Pioneer Multi-Asset Income Fund | ||
Schedule of Investments | October 31, 2019 | ||
| Ticker Symbols: | ||
Class A PMAIX | ||
Class C PMACX | ||
Class K PMFKX | ||
Class R PMFRX | ||
Class Y PMFYX |
| Shares | Value | ||||
| UNAFFILIATED ISSUERS - 97.0% | |||||
| COMMON STOCKS - 48.1% of Net Assets | |||||
Aerospace & Defense - 0.8% | |||||
| 61,585 | Raytheon Co. | $13,068,953 | |||
| Total Aerospace & Defense | $13,068,953 | ||||
Auto Components - 0.4% | |||||
| 146,300 | Bridgestone Corp. | $6,127,841 | |||
| Total Auto Components | $6,127,841 | ||||
Automobiles - 0.9% | |||||
| 180,300 | Subaru Corp. | $5,214,399 | |||
| 140,800 | Toyota Motor Corp. | 9,833,899 | |||
| Total Automobiles | $15,048,298 | ||||
Banks - 10.9% | |||||
| 1,157,534 | ABN AMRO Bank NV (144a) | $21,530,330 | |||
| 2,417,198 | Abu Dhabi Commercial Bank PJSC | 5,133,452 | |||
| 841,873 | Bank of America Corp. | 26,325,369 | |||
| 413,115 | BNP Paribas SA | 21,551,137 | |||
| 988,572 | ING Groep NV | 11,158,160 | |||
| 146,236 | JPMorgan Chase & Co. | 18,267,801 | |||
| 313,268 | KB Financial Group, Inc. | 11,227,524 | |||
| 15,934,543 | Lloyds Banking Group Plc | 11,710,404 | |||
| 1,703,900 | Malayan Banking Bhd | 3,506,890 | |||
| 3,234,900 | Mitsubishi UFJ Financial Group, Inc. | 17,069,464 | |||
| 114,797 | PNC Financial Services Group, Inc. | 16,840,720 | |||
| 338,411 | Wells Fargo & Co. | 17,472,160 | |||
| Total Banks | $181,793,411 | ||||
Biotechnology - 0.4% | |||||
| 19,887(a) | Biogen, Inc. | $5,940,446 | |||
| Total Biotechnology | $5,940,446 | ||||
Capital Markets - 1.1% | |||||
| 11,576 | BlackRock, Inc. | $5,344,639 | |||
| 198,637 | Carlyle Group LP | 5,418,817 | |||
| 176,200 | Morgan Stanley | 8,114,010 | |||
| Total Capital Markets | $18,877,466 | ||||
Chemicals - 0.3% | |||||
| 2,117,467 | Chevron Lubricants Lanka Plc | $822,794 | |||
| 13,242 | LG Chem, Ltd. | 3,478,842 | |||
| Total Chemicals | $4,301,636 | ||||
Construction & Engineering - 0.5% | |||||
| 13,688,500 | Sinopec Engineering Group Co., Ltd., Class H | $7,841,710 | |||
| Total Construction & Engineering | $7,841,710 | ||||
Consumer Finance - 0.3% | |||||
| 103,225,500 | BFI Finance Indonesia Tbk PT | $4,449,058 | |||
| Total Consumer Finance | $4,449,058 | ||||
Diversified Telecommunication Services - 2.9% | |||||
| 655,538 | AT&T, Inc. | $25,231,658 | |||
| 462,509 | CenturyLink, Inc. | 5,984,866 | |||
| 272,220 | Verizon Communications, Inc. | 16,461,143 | |||
| Total Diversified Telecommunication Services | $47,677,667 | ||||
Electric Utilities - 0.7% | |||||
| 1,099,934 | EDP - Energias de Portugal SA | $4,523,281 | |||
| 293,747 | Fortum OYJ | 7,166,049 | |||
| Total Electric Utilities | $11,689,330 | ||||
Electrical Equipment - 1.3% | |||||
| 9,527 | Eaton Corp. Plc | $ 829,897 | |||
| 835,300 | Mitsubishi Electric Corp. | 12,040,047 | |||
| 409,193 | Prysmian S.p.A. | 9,444,281 | |||
| Total Electrical Equipment | $22,314,225 | ||||
Electronic Equipment, Instruments & Components - 0.2% | |||||
| 36,741(a) | Landis+Gyr Group AG | $3,404,219 | |||
| Total Electronic Equipment, Instruments & Components | $3,404,219 | ||||
Equity Real Estate Investment Trusts ( REITs) - 2.9% | |||||
| 128,211 | alstria office REIT-AG | $2,400,464 | |||
| 86,651 | Digital Realty Trust, Inc. | 11,008,143 | |||
| 1,654 | Invincible Investment Corp. | 1,046,147 | |||
| 267,017 | Lar Espana Real Estate Socimi SA | 2,416,326 | |||
| 8,767,500 | Mapletree Industrial Trust | 16,425,174 | |||
| 5,339,030 | Mapletree Logistics Trust | 6,589,700 | |||
| 3,820 | Simon Property Group, Inc. | 575,597 | |||
| 79,619 | Spirit Realty Capital, Inc. | 3,968,211 | |||
| 140,082 | Wereldhave NV | 3,309,625 | |||
| Total Equity Real Estate Investment Trusts ( REITs) | $47,739,387 | ||||
Food & Staples Retailing - 0.3% | |||||
| 104,858 | Walgreens Boots Alliance, Inc. | $5,744,121 | |||
| Total Food & Staples Retailing | $5,744,121 | ||||
Household Durables - 1.0% | |||||
| 556,797 | Persimmon Plc | $16,403,777 | |||
| Total Household Durables | $16,403,777 | ||||
| Shares | Value | ||||
Insurance - 4.2% | |||||
| 75,031 | Allianz SE | $18,312,407 | |||
| 83,283 | American International Group, Inc. | 4,410,668 | |||
| 439,046 | AXA SA | 11,588,948 | |||
| 57,541 | Fidelity National Financial, Inc. | 2,637,679 | |||
| 254,718 | Old Republic International Corp. | 5,690,400 | |||
| 1,268,000 | Ping An Insurance Group Co. of China, Ltd., Class H | 14,681,637 | |||
| 64,011 | Progressive Corp. | 4,461,567 | |||
| 83,375 | Sampo OYJ | 3,413,781 | |||
| 11,013 | Zurich Insurance Group AG | 4,301,430 | |||
| Total Insurance | $69,498,517 | ||||
Interactive Media & Services - 0.9% | |||||
| 3,146(a) | Alphabet, Inc. | $3,960,185 | |||
| 3,157(a) | Alphabet, Inc., Class C | 3,978,167 | |||
| 44,744(a) | Facebook, Inc. | 8,575,188 | |||
| Total Interactive Media & Services | $16,513,540 | ||||
Leisure Products - 0.3% | |||||
| 5,914,000 | Honma Golf, Ltd. (144A) | $5,319,601 | |||
| Total Leisure Products | $5,319,601 | ||||
Machinery - 0.4% | |||||
| 163,610 | ANDRITZ AG | $7,344,460 | |||
| Total Machinery | $7,344,460 | ||||
Marine - 0.0%† | |||||
| 143,960 | Fjord1 ASA (144A) | $542,611 | |||
| Total Marine | $542,611 | ||||
Media - 0.4% | |||||
| 736,034 | Television Francaise 1 | $6,168,454 | |||
| Total Media | $6,168,454 | ||||
Metals & Mining - 0.3% | |||||
| 923,690(a) | Lynas Corp., Ltd. | $1,577,640 | |||
| 125,478(a) | Northam Platinum, Ltd. | 848,499 | |||
