The High Income Trust provides high and secure monthly income, maximizes potential for growing distributions and capital gains, maximizes after-tax returns, and controls risk through portfolio diversification and thoroughly researched security selection.

Trust information

Management fee	1.25%
Monthly Distribution	$0.16
Inception Date	Nov. 13, 1997
Termination Date	Nov. 9, 2012
TSX Symbol	HIT.UN

Trust description

Investor profile

The High Income Trust is of particular interest to investors who are seeking a high level of current after-tax income.

Objectives

>	To provide investors with a high tax effective income distributed monthly over the ten-year life of the Trust, from a professionally managed portfolio of high yielding securities.
>	To maximize potential for growing cash distributions and capital gains, by investing in quality assets with motivated and experienced management.
>	To manage the investments to maximize after tax returns for unitholders.
>	To maintain a thoroughly researched portfolio of securities, well diversified by security type.

Strategy

>	The Trust will seek to achieve its investment objectives by diligently selecting and actively managing a diversified portfolio of high-income securities across a broad range of investment vehicles in various industries and geographic regions.
>	To invest primarily in royalty and income trust units, real estate investment trust units, high yield debt and convertible bonds, high yield stocks and covered option writing, preferred shares and convertible preferred shares all of which provide tax advantaged sources of income.
>	The potential after-tax income available for distribution to individual investors is a key consideration in allocating assets among different types of high-income securities.
>	The Trust's managers will use its substantial independent research structure and trading facilities to identify and invest in those securities that are expected to provide more secure and attractive future returns to its investors.
>	When evaluating the credit quality of any security, the managers will perform their own analysis.
>	Among other criteria, the managers will consider the price of the security, the history, condition, prospects and management of an issuer, the value of the underlying properties or business, as well as general industry trends, economic conditions and the outlook for interest rates.
>	The Trust will prudently use leverage tactics to make additional investments in high-yielding securities and thereby enhance return to investors.
>	The Trust's managers will actively monitor and analyze the current and future interest rate environments and the effect of commodity inflation and/or rising interest rates on asset values and security prices; the spreads available on high yield versus default free Canada bonds at this time point in the economic cycle; and the potential for appreciation in the net asset value and market prices of units of income royalty trusts relative to the potential for capital gains on high yield bonds.

Trust manager

Michael Brown, CA, CFA

Vice President and Portfolio Manager
Equities

See biography

Important dates

	Q1	Q2	Q3	Q4
Quarter ending	31/03/10	30/06/10	30/09/10	31/12/10
Submission	26/02/10	31/05/10	31/08/10	30/11/10
Redemption	31/03/10	30/06/10	30/09/10	31/12/10
Anticipated payment date	22/04/10	22/07/10	22/10/10	24/01/11

Annual returns

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Fiera Capital Inc. is the investment manager to the High Income Trust. This trust is structured to be sold only by registered investment professionals. For more complete information, including management fees, investment objectives and other charges and expenses, we urge investment advisors and professionals to request a simplified prospectus. Please read it carefully before you invest or send money and retain it for future reference.

As is the case with any investment, there are risks inherent with mutual funds/trusts and no guarantees that any fund/trust will perform in accordance with its investment objectives. Due to the nature of the investment, net asset value, yield and return will fluctuate from time to time with the conditions of the market. There is no assurance that mutual funds/trusts can maintain a fixed net asset value, and the yield of the Income Trust will fluctuate. Past markets and investment performance should not be taken as representative of future ones. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Mutual funds/trusts are subject to investment risk, including the possible loss of principle amount invested. Past results are not necessarily indicative of future value.