0001752724-20-042332.txt : 20200228 0001752724-20-042332.hdr.sgml : 20200228 20200228125507 ACCESSION NUMBER: 0001752724-20-042332 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20191231 FILED AS OF DATE: 20200228 PERIOD START: 20200331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PIONEER SERIES TRUST X CENTRAL INDEX KEY: 0001174520 IRS NUMBER: 030460956 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-21108 FILM NUMBER: 20667907 BUSINESS ADDRESS: STREET 1: 60 STATE STREET STREET 2: 13TH FLOOR CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6174224947 MAIL ADDRESS: STREET 1: 60 STATE STREET STREET 2: 13TH FLOOR CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: PIONEER FUNDAMENTAL GROWTH FUND DATE OF NAME CHANGE: 20051213 FORMER COMPANY: FORMER CONFORMED NAME: PIONEER LARGE CAP GROWTH FUND DATE OF NAME CHANGE: 20020530 0001174520 S000031914 Pioneer Dynamic Credit Fund C000099381 Pioneer Dynamic Credit Fund: Class A RCRAX C000099382 Pioneer Dynamic Credit Fund: Class C RCRCX C000099383 Pioneer Dynamic Credit Fund: Class Y RCRYX NPORT-P 1 primary_doc.xml NPORT-P false 0001174520 XXXXXXXX S000031914 C000099381 C000099383 C000099382 Pioneer Series Trust X 811-21108 0001174520 549300OT70Y6XDA91822 60 State Street NULL Boston 02109 617-422-4947 Pioneer Dynamic Credit Fund S000031914 HNEH6BRMRL0UD63MV889 2020-03-31 2019-12-31 N 203416790.02 17373031.95 186043758.07 0 0 0 0 0 0 0 0 0 0 0 0 0 187748.44 PLN TRY IDR AUD JPY ZAR SEK HUF DOP USD HKD NOK LKR KRW DKK MXN GBP ARS NZD AED CZK RUB EGP CAD EUR COP VND THB TWD UYU CHF RON MYR INR SGD BRL N REGIONALCARE HO 8.25% 05/01/23 N/A REGIONALCARE HOSPITAL PR REGD 144A P/P 8.25000000 75915QAC2 880000.00000000 NS USD 930600.00000000 0.500204903219 Long DBT CORP US Y 2 2023-05-01 Fixed 8.25000000 N N N N N N SNDPT 2019-4A E V/R 01/15/33 N/A SOUND POINT CLO XXV LTD SER 2019-4A CL E V/R REGD 144A P/P 0.00000000 83614JAA0 300000.00000000 NS USD 291000.00000000 0.156414814997 Long ABS-CBDO CORP KY Y 2 2033-01-15 Variable 0.00000000 N N N N N N CAS 2018-R07 1M2 V/R 04/25/31 N/A CONNECTICUT AVENUE SECURITIES TRUST 2018-R07 SER 2018-R07 CL 1M2 V/R REGD 144A P/P 4.19200000 20753QAE9 941670.88000000 NS USD 952559.42000000 0.512008266163 Long ABS-CBDO CORP US Y 2 2031-04-25 Variable 4.19200000 N N N N N N APF 2017-A B 3.97% 04/15/29 N/A ACCESS POINT FUNDING I 2017-1 LLC SER 2017-A CL B REGD 144A P/P 3.97000000 00436KAB5 1000000.00000000 NS USD 1003293.50000000 0.539278237769 Long ABS-CBDO CORP US Y 2 2029-04-15 Fixed 3.97000000 N N N N N N FEIM 2019-1A D V/R 01/20/33 N/A FIRST EAGLE BSL CLO 2019-1 LTD SER 2019-1A CL D V/R REGD 144A P/P 0.00000000 32010GAA3 250000.00000000 NS USD 232352.25000000 0.124891182811 Long ABS-CBDO CORP KY Y 2 2033-01-20 Variable 0.00000000 N N N N N N BALTA 2003-3 1A V/R 10/25/33 N/A BEAR STEARNS ALT-A TRUST 2003-3 SER 2003-3 CL 1A V/R REGD 4.54396000 07386HCE9 18194.79000000 NS USD 18296.15000000 0.009834326176 Long ABS-CBDO CORP US N 2 2033-10-25 Variable 4.54396000 N N N N N N VIRIBUS RE 2018 0% 12/31/21 N/A VIRIBUS RE 2018 ZCP 0.00000000 N/A 250000.00000000 NS USD 13825.00000000 0.007431047482 Long DBT CORP BM N 3 2021-12-31 Fixed 0.00000000 N N N N N N TERVITA CORP 7.625% 12/01/21 N/A TERVITA CORP REGD 144A P/P 7.62500000 88158UAA6 1200000.00000000 NS USD 1207500.00000000 0.649040856047 Long DBT CORP CA Y 2 2021-12-01 Fixed 7.62500000 N N N N N N CAS 2018-C05 1B1 V/R 01/25/31 N/A FANNIE MAE CONNECTICUT AVENUE SECURITIES SER 2018-C05 CL 1B1 V/R REGD 6.04200000 30711XY32 1000000.00000000 NS USD 1091898.20000000 0.586903968898 Long ABS-CBDO CORP US N 2 2031-01-25 Variable 6.04200000 N N N N N N T/L KAR AUCTION S 0% 09/11/26 5493004HKD20LBSG7D03 T/L KAR AUCTION SERVICES INC REGD 0.00000000 48562RAL3 296116.92000000 NS USD 298767.17000000 0.160589730663 Long LON CORP US N 2 2026-09-11 Fixed 0.00000000 N N N N N N US T BILL ZCP 01/21/20 N/A UNITED STATES TREASURY BILL ZCP 0.00000000 912796WP0 4500000.00000000 PA USD 4496508.77000000 2.416909235034 Long STIV UST US N 2 2020-01-21 Fixed 0.00000000 N N N N N N NATIONSTAR MORT/ 6.5% 07/01/21 N/A NATIONSTAR MORT/CAP CORP REGD SER WI 6.50000000 63860UAK6 740000.00000000 NS USD 741850.00000000 0.398750276653 Long DBT CORP US N 2 2021-07-01 Fixed 6.50000000 N N N N N N T/L SPECTACLE 0% 11/06/25 N/A T/L SPECTACLE GARY HOLDINGS LLC REGD 0.00000000 N/A 65800.00000000 NS USD 66375.75000000 0.035677493665 Long LON CORP US N 2 2025-11-06 Fixed 0.00000000 N N N N N N BNP PARIBAS V/R /PERP/ R0MUWSFPU8MPRO8K5P83 BNP PARIBAS REGD V/R /PERP/ 144A P/P 6.62500000 05565AHN6 900000.00000000 NS USD 972000.00000000 0.522457732569 Long DBT CORP FR Y 2 2168-09-25 Variable 6.62500000 N N N N N N T/L NATURES BOUNTY 0% 09/26/24 N/A T/L NATURES BOUNTY CO THE REGD 0.00000000 18913EAB3 977500.00000000 NS USD 944916.99000000 0.507900399240 Long LON CORP US N 2 2024-09-26 Fixed 0.00000000 N N N N N N RESILIENCE RE LTD ZCP 01/08/20 N/A RESILIENCE RE LTD REGD ZCP P/P 0.00000000 G7527LAD7 250000.00000000 NS USD 175.00000000 0.000094063892 Long DBT CORP BM N 3 2020-01-08 Fixed 0.00000000 N N N N N N CONN 2019-A C 5.29% 10/16/23 N/A CONN'S RECEIVABLES FUNDING 2019-A LLC SER 2019-A CL C REGD 144A P/P 5.29000000 20827DAC4 1000000.00000000 NS USD 1009514.40000000 0.542622021008 Long ABS-CBDO CORP US Y 2 2023-10-16 Fixed 5.29000000 N N N N N N T/L RACKSPACE HOST 0% 11/03/23 N/A T/L RACKSPACE HOSTING INC REGD 0.00000000 N/A 414833.59000000 NS USD 406536.92000000 0.218516828630 Long LON CORP US N 2 2023-11-03 Fixed 0.00000000 N N N N N N PANGAEA RE SERIE 0% 11/30/20 N/A PANGAEA RE SERIES 2016-1 PRINCIPAL-AT-RISK NOTES /BNR27FFP4/ 0.00000000 N/A 1000000.00000000 NS USD 2219.76000000 0.001193138658 Long DBT CORP BM N 3 2020-11-30 Fixed 0.00000000 N N N N N N P/O S P 500 INDEX FEB 2900.00 N/A PUT OPTION ON S P 500 INDEX FEB 2900.00 0.00000000 9N099WOR8 30.00000000 NC USD 28350.00000000 0.015238350533 N/A DE CORP US N 1 CITIGROUP GLOBAL MARKETS LIMIT N/A Put Written P/O S P 500 INDEX FEB 2900.00 1313955 3000.00000000 USD 2900 USD 2020-02-21 XXXX -65850 N N N UBS GROUP AG V/R /PERP/ 549300SZJ9VS8SGXAN81 UBS GROUP AG REGD V/R /PERP/ 144A P/P 7.00000000 90352JAF0 1650000.00000000 NS USD 1802625.00000000 0.968925277956 Long DBT CORP CH Y 2 2168-07-31 Variable 7.00000000 N N N N N N SPRINT CAPITAL 6.875% 11/15/28 N/A SPRINT CAPITAL CORP REGD 6.87500000 852060AD4 850000.00000000 NS USD 915875.00000000 0.492290098577 Long DBT CORP US N 2 2028-11-15 Fixed 6.87500000 N N N N N N FEIM 2019-1A C V/R 01/20/33 N/A FIRST EAGLE BSL CLO 2019-1 LTD SER 2019-1A CL C V/R REGD 144A P/P 0.00000000 32010FAC1 250000.00000000 NS USD 247324.50000000 0.132938886295 Long ABS-CBDO CORP KY Y 2 2033-01-20 Variable 0.00000000 N N N N N N ARTEX SAC LTD 0% 2/1/19 N/A ARTEX SAC LTD FORMERLY KANE SAC LTD ARLINGTON 2015 ZCP REGD /BNR1QGF08/ 0.00000000 N/A 500000.00000000 NS USD 24300.00000000 0.013061443314 Long DBT CORP BM N 3 2020-02-01 Fixed 0.00000000 N N N N N N T/L SELECT MEDICAL 0% 03/06/25 N/A T/L SELECT MEDICAL CORPORATION 0.00000000 N/A 18128.43000000 NS USD 