| 38,066 | Nucor Corp. | 2,049,854 | |||
| Total Metals & Mining | $4,475,993 | ||||
Mortgage Real Estate Investment Trusts (REITs) - 0.2% | |||||
| 209,483 | New Residential Investment Corp. | $3,318,211 | |||
| Total Mortgage Real Estate Investment Trusts (REITs) | $3,318,211 | ||||
Multi-Utilities - 0.2% | |||||
| 204,173 | Engie SA | $3,411,971 | |||
| Total Multi-Utilities | $3,411,971 | ||||
Oil, Gas & Consumable Fuels - 9.9% | |||||
| 461,929(a) | Avance Gas Holding, Ltd. (144a) | $2,102,357 | |||
| 1,184,840 | BP Plc | 7,500,995 | |||
| 909,762 | BW LPG, Ltd. (144a) | 6,359,070 | |||
| 59,687 | ConocoPhillips | 3,294,722 | |||
| 1,573,602 | Energy Transfer LP | 19,811,649 | |||
| 385,640 | Enterprise Products Partners LP | 10,038,209 | |||
| 114,324 | Galp Energia SGPS SA | 1,819,392 | |||
| 30,620 | Magellan Midstream Partners LP | 1,908,239 | |||
| 76,353 | Marathon Petroleum Corp. | 4,882,774 | |||
| 501,723 | MPLX LP | 13,230,436 | |||
| 261,990 | PBF Energy, Inc. | 8,457,037 | |||
| 39,771 | PBF Logistics LP | 861,042 | |||
| 7,168,500 | PTT PCL | 10,744,439 | |||
| 827,214 | Rosneft Oil Co. PJSC (G.D.R.) | 5,477,811 | |||
| 1,076,674 | Royal Dutch Shell Plc | 31,239,379 | |||
| 461,199 | Tallgrass Energy LP | 8,605,973 | |||
| 479,161 | TOTAL SA | 25,170,136 | |||
| 268,843 | Western Midstream Partners LP | 5,715,602 | |||
| Total Oil, Gas & Consumable Fuels | $167,219,262 | ||||
Pharmaceuticals - 1.7% | |||||
| 577,751 | GlaxoSmithKline Plc | $13,220,694 | |||
| 38,912 | Novartis AG | 3,394,057 | |||
| 317,917 | Pfizer, Inc. | 12,198,475 | |||
| Total Pharmaceuticals | $28,813,226 | ||||
Semiconductors & Semiconductor Equipment - 1.0% | |||||
| 93,099 | Intel Corp. | $5,262,887 | |||
| 229,386(a) | Micron Technology, Inc. | 10,907,304 | |||
| 68,000 | Powertech Technology, Inc. | 213,963 | |||
| Total Semiconductors & Semiconductor Equipment | $16,384,154 | ||||
Software - 0.3% | |||||
| 61,542 | Micro Focus International Plc | $844,037 | |||
| 36,999 | Microsoft Corp. | 5,304,547 | |||
| Total Software | $6,148,584 | ||||
Technology Hardware, Storage & Peripherals - 0.1% | |||||
| 41,574 | Samsung Electronics Co., Ltd. | $1,790,146 | |||
| Total Technology Hardware, Storage & Peripherals | $1,790,146 | ||||
Textiles, Apparel & Luxury Goods - 0.6% | |||||
| 116,035 | Moncler S.p.A. | $4,466,547 | |||
| Shares | Value | ||||
| Textiles, Apparel & Luxury Goods - (continued) | |||||
| 196,660 | Tapestry, Inc. | $5,085,627 | |||
| Total Textiles, Apparel & Luxury Goods | $9,552,174 | ||||
Trading Companies & Distributors - 1.5% | |||||
| 187,984(a) | United Rentals, Inc. | $25,109,023 | |||
| Total Trading Companies & Distributors | $25,109,023 | ||||
Wireless Telecommunication Services - 1.2% | |||||
| 10,007,158 | Vodafone Group Plc | $20,379,777 | |||
| Total Wireless Telecommunication Services | $20,379,777 | ||||
| TOTAL COMMON STOCKS | |||||
(Cost $785,740,572) | $804,411,249 | ||||
| Principal Amount USD ($) | Value | ||||
| ASSET BACKED SECURITIES - 0.0%† of Net Assets | |||||
| 29,251(b) | GE Mortgage Services LLC, Series 1997-HE1, Class A4, 7.78%, 3/25/27 | $5,819 | |||
| 500,000 | Rosy, Series 2018-1, Class A1, 6.25%, 12/15/25 (144A) | 502,500 | |||
| 163,140 | Skopos Auto Receivables Trust, Series 2018-1A, Class A, 3.19%, 9/15/21 (144A) | 163,203 | |||
| TOTAL ASSET BACKED SECURITIES | |||||
(Cost $692,310) | $671,522 | ||||
| COLLATERALIZED MORTGAGE OBLIGATIONS - 1.2% of Net Assets | |||||
| 1,751,348(b) | Cascade Funding Mortgage Trust, Series 2018-RM2, Class A, 4.0%, 10/25/68 (144A) | $1,803,966 | |||
| 1,470,000(c) | Connecticut Avenue Securities Trust, Series 2019-R03, Class 1B1, 5.923% (1 Month USD LIBOR + 410 bps), 9/25/31 (144A) | 1,563,331 | |||
| 3,090,000(c) | Connecticut Avenue Securities Trust, Series 2019-R04, Class 2B1, 7.073% (1 Month USD LIBOR + 525 bps), 6/25/39 (144A) | 3,374,242 | |||
| 2,700,000(c) | Eagle Re, Ltd., Series 2019-1, Class B1, 6.323% (1 Month USD LIBOR + 450 bps), 4/25/29 (144A) | 2,689,125 | |||
| 2,700,000(c) | Freddie Mac Stacr Trust, Series 2019-DNA1, Class B2, 12.573% (1 Month USD LIBOR + 1,075 bps), 1/25/49 (144A) | 3,452,431 | |||
| 2,790,000(c) | Freddie Mac Stacr Trust, Series 2019-DNA2, Class B2, 12.323% (1 Month USD LIBOR + 1,050 bps), 3/25/49 (144A) | 3,524,123 | |||
| 1,000,000(c) | Freddie Mac Stacr Trust, Series 2019-HQA1, Class B2, 14.073% (1 Month USD LIBOR + 1,225 bps), 2/25/49 (144A) | 1,330,514 | |||
| 1,000,000(c) | Freddie Mac Stacr Trust, Series 2019-HQA2, Class B2, 13.073% (1 Month USD LIBOR + 1,125 bps), 4/25/49 (144A) | 1,250,703 | |||
| 23,540 | Global Mortgage Securitization, Ltd., Series 2004-A, Class B1, 5.25%, 11/25/32 (144A) | 13,448 | |||
| 176,418 | Global Mortgage Securitization, Ltd., Series 2004-A, Class B2, 5.25%, 11/25/32 (144A) | 10,401 | |||
| 210,000(b) | GMAT Trust, Series 2013-1A, Class M, 5.0%, 11/25/43 (144A) | 125,285 | |||
| 879,852(b) | Sutherland Commercial Mortgage Loans, Series 2017-SBC6, Class A, 3.192%, 5/25/37 (144A) | 871,716 | |||
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | |||||
(Cost $17,869,892) | $20,009,285 | ||||
| CORPORATE BONDS - 20.4% of Net Assets | |||||
Advertising - 0.2% | |||||
| 3,444,000 | MDC Partners, Inc., 6.5%, 5/1/24 (144A) | $3,293,325 | |||
| Total Advertising | $3,293,325 | ||||
Aerospace & Defense - 0.2% | |||||
| 915,000 | Bombardier, Inc., 7.5%, 3/15/25 (144A) | $874,191 | |||
| 3,372,000 | Bombardier, Inc., 7.875%, 4/15/27 (144A) | 3,178,110 | |||
