heavy Trucks - 1.9%
570,000 American Railcar Industries, Inc., 7.5%, 3/ $ 532,238
3,250,000 Commercial Vehicle Group, Inc., 8.0%, 7/1/1 1,933,750
3,975,000 Hawk Corp., 8.75%, 11/1/14 3,970,031
275,000 Titan International, Inc., 8.0%, 1/15/12 269,500
$ 6,705,519
Industrial Machinery - 1.9%
2,440,000 Industrias Metalurgicas Pescarmona SA, 11.2 $ 1,854,400
5,170,000 Mueller Water Products, Inc., 7.375%, 6/1/1 4,782,250
$ 6,636,650
Trading Companies & Distributors - 1.0%
3,370,000 Wesco Distribution, Inc., 7.5%, 10/15/17 $ 3,294,175
Total Capital Goods $ 28,581,626
Commercial & Professional Services - 7.9%
Commercial Printing - 0.7%
2,560,000 Sheridan Acquisition Corp., 10.25%, 8/15/11 $ 2,390,400
Environmental & Facilities Services - 1.9%
2,180,000 (Aleris International, Inc., 10.0%, 12/15/16 $ 10,900
315,000 Casella Waste Systems, Inc., 11.0%, 7/15/14 340,988
1,275,000 (Ohio Air Quality Development Authority Reve 127,500
5,800,000 (Waste Services, Inc., 9.5%, 4/15/14 6,061,000
$ 6,540,388
Office Services & Supplies - 3.4%
11,830,000 Xerox Capital Trust I, 8.0%, 2/1/27 $ 11,711,700
Diversified Support Services - 1.8%
570,000 DigitalGlobe, Inc., 10.5%, 5/1/14 (144A) $ 609,900
820,000 KAR Holdings, Inc., 10.0%, 5/1/15 877,400
4,450 (MSX International UK, 12.5%, 4/1/12 (144A) 3,115,000
1,870,000 Vangent, Inc., 9.625%, 2/15/15 1,760,137
$ 6,362,437
Security & Alarm Services - 0.1%
295,000 Geoeye, Inc., 9.625%, 10/1/15 (144A) $ 303,481
Total Commercial & Professional Services $ 27,308,406
Transportation - 2.4%
Air Freight & Logistics - 1.1%
2,000,000 CEVA Group Plc, 10.0%, 9/1/14 (144A) $ 1,900,000
EURO272,000 CEVA Group Plc, 10.0%, 12/1/16 (144A) 249,760
720,000 CEVA Group Plc, 11.625%, 10/1/16 (144A) 738,900
EURO636,000 CEVA Group Plc, 12.0%, 9/1/14 (144A) 880,558
$ 3,769,218
Airlines - 0.9%
965,000 Delta Airlines, Inc., 9.5%, 9/15/14 (144A) $ 1,002,394
2,090,000 Delta Airlines, Inc., 12.25%, 3/15/15 (144A 2,090,000
$ 3,092,394
Railroads - 0.4%
1,250,000 Kansas City Southern de Mexico, 9.375%, 5/1 $ 1,296,875
Total Transportation $ 8,158,487
Automobiles & Components - 4.4%
Auto Parts & Equipment - 4.0%
1,250,000 (Allison Transmission, Inc., 11.0%, 11/1/15 $ 1,312,500
2,761,300 (Allison Transmission, Inc., 11.25%, 11/1/15 2,885,558
4,760,000 Stanadyne Corp., 10.0%, 8/15/14 4,331,600
1,500,000 (Stanadyne Corp., 12.0%, 2/15/15 1,035,000
4,235,000 (Tenneco Automotive, Inc., 8.625%, 11/15/14 4,272,056
$ 13,836,714
Tires & Rubber - 0.4%
1,165,000 Goodyear Tire & Rubber Co., 10.5%, 5/15/16 $ 1,287,325
Total Automobiles & Components $ 15,124,039
Consumer Durables & Apparel - 3.7%
Homebuilding - 0.8%
3,060,000 Meritage Homes Corp., 6.25%, 3/15/15 $ 2,815,200
Housewares & Specialities - 2.9%
1,435,000 Jarden Corp., 7.5%, 5/1/17 $ 1,431,413
3,195,000 (Visant Holding Corp., 10.25%, 12/1/13 3,298,837
3,690,000 (Yankee Acquisition Corp., 8.5%, 2/15/15 3,662,325
1,500,000 (Yankee Acquisition Corp., 9.75%, 2/15/17 1,477,500
$ 9,870,075
Total Consumer Durables & Apparel $ 12,685,275
Consumer Services - 3.2%
Casinos & Gaming - 1.7%
1,650,000 (Buffalo Thunder Development Authority, 9.37 $ 288,750
975,000 FireKeepers Development Authority, 13.875%, 1,106,625
630,000 Galaxy Entertainment Finance Co., Ltd., 9.8 630,000
4,500,000 (Little Traverse Bay Bands of Odawa Indians, 1,125,000
1,375,000 (Mashantucket Western Pequot Tribe, 8.5%, 11 336,875
