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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Pioneer High Income Fund Inc | NYSE:PHT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.0395 | -0.51% | 7.7605 | 7.78 | 7.73 | 7.78 | 39,072 | 17:55:04 |
Ticker Symbol: PHT |
Principal Amount USD ($) | Value | |||||
UNAFFILIATED ISSUERS — 143.9% | ||||||
Senior Secured Floating Rate Loan Interests — 1.7% of Net Assets*(a) | ||||||
Auto Parts & Equipment — 0.6% | ||||||
1,386,319 | First Brands Group LLC, First Lien 2021 Term Loan, 10.881% (Term SOFR + 500 bps), 3/30/27 | $ 1,378,233 | ||||
Total Auto Parts & Equipment | $1,378,233 | |||||
Electric-Generation — 0.3% | ||||||
719,579 | Generation Bridge Northeast LLC, Term Loan B, 9.606% (Term SOFR + 425 bps), 8/22/29 | $ 724,076 | ||||
Total Electric-Generation | $724,076 | |||||
Metal Processors & Fabrication — 0.5% | ||||||
1,114,350 | Grinding Media, Inc. (Molycop, Ltd.), First Lien Initial Term Loan, 9.684% (Term SOFR + 400 bps), 10/12/28 | $ 1,108,779 | ||||
Total Metal Processors & Fabrication | $1,108,779 | |||||
Physical Practice Management — 0.3% | ||||||
934,787 | Team Health Holdings, Inc., Extended Term Loan, 10.633% (Term SOFR + 525 bps), 3/2/27 | $ 716,865 | ||||
Total Physical Practice Management | $716,865 | |||||
Total Senior Secured Floating Rate Loan Interests (Cost $4,045,721) | $3,927,953 | |||||
Shares | ||||||
Common Stocks — 0.4% of Net Assets | ||||||
Chemicals — 0.0%† | ||||||
22 | LyondellBasell Industries NV, Class A | $ 2,092 | ||||
Total Chemicals | $2,092 | |||||
Oil, Gas & Consumable Fuels — 0.0%† | ||||||
21(b) | Amplify Energy Corp. | $ 125 | ||||
8,027(b) | Petroquest Energy, Inc. | 405 | ||||
Total Oil, Gas & Consumable Fuels | $530 | |||||
Shares | Value | |||||
Passenger Airlines — 0.4% | ||||||
57,203(b)+ | Grupo Aeromexico SAB de CV | $ 919,640 | ||||
Total Passenger Airlines | $919,640 | |||||
Total Common Stocks (Cost $1,646,575) | $922,262 | |||||
Principal Amount USD ($) | ||||||
Asset Backed Securities — 0.6% of Net Assets | ||||||
1,500,000 | Santander Bank Auto Credit-Linked Notes, Series 2023-B, Class F, 12.24%, 12/15/33 (144A) | $ 1,506,207 | ||||
Total Asset Backed Securities (Cost $1,500,000) | $1,506,207 | |||||
Collateralized Mortgage Obligations—2.3% of Net Assets | ||||||
710,000(a) | Connecticut Avenue Securities Trust, Series 2021-R01, Class 1B2, 11.337% (SOFR30A + 600 bps), 10/25/41 (144A) | $ 725,767 | ||||
120,000(a) | Fannie Mae Connecticut Avenue Securities, Series 2021-R02, Class 2B2, 11.537% (SOFR30A + 620 bps), 11/25/41 (144A) | 123,406 | ||||
430,000(a) | Freddie Mac STACR REMIC Trust, Series 2021-DNA7, Class B2, 13.137% (SOFR30A + 780 bps), 11/25/41 (144A) | 454,847 | ||||
450,000(a) | Freddie Mac STACR REMIC Trust, Series 2021-HQA3, Class B2, 11.587% (SOFR30A + 625 bps), 9/25/41 (144A) | 453,739 | ||||
610,000(a) | Freddie Mac STACR REMIC Trust, Series 2022-DNA2, Class B2, 13.837% (SOFR30A + 850 bps), 2/25/42 (144A) | 654,267 | ||||
1,370,000(a) | Freddie Mac STACR Trust, Series 2019-DNA3, Class B2, 13.602% (SOFR30A + 826 bps), 7/25/49 (144A) | 1,542,748 | ||||
1,350,000(a) | STACR Trust, Series 2018-HRP2, Class B2, 15.952% (SOFR30A + 1,061 bps), 2/25/47 (144A) | 1,604,520 | ||||
Total Collateralized Mortgage Obligations (Cost $5,237,594) | $5,559,294 | |||||
Principal Amount USD ($) | Value | |||||
Commercial Mortgage-Backed Securities—3.1% of Net Assets | ||||||
1,460,000(a) | Capital Funding Mortgage Trust, Series 2021-19, Class B, 20.55% (1 Month Term SOFR + 1,521 bps), 10/27/24 (144A) | $ 1,450,281 | ||||
1,076,496(c) | FREMF Mortgage Trust, Series 2019-KJ24, Class B, 7.60%, 10/25/27 (144A) | 993,590 | ||||
1,500,000(a) | FREMF Mortgage Trust, Series 2019-KS12, Class C, 12.345% (SOFR30A + 701 bps), 8/25/29 | 1,432,672 | ||||
222,712(a) | FREMF Mortgage Trust, Series 2020-KF74, Class C, 11.695% (SOFR30A + 636 bps), 1/25/27 (144A) | 211,736 | ||||
343,929(a) | FREMF Mortgage Trust, Series 2020-KF83, Class C, 14.445% (SOFR30A + 911 bps), 7/25/30 (144A) | 324,649 | ||||
1,169,388(a) | Med Trust, Series 2021-MDLN, Class G, 10.726% (1 Month Term SOFR + 536 bps), 11/15/38 (144A) | 1,118,616 | ||||
2,500,000 | Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class E, 3.00%, 5/15/48 (144A) | 1,741,650 | ||||
Total Commercial Mortgage-Backed Securities (Cost $7,724,931) | $7,273,194 | |||||
Convertible Corporate Bonds — 2.5% of Net Assets | ||||||
Banks — 0.0%† | ||||||
IDR1,422,679,000 | PT Bakrie & Brothers Tbk, 4/28/24 | $ 9,240 | ||||
Total Banks | $9,240 | |||||
Chemicals — 1.8% | ||||||
4,000,000(d) | Hercules LLC, 6.50%, 6/30/29 | $ 4,242,581 | ||||
Total Chemicals | $4,242,581 | |||||
Entertainment — 0.7% | ||||||
1,455,000(e) | DraftKings Holdings, Inc., 3/15/28 | $ 1,166,182 | ||||