| 445,000 | F-Brasile S.p.A./F-Brasile US LLC, 7.375%, 8/15/26 (144A) | 465,025 | |||
| Total Aerospace & Defense | $4,517,326 | ||||
Auto Parts & Equipment - 0.5% | |||||
| 5,468,000 | American Axle & Manufacturing, Inc., 6.25%, 3/15/26 | $5,194,600 | |||
| 2,884,000 | Titan International, Inc., 6.5%, 11/30/23 | 2,379,300 | |||
| Total Auto Parts & Equipment | $7,573,900 | ||||
Banks - 2.7% | |||||
| 2,614,000 | Freedom Mortgage Corp., 8.25%, 4/15/25 (144A) | $2,463,695 | |||
| 8,650,000(b)(d) | ING Groep NV, 6.5% (5 Year USD Swap Rate + 445 bps) | 9,222,197 | |||
| 8,676,000(b)(d) | Lloyds Banking Group Plc, 7.5% (5 Year USD Swap Rate + 450 bps) | 9,545,248 | |||
| 2,920,000 | Provident Funding Associates LP/PFG Finance Corp., 6.375%, 6/15/25 (144A) | 2,838,824 | |||
| 8,125,000(b)(d) | Royal Bank of Scotland Group Plc, 8.0% (5 Year USD Swap Rate + 572 bps) | 9,292,969 | |||
| 2,350,000(b)(d) | Royal Bank of Scotland Group Plc, 8.625% (5 Year USD Swap Rate + 760 bps) | 2,532,125 | |||
| 8,600,000(b)(d) | UBS Group AG, 7.0% (5 Year USD Swap Rate + 434 bps) (144A) | 9,223,500 | |||
| Total Banks | $45,118,558 | ||||
Building Materials - 0.7% | |||||
| 2,661,000 | American Woodmark Corp., 4.875%, 3/15/26 (144A) | $2,707,567 | |||
| 1,510,000 | Builders FirstSource, Inc., 5.625%, 9/1/24 (144A) | 1,570,400 | |||
| 1,689,000 | Builders FirstSource, Inc., 6.75%, 6/1/27 (144A) | 1,832,565 | |||
| 2,387,000 | Patrick Industries, Inc., 7.5%, 10/15/27 (144A) | 2,476,513 | |||
| 2,627,000 | Summit Material LLC/Summit Materials Finance Corp., 6.5%, 3/15/27 (144A) | 2,837,160 | |||
| Total Building Materials | $11,424,205 | ||||
Chemicals - 1.2% | |||||
| 4,008,000 | CF Industries, Inc., 5.375%, 3/15/44 | $4,108,200 | |||
| 4,769,000 | Chemours Co., 7.0%, 5/15/25 | 4,602,085 | |||
| 2,660,000 | Hexion, Inc., 7.875%, 7/15/27 (144A) | 2,560,250 | |||
| 2,000,000 | Kraton Polymers LLC/Kraton Polymers Capital Corp., 7.0%, 4/15/25 (144A) | 2,035,000 | |||
| 2,312,000 | OCI NV, 6.625%, 4/15/23 (144A) | 2,413,150 | |||
| 2,736,000 | Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 5.375%, 9/1/25 (144A) | 2,636,820 | |||
| Principal Amount USD ($) | Value | ||||
| Chemicals - (continued) | |||||
| 1,643,000 | Tronox, Inc., 6.5%, 4/15/26 (144A) | $1,597,160 | |||
| Total Chemicals | $19,952,665 | ||||
Coal - 0.2% | |||||
| 4,190,000 | SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.5%, 6/15/25 (144A) | $3,561,500 | |||
| Total Coal | $3,561,500 | ||||
Commercial Services - 1.0% | |||||
| 2,642,000 | Cardtronics, Inc./Cardtronics USA, Inc., 5.5%, 5/1/25 (144A) | $2,727,865 | |||
| 7,885,000 | GW B-CR Security Corp., 9.5%, 11/1/27 (144A) | 8,101,838 | |||
| 2,565,000 | Sotheby's, 7.375%, 10/15/27 (144A) | 2,565,000 | |||
| 3,746,000 | Verscend Escrow Corp., 9.75%, 8/15/26 (144A) | 3,984,808 | |||
| Total Commercial Services | $17,379,511 | ||||
Diversified Financial Services - 0.2% | |||||
| 3,000,000 | Nationstar Mortgage Holdings, Inc., 9.125%, 7/15/26 (144A) | $3,288,750 | |||
| Total Diversified Financial Services | $3,288,750 | ||||
Electric - 0.2% | |||||
| 2,568,000 | Clearway Energy Operating LLC, 5.75%, 10/15/25 | $2,635,410 | |||
| 1,079,000 | Talen Energy Supply LLC, 7.25%, 5/15/27 (144A) | 1,076,303 | |||
| Total Electric | $3,711,713 | ||||
Entertainment - 0.9% | |||||
| 2,621,000 | Caesars Resort Collection LLC/CRC Finco, Inc., 5.25%, 10/15/25 (144A) | $2,683,249 | |||
| 3,419,000 | Enterprise Development Authority, 12.0%, 7/15/24 (144A) | 3,743,805 | |||
| 1,505,000 | International Game Technology Plc, 6.25%, 1/15/27 (144A) | 1,681,838 | |||
| 4,396,000 | Scientific Games International, Inc., 8.25%, 3/15/26 (144A) | 4,648,770 | |||
| 1,678,000 | Scientific Games International, Inc., 10.0%, 12/1/22 | 1,726,243 | |||
| Total Entertainment | $14,483,905 | ||||
Environmental Control - 0.6% | |||||
| 4,375,000 | GFL Environmental, Inc., 5.375%, 3/1/23 (144A) | $4,500,781 | |||
| 2,530,000 | GFL Environmental, Inc., 8.5%, 5/1/27 (144A) | 2,783,000 | |||
| 3,342,000 | Tervita Corp., 7.625%, 12/1/21 (144A) | 3,300,225 | |||
| Total Environmental Control | $10,584,006 | ||||
Food - 0.8% | |||||
| 5,443,000 | FAGE International SA/FAGE USA Dairy Industry, Inc., 5.625%, 8/15/26 (144A) | $4,892,168 | |||
| 1,850,000 | JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, 2/15/28 (144A) | 2,035,019 | |||
| 1,760,000 | JBS USA LUX SA/JBS USA Finance, Inc., 5.5%, 1/15/30 (144A) | 1,894,200 | |||
| 3,859,000 | Simmons Foods, Inc., 5.75%, 11/1/24 (144A) | 3,776,996 | |||
| 920,000 | Simmons Foods, Inc., 7.75%, 1/15/24 (144A) | 994,750 | |||
| Total Food | $13,593,133 | ||||
Forest Products & Paper - 0.5% | |||||
| 1,770,000 | Mercer International, Inc., 7.375%, 1/15/25 (144A) | $1,836,375 | |||
| 2,124,000 | Mercer International, Inc., 7.375%, 1/15/25 | 2,203,650 | |||
| 4,236,000 | Schweitzer-Mauduit International, Inc., 6.875%, 10/1/26 (144A) | 4,521,930 | |||
| Total Forest Products & Paper | $8,561,955 | ||||
Healthcare-Services - 0.4% | |||||
| 2,930,000 | BCPE Cycle Merger Sub II, Inc., 10.625%, 7/15/27 (144A) | $2,739,550 | |||
| 4,350,000 | Surgery Centre Holdings, Inc., 10.0%, 4/15/27 (144A) | 4,404,375 | |||
| Total Healthcare-Services | $7,143,925 | ||||
Holding Companies-Diversified - 0.2% | |||||
| 2,710,000 | VistaJet Malta Finance Plc/XO Management Holding, Inc., 10.5%, 6/1/24 (144A) | $2,635,475 | |||
| Total Holding Companies-Diversified | $2,635,475 | ||||
Home Builders - 0.7% | |||||