18190.52000000 0.009777549211 Long LON CORP US N 2 2025-03-06 Fixed 0.00000000 N N N N N N BRINK'S CO/THE 4.625% 10/15/27 XFP140TFNOQMIVFTVQ13 BRINK'S CO/THE REGD 144A P/P 4.62500000 109696AA2 1904000.00000000 NS USD 1961120.00000000 1.054117601334 Long DBT CORP US Y 2 2027-10-15 Fixed 4.62500000 N N N N N N STACR 2018-HQA2 V/R 10/25/48 N/A FREDDIE MAC STACR TRUST 2018-HQA2 SER 2018-HQA2 CL M2 V/R REGD 144A P/P 4.09200000 35563XAH5 350000.00000000 NS USD 354504.33000000 0.190548897569 Long ABS-CBDO CORP US Y 2 2048-10-25 Variable 4.09200000 N N N N N N FCRT 2018-2 E 5.5% 10/15/24 N/A FOURSIGHT CAPITAL AUTOMOBILE RECEIVABLES TRUST 2018-2 SER 2018-2 CL E REGD 144A P/P 5.50000000 35105MAG6 1500000.00000000 NS USD 1557711.75000000 0.837282457718 Long ABS-CBDO CORP US Y 2 2024-10-15 Fixed 5.50000000 N N N N N N BSP 2019-19A E V/R 01/15/33 N/A BENEFIT STREET PARTNERS CLO XIX LTD SER 2019-19A CL E V/R REGD 144A P/P 0.00000000 08183PAA4 500000.00000000 NS USD 492500.00000000 0.264722667994 Long ABS-CBDO CORP KY Y 2 2033-01-15 Variable 0.00000000 N N N N N N DRMT 2018-3A B1 V/R 08/25/58 N/A DEEPHAVEN RESIDENTIAL MORTGAGE TRUST 2 SER 2018-3A CL B1 V/R REGD 144A P/P 5.00700000 24381KAE4 1250000.00000000 NS USD 1274987.00000000 0.685315655427 Long ABS-CBDO CORP US Y 2 2058-08-25 Variable 5.00700000 N N N N N N T/L UNIVAR USA 0% 07/01/2024 N/A T/L UNIVAR USA INC REGD 0.00000000 N/A 823966.44000000 NS USD 828859.15000000 0.445518386963 Long LON CORP US N 2 2024-07-01 Fixed 0.00000000 N N N N N N DIAMOND SPORTS 6.625% 08/15/27 N/A DIAMOND SPORTS GR/DIAMON REGD 144A P/P 6.62500000 25277LAC0 1434000.00000000 NS USD 1394565.00000000 0.749589781708 Long DBT CORP US Y 2 2027-08-15 Fixed 6.62500000 N N N N N N FCRT 2019-1 F 5.57% 11/16/26 N/A FOURSIGHT CAPITAL AUTOMOBILE RECEIVABLES TRUST 2019-1 SER 2019-1 CL F REGD 144A P/P 5.57000000 35105RAH3 500000.00000000 NS USD 506667.60000000 0.272337865702 Long ABS-CBDO CORP US Y 2 2026-11-16 Fixed 5.57000000 N N N N N N STACR 2018-HQA2 V/R 10/25/48 N/A FREDDIE MAC STACR TRUST 2018-HQA2 SER 2018-HQA2 CL B2 V/R REGD 144A P/P 12.79200000 35563XBE1 2510000.00000000 NS USD 3278751.00000000 1.762354746008 Long ABS-CBDO CORP US Y 2 2048-10-25 Variable 12.79200000 N N N N N N N/A N/A CDX HY 30 V1 05.000 NA 06/20/2023 JPMCL FIXED N/A 1.00000000 NC USD 1689276.53000000 0.907999573608 N/A DCR US N 2 CITIBANK N/A CITIBANK N/A CDX HY 30 CDX HY 30 Y 2023-06-20 -9840000 USD 10453425.6 USD 9840000 USD 212117.6 N N N T/L ACADIA HEALTHCA 0% 2/11/22 N/A T/L ADADIA HEALTHCARE COMPANY INC ZCP REGD 0.00000000 N/A 468561.26000000 NS USD 470435.51000000 0.252862829089 Long LON CORP US N 2 2022-02-11 Fixed 0.00000000 N N N N N N URSA RE LTD V/R 05/27/20 549300O8X4DWGDJZ6W59 URSA RE LTD REGD V/R 144A P/P SER B 5.06120600 90323WAE0 250000.00000000 NS USD 247225.00000000 0.132885404253 Long DBT CORP BM Y 2 2020-05-27 Variable 5.06120600 N N N N N N WFCM 2016-BNK1 D 3% 08/15/49 N/A WELLS FARGO COMMERCIAL MORTGAGE TRUST 2016-BNK1 SER 2016-BNK1 CL D REGD 144A P/P 3.00000000 95000GAJ3 750000.00000000 NS USD 622822.73000000 0.334772172128 Long ABS-CBDO CORP US Y 2 2049-08-15 Fixed 3.00000000 N N N N N N VIRIBUS RE 2019 0.0% 12/31/22 N/A VIRIBUS RE 2019 REGD ZCP /BNR492XD4/ 0.00000000 N/A 106153.00000000 NS USD 130854.80000000 0.070335495991 Long DBT CORP BM N 3 2022-12-31 Fixed 0.00000000 N N N N N N WLAKE 2018-3A E 4.9% 12/15/23 N/A WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2018-3 SER 2018-3A CL E REGD 144A P/P 4.90000000 96042GAN2 2750000.00000000 NS USD 2836909.90000000 1.524861639772 Long ABS-CBDO CORP US Y 2 2023-12-15 Fixed 4.90000000 N N N N N N PSTAT 2018-1A D V/R 04/15/26 N/A PALMER SQUARE LOAN FUNDING 2018-1 LTD SER 2018-1A CL D V/R REGD 144A P/P 5.95088000 69700FAA2 650000.00000000 NS USD 623351.95000000 0.335056632088 Long ABS-CBDO CORP KY Y 2 2026-04-15 Variable 5.95088000 N N N N N N ARTEX SAC LIMITED 0% 12/31/21 N/A ARTEX SAC LIMITED CARNOUSTIE RE 2018 0% 0.00000000 N/A 250000.00000000 NS USD 2800.00000000 0.001505022274 Long DBT CORP BM N 3 2021-12-31 Fixed 0.00000000 N N N N N N ING GROEP NV V/R /PERP/ 549300NYKK9MWM7GGW15 ING GROEP NV REGD V/R /PERP/ 6.50000000 456837AF0 1700000.00000000 NS USD 1843905.00000000 0.991113606351 Long DBT CORP NL N 2 2168-10-16 Variable 6.50000000 N N N N N N BACARDI LTD 5.3% 05/15/48 549300R32WTQNHNN5055 BACARDI LTD REGD 144A P/P 5.30000000 067316AH2 1725000.00000000 NS USD 2004240.07000000 1.077294981993 Long DBT CORP BM Y 2 2048-05-15 Fixed 5.30000000 N N N N N N PANGAEA RE SERIES 0% 2/1/19 N/A PANGAEA RE SERIES 2015-1 PRINCIPAL-AT-RISK NOTES /BNR1F68C4/ 0.00000000 N/A 2000000.00000000 NS USD 2616.36000000 0.001406314313 Long DBT CORP BM N 3 2020-02-01 Fixed 0.00000000 N N N N N N T/L ALBANY 0% MOLEC 08/30/2024 N/A T/L ALBANY MOLECULAR RESEARCH INC REGD 0.00000000 N/A 977500.00000000 NS USD 976889.06000000 0.525085641213 Long LON CORP US N 2 2024-08-30 Fixed 0.00000000 N N N N N N MDPK 2019-36A D V/R 01/15/33 N/A MADISON PARK FUNDING XXXVI LTD SER 2019-36A CL D V/R REGD 144A P/P 3.75000000 55819PAJ8 250000.00000000 NS USD 249995.25000000 0.134374435666 Long ABS-CBDO CORP KY Y 2 2033-01-15 Variable 3.75000000 N N N N N N GALILEI RE LTD V/R 01/08/20 N/A GALILEI RE LTD REGD V/R 144A P/P SER *** 7.46063000 363543AD1 400000.00000000 NS USD 399960.00000000 0.214981681809 Long DBT CORP BM Y 2 2020-01-08 Variable 7.46063000 N N N N N N KABB 2019-1 C 4.611% 03/15/22 N/A KABBAGE FUNDING LLC SER 2019-1 CL C REGD 144A P/P 4.61100000 48283PAG6 700000.00000000 NS USD 708079.12000000 0.380598159995 Long ABS-CBDO CORP US Y 2 2024-03-15 Fixed 4.61100000 N N N N N N ARTEX SAC LTD CAR V/R 12/31/17 N/A CARNOUSTIE 2017 V/R 931DSHII1 BNR30WD58 0.00000000 N/A 500000.00000000 NS USD 67925.00000000 0.036510227865 Long DBT CORP BM N 3 2021-11-30 Variable 0.00000000 N N N N N N URSA RE LTD V/R 12/10/20 549300O8X4DWGDJZ6W59 URSA RE LTD REGD V/R 144A P/P SER C 5.65481400 90323WAG5 250000.00000000 NS USD 248300.00000000 0.133463225305 Long DBT CORP BM Y 2 2020-12-10 Variable 5.65481400 N N N N N N ENLINK MIDSTREA 4.15% 06/01/25 88CPW63VL7KHJWS0NY83 ENLINK MIDSTREAM PARTNER REGD 4.15000000 29336UAE7 2065000.00000000 NS USD 1941100.00000000 1.043356692068 Long DBT CORP US N 2 2025-06-01 Fixed 4.15000000 N N N N N N SHINY 2017-1A 5.927% 08/28/24 N/A FOUR SEAS LP SER 2017-1A CL A2 REGD 144A P/P 5.92700000 35100LAB4 1800000.00000000 NS USD 1802460.94000000 0.968837094401 Long ABS-CBDO CORP CA Y 2 2027-08-28 Fixed 5.92700000 N N N N N N CNO FINANCIAL G 5.25% 05/30/29 11XPYHB76MPM4Y4P2897 CNO FINANCIAL GROUP INC REGD 5.25000000 12621EAL7 850000.00000000 NS USD 948812.50000000 0.509994266855 Long DBT CORP US N 2 2029-05-30 Fixed 5.25000000 N N N N N N MDCP 2018-2A 5.584% 07/20/24 N/A ELM 2018-2 TRUST SER 2018-2A CL B REGD 144A P/P 5.58400000 289333AC0 1500000.00000000 NS USD 1522337.70000000 0.818268624431 Long ABS-CBDO CORP US Y 2 2027-10-20 Fixed 5.58400000 N N N N N N UACST 2019-1 F 6.05% 12/10/21 N/A UNITED AUTO CREDIT SECURITIZATION TRUST 2019-1 SER 2019-1 CL F REGD 144A P/P 6.05000000 90945QAF8 