1,585,000 Pokagon Gaming Authority, 10.375%, 6/15/14 1,648,400
275,000 Scientific Games International, Inc., 9.25% 288,750
740,000 Shingle Springs Tribal Gaming Authority, 9. 562,400
$ 5,986,800
Specialized Consumer Services - 0.5%
1,750,000 (Stonemor Operating LLC/Cornerstone Family S $ 1,780,625
Total Consumer Services $ 7,767,425
Media - 4.5%
Broadcasting - 0.8%
2,690,000 MDC Partners, Inc., 11.0%, 11/1/16 (144A) $ 2,797,600
Broadcasting - 3.3%
1,096,054 CCH II LLC/CCH II Capital Corp., 13.5%, 11/ $ 1,290,604
EURO3,750,000 Kabel Deutschland GMBH, 10.75%, 7/1/14 5,662,743
4,857,287 (Univision Communications, 9.75%, 3/15/15 (1 4,322,985
$ 11,276,332
Publishing - 0.4%
1,400,000 TL Acquisitions, Inc., 10.5%, 1/15/15 (144A $ 1,338,750
Total Media $ 15,412,682
Retailing - 3.8%
Internet Retailing - 1.4%
4,340,000 Ticketmaster Entertainment, Inc., 10.75%, 8 $ 4,676,350
Specialty Stores - 1.4%
4,615,000 (Sally Holdings LLC, 10.5%, 11/15/16 $ 4,961,125
Automotive Retailing - 1.0%
3,475,000 Sonic Automotive, Inc., 8.625%, 8/15/13 $ 3,457,625
Total Retailing $ 13,095,100
Food, Beverage & Tobacco - 4.0%
Brewers - 2.0%
5,885,000 Cia Brasileira de Bebida, 10.5%, 12/15/11 $ 6,782,462
Packaged Foods & Meats - 1.0%
775,000 Bertin, Ltd., 10.25%, 10/5/16 (144A) $ 790,500
500,000 Marfrig Overseas, Ltd., 9.625%, 11/16/16 (1 502,500
2,410,000 Minerva Overseas, Ltd., 9.5%, 2/1/17 (144A) 2,241,300
$ 3,534,300
Tobacco - 1.0%
3,450,000 Alliance One International, Inc., 10.0%, 7/ $ 3,622,500
Total Food, Beverage & Tobacco $ 13,939,262
Household & Personal Products - 0.8%
Household Products - 0.5%
1,740,000 Central Garden & Pet Co., 9.125%, 2/1/13 $ 1,763,925
Personal Products - 0.3%
1,050,000 Revlon Consumer Products Corp., 9.75%, 11/1 $ 1,084,125
Total Household & Personal Products $ 2,848,050
Health Care Equipment & Services - 6.4%
Health Care Equipment & Services - 0.8%
2,875,000 Accellent, Inc., 10.5%, 12/1/13 $ 2,767,187
Health Care Supplies - 1.8%
1,000,000 Bausch & Lomb, Inc., 9.875%, 11/1/15 $ 1,055,000
4,085,000 (Biomet, Inc., 10.375%, 10/15/17 4,432,225
615,000 Inverness Medical Innovations, Inc., 9.0%, 630,375
$ 6,117,600
Health Care Services - 0.3%
1,105,000 AMR HoldCo, 10.0%, 2/15/15 $ 1,160,250
Health Care Facilities - 2.2%
535,000 HCA, Inc., 6.25%, 2/15/13 $ 520,288
3,308,147 (HCA, Inc., 9.625%, 11/15/16 3,589,339
110,000 HCA, Inc., 9.875%, 2/15/17 (144A) 121,550
3,725,000 Surgical Care Affiliates, Inc., 10.0%, 7/15 3,427,000
$ 7,658,177
Managed Health Care - 1.3%
4,400,000 Multiplan, Inc., 10.375%, 4/15/16 (144A) $ 4,290,000
Total Health Care Equipment & Services $ 21,993,214
Pharmaceuticals & Biotechnology & Life Sciences - 1.6%
Pharmaceuticals - 1.5%
2,075,000 Phibro Animal Health Corp., 10.0%, 8/1/13 ( $ 2,163,187
3,070,000 Phibro Animal Health Corp., 13.0%, 8/1/14 ( 3,100,700
$ 5,263,887
Life Sciences Tools & Services - 0.1%
400,000 (Catalent Pharma Solutions, Inc., 9.5%, 4/15 $ 361,000
Total Pharmaceuticals & Biotechnology & Lif $ 5,624,887
Banks - 1.2%
Diversified Banks - 0.1%
400,000 (Banco Macro SA, 10.75%, 6/7/12 $ 272,000
Regional Banks - 1.1%
1,225,000 (PNC Financial Services Group, Inc., 8.25% $ 1,237,837
1,790,000 (State Street Capital Trust III, 8.25%, 3/15 1,833,336
750,000 (Wells Fargo Capital XV, 9.75% 802,500
$ 3,873,673
Total Banks $ 4,145,673
Diversified Financials - 2.5%
Specialized Finance - 1.2%