| 3,921,000 | Beazer Homes USA, Inc., 5.875%, 10/15/27 | $3,842,580 | |||
| 245,000 | Beazer Homes USA, Inc., 7.25%, 10/15/29 (144A) | 256,637 | |||
| 590,000 | Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.25%, 9/15/27 (144A) | 601,800 | |||
| 4,258,000 | KB Home, 7.625%, 5/15/23 | 4,838,153 | |||
| 1,787,000 | Lennar Corp., 4.75%, 11/29/27 | 1,929,960 | |||
| Total Home Builders | $11,469,130 | ||||
Iron/Steel - 0.2% | |||||
| 3,397,000 | Commercial Metals Co., 5.375%, 7/15/27 | $3,486,171 | |||
| Total Iron/Steel | $3,486,171 | ||||
Machinery-Diversified - 0.2% | |||||
| 2,886,000 | Cloud Crane LLC, 10.125%, 8/1/24 (144A) | $3,048,337 | |||
| Total Machinery-Diversified | $3,048,337 | ||||
Media - 0.7% | |||||
| 2,777,000 | Clear Channel Worldwide Holdings, Inc., 9.25%, 2/15/24 (144A) | $3,054,700 | |||
| 3,770,000 | Diamond Sports Group LLC/Diamond Sports Finance Co., 6.625%, 8/15/27 (144A) | 3,883,100 | |||
| 4,010,000 | Gray Television, Inc., 5.875%, 7/15/26 (144A) | 4,215,593 | |||
| 445,000 | Sinclair Television Group, Inc., 5.875%, 3/15/26 (144A) | 465,025 | |||
| Total Media | $11,618,418 | ||||
Mining - 0.4% | |||||
| 1,908,000 | First Quantum Minerals, Ltd., 6.875%, 3/1/26 (144A) | $1,867,455 | |||
| 2,379,000 | Hudbay Minerals, Inc., 7.25%, 1/15/23 (144A) | 2,459,054 | |||
| 1,265,000 | Hudbay Minerals, Inc., 7.625%, 1/15/25 (144A) | 1,287,928 | |||
| 530,000 | Joseph T Ryerson & Son, Inc., 11.0%, 5/15/22 (144A) | 561,138 | |||
| Total Mining | $6,175,575 | ||||
| Principal Amount USD ($) | Value | ||||
Oil & Gas - 0.3% | |||||
| 1,822,000 | Great Western Petroleum LLC/Great Western Finance Corp., 9.0%, 9/30/21 (144A) | $1,480,375 | |||
| 2,523,000 | Gulfport Energy Corp., 6.0%, 10/15/24 | 1,621,027 | |||
| 305,000 | MEG Energy Corp., 7.0%, 3/31/24 (144A) | 285,938 | |||
| 1,515,000 | PBF Holding Co. LLC/PBF Finance Corp., 7.0%, 11/15/23 | 1,560,450 | |||
ARS | 22,000,000 | YPF SA, 16.5%, 5/9/22 (144A) | 125,556 | ||
| Total Oil & Gas | $5,073,346 | ||||
Oil & Gas Services - 0.3% | |||||
| 860,000 | Archrock Partners LP/Archrock Partners Finance Corp., 6.0%, 10/1/22 | $866,450 | |||
| 1,711,000 | Archrock Partners LP/Archrock Partners Finance Corp., 6.875%, 4/1/27 (144A) | 1,766,436 | |||
| 3,449,000 | FTS International, Inc., 6.25%, 5/1/22 | 2,461,724 | |||
| Total Oil & Gas Services | $5,094,610 | ||||
Packaging & Containers - 0.4% | |||||
EUR | 2,780,000(e) | ARD Finance SA, 6.625% (7.375% PIK 0.0% cash), 9/15/23 | $3,206,762 | ||
| 350,000(e) | ARD Finance SA, 7.125% (7.875% PIK 0.0% cash), 9/15/23 | 363,562 | |||
| 2,350,000 | Sealed Air Corp., 6.875%, 7/15/33 (144A) | 2,737,750 | |||
| Total Packaging & Containers | $6,308,074 | ||||
Pharmaceuticals - 0.5% | |||||
| 623,000 | Bausch Health Cos., Inc., 5.875%, 5/15/23 (144A) | $632,345 | |||
| 989,000 | Bausch Health Cos., Inc., 7.0%, 1/15/28 (144A) | 1,066,884 | |||
| 2,554,000 | Bausch Health Cos., Inc., 7.25%, 5/30/29 (144A) | 2,812,592 | |||
| 1,845,000 | Par Pharmaceutical, Inc., 7.5%, 4/1/27 (144A) | 1,752,750 | |||
| 2,532,000 | Teva Pharmaceutical Finance Netherlands III BV, 2.8%, 7/21/23 | 2,190,180 | |||
| Total Pharmaceuticals | $8,454,751 | ||||
Pipelines - 1.0% | |||||
| 3,619,000 | American Midstream Partners LP/American Midstream Finance Corp., 9.5%, 12/15/21 (144A) | $3,365,670 | |||
| 2,200,000 | Delek Logistics Partners LP/Delek Logistics Finance Corp., 6.75%, 5/15/25 | 2,194,500 | |||
| 458,000 | EnLink Midstream Partners LP, 5.05%, 4/1/45 | 343,500 | |||
| 3,328,000 | EnLink Midstream Partners LP, 5.6%, 4/1/44 | 2,554,240 | |||
| 3,617,000 | Genesis Energy LP/Genesis Energy Finance Corp., 6.25%, 5/15/26 | 3,345,725 | |||
| 1,570,000 | Global Partners LP/GLP Finance Corp., 7.0%, 6/15/23 | 1,622,179 | |||
| 400,000 | Global Partners LP/GLP Finance Corp., 7.0%, 8/1/27 (144A) | 416,068 | |||
| 690,000 | PBF Logistics LP/PBF Logistics Finance Corp., 6.875%, 5/15/23 | 707,250 | |||
| 1,115,000 | Sabine Pass Liquefaction LLC, 5.75%, 5/15/24 | 1,244,379 | |||
| 722,000 | Sabine Pass Liquefaction LLC, 5.875%, 6/30/26 | 829,037 | |||
| Total Pipelines | $16,622,548 | ||||
Retail - 0.6% | |||||
| 3,180,000 | AAG FH LP/AAG FH Finco, Inc., 9.75%, 7/15/24 (144A) | $2,933,550 | |||
| 4,030,000 | KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 6/1/27 (144A) | 4,205,104 | |||
| 2,491,000 | Michaels Stores, Inc., 8.0%, 7/15/27 (144A) | 2,459,115 | |||
| Total Retail | $9,597,769 | ||||
Telecommunications - 4.6% | |||||
| 34,288,000 | CenturyLink, Inc., 7.6%, 9/15/39 | $34,888,040 | |||
| 36,502,000 | CenturyLink, Inc., 7.65%, 3/15/42 | 37,049,530 | |||
| 3,389,000 | CommScope, Inc., 8.25%, 3/1/27 (144A) | 3,210,162 | |||
| 2,525,000 | Windstream Services LLC/Windstream Finance Corp., 8.625%, 10/31/25 (144A) | 2,528,156 | |||
| Total Telecommunications | $77,675,888 | ||||
| TOTAL CORPORATE BONDS | |||||
(Cost $325,236,357) | $341,448,469 | ||||
| FOREIGN GOVERNMENT BONDS - 4.3% of Net Assets | |||||
Egypt - 0.6% | |||||
EGP | 167,150,000 | Egypt Treasury Bills, 17.646%, 2/4/20 | $9,957,906 | ||
| Total Egypt | $9,957,906 | ||||
Indonesia - 3.7% | |||||
IDR | 270,777,000,000 | Indonesia Treasury Bond, 8.375%, 3/15/24 | $20,686,846 | ||
IDR | 291,780,000,000 | Indonesia Treasury Bond, 8.75%, 5/15/31 | 23,149,187 | ||
IDR | 220,520,000,000 | Indonesia Treasury Bond, 9.0%, 3/15/29 | 17,753,632 | ||
| Total Indonesia | $61,589,665 | ||||
| TOTAL FOREIGN GOVERNMENT BONDS | |||||
(Cost $66,298,158) | $71,547,571 | ||||
