OMB APPROVAL OMB Number: 3235-0578 Expires: April 30, 2013 Estimated average burden hours per response..... 5.6 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-21043 Pioneer High Income Trust (Exact name of registrant as specified in charter) 60 State Street, Boston, MA 02109 (Address of principal executive offices) (ZIP code) Terrence J. Cullen, Pioneer Investment Management, Inc., 60 State Street, Boston, MA 02109 (Name and address of agent for service) Registrant's telephone number, including area code: (617) 742-7825 Date of fiscal year end: March 31 Date of reporting period: December 31, 2010 Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after close of the first and third fiscal quarters, pursuant to Rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. Schedule of Investments. Pioneer High Income Trust SCHEDULE OF INVESTMENTS 12/31/10 (unaudited) Principal Amount USD ($) Value ASSET BACKED SECURITIES - 2.7% of Net Assets Transportation - 0.2% Airlines - 0.2% 975,445 (a) Aviation Capital Group Trust, 0.71%, 11/15/ 595,021 248,016 Continental Airlines, Inc., Series B, 8.499 252,356 Total Transportation 847,377 Banks - 0.7% Thrifts & Mortgage Finance - 0.7% 531,442 (a) ACE Securities Corp., 0.846%, 12/25/34 416,088 341,133 (a) Amortizing Residential Collateral Trust, 1. 140,828 280,000 (a) Bear Stearns Asset Backed Securities Trust, 126,573 577,710 Citigroup Mortgage Loan Trust, Inc., 0.366% 476,889 187,021 (a) FBR Securitization Trust, 0.596%, 10/25/35 119,741 965,000 (a) Home Equity Asset Trust, 0.356%, 3/25/37 801,039 335,302 (a) Residential Asset Securities Corp., 0.476%, 306,106 250,000 (a) Security National Mortgage Loan Trust, 6.55 188,125 Total Banks 2,575,389 Diversified Financials - 0.6% Investment Banking & Brokerage - 0.1% 500,000 Bear Stearns Commercial Mortgage Securities 488,589 Other Diversified Financial Services - 0.3% 1,861,491 (a) Aircraft Finance Trust, 0.71%, 5/15/24 (144 1,014,513 112,614 (a) Aircraft Finance Trust, 0.73%, 5/15/24 (144 97,974 1,112,487 Specialized Finance - 0.2% 850,000 Dominos Pizza Master Issuer LLC, 5.261%, 4/ 872,313 Total Diversified Financials 2,473,389 Real Estate - 0.3% Mortgage Real Estate Investment Trust - 0.3% 471,087 Real Estate Asset Trust, 10.0%, 9/25/40 (14 471,087 600,000 Credit Suisse First Boston Mortgage Securit 497,587 Total Real Estate 968,674 Utilities - 0.9% Multi-Utilities - 0.9% 3,603,567 Ormat Funding Corp., 8.25%, 12/30/20 3,481,946 Total Utilities 3,481,946 TOTAL ASSET BACKED SECURITIES (Cost $9,586,607) 10,346,775 COLLATERALIZED MORTGAGE OBLIGATIONS - 0.7% of Net Assets Banks - 0.7% Thrifts & Mortgage Finance - 0.7% 409,192 (a) Carrington Mortgage Loan Trust, 0.366%, 2/2 386,718 1,504,000 (a) Carrington Mortgage Loan Trust, 0.446%, 2/2 987,205 372,858 (a) Countrywide Alternative Loan Trust, 0.576%, 226,282 299,059 (a) JPMorgan Mortgage Trust, 4.954%, 11/25/35 289,284 847,067 (a) Luminent Mortgage Trust, 0.506%, 7/25/36 53,136 365,860 (a) Structured Asset Mortgage Investments, Inc. 237,225 808,677 (a) WaMu Mortgage Pass Through Certificates, 0. 677,153 Total Banks 2,857,003 TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $3,476,693) 2,857,003 CORPORATE BONDS & NOTES - 110.8% of Net Assets Energy - 11.2% Coal & Consumable Fuels - 1.4% 1,350,000 Bumi Capital Pte, Ltd., 12.0%, 11/10/16 (14 1,522,125 2,329,000 Drummond Co., Inc., 9.0%, 10/15/14 (144A) 2,486,208 1,166,000 Murray Energy Corp., 10.25%, 10/15/15 (144A 1,224,300 5,232,633 Oil & Gas Drilling - 1.7% 2,982,936 DDI Holding AS, 9.3%, 1/19/12 (144A) 2,953,107 1,900,000 Pioneer Drilling Co., 9.88%, 3/15/18 2,009,250 500,000 Hercules Offshore, Inc., 10.5%, 10/15/17 (1 413,750 1,085,000 Offshore Group Investments, Ltd., 11.5%, 8/ 1,177,225 6,553,332 Oil & Gas Equipment & Services - 3.2% 4,500,000 American Petroleum Tankers LLC, 10.25%, 5/1 4,657,500 3,000,000 Aquilex Holdings LLC, 11.125%, 12/15/16 3,037,500 600,000 (a)(b) DP Producer AS, 0.0%, 12/5/11 (144A) 6,000 1,515,000 Expro Finance Luxembourg SCA, 8.5%, 12/15/1 1,446,825 238,581 (b) Nexus 1 Pte, Ltd., 10.5%, 3/7/12 (144A) 239 385,386 (a)(b) PetroProd, Ltd., 0.0%, 1/12/12 (144A) 385 6,000,000 Sevan Marine ASA, 14.0%, 12/22/14 1,032,258 4,500,000 Sevan Marine ASA, 13.25%, 8/10/15 809,032 800,000 Sevan Marine ASA, 12.0%, 8/10/15 (144A) 844,000 400,000 (a) Sevan Marine ASA, 3.524%, 5/14/13 (144A) 342,000 12,175,739 Oil & Gas Exploration & Production - 3.5% 775,000 Berry Petroleum Co., 10.25%, 6/1/14 889,313 390,000 Denbury Resources, Inc., 9.75%, 3/1/16 434,850 1,750,000 Hilcorp Energy I LP, 9.0%, 6/1/16 (144A) 1,850,625 1,045,000 Mariner Energy, Inc., 11.75%, 6/30/16 1,196,525 2,125,000 Norse Energy Corp. ASA, 6.5%, 7/14/11 1,870,000 1,497,000 Norse Energy Corp. ASA, 6.5%, 7/14/11 (144A 1,616,760 NOK 5,000,000 Norwegian Energy Co. AS, 12.9%, 11/20/14 901,075 3,660,000 Quicksilver Resources, Inc., 7.125%, 4/1/16 3,504,450 1,250,000 (c) SandRidge Energy, Inc., 8.625%, 4/1/15 1,279,688 13,543,286 Oil & Gas Refining & Marketing - 0.9% 1,000,000 Coffeyville Resources LLC, 10.875%, 4/1/17 1,075,000 175,000 Petroplus Finance, Ltd., 7.0%, 5/1/17 (144A 154,875 2,215,000 Tesoro Corp., 9.75%, 6/1/19 2,453,112 3,682,987 Oil & Gas Storage & Transportation - 0.5% 350,000 (a) Enterprise Products Operating LLC, 8.375%, 375,813 1,524,000 (a) Southern Union Co., 7.2%, 11/1/66 1,403,985 1,779,798 Total Energy 42,967,775 Materials - 17.8% Aluminum - 0.6% 1,005,585 (a)(c) Noranda Aluminum Acquisition Corp., 5.274%, 901,255 1,320,000 Novelis, Inc., 8.75%, 12/15/20 (144A) 1,369,500 2,270,755 Commodity Chemicals - 2.6% 3,250,000 Basell Finance Co., 8.1%, 3/15/27 (144A) 3,501,875 1,350,000 Hexion US Finance Corp., 9.0%, 11/15/20 (14 1,427,625 221,000 Invista, 9.25%, 5/1/12 (144A) 224,867 4,500,000 Methanex Corp., 8.75%, 8/15/12 4,736,250 9,890,617 Diversified Chemicals - 1.1% EURO 350,000 Ineos Group Holdings Plc, 7.875%, 2/15/16 ( 420,238 950,000 Momentive Performance Materials, Inc., 9.5% 1,325,445 2,625,000 (d) Ineos Group Holdings Plc, 8.5%, 2/15/16 (14 2,500,312 4,245,995 Diversified Metals & Mining - 1.6% 1,391,615 (b)(c) Blaze Recycling & Metals LLC, 13.0%, 7/16/1 1,179,394 4,070,000 Teck Resources, Ltd., 10.25%, 5/15/16 5,036,625 6,216,019 Materials - 1.3% 5,690,000 AGY Holding Corp., 11.0%, 11/15/14 5,142,338 Metal & Glass Containers - 1.7% 2,500,000 AEP Industries, Inc., 7.875%, 3/15/13 2,490,625 2,400,000 BWAY Holdings Co., 10.13%, 11/5/15 (144A) 2,424,000 1,450,000 BWAY Holdings Co., 10.0%, 6/15/18 (144A) 1,564,188 6,478,813 Paper Packaging - 5.0% 2,000,000 Berry Plastics Corp., 9.5%, 5/15/18 2,005,000 2,657,034 (a) Corp Durango SAB de CV, 6.0%, 8/27/16 2,417,901 6,157,000 Exopack Holdings Corp., 11.25%, 2/1/14 6,387,888 2,795,000 (d) Graham Packaging Co., 9.875%, 10/15/14 2,892,825 3,847,000 (d) Graphic Packaging International, Inc., 9.5% 3,923,940 2,250,000 U.S. Corrugated, Inc., 10.0%, 6/1/13 2,137,500 19,765,054 Paper Products - 1.5% 2,136,000 ABI Escrow Corp., 10.25%, 10/15/18 (144A) 2,338,920 2,000,000 Appleton Papers, Inc., 10.5%, 6/15/15 (144A 1,980,000 776,000 Mercer International, Inc., 9.5%, 12/1/17 ( 797,340 405,000 Clearwater Paper Corp., 10.625%, 6/15/16 462,713 5,578,973 Specialty Chemicals - 0.2% 575,000 Vertellus Specialities, Inc., 9.375%, 10/1/ 609,500 609,500 Steel - 2.2% 4,660,000 Algoma Acquisition Corp., 9.875%, 6/15/15 ( 4,194,000 2,400,000 CSN Islands VIII Corp., 9.75%, 12/16/13 (14 2,784,000 1,250,000 Severstal Columbus LLC, 10.25%, 2/15/18 (14 1,325,000 8,303,000 Total Materials 68,501,064 Capital Goods - 9.3% Aerospace & Defense - 2.0% 3,600,000 Aeroflex, Inc., 11.75%, 2/15/15 3,960,000 1,465,000 BE Aerospace, Inc., 8.5%, 7/1/18 1,604,175 1,984,000 DynCorp International, Inc., 10.375%, 7/1/1 2,033,600 7,597,775 Building Products - 0.9% 1,935,000 (b) Industrias Unidas SA de CV, 11.5%, 11/15/16 1,644,750 1,790,000 Intcomex, Inc., 13.25%, 12/15/14 (144A) 1,915,300 3,560,050 Construction & Engineering - 0.3% 1,375,000 New Enterprise Stone & Lime Co., 11.0%, 9/1 1,306,250 Construction & Farm Machinery & Heavy Trucks - 1.3% 570,000 American Railcar Industries, Inc., 7.5%, 3/ 579,975 3,250,000 Commercial Vehicle Group, Inc., 8.0%, 7/1/1 2,957,500 383,000 Greenbrier Cos, Inc., 8.375%, 5/15/15 387,787 774,000 (d) Manitowoc Co., Inc., 9.5%, 2/15/18 847,530 4,772,792 Electrical Components & Equipment - 0.6% 2,000,000 Wireco Worldgroup, 9.5%, 5/15/17 (144A) 2,110,000 Industrial Conglomerates - 1.0% 3,180,000 (b) Indalex Holding Corp., 11.5%, 2/1/14 35,775 3,889,000 Park-Ohio Industries, Inc., 8.375%, 11/15/1 3,947,335 3,983,110 Industrial Machinery - 2.2% 1,080,000 Liberty Tire Recycling, 11.0%, 10/1/16 (144 1,158,300 5,170,000 Mueller Water Products, Inc., 7.375%, 6/1/1 4,989,050 2,440,000 WPE International Cooperatief , 10.375%, 9/ 2,391,200 8,538,550 Trading Companies & Distributors - 1.0% 500,000 Avis Budget Car Rental LLC, 9.625%, 3/15/18 538,750 3,370,000 Wesco Distribution, Inc., 7.5%, 10/15/17 3,407,912 3,946,662 Total Capital Goods 35,815,189 Commercial & Professional Services - 5.2% Commercial Printing - 0.7% 2,560,000 Sheridan Acquisition Corp., 10.25%, 8/15/11 2,521,600 Diversified Support Services - 1.0% 4,450,000 (e) MSX International UK, 12.5%, 4/1/12 (144A) 3,827,000 Environmental & Facilities Services - 0.4% 2,180,000 (b) Aleris International, Inc., 10.0%, 12/15/16 5,472 892,000 Brickman Group Holdings, Inc., 9.13%, 11/1/ 903,150 315,000 Casella Waste Systems, Inc., 11.0%, 7/15/14 348,469 1,275,000 (a)(f) Ohio Air Quality