3,770,000 ACE Cash Express, Inc., 10.25%, 10/1/14 (14 $ 2,752,100
500,000 Capital One Capital V, 10.25%, 8/15/39 581,250
695,000 National Money Mart Co., 10.375%, 12/15/16 708,900
$ 4,042,250
Consumer Finance - 0.5%
1,750,000 Ford Motor Credit Co., LLC, 7.875%, 6/15/10 $ 1,776,437
Asset Management & Custody Banks - 0.4%
575,000 (Janus Capital Group, Inc., 6.5%, 6/15/12 $ 570,770
975,000 (Janus Capital Group, Inc., 6.95%, 6/15/17 918,990
$ 1,489,760
Investment Banking & Brokerage - 0.4%
300,000 Cemex Finance LLC, 9.5%, 12/14/16 (144A) $ 314,250
1,325,000 (Goldman Sachs Capital II, 5.793% 1,026,875
$ 1,341,125
Total Diversified Financials $ 8,649,572
Insurance - 8.8%
Insurance Brokers - 2.9%
3,305,000 Alliant Holdings I, Inc., 11.0%, 5/1/15 (14 $ 3,313,262
100,000 HUB International Holdings, Inc., 9.0%, 12/ 95,500
4,455,000 HUB International Holdings, Inc., 10.25%, 6 4,098,600
1,249,000 (U.S.I. Holdings Corp., 4.148%, 11/15/14 (14 1,025,741
1,610,000 U.S.I. Holdings Corp., 9.75%, 5/15/15 (144A 1,467,113
$ 10,000,216
Multi-Line Insurance - 1.3%
3,075,000 (Liberty Mutual Group, Inc., 10.75%, 6/15/58 $ 3,259,500
1,100,000 MetLife, Inc., 10.75%, 8/1/39 1,354,569
$ 4,614,069
Property & Casualty Insurance - 1.4%
5,300,000 Allmerica Financial Corp., 7.625%, 10/15/25 $ 4,876,000
Reinsurance - 3.2%
EURO275,000 (Atlas Reinsurance Plc, 11.0%, 1/10/11 (144A $ 383,704
375,000 (Blue Fin, Ltd., 4.684% 4/10/12 (144A) 339,600
250,000 (Ibis Re, Ltd., 10.504%, 5/10/12 (144A) 268,700
300,000 (Montana Re, Ltd., 13.504%, 12/7/12 (144A) 297,330
250,000 (Mystic Re II, Ltd., 10.254%, 6/7/11 (144A) 255,100
9,000,000 NCO Group, Inc., 11.875%, 11/15/14 6,896,250
250,000 (Residential Reinsurance 2007, Ltd., 10.506% 256,300
650,000 (Residential Reinsurance 2008, Ltd., 7.006%, 640,705
850,000 (Residential Reinsurance 2008, Ltd., 11.756% 859,775
250,000 Successor X, Ltd., 0.0%, 12/9/10 (144A) 222,275
500,000 (Successor II, Ltd., 25.255%, 4/6/10 (144A) 501,150
$ 10,920,889
Total Insurance $ 30,411,174
Real Estate - 1.3%
Real Estate Operating Companies - 1.3%
172,585 (Alto Palermo SA, 11.0%, 6/11/12 (144A) $ 87,156
5,000,000 Forest City Enterprises, Inc., 7.625%, 6/1/ 4,475,000
Total Real Estate $ 4,562,156
Software & Services - 3.6%
Internet Software & Services - 0.9%
2,892,000 Terremark Worldwide, Inc., 12.0%, 6/15/17 ( $ 3,195,660
IT Consulting & Other Services - 0.8%
2,845,000 Activant Solutions, Inc., 9.5%, 5/1/16 $ 2,684,969
Data Processing & Outsourced Services - 1.3%
4,965,000 First Data Corp., 9.875%, 9/24/15 $ 4,629,862
Systems Software - 0.6%
5,745,000 (Pegasus Solutions, Inc., 10.5%, 4/15/15 (14 $ 1,960,481
Total Software & Services $ 12,470,972
Technology Hardware & Equipment - 0.2%
Computer Storage & Peripherals - 0.2%
600,000 Seagate Technology International, 10.0%, 5/ $ 663,000
Total Technology Hardware & Equipment $ 663,000
Telecommunication Services - 11.7%
Alternative Carriers - 0.7%
2,210,000 Global Crossings, Ltd., 12.0%, 9/15/15 (144 $ 2,425,475
Integrated Telecommunication Services - 3.4%
4,295,000 Broadview Networks Holdings, Inc., 11.375%, $ 4,112,462
3,000,000 GCI, Inc., 7.25%, 2/15/14 2,973,750
1,000,000 PAETEC Holding Corp., 8.875%, 6/30/17 1,012,500
3,865,000 (PAETEC Holding Corp., 9.5%, 7/15/15 3,720,062
$ 11,818,774
Wireless Telecommunication Services - 7.6%
220,000 Cell C Property, Ltd., 11.0%, 7/1/15 (144A) $ 217,800
6,400,000 (Cricket Communications, Inc., 9.375%, 11/1/ 6,432,000