| INSURANCE-LINKED SECURITIES - 2.1% of Net Assets(f) | |||||
Catastrophe Linked Bonds - 1.0% | |||||
| Earthquakes - California - 0.0%† | |||||
| 250,000(c) | Ursa Re, 5.034% (3 Month U.S. Treasury Bill + 350 bps), 5/27/20 (144A) | $248,150 | |||
| Earthquakes - Japan - 0.1% | |||||
| 500,000(c) | Kizuna Re II, 3.412% (3 Month U.S. Treasury Bill + 188 bps), 4/11/23 (144A) | $494,350 | |||
| 500,000(c) | Kizuna Re II, 4.037% (3 Month U.S. Treasury Bill + 250 bps), 4/11/23 (144A) | 494,050 | |||
| 250,000(c) | Nakama Re, 3.805% (6 Month USD LIBOR + 220 bps), 10/13/21 (144A) | 248,375 | |||
| $1,236,775 | |||||
| Earthquakes - U.S. - 0.0%† | |||||
| 400,000(c) | Acorn Re, 4.551% (3 Month USD LIBOR + 275 bps), 11/10/21 (144A) | $397,280 | |||
| Earthquakes - U.S. Regional - 0.0%† | |||||
| 500,000(c) | Merna Re, 3.537% (3 Month U.S. Treasury Bill + 200 bps), 4/8/21 (144A) | $497,950 | |||
| Flood - U.S. - 0.0%† | |||||
| 250,000(c) | FloodSmart Re, 12.784% (3 Month U.S. Treasury Bill + 1,125 bps), 3/7/22 (144A) | $251,375 | |||
| Principal Amount USD ($) | Value | ||||
| Multiperil - U.S. - 0.4% | |||||
| 750,000(c) | Bowline Re, 6.034% (3 Month U.S. Treasury Bill + 450 bps), 5/23/22 (144A) | $742,875 | |||
| 1,100,000(c) | Kilimanjaro II Re, 8.063% (6 Month USD LIBOR + 630 bps), 4/20/21 (144A) | 1,111,770 | |||
| 250,000(c) | Kilimanjaro II Re, 8.083% (6 Month USD LIBOR + 630 bps), 4/21/22 (144A) | 252,550 | |||
| 750,000(c) | Kilimanjaro II Re, 9.673% (6 Month USD LIBOR + 791 bps), 4/20/21 (144A) | 756,150 | |||
| 250,000(c) | Kilimanjaro Re, 6.75% (3 Month U.S. Treasury Bill + 675 bps), 12/6/19 (144A) | 248,875 | |||
| 750,000(c) | Kilimanjaro Re, 6.783% (3 Month USD LIBOR + 494 bps), 5/6/22 (144A) | 741,375 | |||
| 250,000(c) | Residential Reinsurance 2017, 7.294% (3 Month U.S. Treasury Bill + 576 bps), 12/6/21 (144A) | 246,425 | |||
| 750,000(c) | Sanders Re, 4.734% (6 Month USD LIBOR + 299 bps), 12/6/21 (144A) | 737,100 | |||
| 750,000(c) | Spectrum Re, 7.994% (6 Month USD LIBOR + 575 bps), 6/8/21 (144A) | 752,700 | |||
| $5,589,820 | |||||
| Multiperil - U.S. Regional - 0.0%† | |||||
| 750,000(c) | Long Point Re III, 4.287% (3 Month U.S. Treasury Bill + 275 bps), 6/1/22 (144A) | $751,125 | |||
| Multiperil - Worldwide - 0.2% | |||||
| 700,000(c) | Galilei Re, 8.641% (6 Month USD LIBOR + 678 bps), 1/8/20 (144A) | $700,490 | |||
| 550,000(c) | Galilei Re, 8.661% (6 Month USD LIBOR + 678 bps), 1/8/21 (144A) | 550,550 | |||
| 500,000(c) | Galilei Re, 10.491% (6 Month USD LIBOR + 863 bps), 1/8/20 (144A) | 500,900 | |||
| 250,000(c) | Galilei Re, 15.721% (6 Month USD LIBOR + 1,386 bps), 1/8/20 (144A) | 250,975 | |||
| 750,000(c) | Kendall Re, 7.329% (3 Month USD LIBOR + 525 bps), 5/6/21 (144A) | 735,975 | |||
| $2,738,890 | |||||
| Pandemic - Worldwide - 0.0%† | |||||
| 250,000(c) | International Bank for Reconstruction & Development, 8.713% (6 Month USD LIBOR + 690 bps), 7/15/20 (144A) | $250,625 | |||
| Windstorm - Florida - 0.1% | |||||
| 500,000(c) | Integrity Re, 4.843% (6 Month USD LIBOR + 328 bps), 6/10/20 (144A) | $506,100 | |||
| 250,000(c) | Integrity Re, 5.74% (3 Month USD LIBOR + 401 bps), 6/10/22 (144A) | 248,375 | |||
| 500,000(c) | Sanders Re, 4.824% (6 Month USD LIBOR + 314 bps), 6/5/20 (144A) | 506,100 | |||
| $1,260,575 | |||||
| Windstorm - Massachusetts - 0.1% | |||||
| 1,500,000(c) | Cranberry Re, 3.556% (6 Month USD LIBOR + 198 bps), 7/13/20 (144A) | $1,507,500 | |||
| Windstorm - Texas - 0.1% | |||||
| 1,000,000(c) | Alamo Re, 5.014% (1 Month U.S. Treasury Bill + 348 bps), 6/7/21 (144A) | $1,006,500 | |||
| 500,000(c) | Alamo Re, 5.344% (3 Month U.S. Treasury Bill + 381 bps), 6/8/20 (144A) | 505,850 | |||
| $1,512,350 | |||||
| Total Catastrophe Linked Bonds | $16,242,415 | ||||
| Face Amount USD ($) | Value | ||||
Collateralized Reinsurance - 0.0†% | |||||
| Multiperil - U.S. - 0.0%† | |||||
| 300,000+(a)(g) | Dingle Re 2019, 2/1/20 | $304,317 | |||
| Multiperil - U.S. Regional - 0.0%† | |||||
| 250,000+(a)(g) | Ocean View Re 2019, 6/30/20 | $246,494 | |||
| Multiperil - Worldwide - 0.0%† | |||||
| 700,000+(a)(g) | Cypress Re 2017, 1/10/20 | $12,740 | |||
| 12,000+(g) | Limestone Re 2016-1, 8/31/21 | 14,540 | |||
| 12,000+(g) | Limestone Re 2016-1, 8/31/21 | 14,541 | |||
| 700,000+(a)(g) | Resilience Re, 5/1/20 | 490 | |||
| 300,000+(a)(g) | Walton Health Re 2019, 6/30/20 | 263,014 | |||
| $305,325 | |||||
| Windstorm - U.S. Regional - 0.0%† | |||||
| 250,000+(a)(g) | Oakmont Re 2017, 4/15/20 | $7,350 | |||
| Total Collateralized Reinsurance | $863,486 | ||||
Industry Loss Warranties - 0.0%† | |||||
| Multiperil - U.S. - 0.0%† | |||||
| 250,000+(a)(g) | Cypress Re 2019, 1/31/20 | $250,325 | |||
| Total Industry Loss Warranties | $250,325 | ||||
Reinsurance Sidecars - 1.1% | |||||
| Multiperil - U.S. - 0.1% | |||||
| 700,000+(a)(g) | Carnoustie Re 2015, 7/31/20 | $2,240 | |||
| 700,000+(a)(g) | Carnoustie Re 2016, 11/30/20 | 18,900 | |||
| 1,500,000+(a)(g) | Carnoustie Re 2017, 11/30/21 | 381,300 | |||
| 1,500,000+(a)(h) | Harambee Re 2019, 12/31/22 | 1,604,850 | |||
| $2,007,290 | |||||
| Multiperil - Worldwide - 1.0% | |||||
| 600,000+(a)(g) | Alturas Re 2019-1, 3/10/23 | $642,120 | |||
| 1,000,000+(a)(g) | Alturas Re 2019-2, 3/10/22 | 1,066,000 | |||
| 1,000,000+(a)(g) | Arlington Re 2015, 2/1/20 | 48,600 | |||
| 750,000+(a)(g) | Bantry Re 2019, 12/31/22 | 786,009 | |||
| 900,000+(a)(g) | Berwick Re 2017-1, 2/1/20 | 29,790 | |||
| 46,259+(g) | Berwick Re 2018-1, 12/31/21 | 7,387 | |||
