Pioneer Corporate High Yield Fund | ||
Schedule of Investments | May 31, 2021 | ||
Ticker Symbols: Class A RCRAX Class C RCRCX Class Y RCRYX |
Schedule of Investments | 5/31/21 (unaudited) (continued)
Shares | Value | ||||
UNAFFILIATED ISSUERS - 95.6% | |||||
COMMON STOCKS - 0.2% of Net Assets | |||||
Energy Equipment & Services - 0.2% | |||||
6,142(a) | FTS International, Inc. | $161,105 | |||
837^(a) | Superior Energy Services, Inc. | 26,575 | |||
Total Energy Equipment & Services | $187,680 | ||||
TOTAL COMMON STOCKS | |||||
(Cost $204,905) | $187,680 | ||||
Principal Amount USD ($) | Value | ||||
CORPORATE BONDS - 95.2% of Net Assets | |||||
Advertising - 2.8% | |||||
275,000 | Clear Channel Outdoor Holdings, Inc., 7.5%, 6/1/29 (144A) | $274,403 | |||
170,000 | Clear Channel Outdoor Holdings, Inc., 7.75%, 4/15/28 (144A) | 174,157 | |||
1,206,000(b) | MDC Partners, Inc., 7.5%, 5/1/24 (144A) | 1,227,105 | |||
100,000 | Outfront Media Capital LLC/Outfront Media Capital Corp., 4.25%, 1/15/29 (144A) | 98,976 | |||
380,000 | Outfront Media Capital LLC/Outfront Media Capital Corp., 6.25%, 6/15/25 (144A) | 402,800 | |||
Total Advertising | $2,177,441 | ||||
Airlines - 1.2% | |||||
125,000 | American Airlines, Inc./AAdvantage Loyalty IP, Ltd., 5.5%, 4/20/26 (144A) | $131,562 | |||
90,000 | Hawaiian Brand Intellectual Property, Ltd./HawaiianMiles Loyalty, Ltd., 5.75%, 1/20/26 (144A) | 95,625 | |||
555,000 | Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets, Ltd., 6.5%, 6/20/27 (144A) | 607,553 | |||
60,000 | United Airlines, Inc., 4.375%, 4/15/26 (144A) | 62,175 | |||
40,000 | United Airlines, Inc., 4.625%, 4/15/29 (144A) | 41,326 | |||
Total Airlines | $938,241 | ||||
Apparel - 0.1% | |||||
45,000 | Wolverine World Wide, Inc., 6.375%, 5/15/25 (144A) | $47,869 | |||
Total Apparel | $47,869 | ||||
Auto Manufacturers - 2.6% | |||||
895,000 | Ford Motor Credit Co. LLC, 3.815%, 11/2/27 | $914,019 | |||
540,000 | Ford Motor Credit Co. LLC, 4.125%, 8/17/27 | 564,300 | |||
479,000 | JB Poindexter & Co., Inc., 7.125%, 4/15/26 (144A) | 505,944 | |||
Total Auto Manufacturers | $1,984,263 | ||||
Auto Parts & Equipment - 1.8% | |||||
761,000 | American Axle & Manufacturing, Inc., 6.25%, 3/15/26 | $785,276 | |||
596,000 | Dealer Tire LLC/DT Issuer LLC, 8.0%, 2/1/28 (144A) | 629,525 | |||
Total Auto Parts & Equipment | $1,414,801 | ||||
Banks - 1.1% | |||||
400,000(c)(d) | Credit Suisse Group AG, 6.375% (5 Year CMT Index + 482 bps) | $437,000 | |||
405,000 | Freedom Mortgage Corp., 8.25%, 4/15/25 (144A) | 421,200 | |||
Total Banks | $858,200 | ||||
Building Materials - 2.6% | |||||
450,000 | Cornerstone Building Brands, Inc., 6.125%, 1/15/29 (144A) | $480,375 | |||
200,000 | CP Atlas Buyer, Inc., 7.0%, 12/1/28 (144A) | 206,830 | |||
613,000 | Koppers, Inc., 6.0%, 2/15/25 (144A) | 627,957 | |||
45,000 | Patrick Industries, Inc., 4.75%, 5/1/29 (144A) | 44,892 | |||
420,000 | Patrick Industries, Inc., 7.5%, 10/15/27 (144A) | 455,175 | |||
29,000 | Summit Materials LLC/Summit Materials Finance Corp., 5.125%, 6/1/25 (144A) | 29,363 | |||
55,000 | Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 1/15/29 (144A) | 58,025 | |||
94,000 | Summit Materials LLC/Summit Materials Finance Corp., 6.5%, 3/15/27 (144A) | 99,170 | |||
Total Building Materials | $2,001,787 | ||||
Chemicals - 4.1% | |||||
625,000 | Element Solutions, Inc., 3.875%, 9/1/28 (144A) | $626,812 | |||