970,000 Hughes Network Systems LLC, 9.5%, 4/15/14 991,825
4,320,000 Hughes Network Systems LLC, 9.5%, 4/15/14 4,460,400
3,125,000 (Intelsat Bermuda, Ltd., 11.5%, 2/4/17 (144A 3,062,500
2,500,000 Intelsat Corp., 9.25%, 6/15/16 2,581,250
2,500,000 (Intelsat Jackson Holdings, Ltd., 11.5%, 6/1 2,700,000
1,000,000 Intelsat Subsidiary Holding Co., Ltd., 8.5% 1,020,000
540,000 MetroPCS Wireless, Inc., 9.25%, 11/1/14 546,750
535,000 Telesat Canada, 11.0%, 11/1/15 580,475
800,000 Telesat Canada, 12.5%, 11/1/17 880,000
3,020,000 True Move Co., Ltd., 10.75%, 12/16/13 (144A 2,914,300
$ 26,387,300
Total Telecommunication Services $ 40,631,549
Utilities - 1.4%
Electric Utilities - 0.6%
2,595,000 (Texas Competitive Electric Holdings Co. LLC $ 2,101,950
Multi - Utilities - 0.3%
1,000,000 PNM Resources, Inc., 9.25%, 5/15/15 $ 1,051,250
Independent Power Producers & Energy Traders - 0.5%
1,800,000 Intergen NV, 9.0%, 6/30/17 (144A) $ 1,876,500
Total Utilities $ 5,029,700
TOTAL CORPORATE BONDS & NOTES
(Cost $373,725,029) $ 376,328,174
CONVERTIBLE BONDS & NOTES - 7.4% of Net Assets
Energy - 2.2%
Oil & Gas Drilling - 1.3%
2,265,000 (Hercules Offshore, Inc., 3.375%, 6/1/38 (14 $ 1,797,844
1,600,000 Transocean, Ltd., 1.5%, 12/15/37 1,544,000
1,175,000 Transocean, Ltd., 1.625%, 12/15/37 1,163,250
$ 4,505,094
Oil & Gas Exploration & Production - 0.4%
225,000 Carrizo Oil & Gas, Inc., 4.375%, 6/1/28 $ 193,219
1,340,000 Chesapeake Energy Corp., 2.5%, 5/15/37 1,199,300
$ 1,392,519
Coal & Consumable Fuels - 0.5%
1,905,000 Massey Energy Co., 3.25%, 8/1/15 $ 1,664,494
Total Energy $ 7,562,107
Materials - 0.7%
Diversified Chemicals - 0.7%
4,000 (Hercules, Inc., 6.5%, 6/30/29 $ 2,628,000
Total Materails $ 2,628,000
Transportation - 0.8%
Marine - 0.8%
3,330,000 Horizon Lines, Inc., 4.25%, 8/15/12 $ 2,705,625
Total Transportation $ 2,705,625
Media - 0.4%
Movies & Entertainment - 0.4%
1,832,000 Live Nation, Inc., 2.875%, 7/15/27 $ 1,419,800
Total Media $ 1,419,800
Health Care Equipment & Services - 1.7%
Health Care Equipment & Services - 0.7%
2,837,000 (Hologic, Inc., 2.0%, 12/15/37 $ 2,422,089
Health Care Services - 0.3%
1,210,000 Omnicare, Inc., 3.25%, 12/15/35 $ 984,638
Health Care Facilities - 0.7%
1,985,000 LifePoint Hospitals, Inc., 3.25%, 8/15/25 $ 1,828,681
780,000 LifePoint Hospitals, Inc., 3.5%, 5/15/14 726,375
$ 2,555,056
Total Health Care Equipment & Services $ 5,961,783
Technology Hardware & Equipment - 0.6%
Communications Equipment - 0.2%
1,080,000 (Nortel Networks Corp., 2.125%, 4/15/14 $ 733,050
Electronic Equipment & Instruments - 0.4%
1,514,000 L-1 Identity Solutions, Inc., 3.75%, 5/15/2 $ 1,364,492
Total Technology Hardware & Equipment $ 2,097,542
Telecommunication Services - 1.0%
Alternative Carriers - 1.0%
3,025,000 Time Warner Telecom, Inc., 2.375%, 4/1/26 $ 3,331,281
Total Telecommunication Services $ 3,331,281
TOTAL CONVERTIBLE BONDS & NOTES $ 25,706,138
(Cost $19,987,186)
MUNICIPAL BONDS - 5.6% of Net Assets
Indiana - 1.7%
1,650,000 East Chicago Industrial Pollution Control R $ 1,574,694
4,250,000 Indiana Development Finance Authority Reven 4,148,467
$ 5,723,161
New Jersey - 1.2%
4,525,000 New Jersey Economic Development Authority R $ 4,238,024
New York - 0.9%
3,475,000 New York City Industrial Development Agency $ 3,166,768
North Carolina - 1.8%
6,300,000 Charlotte Special Facilities Refunding Reve $ 4,421,403