| 1,391,977+(a)(g) | Berwick Re 2019-1, 12/31/22 | 1,489,936 | |||
| 1,500,000+(a)(g) | Eden Re II, 3/22/23 (144A) | 1,698,600 | |||
| Face Amount USD ($) | Value | ||||
| Multiperil - Worldwide - (continued) | |||||
| 750,000+(a)(g) | Gleneagles Re 2019, 12/31/22 | $805,769 | |||
| 648,000+(a)(g) | Limestone Re 2019-A, 9/9/22 | 707,033 | |||
| 476,000+(a)(g) | Limestone Re 2019-B, 9/9/22 | 519,363 | |||
| 1,250,000+(a)(h) | NCM Re 2019, 12/31/22 | 1,330,875 | |||
| 1,200,000+(g) | Pangaea Re 2015-1, 2/1/20 | 1,570 | |||
| 2,000,000+(g) | Pangaea Re 2015-2, 5/29/20 | 2,982 | |||
| 1,200,000+(g) | Pangaea Re 2016-1, 11/30/20 | 3,292 | |||
| 1,500,000+(a)(g) | Pangaea Re 2017-1, 11/30/21 | 24,150 | |||
| 1,250,000+(a)(g) | Pangaea Re 2019-1, 2/1/23 | 1,243,500 | |||
| 500,000+(a)(g) | Sector Re V, Series 9, Class A, 3/1/24 (144A) | 367,614 | |||
| 1,000,000+(a)(g) | St. Andrews Re 2017-1, 2/1/20 | 67,800 | |||
| 608,294+(a)(g) | St. Andrews Re 2017-4, 6/1/20 | 59,856 | |||
| 1,500,000+(a)(h) | Thopas Re 2019, 12/31/22 | 1,530,450 | |||
| 1,500,000+(a)(g) | Versutus Re 2017, 11/30/21 | 19,500 | |||
| 1,600,000+(a)(g) | Versutus Re 2019-B, 12/31/21 | 1,705,280 | |||
| 1,500,000+(a)(h) | Viribus Re 2019, 12/31/22 | 1,732,500 | |||
| 600,000+(a)(g) | Woburn Re 2019, 12/31/22 | 647,574 | |||
| $16,537,550 | |||||
| Total Reinsurance Sidecars | $18,544,840 | ||||
| TOTAL INSURANCE-LINKED SECURITIES | |||||
(Cost $35,051,930) | $35,901,066 | ||||
| Shares | Value | ||||
| EQUITY LINKED NOTES - 18.0% of Net Assets | |||||
| Aerospace & Defense - 0.3% | |||||
| 29,600 | Credit Suisse AG London (Raytheon Co.), 6.1%, 12/19/19 | $5,772,873 | |||
| Total Aerospace & Defense | $5,772,873 | ||||
Banks - 1.7% | |||||
| 175,000 | Citigroup Global Markets Holdings, Inc. (Bank of America Corp.), 7.34%, 5/6/20 (144a) | $5,418,000 | |||
| 24,050 | Citigroup Global Markets Holdings, Inc. (SVB Financial Group), 10.07%, 6/24/20 (144a) | 5,188,066 | |||
| 163,700 | Merrill Lynch International (Morgan Stanley), 3/5/20 | 7,387,781 | |||
| 28,000 | Merrill Lynch International (SVB Financial Group), 10.91%, 2/5/20 | 6,361,600 | |||
| 275,000 | Wells Fargo Bank National Association (Credit Suisse Group AG), 9.0%, 5/12/20 | 3,575,000 | |||
| Total Banks | $27,930,447 | ||||
| Biotechnology - 0.2% | |||||
| 12,000(a) | UBS AG (Biogen, Inc.), 12.75%, 10/30/20 | $3,584,520 | |||
| Total Biotechnology | $3,584,520 | ||||
| Building Products - 0.3% | |||||
| 70,800 | Wells Fargo Bank National Association (Owens Coming), 10.55%, 9/22/20 | $4,369,776 | |||
| Total Building Products | $4,369,776 | ||||
Commercial Services - 2.3% | |||||
| 69,300 | BNP Paribas Issuance (United Rentals, Inc.), 13.55%, 12/24/19 | $9,324,315 | |||
| 54,000 | Citigroup Global Markets (United Rentals, Inc.), 10.95%, 4/27/20 (144a) | 7,128,540 | |||
| 69,300 | Credit Suisse AG London (United Rentals, Inc.), 13.6%, 12/24/19 | 9,144,239 | |||
| 52,000 | Merrill Lynch International (United Rentals, Inc.), 2/7/20 | 6,808,100 | |||
| 45,500 | Royal Bank of Canada (United Rentals, Inc.), 18.66%, 12/5/19 | 5,627,895 | |||
| Total Commercial Services | $38,033,089 | ||||
Diversified Telecommunication Services - 0.9% | |||||
| 683,200 | Goldman Sachs International (CenturyLink, Inc.), 18.9%, 2/18/20 | $8,659,560 | |||
| 486,000 | JP Morgan Structured Products (CenturyLink, Inc.), 17.75%, 5/19/20 | 5,623,020 | |||
| Total Diversified Telecommunication Services | $14,282,580 | ||||
Entertainment - 1.5% | |||||
| 90,500 | Citigroup Global Markets (Electronics Arts, Inc.), 10.7%, 1/14/20 (144A) | $8,235,500 | |||
| 93,500 | Citigroup Global Markets (iQIYI, Inc.), 18.8%, 3/4/20 (144a) | 1,779,305 | |||
| 425,600 | Goldman Sachs International (Gamestop Corp.), 39.6%, 3/16/20 | 2,106,294 | |||
| 425,600 | Goldman Sachs International (Gamestop Corp.), 49.85%, 12/16/19 | 2,159,494 | |||
| 425,600 | Morgan Stanley BV (Gamestop Corp.), 3/13/20 | 2,072,672 | |||
| 414,000 | Wells Fargo Bank National Association (iQIYI, Inc.), 20.26%, 2/6/20 | 7,671,420 | |||
| Total Entertainment | $24,024,685 | ||||
Food & Staples Retailing - 1% | |||||
| 163,800(b) | BNP Paribas Issuance (Walgreens Boots Alliance, Inc.), 0.0% (N/A + 0 bps), 4/21/20 (144A) | $9,118,746 | |||
| 130,000 | Credit Suisse AG London (Walgreens Boots Alliance, Inc.), 8.7%, 8/12/20 | 7,024,875 | |||
| Total Food & Staples Retailing | $16,143,621 | ||||
| Insurance - 1.1% | |||||
| 109,200 | Credit Suisse AG London (Progressive Corp.), 7.3%, 10/16/20 | $7,793,932 | |||
| 190,900 | UBS AG (American International Group), 6.9%, 7/22/20 | 10,144,426 | |||
| Total Insurance | $17,938,358 | ||||
Internet & Direct Marketing Retail - 1.6% | |||||
| 52,900 | BNP Paribas Issuance (Alibaba Group Holding,, Ltd.), 10.43%, 12/24/19 | $9,253,533 | |||
| 4,500 | Citigroup Global Markets (Booking Holdings, Inc.), 7.2%, 3/4/20 (144a) | 8,970,030 | |||
| 283,200 | Wells Fargo & Company (eBay, Inc.), 9.11%, 11/12/19 | 8,255,280 | |||
| Total Internet & Direct Marketing Retail | $26,478,843 | ||||
IT Services - 0.7% | |||||
| 48,300 | JP Morgan Structured Products (Cognizant Technology Solutions Corp.), 6.63%, 4/17/20 | $3,044,832 | |||
| Shares | Value | ||||
| IT Services - (continued) | |||||
| 141,300 | Wells Fargo Bank National Association (Cognizant Technology Solutions Corp.), 7.65%, 6/9/20 | $8,763,426 | |||
| Total IT Services | $11,808,258 | ||||
Marine - 0.2% | |||||
