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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Pioneer Diversified High Income Fund Inc | AMEX:HNW | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.02 | 0.17% | 11.98 | 11.99 | 11.92 | 11.98 | 93,338 | 01:00:00 |
Ticker Symbol: HNW |
Principal Amount USD ($) | Value | |||||
UNAFFILIATED ISSUERS — 141.1% | ||||||
Senior Secured Floating Rate Loan Interests — 6.0% of Net Assets*(a) | ||||||
Auto Parts & Equipment — 0.8% | ||||||
193,113 | First Brands Group LLC, 2022-II First Lien Incremental Term Loan, 10.514% (Term SOFR + 500 bps), 3/30/27 | $ 192,589 | ||||
692,839 | First Brands Group LLC, First Lien 2021 Term Loan, 10.514% (Term SOFR + 500 bps), 3/30/27 | 689,429 | ||||
Total Auto Parts & Equipment | $882,018 | |||||
Auto Repair Centers — 0.4% | ||||||
475,000 | Champions Holdco, Inc., Intial Term Loan, 10.079% (Term SOFR + 475 bps), 2/23/29 | $ 472,031 | ||||
Total Auto Repair Centers | $472,031 | |||||
Building & Construction — 0.5% | ||||||
497,429 | Service Logic Acquisition, Inc., First Lien Closing Date Initial Term Loan, 9.458% (Term SOFR + 400 bps), 10/29/27 | $ 500,849 | ||||
Total Building & Construction | $500,849 | |||||
Chemicals-Diversified — 0.8% | ||||||
399,000 | Ineos Quattro Holdings UK Ltd., 2029 Tranche B Dollar Term Loan, 9.694% (Term SOFR + 425 bps), 4/2/29 | $ 399,250 | ||||
396,670 | LSF11 A5 Holdco LLC, 2024 Refinancing Term Loan, 8.958% (Term SOFR + 350 bps), 10/15/28 | 397,909 | ||||
Total Chemicals-Diversified | $797,159 | |||||
Chemicals-Specialty — 0.2% | ||||||
168,750 | Mativ Holdings, Inc., Term B Loan, 9.208% (Term SOFR + 375 bps), 4/20/28 | $ 168,961 | ||||
Total Chemicals-Specialty | $168,961 | |||||
Commercial Services — 0.4% | ||||||
385,000 | DS Parent, Inc., Term Loan B, 10.835% (Term SOFR + 550 bps), 1/31/31 | $ 382,353 | ||||
Total Commercial Services | $382,353 | |||||
Computer Services — 0.2% | ||||||
160,000(b) | Amazon Holdco, Inc., Seven-Year Term Loan, 7/30/31 | $ 160,600 | ||||
Total Computer Services | $160,600 | |||||
Principal Amount USD ($) | Value | |||||
Cruise Lines — 0.3% | ||||||
355,000 | LC Ahab US Bidco LLC, Initial Term Loan, 8.844% (Term SOFR + 350 bps), 5/1/31 | $ 356,775 | ||||
Total Cruise Lines | $356,775 | |||||
Dialysis Centers — 0.3% | ||||||
404,970 | U.S. Renal Care, Inc., Closing Date Term Loan, 10.458% (Term SOFR + 500 bps), 6/20/28 | $ 349,540 | ||||
Total Dialysis Centers | $349,540 | |||||
Distribution & Wholesale — 0.3% | ||||||
310,160 | Windsor Holdings III LLC, 2024 Dollar Refinancing Term B Loan, 9.345% (Term SOFR + 400 bps), 8/1/30 | $ 313,040 | ||||
Total Distribution & Wholesale | $313,040 | |||||
Electric-Generation — 0.3% | ||||||
303,162 | Generation Bridge Northeast LLC, Term Loan B, 8.844% (Term SOFR + 350 bps), 8/22/29 | $ 305,941 | ||||
Total Electric-Generation | $305,941 | |||||
Electronic Composition — 0.1% | ||||||
121,289 | Natel Engineering Co., Inc., Initial Term Loan, 11.708% (Term SOFR + 625 bps), 4/30/26 | $ 108,554 | ||||
Total Electronic Composition | $108,554 | |||||
Medical Information Systems — 0.2% | ||||||
174,318 | Waystar Technologies, Inc., First Lien Initial Term Loan, 8.094% (Term SOFR + 275 bps), 10/22/29 | $ 175,517 | ||||
Total Medical Information Systems | $175,517 | |||||
Medical-Drugs — 0.5% | ||||||
165,000 | Endo Finance Holdings, Inc., Initial Term Loan, 9.783% (Term SOFR + 450 bps), 4/23/31 | $ 165,602 | ||||
403,987 | Financiere Mendel, Additional Term USD Facility 1, 8.573% (Term SOFR + 325 bps), 11/12/30 | 406,007 | ||||
Total Medical-Drugs | $571,609 | |||||
Pipelines — 0.1% | ||||||
148,863 | M6 ETX Holdings II MidCo LLC, Initial Term Loan, 9.944% (Term SOFR + 450 bps), 9/19/29 | $ 150,073 | ||||
Total Pipelines | $150,073 | |||||
Principal Amount USD ($) | Value | |||||
Recreational Centers — 0.5% | ||||||
540,349 | Fitness International LLC, Term B Loan, 10.597% (Term SOFR + 525 bps), 2/12/29 | $ 542,037 | ||||
Total Recreational Centers | $542,037 | |||||
Schools — 0.1% | ||||||
98,999 | Fugue Finance LLC, Existing Term Loan, 9.347% (Term SOFR + 400 bps), 1/31/28 | $ 99,824 | ||||
Total Schools | $99,824 | |||||
Total Senior Secured Floating Rate Loan Interests (Cost $6,318,428) | $6,336,881 | |||||
Shares | ||||||
Common Stocks — 0.6% of Net Assets | ||||||
Communications Equipment — 0.0%† | ||||||
16,729(c)+ | Digicel International Finance Ltd. | $ 33,459 | ||||
Total Communications Equipment | $33,459 | |||||
Financial Services — 0.0%† | ||||||
152,704(c)+ | Unifin Financiera SAB de CV | $ 9,836 | ||||
Total Financial Services | $9,836 | |||||
Household Durables — 0.0%† | ||||||
89,094(c) | Desarrolladora Homex SAB de CV | $ 14 | ||||
Total Household Durables | $14 | |||||
Oil, Gas & Consumable Fuels — 0.0%† | ||||||
6(c) | Amplify Energy Corp. | $ 45 | ||||
2,189(c) | Petroquest Energy, Inc. | 1,424 | ||||
Total Oil, Gas & Consumable Fuels | $1,469 | |||||
Passenger Airlines — 0.5% | ||||||
24,166(c) | Grupo Aeromexico SAB de CV | $ 518,834 | ||||
Total Passenger Airlines | $518,834 | |||||
Pharmaceuticals — 0.1% | ||||||
1,957(c) | Endo, Inc. | $ 56,548 | ||||
Total Pharmaceuticals | $56,548 | |||||
Shares | Value | |||||
Professional Services — 0.0%† | ||||||
441,379(c)+ | Atento S.A. | $ 13 | ||||
Total Professional Services | $13 | |||||
Total Common Stocks (Cost $593,045) | $620,173 | |||||
Principal Amount USD ($) | ||||||
Asset Backed Securities — 4.4% of Net Assets | ||||||
500,000 | ACC Auto Trust, Series 2022-A, Class D, 10.07%, 3/15/29 (144A) | $ 489,030 | ||||
561,462 | Ally Bank Auto Credit-Linked Notes, Series 2024-A, Class G, 12.748%, 5/17/32 (144A) | 567,840 | ||||
1,000,000 | JPMorgan Chase Bank NA - CACLN, Series 2021-3, Class G, 9.812%, 2/26/29 (144A) | 1,026,017 | ||||
1,000,000(a) | MCF CLO VII LLC, Series 2017-3A, Class ER, 14.694% (3 Month Term SOFR + 941 bps), 7/20/33 (144A) | 997,317 | ||||
500,000(d)+ | RMF Buyout Issuance Trust, Series 2022-HB1, Class M5, 4.50%, 4/25/32 (144A) | 50,000 | ||||
650,000 | Santander Bank Auto Credit-Linked Notes, Series 2022-A, Class E, 12.662%, 5/15/32 (144A) | 694,913 | ||||
850,000 | Santander Bank Auto Credit-Linked Notes, Series 2023-B, Class F, 12.24%, 12/15/33 (144A) | 869,338 | ||||
Total Asset Backed Securities (Cost $4,976,553) | $4,694,455 | |||||
Collateralized Mortgage Obligations—2.7% of Net Assets | ||||||
330,000(a) | Connecticut Avenue Securities Trust, Series 2021-R01, Class 1B2, 11.347% (SOFR30A + 600 bps), 10/25/41 (144A) | $ 348,563 | ||||
14,266(a) | DSLA Mortgage Loan Trust, Series 2005-AR6, Class 2A1C, 6.296% (1 Month Term SOFR + 95 bps), 10/19/45 | 13,051 | ||||
200,000(a) | Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA7, Class B2, 13.147% (SOFR30A + 780 bps), 11/25/41 (144A) | 216,883 | ||||
450,000(a) | Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-HQA3, Class B2, 11.597% (SOFR30A + 625 bps), 9/25/41 (144A) | 470,301 | ||||