449,000 | IMAX Corp., 0.50%, 4/1/26 | 398,488 | ||||
Total Entertainment | $1,564,670 | |||||
Total Convertible Corporate Bonds (Cost $4,919,448) | $5,816,491 | |||||
Principal Amount USD ($) | Value | |||||
Corporate Bonds — 114.6% of Net Assets | ||||||
Advertising — 2.7% | ||||||
2,090,000 | Clear Channel Outdoor Holdings, Inc., 7.50%, 6/1/29 (144A) | $ 1,737,773 | ||||
2,010,000 | Stagwell Global LLC, 5.625%, 8/15/29 (144A) | 1,848,733 | ||||
3,000,000 | Summer BC Bidco B LLC, 5.50%, 10/31/26 (144A) | 2,808,000 | ||||
Total Advertising | $6,394,506 | |||||
Aerospace & Defense — 1.9% | ||||||
2,150,000 | Bombardier, Inc., 6.00%, 2/15/28 (144A) | $ 2,094,692 | ||||
745,000 | Bombardier, Inc., 7.125%, 6/15/26 (144A) | 741,522 | ||||
740,000 | Spirit AeroSystems, Inc., 9.375%, 11/30/29 (144A) | 809,763 | ||||
740,000 | Triumph Group, Inc., 9.00%, 3/15/28 (144A) | 786,875 | ||||
Total Aerospace & Defense | $4,432,852 | |||||
Agriculture — 1.0% | ||||||
2,795,000 | Frigorifico Concepcion S.A., 7.70%, 7/21/28 (144A) | $ 2,359,679 | ||||
Total Agriculture | $2,359,679 | |||||
Airlines — 5.3% | ||||||
420,000 | Allegiant Travel Co., 7.25%, 8/15/27 (144A) | $ 410,945 | ||||
355,000 | Delta Air Lines, Inc., 7.375%, 1/15/26 | 366,981 | ||||
3,255,000 | Grupo Aeromexico SAB de CV, 8.50%, 3/17/27 (144A) | 3,141,817 | ||||
330,000 | Latam Airlines Group S.A., 13.375%, 10/15/29 (144A) | 377,859 | ||||
966,000 | Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets, Ltd., 6.50%, 6/20/27 (144A) | 968,742 | ||||
2,460,000 | Pegasus Hava Tasimaciligi AS, 9.25%, 4/30/26 (144A) | 2,502,312 | ||||
EUR1,600,000 | Transportes Aereos Portugueses S.A., 5.625%, 12/2/24 (144A) | 1,745,602 | ||||
2,360,000 | VistaJet Malta Finance Plc/Vista Management Holding, Inc., 6.375%, 2/1/30 (144A) | 1,648,157 | ||||
1,470,000 | VistaJet Malta Finance Plc/Vista Management Holding, Inc., 9.50%, 6/1/28 (144A) | 1,244,065 | ||||
Total Airlines | $12,406,480 | |||||
Principal Amount USD ($) | Value | |||||
Apparel — 0.4% | ||||||
870,000 | Hanesbrands, Inc., 9.00%, 2/15/31 (144A) | $ 852,205 | ||||
Total Apparel | $852,205 | |||||
Auto Manufacturers — 0.4% | ||||||
1,035,000 | JB Poindexter & Co., Inc., 8.75%, 12/15/31 (144A) | $ 1,055,700 | ||||
Total Auto Manufacturers | $1,055,700 | |||||
Auto Parts & Equipment — 0.6% | ||||||
1,285,000 | Adient Global Holdings, Ltd., 8.25%, 4/15/31 (144A) | $ 1,360,660 | ||||
Total Auto Parts & Equipment | $1,360,660 | |||||
Banks — 1.9% | ||||||
600,000(c)(f) | Bank of America Corp., 6.50% (3 Month Term SOFR + 444 bps) | $ 597,092 | ||||
1,175,000 | Freedom Mortgage Corp., 12.25%, 10/1/30 (144A) | 1,289,865 | ||||
675,000(c)(f) | Intesa Sanpaolo S.p.A., 7.70% (5 Year USD Swap Rate + 546 bps) (144A) | 663,260 | ||||
1,240,000(c) | Toronto-Dominion Bank, 8.125% (5 Year CMT Index + 408 bps), 10/31/82 | 1,290,578 | ||||
545,000(c)(f) | UBS Group AG, 9.25% (5 Year CMT Index + 476 bps) (144A) | 604,005 | ||||
Total Banks | $4,444,800 | |||||
Biotechnology — 0.3% | ||||||
EUR745,000 | Cidron Aida Finco S.a.r.l., 5.00%, 4/1/28 (144A) | $ 790,971 | ||||
Total Biotechnology | $790,971 | |||||
Building Materials — 2.1% | ||||||
1,991,000 | AmeriTex HoldCo Intermediate LLC, 10.25%, 10/15/28 (144A) | $ 2,040,775 | ||||
2,211,000 | Cornerstone Building Brands, Inc., 6.125%, 1/15/29 (144A) | 1,813,020 | ||||
1,140,000 | Knife River Corp., 7.75%, 5/1/31 (144A) | 1,213,804 | ||||
Total Building Materials | $5,067,599 | |||||
Chemicals — 8.1% | ||||||
1,355,000 | LSF11 A5 HoldCo LLC, 6.625%, 10/15/29 (144A) | $ 1,145,836 | ||||
EUR885,000 | Lune Holdings S.a.r.l., 5.625%, 11/15/28 (144A) | 792,224 | ||||
2,250,000 | LYB Finance Co. BV, 8.10%, 3/15/27 (144A) | 2,422,190 |
Principal Amount USD ($) | Value | |||||
Chemicals — (continued) | ||||||
2,831,000 | Mativ Holdings, Inc., 6.875%, 10/1/26 (144A) | $ 2,715,585 | ||||
470,000 | Olin Corp., 9.50%, 6/1/25 (144A) | 484,505 | ||||
EUR1,355,000 | Olympus Water US Holding Corp., 9.625%, 11/15/28 (144A) | 1,600,562 | ||||
2,320,000 | Olympus Water US Holding Corp., 9.75%, 11/15/28 (144A) | 2,462,432 | ||||
2,175,000 | Rain Carbon, Inc., 12.25%, 9/1/29 (144A) | 2,126,063 | ||||
2,500,000 | SCIL IV LLC/SCIL USA Holdings LLC, 5.375%, 11/1/26 (144A) | 2,399,830 | ||||
EUR1,005,000 | SCIL IV LLC/SCIL USA Holdings LLC, 9.50%, 7/15/28 (144A) | 1,181,585 | ||||
2,000,000 | Tronox, Inc., 4.625%, 3/15/29 (144A) | 1,771,596 | ||||
Total Chemicals | $19,102,408 | |||||
Commercial Services — 6.7% | ||||||
1,645,000 | Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.00%, 6/1/29 (144A) | $ 1,341,159 | ||||
1,905,000 | Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 7/15/27 (144A) | 1,866,703 | ||||
790,000(g) | Atento Luxco 1 S.A., 8.00%, 2/10/26 (144A) | 79 | ||||