500000.00000000 NS USD 505632.45000000 0.271781464342 Long ABS-CBDO CORP US Y 2 2026-01-12 Fixed 6.05000000 N N N N N N PANGAEA 2015-2 0% 05/29/20 N/A PANGAEA 2015-2 ZCP /BNR1QVAF7/ 0.00000000 N/A 2000000.00000000 NS USD 2981.76000000 0.001602719720 Long DBT CORP BM N 3 2020-05-29 Fixed 0.00000000 N N N N N N TRPTY BANK OF N 1.56% 01/02/20 N/A TRPTY BANK OF N 1.56% 01/02/20 1.56000000 N/A 1000000.00000000 PA USD 1000000.00000000 0.537507955318 Long RA CORP US N 2 Repurchase Y 1.56000000 2020-01-02 1015321.00000000 USD 1020089.08797065 USD AMBS N N N STACR 2019-HQA2 V/R 04/25/49 N/A FREDDIE MAC STACR TRUST 2019-HQA2 SER 2019-HQA2 CL M2 V/R REGD 144A P/P 3.84200000 35564MAH8 150000.00000000 NS USD 150687.38000000 0.080995665516 Long ABS-CBDO CORP US Y 2 2049-04-25 Variable 3.84200000 N N N N N N IRON MOUNTAIN 4.875% 09/15/27 SQL3F6CKNNBM3SQGHX24 IRON MOUNTAIN INC REGD 144A P/P 4.87500000 46284VAC5 2350000.00000000 NS USD 2426375.00000000 1.304195865086 Long DBT CORP US Y 2 2027-09-15 Fixed 4.87500000 N N N N N N AT&T INC 4.5% 03/09/48 549300Z40J86GGSTL398 AT&T INC REGD SER WI 4.50000000 00206RDJ8 1750000.00000000 NS USD 1933396.80000000 1.039216160787 Long DBT CORP US N 2 2048-03-09 Fixed 4.50000000 N N N N N N VERSUTUS LTD V/R 11/30/21 N/A VERSUTUS LTD SEGREGATED ACCOUNT VERSUTUS SERIES 2017 ACCOUNT A-1 NOTE /RESTRICTED/ 0.00000000 N/A 1500000.00000000 NS USD 19800.00000000 0.010642657515 Long DBT CORP BM N 3 2021-11-30 Variable 0.00000000 N N N N N N BX 2018-IND D V/R 10/15/20 N/A BX COMMERCIAL MORTGAGE TRUST 2018-IND SER 2018-IND CL D V/R REGD 144A P/P 3.03975000 056059AL2 350000.00000000 NS USD 350104.76000000 0.188184093694 Long ABS-CBDO CORP US Y 2 2035-11-15 Variable 3.03975000 N N N N N N GMAT 2013-1A M V/R 11/25/43 N/A GMAT 2013-1 TRUST SER 2013-1A CL M V/R REGD 144A P/P 5.00000000 36198GAB6 570000.00000000 NS USD 333784.70000000 0.179411931613 Long ABS-CBDO CORP US Y 2 2043-11-25 Variable 5.00000000 N N N N N N CAS 2019-R02 1M2 V/R 08/25/31 N/A CONNECTICUT AVENUE SECURITIES TRUST 2019-R02 SER 2019-R02 CL 1M2 V/R REGD 144A P/P 4.09200000 20753KAB8 1000000.00000000 NS USD 1009233.90000000 0.542471250027 Long ABS-CBDO CORP US Y 2 2031-08-25 Variable 4.09200000 N N N N N N MOLINA HEALTHC 5.375% 11/15/22 549300NQQCEQ46YHZ591 MOLINA HEALTHCARE INC REGD SER WI 5.37500000 60855RAG5 1700000.00000000 NS USD 1807066.00000000 0.971312350785 Long DBT CORP US N 2 2022-11-15 Fixed 5.37500000 N N N N N N OCI NV 5.25% 11/01/24 549300NCMRGIBJYUOE57 OCI NV REGD 144A P/P 5.25000000 67091GAC7 1415000.00000000 NS USD 1468062.50000000 0.789095272654 Long DBT CORP NL Y 2 2024-11-01 Fixed 5.25000000 N N N N N N HARAMBEE 2018 0.00% 12/31/21 N/A HARAMBEE 2018 ZCP REGD /BNR3M5Y01/ 0.00000000 N/A 1500000.00000000 NS USD 232650.00000000 0.125051225804 Long DBT CORP BM N 3 2021-12-31 Fixed 0.00000000 N N N N N N TARGA RESOURCE 5.875% 04/15/26 N/A TARGA RESOURCES PARTNERS REGD 5.87500000 87612BBJ0 1475000.00000000 NS USD 1567187.50000000 0.842375748725 Long DBT CORP US N 2 2026-04-15 Fixed 5.87500000 N N N N N N PROG 2018-SFR 5.368% 10/17/23 N/A PROGRESS RESIDENTIAL 2018-SFR3 TRUST SER 2018-SFR3 CL F REGD 144A P/P 5.36800000 74331MAF3 2510000.00000000 NS USD 2573223.39000000 1.383128042936 Long ABS-CBDO CORP US Y 2 2035-10-17 Fixed 5.36800000 N N N N N N WSTCT 2016-1A ER V/R 07/20/28 N/A WESTCOTT PARK CLO LTD SER 2016-1A CL ER V/R REGD 144A P/P 8.36588000 95753VAC4 500000.00000000 NS USD 494087.00000000 0.265575693119 Long ABS-CBDO CORP KY Y 2 2028-07-20 Variable 8.36588000 N N N N N N T/L OUTFRONT MEDI 0% 11/02/26 N/A T/L OUTFRONT MEDIA CAPITAL LLC OUTFRONT MEDIA CAPITAL CORP REGD 0.00000000 12505MAF3 462686.57000000 NS USD 465784.72000000 0.250362992465 Long LON CORP US N 2 2026-11-02 Fixed 0.00000000 N N N N N N GMSL 2005-A B2 5.25% 04/25/32 N/A GLOBAL MORTGAGE SECURITIZATION LTD SER 2005-A CL B2 REGD P/P 5.25000000 378961AV8 216552.07000000 NS USD 169420.07000000 0.091064635415 Long ABS-CBDO CORP KY Y 2 2032-04-25 Fixed 5.25000000 N N N N N N ADT SEC CORP 4.875% 07/15/32 N/A ADT SEC CORP REGD 144A P/P 4.87500000 74166NAA2 1100000.00000000 NS USD 1009250.00000000 0.542479903905 Long DBT CORP US Y 2 2032-07-15 Fixed 4.87500000 N N N N N N T/L BUILDERS FIRST 0% 02/29/24 N/A T/L BUILDERS FIRSTSOURCE INC REGD 0.00000000 N/A 100681.01000000 NS USD 101157.43000000 0.054372923364 Long LON CORP US N 2 2024-02-29 Fixed 0.00000000 N N N N N N TRPTY RBC DOMIN 1.56% 01/02/20 N/A TRPTY RBC DOMIN 1.56% 01/02/20 1.56000000 N/A 1000000.00000000 PA USD 1000000.00000000 0.537507955318 Long RA CORP US N 2 Repurchase Y 1.56000000 2020-01-02 1017343.00000000 USD 1020975.88057161 USD AMBS N N N T/L APPLIED SYSTEM 0% 09/19/24 N/A T/L APPLIED SYSTEMS INC REGD 0.00000000 N/A 791173.27000000 NS USD 795211.42000000 0.427432464410 Long LON CORP US N 2 2024-09-19 Fixed 0.00000000 N N N N N N T/L AVAST HOLDING 0% 09/29/23 N/A T/L AVAST HOLDING B V REGD 0.00000000 N/A 257919.84000000 NS USD 260297.60000000 0.139912030750 Long LON CORP NL N 2 2023-09-29 Fixed 0.00000000 N N N N N N N/A N/A CDX NA HY 28 05.000 NA 06/20/2022 XJPM FIXED N/A 1.00000000 NC USD 858001.45000000 0.461182605049 N/A DCR US N 2 JP MORGAN N/A CDX NA HY 28 CDX NA HY 28 Y 2022-06-20 -5557500 USD 5966913.67 USD 5557500 USD -47727.86 N N N T/L TRADER CORPORAT0% 9/28/23 N/A T/L TRADER CORPORATION REGD 0.00000000 N/A 687389.24000000 NS USD 690826.19000000 0.371324572867 Long LON CORP CA N 2 2023-09-28 Fixed 0.00000000 N N N N N N KILIMANJARO II RE V/R 04/20/21 N/A KILIMANJARO II RE LTD REGD V/R 144A P/P SER A-1 12.37300000 49407QAA6 250000.00000000 NS USD 246325.00000000 0.132401647093 Long DBT CORP BM Y 2 2021-04-20 Variable 12.37300000 N N N N N N T/L FITNESS INTERN 0% 04/18/25 N/A T/L FITNESS INTERNATIONAL LLC REGD 0.00000000 N/A 704659.33000000 NS USD 705320.30000000 0.379115272297 Long LON CORP US N 2 2025-04-18 Fixed 0.00000000 N N N N N N ENGS 2016-1A D 5.22% 01/22/21 N/A ENGS COMMERCIAL FINANCE TRUST 2016-1 SER 2016-1A CL D REGD 144A P/P 5.22000000 29332JAE6 800000.00000000 NS USD 803494.16000000 0.431884503052 Long ABS-CBDO CORP US Y 2 2024-01-22 Fixed 5.22000000 N N N N N N BAUSCH HEALTH COS 7% 03/15/24 B3BS7ACMDUWISF18KY76 BAUSCH HEALTH COS INC REGD 144A P/P 7.00000000 91911KAK8 1250000.00000000 NS USD 1300000.00000000 0.698760341914 Long DBT CORP US Y 2 2024-03-15 Fixed 7.00000000 N N N N N N ARTEX SAC LTD 0.0% 12/31/22 N/A ARTEX SAC LTD BERWICK RE 2019-1 REGD ZCP /BNR4941A1/ 0.00000000 N/A 29857.00000000 NS USD 30904.98000000 0.016611672608 Long DBT CORP BM N 3 2022-12-31 Fixed 0.00000000 N N N N N N MSBAM 2014-C17 D V/R 07/15/24 N/A MORGAN STANLEY BANK OF AMERICA MERR SER 2014-C17 CL D V/R REGD 144A P/P 4.74442600 61763UAE2 500000.00000000 NS USD 504353.80000000 0.271094179795 Long ABS-CBDO CORP US Y 2 2047-08-15 Variable 4.74442600 N N N N N N T/L USI HOLDINGS 0% 05/16/2024 N/A T/L USI HOLDINGS CORPORATION REGD 0.00000000 N/A 977500.00000000 NS USD 978599.69000000 0.526005118447 Long LON CORP US N 2 2024-05-16 Fixed 0.00000000 N N N N N N T/L ATLANTIC POW 0% 04/13/23 N/A T/L ATLANTIC POWER