Pioneer Variable Contracts Trust
Pioneer High Yield
VCT Portfolio
Class I and II Shares
Schedule of Investments | March 31, 2024
Pioneer High Yield VCT Portfolio | Pioneer Variable Contracts Trust |
Schedule of Investments 3/31/24 (unaudited)
Principal Amount USD ($) | Value | |||||
UNAFFILIATED ISSUERS — 96.6% | ||||||
Senior Secured Floating Rate Loan Interests — 1.6% of Net Assets*(a) | ||||||
Auto Parts & Equipment — 0.6% | ||||||
156,807 | First Brands Group LLC, First Lien 2021 Term Loan, 10.574% (Term SOFR + 500 bps), 3/30/27 | $ 157,238 | ||||
Total Auto Parts & Equipment | $157,238 | |||||
Building & Construction Products — 0.1% | ||||||
25,000(b) | MIWD Holdco II LLC, Term Loan, 3/20/31 | $ 25,148 | ||||
Total Building & Construction Products | $25,148 | |||||
Electric-Generation — 0.2% | ||||||
53,811 | Generation Bridge Northeast LLC, Term Loan B, 8.826% (Term SOFR + 350 bps), 8/22/29 | $ 54,080 | ||||
Total Electric-Generation | $54,080 | |||||
Metal Processors & Fabrication — 0.2% | ||||||
60,465 | Grinding Media, Inc. (Molycop, Ltd.), First Lien Initial Term Loan, 9.591% (Term SOFR + 400 bps), 10/12/28 | $ 60,313 | ||||
Total Metal Processors & Fabrication | $60,313 | |||||
Physical Practice Management — 0.5% | ||||||
132,306 | Team Health Holdings, Inc., Extended Term Loan, 10.563% (Term SOFR + 525 bps), 3/2/27 | $ 117,753 | ||||
Total Physical Practice Management | $117,753 | |||||
Total Senior Secured Floating Rate Loan Interests (Cost $415,795) | $414,532 | |||||
Shares | ||||||
Common Stock — 0.3% of Net Assets | ||||||
Passenger Airlines — 0.3% | ||||||
6,730 | Grupo Aeromexico SAB de CV | $ 93,717 | ||||
Total Passenger Airlines | $93,717 | |||||
Total Common Stock (Cost $98,642) | $93,717 | |||||
Principal Amount USD ($) | ||||||
Commercial Mortgage-Backed Security—0.4% of Net Assets | ||||||
99,522(a) | Med Trust, Series 2021-MDLN, Class G, 10.689% (1 Month Term SOFR + 536 bps), 11/15/38 (144A) | $ 99,336 | ||||
Total Commercial Mortgage-Backed Security (Cost $99,522) | $99,336 | |||||
Convertible Corporate Bonds — 2.4% of Net Assets | ||||||
Biotechnology — 0.2% | ||||||
55,000 | Insmed, Inc., 0.75%, 6/1/28 | $ 58,905 | ||||
Total Biotechnology | $58,905 | |||||
Energy-Alternate Sources — 0.3% | ||||||
94,000(c) | Enphase Energy, Inc., 3/1/28 | $ 80,661 | ||||
Total Energy-Alternate Sources | $80,661 | |||||
Entertainment — 0.9% | ||||||
142,000(c) | DraftKings Holdings, Inc., 3/15/28 | $ 122,475 | ||||
127,000 | IMAX Corp., 0.50%, 4/1/26 | 117,958 | ||||
Total Entertainment | $240,433 |
1
Pioneer High Yield VCT Portfolio | Pioneer Variable Contracts Trust |
Principal Amount USD ($) | Value | |||||
Pharmaceuticals — 0.2% | ||||||
64,000 | Revance Therapeutics, Inc., 1.75%, 2/15/27 | $ 46,560 | ||||
Total Pharmaceuticals | $46,560 | |||||
Software — 0.8% | ||||||
82,000 | Bentley Systems, Inc., 0.375%, 7/1/27 | $ 73,540 | ||||
60,000 | Jamf Holding Corp., 0.125%, 9/1/26 | 53,514 | ||||
105,000 | Verint Systems, Inc., 0.25%, 4/15/26 | 98,438 | ||||
Total Software | $225,492 | |||||
Total Convertible Corporate Bonds (Cost $708,685) | $652,051 | |||||
Corporate Bonds — 87.2% of Net Assets | ||||||
Advertising — 2.4% | ||||||
184,000 | Clear Channel Outdoor Holdings, Inc., 7.50%, 6/1/29 (144A) | $ 152,176 | ||||
70,000 | Outfront Media Capital LLC/Outfront Media Capital Corp., 4.25%, 1/15/29 (144A) | 63,419 | ||||