137,000 | Hexion, Inc., 7.875%, 7/15/27 (144A) | 147,635 | |||
150,000 | Kraton Polymers LLC/Kraton Polymers Capital Corp., 4.25%, 12/15/25 (144A) | 151,911 | |||
750,000 | OCI NV, 5.25%, 11/1/24 (144A) | 772,500 | |||
313,000 | Olin Corp., 5.0%, 2/1/30 | 331,780 | |||
370,000 | Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 5.125%, 4/1/29 (144A) | 378,806 | |||
580,000 | Tronox, Inc., 4.625%, 3/15/29 (144A) | 594,094 | |||
110,000 | Tronox, Inc., 6.5%, 5/1/25 (144A) | 117,013 | |||
Total Chemicals | $3,120,551 | ||||
Coal - 0.5% | |||||
381,000 | SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.5%, 6/15/25 (144A) | $394,335 | |||
Total Coal | $394,335 | ||||
Commercial Services - 6.3% | |||||
540,000 | Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.625%, 7/15/26 (144A) | $572,432 | |||
275,000 | Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 7/15/27 (144A) | 303,187 | |||
753,000 | APX Group, Inc., 6.75%, 2/15/27 (144A) | 798,180 | |||
391,000 | Brink’s Co., 4.625%, 10/15/27 (144A) | 400,775 | |||
80,000 | Brink’s Co., 5.5%, 7/15/25 (144A) | 85,048 | |||
465,000 | Celestial-Saturn Merger Sub, Inc., 4.5%, 5/1/28 (144A) | 458,695 | |||
962,000 | Garda World Security Corp., 4.625%, 2/15/27 (144A) | 959,595 | |||
190,000 | NESCO Holdings II, Inc., 5.5%, 4/15/29 (144A) | 195,938 | |||
115,000 | Nielsen Finance LLC/Nielsen Finance Co., 4.5%, 7/15/29 (144A) | 115,167 | |||
95,000 | Nielsen Finance LLC/Nielsen Finance Co., 4.75%, 7/15/31 (144A) | 94,886 | |||
35,000 | Prime Security Services Borrower LLC/Prime Finance, Inc., 5.25%, 4/15/24 (144A) | 37,275 | |||
420,000 | Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 1/15/28 (144A) | 434,490 | |||
Principal Amount USD ($) | Value | ||||
Commercial Services – (continued) | |||||
300,000 | Sotheby’s, 7.375%, 10/15/27 (144A) | $321,000 | |||
Total Commercial Services | $4,776,668 | ||||
Computers - 1.3% | |||||
469,000 | Diebold Nixdorf, Inc., 9.375%, 7/15/25 (144A) | $520,004 | |||
290,000 | NCR Corp., 5.0%, 10/1/28 (144A) | 297,975 | |||
150,000 | NCR Corp., 5.25%, 10/1/30 (144A) | 155,578 | |||
10,000 | NCR Corp., 8.125%, 4/15/25 (144A) | 10,900 | |||
Total Computers | $984,457 | ||||
Diversified Financial Services - 3.4% | |||||
65,000 | Alliance Data Systems Corp., 4.75%, 12/15/24 (144A) | $66,950 | |||
250,000 | Alliance Data Systems Corp., 7.0%, 1/15/26 (144A) | 268,437 | |||
430,000 | Avation Capital S.A., 8.25%, 10/31/26 (144A) | 350,450 | |||
429,165 | Global Aircraft Leasing Co., Ltd., 6.5%, 9/15/24 (144A) | 429,165 | |||
490,000 | Nationstar Mortgage Holdings, Inc., 6.0%, 1/15/27 (144A) | 505,312 | |||
242,000 | Provident Funding Associates LP/PFG Finance Corp., 6.375%, 6/15/25 (144A) | 243,210 | |||
245,000 | United Wholesale Mortgage LLC, 5.5%, 4/15/29 (144A) | 241,938 | |||
454,000 | VistaJet Malta Finance Plc/XO Management Holding, Inc., 10.5%, 6/1/24 (144A) | 486,915 | |||
Total Diversified Financial Services | $2,592,377 | ||||
Electric - 4.1% | |||||
275,000 | Calpine Corp., 4.625%, 2/1/29 (144A) | $268,125 | |||
275,000 | Calpine Corp., 5.0%, 2/1/31 (144A) | 266,722 | |||
70,000 | Calpine Corp., 5.125%, 3/15/28 (144A) | 70,525 | |||
215,000 | Clearway Energy Operating LLC, 3.75%, 2/15/31 (144A) | 208,013 | |||
135,000 | NRG Energy, Inc., 3.375%, 2/15/29 (144A) | 130,205 | |||
195,000 | NRG Energy, Inc., 3.625%, 2/15/31 (144A) | 186,956 | |||