2,000,000 Charlotte Special Facilities Refunding Reve 1,712,300
$ 6,133,703
TOTAL MUNICIPAL BONDS
(Cost $16,597,303) $ 19,261,656
MUNICIPAL COLLATERALIZED DEBT OBLIGATION - 0.7% of Net Assets
3,300,000 (Non-Profit Preferred Funding Trust I, 12.0% $ 2,489,553
TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION
(Cost $3,293,400) $ 2,489,553
SOVEREIGN DEBT OBLIGATIONS - 1.7% of Net Assets
Brazil - 1.0%
ITL 4,600,000,(Banco Nacional de Desenvolimento Bndes, 8.0 $ 3,451,145
Russia - 0.7%
2,180,800 (Russia Government International Bond, 7.5%, $ 2,461,578
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $4,294,405) $ 5,912,723
FLOATING RATE LOAN INTERESTS - 3.5% of Net Assets (h)
Energy - 0.1%
Oil & Gas Exploration & Production - 0.1%
483,383 Venoco, Inc., Second Lien Term Loan, 4.25%, $ 436,706
Total Energy $ 436,706
Materials - 0.4%
Steel - 0.4%
2,242,500 Niagara Corp., Term Loan, 9.25%, 6/30/14 $ 1,480,050
Total Materials $ 1,480,050
Capital Goods - 0.7%
Building Products - 0.7%
135,975 Custom Building Products, Inc., First Lien $ 132,916
2,250,000 Custom Building Products, Inc., Second Lien 2,157,187
Total Capital Goods $ 2,290,103
Commercial & Professional Services - 0.0%
Diversified Support Services - 0.0%
119,378 Rental Service Corp., Second Lien Initial T $ 111,718
Total Commercial & Professional Services $ 111,718
Consumer Services - 0.2%
Casinos & Gaming - 0.2%
2,500,000 (Gateway Casinos & Entertainment, Inc., Adva $ 761,720
Total Consumer Services $ 761,720
Household & Personal Products - 0.1%
Household Products - 0.1%
141,647 Central Garden & Pet Co., Tranche B Term Lo $ 134,742
180,270 Spectrum Brands, Inc., Dollar Term Loan B, 178,862
9,271 Spectrum Brands, Inc., Letter of Credit Loa 9,199
Total Household & Personal Products $ 322,803
Diversified Financials - 1.0%
Other Diversified Financial Services - 1.0%
EURO2,668,899 (Louis Topco, Ltd., Term Loan, 8.471%, 6/1/1 $ 3,229,273
Consumer Finance - 0.0%
7,117 Dollar Financial Corp., Canadian Borrower T $ 6,880
5,233 Dollar Financial Corp., Delayed Draw Term L 5,059
$ 11,939
Total Diversified Financials $ 3,241,212
Insurance - 0.7%
Multi-Line Insurance - 0.7%
383,906 AmWins Group, Inc., Initial Term Loan 2.76 $ 334,958
2,250,000 AmWins Group, Inc., Second Lien Initial Ter 1,850,625
Total Insurance $ 2,185,583
Utilities - 0.3%
Electric Utilities - 0.3%
189,525 Texas Competitive Electric Holdings Co., LL $ 152,662
1,193,893 Texas Competitive Electric Holdings Co. LLC 975,261
Total Utilities $ 1,127,923
TOTAL FLOATING RATE LOAN INTERESTS
(Cost $14,894,247) $ 11,957,818
FIXED RATE LOAN INTERESTS - 0.4% of Net Assets
Materials - 0.1%
Diversified Metals Mining - 0.1%
175,000 (Blaze Recycling & Metals, LLC, Term Loan, 1 $ 175,000
Total Materials $ 175,000
Semiconductors & Semiconductor Equipment - 0.3%
Semiconductor Equipment - 0.3%
1,023,266 (Freescale Semiconductor, Inc., Incremental $ 1,056,522
Total Semiconductors & Semiconductor Equipm $ 1,056,522
TOTAL FIXED RATE LOAN INTERESTS
(Cost $2,606,886) $ 1,231,522
Shares COMMON STOCKS - 2.5% of Net Assets
Energy - 0.1%
Oil & Gas Equipment & Services - 0.1%
4,472,024 (Skeie Drilling & Production ASA $ 394,809
Total Energy $ 394,809
Materials - 0.6%
Commodity Chemicals - 0.6%
125,916 (Georgia Gulf Corp. $ 2,188,420
Total Materials $ 2,188,420
Transportation - 0.3%
Airlines - 0.3%
96,586 (Delta Airlines, Inc. $ 1,099,149
Total Transportation $ 1,099,149