20,000 | Outfront Media Capital LLC/Outfront Media Capital Corp., 7.375%, 2/15/31 (144A) | 20,948 | ||||
231,000 | Stagwell Global LLC, 5.625%, 8/15/29 (144A) | 209,773 | ||||
200,000 | Summer BC Bidco B LLC, 5.50%, 10/31/26 (144A) | 193,160 | ||||
Total Advertising | $639,476 | |||||
Aerospace & Defense — 0.3% | ||||||
65,000 | Spirit AeroSystems, Inc., 9.375%, 11/30/29 (144A) | $ 70,901 | ||||
Total Aerospace & Defense | $70,901 | |||||
Airlines — 1.7% | ||||||
30,275 | American Airlines 2021-1 Class B Pass Through Trust, 3.95%, 7/11/30 | $ 27,850 | ||||
52,500 | American Airlines, Inc./AAdvantage Loyalty IP, Ltd., 5.50%, 4/20/26 (144A) | 52,142 | ||||
55,000 | American Airlines, Inc./AAdvantage Loyalty IP, Ltd., 5.75%, 4/20/29 (144A) | 54,063 | ||||
81,316(a) | Gol Finance S.A., 15.827% (1 Month Term SOFR + 1,050 bps), 1/29/25 (144A) | 87,306 | ||||
201,000 | VistaJet Malta Finance Plc/Vista Management Holding, Inc., 7.875%, 5/1/27 (144A) | 169,930 | ||||
75,000 | VistaJet Malta Finance Plc/Vista Management Holding, Inc., 9.50%, 6/1/28 (144A) | 63,773 | ||||
Total Airlines | $455,064 | |||||
Auto Manufacturers — 1.6% | ||||||
55,000 | Ford Motor Co., 6.10%, 8/19/32 | $ 55,732 | ||||
300,000 | Ford Motor Credit Co. LLC, 4.134%, 8/4/25 | 293,194 | ||||
80,000 | JB Poindexter & Co., Inc., 8.75%, 12/15/31 (144A) | 82,691 | ||||
Total Auto Manufacturers | $431,617 | |||||
Auto Parts & Equipment — 0.5% | ||||||
130,000 | Adient Global Holdings, Ltd., 8.25%, 4/15/31 (144A) | $ 137,181 | ||||
Total Auto Parts & Equipment | $137,181 | |||||
Banks — 0.7% | ||||||
15,000 | Freedom Mortgage Corp., 6.625%, 1/15/27 (144A) | $ 14,554 | ||||
150,000 | Freedom Mortgage Corp., 12.25%, 10/1/30 (144A) | 164,968 | ||||
Total Banks | $179,522 | |||||
Building Materials — 2.7% | ||||||
133,000 | AmeriTex HoldCo Intermediate LLC, 10.25%, 10/15/28 (144A) | $ 142,796 | ||||
165,000 | Builders FirstSource, Inc., 4.25%, 2/1/32 (144A) | 147,984 | ||||
210,000 | Camelot Return Merger Sub, Inc., 8.75%, 8/1/28 (144A) | 215,723 | ||||
90,000 | Knife River Corp., 7.75%, 5/1/31 (144A) | 94,216 |
2
Pioneer High Yield VCT Portfolio | Pioneer Variable Contracts Trust |
Schedule of Investments 3/31/24 (unaudited) (continued)
Principal Amount USD ($) | Value | |||||
Building Materials — (continued) | ||||||
55,000 | Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, 6.75%, 4/1/32 (144A) | $ 55,188 | ||||
61,000 | MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 2/1/30 (144A) | 56,139 | ||||
Total Building Materials | $712,046 | |||||
Chemicals — 4.6% | ||||||
304,000 | Mativ Holdings, Inc., 6.875%, 10/1/26 (144A) | $ 301,800 | ||||
80,000 | NOVA Chemicals Corp., 8.50%, 11/15/28 (144A) | 85,149 | ||||
285,000 | Olympus Water US Holding Corp., 9.75%, 11/15/28 (144A) | 303,587 | ||||
189,000 | Rain Carbon, Inc., 12.25%, 9/1/29 (144A) | 196,053 | ||||
EUR153,000 | SCIL IV LLC/SCIL USA Holdings LLC, 9.50%, 7/15/28 (144A) | 179,874 | ||||
171,000 | Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 5.125%, 4/1/29 (144A) | 49,590 | ||||
127,000 | Tronox, Inc., 4.625%, 3/15/29 (144A) | 113,911 | ||||
Total Chemicals | $1,229,964 | |||||
Commercial Services — 5.7% | ||||||
215,000 | Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 7/15/27 (144A) | $ 215,646 | ||||
140,000 | Brink's Co., 5.50%, 7/15/25 (144A) | 139,359 | ||||
55,000 | Champions Financing, Inc., 8.75%, 2/15/29 (144A) | 57,620 | ||||
80,000 | Garda World Security Corp., 7.75%, 2/15/28 (144A) | 82,039 | ||||