280,000(a) | Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2022-DNA2, Class B2, 13.847% (SOFR30A + 850 bps), 2/25/42 (144A) | 310,311 |
Principal Amount USD ($) | Value | |||||
Collateralized Mortgage Obligations—(continued) | ||||||
545,000(a) | Federal Home Loan Mortgage Corp. STACR Trust, Series 2019-DNA3, Class B2, 13.612% (SOFR30A + 826 bps), 7/25/49 (144A) | $ 624,672 | ||||
100,000(a) | Federal National Mortgage Association Connecticut Avenue Securities, Series 2021-R02, Class 2B2, 11.547% (SOFR30A + 620 bps), 11/25/41 (144A) | 105,500 | ||||
17,607 | Global Mortgage Securitization, Ltd., Series 2004-A, Class B1, 5.25%, 11/25/32 (144A) | 7,557 | ||||
640,000(a) | STACR Trust, Series 2018-HRP2, Class B2, 15.962% (SOFR30A + 1,061 bps), 2/25/47 (144A) | 793,923 | ||||
Total Collateralized Mortgage Obligations (Cost $2,628,912) | $2,890,761 | |||||
Commercial Mortgage-Backed Securities—10.3% of Net Assets | ||||||
1,000,000(d) | Benchmark Mortgage Trust, Series 2020-B18, Class AGNG, 4.388%, 7/15/53 (144A) | $ 909,333 | ||||
500,000(a) | BPR Trust, Series 2021-WILL, Class E, 12.193% (1 Month Term SOFR + 686 bps), 6/15/38 (144A) | 482,169 | ||||
578,543(a) | BX Trust, Series 2022-PSB, Class F, 12.662% (1 Month Term SOFR + 733 bps), 8/15/39 (144A) | 575,348 | ||||
950,000(a) | Capital Funding Mortgage Trust, Series 2021-19, Class B, 20.55% (1 Month Term SOFR + 1,521 bps), 10/27/24 (144A) | 944,277 | ||||
6,978,713(d)(e) | CD Mortgage Trust, Series 2016-CD1, Class XA, 1.344%, 8/10/49 | 117,777 | ||||
19,577,505(d)(e) | COMM Mortgage Trust, Series 2015-LC21, Class XA, 0.61%, 7/10/48 | 55,960 | ||||
750,000(a) | Federal Home Loan Mortgage Corp. Multifamily Structured Credit Risk, Series 2021-MN1, Class B1, 13.097% (SOFR30A + 775 bps), 1/25/51 (144A) | 814,609 | ||||
508,507(d) | FREMF Mortgage Trust, Series 2019-KJ24, Class B, 7.60%, 10/25/27 (144A) | 474,001 | ||||
1,000,000(a) | FREMF Mortgage Trust, Series 2019-KS12, Class C, 12.351% (SOFR30A + 701 bps), 8/25/29 | 958,771 | ||||
111,356(a) | FREMF Mortgage Trust, Series 2020-KF74, Class C, 11.701% (SOFR30A + 636 bps), 1/25/27 (144A) | 102,044 | ||||
212,017(a) | FREMF Mortgage Trust, Series 2020-KF83, Class C, 14.451% (SOFR30A + 911 bps), 7/25/30 (144A) | 199,863 | ||||
1,000,000(f) | FREMF Mortgage Trust, Series 2021-KG05, Class C, 0.000%, 1/25/31 (144A) | 566,240 |
Principal Amount USD ($) | Value | |||||
Commercial Mortgage-Backed Securities—(continued) | ||||||
12,328,758(e) | FREMF Mortgage Trust, Series 2021-KG05, Class X2A, 0.10%, 1/25/31 (144A) | $ 58,632 | ||||
1,000,000(e) | FREMF Mortgage Trust, Series 2021-KG05, Class X2B, 0.10%, 1/25/31 (144A) | 4,510 | ||||
1,890,331(d)(e) | GS Mortgage Securities Trust, Series 2014-GC24, Class XA, 0.542%, 9/10/47 | 19 | ||||
1,000,000(d) | HTL Commercial Mortgage Trust, Series 2024-T53, Class F, 11.927%, 5/10/39 (144A) | 1,015,509 | ||||
500,000(d) | JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class D, 4.158%, 4/15/46 | 222,150 | ||||
4,433,506(d)(e) | JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class XA, 0.795%, 11/15/47 | 333 | ||||
5,752,937(d)(e) | Morgan Stanley Capital I Trust, Series 2016-UB12, Class XA, 0.646%, 12/15/49 | 66,786 | ||||
733,355(a) | Multifamily Connecticut Avenue Securities Trust, Series 2020-01, Class M10, 9.212% (SOFR30A + 386 bps), 3/25/50 (144A) | 737,199 | ||||
900,000(d) | Natixis Commercial Mortgage Securities Trust, Series 2019-FAME, Class E, 4.398%, 8/15/36 (144A) | 364,500 | ||||
290,000 | Palisades Center Trust, Series 2016-PLSD, Class A, 2.713%, 4/13/33 (144A) | 179,800 | ||||
196,788(d) | Velocity Commercial Capital Loan Trust, Series 2020-1, Class M5, 4.29%, 2/25/50 (144A) | 154,399 | ||||
1,100,000 | Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class E, 3.00%, 5/15/48 (144A) | 834,052 | ||||
1,660,500(d) | Wells Fargo Commercial Mortgage Trust, Series 2015-C31, Class E, 4.593%, 11/15/48 (144A) | 1,116,588 | ||||
Total Commercial Mortgage-Backed Securities (Cost $12,162,097) | $10,954,869 | |||||
Convertible Corporate Bonds — 2.5% of Net Assets | ||||||
Banks — 0.0%† | ||||||
IDR812,959,000 | PT Bakrie & Brothers Tbk, 12/31/24 | $ 2,600 | ||||
Total Banks | $2,600 | |||||
Chemicals — 1.9% | ||||||
1,900,000(g) | Hercules LLC, 6.50%, 6/30/29 | $ 1,984,805 | ||||
Total Chemicals | $1,984,805 | |||||
Principal Amount USD ($) | Value | |||||
Commercial Services — 0.4% | ||||||
485,000 | Global Payments, Inc., 1.50%, 3/1/31 (144A) | $ 458,325 | ||||
Total Commercial Services | $458,325 | |||||
Entertainment — 0.2% | ||||||
312,000(f) | DraftKings Holdings, Inc., 3/15/28 | $ 262,817 | ||||
Total Entertainment | $262,817 | |||||
Total Convertible Corporate Bonds (Cost $2,343,940) | $2,708,547 | |||||
Corporate Bonds — 83.3% of Net Assets | ||||||
Advertising — 1.9% | ||||||
645,000 | Clear Channel Outdoor Holdings, Inc., 7.50%, 6/1/29 (144A) | $ 553,842 | ||||
535,000 | Clear Channel Outdoor Holdings, Inc., 7.75%, 4/15/28 (144A) | 472,503 | ||||
625,000 | Neptune Bidco US, Inc., 9.29%, 4/15/29 (144A) | 612,105 | ||||
400,000 | Summer BC Bidco B LLC, 5.50%, 10/31/26 (144A) | 393,118 | ||||
Total Advertising | $2,031,568 | |||||
Aerospace & Defense — 0.2% | ||||||
214,000 | Triumph Group, Inc., 9.00%, 3/15/28 (144A) | $ 225,404 | ||||
Total Aerospace & Defense | $225,404 | |||||
Airlines — 8.3% | ||||||
2,240,171(h) | ABRA Global Finance, 11.50% (5.50% PIK or 6.00% Cash), 3/2/28 (144A) | $ 2,146,788 | ||||
430,000 | Azul Secured Finance LLP, 11.93%, 8/28/28 (144A) | 413,938 | ||||
1,234,000(a) | Gol Finance S.A., 15.844% (1 Month Term SOFR + 1,050 bps), 1/29/25 (144A) | 1,320,380 | ||||
1,510,000 | Grupo Aeromexico SAB de CV, 8.50%, 3/17/27 (144A) | 1,509,293 | ||||
285,000 | Latam Airlines Group S.A., 13.375%, 10/15/29 (144A) | 329,391 | ||||
1,059,000 | Pegasus Hava Tasimaciligi AS, 9.25%, 4/30/26 (144A) | 1,082,113 | ||||
EUR700,000 | Transportes Aereos Portugueses S.A., 5.625%, 12/2/24 (144A) | 756,662 | ||||
1,305,000 | VistaJet Malta Finance Plc/Vista Management Holding, Inc., 6.375%, 2/1/30 (144A) | 1,039,531 | ||||
260,000 | VistaJet Malta Finance Plc/Vista Management Holding, Inc., 9.50%, 6/1/28 (144A) | 232,689 | ||||
Total Airlines | $8,830,785 | |||||
Principal Amount USD ($) | Value | |||||
Auto Manufacturers — 0.4% | ||||||
440,000 | JB Poindexter & Co., Inc., 8.75%, 12/15/31 (144A) | $ 462,498 | ||||
Total Auto Manufacturers | $462,498 | |||||
Banks — 4.7% | ||||||
1,135,000(d) | Banco GNB Sudameris S.A., 7.50% (5 Year CMT Index + 666 bps), 4/16/31 (144A) | $ 1,035,266 | ||||
685,000(d)(i) | Banco Mercantil del Norte S.A./Grand Cayman, 8.375% (10 Year US Treasury Yield Curve Rate T Note Constant Maturity + 776 bps) (144A) | 702,690 | ||||
EUR1,200,000(d)(i) | CaixaBank S.A., 3.625% (5 Year EUR Swap + 386 bps) | 1,137,877 | ||||
225,000(d) | Citizens Financial Group, Inc., 6.645% (SOFR + 233 bps), 4/25/35 | 239,755 | ||||