Development Authority Reve 133,493 1,390,584 Office Services & Supplies - 3.1% 11,830,000 Xerox Capital Trust I, 8.0%, 2/1/27 12,037,025 Total Commercial & Professional Services 19,776,209 Transportation - 2.4% Air Freight & Logistics - 1.4% EURO 272,000 CEVA Group Plc, 10.0%, 12/1/16 (144A) 332,059 500,000 AMGH Merger Sub, Inc., 9.25%, 11/1/18 (144A 525,000 3,351,000 CEVA Group Plc, 11.5%, 4/1/18 (144A) 3,639,063 720,000 CEVA Group Plc, 11.625%, 10/1/16 (144A) 790,200 5,286,322 Airlines - 0.2% 881,000 Delta Airlines, Inc., 9.5%, 9/15/14 (144A) 959,189 Trucking - 0.8% 1,430,000 Syncreon Global Ireland Ltd., 9.5%, 5/1/18 1,451,450 1,375,000 Swift Services Holdings, Inc., 10.0%, 11/15 1,440,312 2,891,762 Total Transportation 9,137,273 Automobiles & Components - 3.9% Auto Parts & Equipment - 3.6% 1,250,000 Allison Transmission, Inc., 11.0%, 11/1/15 1,362,500 2,761,300 Allison Transmission, Inc., 11.25%, 11/1/15 2,989,107 950,000 (a) Pinafore LLC, 9.0%, 10/1/18 (144A) 1,026,000 4,760,000 Stanadyne Corp., 10.0%, 8/15/14 4,819,500 1,500,000 (g) Stanadyne Corp., 12.0%, 2/15/15 1,417,500 1,836,000 (d) Tower Automotive Holdings USA LLC, 10.625%, 1,964,520 13,579,127 Tires & Rubber - 0.3% 1,165,000 Goodyear Tire & Rubber Co., 10.5%, 5/15/16 1,328,100 Total Automobiles & Components 14,907,227 Consumer Durables & Apparel - 4.6% Homebuilding - 1.8% 3,115,000 Beazer Homes USA, Inc., 9.125%, 6/15/18 3,021,550 750,000 Beazer Homes USA, Inc., 9.13%, 5/15/19 (144 712,500 3,060,000 Meritage Homes Corp., 6.25%, 3/15/15 3,075,300 6,809,350 Housewares & Specialities - 1.8% 1,435,000 Jarden Corp., 7.5%, 5/1/17 1,512,131 3,690,000 (d) Yankee Acquisition Corp., 8.5%, 2/15/15 3,837,600 1,500,000 Yankee Acquisition Corp., 9.75%, 2/15/17 1,563,750 6,913,481 Leisure Products - 1.0% 4,000,000 Icon Health & Fitness, Inc., 11.88%, 10/15/ 4,040,000 Total Consumer Durables & Apparel 17,762,831 Household & Personal Products - 0.3% Personal Products - 0.3% 1,050,000 Revlon Consumer Products Corp., 9.75%, 11/1 1,110,375 Total Household & Personal Products 1,110,375 Consumer Services - 2.6% Casinos & Gaming - 1.4% 1,650,000 (b) Buffalo Thunder Development Authority, 9.37 474,375 975,000 FireKeepers Development Authority, 13.875%, 1,152,938 1,375,000 (b) Mashantucket Western Pequot Tribe, 8.5%, 11 180,469 1,475,000 (f) Little Traverse Bay Bands of Odawa Indians, 1,209,500 401,000 Pinnacle Entertainment, Inc., 8.75%, 5/15/2 415,035 1,585,000 Pokagon Gaming Authority, 10.375%, 6/15/14 1,652,363 740,000 Shingle Springs Tribal Gaming Authority, 9. 510,600 5,595,280 Restaurants - 0.7% 1,400,000 (d) Blue Acquisition Sub, Inc., 9.88%, 10/15/18 1,491,000 1,175,000 Dunkin Finance Corp., 9.63%, 12/1/18 1,186,750 2,677,750 Specialized Consumer Services - 0.5% EURO 1,750,000 Stonemor Operating LLC, 10.25%, 12/1/17 1,841,875 Total Consumer Services 10,114,905 Media - 10.4% Advertising - 2.1% 2,900,000 Affinity Group, Inc., 11.5%, 12/1/16 (144A) 2,849,250 2,690,000 MDC Partners, Inc., 11.0%, 11/1/16 2,965,725 2,600,000 Sitel LLC/Sitel Finance Corp., 11.5%, 4/1/1 2,145,000 7,959,975 Broadcasting - 5.6% 1,096,054 CCH II LLC/CCH II Capital Corp., 13.5%, 11/ 1,307,044 970,000 Hughes Network Systems LLC, 9.5%, 4/15/14 1,000,312 4,320,000 Hughes Network Systems LLC, 9.5%, 4/15/14 4,455,000 3,527,831 (c) Intelsat Bermuda, Ltd., 11.5%, 2/4/17 3,898,253 2,500,000 Intelsat Corp., 9.25%, 6/15/16 2,700,000 1,000,000 Intelsat Subsidiary Holding Co., Ltd., 8.5% 1,001,250 535,000 Telesat Canada, 11.0%, 11/1/15 600,537 800,000 Telesat Canada, 12.5%, 11/1/17 942,000 5,380,689 (c) Univision Communications, Inc., 9.75%, 3/15 5,811,144 21,715,540 Cable & Satelite - 1.5% 570,000 Digitalglobe, Inc., 10.5%, 5/1/14 650,513 295,000 GeoEye, Inc., 9.625%, 10/1/15 333,350 EURO 3,390,000 Kabel Deutschland GMBH, 10.75%, 7/1/14 4,695,637 5,679,500 Movies & Entertainment - 0.7% 2,765,000 AMC Entertainment Holdings, Inc., 9.75%, 12 2,875,600 Publishing - 0.5% 400,000 Interactive Data Corp., 10.25%, 8/1/18 (144 438,000 1,400,000 TL Acquisitions, Inc., 10.5%, 1/15/15 (144A 1,445,500 1,883,500 Total Media 40,114,115 Retailing - 2.7% Automotive Retailing - 0.2% 640,000 Sonic Automotive, Inc., 8.625%, 8/15/13 649,600 Internet Retailing - 1.2% 4,340,000 Ticketmaster Entertainment, Inc., 10.75%, 8 4,698,050 Specialty Stores - 1.3% 4,615,000 (d) Sally Holdings LLC, 10.5%, 11/15/16 5,088,038 Total Retailing 10,435,688 Food, Beverage & Tobacco - 5.6% Agricultural Products - 1.6% 5,622,000 Southern States Cooperative, Inc., 11.25%, 5,959,320 Brewers - 1.6% 5,885,000 Cia Brasileira de Bebida, 10.5%, 12/15/11 6,341,087 Packaged Foods & Meats - 1.5% 775,000 Bertin, Ltd., 10.25%, 10/5/16 (144A) 841,728 1,500,000 FAGE Dairy Industry SA/FAGE USA Dairy Indus 1,324,360 500,000 