Automobiles & Components - 1.0%
Auto Parts & Equipment - 1.0%
47,960 (Lear Corp. $ 3,244,045
Total Automobiles & Components $ 3,244,045
Media - 0.2%
Cable & Satellite - 0.2%
17,042 (Charter Communications, Inc. $ 605,005
Total Media $ 605,005
Pharmaceuticals & Biotechnology & Life Sciences - 0.3%
Pharmaceuticals - 0.3%
17,818 Teva Pharmaceutical Industries, Ltd. (A.D.R $ 1,001,015
Total Pharmaceuticals & Biotechnology & Lif $ 1,001,015
TOTAL COMMON STOCKS
(Cost $7,828,002) $ 8,532,443
CONVERTIBLE PREFERRED STOCK - 0.9% of Net Assets
Materials - 0.2%
Diversified Metals & Mining - 0.2%
5,100 Freeport-McMoRan Copper & Gold, Inc., 6.75% $ 587,520
Total Materials $ 587,520
Diversified Financials - 0.7%
Other Diversified Financial Services - 0.7%
2,755 Bank of America Corp., 7.25% $ 2,421,645
Total Diversified Financials $ 2,421,645
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost $2,383,713) $ 3,009,165
WARRANTS - 0.4% of Net Assets
Energy - 0.1%
Oil & Gas Exploration & Production - 0.1%
2,500,000 (Norse Energy Corp. ASA - CW11, Expires 7/14 $ 376,506
Total Energy $ 376,506
Materials - 0.0%
Forest Products- 0.0%
1,645 (Mandra Forestry Holdings, Ltd. - CW13, Expi $
-
Total Materials $
-
Automobiles & Components - 0.3%
Auto Parts & Equipment - 0.3%
17,775 (Lear Corp. - CW-14, Expires 11/9/14 $ 1,123,403
Total Automobiles & Components $ 1,123,403
Utilities- 0.0%
Independent Power Producer & Energy Traders- 0.0%
150,592 (Umoe Biofuel Energy ASA, Expires 6/7/12 $
-
Total Utilities $
-
TOTAL WARRANTS
(Cost $1,284,684) $ 1,499,909
TEMPORARY CASH INVESTMENTS - 10.9% of Net Assets
Securities Lending Collateral - 10.9%(l)
Certificates of Deposit:
1,116,932 Bank of Nova Scotia, 0.19%, 2/17/10 $ 1,116,932
309,279 BNP Paribas, 0.78%, 6/4/10 309,279
1,116,932 CBA Financial, 0.27%, 1/3/11 1,116,932
1,116,932 DnB NOR Bank ASA NY, 0.2%, 2/17/10 1,116,932
406,601 Nordea Bank Finland, 0.19%, 1/28/10 406,601
1,218,471 Rabobank Nederland NY, 0.19%, 3/2/10 1,218,471
1,015,393 Societe Generale, 0.21%, 3/4/10 1,015,393
1,015,418 Svenska NY, 0.20%, 3/30/10 1,015,418
721,340 Wachovia Bank NA, 1.17%, 5/14/10 721,340
108,914 Westpac Banking NY, 1.35%, 3/19/10 108,914
$ 8,146,212
Commercial Paper:
204,530 American Honda Finance, 0.22%, 2/5/10 $ 204,530
1,158,588 Bank of America, 0.87%, 5/12/10 1,158,588
811,834 BBVA London, 0.28%, 3/18/10 811,834
203,108 BBVA Senior US, 0.30%, 3/12/10 203,108
1,014,981 Cafco, 0.20%, 3/15/10 1,014,981
1,116,580 Char FD, 0.18%, 3/5/10 1,116,580
507,561 Ciesco, 0.20%, 2/18/10 507,561
609,012 Ciesco, 0.20%, 3/8/10 609,012
1,015,191 Fasco, 0.17%, 2/12/10 1,015,191
110,656 GE Capital Corp, 0.34%, 10/6/10 110,656
109,921 GE Capital Corp, 0.38%, 10/21/10 109,921
304,887 GE Capital Corp, 0.45%, 8/20/10 304,887
812,071 HND AF, 0.18%, 3/2/10 812,071
1,116,628 HSBC, 0.20%, 2/19/10 1,116,628
113,259 John Deer Capital Corp., 0.36%, 7/6/10 113,259
860,052 JPMorgan Chase & Co., 0.57%, 9/24/10 860,052
520,804 Kithaw, 0.20%, 2/23/10 520,804
508,412 Kithaw, 0.21%, 3/2/10 508,412
1,015,048 NABPP, 0.19%, 3/8/10 1,015,048
284,731 Old LLC, 0.18%, 2/17/10 284,731
697,278 Old LLC, 0.19%, 3/17/10 697,278
791,412 PARFIN, 0.25%, 4/19/10 791,412
346,642 Ranger, 0.20%, 3/12/10 346,642
1,151,473 Santander, 0.33%, 7/23/10 1,151,473
345,174 SRCPP, 0.19%, 2/3/10 345,174
710,625 SRCPP, 0.19%, 2/10/10 710,625
203,181 TB LLC, 0.10%, 2/9/10 203,181