155,000 | Freedom Mortgage Corp., 12.25%, 10/1/30 (144A) | 169,888 | ||||
350,000(d)(i) | ING Groep NV, 6.50% (5 Year USD Swap Rate + 445 bps) | 348,731 | ||||
225,000(d)(i) | Intesa Sanpaolo S.p.A., 7.70% (5 Year USD Swap Rate + 546 bps) (144A) | 224,724 | ||||
865,000(d)(i)(j) | Sovcombank Via SovCom Capital DAC, 7.60% (5 Year CMT Index + 636 bps) (144A) | 31,248 | ||||
350,000(d) | Toronto-Dominion Bank, 7.25% (5 Year CMT Index + 298 bps), 7/31/84 | 351,685 | ||||
230,000(d)(i) | UBS Group AG, 9.25% (5 Year CMT Index + 476 bps) (144A) | 260,281 | ||||
490,000(d)(i) | Yapi ve Kredi Bankasi AS, 9.743% (5 Year CMT Index + 550 bps) (144A) | 492,719 | ||||
Total Banks | $4,994,864 | |||||
Biotechnology — 0.3% | ||||||
EUR345,000 | Cidron Aida Finco S.a.r.l., 5.00%, 4/1/28 (144A) | $ 346,189 | ||||
Total Biotechnology | $346,189 | |||||
Building Materials — 2.6% | ||||||
846,000 | AmeriTex HoldCo Intermediate LLC, 10.25%, 10/15/28 (144A) | $ 899,468 | ||||
464,000 | Cornerstone Building Brands, Inc., 6.125%, 1/15/29 (144A) | 382,342 | ||||
1,520,000 | Limak Cimento Sanayi ve Ticaret AS, 9.75%, 7/25/29 (144A) | 1,520,000 | ||||
Total Building Materials | $2,801,810 | |||||
Chemicals — 4.3% | ||||||
EUR420,000 | Lune Holdings S.a.r.l., 5.625%, 11/15/28 (144A) | $ 400,636 | ||||
300,000 | LYB Finance Co. BV, 8.10%, 3/15/27 (144A) | 320,263 |
Principal Amount USD ($) | Value | |||||
Chemicals — (continued) | ||||||
379,000 | Mativ Holdings, Inc., 6.875%, 10/1/26 (144A) | $ 378,504 | ||||
280,000 | Olin Corp., 9.50%, 6/1/25 (144A) | 285,149 | ||||
EUR580,000 | Olympus Water US Holding Corp., 9.625%, 11/15/28 (144A) | 673,795 | ||||
985,000 | Olympus Water US Holding Corp., 9.75%, 11/15/28 (144A) | 1,046,729 | ||||
920,000 | Rain Carbon, Inc., 12.25%, 9/1/29 (144A) | 994,407 | ||||
EUR420,000 | SCIL IV LLC/SCIL USA Holdings LLC, 9.50%, 7/15/28 (144A) | 490,792 | ||||
Total Chemicals | $4,590,275 | |||||
Commercial Services — 2.8% | ||||||
230,000 | Allied Universal Holdco LLC, 7.875%, 2/15/31 (144A) | $ 234,004 | ||||
585,000 | Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 7/15/27 (144A) | 584,506 | ||||
473,000 | Garda World Security Corp., 6.00%, 6/1/29 (144A) | 438,523 | ||||
958,000 | Garda World Security Corp., 9.50%, 11/1/27 (144A) | 964,050 | ||||
558,000 | Sotheby's, 7.375%, 10/15/27 (144A) | 464,593 | ||||
295,000 | Williams Scotsman, Inc., 6.625%, 6/15/29 (144A) | 300,395 | ||||
Total Commercial Services | $2,986,071 | |||||
Computers — 0.1% | ||||||
155,000(k) | Amentum Escrow Corp., 7.25%, 8/1/32 (144A) | $ 158,303 | ||||
Total Computers | $158,303 | |||||
Distribution/Wholesale — 1.0% | ||||||
1,046,000 | Dealer Tire LLC/DT Issuer LLC, 8.00%, 2/1/28 (144A) | $ 1,043,520 | ||||
Total Distribution/Wholesale | $1,043,520 | |||||
Diversified Financial Services — 7.0% | ||||||
500,000(d)(i) | Air Lease Corp., 4.125% (5 Year CMT Index + 315 bps) | $ 459,161 | ||||
960,000 | ASG Finance Designated Activity Co., 9.75%, 5/15/29 (144A) | 960,365 | ||||
275,000(j) | Credito Real SAB de CV SOFOM ER, 8.00%, 1/21/28 (144A) | 26,125 | ||||
640,000 | Freedom Mortgage Holdings LLC, 9.125%, 5/15/31 (144A) | 629,600 | ||||
540,000 | Freedom Mortgage Holdings LLC, 9.25%, 2/1/29 (144A) | 543,866 | ||||
EUR235,000 | Garfunkelux Holdco 3 S.A., 6.75%, 11/1/25 (144A) | 161,499 |
Principal Amount USD ($) | Value | |||||
Diversified Financial Services — (continued) | ||||||
GBP400,000 | Garfunkelux Holdco 3 S.A., 7.75%, 11/1/25 (144A) | $ 326,571 | ||||
956,821(h) | Global Aircraft Leasing Co., Ltd., 6.50% (7.25% PIK or 6.50% Cash), 9/15/24 (144A) | 940,245 | ||||
685,000 | OneMain Finance Corp., 9.00%, 1/15/29 | 726,294 | ||||
355,000 | PHH Mortgage Corp., 7.875%, 3/15/26 (144A) | 348,378 | ||||
1,475,000 | Sammaan Capital, Ltd., 9.70%, 7/3/27 (144A) | 1,471,534 | ||||
1,174,000+ | Unifin Financiera SAB de CV, 8.375%, 1/27/28 | — | ||||
865,000 | United Wholesale Mortgage LLC, 5.75%, 6/15/27 (144A) | 852,042 | ||||
Total Diversified Financial Services | $7,445,680 | |||||
Electric — 0.6% | ||||||
200,000 | Cemig Geracao e Transmissao S.A., 9.25%, 12/5/24 (144A) | $ 200,738 | ||||
445,000 | Talen Energy Supply LLC, 8.625%, 6/1/30 (144A) | 479,545 | ||||
7,000 | Vistra Operations Co. LLC, 5.625%, 2/15/27 (144A) | 6,946 | ||||
Total Electric | $687,229 | |||||
Engineering & Construction — 0.2% | ||||||
230,000 | IHS Holding, Ltd., 6.25%, 11/29/28 (144A) | $ 204,962 | ||||
Total Engineering & Construction | $204,962 | |||||
Entertainment — 0.6% | ||||||
295,000 | Light & Wonder International, Inc., 7.25%, 11/15/29 (144A) | $ 303,559 | ||||
EUR310,000 | Lottomatica S.p.A./Roma, 7.125%, 6/1/28 (144A) | 353,111 | ||||
Total Entertainment | $656,670 | |||||
Food — 0.5% | ||||||
555,000 | Aragvi Finance International DAC, 8.45%, 4/29/26 (144A) | $ 492,662 | ||||
Total Food | $492,662 | |||||
Healthcare-Services — 2.4% | ||||||
800,800 | Auna SAA, 10.00%, 12/15/29 (144A) | $ 824,412 | ||||
550,000 | Prime Healthcare Services, Inc., 7.25%, 11/1/25 (144A) | 549,948 | ||||
1,177,000 | US Acute Care Solutions LLC, 9.75%, 5/15/29 (144A) | 1,166,969 | ||||
Total Healthcare-Services | $2,541,329 | |||||
Principal Amount USD ($) | Value | |||||
Home Builders — 0.8% | ||||||
885,000 | Beazer Homes USA, Inc., 7.25%, 10/15/29 | $ 897,420 | ||||
Total Home Builders | $897,420 | |||||
Insurance — 4.4% | ||||||
4,106,000 | Liberty Mutual Insurance Co., 7.697%, 10/15/97 (144A) | $ 4,740,698 | ||||
Total Insurance | $4,740,698 | |||||
Internet — 1.5% | ||||||
1,285,000(k) | Acuris Finance US, Inc./Acuris Finance Sarl, 9.00%, 8/1/29 (144A) | $ 1,298,042 | ||||
265,000 | ION Trading Technologies S.a.r.l., 9.50%, 5/30/29 (144A) | 275,378 | ||||
Total Internet | $1,573,420 | |||||
Iron & Steel — 2.0% | ||||||
845,000 | Carpenter Technology Corp., 7.625%, 3/15/30 | $ 881,559 | ||||
613,000 | Metinvest BV, 7.75%, 10/17/29 (144A) | 404,937 | ||||
870,000 | TMS International Corp., 6.25%, 4/15/29 (144A) | 807,631 | ||||
Total Iron & Steel | $2,094,127 | |||||
Leisure Time — 0.8% | ||||||
100,000 | Carnival Corp., 7.625%, 3/1/26 (144A) | $ 100,967 | ||||
120,000 | Carnival Holdings Bermuda, Ltd., 10.375%, 5/1/28 (144A) | 129,725 | ||||
400,000 | Cruise Yacht Upper HoldCo, Ltd., 11.875%, 7/5/28 | 410,000 | ||||
245,000 | Viking Cruises, Ltd., 6.25%, 5/15/25 (144A) | 245,250 | ||||
Total Leisure Time | $885,942 | |||||
Lodging — 0.7% | ||||||
800,000(l) | Grupo Posadas SAB de CV, 7.00%, 12/30/27 (144A) | $ 724,613 | ||||
Total Lodging | $724,613 | |||||
Machinery-Diversified — 0.8% | ||||||
EUR760,000(a) | Mangrove Luxco III S.a.r.l., 8.674% (3 Month EURIBOR + 500 bps), 7/15/29 (144A) | $ 822,592 | ||||
Total Machinery-Diversified | $822,592 | |||||
Media — 2.3% | ||||||
400,000 | CSC Holdings LLC, 5.375%, 2/1/28 (144A) | $ 317,557 | ||||
300,000 | CSC Holdings LLC, 11.75%, 1/31/29 (144A) | 271,197 |
Principal Amount USD ($) | Value | |||||
Media — (continued) | ||||||