Marfrig Overseas, Ltd., 9.625%, 11/16/16 (1 526,250 2,862,000 Minerva Overseas II, Ltd., 10.875%, 11/15/1 3,026,565 5,718,903 Tobacco - 0.9% 3,450,000 Alliance One International, Inc., 10.0%, 7/ 3,536,250 Total Food, Beverage & Tobacco 21,555,560 Health Care Equipment & Services - 6.5% Health Care Equipment & Services - 1.1% 3,000,000 Accellent, Inc., 10.0%, 11/1/17 (144A) 2,835,000 1,200,000 ConvaTec Healthcare E SA, 10.5%, 12/15/18 ( 1,216,500 4,051,500 Health Care Facilities - 2.1% 110,000 HCA, Inc., 9.875%, 2/15/17 121,000 535,000 HCA, Inc., 6.25%, 2/15/13 545,700 3,308,147 (c) HCA, Inc., 9.625%, 11/15/16 3,543,852 3,725,000 Surgical Care Affiliates, Inc., 10.0%, 7/15 3,780,875 7,991,427 Health Care Services - 1.8% 1,287,000 Bioscrip, Inc., 10.25%, 10/1/15 1,325,610 2,527,000 Gentiva Health Services, Inc., 11.5%, 9/1/1 2,754,430 2,837,000 Hologic, Inc., 2.0%, 12/15/37 2,964,665 7,044,705 Health Care Supplies - 1.5% 365,000 Alere, Inc., 9.0%, 5/15/16 375,950 1,000,000 Bausch & Lomb, Inc., 9.875%, 11/1/15 1,070,000 4,085,000 (c) Biomet, Inc., 10.375%, 10/15/17 4,483,288 5,929,238 Total Health Care Equipment & Services 25,016,870 Pharmaceuticals & Biotechnology & Life Sciences - 1.1% Biotechnology - 0.5% 1,729,000 Lantheus Medical Imaging, Inc., 9.75%, 5/15 1,806,805 Life Sciences Tools & Services - 0.6% 961,893 (c) Catalent Pharma Solutions, Inc., 9.5%, 4/15 971,512 1,344,000 PharmaNet Development Group, Inc., 10.875%, 1,397,760 2,369,272 Total Pharmaceuticals & Biotechnology & Lif 4,176,077 Banks - 1.4% Diversified Banks - 0.4% 1,265,000 (a) ABN AMRO North American Holding Preferred C 1,072,088 400,000 (a) Banco Macro SA, 10.75%, 6/7/12 301,000 1,373,088 Regional Banks - 1.0% 1,225,000 (a)(h) PNC Financial Services Group, Inc., 8.25% 1,306,205 1,790,000 (a) State Street Capital Trust III, 8.25%, 3/15 1,818,640 750,000 (a)(h) Wells Fargo Capital XV, 9.75% 834,375 3,959,220 Total Banks 5,332,308 Diversified Financials - 2.9% Asset Management & Custody Banks - 0.4% 575,000 (g) Janus Capital Group, Inc., 6.5%, 6/15/12 621,885 975,000 (a) Janus Capital Group, Inc., 6.95%, 6/15/17 1,015,781 1,637,666 Investment Banking & Brokerage - 0.5% 2,325,000 (a)(h) Goldman Sachs Capital II, 5.793% 1,970,437 Specialized Finance - 2.0% 500,000 Capital One Capital V, 10.25%, 8/15/39 535,000 695,000 National Money Mart Co., 10.375%, 12/15/16 750,600 8,150,000 NCO Group, Inc., 11.875%, 11/15/14 6,520,000 7,805,600 Total Diversified Financials 11,413,703 Insurance - 6.8% Insurance Brokers - 3.0% 3,305,000 Alliant Holdings I, Inc., 11.0%, 5/1/15 (14 3,445,463 100,000 HUB International Holdings, Inc., 9.0%, 12/ 101,250 4,455,000 HUB International Holdings, Inc., 10.25%, 6 4,466,137 2,286,000 (a) U.S.I. Holdings Corp., 4.125%, 11/15/14 (14 2,000,250 1,610,000 U.S.I. Holdings Corp., 9.75%, 5/15/15 (144A 1,626,100 11,639,200 Multi-Line Insurance - 1.4% 3,075,000 (a) Liberty Mutual Group, Inc., 10.75%, 6/15/58 3,720,750 1,100,000 MetLife, Inc., 10.75%, 8/1/39 1,474,000 5,194,750 Property & Casualty Insurance - 1.4% 5,300,000 Allmerica Financial Corp., 7.625%, 10/15/25 5,312,116 Reinsurance - 1.0% EURO 275,000 (a) Atlas Reinsurance Plc, 10.95%, 1/10/11 (144 368,002 375,000 (a) Blue Fin, Ltd., 4.65% 4/10/12 (144A) 366,413 250,000 (a) Ibis Re, Ltd., 10.507%, 5/10/12 (144A) 266,650 800,000 Lodestone Re, Ltd., 7.38%, 1/8/14, (144A) 799,440 300,000 (a) Montana Re, Ltd., 13.502%, 12/7/12 (144A) 302,790 250,000 (a) Mystic Re II, Ltd., 10.252%, 6/7/11 (144A) 254,275 650,000 (a) Residential Reinsurance 2008, Ltd., 7.002%, 659,165 850,000 (a) Residential Reinsurance 2008, Ltd., 11.752% 874,480 3,891,215 Total Insurance 26,037,281 Real Estate - 1.2% Real Estate Operating Companies - 1.2% 122,464 (a) Alto Palermo SA, 11.0%, 6/11/12 (144A) 53,884 5,000,000 Forest City Enterprises, Inc., 7.625%, 6/1/ 4,668,750 Total Real Estate 4,722,634 Software & Services - 4.2% Application Software - 0.9% 1,870,000 Vangent, Inc., 9.625%, 2/15/15 1,692,350 1,710,000 Allen Systems Group, Inc., 10.5%, 11/15/16 1,722,825 3,415,175 Data Processing & Outsourced Services - 1.0% 399,000 First Data Corp., 9.875%, 9/24/15 380,048 1,783,000 First Data Corp., 8.25%, 1/15/21 (144A) 1,711,680 1,783,000 First Data Corp., 12.63%, 1/15/21 (144A) 1,702,765 3,794,493 Internet Software & Services - 0.9% 2,892,000 Terremark Worldwide, Inc., 12.0%, 6/15/17 3,311,340 IT Consulting & Other Services - 0.7% 2,845,000 Activant Solutions, Inc., 9.5%, 5/1/16 2,859,225 Systems Software - 0.7% 3,775,781 (c)(f) Pegasus Solutions, Inc., 13.0%, 4/15/14 (14 2,831,836 Total Software & Services 16,212,069 Technology Hardware & Equipment - 0.9% Computer Storage & Peripherals - 0.2% 600,000 Seagate Technology International, 10.0%, 5/ 703,500 Computer Storage & Peripherals - 0.4% 1,550,000 Da-Lite Screen Co., Inc., 12.5%, 4/1/15 1,697,250 Electronic Equipment & Instruments - 0.3% 1,100,000 Atkore International, Inc., 9.88%, 1/1/18 ( 1,144,000 Total Technology Hardware & Equipment 3,544,750 Telecommunication Services - 6.0% Alternative Carriers - 0.7% 2,210,000 Global Crossing, Ltd., 12.0%, 9/15/15 2,491,775 Integrated Telecommunication Services - 3.8% 1,100,000 Bakrie Telecom PTE, Ltd., 11.5%, 5/7/15 (14 1,190,750 4,295,000 Broadview Networks Holdings, Inc., 11.375%, 4,198,363 600,000 Paetec Holding Corp., 9.88%, 12/1/18 (144A) 616,500 539,000 Cincinnati Bell, Inc., 8.75%, 3/15/18 505,312 3,000,000 GCI, Inc., 7.25%, 2/15/14 3,037,500 1,000,000 Paetec Holding Corp., 8.875%, 6/30/17 1,067,500 3,865,000 (d) Paetec Holding Corp., 9.5%, 7/15/15 4,000,275 14,616,200 Wireless Telecommunication Services - 1.5% 2,500,000 Intelsat Jackson Holdings, Ltd., 11.5%, 6/1 2,693,750 3,020,000 True Move Co., Ltd., 10.75%, 12/16/13 (144A 3,246,500 5,940,250 Total Telecommunication Services 23,048,225 Utilities - 3.8% Electric Utilities - 0.7% 885,000 Energy Future Holdings Corp., 10.0%, 1/15/2 910,464 2,105,000 Texas Competitive Electric Holdings Co., LL 1,841,875 2,752,339 Gas Utilities - 0.8% 2,740,000 (d) Northern Tier Energy LLC, 10.5%, 12/1/17 2,794,800 Independent Power Producers & Energy Traders - 2.0% 3,890,000 Foresight Energy Corp., 9.625%, 8/15/17 (14 4,142,850 1,800,000 Intergen NV, 9.0%, 6/30/17 (144A) 1,908,000 1,500,000 Star Energy Geothermal (Wayang Windu), Ltd. 1,707,323 7,758,173 Multi - Utilities - 0.3% 1,000,000 PNM Resources, Inc., 9.25%, 5/15/15 1,105,000 Total Utilities 14,410,312 TOTAL CORPORATE BONDS & NOTES (Cost $397,445,411) 426,112,440 CONVERTIBLE BONDS & NOTES - 6.3% of Net Assets Energy - 1.6% Coal & Consumable Fuels - 0.5% 1,905,000 Massey Energy Co., 3.25%, 8/1/15 1,859,756 Oil & Gas Drilling - 0.9% 2,265,000 (d) Hercules Offshore, Inc., 10.5%, 10/15/17 1,729,894 1,600,000 (d) Transocean, Ltd., 1.5%, 12/15/37 1,576,000 3,305,894 Oil & Gas Exploration & Production - 0.2% 1,340,000 Chesapeake Energy Corp., 2.5%, 5/15/37 1,195,950 Total Energy 6,361,600 Materials - 0.9% Diversified Chemicals - 0.9% 4,000,000 (e) Hercules, Inc., 6.5%, 6/30/29 3,400,000 Total Materials 3,400,000 Capital Goods - 0.5% Electrical Components & Equipment - 0.5% 500,000 JA Solar Holdings Co., Ltd., 4.5%, 5/15/13 475,625 1,569,000 Suntech Power Holdings Co., Ltd., 3.0%, 3/1 1,374,836 Total Capital Goods 1,850,461 Transportation - 0.8% Marine - 0.8% 3,511,000 Horizon Lines, Inc., 4.25%, 8/15/12 3,234,509 Total Transportation 3,234,509 Media - 0.4% Movies & Entertainment - 0.4% 1,832,000 Live Nation, Inc., 2.875%, 7/15/27 1,637,350 Total Media 1,637,350 Health Care Equipment & Services - 0.8% Health Care Facilities - 0.7% 1,985,000 (d) LifePoint Hospitals, Inc., 3.25%, 8/15/25 1,982,519 780,000 LifePoint Hospitals, Inc., 3.5%, 5/15/14 786,825 2,769,344 Health Care Services - 0.1% 361,000 Omnicare, Inc., 3.25%, 12/15/35 331,217 Total Health Care Equipment & Services 3,100,561 Technology Hardware & Equipment - 0.4% Electronic Equipment & Instruments - 0.4% 1,514,000 L-1 Identity Solutions, Inc., 3.75%, 5/15/2 1,510,215 Total Technology Hardware & Equipment 1,510,215 Telecommunication Services - 0.9% Alternative Carriers - 0.9% 3,025,000 Time Warner Telecom, Inc., 2.375%, 4/1/26 3,331,281 Total Telecommunication Services 3,331,281 TOTAL CONVERTIBLE BONDS & NOTES (Cost $17,970,955) 24,425,977 MUNICIPAL BONDS - 5.4% of Net Assets Indiana - 1.5% 1,650,000 East Chicago Industrial Pollution Control R 1,579,347 4,250,000 Indiana Development Finance Authority Reven 4,285,360 5,864,707 Michigan - 0.0% 3,000,000 (f) Wayne Charter Escrow, 0.0%, 12/1/15 30 New Jersey - 1.2% 4,525,000 New Jersey Economic Development Authority R 4,525,995 New York - 0.9% 3,475,000 New York City Industrial Development Agency 3,498,456 North Carolina - 1.8% 6,300,000 Charlotte Special Facilities Refunding Reve 5,277,006 1,670,000 Charlotte Special Facilities Refunding Reve 1,602,916 6,879,922 TOTAL MUNICIPAL BONDS (Cost $16,740,580) 20,769,110 MUNICIPAL COLLATERALIZED DEBT OBLIGATION - 0.5% of Net Assets 3,300,000 (a)(i) Non-Profit Preferred Funding Trust I, 12.0% 1,992,573 TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION (Cost $3,293,400) 1,992,573 SOVEREIGN DEBT OBLIGATIONS - 1.0% of Net Assets Argentina - 0.4% 1,200,000 City of Buenos Aires, 12.5%, 4/6/15 (144A) 1,335,000 Russia - 0.6% 2,076,400 (g) Russia Government International Bond, 7.5%, 2,401,357 TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $2,648,307) 3,736,357 FLOATING RATE LOAN INTERESTS - 5.2% of Net Assets (j) Energy - 0.3% Coal & Consumable Fuels - 0.2% 750,000 Bumi Resources Term Loan, 11.265%, 8/7/13 750,000 