| 3,200 | Credit Suisse AG London (AP Moller-Maersk AS), 3/9/20 | $4,076,390 | |||
| Total Marine | $4,076,390 | ||||
Mining - 0.7% | |||||
| 202,700 | BNP Paribas Issuance (Freeport-McMoRan, Inc.), 9.47%, 12/24/19 | $9,343,457 | |||
| 273,000 | BNP Paribas Issuance (Freeport-McMoRan, Inc.), 13.1%, 4/13/20 (144A) | 2,972,970 | |||
| Total Mining | $12,316,427 | ||||
| Pharmaceuticals - 0.1% | |||||
| 19,000 | Merrill Lynch International (Reata Pharmaceuticals, Inc.), 36.39%, 9/29/20 | $1,920,756 | |||
| Total Pharmaceuticals | $1,920,756 | ||||
Semiconductors & Semiconductor Equipment - 3.4% | |||||
| 153,000 | BNP Paribas Issuance (Advanced Micro Devices), 21.45%, 11/26/19 (144A) | $3,464,624 | |||
| 136,000 | Credit Suisse AG London (Micron Technology, Inc.), 13.75%, 10/8/20 | 6,199,424 | |||
| 136,000 | Credit Suisse AG London (Micron Technology, Inc.), 17.6%, 1/2/20 | 6,308,224 | |||
| 330,000 | Goldman Sachs International (Micron Technology, Inc.), 11/12/19 | 13,623,060 | |||
EUR | 544,500 | JP Morgan Structured Products (Infineon Technologies AG), 10.44%, 12/24/19 | 9,235,770 | ||
| 113,700 | Merrill Lynch International (Micron Technologies, Inc.), 17.26%, 1/28/20 | 5,406,435 | |||
| 189,000 | Royal Bank of Canada (Micron Technology, Inc.), 18.51%, 1/6/20 | 8,784,720 | |||
| 110,500 | Wells Fargo & Company (Micron Technology, Inc.), 15.78%, 12/23/19 | 4,147,065 | |||
| Total Semiconductors & Semiconductor Equipment | $57,169,322 | ||||
Software - 0.5% | |||||
| 157,700 | Citigroup Global Markets Holdings, Inc. (Oracle Corp.), 6.62%, 6/29/20 (144A) | $8,624,613 | |||
| Total Software | $8,624,613 | ||||
Technology Hardware, Storage & Peripherals - 1% | |||||
| 130,000 | BNP Paribas Issuance (NetApp, Inc.), 10.63%, 4/7/20 | $7,632,950 | |||
| 50,000 | Wells Fargo Bank National Association (Apple, Inc.), 7.81%, 2/28/20 | 9,368,700 | |||
| Total Technology Hardware, Storage & Peripherals | $17,001,650 | ||||
Trading Companies & Distributors - 0.5% | |||||
| 73,700 | Wells Fargo & Company (AerCap Holdings NV), 8.66%, 1/16/20 | $3,267,121 | |||
| 105,900 | Wells Fargo Bank National Association (AerCap Holdings NV), 7.13%, 12/24/19 | 5,716,482 | |||
| Total Trading Companies & Distributors | $8,983,603 | ||||
| TOTAL EQUITY LINKED NOTES | |||||
(Cost $296,926,320) | $300,459,811 | ||||
| INVESTMENT COMPANIES - 2.4% of Net Assets | |||||
GBP | 261,533(a) | Dragon Capital - Vietnam Enterprise Investments, Ltd., Class C | $1,641,165 | ||
| 5,024,767 | Invesco Senior Income Trust | 21,003,526 | |||
| 3,466,662 | Voya Prime Rate Trust | 16,639,977 | |||
| TOTAL INVESTMENT COMPANIES | |||||
(Cost $41,111,890) | $39,284,668 | ||||
| RIGHTS/WARRANTS - 0.3% of Net Assets | |||||
Banks - 0.3% | |||||
| 63,200(a)(i) | Merrill Lynch International | $4,041,640 | |||
| Total Banks | $4,041,640 | ||||
Health Care Providers & Services - 0.0%† | |||||
| 959,816(j) | ANR, Inc. | $10,558 | |||
| Total Health Care Providers & Services | $10,558 | ||||
| TOTAL RIGHTS/WARRANTS | |||||
(Cost $4,259,730) | $4,052,198 | ||||
| Number of Contracts | Description | Counterparty | Notional | Strike Price | Expiration Date | Value | |||||
| OVER THE COUNTER (OTC) PUT OPTIONS PURCHASED - 0.0%† | |||||||||||
| 675,000 | KKR & Co. | Citibank NA | USD | 982,125 | USD | 24 | 1/17/20 | $203,850 | |||
| 57,334 | S&P 500 Index | Citibank NA | USD | 3,998,427 | USD | 2,795 | 11/15/19 | 67,528 | |||
| 30,935 | S&P 500 Index | Citibank NA | USD | 3,045,041 | USD | 2,662 | 11/15/19 | 13,166 | |||
| $284,544 | |||||||||||
| TOTAL OVER THE COUNTER (OTC) PUT OPTIONS PURCHASED | |||||||||||
(Premiums paid $8,025,593) | $284,544 | ||||||||||
| TOTAL OPTIONS PURCHASED | |||||||||||
(Premiums paid $8,025,593) | $284,544 | ||||||||||
| Principal Amount USD ($) | Value | ||||||||||
| TEMPORARY CASH INVESTMENTS - 0.2% of Net Assets | |||||||||||
| REPURCHASE AGREEMENT - 0.2% | |||||||||||
| 4,180,000 | $4,180,000 Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.75%, dated 10/31/19 plus accrued interest on 11/1/19 collateralized by $4,263,600 Government National Mortgage Association, 4.5% - 5.0%, 5/20/49. | $4,180,000 | |||||||||
| TOTAL TEMPORARY CASH INVESTMENTS | |||||||||||
(Cost $4,180,000) | $4,180,000 | ||||||||||
| TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS - 97.0% | |||||||||||
(Cost $1,585,392,752) | $1,622,250,383 | ||||||||||
| Shares | Dividend Income | Net Realized Gain (Loss) | Change in Net Unrealized Appreciation (Depreciation) | Value | |||||
| AFFILIATED ISSUER - 0.4% | |||||||||
| CLOSED-END FUND - 0.4% of Net Assets | |||||||||
| 737,334 | Pioneer Floating Rate Trust(k) | $143,577 | $(29,053) | $(71,136) | $7,719,887 | ||||
| TOTAL CLOSED-END FUND | |||||||||
(Cost $8,148,091) | $7,719,887 | ||||||||
| TOTAL INVESTMENTS IN AFFILIATED ISSUER - 0.4% | |||||||||
(Cost $8,148,091) | $7,719,887 | ||||||||
| OTHER ASSETS AND LIABILITIES - 2.6% | $42,850,854 | ||||||||
| NET ASSETS - 100.0% | $1,672,821,124 | ||||||||
bps | Basis Points. | |
LIBOR | London Interbank Offered Rate. | |
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 October 31, 2019, the value of these securities amounted to $312,599,023, or 18.7% of net assets. | |
(G.D.R.) | Global Depositary Receipts. |
† | Amount rounds to less than 0.1%. | |
+ | Security that used significant unobservable inputs to determine its value. | |
(a) | Non-income producing security. | |
(b) | The interest rate is subject to change periodically. The interest rate and/or reference index and spread is shown at October 31, 2019. | |