655,000 | Gray Television, Inc., 10.50%, 7/15/29 (144A) | $ 683,497 | ||||
1,210,000 | McGraw-Hill Education, Inc., 8.00%, 8/1/29 (144A) | 1,179,789 | ||||
Total Media | $2,452,040 | |||||
Mining — 2.3% | ||||||
633,000 | Eldorado Gold Corp., 6.25%, 9/1/29 (144A) | $ 615,708 | ||||
400,000 | First Quantum Minerals, Ltd., 6.875%, 10/15/27 (144A) | 393,307 | ||||
1,260,000 | First Quantum Minerals, Ltd., 8.625%, 6/1/31 (144A) | 1,253,685 | ||||
200,000 | First Quantum Minerals, Ltd., 9.375%, 3/1/29 (144A) | 210,350 | ||||
Total Mining | $2,473,050 | |||||
Oil & Gas — 14.2% | ||||||
290,000 | 3R Lux S.a.r.l., 9.75%, 2/5/31 (144A) | $ 307,767 | ||||
1,160,000 | Aethon United BR LP/Aethon United Finance Corp., 8.25%, 2/15/26 (144A) | 1,175,250 | ||||
910,000 | Baytex Energy Corp., 8.50%, 4/30/30 (144A) | 960,527 | ||||
322,131 | Borr IHC, Ltd./Borr Finance LLC, 10.00%, 11/15/28 (144A) | 337,332 | ||||
234,175 | Borr IHC, Ltd./Borr Finance LLC, 10.375%, 11/15/30 (144A) | 247,140 | ||||
85,000 | Cenovus Energy, Inc., 6.75%, 11/15/39 | 93,883 | ||||
520,000 | Civitas Resources, Inc., 8.375%, 7/1/28 (144A) | 545,954 | ||||
370,000 | Civitas Resources, Inc., 8.625%, 11/1/30 (144A) | 399,640 | ||||
520,000 | Civitas Resources, Inc., 8.75%, 7/1/31 (144A) | 559,196 | ||||
1,510,000 | Energean Plc, 6.50%, 4/30/27 (144A) | 1,485,538 | ||||
405,000 | Kosmos Energy, Ltd., 7.75%, 5/1/27 (144A) | 397,071 | ||||
410,000 | Kraken Oil & Gas Partners LLC, 7.625%, 8/15/29 (144A) | 413,931 | ||||
1,268,001 | MC Brazil Downstream Trading S.a.r.l, 7.25%, 6/30/31 (144A) | 1,173,429 | ||||
515,000 | Nabors Industries, Ltd., 7.50%, 1/15/28 (144A) | 506,038 | ||||
955,000 | Occidental Petroleum Corp., 4.40%, 4/15/46 | 771,518 | ||||
800,000 | Petroleos Mexicanos, 5.95%, 1/28/31 | 660,057 | ||||
970,000 | Shelf Drilling Holdings, Ltd., 9.625%, 4/15/29 (144A) | 932,784 | ||||
900,000 | SierraCol Energy Andina LLC, 6.00%, 6/15/28 (144A) | 809,118 | ||||
860,000 | Strathcona Resources, Ltd., 6.875%, 8/1/26 (144A) | 863,659 | ||||
440,000 | Transocean, Inc., 6.80%, 3/15/38 | 377,706 |
Principal Amount USD ($) | Value | |||||
Oil & Gas — (continued) | ||||||
280,000 | Transocean, Inc., 8.25%, 5/15/29 (144A) | $ 285,899 | ||||
280,000 | Transocean, Inc., 8.50%, 5/15/31 (144A) | 286,638 | ||||
785,000 | Tullow Oil Plc, 10.25%, 5/15/26 (144A) | 757,987 | ||||
820,000 | YPF S.A., 6.95%, 7/21/27 (144A) | 755,512 | ||||
Total Oil & Gas | $15,103,574 | |||||
Oil & Gas Services — 1.1% | ||||||
521,000 | Archrock Partners LP/Archrock Partners Finance Corp., 6.875%, 4/1/27 (144A) | $ 523,312 | ||||
630,000 | Enerflex, Ltd., 9.00%, 10/15/27 (144A) | 649,628 | ||||
Total Oil & Gas Services | $1,172,940 | |||||
Packaging & Containers — 0.5% | ||||||
EUR500,000 | Fiber Bidco S.p.A., 6.125%, 6/15/31 (144A) | $ 534,610 | ||||
Total Packaging & Containers | $534,610 | |||||
Pharmaceuticals — 0.8% | ||||||
110,000 | Endo Finance Holdings, Inc., 8.50%, 4/15/31 (144A) | $ 115,932 | ||||
790,000 | P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25 (144A) | 726,796 | ||||
381,000+ | Par Pharmaceutical, Inc., 7.50%, 4/1/27 | — | ||||
300,000+ | Tricida, Inc., 5/15/27 | — | ||||
Total Pharmaceuticals | $842,728 | |||||
Pipelines — 4.2% | ||||||
770,007 | Acu Petroleo Luxembourg S.a.r.l., 7.50%, 1/13/32 (144A) | $ 757,135 | ||||
510,000 | Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.125%, 6/1/28 (144A) | 508,148 | ||||
450,000(a) | Energy Transfer LP, 8.527% (3 Month Term SOFR + 328 bps), 11/1/66 | 434,921 | ||||
915,000(d)(i) | Energy Transfer LP, 7.125% (5 Year CMT Index + 531 bps) | 912,083 | ||||
145,000 | EnLink Midstream Partners LP, 5.45%, 6/1/47 | 127,759 | ||||
344,000 | EnLink Midstream Partners LP, 5.60%, 4/1/44 | 308,758 | ||||
540,000 | Summit Midstream Holdings LLC, 8.625%, 10/31/29 (144A) | 552,076 | ||||
575,000 | Venture Global LNG, Inc., 8.375%, 6/1/31 (144A) | 604,249 | ||||
215,000 | Venture Global LNG, Inc., 9.50%, 2/1/29 (144A) | 239,185 | ||||
Total Pipelines | $4,444,314 | |||||
Principal Amount USD ($) | Value | |||||
REITs — 1.4% | ||||||
EUR210,000 | Alexandrite Monnet UK Holdco Plc, 10.50%, 5/15/29 (144A) | $ 236,394 | ||||
890,000 | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 1/15/30 (144A) | 637,637 | ||||
10,000 | Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 6.50%, 2/15/29 (144A) | 7,558 | ||||
410,000 | Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 2/15/28 (144A) | 414,694 | ||||
140,000 | Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 2/15/28 (144A) | 141,603 | ||||
Total REITs | $1,437,886 | |||||
Retail — 1.2% | ||||||
GBP555,000 | CD&R Firefly Bidco Plc, 8.625%, 4/30/29 (144A) | $ 721,529 | ||||
510,000 | Cougar JV Subsidiary LLC, 8.00%, 5/15/32 (144A) | 533,634 | ||||
Total Retail | $1,255,163 | |||||
Telecommunications — 4.4% | ||||||
695,000 | Altice France Holding S.A., 6.00%, 2/15/28 (144A) | $ 213,798 | ||||
607,000 | Altice France Holding S.A., 10.50%, 5/15/27 (144A) | 227,319 | ||||
200,000 | Altice France S.A., 8.125%, 2/1/27 (144A) | 161,749 | ||||
200,000 | Iliad Holding SASU, 8.50%, 4/15/31 (144A) | 208,365 | ||||
836,000(j) | Kenbourne Invest S.A., 6.875%, 11/26/24 (144A) | 480,700 | ||||
850,000 | Sprint LLC, 7.625%, 3/1/26 | 873,107 | ||||
850,000 | Total Play Telecomunicaciones SA de CV, 6.375%, 9/20/28 (144A) | 520,750 | ||||
875,000 | Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 8/15/28 (144A) | 844,037 | ||||
EUR560,000 | Zegona Finance Plc, 6.75%, 7/15/29 (144A) | 617,683 | ||||
500,000 | Zegona Finance Plc, 8.625%, 7/15/29 (144A) | 510,063 | ||||
Total Telecommunications | $4,657,571 | |||||
Transportation — 2.0% | ||||||
1,245,000 | Carriage Purchaser, Inc., 7.875%, 10/15/29 (144A) | $ 1,152,305 | ||||
655,000 | Danaos Corp., 8.50%, 3/1/28 (144A) | 674,231 | ||||
400,000 | Simpar Europe S.A., 5.20%, 1/26/31 (144A) | 328,525 | ||||
Total Transportation | $2,155,061 | |||||
Total Corporate Bonds (Cost $89,011,044) | $88,767,568 | |||||
Shares | Value | |||||
Preferred Stock — 0.0%† of Net Assets | ||||||
Internet — 0.0%† | ||||||
50,188 | MYT Holding LLC, 10.00%, 6/6/29 | $ 10,038 | ||||
Total Internet | $10,038 | |||||
Total Preferred Stock (Cost $91,624) | $10,038 | |||||
Right/Warrant — 0.0%† of Net Assets | ||||||
Trading Companies & Distributors — 0.0%† | ||||||
GBP6,475(c) | Avation Plc, 1/1/59 | $ 2,289 | ||||
Total Trading Companies & Distributors | $2,289 | |||||
Total Right/Warrant (Cost $—) | $2,289 | |||||
Principal Amount USD ($) | ||||||
Insurance-Linked Securities — 30.3% of Net Assets# | ||||||
Event Linked Bonds — 17.5% | ||||||
Earthquakes – California — 0.5% | ||||||
250,000(a) | Sutter Re, 15.032%, (3 Month U.S. Treasury Bill + 975 bps), 6/19/26 (144A) | $ 257,825 | ||||
300,000(a) | Torrey Pines Re, 10.496%, (3 Month U.S. Treasury Bill + 522 bps), 6/5/26 (144A) | 303,780 | ||||
$561,605 | ||||||
Earthquakes – U.S. — 0.2% | ||||||