Oil & Gas Exploration & Production - 0.1% 443,545 Venoco, Inc., Second Lien Term Loan, 4.3125 425,896 Total Energy 1,175,896 Materials - 0.6% Diversified Chemicals - 0.2% 413,566 Ineos US Finance LLC, Facility Term Loan B- 427,524 413,883 Ineos US Finance LLC, Facility Term Loan C- 427,851 855,375 Steel - 0.4% 1,571,050 (c)(f) Niagara Corp. Term Loan B, 8.5%, 6/29/14 1,555,340 Total Materials 2,410,715 Commercial & Professional Services - 0.0% Diversified Support Services - 0.0% 119,378 Rental Service Corp., Second Lien Initial T 116,930 Total Commercial & Professional Services 116,930 Food, Beverage & Tobacco - 0.3% Packaged Foods & Meats - 0.3% 1,300,000 Pierre Foods, Inc., Second Lien Term Loan, 1,296,208 Total Food, Beverage & Tobacco 1,296,208 Health Care Equipment & Services - 1.0% Health Care Services - 0.3% 1,146,338 Prime Healthcare Services Term Loan B, 7.25 1,114,813 Health Care Technology - 0.4% 1,400,000 Medical Card 1st Lien Term Loan, 12.0%, 9/1 1,410,500 Managed Health Care - 0.3% 490,116 Aveta, Inc., MMM Term Loan, 8.5%, 4/14/15 486,441 490,117 Aveta, Inc., NAMM Term Loan, 8.5%, 4/14/15 485,624 972,065 Total Health Care Equipment & Services 3,497,378 Automobiles & Components - 0.6% Auto Parts & Equipment - 0.6% 395,541 HHI Group Holdings LLC, Term Loan, 10.5%, 3 403,452 1,895,250 Metaldyne LLC, First Lien Term Loan B, 7.75 1,928,417 Total Automobiles & Components 2,331,869 Insurance - 0.6% Multi-Line Insurance - 0.6% 373,797 AmWins Group, Inc., Initial Term Loan 2.80 352,303 2,250,000 AmWins Group, Inc., Second Lien Initial Ter 1,933,126 Total Insurance 2,285,429 Software & Services - 1.5% Systems Software - 0.8% 1,700,000 Applied Systems, Inc., First Lien Term Loan 1,707,446 1,500,000 BNY Convergex Group, Term Loan, 8.75%, 12/1 1,501,250 3,208,696 Application Software - 0.7% 2,500,000 Vertafore, Inc., Second Lien Term Loan, 9.7 2,526,562 Total Software & Services 5,735,258 Utilities - 0.3% Electric Utilities - 0.3% 187,625 Texas Competitive Electric Holdings Co. LLC 144,211 1,181,679 Texas Competitive Electric Holdings Co. LLC 915,331 Total Utilities 1,059,542 TOTAL FLOATING RATE LOAN INTERESTS (Cost $19,878,407) 9,909,225 COMMON STOCKS - 2.9% of Net Assets Automobiles & Components - 0.5% Auto Parts & Equipment - 0.5% 19,070 (k) Lear Corp. 1,882,400 Total Automobiles & Components 1,882,400 Capital Goods - 0.1% Building Products - 0.1% 894 (g)(k)(i)Panolam Holdings Co. 438,060 Total Capital Goods 438,060 Energy - 0.1% Oil & Gas Drilling - 0.1% 13,045 Rowan Companies, Inc. 455,401 Total Energy 455,401 Materials - 1.5% Commodity Chemicals - 0.3% 51,005 (k) Georgia Gulf Corp. 1,227,180 Diversified Chemicals - 1.0% 115,678 LyondellBasell Industries NV, Class A 3,979,323 3,979,323 Diversified Metals & Mining - 0.1% 2,600 Freeport-McMoRan Copper & Gold, Inc., Class 312,234 Steel - 0.0% 26,215 (f) KNIA Holdings, Inc., Class A 183,244 Total Materials 5,701,981 Media - 0.2% Cable & Satellite - 0.2% 17,042 (k) Charter Communications, Inc. 663,615 Total Media 663,615 Pharmaceuticals & Biotechnology & Life Sciences-0.2% Pharmaceuticals - 0.2% 17,818 Teva Pharmaceutical Industries, Ltd. (A.D.R 928,852 Total Pharmaceuticals & Biotechnology & Lif 928,852 Software & Services - 0.0% Systems Software - 0.0% 10,942 (f)(k) Perseus Holding Corp. 0 Total Software & Services 0 Transportation - 0.3% Airlines - 0.3% 97,306 (k) Delta Airlines, Inc. 1,226,056 Total Transportation 1,226,056 TOTAL COMMON STOCKS (Cost $7,617,513) 11,296,365 CONVERTIBLE PREFERRED STOCK - 0.5% of Net Assets Diversified Financials - 0.5% Other Diversified Financial Services - 0.5% 1,880 Bank of America Corp., 7.25% 1,799,104 Total Diversified Financials 1,799,104 TOTAL CONVERTIBLE PREFERRED STOCK (Cost $1,383,242) 1,799,104 PREFERRED STOCK - 0.0% of Net Assets Software & Services - 0.0% Systems Software - 0.0% 5,745 (f) Perseus Holding Corp., 14.0% (144A) 0 TOTAL PREFERRED STOCK (Cost $0) 0 RIGHTS/WARRANTS - 0.1% of Net Assets Energy - 0.1% Oil & Gas Exploration & Production - 0.1% 2,500,000 (k) Norse Energy Corp. ASA, Expires 7/14/11 73,118 1,310,558 (k) Norse Energy Corp. ASA, Expires 6/16/15 135,283 250,000 Panoro Energy Corp. 40,000 Total Energy 248,401 TOTAL RIGHTS/WARRANTS (Cost $598,018) 248,401 ESCROW HOLDINGS - 0.0% of Net Assets Automobiles & Components - 0.0% Auto Parts & Equipment - 0.0% 4,535,000 (f)(k) Lear Corp. 45 Total Automobiles & Components 45 TOTAL ESCROW HOLDINGS (Cost $0) 45 TEMPORARY CASH INVESTMENTS - 8.2% of Net Assets Repurchase Agreements - 0.8% 3,100,000 Deutsche Bank AG, 0.28%, dated 12/31/10, re 3,100,000 plus accrued interest on 1/3/11 collateralized by $3,162,000 Federal National Mortgage Association, 7.0%, 8/1/38 Total Repurchase Agreements 3,100,000 Securities Lending