LIMITED PARTNERTNERSHIP REGD 0.00000000 N/A 463511.04000000 NS USD 465441.56000000 0.250178541235 Long LON CORP US N 2 2023-04-13 Fixed 0.00000000 N N N N N N ARTEX SAC LTD FORMERLY KANE N/A ARTEX SAC LTD FORMERLY KANE SAC - CARNOUSTIE SEG ACCT /BNR1EPMT0/ 0.00000000 N/A 1500000.00000000 NS USD 4800.00000000 0.002580038185 Long DBT CORP BM N 3 2020-07-01 Fixed 0.00000000 N N N N N N PANGAEA 2017-1 V/R 11/30/21 N/A PANGAEA 2017-1 V/R 931DSDII0 BNR30QU11 0.00000000 N/A 1000000.00000000 NS USD 16100.00000000 0.008653878080 Long DBT CORP BM N 3 2021-11-30 Variable 0.00000000 N N N N N N CHENIERE CORP 5.875% 03/31/25 N/A CHENIERE CORP CHRISTI HD REGD SER WI 5.87500000 16412XAC9 1390000.00000000 NS USD 1562999.40000000 0.840124611658 Long DBT CORP US N 2 2025-03-31 Fixed 5.87500000 N N N N N N RESIDENTIAL RE 17 V/R 12/06/21 N/A RESIDENTIAL RE 17 LTD REGD V/R 144A P/P 7.27000600 76118XAF3 250000.00000000 NS USD 244700.00000000 0.131528196666 Long DBT CORP KY Y 2 2021-12-06 Variable 7.27000600 N N N N N N T/L ELDORADO RESOR 0% 04/17/24 N/A T/L ELDORADO RESORTS INC REGD 0.00000000 N/A 257974.15000000 NS USD 258175.63000000 0.138771454994 Long LON CORP US N 2 2024-04-17 Fixed 0.00000000 N N N N N N FREEDOM MORTGAG 8.25% 04/15/25 549300LYRWPSYPK6S325 FREEDOM MORTGAGE CORP REGD 144A P/P 8.25000000 35640YAB3 1600000.00000000 NS USD 1568496.00000000 0.843079077885 Long DBT CORP US Y 2 2025-04-15 Fixed 8.25000000 N N N N N N BAUSCH HEALTH CO 6.5% 03/15/22 B3BS7ACMDUWISF18KY76 BAUSCH HEALTH COS INC REGD 144A P/P 6.50000000 91911KAJ1 900000.00000000 NS USD 920250.00000000 0.494641695881 Long DBT CORP US Y 2 2022-03-15 Fixed 6.50000000 N N N N N N KANE SAC LTD VAR 0% 7/1/2019 N/A KANE SAC LIMITED VARIABLE NOTE REGD 0.00000000 N/A 700000.00000000 NS USD 11900.00000000 0.006396344668 Long DBT CORP BM N 3 2020-07-01 Fixed 0.00000000 N N N N N N SOCTY 2016-A A 4.8% 03/21/22 N/A SOLARCITY LMC SERIES VI LLC SER 2016-A CL A REGD 144A P/P 4.80000000 83416NAA1 945660.71000000 NS USD 974889.66000000 0.524010947807 Long ABS-CBDO CORP US Y 2 2048-09-20 Fixed 4.80000000 N N N N N N CSAIL 2015-C4 D V/R 11/15/25 N/A CSAIL 2015-C4 COMMERCIAL MORTGAGE TRUST SER 2015-C4 CL D V/R REGD 3.58005700 12635RBE7 500000.00000000 NS USD 481106.95000000 0.258598812984 Long ABS-CBDO CORP US N 2 2048-11-15 Variable 3.58005700 N N N N N N T/L FILTRATION GRO 0% 03/29/25 N/A T/L FILTRATION GROUP CORPORATION REGD 0.00000000 N/A 478971.92000000 NS USD 481546.39000000 0.258835015479 Long LON CORP US N 2 2025-03-29 Fixed 0.00000000 N N N N N N VERSUTUS 2018 0.0% 12/31/21 N/A VERSUTUS 2018 ZCP REGD /BNR3MF0E6/ 0.00000000 N/A 1500000.00000000 NS USD 0.00000000 0.000000 Long DBT CORP BM N 3 2021-12-31 Fixed 0.00000000 N N N N N N WFRBS 2013-C12 D V/R 03/15/48 N/A WFRBS COMMERCIAL MORTGAGE TRUST 2013-C12 SER 2013-C12 CL D V/R REGD 144A P/P 4.40441800 92937FAU5 200000.00000000 NS USD 201503.14000000 0.108309540771 Long ABS-CBDO CORP US Y 2 2048-03-15 Variable 4.40441800 N N N N N N NWSB 2018-1 B V/R 11/25/24 N/A NEWTEK SMALL BUSINESS LOAN TRUST 2018-1 SER 2018-1 CL B V/R 144A P/P 4.70800000 65252MAB5 821125.50000000 NS USD 827704.44000000 0.444897721152 Long ABS-CBDO CORP US Y 2 2044-02-25 Variable 4.70800000 N N N N N N SWH 2017-1 E V/R 10/17/19 N/A STARWOOD WAYPOINT HOMES 2017-1 TRUST SER 2017-1 CL E V/R REGD 144A P/P 4.33975000 85572MAE0 1525000.00000000 NS USD 1526141.16000000 0.820313014439 Long ABS-CBDO CORP US Y 2 2035-01-17 Variable 4.33975000 N N N N N N STACR 2019-HQA2 V/R 04/25/49 N/A FREDDIE MAC STACR TRUST 2019-HQA2 SER 2019-HQA2 CL B2 V/R REGD 144A P/P 13.04200000 35564MBE4 140000.00000000 NS USD 181349.76000000 0.097476938695 Long ABS-CBDO CORP US Y 2 2049-04-25 Variable 13.04200000 N N N N N N BARCLAYS PLC V/R /PERP/ 213800LBQA1Y9L22JB70 BARCLAYS PLC REGD V/R /PERP/ 7.75000000 06738EBA2 1700000.00000000 NS USD 1857250.00000000 0.998286650015 Long DBT CORP GB N 2 2168-12-15 Variable 7.75000000 N N N N N N THPT 2018-THL C V/R 11/11/19 N/A THARALDSON HOTEL PORTFOLIO TRUST 2018-THPT SER 2018-THL CL C V/R REGD 144A P/P 3.06013000 88327HAJ2 416381.25000000 NS USD 416147.37000000 0.223682521959 Long ABS-CBDO CORP US Y 2 2034-11-11 Variable 3.06013000 N N N N N N CAS 2018-C04 2M2 V/R 12/25/30 N/A FANNIE MAE CONNECTICUT AVENUE SECURITIES SER 2018-C04 CL 2M2 V/R REGD 4.34200000 30711XR63 1000000.00000000 NS USD 1017685.30000000 0.547013944760 Long ABS-CBDO CORP US N 2 2030-12-25 Variable 4.34200000 N N N N N N LIMESTONE RE LTD ZCP 08/31/21 5493004PN8HGYC184A27 LIMESTONE RE LTD REGD ZCP P/P SER _ 0.00000000 G5488XAA8 12000.00000000 NS USD 14540.40000000 0.007815580673 Long DBT CORP BM N 3 2021-08-31 Fixed 0.00000000 N N N N N N CAS 2019-R03 1B1 V/R 09/25/31 N/A CONNECTICUT AVENUE SECURITIES TRUST 2019-R03 SER 2019-R03 CL 1B1 V/R REGD 144A P/P 5.89200000 20753MAE8 1000000.00000000 NS USD 1063424.80000000 0.571599289883 Long ABS-CBDO CORP US Y 2 2031-09-25 Variable 5.89200000 N N N N N N ARTEX SAC LTD BER 0% 12/31/21 N/A ARTEX SAC LIMITED BERWICK RE 2018-1 /BNR3N2962/ 0.00000000 N/A 41791.00000000 NS USD 6674.02000000 0.003587338843 Long DBT CORP BM N 3 2021-12-31 Fixed 0.00000000 N N N N N N HCA INC 5.875% 02/01/29 N/A HCA INC REGD 5.87500000 404119BW8 76000.00000000 NS USD 87875.00000000 0.047233511573 Long DBT CORP US N 2 2029-02-01 Fixed 5.87500000 N N N N N N N/A N/A CDX 2I65BRLR9 05.000 BP 12/20/2023 JPMSGB2LXXX FIXED N/A 1.00000000 NC USD 2513482.33000000 1.351016747927 N/A DCR US N 2 JP MORGAN N/A CDX.NA.HY CDX.NA.HY Y 2023-12-20 -18960000 USD 20137886.2 USD 18960000 USD 545596.13 N N N T/L ENERGIZER 0% 12/17/25 N/A T/L ENERGIZER HOLDINGS INC. ZCP REGD 0.00000000 N/A 198000.00000000 NS USD 199296.90000000 0.107123669220 Long LON CORP US N 2 2025-12-17 Fixed 0.00000000 N N N N N N MSC 2016-UBS9 D 3% 02/15/26 N/A MORGAN STANLEY CAPITAL I TRUST 2016-UBS9 SER 2016-UBS9 CL D REGD 144A P/P 3.00000000 61766CAV1 260000.00000000 NS USD 238646.36000000 0.128274317007 Long ABS-CBDO CORP US Y 2 2049-03-15 Fixed 3.00000000 N N N N N N RMIR 2019-1 M1B V/R 02/25/29 N/A RADNOR RE 2019-1 LTD SER 2019-1 CL M1B V/R REGD 144A P/P 3.74200000 75049SAB9 850000.00000000 NS USD 848963.68000000 0.456324731776 Long ABS-CBDO CORP BM Y 2 2029-02-25 Variable 3.74200000 N N N N N N TARGA RESOURCES 6.5% 07/15/27 N/A TARGA RESOURCES PARTNERS REGD 144A P/P 6.50000000 87612BBK7 327000.00000000 NS USD 358065.00000000 0.192462786021 Long DBT CORP US Y 2 2027-07-15 Fixed 6.50000000 N N N N N N ARAMARK SERVICES I 5% 02/01/28 N/A ARAMARK SERVICES INC REGD 144A P/P 5.00000000 038522AQ1 2300000.00000000 NS USD 2423625.00000000 1.302717718209 Long DBT CORP US Y 2 2028-02-01 Fixed 5.00000000 N N N N N N LIBERTY MUTUAL 7.697% 10/15/97 N/A LIBERTY MUTUAL INSURANCE REGD 144A P/P 7.69700000 53079QAD9 100000.00000000 NS USD 142427.68000000 0.076556011057 Long DBT CORP US Y 2 2097-10-15 Fixed 7.69700000 N N N N N N CAS 2018-C06 1M2 V/R 03/25/31 N/A FANNIE MAE CONNECTICUT AVENUE SECURITIES SER 2018-C06 CL 1M2 V/R REGD 3.79200000 30711X3H5 1072417.41000000 NS USD 1076915.99000000 0.578850911834 Long ABS-CBDO CORP US N 