250,000(a) | Ursa Re, 10.78%, (3 Month U.S. Treasury Bill + 550 bps), 12/6/25 (144A) | $ 253,250 | ||||
Flood – U.S. — 0.9% | ||||||
250,000(a) | FloodSmart Re, 17.11%, (3 Month U.S. Treasury Bill + 1,183 bps), 2/25/25 (144A) | $ 238,625 | ||||
500,000(a) | FloodSmart Re, 19.282%, (3 Month U.S. Treasury Bill + 1,400 bps), 3/12/27 (144A) | 498,000 | ||||
250,000(a) | FloodSmart Re, 22.434%, (1 Month U.S. Treasury Bill + 1,715 bps), 3/11/26 (144A) | 247,210 | ||||
$983,835 | ||||||
Multiperil – Florida — 0.5% | ||||||
500,000(a) | Sanders Re, 13.42%, (3 Month U.S. Treasury Bill + 814 bps), 6/5/26 (144A) | $ 512,950 | ||||
Multiperil – U.S. — 5.0% | ||||||
500,000(a) | Foundation Re, 11.534%, (3 Month U.S. Treasury Bill + 625 bps), 1/8/27 (144A) | $ 506,350 |
Principal Amount USD ($) | Value | |||||
Multiperil – U.S. — (continued) | ||||||
250,000(a) | Four Lakes Re, 11.03%, (3 Month U.S. Treasury Bill + 575 bps), 1/7/27 (144A) | $ 247,950 | ||||
250,000(a) | Four Lakes Re, 14.78%, (3 Month U.S. Treasury Bill + 950 bps), 1/7/27 (144A) | 254,100 | ||||
250,000(a) | High Point Re, 11.032%, (3 Month U.S. Treasury Bill + 575 bps), 1/6/27 (144A) | 250,550 | ||||
500,000(a) | Matterhorn Re, 13.119%, (SOFR + 775 bps), 3/24/25 (144A) | 482,850 | ||||
250,000(a) | Merna Re II, 12.534%, (3 Month U.S. Treasury Bill + 725 bps), 7/7/27 (144A) | 250,075 | ||||
250,000(a) | Merna Re II, 13.78%, (3 Month U.S. Treasury Bill + 850 bps), 7/7/27 (144A) | 248,125 | ||||
500,000(a) | Mystic Re, 17.284%, (3 Month U.S. Treasury Bill + 1,200 bps), 1/8/27 (144A) | 501,200 | ||||
375,000(a) | Residential Re, 12.974%, (3 Month U.S. Treasury Bill + 769 bps), 12/6/26 (144A) | 374,850 | ||||
500,000(a) | Residential Re, 13.702%, (1 Month U.S. Treasury Bill + 842 bps), 12/6/27 (144A) | 482,450 | ||||
500,000(a) | Residential Re, 17.30%, (3 Month U.S. Treasury Bill + 1,202 bps), 12/6/25 (144A) | 466,450 | ||||
250,000(a) | Sanders Re, 11.03%, (3 Month U.S. Treasury Bill + 575 bps), 4/7/28 (144A) | 254,500 | ||||
250,000(a) | Sanders Re III, 10.834%, (3 Month U.S. Treasury Bill + 555 bps), 4/7/27 (144A) | 251,300 | ||||
250,000(a) | Solomon Re, 10.797%, (3 Month U.S. Treasury Bill + 552 bps), 6/8/26 (144A) | 251,950 | ||||
250,000(a) | Stabilitas Re, 13.772%, (3 Month U.S. Treasury Bill + 849 bps), 6/5/26 (144A) | 249,200 | ||||
250,000(a) | Topanga Re, 10.332%, (3 Month U.S. Treasury Bill + 505 bps), 1/8/26 (144A) | 239,975 | ||||
$5,311,875 | ||||||
Multiperil – U.S. & Canada — 2.7% | ||||||
250,000(a) | Atlas Re, 17.869%, (SOFR + 1,250 bps), 6/8/27 (144A) | $ 265,000 | ||||
500,000(a) | Galileo Re, 12.282%, (3 Month U.S. Treasury Bill + 700 bps), 1/7/28 (144A) | 504,150 | ||||
250,000(a) | Kilimanjaro II Re, 12.53%, (3 Month U.S. Treasury Bill + 725 bps), 6/30/28 (144A) | 252,400 | ||||
250,000(a) | Kilimanjaro III Re, 17.642%, (3 Month U.S. Treasury Bill + 1,236 bps), 4/21/25 (144A) | 236,150 | ||||
250,000(a) | Kilimanjaro III Re, 17.642%, (3 Month U.S. Treasury Bill + 1,236 bps), 4/20/26 (144A) | 230,060 |
Principal Amount USD ($) | Value | |||||
Multiperil – U.S. & Canada — (continued) | ||||||
250,000(a) | Matterhorn Re, 11.119%, (SOFR + 575 bps), 12/8/25 (144A) | $ 218,500 | ||||
250,000(a) | Mona Lisa Re, 15.027%, (3 Month U.S. Treasury Bill + 975 bps), 6/25/27 (144A) | 262,050 | ||||
250,000(a) | Mona Lisa Re, 17.78%, (3 Month U.S. Treasury Bill + 1,250 bps), 1/8/26 (144A) | 256,525 | ||||
250,000(a) | Mystic Re IV, 11.384%, (3 Month U.S. Treasury Bill + 610 bps), 1/8/25 (144A) | 245,375 | ||||
500,000(a) | Mystic Re IV, 16.974%, (3 Month U.S. Treasury Bill + 1,169 bps), 1/8/25 (144A) | 479,850 | ||||
$2,950,060 | ||||||
Multiperil – U.S. Regional — 0.5% | ||||||
250,000(a) | Aquila Re, 13.552%, (3 Month U.S. Treasury Bill + 827 bps), 6/8/26 (144A) | $ 255,000 | ||||
250,000(a) | Aquila Re, 14.464%, (3 Month U.S. Treasury Bill + 918 bps), 6/8/26 (144A) | 256,250 | ||||
$511,250 | ||||||
Multiperil – Worldwide — 0.7% | ||||||
250,000(a) | Atlas Capital, 13.083%, (SOFR + 772 bps), 6/5/26 (144A) | $ 250,275 | ||||
250,000(a) | Cat Re 2001, 17.78%, (3 Month U.S. Treasury Bill + 1,250 bps), 1/8/27 (144A) | 246,375 | ||||
250,000(a) | Kendall Re, 13.03%, (3 Month U.S. Treasury Bill + 775 bps), 4/30/27 (144A) | 246,050 | ||||
$742,700 | ||||||
Windstorm – Florida — 0.6% | ||||||
250,000(a) | Integrity Re, 12.114%, (3 Month U.S. Treasury Bill + 683 bps), 6/6/25 (144A) | $ 137,500 | ||||
250,000(a) | Marlon Re, 12.284%, (3 Month U.S. Treasury Bill + 700 bps), 6/7/27 (144A) | 249,750 | ||||
250,000(a) | Merna Re II, 14.027%, (3 Month U.S. Treasury Bill + 875 bps), 7/7/27 (144A) | 248,275 | ||||
$635,525 | ||||||
Principal Amount USD ($) | Value | |||||
Windstorm – Mexico — 0.5% | ||||||
250,000(a) | International Bank for Reconstruction & Development, 17.565%, (SOFR + 1,222 bps), 4/24/28 (144A) | $ 253,175 | ||||
250,000(a) | International Bank for Reconstruction & Development, 19.065%, (SOFR + 1,372 bps), 6/26/28 (144A) | 246,525 | ||||
$499,700 | ||||||
Windstorm – North Carolina — 0.7% | ||||||
500,000(a) | Blue Ridge Re, 13.28%, (1 Month U.S. Treasury Bill + 800 bps), 1/8/27 (144A) | $ 501,705 | ||||
250,000(a) | Cape Lookout Re, 14.87%, (3 Month U.S. Treasury Bill + 959 bps), 3/28/25 (144A) | 243,825 | ||||
$745,530 | ||||||
Windstorm – Texas — 0.5% | ||||||
250,000(a) | Alamo Re, 6.00%, (1 Month U.S. Treasury Bill + 600 bps), 6/7/27 (144A) | $ 253,003 | ||||
250,000(a) | Alamo Re, 16.527%, (1 Month U.S. Treasury Bill + 1,125 bps), 6/7/26 (144A) | 249,895 | ||||
$502,898 | ||||||
Windstorm – U.S. — 2.6% | ||||||
250,000(a) | Alamo Re, 13.672%, (1 Month U.S. Treasury Bill + 839 bps), 6/7/26 (144A) | $ 250,250 | ||||
250,000(a) | Bonanza Re, 10.904%, (3 Month U.S. Treasury Bill + 562 bps), 3/16/25 (144A) | 229,478 | ||||
250,000(a) | Bonanza Re, 13.73%, (3 Month U.S. Treasury Bill + 845 bps), 1/8/26 (144A) | 252,000 | ||||
250,000(a) | Cape Lookout Re, 13.704%, (1 Month U.S. Treasury Bill + 842 bps), 4/28/26 (144A) | 252,500 | ||||
250,000(a) | Gateway Re, 19.24%, (1 Month U.S. Treasury Bill + 1,396 bps), 2/24/26 (144A) | 257,415 | ||||
250,000(a) | Gateway Re II, 14.18%, (3 Month U.S. Treasury Bill + 890 bps), 4/27/26 (144A) | 256,747 | ||||
250,000(a) | Merna Re II, 15.53%, (3 Month U.S. Treasury Bill + 1,025 bps), 7/7/26 (144A) | 251,775 | ||||
250,000(a) | Purple Re, 14.284%, (1 Month U.S. Treasury Bill + 900 bps), 6/7/27 (144A) | 247,250 |
Principal Amount USD ($) | Value | ||||||
Windstorm – U.S. — (continued) | |||||||
250,000(a) | Purple Re, 18.16%, (1 Month Term SOFR + 1,281 bps), 4/24/26 (144A) | $ 253,875 | |||||
500,000(a) | Queen Street Re, 12.78%, (3 Month U.S. Treasury Bill + 750 bps), 12/8/25 (144A) | 501,600 | |||||
$2,752,890 | |||||||
Windstorm – U.S. Multistate — 0.4% | |||||||
250,000(a) | Gateway Re, 5.265%, (1 Month U.S. Treasury Bill + 0 bps), 12/23/24 (144A) | $ 234,250 | |||||