112,042 | NSG Holdings LLC/NSG Holdings, Inc., 7.75%, 12/15/25 (144A) | 119,885 | |||
465,000 | Talen Energy Supply LLC, 7.625%, 6/1/28 (144A) | 482,438 | |||
339,000 | Talen Energy Supply LLC, 10.5%, 1/15/26 (144A) | 308,490 | |||
55,000 | Vistra Operations Co. LLC, 4.375%, 5/1/29 (144A) | 55,287 | |||
1,033,000 | Vistra Operations Co. LLC, 5.625%, 2/15/27 (144A) | 1,071,738 | |||
Total Electric | $3,168,384 | ||||
Electrical Components & Equipment - 1.0% | |||||
389,000 | Energizer Holdings, Inc., 4.75%, 6/15/28 (144A) | $394,858 | |||
310,000 | WESCO Distribution, Inc., 7.125%, 6/15/25 (144A) | 334,783 | |||
Total Electrical Components & Equipment | $729,641 | ||||
Electronics - 0.5% | |||||
110,000 | Atkore, Inc., 4.25%, 6/1/31 (144A) | $109,087 | |||
175,000 | Sensata Technologies, Inc., 3.75%, 2/15/31 (144A) | 170,844 | |||
80,000 | TTM Technologies, Inc., 4.0%, 3/1/29 (144A) | 79,100 | |||
Total Electronics | $359,031 | ||||
Energy-Alternate Sources - 0.4% | |||||
300,000 | Renewable Energy Group, Inc., 5.875%, 6/1/28 (144A) | $312,090 | |||
Total Energy-Alternate Sources | $312,090 | ||||
Engineering & Construction - 2.5% | |||||
140,000 | Arcosa, Inc., 4.375%, 4/15/29 (144A) | $140,784 | |||
319,000 | Dycom Industries, Inc., 4.5%, 4/15/29 (144A) | 318,729 | |||
475,000 | KBR, Inc., 4.75%, 9/30/28 (144A) | 478,563 | |||
760,000 | PowerTeam Services LLC, 9.033%, 12/4/25 (144A) | 837,900 | |||
105,000 | TopBuild Corp., 3.625%, 3/15/29 (144A) | 103,556 | |||
Total Engineering & Construction | $1,879,532 | ||||
Entertainment - 3.3% | |||||
90,000 | Boyne USA, Inc., 4.75%, 5/15/29 (144A) | $92,961 | |||
592,000 | Caesars Entertainment, Inc., 8.125%, 7/1/27 (144A) | 657,078 | |||
334,000 | International Game Technology Plc, 6.25%, 1/15/27 (144A) | 378,479 | |||
430,000 | Mohegan Gaming & Entertainment, 8.0%, 2/1/26 (144A) | 439,675 | |||
30,000 | Scientific Games International, Inc., 7.0%, 5/15/28 (144A) | 32,437 | |||
30,000 | Scientific Games International, Inc., 7.25%, 11/15/29 (144A) | 33,225 | |||
817,000 | Scientific Games International, Inc., 8.25%, 3/15/26 (144A) | 878,161 | |||
Total Entertainment | $2,512,016 | ||||
Environmental Control - 1.7% | |||||
780,000 | Covanta Holding Corp., 5.0%, 9/1/30 | $803,400 | |||
130,000 | GFL Environmental, Inc., 4.0%, 8/1/28 (144A) | 125,442 | |||
335,000 | Tervita Corp., 11.0%, 12/1/25 (144A) | 376,038 | |||
Total Environmental Control | $1,304,880 | ||||
Food - 2.5% | |||||
950,000 | FAGE International S.A./FAGE USA Dairy Industry, Inc., 5.625%, 8/15/26 (144A) | $979,165 | |||
62,000 | Ingles Markets, Inc., 5.75%, 6/15/23 | 62,155 | |||
855,000 | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.625%, 3/1/29 (144A) | 865,688 | |||
Total Food | $1,907,008 | ||||
Forest Products & Paper - 3.0% | |||||
935,000 | Clearwater Paper Corp., 4.75%, 8/15/28 (144A) | $916,300 | |||
640,000 | Mercer International, Inc., 5.125%, 2/1/29 (144A) | 660,813 | |||
650,000 | Schweitzer-Mauduit International, Inc., 6.875%, 10/1/26 (144A) | 683,312 | |||
Total Forest Products & Paper | $2,260,425 | ||||
Principal Amount USD ($) | Value | ||||
Healthcare-Services - 2.4% | |||||
229,000 | LifePoint Health, Inc., 5.375%, 1/15/29 (144A) | $222,989 | |||
496,000 | Prime Healthcare Services, Inc., 7.25%, 11/1/25 (144A) | 530,100 | |||
54,000 | RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/1/26 (144A) | 58,185 | |||