Collateral - 7.4%(l) Certificates of Deposit: 810,787 Bank of Nova Scotia, 0.37%, 9/29/11 810,787 567,552 BBVA Group NY, 0.61%, 7/26/11 567,552 591,421 BNP Paribas Bank NY, 0.1%, 1/3/11 591,421 405,395 BNP Paribas Bank NY, 0.29%, 2/8/11 405,395 405,395 BNP Paribas Bank NY, 0.3%, 1/20/11 405,395 810,787 Canadian Imperial Bank of Commerce NY, 0.29 810,787 810,787 DnB NOR Bank ASA NY, 0.25%, 3/7/11 810,787 405,368 National Australia Bank NY, 0.31%, 10/19/11 405,368 810,787 RoboBank Netherland NV NY, 0.31%, 8/8/11 810,787 810,787 Royal Bank of Canada NY, 0.44%, 12/2/11 810,787 405,395 SocGen NY, 0.30%, 2/10/11 405,395 810,787 Westpac Banking Corp. NY, 0.44%, 12/6/11 810,787 7,645,248 Commercial Paper: 486,472 American Honda Finance, 0.30%, 5/4/11 486,472 325,503 American Honda Finance, 1.05%, 6/20/11 325,503 297,836 Australia & New Zealand Banking Group, 0.89 297,836 825,964 Caterpillar Financial Services Corp., 1.05% 825,964 891,866 CBA, 0.32%, 1/3/11 891,866 243,169 CHARFD, 0.26%, 2/8/11 243,169 405,296 FAIRPP, 0.27%, 2/2/11 405,296 416,250 FAIRPP, 0.27%, 3/7/11 416,250 810,855 Federal Home Loan Bank, 0.37%, 6/1/11 810,855 405,389 GE Corp., 0.34%, 1/26/11 405,389 405,533 General Electric Capital Corp., 0.38%, 4/28 405,533 81,047 General Electric Capital Corp., 0.38%, 6/6/ 81,047 810,368 OLDLLC, 0.27%, 3/11/11 810,368 810,462 SEB, 0.39%, 2/7/11 810,462 972,939 SOCNAM, 0.1%, 1/3/11 972,939 405,351 SOCNAM, 0.29%, 1/14/11 405,351 486,164 STDFIN, 0.6%, 2/8/11 486,164 810,607 STRAIT, 0.25%, 2/2/11 810,607 405,366 TBLLC, 0.27%, 1/10/11 405,366 405,296 TBLLC, 0.27%, 2/2/11 405,296 810,787 Toyota Motor Credit Corp., 0.44%, 9/8/11 810,787 324,212 VARFUN, 0.26%, 2/14/11 324,212 494,169 VARFUN, 0.27%, 1/20/11 494,169 486,481 Wachovia, 0.40%, 3/22/11 486,481 324,525 Wachovia, 0.42%, 10/15/11 324,525 13,141,907 Tri-party Repurchase Agreements: 1,183,750 Barclays Capital Markets, 0.2%, 10/1/10 1,183,750 1,621,575 JPMorgan, Inc., 0.22%, 10/1/10 1,621,575 2,351,283 RBS Securities, Inc., 0.25%, 10/1/10 2,351,283 5,156,608 Shares Money Market Mutual Funds: 1,297,260 Dreyfus Preferred Money Market Fund 1,297,260 1,297,260 Fidelity Prime Money Market Fund 1,297,260 2,594,520 28,538,283 Total Securities Lending Collateral 28,538,283 TOTAL TEMPORARY CASH INVESTMENTS (Cost $31,638,283) 31,638,283 TOTAL INVESTMENTS IN SECURITIES - 144.3% (Cost $512,277,415) (m)(n) 555,131,658 OTHER ASSETS AND LIABILITIES - (5.0)% -19,444,536 PREFERRED SHARES AT REDEMPTION VALUE, INCLUDING DIVIDENDS PAYABLE - (39.3)% -151,008,238 NET ASSETS APPLICABLE TO COMMON SHAREOWNER 384,678,884 NR Security not rated by S&P or Moody's. (144A) Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At December 31, 2010, the value of these securities amounted to $188,780,863 or 49.1% of total net assets applicable To common shareowners. (a) Floating rate note. The rate shown is the coupon rate at December 31, 2010. (b) Security is in default and is non-income producing. (c) Payment-in Kind (PIK) security which may pay interest in additional principal amount. (d) At December 31, 2010, the following securities were out on loan: Principal Amount USD($) Description Market Value 1,386,000 Blue Acquisition Sub, Inc., 9.88%, 10/15/18 1,476,090 1,095,000 Graham Packaging Co., 9.875%, 10/15/14 1,133,325 3,230,000 Graphic Packaging International, Inc., 9.5% 3,294,600 2,242,000 Hercules Offshore, Inc., 10.5%, 10/15/17 1,712,328 1,327,000 Ineos Group Holdings Plc, 8.5%, 2/15/16 (14 1,263,968 1,965,000 LifePoint Hospitals, Inc., 3.25%, 8/15/25 1,962,544 400,000 Manitowoc Co., Inc., 9.5%, 2/15/18 438,000 2,710,000 Northern Tier Energy LLC, 10.5%, 12/1/17 2,764,200 1,149,000 Paetec Holding Corp., 9.5%, 7/15/15 1,189,215 4,565,000 Sally Holdings LLC, 10.5%, 11/15/16 5,032,913 1,774,000 Tower Automotive Holdings USA LLC, 10.625%, 1,898,180 1,499,000 Transocean, Ltd., 1.5%, 12/15/37 1,476,515 3,602,000 Yankee Acquisition Corp., 8.5%, 2/15/15 3,746,080 27,387,956 (e) Security is priced as a unit. (f) Security is valued using fair value methods (other than prices supplied by independent pricing services). (g) Debt obligation initially issued at one coupon which converts to another coupon at a specific date. The rate shown is the rate at December 31, 2010. (h) Security is a perpetual bond and has no definite maturity date. (i) Indicates a security that has been deemed illiquid. The aggregate cost of illiquid securities is $3,731,460. The aggregate value of $2,430,633 represents 0.6% of total net assets applicable to common shareowners. (j) Floating rate loan interests in which the Trust invests generally pay interest at rates that are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate offered by one or more major United States banks, (iii) the