250,000(a) | Gateway Re, 5.265%, (1 Month U.S. Treasury Bill + 0 bps), 1/8/25 (144A) | 216,134 | |||||
$450,384 | |||||||
Windstorm – U.S. Regional — 0.7% | |||||||
250,000(a) | Citrus Re, 11.874%, (3 Month U.S. Treasury Bill + 659 bps), 6/7/26 (144A) | $ 252,725 | |||||
250,000(a) | Citrus Re, 14.054%, (3 Month U.S. Treasury Bill + 877 bps), 6/7/26 (144A) | 250,585 | |||||
250,000(a) | Citrus Re, 14.534%, (3 Month U.S. Treasury Bill + 925 bps), 6/7/27 (144A) | 246,775 | |||||
$750,085 | |||||||
Winterstorm – Florida — 0.5% | |||||||
250,000(a) | Integrity Re, 18.144%, (1 Month U.S. Treasury Bill + 1,286 bps), 6/6/25 (144A) | $ 251,483 | |||||
250,000(a) | Lightning Re, 16.284%, (3 Month U.S. Treasury Bill + 1,100 bps), 3/31/26 (144A) | 252,625 | |||||
$504,108 | |||||||
Total Event Linked Bonds | $18,668,645 | ||||||
Face Amount USD ($) | ||||||
Collateralized Reinsurance — 4.4% | ||||||
Multiperil – Massachusetts — 0.2% | ||||||
250,000(c)(m)+ | Portsalon Re 2022, 5/31/28 | $ 229,230 | ||||
Multiperil – U.S. — 1.3% | ||||||
264,839(m)+ | Ballybunion Re 2022, 12/31/27 | $ — | ||||
500,000(c)(m)+ | Gamboge Re, 3/31/29 | 4,720 | ||||
250,000(c)(m)+ | Mangrove Risk Solutions, 5/10/25 (144A) | 230,675 |
Face Amount USD ($) | Value | |||||
Multiperil – U.S. — (continued) | ||||||
878,691(c)(m)+ | PI0047 2024-1, 12/31/29 | $ 926,927 | ||||
250,000(c)(m)+ | PI0051-Cheltenham Re 2024, 5/31/30 | 206,913 | ||||
$1,369,235 | ||||||
Multiperil – Worldwide — 1.8% | ||||||
650,000(c)(m)+ | Cypress Re 2017, 1/31/25 | $ 65 | ||||
462,683(c)(m)+ | Dartmouth Re 2018, 1/31/25 | 14,845 | ||||
100,000(c)(m)+ | Dartmouth Re 2021, 12/31/24 | 30,991 | ||||
500,000(c)(m)+ | Gamboge Re, 3/31/30 | 465,680 | ||||
750,000(c)(m)+ | Merion Re 2024-1, 12/31/29 | 704,649 | ||||
250,000(c)(m)+ | Old Head Re 2022, 12/31/27 | 125,000 | ||||
250,000(c)(m)+ | Old Head Re 2024, 12/31/29 | 229,764 | ||||
250,000(c)(m)+ | Pine Valley Re 2024, 12/31/28 | 232,695 | ||||
250,000(c)(m)+ | Walton Health Re 2019, 6/30/25 | 52,470 | ||||
250,000(c)(m)+ | Walton Health Re 2022, 12/15/27 | 36,438 | ||||
$1,892,597 | ||||||
Windstorm – North Carolina — 0.2% | ||||||
250,000(c)(m)+ | Isosceles Re 2024, 4/30/30 | $ 237,825 | ||||
Windstorm – U.S. — 0.4% | ||||||
250,000(c)(m)+ | PI0048 RE 2024, 11/30/27 | $ 228,809 | ||||
250,000(c)(m)+ | PI0049 Aberystwyth, 11/30/27 | 226,009 | ||||
$454,818 | ||||||
Windstorm – U.S. Multistate — 0.0%† | ||||||
500,000(m)+ | White Heron Re, 5/31/29 | $ 13,014 | ||||
Windstorm – U.S. Regional — 0.5% | ||||||
1,015,734(c)(m)+ | Oakmont Re 2020, 3/31/27 | $ — | ||||
500,000(c)(m)+ | Oakmont Re 2024, 4/1/30 | 476,102 | ||||
$476,102 | ||||||
Total Collateralized Reinsurance | $4,672,821 | |||||
Reinsurance Sidecars — 8.4% | ||||||
Multiperil – U.S. — 0.0%† | ||||||
226,387(m)+ | Carnoustie Re 2023, 12/31/28 | $ 16,953 | ||||
1,000,000(c)(n)+ | Harambee Re 2018, 12/31/24 | — | ||||
1,000,000(n)+ | Harambee Re 2019, 12/31/24 | 2,100 | ||||
500,000(c)(n)+ | Harambee Re 2020, 12/31/24 | 11,650 | ||||
$30,703 | ||||||
Multiperil – U.S. Regional — 0.0%† | ||||||
250,000(c)(m)+ | Brotherhood Re, 1/31/25 | $ — |
Face Amount USD ($) | Value | |||||
Multiperil – Worldwide — 8.4% | ||||||
225,450(n)+ | Alturas Re 2020-3, 9/30/24 | $ — | ||||
213,682(c)(n)+ | Alturas Re 2021-3, 7/31/25 | 9,594 | ||||
376,048(c)(n)+ | Alturas Re 2022-2, 12/31/27 | 29,633 | ||||
500,000(m)+ | Bantry Re 2021, 12/31/24 | 5,000 | ||||
1,000,000(c)(m)+ | Bantry Re 2024, 12/31/29 | 1,079,483 | ||||
993,323(m)+ | Berwick Re 2020-1, 12/31/24 | 7,128 | ||||
1,000,000(c)(m)+ | Berwick Re 2024-1, 12/31/29 | 1,060,816 | ||||
500,000(c)(m)+ | Carnoustie Re 2024, 12/31/29 | 533,378 | ||||
500,000(m)+ | Eccleston Re 2023, 11/30/28 | 38,633 | ||||
49,927(c)(m)+ | Eden Re II, 3/21/25 (144A) | 10,125 | ||||
80,000(c)(m)+ | Eden Re II, 3/20/26 (144A) | 19,974 | ||||
3,000(m)+ | Eden Re II, 3/19/27 (144A) | 26,239 | ||||
250,000(c)(m)+ | Gleneagles Re 2021, 12/31/24 | 25 | ||||
250,000(c)(m)+ | Gleneagles Re 2022, 12/31/27 | 97,985 | ||||
1,059,157(m)+ | Gullane Re 2018, 12/31/24 | — | ||||
1,000,000(c)(m)+ | Gullane Re 2024, 12/31/29 | 1,019,375 | ||||
250,000(c)(n)+ | Lion Rock Re 2020, 1/31/25 | — | ||||
250,000(c)(n)+ | Lion Rock Re 2021, 12/31/24 | 11,000 | ||||
498,977(c)(n)+ | Lorenz Re 2019, 6/30/25 | 9,530 | ||||
500,000(c)(m)+ | Merion Re 2021-2, 12/31/24 | 30,000 | ||||
363,953(c)(m)+ | Merion Re 2022-2, 12/31/27 | 345,068 | ||||
250,000(c)(m)+ | Pangaea Re 2023-3, 5/31/29 | 300,000 | ||||
500,000(c)(m)+ | Pangaea Re 2024-1, 12/31/29 | 539,496 | ||||
500,000(c)(m)+ | Pangaea Re 2024-3, 7/1/28 | 507,500 | ||||
250,000(c)(m)+ | Phoenix 3 Re 2023-3, 1/4/27 | 283,750 | ||||
1,179(m)+ | Sector Re V, 12/1/27 (144A) | 35,412 | ||||
500,000(c)(m)+ | Sector Re V, 12/1/28 (144A) | 594,597 | ||||
500,000(c)(m)+ | Sector Re V, 12/1/28 (144A) | 594,597 | ||||
515,671(m)+ | Sussex Re 2020-1, 12/31/24 | 670 | ||||
250,000(m)+ | Sussex Re 2021-1, 12/31/24 | — | ||||
500,000(m)+ | Sussex Re 2022, 12/31/27 | 11,200 | ||||
300,000(c)(n)+ | Thopas Re 2020, 12/31/24 | 60 | ||||
250,000(n)+ | Thopas Re 2021, 12/31/24 | 2,600 | ||||
250,000(n)+ | Thopas Re 2022, 12/31/27 | — | ||||
766,025(n)+ | Thopas Re 2023, 12/31/28 | — | ||||
766,025(c)(n)+ | Thopas Re 2024, 12/31/29 | 867,447 | ||||
375,860(n)+ | Torricelli Re 2021, 7/31/25 | 1,879 | ||||
500,000(n)+ | Torricelli Re 2022, 6/30/28 | 450 | ||||
750,000(c)(n)+ | Torricelli Re 2023, 6/30/29 | 9,975 | ||||
750,000(c)(n)+ | Torricelli Re 2024, 6/30/30 | 769,358 | ||||
500,000(c)(n)+ | Viribus Re 2018, 12/31/24 | — |
Face Amount USD ($) | Value | |||||
Multiperil – Worldwide — (continued) | ||||||
212,306(n)+ | Viribus Re 2019, 12/31/24 | $ — | ||||
240,783(c)(n)+ | Viribus Re 2020, 12/31/24 | 7,994 | ||||
221,888(c)(n)+ | Viribus Re 2022, 12/31/27 | 8,143 | ||||
499,829(c)(m)+ | Woburn Re 2019, 12/31/24 | 68,802 | ||||
$8,936,916 | ||||||
Total Reinsurance Sidecars | $8,967,619 | |||||
Total Insurance-Linked Securities (Cost $31,691,084) | $32,309,085 | |||||
Principal Amount USD ($) | ||||||
Foreign Government Bonds — 1.0% of Net Assets | ||||||
Angola — 0.4% | ||||||
448,000 | Angolan Government International Bond, 8.250%, 5/9/28 (144A) | $ 424,389 | ||||
Total Angola | $424,389 | |||||
Ghana — 0.4% | ||||||
320,000(j) | Ghana Government International Bond, 7.875%, 2/11/35 (144A) | $ 163,200 | ||||
500,000(j) | Ghana Government International Bond, 8.627%, 6/16/49 | 251,315 | ||||
Total Ghana | $414,515 | |||||
Ukraine — 0.2% | ||||||
750,000(j) | Ukraine Government International Bond, 8.994%, 2/1/26 (144A) | $ 273,161 | ||||
Total Ukraine | $273,161 | |||||
Total Foreign Government Bonds (Cost $2,022,483) | $1,112,065 | |||||
Shares | Value | |||||
SHORT TERM INVESTMENTS — 0.0% of Net Assets | ||||||
Open-End Fund — 0.0% | ||||||
6,752(o) | Dreyfus Government Cash Management, Institutional Shares, 5.21% | $ 6,752 | ||||
$6,752 | ||||||
TOTAL SHORT TERM INVESTMENTS (Cost $6,752) | $6,752 | |||||