206,000 | Garda World Security Corp., 9.50%, 11/1/27 (144A) | 206,496 | ||||
125,000 | Neptune Bidco US, Inc., 9.29%, 4/15/29 (144A) | 118,197 | ||||
169,000 | NESCO Holdings II, Inc., 5.50%, 4/15/29 (144A) | 159,891 | ||||
120,000 | Prime Security Services Borrower LLC/Prime Finance, Inc., 5.75%, 4/15/26 (144A) | 119,650 | ||||
150,000 | Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 1/15/28 (144A) | 146,937 | ||||
280,000 | Sotheby's, 7.375%, 10/15/27 (144A) | 260,703 | ||||
Total Commercial Services | $1,506,538 | |||||
Computers — 0.7% | ||||||
90,000 | NCR Voyix Corp., 5.00%, 10/1/28 (144A) | $ 83,895 | ||||
57,000 | NCR Voyix Corp., 5.125%, 4/15/29 (144A) | 52,865 | ||||
45,000 | NCR Voyix Corp., 5.25%, 10/1/30 (144A) | 40,715 | ||||
Total Computers | $177,475 | |||||
Distribution/Wholesale — 0.8% | ||||||
105,000 | Dealer Tire LLC/DT Issuer LLC, 8.00%, 2/1/28 (144A) | $ 104,520 | ||||
105,000 | Windsor Holdings III LLC, 8.50%, 6/15/30 (144A) | 110,093 | ||||
Total Distribution/Wholesale | $214,613 | |||||
Diversified Financial Services — 5.0% | ||||||
20,000 | Freedom Mortgage Holdings LLC, 9.25%, 2/1/29 (144A) | $ 20,469 | ||||
25,000 | GGAM Finance, Ltd., 7.75%, 5/15/26 (144A) | 25,438 | ||||
150,000 | GGAM Finance, Ltd., 8.00%, 6/15/28 (144A) | 156,187 | ||||
186,578(d) | Global Aircraft Leasing Co., Ltd., 6.50% (7.25% PIK or 6.50% Cash), 9/15/24 (144A) | 177,460 | ||||
130,000 | Nationstar Mortgage Holdings, Inc., 5.125%, 12/15/30 (144A) | 117,947 | ||||
175,000 | OneMain Finance Corp., 3.50%, 1/15/27 | 162,453 | ||||
45,000 | OneMain Finance Corp., 7.875%, 3/15/30 | 46,421 | ||||
90,000 | OneMain Finance Corp., 9.00%, 1/15/29 | 95,500 | ||||
30,000 | PennyMac Financial Services, Inc., 7.875%, 12/15/29 (144A) | 30,826 | ||||
237,000 | Provident Funding Associates LP/PFG Finance Corp., 6.375%, 6/15/25 (144A) | 227,303 | ||||
108,000 | United Wholesale Mortgage LLC, 5.50%, 4/15/29 (144A) | 102,146 | ||||
170,000 | United Wholesale Mortgage LLC, 5.75%, 6/15/27 (144A) | 165,286 | ||||
Total Diversified Financial Services | $1,327,436 |
3
Pioneer High Yield VCT Portfolio | Pioneer Variable Contracts Trust |
Principal Amount USD ($) | Value | |||||
Electric — 4.1% | ||||||
148,000 | Calpine Corp., 4.625%, 2/1/29 (144A) | $ 136,976 | ||||
150,000 | Calpine Corp., 5.125%, 3/15/28 (144A) | 143,962 | ||||
105,000 | Clearway Energy Operating LLC, 3.75%, 2/15/31 (144A) | 90,121 | ||||
65,000 | Clearway Energy Operating LLC, 3.75%, 1/15/32 (144A) | 54,644 | ||||
179,000 | Leeward Renewable Energy Operations LLC, 4.25%, 7/1/29 (144A) | 153,595 | ||||
85,000 | Talen Energy Supply LLC, 8.625%, 6/1/30 (144A) | 90,895 | ||||
182,000 | Vistra Operations Co. LLC, 4.375%, 5/1/29 (144A) | 168,602 | ||||
30,000 | Vistra Operations Co. LLC, 6.95%, 10/15/33 (144A) | 32,021 | ||||
205,000 | Vistra Operations Co. LLC, 7.75%, 10/15/31 (144A) | 214,692 | ||||
Total Electric | $1,085,508 | |||||
Electrical Components & Equipments — 0.6% | ||||||
80,000 | WESCO Distribution, Inc., 6.625%, 3/15/32 (144A) | $ 81,295 | ||||
90,000 | WESCO Distribution, Inc., 7.125%, 6/15/25 (144A) | 90,058 | ||||
Total Electrical Components & Equipments | $171,353 | |||||
Entertainment — 2.2% | ||||||
200,000 | Banijay Entertainment SASU, 8.125%, 5/1/29 (144A) | $ 206,278 | ||||
55,000 | Caesars Entertainment, Inc., 6.50%, 2/15/32 (144A) | 55,484 | ||||