2,116,000 | Garda World Security Corp., 6.00%, 6/1/29 (144A) | 1,896,735 | ||||
2,059,000 | Garda World Security Corp., 9.50%, 11/1/27 (144A) | 2,075,779 | ||||
319,000 | Herc Holdings, Inc., 5.50%, 7/15/27 (144A) | 314,954 | ||||
1,470,000 | Neptune Bidco US, Inc., 9.29%, 4/15/29 (144A) | 1,370,772 | ||||
915,000 | NESCO Holdings II, Inc., 5.50%, 4/15/29 (144A) | 846,000 | ||||
4,155,000 | Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 1/15/28 (144A) | 4,130,770 | ||||
1,093,000 | Sotheby's, 7.375%, 10/15/27 (144A) | 1,054,085 | ||||
862,000 | Verscend Escrow Corp., 9.75%, 8/15/26 (144A) | 868,058 | ||||
Total Commercial Services | $15,765,094 | |||||
Computers — 0.4% | ||||||
980,000 | NCR Voyix Corp., 5.00%, 10/1/28 (144A) | $ 926,363 | ||||
Total Computers | $926,363 | |||||
Principal Amount USD ($) | Value | |||||
Distribution/Wholesale — 1.6% | ||||||
2,460,000 | Dealer Tire LLC/DT Issuer LLC, 8.00%, 2/1/28 (144A) | $ 2,435,400 | ||||
1,325,000 | Windsor Holdings III LLC, 8.50%, 6/15/30 (144A) | 1,384,662 | ||||
Total Distribution/Wholesale | $3,820,062 | |||||
Diversified Financial Services — 12.6% | ||||||
3,500,000(c)(f) | Air Lease Corp., 4.125% (5 Year CMT Index + 315 bps) | $ 2,715,834 | ||||
2,150,000 | ASG Finance Designated Activity Co., 7.875%, 12/3/24 (144A) | 2,080,125 | ||||
1,307,695(h) | Avation Capital S.A., 8.25% (9.00% PIK or 8.25% Cash), 10/31/26 (144A) | 1,108,272 | ||||
4,055,000 | Bread Financial Holdings, Inc., 7.00%, 1/15/26 (144A) | 4,029,575 | ||||
140,000(g) | Credito Real SAB de CV SOFOM ER, 8.00%, 1/21/28 (144A) | 15,050 | ||||
1,500,000(g) | Credito Real SAB de CV SOFOM ER, 9.50%, 2/7/26 (144A) | 161,250 | ||||
EUR480,000 | Garfunkelux Holdco 3 S.A., 6.75%, 11/1/25 (144A) | 418,109 | ||||
GBP820,000 | Garfunkelux Holdco 3 S.A., 7.75%, 11/1/25 (144A) | 799,797 | ||||
350,000 | GGAM Finance, Ltd., 7.75%, 5/15/26 (144A) | 354,375 | ||||
1,805,000 | GGAM Finance, Ltd., 8.00%, 6/15/28 (144A) | 1,854,638 | ||||
2,225,479(h) | Global Aircraft Leasing Co., Ltd., 6.50% (7.25% PIK or 6.50% Cash), 9/15/24 (144A) | 2,091,950 | ||||
2,900,000 | Jefferies Finance LLC/JFIN Co.-Issuer Corp., 5.00%, 8/15/28 (144A) | 2,595,730 | ||||
845,000 | Nationstar Mortgage Holdings, Inc., 6.00%, 1/15/27 (144A) | 838,663 | ||||
1,210,000 | OneMain Finance Corp., 7.875%, 3/15/30 | 1,245,539 | ||||
2,320,000 | OneMain Finance Corp., 9.00%, 1/15/29 | 2,452,771 | ||||
365,000 | PennyMac Financial Services, Inc., 7.875%, 12/15/29 (144A) | 375,719 | ||||
755,000 | PHH Mortgage Corp., 7.875%, 3/15/26 (144A) | 676,177 | ||||
3,415,000 | Provident Funding Associates LP/PFG Finance Corp., 6.375%, 6/15/25 (144A) | 3,133,262 |
Principal Amount USD ($) | Value | |||||
Diversified Financial Services — (continued) | ||||||
1,051,000 | United Wholesale Mortgage LLC, 5.50%, 4/15/29 (144A) | $ 994,992 | ||||
1,860,000 | United Wholesale Mortgage LLC, 5.75%, 6/15/27 (144A) | 1,823,005 | ||||
Total Diversified Financial Services | $29,764,833 | |||||
Electric — 1.0% | ||||||
412,000 | Cemig Geracao e Transmissao S.A., 9.25%, 12/5/24 (144A) | $ 412,865 | ||||
676,000 | NRG Energy, Inc., 6.625%, 1/15/27 | 677,454 | ||||
82,381 | NSG Holdings LLC/NSG Holdings, Inc., 7.75%, 12/15/25 (144A) | 81,660 | ||||
1,045,000 | Talen Energy Supply LLC, 8.625%, 6/1/30 (144A) | 1,110,346 | ||||
6,000 | Vistra Operations Co. LLC, 5.625%, 2/15/27 (144A) | 5,919 | ||||
Total Electric | $2,288,244 | |||||
Electrical Components & Equipments — 1.6% | ||||||
2,600,000 | Energizer Holdings, Inc., 6.50%, 12/31/27 (144A) | $ 2,600,003 | ||||
750,000 | WESCO Distribution, Inc., 7.125%, 6/15/25 (144A) | 755,476 | ||||
520,000 | WESCO Distribution, Inc., 7.25%, 6/15/28 (144A) | 534,469 | ||||
Total Electrical Components & Equipments | $3,889,948 | |||||
Energy-Alternate Sources — 0.1% | ||||||
0(h) | SCC Power Plc, 4.00% (4.00% PIK or 4.00% Cash), 5/17/32 (144A) | $ — | ||||
381,881(h) | SCC Power Plc, 8.00% (4.00% PIK or 4.00% Cash or 8.00% Cash), 12/31/28 (144A) | 170,510 | ||||
Total Energy-Alternate Sources | $170,510 | |||||
Entertainment — 3.4% | ||||||
395,000 | International Game Technology Plc, 6.25%, 1/15/27 (144A) | $ 400,863 | ||||
208,000 | International Game Technology Plc, 6.50%, 2/15/25 (144A) | 208,216 | ||||
1,910,000 | Light & Wonder International, Inc., 7.00%, 5/15/28 (144A) | 1,929,437 | ||||
1,910,000 | Light & Wonder International, Inc., 7.25%, 11/15/29 (144A) | 1,955,668 | ||||
EUR755,000 | Lottomatica S.p.A., 9.75%, 9/30/27 (144A) | 901,411 |
Principal Amount USD ($) | Value | |||||
Entertainment — (continued) | ||||||
EUR730,000 | Lottomatica S.p.A./Roma, 7.125%, 6/1/28 (144A) | $ 848,595 | ||||
1,880,000 | Mohegan Tribal Gaming Authority, 8.00%, 2/1/26 (144A) | 1,774,250 | ||||
Total Entertainment | $8,018,440 | |||||