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 141.1% (Cost $151,845,962) | $150,413,483 | |||||
OTHER ASSETS AND LIABILITIES — (41.1)% | $(43,804,741) | |||||
net assets — 100.0% | $106,608,742 | |||||
bps | Basis Points. |
CMT | Constant Maturity Treasury Index. |
EURIBOR | Euro Interbank Offered Rate. |
FREMF | Freddie Mac Multifamily Fixed-Rate Mortgage Loans. |
SOFR | Secured Overnight Financing Rate. |
SOFR30A | Secured Overnight Financing Rate 30 Day Average. |
(144A) | The resale of such security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers. At July 31, 2024, the value of these securities amounted to $117,359,871, or 110.1% of net assets. |
(a) | Floating rate note. Coupon rate, reference index and spread shown at July 31, 2024. |
(b) | All or a portion of this senior loan position has not settled. Rates do not take effect until settlement date. Rates shown, if any, are for the settled portion. |
(c) | Non-income producing security. |
(d) | The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at July 31, 2024. |
(e) | Security represents the interest-only portion payments on a pool of underlying mortgages or mortgage-backed securities. |
(f) | Security issued with a zero coupon. Income is recognized through accretion of discount. |
(g) | Security is priced as a unit. |
(h) | Payment-in-kind (PIK) security which may pay interest in the form of additional principal amount. |
(i) | Security is perpetual in nature and has no stated maturity date. |
(j) | Security is in default. |
(k) | Securities purchased on a when-issued basis. Rates do not take effect until settlement date. |
(l) | Debt obligation initially issued at one coupon which converts to a higher coupon at a specific date. The rate shown is the rate at July 31, 2024. |
(m) | Issued as participation notes. |
(n) | Issued as preference shares. |
(o) | Rate periodically changes. Rate disclosed is the 7-day yield at July 31, 2024. |
* | Senior secured floating rate loan interests in which the Fund invests generally pay interest at rates that are periodically re-determined 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 or SOFR, (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certificate of deposit or (iv) other base lending rates used by commercial lenders. The interest rate shown is the rate accruing at July 31, 2024. |
+ | Security is valued using significant unobservable inputs (Level 3). |
† | Amount rounds to less than 0.1%. |
# | Securities are restricted as to resale. |
Restricted Securities | Acquisition date | Cost | Value |
Alamo Re | 4/12/2023 | $250,000 | $250,250 |
Alamo Re | 4/4/2024 | 250,000 | 253,003 |
Alamo Re | 4/4/2024 | 250,000 | 249,895 |
Alturas Re 2020-3 | 8/3/2020 | — | — |
Alturas Re 2021-3 | 8/16/2021 | 22,332 | 9,594 |
Alturas Re 2022-2 | 1/18/2022 | 7,924 | 29,633 |
Aquila Re | 5/10/2023 | 250,000 | 255,000 |
Aquila Re | 5/10/2023 | 250,000 | 256,250 |
Atlas Capital | 5/17/2023 | 250,000 | 250,275 |
Atlas Re | 5/24/2024 | 250,000 | 265,000 |
Ballybunion Re 2022 | 3/9/2022 | — | — |
Bantry Re 2021 | 1/11/2021 | — | 5,000 |
Bantry Re 2024 | 2/1/2024 | 988,243 | 1,079,483 |
Berwick Re 2020-1 | 9/24/2020 | — | 7,128 |
Berwick Re 2024-1 | 1/10/2024 | 1,000,000 | 1,060,816 |
Blue Ridge Re | 11/14/2023 | 500,000 | 501,705 |
Bonanza Re | 1/6/2023 | 250,000 | 252,000 |
Bonanza Re | 7/25/2023 | 232,003 | 229,478 |
Brotherhood Re | 1/22/2018 | 39,768 | — |
Cape Lookout Re | 3/16/2022 | 250,000 | 243,825 |
Cape Lookout Re | 4/14/2023 | 250,000 | 252,500 |
Carnoustie Re 2023 | 3/22/2023 | — | 16,953 |
Carnoustie Re 2024 | 1/11/2024 | 500,000 | 533,378 |
Cat Re 2001 | 11/14/2023 | 250,000 | 246,375 |
Citrus Re | 4/27/2023 | 250,000 | 250,585 |
Citrus Re | 4/27/2023 | 250,000 | 252,725 |
Restricted Securities | Acquisition date | Cost | Value |
Citrus Re | 3/19/2024 | $250,000 | $246,775 |
Cypress Re 2017 | 1/24/2017 | 2,185 | 65 |
Dartmouth Re 2018 | 1/18/2018 | 154,399 | 14,845 |
Dartmouth Re 2021 | 1/19/2021 | 11,466 | 30,991 |
Eccleston Re 2023 | 7/13/2023 | — | 38,633 |
Eden Re II | 1/25/2021 | 26,581 | 10,125 |
Eden Re II | 1/21/2022 | 28,614 | 19,974 |
Eden Re II | 1/17/2023 | — | 26,239 |
FloodSmart Re | 2/14/2022 | 250,000 | 238,625 |
FloodSmart Re | 2/23/2023 | 250,000 | 247,210 |
FloodSmart Re | 2/29/2024 | 500,000 | 498,000 |
Foundation Re | 12/19/2023 | 500,000 | 506,350 |
Four Lakes Re | 12/8/2023 | 250,000 | 247,950 |
Four Lakes Re | 12/8/2023 | 250,000 | 254,100 |
Galileo Re | 12/4/2023 | 501,179 | 504,150 |
Gamboge Re | 4/20/2023 | — | 4,720 |
Gamboge Re | 5/9/2024 | 436,328 | 465,680 |
Gateway Re | 2/3/2023 | 250,000 | 257,415 |
Gateway Re | 3/11/2024 | 239,903 | 234,250 |
Gateway Re | 6/24/2024 | 216,659 | 216,134 |
Gateway Re II | 4/13/2023 | 250,000 | 256,747 |
Gleneagles Re 2021 | 1/13/2021 | 4,575 | 25 |
Gleneagles Re 2022 | 1/18/2022 | 104,409 | 97,985 |
Gullane Re 2018 | 3/26/2018 | — | — |
Gullane Re 2024 | 2/14/2024 | 969,259 | 1,019,375 |
Harambee Re 2018 | 12/19/2017 | 21,232 | — |
Harambee Re 2019 | 12/20/2018 | — | 2,100 |
Harambee Re 2020 | 2/27/2020 | — | 11,650 |
High Point Re | 12/1/2023 | 250,000 | 250,550 |
Integrity Re | 5/9/2022 | 250,000 | 137,500 |
Integrity Re | 3/23/2023 | 250,000 | 251,483 |
International Bank for Reconstruction & Development | 5/1/2024 | 250,000 | 253,175 |
International Bank for Reconstruction & Development | 5/10/2024 | 242,023 | 246,525 |
Isosceles Re 2024 | 7/9/2024 | 231,766 | 237,825 |
Kendall Re | 4/22/2024 | 250,000 | 246,050 |
Kilimanjaro II Re | 6/24/2024 | 250,000 | 252,400 |
Kilimanjaro III Re | 4/8/2021 | 250,000 | 236,150 |
Kilimanjaro III Re | 4/8/2021 | 250,000 | 230,060 |
Lightning Re | 3/20/2023 | 250,000 | 252,625 |
Lion Rock Re 2020 | 12/30/2019 | — | — |
Lion Rock Re 2021 | 3/1/2021 | 65,784 | 11,000 |
Lorenz Re 2019 | 6/26/2019 | 81,286 | 9,530 |
Restricted Securities | Acquisition date | Cost | Value |
Mangrove Risk Solutions | 6/17/2024 | $224,653 | $230,675 |
Marlon Re | 5/24/2024 | 250,000 | 249,750 |
Matterhorn Re | 12/15/2021 | 250,000 | 218,500 |
Matterhorn Re | 3/10/2022 | 500,000 | 482,850 |
Merion Re 2021-2 | 12/28/2020 | 136,047 | 30,000 |
Merion Re 2022-2 | 3/1/2022 | 363,953 | 345,068 |
Merion Re 2024-1 | 1/11/2024 | 632,676 | 704,649 |
Merna Re II | 4/5/2023 | 250,000 | 251,775 |
Merna Re II | 5/8/2024 | 250,000 | 250,075 |
Merna Re II | 5/8/2024 | 250,000 | 248,275 |
Merna Re II | 5/8/2024 | 250,000 | 248,125 |
Mona Lisa Re | 12/30/2022 | 250,000 | 256,525 |
Mona Lisa Re | 6/13/2024 | 250,000 | 262,050 |
Mystic Re | 12/12/2023 | 499,180 | 501,200 |
Mystic Re IV | 6/9/2021 | 500,000 | 479,850 |
Mystic Re IV | 10/26/2021 | 249,722 | 245,375 |
Oakmont Re 2020 | 12/3/2020 | — | — |
Oakmont Re 2024 | 5/23/2024 | 443,679 | 476,102 |
Old Head Re 2022 | 1/6/2022 | 188,288 | 125,000 |
Old Head Re 2024 | 1/5/2024 | 183,891 | 229,764 |
Pangaea Re 2023-3 | 7/5/2023 | 250,000 | 300,000 |