70,000 | Surgery Center Holdings, Inc., 6.75%, 7/1/25 (144A) | 71,137 | |||
423,000 | Surgery Center Holdings, Inc., 10.0%, 4/15/27 (144A) | 462,127 | |||
90,000 | US Acute Care Solutions LLC, 6.375%, 3/1/26 (144A) | 92,700 | |||
353,000 | US Renal Care, Inc., 10.625%, 7/15/27 (144A) | 367,431 | |||
Total Healthcare-Services | $1,804,669 | ||||
Home Builders - 2.1% | |||||
190,000 | Beazer Homes USA, Inc., 6.75%, 3/15/25 | $196,412 | |||
450,000 | Beazer Homes USA, Inc., 7.25%, 10/15/29 | 504,000 | |||
251,000 | Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 4.875%, 2/15/30 (144A) | 246,608 | |||
395,000 | KB Home, 4.0%, 6/15/31 | 395,000 | |||
235,000 | M/I Homes, Inc., 4.95%, 2/1/28 | 246,750 | |||
Total Home Builders | $1,588,770 | ||||
Household Products/Wares - 0.7% | |||||
105,000 | Central Garden & Pet Co., 4.125%, 4/30/31 (144A) | $105,397 | |||
409,000 | Spectrum Brands, Inc., 5.5%, 7/15/30 (144A) | 438,652 | |||
Total Household Products/Wares | $544,049 | ||||
Housewares - 0.1% | |||||
100,000 | CD&R Smokey Buyer, Inc., 6.75%, 7/15/25 (144A) | $106,750 | |||
Total Housewares | $106,750 | ||||
Iron/Steel - 1.8% | |||||
210,000 | Carpenter Technology Corp., 6.375%, 7/15/28 | $229,733 | |||
121,000 | Cleveland-Cliffs, Inc., 5.75%, 3/1/25 | 124,811 | |||
366,000 | Cleveland-Cliffs, Inc., 6.75%, 3/15/26 (144A) | 395,280 | |||
6,000 | Cleveland-Cliffs, Inc., 9.875%, 10/17/25 (144A) | 7,020 | |||
225,000 | Commercial Metals Co., 3.875%, 2/15/31 | 222,188 | |||
360,000 | TMS International Corp., 6.25%, 4/15/29 (144A) | 374,400 | |||
Total Iron/Steel | $1,353,432 | ||||
Leisure Time - 2.0% | |||||
50,000 | Carnival Corp., 7.625%, 3/1/26 (144A) | $54,750 | |||
EUR | 100,000 | Carnival Corp., 7.625%, 3/1/26 (144A) | 134,949 | ||
115,000 | Carnival Corp., 10.5%, 2/1/26 (144A) | 135,629 | |||
290,000 | NCL Corp., Ltd., 5.875%, 3/15/26 (144A) | 302,325 | |||
75,000 | NCL Finance, Ltd., 6.125%, 3/15/28 (144A) | 78,187 | |||
85,000 | Royal Caribbean Cruises, Ltd., 5.5%, 4/1/28 (144A) | 89,462 | |||
360,000 | Royal Caribbean Cruises, Ltd., 9.125%, 6/15/23 (144A) | 398,232 | |||
46,000 | Royal Caribbean Cruises, Ltd., 11.5%, 6/1/25 (144A) | 53,245 | |||
290,000 | Viking Ocean Cruises Ship VII, Ltd., 5.625%, 2/15/29 (144A) | 292,900 | |||
Total Leisure Time | $1,539,679 | ||||
Lodging - 0.6% | |||||
140,000 | Boyd Gaming Corp., 4.75%, 6/15/31 (144A) | $141,442 | |||
210,000 | Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 5.0%, 6/1/29 (144A) | 212,100 | |||
105,000 | Station Casinos LLC, 4.5%, 2/15/28 (144A) | 106,154 | |||
Total Lodging | $459,696 | ||||
Machinery-Construction & Mining - 0.3% | |||||
195,000 | Terex Corp., 5.0%, 5/15/29 (144A) | $202,800 | |||
Total Machinery-Construction & Mining | $202,800 | ||||
Media - 3.1% | |||||
355,000 | CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 6/1/33 (144A) | $354,538 | |||
121,000 | CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/1/30 (144A) | 125,491 | |||
500,000 | Clear Channel Worldwide Holdings, Inc., 9.25%, 2/15/24 | 524,750 | |||
800,000 | CSC Holdings LLC, 4.625%, 12/1/30 (144A) | 775,120 | |||
166,000 | CSC Holdings LLC, 7.5%, 4/1/28 (144A) | 181,770 | |||
236,000 | Diamond Sports Group LLC/Diamond Sports Finance Co., 6.625%, 8/15/27 (144A) | 134,638 | |||
100,000 | Entercom Media Corp., 6.75%, 3/31/29 (144A) | 101,625 | |||