100,000 | Light & Wonder International, Inc., 7.00%, 5/15/28 (144A) | 100,737 | ||||
100,000 | Light & Wonder International, Inc., 7.25%, 11/15/29 (144A) | 102,657 | ||||
25,000 | Light & Wonder International, Inc., 7.50%, 9/1/31 (144A) | 25,998 | ||||
89,000 | Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.625%, 3/1/30 (144A) | 86,040 | ||||
Total Entertainment | $577,194 | |||||
Environmental Control — 0.9% | ||||||
55,000 | GFL Environmental, Inc., 4.00%, 8/1/28 (144A) | $ 50,692 | ||||
198,000 | GFL Environmental, Inc., 4.375%, 8/15/29 (144A) | 182,412 | ||||
Total Environmental Control | $233,104 | |||||
Food — 1.0% | ||||||
25,000 | Fiesta Purchaser, Inc., 7.875%, 3/1/31 (144A) | $ 25,818 | ||||
50,000 | US Foods, Inc., 4.625%, 6/1/30 (144A) | 46,384 | ||||
205,000 | US Foods, Inc., 4.75%, 2/15/29 (144A) | 194,597 | ||||
Total Food | $266,799 | |||||
Forest Products & Paper — 0.6% | ||||||
173,000 | Mercer International, Inc., 5.125%, 2/1/29 | $ 152,062 | ||||
Total Forest Products & Paper | $152,062 | |||||
Healthcare-Services — 3.2% | ||||||
165,000 | LifePoint Health, Inc., 5.375%, 1/15/29 (144A) | $ 135,952 | ||||
260,000 | ModivCare Escrow Issuer, Inc., 5.00%, 10/1/29 (144A) | 188,524 | ||||
150,000 | Prime Healthcare Services, Inc., 7.25%, 11/1/25 (144A) | 149,206 | ||||
22,000 | RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/1/26 (144A) | 22,030 | ||||
139,000 | Surgery Center Holdings, Inc., 10.00%, 4/15/27 (144A) | 139,256 | ||||
218,000 | US Acute Care Solutions LLC, 6.375%, 3/1/26 (144A) | 209,886 | ||||
Total Healthcare-Services | $844,854 | |||||
Home Builders — 0.7% | ||||||
89,000 | KB Home, 4.00%, 6/15/31 | $ 78,892 | ||||
125,000 | M/I Homes, Inc., 3.95%, 2/15/30 | 112,384 | ||||
Total Home Builders | $191,276 |
4
Pioneer High Yield VCT Portfolio | Pioneer Variable Contracts Trust |
Schedule of Investments 3/31/24 (unaudited) (continued)
Principal Amount USD ($) | Value | |||||
Home Furnishings — 0.5% | ||||||
144,000 | Tempur Sealy International, Inc., 4.00%, 4/15/29 (144A) | $ 130,681 | ||||
Total Home Furnishings | $130,681 | |||||
Iron & Steel — 1.9% | ||||||
195,000 | Cleveland-Cliffs, Inc., 7.00%, 3/15/32 (144A) | $ 197,574 | ||||
119,000 | Commercial Metals Co., 4.375%, 3/15/32 | 107,223 | ||||
215,000 | TMS International Corp., 6.25%, 4/15/29 (144A) | 196,239 | ||||
Total Iron & Steel | $501,036 | |||||
Leisure Time — 3.8% | ||||||
195,000 | Carnival Corp., 6.00%, 5/1/29 (144A) | $ 192,408 | ||||
30,000 | Carnival Holdings Bermuda, Ltd., 10.375%, 5/1/28 (144A) | 32,726 | ||||
140,000 | NCL Corp., Ltd., 5.875%, 3/15/26 (144A) | 138,201 | ||||
135,000 | NCL Corp., Ltd., 7.75%, 2/15/29 (144A) | 140,167 | ||||
90,000 | NCL Corp., Ltd., 8.125%, 1/15/29 (144A) | 95,237 | ||||
130,000 | Royal Caribbean Cruises, Ltd., 5.50%, 4/1/28 (144A) | 128,493 | ||||
136,000 | Viking Cruises, Ltd., 5.875%, 9/15/27 (144A) | 133,432 | ||||
69,000 | Viking Cruises, Ltd., 6.25%, 5/15/25 (144A) | 69,030 | ||||
80,000 | Viking Ocean Cruises Ship VII, Ltd., 5.625%, 2/15/29 (144A) | 77,854 | ||||
Total Leisure Time | $1,007,548 | |||||
Lodging — 1.6% | ||||||
142,000 | Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 5.00%, 6/1/29 (144A) | $ 132,430 | ||||
85,000 | Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 6.625%, 1/15/32 (144A) | 85,343 | ||||
120,000(e) | MGM Resorts International, 6.50%, 4/15/32 | 119,603 | ||||
90,000 | Travel + Leisure Co., 6.625%, 7/31/26 (144A) | 90,630 | ||||