Pangaea Re 2024-1 | 2/27/2024 | 500,000 | 539,496 |
Pangaea Re 2024-3 | 7/26/2024 | 500,000 | 507,500 |
Phoenix 3 Re 2023-3 | 12/21/2020 | 217,141 | 283,750 |
PI0047 2024-1 | 1/26/2024 | 872,164 | 926,927 |
PI0048 RE 2024 | 6/12/2024 | 210,613 | 228,809 |
PI0049 Aberystwyth | 7/1/2024 | 218,687 | 226,009 |
PI0051-Cheltenham Re 2024 | 7/1/2024 | 196,626 | 206,913 |
Pine Valley Re 2024 | 1/17/2024 | 207,298 | 232,695 |
Portsalon Re 2022 | 7/15/2022 | 202,158 | 229,230 |
Purple Re | 4/6/2023 | 250,000 | 253,875 |
Purple Re | 4/2/2024 | 250,000 | 247,250 |
Queen Street Re | 5/12/2023 | 500,000 | 501,600 |
Residential Re | 10/28/2021 | 500,000 | 466,450 |
Residential Re | 11/22/2022 | 375,000 | 374,850 |
Residential Re | 11/7/2023 | 500,000 | 482,450 |
Sanders Re | 5/24/2023 | 500,000 | 512,950 |
Sanders Re | 1/16/2024 | 250,000 | 254,500 |
Sanders Re III | 3/24/2023 | 250,000 | 251,300 |
Sector Re V | 12/30/2022 | — | 35,412 |
Sector Re V | 12/4/2023 | 500,000 | 594,597 |
Sector Re V | 12/29/2023 | 500,000 | 594,597 |
Solomon Re | 6/12/2023 | 250,000 | 251,950 |
Stabilitas Re | 6/7/2023 | 250,000 | 249,200 |
Restricted Securities | Acquisition date | Cost | Value |
Sussex Re 2020-1 | 1/21/2020 | $— | $670 |
Sussex Re 2021-1 | 1/26/2021 | — | — |
Sussex Re 2022 | 1/5/2022 | — | 11,200 |
Sutter Re | 6/6/2023 | 250,000 | 257,825 |
Thopas Re 2020 | 12/30/2019 | — | 60 |
Thopas Re 2021 | 1/22/2021 | — | 2,600 |
Thopas Re 2022 | 2/15/2022 | — | — |
Thopas Re 2023 | 2/13/2023 | — | — |
Thopas Re 2024 | 2/2/2024 | 766,025 | 867,447 |
Topanga Re | 10/5/2023 | 234,468 | 239,975 |
Torrey Pines Re | 5/18/2023 | 300,000 | 303,780 |
Torricelli Re 2021 | 7/2/2021 | — | 1,879 |
Torricelli Re 2022 | 7/26/2022 | — | 450 |
Torricelli Re 2023 | 7/19/2023 | — | 9,975 |
Torricelli Re 2024 | 7/25/2024 | 750,000 | 769,358 |
Ursa Re | 4/12/2023 | 250,000 | 253,250 |
Viribus Re 2018 | 12/22/2017 | 8,294 | — |
Viribus Re 2019 | 3/25/2019 | — | — |
Viribus Re 2020 | 3/12/2020 | 24,541 | 7,994 |
Viribus Re 2022 | 4/18/2022 | — | 8,143 |
Walton Health Re 2019 | 7/18/2019 | — | 52,470 |
Walton Health Re 2022 | 7/13/2022 | 875 | 36,438 |
White Heron Re | 8/30/2023 | — | 13,014 |
Woburn Re 2019 | 1/30/2019 | 57,187 | 68,802 |
Total Restricted Securities | $32,309,085 | ||
% of Net assets | 30.3% |
Currency Purchased | In Exchange for | Currency Sold | Deliver | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) |
USD | 5,334,153 | EUR | 4,890,000 | Citibank NA | 10/25/24 | $20,150 |
EUR | 191,000 | USD | 207,856 | State Street Bank & Trust Co. | 8/28/24 | (868) |
EUR | 2,370,000 | USD | 2,545,847 | State Street Bank & Trust Co. | 9/27/24 | 26,058 |
USD | 393,465 | GBP | 310,000 | State Street Bank & Trust Co. | 9/27/24 | (5,256) |
TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | $40,084 |
Number of Contracts Long | Description | Expiration Date | Notional Amount | Market Value | Unrealized Appreciation |
4 | U.S. Ultra Bond (CBT) | 9/19/24 | $495,636 | $511,875 | $16,239 |
TOTAL FUTURES CONTRACTS | $495,636 | $511,875 | $16,239 | ||
CBT | Chicago Board of Trade. |
EUR | — Euro |
GBP | — Great British Pound |
IDR | — Indonesian Rupiah |
USD | — United States Dollar |
Level 1 | – | unadjusted 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 risks, etc.). |
Level 3 | – | significant unobservable inputs (including the Adviser’s own assumptions in determining fair value of investments). |
Level 1 | Level 2 | Level 3 | Total | |
Senior Secured Floating Rate Loan Interests | $— | $6,336,881 | $— | $6,336,881 |
Common Stocks | ||||
Communications Equipment | — | — | 33,459 | 33,459 |
Financial Services | — | — | 9,836 | 9,836 |
Oil, Gas & Consumable Fuels | 45 | 1,424 | — | 1,469 |
Passenger Airlines | — | 518,834 | — | 518,834 |
Professional Services | — | — | 13 | 13 |
All Other Common Stocks | 56,562 | — | — | 56,562 |
Asset Backed Securities | — | 4,644,455 | 50,000 | 4,694,455 |
Collateralized Mortgage Obligations | — | 2,890,761 | — | 2,890,761 |
Commercial Mortgage-Backed Securities | — | 10,954,869 | — | 10,954,869 |
Convertible Corporate Bonds | — | 2,708,547 | — | 2,708,547 |
Corporate Bonds | ||||
Diversified Financial Services | — | 7,445,680 | —* | 7,445,680 |
Pharmaceuticals | — | 842,728 | —* | 842,728 |
All Other Corporate Bonds | — | 80,479,160 | — | 80,479,160 |
Preferred Stock | — | 10,038 | — | 10,038 |
Right/Warrant | 2,289 | — | — | 2,289 |
Insurance-Linked Securities | ||||
Collateralized Reinsurance | ||||
Multiperil – Massachusetts | — | — | 229,230 | 229,230 |
Multiperil – U.S. | — | — | 1,369,235 | 1,369,235 |
Multiperil – Worldwide | — | — | 1,892,597 | 1,892,597 |
Windstorm – North Carolina | — | — | 237,825 | 237,825 |
Windstorm – U.S. | — | — | 454,818 | 454,818 |
Windstorm – U.S. Multistate | — | — | 13,014 | 13,014 |
Windstorm – U.S. Regional | — | — | 476,102 | 476,102 |
Reinsurance Sidecars | ||||
Multiperil – U.S. | — | — | 30,703 | 30,703 |
Multiperil – U.S. Regional | — | — | —* | —* |
Multiperil – Worldwide | — | — | 8,936,916 | 8,936,916 |
All Other Insurance-Linked Securities | — | 18,668,645 | — | 18,668,645 |
Level 1 | Level 2 | Level 3 | Total | |
Foreign Government Bonds | $— | $1,112,065 | $— | $1,112,065 |
Open-End Fund | 6,752 | — | — | 6,752 |
Total Investments in Securities | $65,648 | $136,614,087 | $13,733,748 | $150,413,483 |
Other Financial Instruments | ||||
Net unrealized appreciation on forward foreign currency exchange contracts | $— | $40,084 | $— | $40,084 |
Net unrealized appreciation on futures contracts | 16,239 | — | — | 16,239 |
Total Other Financial Instruments | $16,239 | $40,084 | $— | $56,323 |
* | Securities valued at $0. |
Common Stocks | Asset Backed Securities | Corporate Bonds | Insurance- Linked Securities | Total | |
Balance as of 4/30/24 | $50,188 | $104,000 | $—* | $11,596,456 | $11,750,644 |
Realized gain (loss) | — | — | — | (575,750) | (575,750) |
Changed in unrealized appreciation (depreciation) | (17,000) | (57,777) | (1,169) | 478,407 | 402,461 |
Return of capital | — | 3,777 | —* | (1,388,827) | (1,385,050) |
Purchases | 10,107 | __ | 1,169 | 3,530,159 | 3,541,435 |
Sales | — | — | — | (5) | (5) |
Transfers in to Level 3** | 13 | — | — | — | 13 |
Transfers out of Level 3** | — | — | — | — | — |
Balance as of 7/31/24 | $43,308 | $50,000 | $—* | $13,640,440 | $13,733,748 |
* | Securities valued at $0. | ||
** | Transfers are calculated on the beginning of period values. During the period ended July 31, 2024 security valued at $13 was transferred from Level 2 to Level 3, due to valuing the security using unobservable inputs. There were no other transfers between Levels 1, 2 and 3. | ||
Net change in unrealized appreciation (depreciation) of Level 3 investments still held and considered Level 3 at July 31, 2024: | $73,897 |
1 Year Pioneer Diversified High... Chart |
1 Month Pioneer Diversified High... Chart |
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