2 2031-03-25 Variable 3.79200000 N N N N N N BXGNT 2018-A C 4.44% 02/02/34 N/A BXG RECEIVABLES NOTE TRUST 2018-A SER 2018-A CL C REGD 144A P/P 4.44000000 05607UAC3 387416.73000000 NS USD 398070.73000000 0.213966184154 Long ABS-CBDO CORP US Y 2 2034-02-02 Fixed 4.44000000 N N N N N N CIGAR 2019-1A 4.85% 05/15/26 N/A CIG AUTO RECEIVABLES TRUST 2019-1 SER 2019-1A CL D REGD 144A P/P 4.85000000 125504AD2 1000000.00000000 NS USD 1016613.70000000 0.546437951235 Long ABS-CBDO CORP US Y 2 2026-05-15 Fixed 4.85000000 N N N N N N KB HOME 7% 12/15/21 549300LGUCWQURMWLG09 KB HOME REGD 7.00000000 48666KAT6 1315000.00000000 NS USD 1410337.50000000 0.758067625934 Long DBT CORP US N 2 2021-12-15 Fixed 7.00000000 N N N N N N T/L TPF II POWER 0% 10/02/2023 N/A T/L TPF II POWER LLC TL B 0.00000000 87264NAB3 541783.77000000 NS USD 544026.75000000 0.292418706031 Long LON CORP US N 2 2023-10-02 Fixed 0.00000000 N N N N N N TAH 2017-SFR1 5.151% 09/17/22 N/A TRICON AMERICAN HOMES 2017-SFR1 TRUST SER 2017-SFR1 CL F REGD 144A P/P 5.15100000 89613DAF0 1000000.00000000 NS USD 1026587.90000000 0.551799163083 Long ABS-CBDO CORP US Y 2 2034-09-17 Fixed 5.15100000 N N N N N N LIBERTY MUTUAL 3.951% 10/15/50 N/A LIBERTY MUTUAL GROUP INC REGD 144A P/P 3.95100000 53079EBJ2 925000.00000000 NS USD 962145.13000000 0.517160661546 Long DBT CORP US Y 2 2050-10-15 Fixed 3.95100000 N N N N N N CENTURYLINK INC 7.6% 09/15/39 8M3THTGWLTYZVE6BBY25 CENTURYLINK INC REGD SER P 7.60000000 156700AM8 950000.00000000 NS USD 992750.00000000 0.533611022642 Long DBT CORP US N 2 2039-09-15 Fixed 7.60000000 N N N N N N GALILEI RE LTD V/R 01/08/20 N/A GALILEI RE LTD REGD V/R 144A P/P SER * 10.49063000 363543AB5 250000.00000000 NS USD 249925.00000000 0.134336675733 Long DBT CORP BM Y 2 2020-01-08 Variable 10.49063000 N N N N N N N/A N/A CDX ITRAXX 05.000 NA 06/20/2022 JPMCL FIXED N/A 1.00000000 NC 2175144.34000000 1.169157386716 N/A DCR US N 2 CITIBANK N/A CDX ITRAXX CDX ITRAXX Y 2022-06-20 -9957039.4 EUR 11104716.3 EUR 9960591.427078 EUR -298663.13 N N N INTESA SANPAOLO SPA V/R /PERP/ 2W8N8UU78PMDQKZENC08 INTESA SANPAOLO SPA REGD V/R /PERP/ 144A P/P MTN 7.70000000 46115HAU1 850000.00000000 NS USD 921187.50000000 0.495145609590 Long DBT CORP IT Y 2 2168-03-17 Variable 7.70000000 N N N N N N AXIS 2018-2A F 7.39% 06/22/26 N/A AMUR EQUIPMENT FINANCE RECEIVABLES VI LLC SER 2018-2A CL F REGD 144A P/P 7.39000000 03237JAG2 1667000.00000000 NS USD 1726575.41000000 0.928048018332 Long ABS-CBDO CORP US Y 2 2026-06-22 Fixed 7.39000000 N N N N N N GECMS 1997-HE1 A V/R 03/25/27 N/A GE MORTGAGE SERVICES LLC SER 1997-HE1 CL A4 V/R REGD 7.78000000 36157T4E8 104217.18000000 NS USD 20968.09000000 0.011270515182 Long ABS-CBDO CORP US N 2 2027-03-25 Variable 7.78000000 N N N N N N PSTAT 2018-1A C V/R 04/15/26 N/A PALMER SQUARE LOAN FUNDING 2018-1 LTD SER 2018-1A CL C V/R REGD 144A P/P 3.85088000 69700EAG2 650000.00000000 NS USD 630184.10000000 0.338728967065 Long ABS-CBDO CORP KY Y 2 2026-04-15 Variable 3.85088000 N N N N N N DCP MIDSTREAM 3.875% 03/15/23 N/A DCP MIDSTREAM OPERATING REGD 3.87500000 23311VAD9 1515000.00000000 NS USD 1549087.50000000 0.832646854734 Long DBT CORP US N 2 2023-03-15 Fixed 3.87500000 N N N N N N DELL INT LLC / E 5.3% 10/01/29 N/A DELL INT LLC / EMC CORP REGD 144A P/P 5.30000000 24703DBA8 1775000.00000000 NS USD 2001470.35000000 1.075806235459 Long DBT CORP US Y 2 2029-10-01 Fixed 5.30000000 N N N N N N STANDARD INDUS 5.375% 11/15/24 N/A STANDARD INDUSTRIES INC REGD 144A P/P 5.37500000 120111BM0 1520000.00000000 NS USD 1561800.00000000 0.839479924616 Long DBT CORP US Y 2 2024-11-15 Fixed 5.37500000 N N N N N N WELLCARE HEALTH 5.25% 04/01/25 529900JCT1MMTWHZ5P23 WELLCARE HEALTH PLANS REGD 5.25000000 94946TAC0 1190000.00000000 NS USD 1237600.00000000 0.665219845502 Long DBT CORP US N 2 2025-04-01 Fixed 5.25000000 N N N N N N T/L SPECTACLE 0% 11/06/25 N/A T/L SPECTACLE GARY HOLDINGS LLC REGD 0.00000000 N/A 908400.00000000 NS USD 916348.50000000 0.492544608594 Long LON CORP US N 2 2025-11-06 Fixed 0.00000000 N N N N N N T/L NN INC 0% 10/19/2022 N/A T/L NN INC REGD 0.00000000 N/A 439306.96000000 NS USD 429422.55000000 0.230818036818 Long LON CORP US N 2 2022-10-19 Fixed 0.00000000 N N N N N N INTERNATIONAL G 6.25% 01/15/27 N/A INTERNATIONAL GAME TECH REGD 144A P/P 6.25000000 460599AD5 1270000.00000000 NS USD 1428750.00000000 0.767964491161 Long DBT CORP US Y 2 2027-01-15 Fixed 6.25000000 N N N N N N CREDIT SUISSE GROUP V/R /PERP/ 549300506SI9CRFV9Z86 CREDIT SUISSE GROUP AG REGD V/R /PERP/ REG S 6.37500000 H3698DCP7 1700000.00000000 NS USD 1832600.00000000 0.985037078916 Long DBT CORP CH N 2 2168-02-21 Variable 6.37500000 N N N N N N BSP 2019-19A D V/R 01/15/33 N/A BENEFIT STREET PARTNERS CLO XIX LTD SER 2019-19A CL D V/R REGD 144A P/P 0.00000000 08182RAG8 500000.00000000 NS USD 500000.00000000 0.268753977659 Long ABS-CBDO CORP KY Y 2 2033-01-15 Variable 0.00000000 N N N N N N NCMS 2018-FL1 MC V/R 06/15/35 N/A NATIXIS COMMERCIAL MORTGAGE SECURITIES TRUS SER 2018-FL1 CL MCR1 V/R REGD 144A P/P 4.11540000 63874MAW2 426221.70000000 NS USD 425778.34000000 0.228859244952 Long ABS-CBDO CORP US Y 2 2035-06-15 Variable 4.11540000 N N N N N N ST. ANDREWS 2017-4 0% 06/01/20 N/A ST. ANDREWS 2017-4 ARTEX SAC LIMITED ZCP /931QWXII2/ /BNR36B755/ 0.00000000 N/A 217248.00000000 NS USD 21377.20000000 0.011490415062 Long DBT CORP BM N 3 2020-06-01 Fixed 0.00000000 N N N N N N CFMT 2018-RM2 D V/R 10/25/23 N/A CASCADE FUNDING MORTGAGE TRUST 2018-RM2 SER 2018-RM2 CL D V/R REGD 144A P/P 4.00000000 14727QAD7 2092134.11000000 NS USD 1973554.67000000 1.060801335381 Long ABS-CBDO CORP US Y 2 2068-10-25 Variable 4.00000000 N N N N N N KANE SAC - CARNOU V/R 11/30/20 N/A KANE SAC - CARNOUSTIE 2016 N VARIABLE REGD /BNR27RJF6/ 0.00000000 N/A 500000.00000000 NS USD 13500.00000000 0.007256357396 Long DBT CORP BM N 3 2020-11-30 Variable 0.00000000 N N N N N N MSBT 2019-25 A V/R 02/14/21 N/A BTH-25 MORTGAGE-BACKED SECURITIES TRUST SER 2019-25 4.19713000 05588AAA4 500000.00000000 NS USD 500701.15000000 0.269130851362 Long ABS-CBDO CORP US N 2 2020-02-14 Variable 4.19713000 N N N N N N T/L ALBERTSONS LLC 0% 8/17/26 N/A T/L ALBERTSONS LLC REGD 0.00000000 01310TAW9 363390.57000000 NS USD 367230.15000000 0.197389127057 Long LON CORP US N 2 2026-08-17 Fixed 0.00000000 N N N N N N JPMDB 2016-C4 D V/R 11/15/26 N/A JPMDB COMMERCIAL MORTGAGE SECURITIES TRU SER 2016-C4 CL D V/R REGD 144A P/P 3.09080000 46646RAB9 300000.00000000 NS USD 272224.05000000 0.146322592504 Long ABS-CBDO CORP US Y 2 2049-12-15 Variable 3.09080000 N N N N N N URSA RE LTD V/R 12/10/20 549300O8X4DWGDJZ6W59 URSA RE LTD REGD V/R 144A P/P SER D 6.94481400 90323WAH3 250000.00000000 NS USD 247325.00000000 0.132939155049 Long DBT CORP BM Y 2 2020-12-10 Variable 6.94481400 N N N N N N STACR 2019-HQA2 V/R 04/25/49 N/A FREDDIE MAC STACR TRUST 2019-HQA2 SER 2019-HQA2 CL B1 V/R REGD 144A P/P 5.89200000 35564MBD6 180000.00000000 NS USD 191304.13000000 0.102827491760 Long ABS-CBDO CORP US Y 2 2049-04-25 Variable 5.89200000 N N N N N N VEROS 2018-1 C 4.65% 02/15/24 