Total Lodging | $428,006 | |||||
Machinery-Diversified — 0.1% | ||||||
35,000(e) | Esab Corp., 6.25%, 4/15/29 (144A) | $ 35,164 | ||||
Total Machinery-Diversified | $35,164 | |||||
Media — 3.8% | ||||||
744,000 | CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 6/1/33 (144A) | $ 581,154 | ||||
35,000 | CCO Holdings LLC/CCO Holdings Capital Corp., 7.375%, 3/1/31 (144A) | 34,324 | ||||
200,000 | CSC Holdings LLC, 7.50%, 4/1/28 (144A) | 134,810 | ||||
106,000 | Gray Television, Inc., 5.875%, 7/15/26 (144A) | 103,232 | ||||
177,000 | McGraw-Hill Education, Inc., 8.00%, 8/1/29 (144A) | 166,366 | ||||
Total Media | $1,019,886 | |||||
Mining — 3.1% | ||||||
154,000 | Coeur Mining, Inc., 5.125%, 2/15/29 (144A) | $ 145,497 | ||||
250,000 | Constellium SE, 3.75%, 4/15/29 (144A) | 224,925 | ||||
171,000 | Eldorado Gold Corp., 6.25%, 9/1/29 (144A) | 164,272 | ||||
310,000 | First Quantum Minerals, Ltd., 8.625%, 6/1/31 (144A) | 301,345 | ||||
Total Mining | $836,039 | |||||
Miscellaneous Manufacturing — 0.5% | ||||||
124,000 | Trinity Industries, Inc., 7.75%, 7/15/28 (144A) | $ 127,337 | ||||
Total Miscellaneous Manufacturing | $127,337 |
5
Pioneer High Yield VCT Portfolio | Pioneer Variable Contracts Trust |
Principal Amount USD ($) | Value | |||||
Oil & Gas — 8.7% | ||||||
268,000 | Aethon United BR LP/Aethon United Finance Corp., 8.25%, 2/15/26 (144A) | $ 271,092 | ||||
140,000(e) | Baytex Energy Corp., 7.375%, 3/15/32 (144A) | 141,429 | ||||
170,000 | Baytex Energy Corp., 8.50%, 4/30/30 (144A) | 177,512 | ||||
200,000 | Borr IHC, Ltd./Borr Finance LLC, 10.375%, 11/15/30 (144A) | 208,000 | ||||
70,000 | CITGO Petroleum Corp., 8.375%, 1/15/29 (144A) | 73,545 | ||||
100,000 | Civitas Resources, Inc., 8.375%, 7/1/28 (144A) | 105,271 | ||||
45,000 | Civitas Resources, Inc., 8.625%, 11/1/30 (144A) | 48,320 | ||||
100,000 | Civitas Resources, Inc., 8.75%, 7/1/31 (144A) | 107,006 | ||||
50,000 | Hilcorp Energy I LP/Hilcorp Finance Co., 6.00%, 4/15/30 (144A) | 48,955 | ||||
50,000 | Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, 4/15/32 (144A) | 49,310 | ||||
200,000 | Kosmos Energy, Ltd., 7.75%, 5/1/27 (144A) | 197,457 | ||||
19,000 | Neptune Energy Bondco Plc, 6.625%, 5/15/25 (144A) | 19,000 | ||||
230,000 | Parkland Corp., 4.625%, 5/1/30 (144A) | 212,037 | ||||
34,000 | Precision Drilling Corp., 6.875%, 1/15/29 (144A) | 33,937 | ||||
200,000 | Shelf Drilling Holdings, Ltd., 9.625%, 4/15/29 (144A) | 193,206 | ||||
67,500 | Transocean, Inc., 8.75%, 2/15/30 (144A) | 70,381 | ||||
25,000 | Transocean Titan Financing, Ltd., 8.375%, 2/1/28 (144A) | 26,018 | ||||
200,000 | Tullow Oil Plc, 10.25%, 5/15/26 (144A) | 190,185 | ||||
124,000 | Valaris, Ltd., 8.375%, 4/30/30 (144A) | 127,910 | ||||
Total Oil & Gas | $2,300,571 | |||||
Oil & Gas Services — 0.8% | ||||||
120,000 | Enerflex, Ltd., 9.00%, 10/15/27 (144A) | $ 123,296 | ||||
100,000 | USA Compression Partners LP/USA Compression Finance Corp., 7.125%, 3/15/29 (144A) | 101,246 | ||||
Total Oil & Gas Services | $224,542 | |||||
Packaging & Containers — 3.1% | ||||||
299,000 | Clearwater Paper Corp., 4.75%, 8/15/28 (144A) | $ 277,304 | ||||
220,000 | OI European Group BV, 4.75%, 2/15/30 (144A) | 202,553 | ||||
55,000 | Owens-Brockway Glass Container, Inc., 7.25%, 5/15/31 (144A) | 56,018 | ||||
105,000 | Sealed Air Corp., 5.00%, 4/15/29 (144A) | 100,786 | ||||
65,000 | Sealed Air Corp., 7.25%, 2/15/31 (144A) | 67,580 | ||||