145,000 | News Corp., 3.875%, 5/15/29 (144A) | 146,269 | |||
Total Media | $2,344,201 | ||||
Mining - 1.6% | |||||
265,000 | Coeur Mining, Inc., 5.125%, 2/15/29 (144A) | $260,362 | |||
265,000 | First Quantum Minerals, Ltd., 7.5%, 4/1/25 (144A) | 274,993 | |||
177,000 | Hudbay Minerals, Inc., 6.125%, 4/1/29 (144A) | 184,080 | |||
339,000 | IAMGOLD Corp., 5.75%, 10/15/28 (144A) | 355,950 | |||
105,000 | Kaiser Aluminum Corp., 4.5%, 6/1/31 (144A) | 106,838 | |||
57,000 | Novelis Corp., 5.875%, 9/30/26 (144A) | 59,440 | |||
Total Mining | $1,241,663 | ||||
Miscellaneous Manufacturers - 0.2% | |||||
145,000 | Hillenbrand, Inc., 3.75%, 3/1/31 | $143,550 | |||
Total Miscellaneous Manufacturers | $143,550 | ||||
Oil & Gas - 7.3% | |||||
363,000 | Aethon United BR LP/Aethon United Finance Corp., 8.25%, 2/15/26 (144A) | $388,519 | |||
687,000 | Baytex Energy Corp., 8.75%, 4/1/27 (144A) | 666,596 | |||
475,000 | Colgate Energy Partners III LLC, 7.75%, 2/15/26 (144A) | 484,761 | |||
Principal Amount USD ($) | Value | ||||
Oil & Gas – (continued) | |||||
90,000 | EQT Corp., 3.125%, 5/15/26 (144A) | $91,577 | |||
195,000 | Hilcorp Energy I LP/Hilcorp Finance Co., 6.0%, 2/1/31 (144A) | 201,778 | |||
390,000 | Indigo Natural Resources LLC, 5.375%, 2/1/29 (144A) | 391,065 | |||
425,000 | MEG Energy Corp., 5.875%, 2/1/29 (144A) | 442,000 | |||
35,000 | MEG Energy Corp., 7.125%, 2/1/27 (144A) | 37,537 | |||
265,000 | Murphy Oil Corp., 6.375%, 7/15/28 | 278,250 | |||
500,000 | Neptune Energy Bondco Plc, 6.625%, 5/15/25 (144A) | 511,760 | |||
475,000 | Occidental Petroleum Corp., 4.4%, 4/15/46 | 408,695 | |||
120,000 | Occidental Petroleum Corp., 5.5%, 12/1/25 | 129,000 | |||
48,000 | Parkland Corp., 5.875%, 7/15/27 (144A) | 51,167 | |||
262,000 | PBF Holding Co. LLC/PBF Finance Corp., 6.0%, 2/15/28 | 193,225 | |||
255,000 | PBF Holding Co. LLC/PBF Finance Corp., 9.25%, 5/15/25 (144A) | 262,171 | |||
139,000 | Shelf Drilling Holdings, Ltd., 8.25%, 2/15/25 (144A) | 108,455 | |||
210,000 | Shelf Drilling Holdings, Ltd., 8.875%, 11/15/24 (144A) | 216,300 | |||
21,136 | Transocean Sentry, Ltd., 5.375%, 5/15/23 (144A) | 20,131 | |||
260,000 | Tullow Oil PLC, 10.25%, 5/15/26 (144A) | 267,150 | |||
400,000 | Vine Energy Holdings LLC, 6.75%, 4/15/29 (144A) | 405,000 | |||
Total Oil & Gas | $5,555,137 | ||||
Oil & Gas Services - 0.5% | |||||
70,000 | Exterran Energy Solutions LP/EES Finance Corp., 8.125%, 5/1/25 | $63,272 | |||
265,000 | TechnipFMC Plc, 6.5%, 2/1/26 (144A) | 285,309 | |||
Total Oil & Gas Services | $348,581 | ||||
Packaging & Containers - 1.2% | |||||
125,000 | Crown Cork & Seal Co., Inc., 7.375%, 12/15/26 | $151,875 | |||
166,000 | Greif, Inc., 6.5%, 3/1/27 (144A) | 174,300 | |||
210,000 | Intertape Polymer Group, Inc., 4.375%, 6/15/29 (144A) | 212,100 | |||
375,000 | TriMas Corp., 4.125%, 4/15/29 (144A) | 375,937 | |||
Total Packaging & Containers | $914,212 | ||||
Pharmaceuticals - 2.5% | |||||
382,000 | Bausch Health Cos., Inc., 7.0%, 3/15/24 (144A) | $389,900 | |||
200,000 | Jazz Securities DAC, 4.375%, 1/15/29 (144A) | 205,696 | |||
200,000 | Organon Finance 1 LLC, 4.125%, 4/30/28 (144A) | 202,000 | |||
270,000 | P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25 (144A) | 286,173 | |||
380,000 | Par Pharmaceutical, Inc., 7.5%, 4/1/27 (144A) | 387,600 | |||
467,000 | Teva Pharmaceutical Finance Netherlands III BV, 2.8%, 7/21/23 | 462,914 | |||