N/A VEROS AUTOMOBILE RECEIVABLES TRUST 2018-1 SER 2018-1 CL C REGD 144A P/P 4.65000000 92511AAC0 750000.00000000 NS USD 763990.05000000 0.410650729659 Long ABS-CBDO CORP US Y 2 2024-02-15 Fixed 4.65000000 N N N N N N FCRT 2018-2 F 6.48% 06/15/26 N/A FOURSIGHT CAPITAL AUTOMOBILE RECEIVABLES TRUST 2018-2 SER 2018-2 CL F REGD 144A P/P 6.48000000 35105MAH4 500000.00000000 NS USD 514991.65000000 0.276812108797 Long ABS-CBDO CORP US Y 2 2026-06-15 Fixed 6.48000000 N N N N N N N/A N/A CDX NA HY 29 V1 05.000 NA 12/20/2022 JPMCL FIXED N/A 1.00000000 NC USD 906995.57000000 0.487517334313 N/A DCR US N 2 JP MORGAN N/A CDX NA HY 29 CDX NA HY 29 Y 2022-12-20 -5568000 USD 5945379.89 USD 5568000 USD 32362.36 N N N PROG 2018-SFR 4.656% 08/17/23 N/A PROGRESS RESIDENTIAL 2018-SFR2 TRUST SER 2018-SFR2 CL E REGD 144A P/P 4.65600000 74332UAJ6 2500000.00000000 NS USD 2554981.25000000 1.373322747564 Long ABS-CBDO CORP US Y 2 2035-08-17 Fixed 4.65600000 N N N N N N GALILEI RE LTD V/R 01/08/20 N/A GALILEI RE LTD REGD V/R 144A P/P SER ** 8.64063000 363543AC3 250000.00000000 NS USD 249950.00000000 0.134350113431 Long DBT CORP BM Y 2 2020-01-08 Variable 8.64063000 N N N N N N ROSY 2018-1 A1 6.25% 12/15/22 N/A ROSY 2018-1 SER 2018-1 CL A1 REGD 144A P/P 6.25000000 77862UAA6 500000.00000000 NS USD 502500.00000000 0.270097747547 Long ABS-CBDO CORP US Y 2 2025-12-15 Fixed 6.25000000 N N N N N N BMIR 2019-1A M1B V/R 03/25/29 N/A BELLEMEADE RE 2019-1 LTD SER 2019-1A CL M1B V/R REGD 144A P/P 3.54200000 07876RAB2 380000.00000000 NS USD 379108.94000000 0.203774071182 Long ABS-CBDO CORP BM Y 2 2029-03-25 Variable 3.54200000 N N N N N N MEG ENERGY CORP 7% 03/31/24 5493002WXPTG5ZC1T326 MEG ENERGY CORP REGD 144A P/P 7.00000000 552704AC2 1500000.00000000 NS USD 1509375.00000000 0.811301070059 Long DBT CORP CA Y 2 2024-03-31 Fixed 7.00000000 N N N N N N RESIDENTIAL RE 20 V/R 12/06/20 N/A RESIDENTIAL RE 2016 LTD REGD V/R P/P 6.94000600 76118GAE3 250000.00000000 NS USD 246650.00000000 0.132576337179 Long DBT CORP KY Y 2 2023-12-06 Variable 6.94000600 N N N N N N MDPK 2019-36A E V/R 01/15/33 N/A MADISON PARK FUNDING XXXVI LTD SER 2019-36A CL E V/R REGD 144A P/P 7.25000000 55819NAA2 500000.00000000 NS USD 499975.50000000 0.268740808714 Long ABS-CBDO CORP KY Y 2 2033-01-15 Variable 7.25000000 N N N N N N T/L VISTRA OPER 0% 12/31/25 N/A T/L VISTRA OPERATIONS COMPANY LLC ZCP REGD 0.00000000 N/A 280659.60000000 NS USD 282641.90000000 0.151922269756 Long LON CORP US N 2 2025-12-31 Fixed 0.00000000 N N N N N N STACR 2019-HQA1 V/R 02/25/49 N/A FREDDIE MAC STACR TRUST 2019-HQA1 SER 2019-HQA1 CL M2 V/R REGD 144A P/P 4.14200000 35563MAH9 1250000.00000000 NS USD 1262814.63000000 0.678772909717 Long ABS-CBDO CORP US Y 2 2049-02-25 Variable 4.14200000 N N N N N N NATIONSTAR MORT/ 6.5% 06/01/22 N/A NATIONSTAR MORT/CAP CORP REGD 6.50000000 63860UAL4 1425000.00000000 NS USD 1425955.35000000 0.766462344554 Long DBT CORP US N 2 2022-06-01 Fixed 6.50000000 N N N N N N CGMS 2019-4A C V/R 01/15/33 N/A CARLYLE US CLO 2019-4 LTD SER 2019-4A CL C V/R REGD 144A P/P 0.00000000 14317VAL4 250000.00000000 NS USD 250000.00000000 0.134376988829 Long ABS-CBDO CORP KY Y 2 2033-01-15 Variable 0.00000000 N N N N N N FIXED INCOME TR S/UP 10/15/97 N/A FIXED INCOME TR SERIES A REGD S/UP 144A P/P 7.69700000 33834EAA0 1000000.00000000 NS USD 1424276.75000000 0.765560083700 Long DBT CORP US Y 3 2097-10-15 Variable 7.69700000 N N N N N N ROYAL BK SCOTLND GR V/R /PERP/ N/A ROYAL BK SCOTLND GRP PLC REGD V/R /PERP/ 8.62500000 780097BB6 1000000.00000000 NS USD 1072500.00000000 0.576477282079 Long DBT CORP GB N 2 2168-09-30 Variable 8.62500000 N N N N N N EDEN RE II LTD ZCP 03/22/22 549300LKX8PCP3SC3F42 EDEN RE II LTD REGD ZCP 144A P/P SER A 0.00000000 27954GAA1 25000.00000000 NS USD 32660.00000000 0.017555009820 Long ABS-CBDO CORP BM Y 2 2022-03-22 Fixed 0.00000000 N N N N N N AMERICAN MIDSTRE 9.5% 12/15/21 N/A AMERICAN MIDSTREAM PTR/F REGD 144A P/P 9.50000000 02753GAA7 900000.00000000 NS USD 846000.00000000 0.454731730199 Long DBT CORP US Y 2 2021-12-15 Fixed 9.50000000 N N N N N N CHARTER COMM OPT 4.8% 03/01/50 N/A CHARTER COMM OPT LLC/CAP REGD 4.80000000 161175BT0 1850000.00000000 NS USD 1950833.08000000 1.048588299998 Long DBT CORP US N 2 2050-03-01 Fixed 4.80000000 N N N N N N APID 2019-32A E V/R 01/20/33 N/A APIDOS CLO XXXII SER 2019-32A CL E V/R REGD 144A P/P 0.00000000 03768QAQ1 250000.00000000 NS USD 250000.00000000 0.134376988829 Long ABS-CBDO CORP KY Y 2 2033-01-20 Variable 0.00000000 N N N N N N T/L BEACON ROOF 0% 01/02/2025 N/A T/L BEACON ROOFING SUPPLY ZCP REGD 0.00000000 N/A 294750.00000000 NS USD 296500.23000000 0.159371232378 Long LON CORP US N 2 2025-01-02 Fixed 0.00000000 N N N N N N CYPRESS 2017 0% 1/10/20 N/A CYPRESS 2017 ARTEX SAC LIMITED ZCP /BNR310MG3//931DSKII4/ 0.00000000 N/A 250000.00000000 NS USD 4550.00000000 0.002445661196 Long DBT CORP BM N 3 2020-01-10 Fixed 0.00000000 N N N N N N US TREAS BDS 2.5% 02/15/46 N/A UNITED STATES TREASURY BOND 2.50000000 912810RQ3 9000000.00000000 NS USD 9211289.04000000 4.951141137739 Long DBT UST US N 2 2046-02-15 Fixed 2.50000000 N N N N N N GMSL 2004-A B3 5.25% 11/25/32 N/A GLOBAL MORTGAGE SECURITIZATION LTD SER 2004-A CL B3 REGD 144A P/P 5.25000000 378961AH9 84162.17000000 NS USD 0.84000000 0.000000451506 Long ABS-CBDO CORP KY Y 2 2032-11-25 Fixed 5.25000000 N N N N N N INTOW 2016-1A 6.414% 11/15/23 N/A INSITE ISSUER LLC SER 2016-1A CL C REGD 144A P/P 6.41400000 45780KAF3 200000.00000000 NS USD 207421.72000000 0.111490824605 Long ABS-CBDO CORP US Y 2 2046-11-15 Fixed 6.41400000 N N N N N N THOPAS RE 2018 0% 12/31/21 N/A THOPAS RE 2018 ZCP /BNR3KW852/ 0.00000000 N/A 250000.00000000 NS USD 43275.00000000 0.023260656766 Long DBT CORP BM Y 3 2021-12-31 Fixed 0.00000000 N N N N N N FWIA 2019-1A E V/R 10/20/32 N/A FORT WASHINGTON CLO 2019-1 SER 2019-1A CL E V/R REGD 144A P/P 9.15825000 34919EAA6 250000.00000000 NS USD 246988.25000000 0.132758149245 Long ABS-CBDO CORP KY Y 2 2032-10-20 Variable 9.15825000 N N N N N N BX 2017-APPL C V/R 07/15/34 N/A BX TRUST 2017-APPL SER 2017-APPL CL C V/R REGD 144A P/P 3.13975000 12433PAJ5 850000.00000000 NS USD 850016.49000000 0.456890625527 Long ABS-CBDO CORP US Y 2 2034-07-15 Variable 3.13975000 N N N N N N T/L ELECTRICAL COM 0% 06/14/25 N/A T/L ELECTRICAL COMPONENTS INTERNATIONAL INC REGD 0.00000000 29279EAB8 205541.92000000 NS USD 191153.99000000 0.102746790315 Long LON CORP US N 2 2025-06-14 Fixed 0.00000000 N N N N N N SCFET 2019-1A 5.49% 04/20/30 N/A SCF EQUIPMENT LEASING 2019-1 LLC SER 2019-1A CL E REGD 144A P/P 5.49000000 78397AAF1 938896.87000000 NS USD 947422.52000000 0.509247141548 Long ABS-CBDO CORP US Y 2 2030-04-20 Fixed 5.49000000 N N N N N N GMSL 2004-A B2 5.25% 11/25/32 N/A GLOBAL MORTGAGE SECURITIZATION LTD SER 2004-A CL B2 REGD 144A P/P 5.25000000 378961AG1 177727.77000000 NS USD 10545.74000000 0.005668419144 Long ABS-CBDO CORP KY Y 2 2032-11-25 Fixed 5.25000000 N N N N N N BMIR 2018-2A B1 V/R 08/25/28 N/A BELLEMEADE RE 2018-2 LTD SER 2018-2A CL B1 V/R REGD 144A P/P 4.44200000 07877DAD8 235000.00000000 