Environmental Control — 0.3% | ||||||
766,000 | Tervita Corp., 11.00%, 12/1/25 (144A) | $ 804,300 | ||||
Total Environmental Control | $804,300 | |||||
Food — 0.2% | ||||||
531,000 | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 7.50%, 3/15/26 (144A) | $ 540,865 | ||||
Total Food | $540,865 | |||||
Healthcare-Services — 3.1% | ||||||
1,014,000 | Auna SAA, 10.00%, 12/15/29 (144A) | $ 973,440 | ||||
580,000 | CHS/Community Health Systems, Inc., 5.625%, 3/15/27 (144A) | 538,897 | ||||
265,000 | CHS/Community Health Systems, Inc., 6.00%, 1/15/29 (144A) | 238,535 | ||||
385,000 | LifePoint Health, Inc., 5.375%, 1/15/29 (144A) | 284,691 | ||||
2,640,000 | Prime Healthcare Services, Inc., 7.25%, 11/1/25 (144A) | 2,574,000 | ||||
1,406,000 | Surgery Center Holdings, Inc., 10.00%, 4/15/27 (144A) | 1,420,060 | ||||
1,645,000 | US Acute Care Solutions LLC, 6.375%, 3/1/26 (144A) | 1,374,496 | ||||
Total Healthcare-Services | $7,404,119 | |||||
Home Builders — 1.7% | ||||||
475,000 | Beazer Homes USA, Inc., 6.75%, 3/15/25 | $ 472,625 | ||||
1,155,000 | Beazer Homes USA, Inc., 7.25%, 10/15/29 | 1,164,925 | ||||
2,285,000 | LGI Homes, Inc., 8.75%, 12/15/28 (144A) | 2,430,669 | ||||
Total Home Builders | $4,068,219 | |||||
Household Products/Wares — 0.8% | ||||||
2,050,000 | Spectrum Brands, Inc., 3.875%, 3/15/31 (144A) | $ 1,865,500 | ||||
Total Household Products/Wares | $1,865,500 | |||||
Insurance — 5.3% | ||||||
3,800,000 | Hanover Insurance Group, Inc., 7.625%, 10/15/25 | $ 3,934,105 |
Principal Amount USD ($) | Value | |||||
Insurance — (continued) | ||||||
3,075,000(c) | Liberty Mutual Group, Inc., 10.75% (3 Month Term SOFR + 738 bps), 6/15/58 (144A) | $ 3,922,532 | ||||
3,000,000 | Liberty Mutual Insurance Co., 7.697%, 10/15/97 (144A) | 3,284,654 | ||||
1,100,000 | MetLife, Inc., 10.75%, 8/1/39 | 1,470,725 | ||||
Total Insurance | $12,612,016 | |||||
Internet — 0.1% | ||||||
205,000 | Expedia Group, Inc., 6.25%, 5/1/25 (144A) | $ 206,963 | ||||
Total Internet | $206,963 | |||||
Iron & Steel — 1.6% | ||||||
1,855,000 | Carpenter Technology Corp., 7.625%, 3/15/30 | $ 1,912,840 | ||||
2,235,000 | TMS International Corp., 6.25%, 4/15/29 (144A) | 1,843,875 | ||||
Total Iron & Steel | $3,756,715 | |||||
Leisure Time — 4.8% | ||||||
215,000 | Carnival Corp., 7.625%, 3/1/26 (144A) | $ 218,887 | ||||
EUR280,000 | Carnival Corp., 7.625%, 3/1/26 (144A) | 313,433 | ||||
235,000 | Carnival Holdings Bermuda, Ltd., 10.375%, 5/1/28 (144A) | 255,778 | ||||
EUR731,000 | Carnival Plc, 1.00%, 10/28/29 | 578,207 | ||||
1,295,000 | NCL Corp., Ltd., 5.875%, 3/15/26 (144A) | 1,265,419 | ||||
2,435,000 | NCL Corp., Ltd., 7.75%, 2/15/29 (144A) | 2,449,742 | ||||
965,000 | NCL Corp., Ltd., 8.125%, 1/15/29 (144A) | 1,008,022 | ||||
360,000 | NCL Finance, Ltd., 6.125%, 3/15/28 (144A) | 344,604 | ||||
745,000 | Royal Caribbean Cruises, Ltd., 5.50%, 4/1/28 (144A) | 735,508 | ||||
1,360,000 | Royal Caribbean Cruises, Ltd., 11.625%, 8/15/27 (144A) | 1,479,910 | ||||
2,790,000 | Viking Cruises, Ltd., 6.25%, 5/15/25 (144A) | 2,782,485 | ||||
Total Leisure Time | $11,431,995 | |||||
Lodging — 0.3% | ||||||
725,000 | Travel + Leisure Co., 6.625%, 7/31/26 (144A) | $ 731,348 | ||||
Total Lodging | $731,348 | |||||
Media — 3.8% | ||||||
2,500,000 | CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 2/1/32 (144A) | $ 2,204,900 | ||||
2,200,000 | CSC Holdings LLC, 4.625%, 12/1/30 (144A) | 1,324,665 | ||||
1,925,000 | CSC Holdings LLC, 5.00%, 11/15/31 (144A) | 1,164,625 |
Principal Amount USD ($) | Value | |||||
Media — (continued) | ||||||
1,057,000 | Gray Television, Inc., 7.00%, 5/15/27 (144A) | $ 1,004,678 | ||||
3,530,000 | McGraw-Hill Education, Inc., 8.00%, 8/1/29 (144A) | 3,282,900 | ||||
Total Media | $8,981,768 | |||||
Metal Fabricate/Hardware — 0.5% | ||||||
1,185,000 | Park-Ohio Industries, Inc., 6.625%, 4/15/27 | $ 1,096,125 | ||||
Total Metal Fabricate/Hardware | $1,096,125 | |||||
Mining — 2.4% | ||||||
1,665,000 | Coeur Mining, Inc., 5.125%, 2/15/29 (144A) | $ 1,532,000 | ||||
375,000 | First Quantum Minerals, Ltd., 6.875%, 3/1/26 (144A) | 335,676 | ||||
705,000 | First Quantum Minerals, Ltd., 6.875%, 10/15/27 (144A) | 599,141 | ||||
2,840,000 | First Quantum Minerals, Ltd., 8.625%, 6/1/31 (144A) | 2,406,900 | ||||
692,000 | Hudbay Minerals, Inc., 6.125%, 4/1/29 (144A) | 678,491 | ||||
Total Mining | $5,552,208 | |||||
Miscellaneous Manufacturing — 1.3% | ||||||
2,880,000 | Trinity Industries, Inc., 7.75%, 7/15/28 (144A) | $ 2,975,273 | ||||
Total Miscellaneous Manufacturing | $2,975,273 | |||||
Oil & Gas — 15.3% | ||||||
2,430,000 | Aethon United BR LP/Aethon United Finance Corp., 8.25%, 2/15/26 (144A) | $ 2,442,150 | ||||
1,105,000 | Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.875%, 6/30/29 (144A) | 1,028,040 | ||||