Total Pharmaceuticals | $1,934,283 | ||||
Pipelines - 5.7% | |||||
360,000 | Cheniere Energy Partners LP, 4.0%, 3/1/31 (144A) | $371,592 | |||
1,110,000 | CQP HOLDCO LP/BIP-V CHIN REGD P/P, 0.0% 12/30/99 (144A) | 1,121,100 | |||
20,000 | DCP Midstream Operating LP, 5.375%, 7/15/25 | 21,908 | |||
100,000 | DCP Midstream Operating LP, 5.6%, 4/1/44 | 104,522 | |||
330,000 | Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.125%, 6/1/28 (144A) | 340,725 | |||
405,000(c)(d) | Energy Transfer LP, 7.125% (5 Year CMT Index + 531 bps) | 420,576 | |||
6,000 | EnLink Midstream LLC, 5.375%, 6/1/29 | 6,045 | |||
750,000 | EnLink Midstream Partners LP, 5.6%, 4/1/44 | 670,710 | |||
185,000 | Genesis Energy LP/Genesis Energy Finance Corp., 8.0%, 1/15/27 | 190,088 | |||
369,000 | Harvest Midstream I LP, 7.5%, 9/1/28 (144A) | 396,675 | |||
449,000 | Northriver Midstream Finance LP, 5.625%, 2/15/26 (144A) | 461,464 | |||
279,000 | PBF Logistics LP/PBF Logistics Finance Corp., 6.875%, 5/15/23 | 277,954 | |||
Total Pipelines | $4,383,359 | ||||
REITS - 3.7% | |||||
680,000 | Iron Mountain, Inc., 4.875%, 9/15/27 (144A) | $704,752 | |||
50,000 | iStar, Inc., 4.25%, 8/1/25 | 50,657 | |||
702,000 | iStar, Inc., 4.75%, 10/1/24 | 733,765 | |||
585,000 | MPT Operating Partnership LP/MPT Finance Corp., 3.5%, 3/15/31 | 589,554 | |||
610,000 | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.875%, 2/15/25 (144A) | 653,463 | |||
95,000 | Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 6.5%, 2/15/29 (144A) | 94,050 | |||
Total REITS | $2,826,241 | ||||
Retail - 3.9% | |||||
80,000 | AAG FH LP/AAG FH Finco, Inc., 9.75%, 7/15/24 (144A) | $78,400 | |||
157,000 | Asbury Automotive Group, Inc., 4.5%, 3/1/28 | 161,785 | |||
220,000 | Beacon Roofing Supply, Inc., 4.125%, 5/15/29 (144A) | 216,975 | |||
180,000 | Ken Garff Automotive LLC, 4.875%, 9/15/28 (144A) | 179,100 | |||
190,000 | L Brands, Inc., 6.625%, 10/1/30 (144A) | 217,170 | |||
265,000 | LCM Investments Holdings II LLC, 4.875%, 5/1/29 (144A) | 272,144 | |||
135,000 | Lithia Motors, Inc., 3.875%, 6/1/29 (144A) | 138,815 | |||
130,000 | Macy’s Retail Holdings LLC, 5.875%, 4/1/29 (144A) | 138,476 | |||
235,000 | Murphy Oil USA, Inc., 3.75%, 2/15/31 (144A) | 228,439 | |||
194,000 | Party City Holdings, Inc., 8.75%, 2/15/26 (144A) | 205,398 | |||
280,000 | Penske Automotive Group, Inc., 3.5%, 9/1/25 | 288,456 | |||
265,000 | Penske Automotive Group, Inc., 3.75%, 6/15/29 | 265,994 | |||
80,000 | SRS Distribution, Inc., 4.625%, 7/1/28 (144A) | 80,736 | |||
50,000 | SRS Distribution, Inc., 6.125%, 7/1/29 (144A) | 51,000 | |||
406,000 | Staples, Inc., 7.5%, 4/15/26 (144A) | 421,314 | |||
Total Retail | $2,944,202 | ||||
Principal Amount USD ($) | Value | ||||
Semiconductors - 0.3% | |||||
263,000 | Entegris, Inc., 3.625%, 5/1/29 (144A) | $263,657 | |||
Total Semiconductors | $263,657 | ||||
Software - 0.4% | |||||
340,000 | Rackspace Technology Global, Inc., 5.375%, 12/1/28 (144A) | $343,094 | |||
Total Software | $343,094 | ||||
Telecommunications - 4.8% | |||||
850,000 | Altice France Holding S.A., 6.0%, 2/15/28 (144A) | $833,000 | |||
359,000 | CommScope, Inc., 8.25%, 3/1/27 (144A) | 383,233 | |||
687,000 | LogMeIn, Inc., 5.5%, 9/1/27 (144A) | 707,555 | |||
445,000 | Lumen Technologies, Inc., 4.5%, 1/15/29 (144A) | 430,537 | |||
275,000 | Plantronics, Inc., 4.75%, 3/1/29 (144A) | 261,735 | |||