NS USD 236543.76000000 0.127144152780 Long ABS-CBDO CORP BM Y 2 2028-08-25 Variable 4.44200000 N N N N N N CAS 2017-C05 1M2 V/R 01/25/30 N/A FANNIE MAE CONNECTICUT AVENUE SECURITIES SER 2017-C05 CL 1M2 V/R REGD 3.99200000 30711XNX8 1500000.00000000 NS USD 1525827.75000000 0.820144554070 Long ABS-CBDO CORP US N 2 2030-01-25 Variable 3.99200000 N N N N N N ALLPK 2019-1A E V/R 01/20/33 N/A ALLEGANY PARK CLO LTD SER 2019-1A CL E V/R REGD 144A P/P 0.00000000 01714PAA7 250000.00000000 NS USD 248750.00000000 0.133705103885 Long ABS-CBDO CORP KY Y 2 2033-01-20 Variable 0.00000000 N N N N N N PROG 2018-SFR1 4.38% 03/17/23 N/A PROGRESS RESIDENTIAL 2018-SFR1 TRUST SER 2018-SFR1 CL E REGD 144A P/P 4.38000000 74334AAE9 1675000.00000000 NS USD 1697614.18000000 0.912481126811 Long ABS-CBDO CORP US Y 2 2035-03-17 Fixed 4.38000000 N N N N N N FLEX LTD 4.875% 06/15/29 549300EAQH74YHD07T53 FLEX LTD REGD 4.87500000 33938XAA3 1725000.00000000 NS USD 1874031.91000000 1.007307060145 Long DBT CORP US N 2 2029-06-15 Fixed 4.87500000 N N N N N N VISTRA OPERATI 5.625% 02/15/27 N/A VISTRA OPERATIONS CO LLC REGD 144A P/P 5.62500000 92840VAB8 1345000.00000000 NS USD 1417293.75000000 0.761806665648 Long DBT CORP US Y 2 2027-02-15 Fixed 5.62500000 N N N N N N GLM 2019-6A D V/R 01/20/33 N/A GOLDENTREE LOAN MANAGEMENT US CLO 6 LTD SER 2019-6A CL D V/R REGD 144A P/P 5.60666000 38137WAL9 440000.00000000 NS USD 439985.04000000 0.236495459221 Long ABS-CBDO CORP KY Y 2 2033-01-20 Variable 5.60666000 N N N N N N GSMS 2018-HART B V/R 10/15/20 N/A GS MORTGAGE SECURITIES TRUST 2018-HART SER 2018-HART CL B V/R REGD 144A P/P 3.03975000 36259DAG8 500000.00000000 NS USD 499395.70000000 0.268429161601 Long ABS-CBDO CORP US Y 2 2031-10-15 Variable 3.03975000 N N N N N N NETFLIX INC SR 4.375% 11/15/26 549300Y7VHGU0I7CE873 NETFLIX INC REGD 4.37500000 64110LAN6 1000000.00000000 NS USD 1025000.00000000 0.550945654201 Long DBT CORP US N 2 2026-11-15 Fixed 4.37500000 N N N N N N CLEARWAY ENERGY 5.75% 10/15/25 N/A CLEARWAY ENERGY OP LLC REGD SER WI 5.75000000 18539UAB1 1443000.00000000 NS USD 1518757.50000000 0.816344238449 Long DBT CORP US N 2 2025-10-15 Fixed 5.75000000 N N N N N N HCA INC 5.625% 09/01/28 N/A HCA INC REGD 5.62500000 404121AJ4 1265000.00000000 NS USD 1441594.00000000 0.774868243339 Long DBT CORP US N 2 2028-09-01 Fixed 5.62500000 N N N N N N ENABLE MIDSTREA 4.95% 05/15/28 N/A ENABLE MIDSTREAM PARTNER REGD 4.95000000 292480AL4 1400000.00000000 NS USD 1418151.11000000 0.762267503468 Long DBT CORP US N 2 2028-05-15 Fixed 4.95000000 N N N N N N NWSTR 2016-1A CR V/R 01/25/32 N/A FIRST EAGLE COMMERCIAL LOAN FUNDING 2016- SER 2016-1A CL CR V/R REGD 144A P/P 0.00000000 32010LAG9 250000.00000000 NS USD 249999.75000000 0.134376854452 Long ABS-CBDO CORP US Y 2 2032-01-25 Variable 0.00000000 N N N N N N GENESIS ENERGY 6.25% 05/15/26 N/A GENESIS ENERGY LP/FIN REGD 6.25000000 37185LAK8 1500000.00000000 NS USD 1432500.00000000 0.769980145993 Long DBT CORP US N 2 2026-05-15 Fixed 6.25000000 N N N N N N CAS 2017-C02 2B1 V/R 09/25/29 N/A FANNIE MAE CONNECTICUT AVENUE SECURITIES SER 2017-C02 CL 2B1 V/R REGD 7.29200000 30711XGQ1 890000.00000000 NS USD 1039744.55000000 0.558870967124 Long ABS-CBDO CORP US N 2 2029-09-25 Variable 7.29200000 N N N N N N SLIDE 2018-FUN B V/R 06/15/21 N/A SLIDE 2018-FUN SER 2018-FUN CL B V/R REGD 144A P/P 2.98975000 831350AG8 1449664.43000000 NS USD 1449272.59000000 0.778995546550 Long ABS-CBDO CORP US Y 2 2031-06-15 Variable 2.98975000 N N N N N N NRG ENERGY INC 5.25% 06/15/29 5E2UPK5SW04M13XY7I38 NRG ENERGY INC REGD 144A P/P 5.25000000 629377CH3 1300000.00000000 NS USD 1405625.00000000 0.755534619694 Long DBT CORP US Y 2 2029-06-15 Fixed 5.25000000 N N N N N N ONEOK INC 6.875% 09/30/28 2T3D6M0JSY48PSZI1Q41 ONEOK INC REGD 6.87500000 682680AB9 1450000.00000000 NS USD 1819945.13000000 0.978234985618 Long DBT CORP US N 2 2028-09-30 Fixed 6.87500000 N N N N N N ALLERGAN FUNDIN 4.75% 03/15/45 N/A ALLERGAN FUNDING SCS REGD 4.75000000 00507UAU5 1750000.00000000 NS USD 1905948.00000000 1.024462212423 Long DBT CORP LU N 2 2045-03-15 Fixed 4.75000000 N N N N N N BLUE LOTUS RE 0.0% 12/31/21 N/A BLUE LOTUS RE ZCP REGD /BNR3ML7U0/ 0.00000000 N/A 250000.00000000 NS USD 274425.00000000 0.147505620638 Long DBT CORP BM N 3 2021-12-31 Fixed 0.00000000 N N N N N N F/C US 5YR NOTE (CBT) MAR20 N/A FUTURE CONTRACT ON US 5YR NOTE (CBT) MAR20 0.00000000 N/A 237.00000000 NC USD 28110421.88000000 15.10957538786 N/A DIR CORP US N 1 CITIGROUP GLOBAL MARKETS LIMIT XKZZ2JZF41MRHTR1V493 Long F/C US 5YR NOTE (CBT) MAR20 US 5YR NOTE (CBT) MAR20 2020-03-31 28210500.01 USD -100078.13 N N N MORGN 2019-1A E V/R 01/15/33 N/A 522 FUNDING CLO I LTD SER 2019-1A CL E V/R REGD 144A P/P 0.00000000 33830NAA4 250000.00000000 NS USD 245608.50000000 0.132016522643 Long ABS-CBDO CORP KY Y 2 2033-01-15 Variable 0.00000000 N N N N N N CAS 2018-R07 1B1 V/R 04/25/31 N/A CONNECTICUT AVENUE SECURITIES TRUST 2018-R07 SER 2018-R07 CL 1B1 V/R REGD 144A P/P 6.14200000 20753QAF6 1000000.00000000 NS USD 1080627.30000000 0.580845770484 Long ABS-CBDO CORP US Y 2 2031-04-25 Variable 6.14200000 N N N N N N HTGC 2018-1A 4.605% 03/20/24 N/A HERCULES CAPITAL FUNDING TRUST 2018-1 SER 2018-1A CL A REGD 144A P/P 4.60500000 42710VAA2 500000.00000000 NS USD 501657.10000000 0.269644682092 Long ABS-CBDO CORP US Y 2 2027-11-22 Fixed 4.60500000 N N N N N N HOOTY 2014-1A 4.846% 08/20/21 N/A HOA FUNDING LLC SER 2014-1A CL A2 REGD 144A P/P 4.84600000 40433JAA9 895000.00000000 NS USD 895152.15000000 0.481151401845 Long ABS-CBDO CORP US Y 2 2044-08-20 Fixed 4.84600000 N N N N N N T/L WEX INC 0% 05/15/2026 N/A T/L WEX INC REGD 0.00000000 N/A 1239684.82000000 NS USD 1249369.24000000 0.671545905630 Long LON CORP US N 2 2026-05-15 Fixed 0.00000000 N N N N N N TAH 2017-SFR2 5.104% 01/17/24 N/A TRICON AMERICAN HOMES 2017-SFR2 TRUST SER 2017-SFR2 CL F REGD 144A P/P 5.10400000 89613FAF5 900000.00000000 NS USD 930306.33000000 0.500047053258 Long ABS-CBDO CORP US Y 2 2036-01-17 Fixed 5.10400000 N N N N N N LHIPO 2007-1GA A V/R 12/23/36 N/A LA HIPOTECARIA PANAMANIAN MORTGAGE TRUST 2 SER 2007-1GA CL A V/R REGD 144A P/P 4.50000000 50346AAA3 341788.19000000 NS USD 345633.31000000 0.185780653748 Long ABS-CBDO CORP US Y 2 2036-12-23 Variable 4.50000000 N N N N N N EMIR 2019-1 M1B V/R 04/25/29 N/A EAGLE RE 2019-1 LTD SER 2019-1 CL M1B V/R REGD 144A P/P 3.59200000 269822AB8 770000.00000000 NS USD 771080.77000000 0.414462048068 Long ABS-CBDO CORP US Y 2 2029-04-25 Variable 3.59200000 N N N N N N US TREAS NTS 2.125% 12/31/22 N/A UNITED STATES TREASURY NOTE 2.12500000 912828N30 10000000.00000000 NS USD 10152343.80000000 5.456965557629 Long DBT UST US N 2 2022-12-31 Fixed 2.12500000 N N N N N N RESILIENCE RE LTD ZCP 01/08/20 N/A RESILIENCE RE LTD REGD ZCP P/P 0.00000000 G7527LAD7 250000.00000000 NS USD 175.00000000 0.000094063892 Long DBT CORP BM N 3 2020-01-08 Fixed 0.00000000 N N N N N N 2020-01-30 Pioneer Series Trust X Mark E. Bradley Mark E. Bradley Treasurer and Chief Accounting and Financial Officer XXXX NPORT-EX 2 PI01.htm SOI





