。
He raised the trophy high.
Literal
He [topic-は] trophy [object-を] high [adverbial-と] raised-up.
高々と ('high, aloft') is the adverbial form of 高い with the special doubling-and-と pattern. This ~と adverbial form appears with mimetic words (ぐっすりと) and with a few adjectives to mean 'in an X manner.' 差し上げる ('to raise, lift up') is also used as the humble form of 'to give,' but here it's literal: 'to lift up.'