2,140,000 | Baytex Energy Corp., 8.50%, 4/30/30 (144A) | 2,214,707 | ||||
4,000,000 | Baytex Energy Corp., 8.75%, 4/1/27 (144A) | 4,132,584 | ||||
755,000 | Borr IHC, Ltd./Borr Finance LLC, 10.00%, 11/15/28 (144A) | 785,200 | ||||
555,000 | Borr IHC, Ltd./Borr Finance LLC, 10.375%, 11/15/30 (144A) | 571,650 | ||||
180,000 | Cenovus Energy, Inc., 6.75%, 11/15/39 | 195,972 | ||||
925,000 | CITGO Petroleum Corp., 8.375%, 1/15/29 (144A) | 951,205 | ||||
1,225,000 | Civitas Resources, Inc., 8.375%, 7/1/28 (144A) | 1,278,833 | ||||
830,000 | Civitas Resources, Inc., 8.625%, 11/1/30 (144A) | 880,399 | ||||
1,225,000 | Civitas Resources, Inc., 8.75%, 7/1/31 (144A) | 1,304,070 | ||||
830,000 | Hilcorp Energy I LP/Hilcorp Finance Co., 6.00%, 2/1/31 (144A) | 800,029 |
Principal Amount USD ($) | Value | |||||
Oil & Gas — (continued) | ||||||
833,000 | International Petroleum Corp., 7.25%, 2/1/27 (144A) | $ 773,026 | ||||
870,000 | Kosmos Energy, Ltd., 7.75%, 5/1/27 (144A) | 810,629 | ||||
1,010,000 | MEG Energy Corp., 5.875%, 2/1/29 (144A) | 981,359 | ||||
1,535,000 | MEG Energy Corp., 7.125%, 2/1/27 (144A) | 1,559,919 | ||||
750,000 | Murphy Oil Corp., 6.375%, 7/15/28 | 753,411 | ||||
1,109,000 | Nabors Industries, Ltd., 7.50%, 1/15/28 (144A) | 959,007 | ||||
2,000,000 | Neptune Energy Bondco Plc, 6.625%, 5/15/25 (144A) | 1,981,971 | ||||
2,010,000 | Occidental Petroleum Corp., 4.40%, 4/15/46 | 1,636,341 | ||||
692,000 | Petroleos Mexicanos, 6.70%, 2/16/32 | 574,207 | ||||
579,000 | Precision Drilling Corp., 6.875%, 1/15/29 (144A) | 558,347 | ||||
1,065,000 | Seadrill Finance, Ltd., 8.375%, 8/1/30 (144A) | 1,111,146 | ||||
2,265,000 | Shelf Drilling Holdings, Ltd., 9.625%, 4/15/29 (144A) | 2,216,446 | ||||
885,000 | Southwestern Energy Co., 4.75%, 2/1/32 | 818,813 | ||||
285,000 | Transocean Titan Financing, Ltd., 8.375%, 2/1/28 (144A) | 295,684 | ||||
2,075,000 | Tullow Oil Plc, 10.25%, 5/15/26 (144A) | 1,851,419 | ||||
1,705,000 | Valaris, Ltd., 8.375%, 4/30/30 (144A) | 1,746,841 | ||||
1,000,000 | YPF S.A., 6.95%, 7/21/27 (144A) | 894,744 | ||||
Total Oil & Gas | $36,108,149 | |||||
Oil & Gas Services — 2.1% | ||||||
385,000 | Archrock Partners LP/Archrock Partners Finance Corp., 6.25%, 4/1/28 (144A) | $ 379,225 | ||||
2,583,000 | Archrock Partners LP/Archrock Partners Finance Corp., 6.875%, 4/1/27 (144A) | 2,589,458 | ||||
1,445,000 | Enerflex, Ltd., 9.00%, 10/15/27 (144A) | 1,393,924 | ||||
703,000 | USA Compression Partners LP/USA Compression Finance Corp., 6.875%, 9/1/27 | 694,667 | ||||
Total Oil & Gas Services | $5,057,274 | |||||
Packaging & Containers — 0.6% | ||||||
1,355,000 | Owens-Brockway Glass Container, Inc., 7.25%, 5/15/31 (144A) | $ 1,373,821 | ||||
Total Packaging & Containers | $1,373,821 | |||||
Pharmaceuticals — 2.6% | ||||||
2,750,000 | Owens & Minor, Inc., 6.625%, 4/1/30 (144A) | $ 2,625,735 | ||||
2,365,000 | P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25 (144A) | 1,921,563 | ||||
579,000 | Par Pharmaceutical, Inc., 7.50%, 4/1/27 (144A) | 370,560 |
Principal Amount USD ($) | Value | |||||
Pharmaceuticals — (continued) | ||||||
1,095,000 | Teva Pharmaceutical Finance Netherlands III BV, 7.875%, 9/15/29 | $ 1,180,148 | ||||
1,300,000+ | Tricida, Inc., 5/15/27 | — | ||||
Total Pharmaceuticals | $6,098,006 | |||||
Pipelines — 7.1% | ||||||
1,737,466 | Acu Petroleo Luxembourg S.a.r.l., 7.50%, 1/13/32 (144A) | $ 1,648,062 | ||||
910,000 | DCP Midstream Operating LP, 5.60%, 4/1/44 | 894,471 | ||||
1,210,000 | Delek Logistics Partners LP/Delek Logistics Finance Corp., 6.75%, 5/15/25 | 1,201,881 | ||||
1,060,000 | Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.125%, 6/1/28 (144A) | 1,001,224 | ||||
1,524,000(a) | Energy Transfer LP, 8.656% (3 Month Term SOFR + 328 bps), 11/1/66 | 1,271,836 | ||||
1,965,000(c)(f) | Energy Transfer LP, 7.125% (5 Year CMT Index + 531 bps) | 1,810,705 | ||||
248,000 | EnLink Midstream Partners LP, 5.05%, 4/1/45 | 205,220 | ||||
270,000 | EnLink Midstream Partners LP, 5.45%, 6/1/47 | 235,575 | ||||
717,000 | EnLink Midstream Partners LP, 5.60%, 4/1/44 | 624,022 | ||||
770,000 | Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, 1/15/27 | 782,763 | ||||
421,000 | Global Partners LP/GLP Finance Corp., 7.00%, 8/1/27 | 411,574 | ||||
1,515,000 | Harvest Midstream I LP, 7.50%, 9/1/28 (144A) | 1,506,031 | ||||
1,150,000 | NuStar Logistics LP, 6.375%, 10/1/30 | 1,152,035 | ||||
215,000 | Venture Global LNG, Inc., 8.125%, 6/1/28 (144A) | 217,128 | ||||
1,355,000 | Venture Global LNG, Inc., 8.375%, 6/1/31 (144A) | 1,354,299 | ||||
505,000 | Venture Global LNG, Inc., 9.50%, 2/1/29 (144A) | 534,374 | ||||
1,801,000 | Williams Cos., Inc., 5.75%, 6/24/44 | 1,814,364 | ||||
Total Pipelines | $16,665,564 | |||||
REITs — 1.3% | ||||||