certificate of deposit (iv) other base lending rates used by commercial lenders. The interest rate shown is the rate accruing at December 31, 2010. (k) Non-income producing. (l) Securities lending collateral is managed by Credit Suisse AG, New York Branch. (m) At December 31, 2010, the net unrealized gain on investments based on cost for federal income tax purposes Aggregate gross unrealized gain for all investments in which there is an excess of value over tax cost 63,968,386 Aggregate gross unrealized loss for all investments in which there is an excess of tax cost over valu -1,114,143 Net unrealized gain 42,854,243 For financial reporting purposes net unrealized gain was $42,854,243 and cost of investments aggregated $512,277,415. (n) Distribution of investments by country of issue, as a percentage of total holdings, is as follows: United States 81% Canada 3 Cayman Islands 2 Netherlands 2 Bermuda 2 Norway 2 Brazil 1 United Kingdom 1 Other (individually less than 1%) 5 100% Note: Principal amounts are denominated in U.S. dollars unless otherwise denoted. Euro EURO Norwegian Krone NOK Glossary of Terms: American Depositary Receipt (A.D.R.) Purchases and sales of securities (excluding temporary cash investments) for the nine months ended December 31, 2010, aggregated $120,355,918 and $35,685,602, respectively. Various inputs are used in determining the value of the Trust's investments. These inputs are summarized in the three broad levels listed below. Highest priority is given to Level 1 inputs and lowest priority is given to Level 3. Level 1 - quoted prices in active markets for identical securities Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Level 3 - significant unobservable inputs (including the Trust's own assumptions in determining fair value of investments) The following is a summary of the inputs used as of December 31, 2010, in valuing the Trust's assets: Level 1 Level 2 Level 3 Total Asset backed securities $0 $10,346,775 $0 $10,346,775 Collateralized mortgage b 0 2,857,003 0 2,857,003 Corporate bonds & notes (environ 0 1,257,091 133,493 1,390,584 Corporate bonds & notes (systems 0 0 2,831,636 2,831,636 Corporate bonds & notes (casinos 0 0 1,209,500 1,209,500 Corporate bonds & notes (other) 0 420,860,520 0 420,860,520 Convertible bonds & notes 0 24,425,977 0 24,425,977 Municipal bonds 0 20,769,080 0 20,769,080 Municipal collaterized debt 0 1,992,573 0 1,992,573 Sovereign debt obligation 0 3,736,357 0 3,736,357 Floating rate loans (steel) 0 0 1,555,340 1,555,340 Floating rate loans (other indus 0 18,353,885 0 18,353,885 Common stock (steel) 0 0 183,244 183,244 Common stock (building products) 0 0 438,060 438,060 Common stock (other industries) 10,675,061 0 0 10,675,061 Convertible preferred stocks 0 1,799,104 0 1,799,104 Rights/Warrants 248,401 0 0 248,401 Escrow holdings 0 0 45 45 Temporary Cash Investments 0 29,043,763 0 29,043,763 Money market mutual funds 2,594,520 0 0 2,594,520 Total $13,517,982 $535,262,128 $6,351,548 $555,131,658 The following is a reconciliation of assets valued using significant unobservable inputs (level 3): Balance Change in unreal. Net purch Transfer Balance as of 3/31/10 app (dep) (sales) in/out of of 12/31/10 Level 3 Corporate bonds (environ) $0 $5,993 $0 $127,500 $133,493 Corporate bonds(system)2,585,250 (82,195) 328,781 0 2,831,836 Corporate bonds(casinos) 0 0 1,209,500 0 1,209,500 Muncipial bonds (Michigan) 0 30 0 0 30 Floating rate loan 1,546,097 (4,008) 13,251 0 1,555,340 Common stock (steel) 203,428 (20,184) 0 0 183,244 Common stock (building) 438,060 0 0 0 438,060 Escrow holdings 0 0 0 45 45 Ending balance $4,772,835 ($100,364) $1,551,532 ($127,545) $3,433,981 * Transfers are calculated beginning of period. ITEM 2. CONTROLS AND PROCEDURES. (a) Disclose the conclusions of the registrant's principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b))) and Rule 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)). The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report. (b) Disclose any change in the registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. There were no significant changes in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. (a) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)). Filed herewith. SIGNATURES [See General Instruction F] Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Pioneer High Income Trust By (Signature and Title)* /s/ John F. Cogan, Jr. John F. Cogan, Jr, President Date March 1, 2011 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ John F. Cogan, Jr. John F. Cogan, Jr., President Date March 1, 2011 By (Signature and Title)* /s/ Mark Bradley Mark Bradley, Treasurer Date March 1, 2011 * Print the name and title of each signing officer under his or her signature.