118,000 | TriMas Corp., 4.125%, 4/15/29 (144A) | 106,871 | ||||
Total Packaging & Containers | $811,112 | |||||
Pharmaceuticals — 3.6% | ||||||
286,000 | AdaptHealth LLC, 5.125%, 3/1/30 (144A) | $ 249,431 | ||||
195,000 | Owens & Minor, Inc., 6.625%, 4/1/30 (144A) | 193,540 | ||||
198,000 | P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25 (144A) | 165,330 | ||||
102,000 | Par Pharmaceutical, Inc., 7.50%, 4/1/27 (144A) | 66,867 | ||||
305,000 | Teva Pharmaceutical Finance Netherlands III BV, 5.125%, 5/9/29 | 293,099 | ||||
136,000+ | Tricida, Inc., 5/15/27 | — | ||||
Total Pharmaceuticals | $968,267 | |||||
Pipelines — 4.9% | ||||||
146,000 | CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 6/15/31 (144A) | $ 137,987 | ||||
250,000 | CQP Holdco LP/BIP-V Chinook Holdco LLC, 7.50%, 12/15/33 (144A) | 257,304 | ||||
115,000 | Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.125%, 6/1/28 (144A) | 112,182 | ||||
5,000 | EnLink Midstream LLC, 5.375%, 6/1/29 | 4,909 | ||||
80,000 | EnLink Midstream LLC, 6.50%, 9/1/30 (144A) | 82,306 | ||||
40,000 | EnLink Midstream Partners LP, 5.05%, 4/1/45 | 33,032 |
6
Pioneer High Yield VCT Portfolio | Pioneer Variable Contracts Trust |
Schedule of Investments 3/31/24 (unaudited) (continued)
Principal Amount USD ($) | Value | |||||
Pipelines — (continued) | ||||||
116,000 | EnLink Midstream Partners LP, 5.60%, 4/1/44 | $ 103,280 | ||||
74,000 | EQM Midstream Partners LP, 4.75%, 1/15/31 (144A) | 68,817 | ||||
88,000 | EQM Midstream Partners LP, 7.50%, 6/1/30 (144A) | 94,067 | ||||
100,000 | Genesis Energy LP/Genesis Energy Finance Corp., 8.875%, 4/15/30 | 104,675 | ||||
130,000 | Harvest Midstream I LP, 7.50%, 9/1/28 (144A) | 131,811 | ||||
20,000 | Venture Global LNG, Inc., 8.125%, 6/1/28 (144A) | 20,404 | ||||
110,000 | Venture Global LNG, Inc., 8.375%, 6/1/31 (144A) | 113,440 | ||||
40,000 | Venture Global LNG, Inc., 9.50%, 2/1/29 (144A) | 43,114 | ||||
Total Pipelines | $1,307,328 | |||||
REITs — 2.3% | ||||||
195,000 | Iron Mountain, Inc. , 7.00%, 2/15/29 (144A) | $ 198,716 | ||||
200,000 | MPT Operating Partnership LP/MPT Finance Corp., 3.50%, 3/15/31 | 137,324 | ||||
30,000 | Starwood Property Trust, Inc., 7.25%, 4/1/29 (144A) | 30,239 | ||||
100,000 | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 1/15/30 (144A) | 74,561 | ||||
140,000 | Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 6.50%, 2/15/29 (144A) | 108,504 | ||||
60,000 | Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 2/15/28 (144A) | 62,204 | ||||
Total REITs | $611,548 | |||||
Retail — 4.5% | ||||||
169,000 | Asbury Automotive Group, Inc., 4.625%, 11/15/29 (144A) | $ 155,957 | ||||
60,000 | Bath & Body Works, Inc., 6.625%, 10/1/30 (144A) | 61,290 | ||||
150,000 | Beacon Roofing Supply, Inc., 4.125%, 5/15/29 (144A) | 136,051 | ||||
115,000 | Brinker International, Inc., 8.25%, 7/15/30 (144A) | 121,184 | ||||
132,000 | Gap, Inc., 3.625%, 10/1/29 (144A) | 115,628 | ||||
35,000 | Gap, Inc., 3.875%, 10/1/31 (144A) | 29,607 | ||||
177,000 | Ken Garff Automotive LLC, 4.875%, 9/15/28 (144A) | 163,706 | ||||
270,000 | LCM Investments Holdings II LLC, 4.875%, 5/1/29 (144A) | 248,166 | ||||
35,000 | LCM Investments Holdings II LLC, 8.25%, 8/1/31 (144A) | 36,615 | ||||
135,000 | Macy's Retail Holdings LLC, 6.125%, 3/15/32 (144A) | 130,854 | ||||
Total Retail | $1,199,058 | |||||
Semiconductors — 0.1% | ||||||