2,275,000 | MPT Operating Partnership LP/MPT Finance Corp., 3.50%, 3/15/31 | $ 1,422,392 | ||||
230,000 | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 1/15/30 (144A) | 160,749 | ||||
1,555,000 | Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 2/15/28 (144A) | 1,576,467 | ||||
Total REITs | $3,159,608 | |||||
Principal Amount USD ($) | Value | |||||
Retail — 0.3% | ||||||
798,000 | Staples, Inc., 7.50%, 4/15/26 (144A) | $ 742,481 | ||||
Total Retail | $742,481 | |||||
Software — 0.9% | ||||||
2,245,000 | AthenaHealth Group, Inc., 6.50%, 2/15/30 (144A) | $ 2,036,613 | ||||
Total Software | $2,036,613 | |||||
Telecommunications — 3.8% | ||||||
1,495,000 | Altice France Holding S.A., 6.00%, 2/15/28 (144A) | $ 717,928 | ||||
1,169,000 | Altice France Holding S.A., 10.50%, 5/15/27 (144A) | 757,067 | ||||
270,000 | Altice France S.A., 5.125%, 1/15/29 (144A) | 209,992 | ||||
1,910,000 | CommScope, Inc., 4.75%, 9/1/29 (144A) | 1,282,384 | ||||
119,296(g) | Digicel International Finance Ltd/Digicel international Holdings, Ltd., 8.00%, 12/31/26 (144A) | 2,386 | ||||
3,080,000 | Sprint LLC, 7.125%, 6/15/24 | 3,093,358 | ||||
41,000 | Sprint LLC, 7.625%, 3/1/26 | 42,833 | ||||
3,135,000 | Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 8/15/28 (144A) | 2,745,485 | ||||
Total Telecommunications | $8,851,433 | |||||
Transportation — 2.3% | ||||||
2,640,000 | Carriage Purchaser, Inc., 7.875%, 10/15/29 (144A) | $ 2,161,406 | ||||
1,375,000 | Danaos Corp., 8.50%, 3/1/28 (144A) | 1,395,625 | ||||
820,000 | Seaspan Corp., 5.50%, 8/1/29 (144A) | 685,995 | ||||
1,240,000 | Watco Cos. LLC/Watco Finance Corp., 6.50%, 6/15/27 (144A) | 1,240,000 | ||||
Total Transportation | $5,483,026 | |||||
Total Corporate Bonds (Cost $275,164,665) | $270,514,743 | |||||
Shares | Value | |||||
Convertible Preferred Stock — 0.4% of Net Assets | ||||||
Banks — 0.4% | ||||||
752(f) | Wells Fargo & Co., 7.50% | $ 899,106 | ||||
Total Banks | $899,106 | |||||
Total Convertible Preferred Stock (Cost $950,539) | $899,106 | |||||
Preferred Stock — 0.0%† of Net Assets | ||||||
Capital Markets — 0.0%† | ||||||
2,144 | B Riley Financial, Inc., 6.75%, 5/31/24 | $ 51,885 | ||||
Total Capital Markets | $51,885 | |||||
Internet — 0.0%† | ||||||
129,055 | MYT Holding LLC, 10.00%, 6/6/29 | $ 29,037 | ||||
Total Internet | $29,037 | |||||
Total Preferred Stock (Cost $288,282) | $80,922 | |||||
Right/Warrant — 0.0%† of Net Assets | ||||||
Trading Companies & Distributors — 0.0%† | ||||||
GBP21,700(b) | Avation Plc, 1/1/59 | $ 5,532 | ||||
Total Trading Companies & Distributors | $5,532 | |||||
Total Right/Warrant (Cost $—) | $5,532 | |||||
Principal Amount USD ($) | ||||||
Insurance-Linked Securities — 6.1% of Net Assets# | ||||||
Event Linked Bonds — 0.7% | ||||||
Flood – U.S. — 0.3% | ||||||
250,000(a) | FloodSmart Re, 17.198%, (3 Month U.S. Treasury Bill + 1,183 bps), 2/25/25 (144A) | $ 243,175 | ||||
250,000(a) | FloodSmart Re, 18.947%, (3 Month U.S. Treasury Bill + 1,358 bps), 3/1/24 (144A) | 249,750 | ||||
250,000(a) | FloodSmart Re, 21.618%, (1 Month U.S. Treasury Bill + 1,625 bps), 3/11/26 (144A) | 250,550 | ||||
$743,475 | ||||||
Multiperil – U.S. — 0.3% | ||||||
250,000(a) | Matterhorn Re, 10.674%, (SOFR + 525 bps), 3/24/25 (144A) | $ 243,750 |
Principal Amount USD ($) | Value | |||||
Multiperil – U.S. — (continued) | ||||||
250,000(a) | Matterhorn Re, 13.174%, (SOFR + 775 bps), 3/24/25 (144A) | $ 246,000 | ||||
250,000(a) | Residential Re 2021-2, 17.348%, (3 Month U.S. Treasury Bill + 1,198 bps), 12/6/25 (144A) | 238,700 | ||||
$728,450 | ||||||
Windstorm – U.S. — 0.1% | ||||||
250,000(a) | Bonanza Re, 13.617%, (3 Month U.S. Treasury Bill + 825 bps), 1/8/26 (144A) | $ 249,575 | ||||
Total Event Linked Bonds | $1,721,500 | |||||
Face Amount USD ($) | ||||||
Collateralized Reinsurance — 0.4% | ||||||
Multiperil – Massachusetts — 0.2% | ||||||
350,000(b)(i)+ | Portsalon Re 2022, 5/31/28 | $ 320,922 | ||||
Multiperil – U.S. — 0.1% | ||||||
250,000(b)(i)+ | Ballybunion Re 2023, 12/31/28 | $ 278,548 | ||||
Multiperil – Worldwide — 0.1% | ||||||
250,000(b)(i)+ | Amaranth Re 2023, 12/31/28 | $ 264,200 | ||||
500,000(b)(i)+ | Cypress Re 2017, 1/31/24 | 50 | ||||
54,000(i)+ | Limestone Re 2019-2B, 12/31/24 (144A) | 96 | ||||
$264,346 | ||||||
Total Collateralized Reinsurance | $863,816 | |||||
Reinsurance Sidecars — 5.0% | ||||||
Multiperil – U.S. — 0.0%† | ||||||
500,000(b)(j)+ | Harambee Re 2018, 12/31/24 | $ — | ||||
600,000(j)+ | Harambee Re 2019, 12/31/24 | 900 | ||||
$900 | ||||||
Multiperil – Worldwide — 5.0% | ||||||
40,466(b)(j)+ | Alturas Re 2022-2, 12/31/27 | $ 10,481 | ||||
1,500,000(b)(i)+ | Bantry Re 2023, 12/31/28 | 1,847,250 | ||||
834,446(b)(i)+ | Berwick Re 2019-1, 12/31/24 | 100,133 | ||||