140,000 | T-Mobile USA, Inc., 3.375%, 4/15/29 (144A) | 142,306 | |||
280,000 | T-Mobile USA, Inc., 3.5%, 4/15/31 (144A) | 284,642 | |||
611,000 | Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 8/15/28 (144A) | 624,375 | |||
Total Telecommunications | $3,667,383 | ||||
Transportation - 2.8% | |||||
329,000 | Danaos Corp., 8.5%, 3/1/28 (144A) | $355,320 | |||
300,000 | Seaspan Corp., 6.5%, 4/29/26 | 305,250 | |||
505,000 | Watco Cos., LLC/Watco Finance Corp., 6.5%, 6/15/27 (144A) | 534,037 | |||
858,000 | Western Global Airlines LLC, 10.375%, 8/15/25 (144A) | 968,468 | |||
Total Transportation | $2,163,075 | ||||
Trucking & Leasing - 0.4% | |||||
275,000 | Fortress Transportation & Infrastructure Investors LLC, 9.75%, 8/1/27 (144A) | $317,281 | |||
Total Trucking & Leasing | $317,281 | ||||
TOTAL CORPORATE BONDS | |||||
(Cost $69,922,297) | $72,713,761 | ||||
Face Amount USD ($) | Value | ||||
INSURANCE-LINKED SECURITIES - 0.2% of Net Assets# | |||||
Collateralized Reinsurance - 0.0%† | |||||
Multiperil – Worldwide - 0.0%† | |||||
250,000+(e) | Cypress Re 2017, 1/31/22 | $25 | |||
12,000+(e) | Limestone Re 2016-1, 8/31/21 | 1,000 | |||
250,000+(e)(f) | Resilience Re, 5/1/22 | 25 | |||
$1,050 | |||||
Total Collateralized Reinsurance | $1,050 | ||||
Reinsurance Sidecars - 0.2% | |||||
Multiperil – U.S. - 0.1% | |||||
500,000+(e) | Carnoustie Re 2017, 11/30/21 | $65,900 | |||
1,500,000+(g) | Harambee Re 2018, 12/31/21 | 4,950 | |||
$70,850 | |||||
Multiperil – Worldwide - 0.1% | |||||
41,791+(e) | Berwick Re 2018-1, 12/31/21 | $4,016 | |||
29,857+(e) | Berwick Re 2019-1, 12/31/22 | 3,568 | |||
250,000+(g) | Blue Lotus Re 2018, 12/31/21 | 7,675 | |||
25,000+(e)(f) | Eden Re II, 3/22/22 (144A) | 6,465 | |||
217,248+(e) | St. Andrews Re 2017-4, 6/1/21 | 21,377 | |||
250,000+(g) | Thopas Re 2018, 0.0%, 12/31/21 | 1,575 | |||
1,500,000+(e) | Versutus Re 2018, 12/31/21 | 4,950 | |||
250,000+(g) | Viribus Re 2018, 0.0%, 12/31/21 | – | |||
106,153+(g) | Viribus Re 2019, 12/31/22 | 4,416 | |||
$54,042 | |||||
Total Reinsurance Sidecars | $124,892 | ||||
TOTAL INSURANCE-LINKED SECURITIES | |||||
(Cost $272,960) | $125,942 | ||||
Principal Amount USD ($) | Value | ||||
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS - 95.6% | |||||
(Cost $70,400,162) | $73,027,383 | ||||
OTHER ASSETS AND LIABILITIES - 4.4% | $3,347,080 | ||||
NET ASSETS - 100.0% | $76,374,463 |
bps | Basis Points. |
REIT | Real Estate Investment Trust. |
(144A) | Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At May 31, 2021, the value of these securities amounted to $60,460,607, or 79.2% of net assets. |
† | Amount rounds to less than 0.1%. |
^ | Security is valued using fair value methods (other than supplied by independent pricing services). |
+ | Security that used significant unobservable inputs to determine its value. |
(a) | Non-income producing security. |
(b) | Debt obligation initially issued at one coupon which converts to a higher coupon at a specific date. The rate shown is the rate at May 31, 2021. |
(c) | The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at May 31, 2021. |
(d) | Security is perpetual in nature and has no stated maturity date. |
(e) | Issued as participation notes. |
(f) | Security issued with a zero coupon. Income is recognized through accretion of discount. |
(g) | Issued as preference shares. |