304,354 TB LLC, 0.19%, 2/8/10 304,354
558,158 TB LLC, 0.20%, 3/5/10 558,158
217,918 US Bancorp, 0.26%, 5/6/10 217,918
406,009 WFC, 0.49%, 8/20/10 406,009
1,014,363 WSTPAC, 0.25%, 5/27/10 1,014,363
$ 19,144,441
Tri-party Repurchase Agreements:
2,743,693 Barclays Capital Markets, 0.01%, 1/4/10 $ 2,743,693
4,061,571 Deutsche Bank, 0.01%, 1/4/10 4,061,571
2,030,785 JPMorgan, 0.01%, 1/4/10 2,030,785
$ 8,836,049
Shares
Money Market Mutual Funds:
812,314 Blackrock Liquidity Temporary Cash Fund $ 812,314
812,314 Dreyfus Preferred Money Market Fund 812,314
$ 1,624,628
TOTAL SECURITIES LENDING COLLATERAL $ 37,751,330
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $37,751,330) $ 37,751,330
Value
TOTAL INVESTMENTS IN SECURITIES - 147.1%
(Cost $501,801,298) (m)(n) $ 508,779,312
OTHER ASSETS AND LIABILITIES - (3.4)% $ (11,875,282)
PREFERRED SHARES AT REDEMPTION VALUE,
INCLUDING DIVIDENDS PAYABLE - (43.7)% $ (151,003,148)
NET ASSETS APPLICABLE TO COMMON
SHAREOWNERS - 100.0% $ 345,900,882
NR Security not rated by S&P or Moody's.
(144A) Security is exempt from registration under Rule 144A
of the Securities Act of 1933. Such
securities may be resold normally to qualified institutional
buyers in a transaction exempt
from registration. At December 31, 2009, the value
of these securities amounted to
$141,469,285 or 40.9% of total net assets
applicable to common shareowners.
(a) Floating rate note. The rate shown is the coupon
rate at December 31, 2009.
(b) Security is in default and is non-income producing.
(c) Payment-in Kind (PIK) security which may pay
interest in additional principal amount.
(d) Debt obligation initially issued at one coupon
which converts to another coupon at a specific date.
The rate shown is the rate at December 31, 2009.
(e) Security is priced as a unit.
(f) Security is a perpetual bond and has no definite maturity date.
(g) Indicates a security that has been deemed illiquid.
The aggregate cost of illiquid securities is
$3,293,400. The aggregate value of $2,489,553
represents 0.7% of total net assets applicable to common
shareowners.
(h) Floating rate loan interests in which the Trust invests generally
pay interest at rates that are periodically redetermined by
reference to a base lending rate plus a premium. These base
lending rates are generally (i) the lending rate offered by one
or more major European banks, such as LIBOR (London
InterBank Offered Rate), (ii) the prime rate offered by one
or more major United States banks, (iii) the certificate of
deposit
(iv) other base lending rates used by commercial lenders. The
interest rate shown is the rate accruing at December 31, 2009.
(i) On December 31, 2009, the security was not in
default but defaulted after the period end.
(j) Security is fair valued using fair value methods (other than
prices supplied by independent pricing services).
(k) Non-income producing.
(l) Securities lending collateral is managed by Credit
Suisse AG, New York Branch.
(m) At December 31, 2009, the net unrealized gain on
investments based on cost for federal income tax purposes
of $502,267,763 was as follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cos $ 49,771,360
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over valu (43,259,811)
Net unrealized gain $ 6,511,549
For financial reporting purposes net unrealized gain was
$6,978,014 and cost of investments aggregated $501,801,298.