40,000 | ON Semiconductor Corp., 0.50%, 3/1/29 | $ 39,360 | ||||
Total Semiconductors | $39,360 | |||||
Software — 0.5% | ||||||
150,000 | AthenaHealth Group, Inc., 6.50%, 2/15/30 (144A) | $ 137,193 | ||||
Total Software | $137,193 | |||||
Telecommunications — 1.3% | ||||||
260,000 | Altice France S.A., 5.125%, 7/15/29 (144A) | $ 175,769 | ||||
185,000 | Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 8/15/28 (144A) | 171,230 | ||||
Total Telecommunications | $346,999 | |||||
Transportation — 2.1% | ||||||
229,000 | Carriage Purchaser, Inc., 7.875%, 10/15/29 (144A) | $ 203,462 | ||||
410,000 | Seaspan Corp., 5.50%, 8/1/29 (144A) | 357,527 | ||||
Total Transportation | $560,989 | |||||
Total Corporate Bonds (Cost $23,858,945) | $23,196,647 | |||||
7
Pioneer High Yield VCT Portfolio | Pioneer Variable Contracts Trust |
Shares | Value | |||||
Rights/Warrants — 0.0%† of Net Assets | ||||||
Health Care Providers & Services — 0.0%† | ||||||
80(f)(g) | Option Care Health, Inc., 7/27/25 | $ 283 | ||||
80(f)(g) | Option Care Health, Inc., 12/31/25 | 194 | ||||
Total Health Care Providers & Services | $477 | |||||
Trading Companies & Distributors — 0.0%† | ||||||
GBP6,300(g)(h) | Avation Plc, 1/1/59 | $ 1,193 | ||||
Total Trading Companies & Distributors | $1,193 | |||||
Total Rights/Warrants (Cost $—) | $1,670 | |||||
Face Amount USD ($) | ||||||
Insurance-Linked Securities — 0.0%† of Net Assets# | ||||||
Reinsurance Sidecars — 0.0%† | ||||||
Multiperil – Worldwide — 0.0%† | ||||||
25,723(g)(i)+ | Lorenz Re 2019, 6/30/24 | $ 239 | ||||
Total Reinsurance Sidecars | $239 | |||||
Total Insurance-Linked Securities (Cost $4,216) | $239 | |||||
Shares | ||||||
SHORT TERM INVESTMENTS — 4.7% of Net Assets | ||||||
Open-End Fund — 4.7% | ||||||
1,244,538(j) | Dreyfus Government Cash Management, Institutional Shares, 5.20% | $ 1,244,538 | ||||
$1,244,538 | ||||||
TOTAL SHORT TERM INVESTMENTS (Cost $1,244,538) | $1,244,538 | |||||
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 96.6% (Cost $26,430,343) | $25,702,730 |
Net Realized Gain (Loss) for the period ended 3/31/24 | Change in Unrealized Appreciation (Depreciation) for the period ended 3/31/24 | Capital Gain Distributions for the period ended 3/31/24 | Dividend Income for the period ended 3/31/24 | Value | ||
Affiliated Issuer — 2.4% | ||||||
Closed-End Fund — 2.4% of Net Assets | ||||||
71,108(k) | Pioneer ILS Interval Fund | — | $26,310 | $— | $— | $ 631,443 |
Total Investments in Affiliated Issuer — 2.4% (Cost $727,950) | $631,443 | |||||
OTHER ASSETS AND LIABILITIES — 1.0% | $259,475 | |||||
net assets — 100.0% | $26,593,648 | |||||
8
Pioneer High Yield VCT Portfolio | Pioneer Variable Contracts Trust |
Schedule of Investments 3/31/24 (unaudited) (continued)
bps | Basis Points. |
REIT | Real Estate Investment Trust. |
SOFR | Secured Overnight Financing Rate. |
(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 March 31, 2024, the value of these securities amounted to $21,328,990, or 80.2% of net assets. |
(a) | Floating rate note. Coupon rate, reference index and spread shown at March 31, 2024. |
(b) | This term loan will settle after March 31, 2024, at which time the interest rate will be determined. |
(c) | Security issued with a zero coupon. Income is recognized through accretion of discount. |
(d) | Payment-in-kind (PIK) security which may pay interest in the form of additional principal amount. |