(c) | Floating rate note. Coupon rate, reference index and spread shown at October 31, 2019. | |
(d) | Security is perpetual in nature and has no stated maturity date. | |
(e) | Payment-in-kind (PIK) security which may pay interest in the form of additional principal amount. | |
(f) | Securities are restricted as to resale. | |
(g) | Issued as participation notes. | |
(h) | Issued as preference shares. | |
(i) | Merrill Lynch International warrants are exercisable into 63,200 shares. | |
(j) | ANR, Inc. warrants are exercisable into 959,816 shares. | |
(k) | Pioneer Floating Rate Trust is an affiliated fund managed by Amundi Pioneer Asset Management, Inc., (the “Adviser”). |
| FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | |||||||||||||||||
| Currency Purchased | In Exchange for | Currency Sold | Deliver | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | |||||||||||
EUR | 8,169,217 | SEK | (88,462,000 | ) | Goldman Sachs International | 12/2/19 | $ | (47,539 | ) | ||||||||
SEK | 170,119,979 | EUR | (15,946,065 | ) | Goldman Sachs International | 12/2/19 | (172,025 | ) | |||||||||
COP | 14,647,490,554 | USD | (4,267,047 | ) | HSBC Bank USA NA | 12/17/19 | 59,192 | ) | |||||||||
NOK | 38,084,493 | EUR | (3,824,743 | ) | HSBC Bank USA NA | 11/29/19 | (132,135 | ) | |||||||||
PHP | 935,000,000 | USD | (18,247,107 | ) | JPMorgan Chase Bank NA | 12/17/19 | 131,747 | ||||||||||
AUD | 25,686,727 | NZD | (27,748,567 | ) | State Street Bank & Trust Co. | 12/19/19 | (91,173 | ) | |||||||||
NOK | 39,610,305 | USD | (4,380,217 | ) | State Street Bank & Trust Co. | 11/26/19 | (77,209 | ) | |||||||||
| TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | $ | (329,142 | ) | ||||||||||||||
| FUTURES CONTRACT |
INDEX FUTURES CONTRACT | ||||||||||||||||
Number of Contracts Short | Description | Expiration Date | Notional Amount | Market Value | Unrealized (Depreciation) | |||||||||||
1,448 | S&P 500 EMINI | 12/20/19 | $ | 217,338,436 | $ | 219,788,300 | $ | (2,449,864 | ) | |||||||
| TOTAL FUTURES CONTRACT | $ | 217,338,436 | $ | 219,788,300 | $ | (2,449,864 | ) | |||||||||
Principal amounts are denominated in U.S. dollars ("USD") unless otherwise noted. |
ARS | - | Argentine Peso |
AUD | - | Australian Dollar |
COP | - | Colombian Peso |
EGP | - | Egyptian Pound |
EUR | - | Euro |
GBP | - | Great British Pound |
IDR | - | Indonesian Rupiah |
NOK | - | Norwegian Krone |
NZD | - | New Zealand Dollar |
PHP | - | Philippine Peso |
SEK | - | Swedish Krona |
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 - 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 October 31, 2019, in valuing the Fund's investments: | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | $ | 804,411,249 | $ | – | $ | – | $ | 804,411,249 | ||||||||
Asset Backed Securities | – | 671,522 | – | 671,522 | ||||||||||||
Collateralized Mortgage Obligations | – | 20,009,285 | – | 20,009,285 | ||||||||||||
Corporate Bonds | – | 341,448,469 | – | 341,448,469 | ||||||||||||
Foreign Government Bonds | – | 71,547,571 | – | 71,547,571 | ||||||||||||
Insurance-Linked Securities | ||||||||||||||||
| Collateralized Reinsurance | ||||||||||||||||
| Multiperil - U.S. | – | – | 304,317 | 304,317 | ||||||||||||
| Multiperil - U.S. Regional | – | – | 246,494 | 246,494 | ||||||||||||
| Multiperil - Worldwide | – | – | 305,325 | 305,325 | ||||||||||||
| Windstorm - U.S. Regional | – | – | 7,350 | 7,350 | ||||||||||||
| Industry Loss Warranties | ||||||||||||||||
| Multiperil - U.S. | – | – | 250,325 | 250,325 | ||||||||||||
| Reinsurance Sidecars | ||||||||||||||||
| Multiperil - U.S. | – | – | 2,007,290 | 2,007,290 | ||||||||||||
| Multiperil - Worldwide | – | – | 16,537,550 | 16,537,550 | ||||||||||||
| All Other Insurance-Linked Securities | – | 16,242,415 | – | 16,242,415 | ||||||||||||
Equity Linked Notes | – | 300,459,811 | – | 300,459,811 | ||||||||||||
Investment Companies | 39,284,668 | – | – | 39,284,668 | ||||||||||||
Rights/Warrants | – | 4,052,198 | – | 4,052,198 | ||||||||||||
Over The Counter (OTC) Put Options Purchased | – | 284,544 | – | 284,544 | ||||||||||||
Repurchase Agreement | – | 4,180,000 | – | 4,180,000 | ||||||||||||
Affiliated Closed-End Fund | 7,719,887 | – | – | 7,719,887 | ||||||||||||
| Total Investments in Securities | $ | 851,415,804 | $ | 758,895,815 | $ | 19,658,651 | $ | 1,629,970,270 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Net unrealized depreciation on forward foreign currency exchange contracts | $ | – | $ | (329,142 | ) | $ | – | $ | (329,142 | ) | ||||||
| Net unrealized depreciation on futures contracts | (2,449,864 | ) | – | – | (2,449,864 | ) | ||||||||||
| Total Other Financial Instruments | $ | (2,449,864 | ) | $ | (329,142 | ) | $ | – | $ | (2,779,006 | ) | |||||
| Insurance-Linked Securities | ||||
Balance as of 7/31/19 | $ | 19,483,969 | ||
Realized gain (loss) | -- | |||
Changed in unrealized appreciation (depreciation) | 287,697 | |||
Accrued discounts/premiums | -- | |||
Purchases | -- | |||
Sales | (113,015 | ) | ||
Transfers in to Level 3* | -- | |||
Transfers out of Level 3* | -- | |||
| Balance as of 10/31/19 | $ | 19,658,651 | ||
| * | Transfers are calculated on the beginning of period value. The change in the level designation within the fair hierarchy was due to a change in classification from Corporate Bonds to Insured-Linked Securities. During the three months ended October 31, 2019, there were no transfers between Levels 1, 2 and 3. |