(n) Distribution of investments by country of issue,
as a percentage of total holdings, is as follows:
United States %
Canada
3.8
Norway
2.1
Cayman Islands
1.7
Bermuda
1.7
Brazil
1.6
United Kingdom
1.6
Germany
1.1
Netherlands
0.9
Italy
0.7
Australia
0.6
Thailand
0.6
Mexico
0.6
Russia
0.5
Argentina
0.4
Virgin Islands
0.4
Indonesia
0.3
Israel
0.2
Luxembourg
0.2
Ireland
0.1
Other (individually less than 1%)
%
(o) At December 31, 2009, the following securities were out on loan:
Principal
Amount
USD($) Description Market Value
2,137Aleris International, Inc., 10.0%, 12/15/16 $ 10,685
17Allison Transmission, Inc., 11.0%, 11/1/15 181,650
59Bumi Capital Pte, Ltd., 12.0%, 11/10/16 (14 585,090
6,175Cricket Communications, Inc., 9.375%, 11/1/ 6,205,875
15Freescale Semiconductor, Inc., Incremental 156,940
1,665Graphic Packaging International, Inc., 9.5% 1,719,113
97Hexion U.S. Finance Corp., 9.75%, 11/15/14 950,600
2,394Intelsat Jackson Holdings, Ltd., 11.5%, 6/1 2,585,520
2,133PAETEC Holding Corp., 9.5%, 7/15/15 2,053,012
80Park-Ohio Industries, Inc., 8.375%, 11/15/1 614,000
3,418Sally Holdings LLC, 10.5%, 11/15/16 3,674,350
87Stonemor Operating LLC/Cornerstone Family S 886,243
4,192Tenneco Automotive, Inc., 8.625%, 11/15/14 4,228,680
2,569Texas Competitive Electric Holdings Co. LLC 2,080,890
44U.S.I. Holdings Corp., 9.75%, 5/15/15 (144A 405,506
4,395Univision Communications, 9.75%, 3/15/15 (1 3,911,550
Waste Services, Inc., 9.5%, 4/15/14 73,150
74Wells Fargo Capital XV, 9.75% 793,940
3,653Yankee Acquisition Corp., 8.5%, 2/15/15 3,625,602
1,485Yankee Acquisition Corp., 9.75%, 2/15/17 1,462,725
Shares
Charter Communications, Inc. 195,250
$ 36,400,371
Note: Principal amounts are denominated in U.S.
dollars unless otherwise denoted.
EURO
ITL
NOK
Various inputs are used in determining the value of the Trust's
investments. These inputs are summarized in the three broad
levels listed below.
Highest priority is given to Level 1 inputs and lowest priority
is given to Level 3.
Level 1 - quoted prices in active markets for identical
securities
Level 2 - other significant observable inputs (including quoted
prices for similar securities, interest rates, prepayment
speeds,
credit risk, etc.)
Level 3 - significant unobservable inputs (including the Trust's
own assumptions in determining fair value of investments)
The following is a summary of the inputs used as of December
31, 2009, in valuing the Trust's assets:
Level 1 Level 2 Level 3 Total
Asset backed securities $0 $9,139,862 $0 $9,139,862
Collateralized Mort Oblig 0 5,959,019 0 5,959,019
Corporate Bonds 0 376,328,174 0 376,328,174
Convertible Bonds 0 25,706,138 0 25,706,138
Municipal bonds 0 19,261,656 0 19,261,656
Municipal collateralized debt 0 2,489,553 0 2,489,553
Soverign Debt obligations 0 5,912,723 0 5,912,723
Floating Rate Loan interests 0 11,957,858 0 11,957,858
Fixed rate loan interests(div 0 0 175,000 175,000
Fixed rate loan interests(sem 0 1,056,522 0 1,056,522
Common stocks 8,532,443 0 0 8,532,443
Convertible Preferred Stocks 587,520 0 0 587,520
Convertible Preferred Stocks 0 2,421,645 0 2,421,645
Warrants(other industries) 1,499,909 0 0 1,499,909
Temporary Cash Investments 0 37,751,330 0 37,751,330
Total $10,619,872 $497,984,440 $175,000 $508,779,312
Other Financial Instruments $0 $(615,959) $0 $(615,959)
* Other financial instruments include foreign exchange contracts.
Following is a reconciliation of assets valued using
significant unobservable inputs (Level 3):
Fixed
Rate Loan
Interests
Balance as of 3 $0
Realized gain ( 0
Change in unrea 0
Net purchases ( 175,000
Transfers in an 0
Balance as of 1 $175,000
ITEM 2. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about 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 their
evaluation of these controls and procedures required by Rule 30a-3(b)
under the Act (17 CFR270.30a-3(b))) and Rule 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR240.13a-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 CFR270.30a-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 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer High Income Trust
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date March 1, 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 March 1, 2010
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date March 1, 2010
* Print the name and title of each signing officer under his or her signature.