(e) | Securities purchased on a when-issued basis. Rates do not take effect until settlement date. |
(f) | Option Care Health, Inc. warrants are exercisable into 160 shares. |
(g) | Non-income producing security. |
(h) | Avation Plc warrants are exercisable into 6,300 shares. |
(i) | Issued as preference shares. |
(j) | Rate periodically changes. Rate disclosed is the 7-day yield at March 31, 2024. |
(k) | Pioneer ILS Interval Fund is an affiliated closed-end fund managed by Amundi Asset Management US, Inc., (the “Adviser”). |
* | Senior secured floating rate loan interests in which the Portfolio 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 March 31, 2024. |
+ | Security is valued using significant unobservable inputs (Level 3). |
† | Amount rounds to less than 0.1%. |
# | Securities are restricted as to resale. |
Restricted Securities | Acquisition date | Cost | Value |
Lorenz Re 2019 | 7/10/2019 | $ 4,216 | $ 239 |
% of Net assets | 0.0%† |
† | Amount rounds to less than 0.1%. |
SWAP CONTRACTS
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION | ||||||||
Notional Amount ($)(1) | Reference Obligation/Index | Pay/ Receive(2) | Annual Fixed Rate | Expiration Date | Premiums (Received) | Unrealized (Depreciation) | Market Value | |
1,445,400 | Markit CDX North America High Yield Index Series 41 | Pay | 5.00% | 12/20/28 | $(47,322) | $(62,011) | $(109,333) | |
750,000 | Markit CDX North America High Yield Index Series 42 | Pay | 5.00% | 6/20/29 | (54,233) | (1,078) | (55,311) | |
TOTAL CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION | $(101,555) | $(63,089) | $(164,644) |
(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.
GBP — Great British Pound
EUR — Euro
Various inputs are used in determining the value of the Portfolio’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 Adviser’s own assumptions in determining fair value of investments). |
9
Pioneer High Yield VCT Portfolio | Pioneer Variable Contracts Trust |
The following is a summary of the inputs used as of March 31, 2024 in valuing the Portfolio’s investments:
Level 1 | Level 2 | Level 3 | Total | |
Senior Secured Floating Rate Loan Interests | $— | $414,532 | $— | $414,532 |
Common Stock | — | 93,717 | — | 93,717 |
Commercial Mortgage-Backed Security | — | 99,336 | — | 99,336 |
Convertible Corporate Bonds | — | 652,051 | — | 652,051 |
Corporate Bonds | ||||
Pharmaceuticals | — | — | —* | —* |
All Other Corporate Bonds | — | 23,196,647 | — | 23,196,647 |
Rights/Warrants | ||||
Health Care Providers & Services | — | 477 | — | 477 |
Trading Companies & Distributors | 1,193 | — | — | 1,193 |
Insurance-Linked Securities | ||||
Reinsurance Sidecars | — | — | 239 | 239 |
Open-End Fund | 1,244,538 | — | — | 1,244,538 |
Affiliated Closed-End Fund | 631,443 | — | — | 631,443 |
Total Investments in Securities | $1,877,174 | $24,456,760 | $239 | $26,334,173 |
Other Financial Instruments | ||||
Centrally cleared swap contracts^ | $— | $(63,089) | $— | $(63,089) |
Total Other Financial Instruments | $— | $(63,089) | $— | $(63,089) |
* | Securities valued at $0. |
^ | Reflects the unrealized appreciation (depreciation) of the instruments. |
Transfers are calculated on the beginning of period values. During the period ended March 31, 2024, a security valued at $108,197 was transferred from Level 3 to Level 2, due to valuing the security using unobservable inputs. There were no other transfers in or out of Level 3 during the period.
10