1,000,000(b)(i)+ | Berwick Re 2022, 12/31/27 | 19,279 | ||||
1,000,000(b)(i)+ | Berwick Re 2023, 12/31/28 | 1,135,846 | ||||
500,000(b)(i)+ | Eccleston Re 2023, 11/30/28 | 69,644 | ||||
750,000(b)(i)+ | Gleneagles Re 2022, 12/31/27 | 356,475 | ||||
1,063,659(b)(i)+ | Gullane Re 2023, 12/31/28 | 1,338,861 |
Face Amount USD ($) | Value | |||||
Multiperil – Worldwide — (continued) | ||||||
499,318(b)(j)+ | Lorenz Re 2019, 6/30/24 | $ 4,793 | ||||
500,000(i)+ | Merion Re 2018-2, 12/31/24 | 24,992 | ||||
1,000,000(b)(i)+ | Merion Re 2022-2, 12/31/27 | 948,111 | ||||
1,250,000(b)(i)+ | Pangaea Re 2023-1, 12/31/28 | 1,519,604 | ||||
350,000(b)(i)+ | Pangaea Re 2023-3, 5/31/29 | 397,114 | ||||
20,000(b)(i)+ | Sector Re V, 12/1/24 (144A) | 35,986 | ||||
30,000(a)(i)+ | Sector Re V, 12/1/26 (144A) | 103,988 | ||||
1,000,000(b)(i)+ | Sector Re V, 12/1/27 (144A) | 1,288,000 | ||||
500,000(b)(i)+ | Sector Re V, 12/1/28 (144A) | 507,278 | ||||
250,000(i)+ | Sussex Re 2020-1, 12/31/24 | 325 | ||||
1,500,000(j)+ | Thopas Re 2022, 12/31/27 | 12,150 | ||||
1,596,147(b)(j)+ | Thopas Re 2023, 12/31/28 | 2,017,849 | ||||
244,914(b)(i)+ | Woburn Re 2019, 12/31/24 | 41,003 | ||||
$11,779,162 | ||||||
Total Reinsurance Sidecars | $11,780,062 | |||||
Total Insurance-Linked Securities (Cost $12,256,361) | $14,365,378 | |||||
Principal Amount USD ($) | ||||||
Foreign Government Bond — 0.1% of Net Assets | ||||||
Russia — 0.1% | ||||||
204,972(g)(k) | Russian Government International Bond, 7.500%, 3/31/30 | $ 134,316 | ||||
Total Russia | $134,316 | |||||
Total Foreign Government Bond (Cost $169,816) | $134,316 | |||||
U.S. Government and Agency Obligations — 7.2% of Net Assets | ||||||
17,000,000(e) | U.S. Treasury Bills, 1/16/24 | $ 16,965,242 | ||||
Total U.S. Government and Agency Obligations (Cost $16,962,805) | $16,965,242 | |||||
Shares | Value | |||||
SHORT TERM INVESTMENTS — 4.9% of Net Assets | ||||||
Open-End Fund — 4.9% | ||||||
11,498,050(l) | Dreyfus Government Cash Management, Institutional Shares, 5.25% | $ 11,498,050 | ||||
$11,498,050 | ||||||
TOTAL SHORT TERM INVESTMENTS (Cost $11,498,050) | $11,498,050 | |||||
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 143.9% (Cost $342,364,787) | $339,468,690 | |||||
OTHER ASSETS AND LIABILITIES — (43.9)% | $(103,486,396) | |||||
net assets — 100.0% | $235,982,294 | |||||
bps | Basis Points. |
CMT | Constant Maturity Treasury Index. |
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 December 31, 2023, the value of these securities amounted to $246,285,225, or 104.4% of net assets. |
(a) | Floating rate note. Coupon rate, reference index and spread shown at December 31, 2023. |
(b) | Non-income producing security. |
(c) | The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at December 31, 2023. |
(d) | Security is priced as a unit. |
(e) | Security issued with a zero coupon. Income is recognized through accretion of discount. |
(f) | Security is perpetual in nature and has no stated maturity date. |
(g) | Security is in default. |
(h) | Payment-in-kind (PIK) security which may pay interest in the form of additional principal amount. |
(i) | Issued as participation notes. |
(j) | Issued as preference shares. |
(k) | Debt obligation initially issued at one coupon which converts to a higher coupon at a specific date. The rate shown is the rate at December 31, 2023. |
(l) | Rate periodically changes. Rate disclosed is the 7-day yield at December 31, 2023. |
* | 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 December 31, 2023. |
+ | 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 |
Alturas Re 2022-2 | 4/11/2023 | $5,098 | $10,481 |
Amaranth Re 2023 | 1/27/2023 | 208,962 | 264,200 |
Ballybunion Re 2023 | 3/20/2023 | 250,000 | 278,548 |
Bantry Re 2023 | 1/12/2023 | 1,500,000 | 1,847,250 |
Berwick Re 2019-1 | 12/31/2018 | 99,709 | 100,133 |
Berwick Re 2022 | 12/28/2021 | 17,879 | 19,279 |
Berwick Re 2023 | 2/1/2023 | 921,704 | 1,135,846 |
Bonanza Re | 1/6/2023 | 250,000 | 249,575 |
Cypress Re 2017 | 1/24/2017 | 1,681 | 50 |
Eccleston Re 2023 | 7/13/2023 | — | 69,644 |
FloodSmart Re | 2/8/2022 | 249,679 | 249,750 |
FloodSmart Re | 2/14/2022 | 250,000 | 243,175 |
FloodSmart Re | 2/23/2023 | 250,000 | 250,550 |
Gleneagles Re 2022 | 1/18/2022 | 333,071 | 356,475 |
Gullane Re 2023 | 1/20/2023 | 1,063,659 | 1,338,861 |
Harambee Re 2018 | 12/19/2017 | 10,612 | — |
Harambee Re 2019 | 12/20/2018 | — | 900 |
Limestone Re 2019-2B | 6/20/2018 | 359 | 96 |
Lorenz Re 2019 | 6/26/2019 | 81,826 | 4,793 |
Matterhorn Re | 3/10/2022 | 250,000 | 243,750 |
Matterhorn Re | 3/10/2022 | 250,000 | 246,000 |
Merion Re 2018-2 | 12/28/2017 | — | 24,992 |
Merion Re 2022-2 | 2/22/2022 | 1,000,000 | 948,111 |
Pangaea Re 2023-1 | 1/23/2023 | 1,250,000 | 1,519,604 |
Pangaea Re 2023-3 | 7/5/2023 | 350,000 | 397,114 |