# | Securities are restricted as to resale. |
Restricted Securities | Acquisition date | Cost | Value |
Berwick Re 2018-1 | 1/29/2018 | $6,891 | $4,016 |
Berwick Re 2019-1 | 12/31/2018 | 3,568 | 3,568 |
Blue Lotus Re 2018 | 12/20/2017 | – | 7,675 |
Carnoustie Re 2017 | 1/5/2017 | 118,878 | 65,900 |
Cypress Re 2017 | 1/24/2017 | 840 | 25 |
Eden Re II | 12/15/2017 | 1,494 | 6,465 |
Harambee Re 2018 | 12/19/2017 | 76,289 | 4,950 |
Limestone Re 2016-1 | 12/15/2016 | 990 | 1,000 |
Resilience Re | 2/8/2017 | 124 | 25 |
St. Andrews Re 2017-4 | 3/31/2017 | – | 21,377 |
Thopas Re 2018 | 12/12/2017 | 33,981 | 1,575 |
Versutus Re 2018 | 1/31/2018 | 9,517 | 4,950 |
Viribus Re 2018 | 12/22/2017 | 20,388 | – |
Viribus Re 2019 | 3/25/2019 | – | 4,416 |
Total Restricted Securities | $125,942 | ||
% of Net assets | 0.2% |
SWAP CONTRACT | ||||||||
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT - BUY PROTECTION | ||||||||
Notional Amount ($)(1) | Reference Obligation/Index | Pay/ Receive(2) | Annual Fixed Rate | Expiration Date | Premiums Paid | Unrealized (Depreciation) | Market Value | |
7,150,000 | Markit CDX North America High Yield Index Series 33 | Pay | 5.00% | 6/20/26 | $ 10,924 | $ (776,954) | $ (766,030) | |
TOTAL CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT - BUY PROTECTION | $ 10,924 | $ (776,954) | $ (766,030) | |||||
TOTAL SWAP CONTRACT | $ 10,924 | $ (776,954) | $ (766,030) | |||||
(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) | Pays quarterly. |
Principal amounts are denominated in U.S. dollars (“USD”) unless otherwise noted. | ||
EUR | - | Euro |
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels below. |
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 Fund’s own assumptions in determining fair value of investments). |
The following is a summary of the inputs used as of May 31, 2021, in valuing the Fund’s investments: |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | ||||||||||||||||
Energy Equipment & Services | $ | 161,105 | $ | 26,575 | $ | – | $ | 187,680 | ||||||||
Corporate Bonds | – | 72,713,761 | – | 72,713,761 | ||||||||||||
Insurance-Linked Securities | ||||||||||||||||
Collateralized Reinsurance | ||||||||||||||||
Multiperil – Worldwide | – | – | 1,050 | 1,050 | ||||||||||||
Reinsurance Sidecars | ||||||||||||||||
Multiperil – U.S. | – | – | 70,850 | 70,850 | ||||||||||||
Multiperil – Worldwide | – | – | 54,042 | 54,042 | ||||||||||||
Total Investments in Securities | $ | 161,105 | $ | 72,740,336 | $ | 125,942 | $ | 73,027,383 | ||||||||
Other Financial Instruments | ||||||||||||||||
Swap contracts, at value | $ | – | $ | (766,030 | ) | $ | – | $ | (766,030 | ) | ||||||
Total Other Financial Instruments | $ | – | $ | (766,030 | ) | $ | – | $ | (766,030 | ) |
The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):
Insurance-Linked Securities | ||||
Balance as of 8/31/20 | $ | -- | ||
Realized gain (loss) | -- | |||
Changed in unrealized appreciation (depreciation) | (147,018 | ) | ||
Accrued discounts/premiums | (128,358 | ) | ||
Purchases | 401,318 | |||
Sales | -- | |||
Transfers in to Level 3* | -- | |||
Transfers out of Level 3* | -- | |||
Balance as of 5/31/21 | $ | 125,942 |
* | Transfers are calculated on the beginning of period value. During the nine months ended May 31, 2021, 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 May 31, 2021:
$ (126,630).
$ (126,630).