Portsalon Re 2022 | 7/15/2022 | 283,022 | 320,922 |
Residential Re 2021-2 | 10/28/2021 | 250,000 | 238,700 |
Sector Re V | 1/1/2020 | 408 | 35,986 |
Sector Re V | 12/6/2021 | — | 103,988 |
Sector Re V | 12/30/2022 | 1,000,000 | 1,288,000 |
Sector Re V | 12/4/2023 | 500,000 | 507,278 |
Sussex Re 2020-1 | 1/23/2020 | — | 325 |
Thopas Re 2022 | 2/7/2022 | — | 12,150 |
Restricted Securities | Acquisition date | Cost | Value |
Thopas Re 2023 | 2/15/2023 | $1,596,147 | $2,017,849 |
Woburn Re 2019 | 1/30/2019 | 32,545 | 41,003 |
Total Restricted Securities | $14,365,378 | ||
% of Net assets | 6.1% |
Currency Purchased | In Exchange for | Currency Sold | Deliver | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) |
USD | 760,627 | GBP | 605,000 | Citibank NA | 3/27/24 | $(10,863) |
EUR | 297,000 | USD | 324,177 | HSBC Bank USA NA | 2/27/24 | 4,485 |
EUR | 5,000,000 | USD | 5,521,345 | State Street Bank & Trust Co. | 3/27/24 | 18,127 |
USD | 5,664,737 | EUR | 5,332,500 | State Street Bank & Trust Co. | 1/24/24 | (228,429) |
TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | $(216,680) |
Notional Amount ($)(1) | Counterparty | Reference Obligation /Index | Pay/ Receive(2) | Annual Fixed Rate | Expiration Date | Premiums (Received) | Unrealized Appreciation (Depreciation) | Market Value |
988,000 | JPMorgan Chase Bank NA | United Airlines Holdings, Inc. | Receive | 5.00% | 6/22/27 | $(63,700) | $93,371 | $29,671 |
329,000 | JPMorgan Chase Bank NA | United Airlines Holdings, Inc. | Receive | 5.00% | 6/22/27 | (24,172) | 34,052 | 9,880 |
433,000 | JPMorgan Chase Bank NA | United Airlines Holdings, Inc. | Receive | 5.00% | 6/22/27 | (31,831) | 44,834 | 13,003 |
TOTAL OVER THE COUNTER (OTC) CREDIT DEFAULT SWAP CONTRACTS – SELL PROTECTION | $(119,703) | $172,257 | $52,554 | |||||
TOTAL SWAP CONTRACTS | $(119,703) | $172,257 | $52,554 |
(1) | The notional amount is the maximum amount that a seller of credit protection would be obligated to pay upon occurrence of a credit event. |
(2) | Receives quarterly. |
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 | $— | $3,927,953 | $— | $3,927,953 |
Common Stocks | ||||
Chemicals | 2,092 | — | — | 2,092 |
Oil, Gas & Consumable Fuels | 125 | 405 | — | 530 |
Passenger Airlines | — | — | 919,640 | 919,640 |
Asset Backed Securities | — | 1,506,207 | — | 1,506,207 |
Collateralized Mortgage Obligations | — | 5,559,294 | — | 5,559,294 |
Commercial Mortgage-Backed Securities | — | 7,273,194 | — | 7,273,194 |
Convertible Corporate Bonds | — | 5,816,491 | — | 5,816,491 |
Corporate Bonds | — | 270,514,743 | — | 270,514,743 |
Convertible Preferred Stock | 899,106 | — | — | 899,106 |
Preferred Stock | ||||
Capital Markets | 51,885 | — | — | 51,885 |
Internet | — | 29,037 | — | 29,037 |
Right/Warrant | 5,532 | — | — | 5,532 |
Insurance-Linked Securities | ||||
Collateralized Reinsurance | ||||
Multiperil – Massachusetts | — | — | 320,922 | 320,922 |
Multiperil – U.S. | — | — | 278,548 | 278,548 |
Multiperil – Worldwide | — | — | 264,346 | 264,346 |
Reinsurance Sidecars | ||||
Multiperil – U.S. | — | — | 900 | 900 |
Multiperil – Worldwide | — | — | 11,779,162 | 11,779,162 |
All Other Insurance-Linked Securities | — | 1,721,500 | — | 1,721,500 |
Foreign Government Bond | — | 134,316 | — | 134,316 |
Level 1 | Level 2 | Level 3 | Total | |
U.S. Government and Agency Obligations | $— | $16,965,242 | $— | $16,965,242 |
Open-End Fund | 11,498,050 | — | — | 11,498,050 |
Total Investments in Securities | $12,456,790 | $313,448,382 | $13,563,518 | $339,468,690 |
Other Financial Instruments | ||||
Net unrealized depreciation on forward foreign currency exchange contracts | $— | $(216,680) | $— | $(216,680) |
OTC swap contracts | — | 52,554 | — | 52,554 |
Total Other Financial Instruments | $— | $(164,126) | $— | $(164,126) |
Common Stocks | Insurance- Linked Securities | Total | |
Balance as of 3/31/23 | $634,883 | $10,623,431 | $11,258,314 |
Realized gain (loss) | — | (480,323) | (480,323) |
Changed in unrealized appreciation (depreciation) | 284,757 | 2,026,525 | 2,311,282 |
Accrued discounts/premiums | — | (788,374) | (788,374) |
Purchases | — | 1,939,406 | 1,939,406 |
Sales | — | (676,787) | (676,787) |
Transfers in to Level 3* | — | — | — |
Transfers out of Level 3* | — | — | — |
Balance as of 12/31/23 | $919,640 | $12,643,878 | $13,563,518 |
* | Transfers are calculated on the beginning of period value. During the period ended December 31, 2023, there were no transfers in or out of Level 3. | ||
Net change in unrealized appreciation (depreciation) of Level 3 investments still held and considered Level 3 at December 31, 2023: | $1,985,444 |
1 Year Pioneer High Income Chart |
1 Month Pioneer High Income Chart |
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