     
     
   
Pioneer Dynamic
   
Credit Fund
     
     
     
     
     
     
     
   
Schedule of Investments | December 31, 2019
     
     
   
Ticker Symbols:
Class A      RCRAX
Class C      RCRCX
Class Y      RCRYX
 




Schedule of Investments | 12/31/19 (unaudited)

 
Principal
Amount
USD ($)
     
Value
      UNAFFILIATED ISSUERS - 98.6%
     
ASSET BACKED SECURITIES - 18.5% of Net Assets
 
250,000(a)
  
522 Funding CLO I, Ltd., Series 2019-1A, Class E, 0.0% (3 Month USD LIBOR + 734 bps), 1/15/33 (144A)
$245,609
 
1,000,000
  
Access Point Funding I LLC, Series 2017-A, Class B, 3.97%, 4/15/29 (144A)
 1,003,293
 
250,000(a)
  
Allegany Park CLO, Ltd., Series 2019-1A, Class E, 0.0% (3 Month USD LIBOR + 678 bps), 1/20/33 (144A)
   248,750
 
1,667,000
  
Amur Equipment Finance Receivables VI LLC, Series 2018-2A, Class F, 7.39%, 6/22/26 (144A)
 1,726,575
 
250,000(a)
  
Apidos CLO XXXII, Series 2019-32A, Class E, 0.0% (3 Month USD LIBOR + 675 bps), 1/20/33 (144A)
   250,000
 
500,000(a)
  
Benefit Street Partners CLO XIX, Ltd., Series 2019-19A, Class D, 0.0% (3 Month USD LIBOR + 380 bps), 1/15/33 (144A)
   500,000
 
500,000(a)
  
Benefit Street Partners CLO XIX, Ltd., Series 2019-19A, Class E, 0.0% (3 Month USD LIBOR + 702 bps), 1/15/33 (144A)
   492,500
 
387,417
  
BXG Receivables Note Trust, Series 2018-A, Class C, 4.44%, 2/2/34 (144A)
   398,071
 
250,000(a)
  
Carlyle US CLO, Ltd., Series 2019-4A, Class C, 0.0% (3 Month USD LIBOR + 400 bps), 1/15/33 (144A)
   250,000
 
1,000,000
  
Cig Auto Receivables Trust, Series 2019-1A, Class D, 4.85%, 5/15/26 (144A)
 1,016,614
 
1,000,000
  
Conn's Receivables Funding LLC, Series 2019-A, Class C, 5.29%, 10/16/23 (144A)
 1,009,514
 
1,500,000
  
Elm Trust, Series 2018-2A, Class B, 5.584%, 10/20/27 (144A)
 1,522,338
 
800,000
  
Engs Commercial Finance Trust, Series 2016-1A, Class D, 5.22%, 1/22/24 (144A)
   803,494
 
250,000(a)
  
First Eagle BSL CLO, Ltd., Series 2019-1A, Class C, 0.0% (3 Month USD LIBOR + 435 bps), 1/20/33 (144A)
   247,324
 
250,000(a)
  
First Eagle BSL CLO, Ltd., Series 2019-1A, Class D, 0.0% (3 Month USD LIBOR + 770 bps), 1/20/33 (144A)
   232,352
 
250,000(a)
  
First Eagle Commercial Loan Funding LLC, Series 2016-1A, Class CR, 0.0% (3 Month USD LIBOR + 500 bps), 1/25/32 (144A)
   250,000
 
250,000(a)
  
Fort Washington CLO, Series 2019-1A, Class E, 9.158% (3 Month USD LIBOR + 725 bps), 10/20/32 (144A)
   246,988
 
1,800,000
  
Four Seas LP, Series 2017-1A, Class A2, 5.927%, 8/28/27 (144A)
 1,793,180
 
1,500,000
  
Foursight Capital Automobile Receivables Trust, Series 2018-2, Class E, 5.5%, 10/15/24 (144A)
 1,557,712
 
500,000
  
Foursight Capital Automobile Receivables Trust, Series 2018-2, Class F, 6.48%, 6/15/26 (144A)
   514,992
 
500,000
  
Foursight Capital Automobile Receivables Trust, Series 2019-1, Class F, 5.57%, 11/16/26 (144A)
   506,668
 
104,217(b)
  
GE Mortgage Services LLC, Series 1997-HE1, Class A4, 7.78%, 3/25/27
   20,968
 
440,000(a)
  
Goldentree Loan Management US CLO 6, Ltd., Series 2019-6A, Class D, 5.607% (3 Month USD LIBOR + 385 bps), 1/20/33 (144A)
   439,985
 
500,000
  
Hercules Capital Funding Trust, Series 2018-1A, Class A, 4.605%, 11/22/27 (144A)
   501,657
 
895,000
  
HOA Funding LLC, Series 2014-1A, Class A2, 4.846%, 8/20/44 (144A)
   895,152
 
200,000
  
InSite Issuer LLC, Series 2016-1A, Class C, 6.414%, 11/15/46 (144A)
   207,422
 
700,000
  
Kabbage Funding LLC, Series 2019-1, Class C, 4.611%, 3/15/24 (144A)
   708,079
 
250,000(a)
  
Madison Park Funding XXXVI, Ltd., Series 2019-36A, Class D, 3.75% (3 Month USD LIBOR + 375 bps), 1/15/33 (144A)
   249,995
 
500,000(a)
  
Madison Park Funding XXXVI, Ltd., Series 2019-36A, Class E, 7.25% (3 Month USD LIBOR + 725 bps), 1/15/33 (144A)
   499,976
 
821,126(a)
  
Newtek Small Business Loan Trust, Series 2018-1, Class B, 4.708% (1 Month USD LIBOR + 300 bps), 2/25/44 (144A)
   827,704
 
650,000(a)
  
Palmer Square Loan Funding, Ltd., Series 2018-1A, Class C, 3.851% (3 Month USD LIBOR + 185 bps), 4/15/26 (144A)
   630,184
 
650,000(a)
  
Palmer Square Loan Funding, Ltd., Series 2018-1A, Class D, 5.951% (3 Month USD LIBOR + 395 bps), 4/15/26 (144A)
   623,352
 
1,675,000
  
Progress Residential Trust, Series 2018-SFR1, Class E, 4.38%, 3/17/35 (144A)
 1,697,614
 
2,500,000
  
Progress Residential Trust, Series 2018-SFR2, Class E, 4.656%, 8/17/35 (144A)
 2,554,981
 
2,510,000
  
Progress Residential Trust, Series 2018-SFR3, Class F, 5.368%, 10/17/35 (144A)
 2,573,223
 
500,000
  
Rosy, Series 2018-1, Class A1, 6.25%, 12/15/25 (144A)
   502,500
 
938,897
  
SCF Equipment Leasing LLC, Series 2019-1A, Class E, 5.49%, 4/20/30 (144A)
   947,423
 
945,661
  
Solarcity Lmc Series VI LLC, Series 2016-A, Class A, 4.8%, 9/20/48 (144A)
   974,890
 
300,000(a)
  
Sound Point CLO XXV, Ltd., Series 2019-4A, Class E, 0.0% (3 Month USD LIBOR + 762 bps), 1/15/33 (144A)
   291,000
 
500,000
  
United Auto Credit Securitization Trust, Series 2019-1, Class F, 6.05%, 1/12/26 (144A)
   505,632
 
750,000
  
Veros Automobile Receivables Trust, Series 2018-1, Class C, 4.65%, 2/15/24 (144A)
   763,990
 
500,000(a)
  
Westcott Park CLO, Ltd., Series 2016-1A, Class ER, 8.366% (3 Month USD LIBOR + 640 bps), 7/20/28 (144A)
   494,087
 
2,750,000
  
Westlake Automobile Receivables Trust, Series 2018-3A, Class E, 4.9%, 12/15/23 (144A)
 2,836,910
     
TOTAL ASSET BACKED SECURITIES
  
     
(Cost $34,173,332)
$34,562,698
     
COLLATERALIZED MORTGAGE OBLIGATIONS - 17.1% of Net Assets
 
18,195(b)
  
Bear Stearns ALT-A Trust, Series 2003-3, Class 1A, 4.544%, 10/25/33
$18,296
 
235,000(a)
  
Bellemeade Re, Ltd., Series 2018-2A, Class B1, 4.442% (1 Month USD LIBOR + 265 bps), 8/25/28 (144A)
   236,544
 
380,000(a)
  
Bellemeade Re, Ltd., Series 2019-1A, Class M1B, 3.542% (1 Month USD LIBOR + 175 bps), 3/25/29 (144A)
   379,109
 
500,000(a)
  
BTH-25 Mortgage-Backed Securities Trust, Series 2019-25, Class A, 4.197% (1 Month USD LIBOR + 250 bps), 2/14/20 (144A)
   500,701
 
350,000(a)
  
BX Commercial Mortgage Trust, Series 2018-IND, Class D, 3.04% (1 Month USD LIBOR + 130 bps), 11/15/35 (144A)
   350,105
 
Principal
Amount
USD ($)
      
Value
     
COLLATERALIZED MORTGAGE OBLIGATIONS - (continued)
 
850,000(a)
  
BX Trust, Series 2017-APPL, Class C, 3.14% (1 Month USD LIBOR + 140 bps), 7/15/34 (144A)
$850,016
 
2,092,134(b)
  
Cascade Funding Mortgage Trust, Series 2018-RM2, Class D, 4.0%, 10/25/68 (144A)
 1,973,555
 
1,000,000(a)
  
Connecticut Avenue Securities Trust, Series 2018-R07, Class 1B1, 6.142% (1 Month USD LIBOR + 435 bps), 4/25/31 (144A)
 1,080,627
 
941,671(a)
  
Connecticut Avenue Securities Trust, Series 2018-R07, Class 1M2, 4.192% (1 Month USD LIBOR + 240 bps), 4/25/31 (144A)
   952,559
 
1,000,000(a)
  
Connecticut Avenue Securities Trust, Series 2019-R02, Class 1M2, 4.092% (1 Month USD LIBOR + 230 bps), 8/25/31 (144A)
 1,009,234
 
1,000,000(a)
  
Connecticut Avenue Securities Trust, Series 2019-R03, Class 1B1, 5.892% (1 Month USD LIBOR + 410 bps), 9/25/31 (144A)
 1,063,425
 
500,000(b)
  
CSAIL Commercial Mortgage Trust, Series 2015-C4, Class D, 3.58%, 11/15/48
   481,107
 
1,250,000(b)
  
Deephaven Residential Mortgage Trust, Series 2018-3A, Class B1, 5.007%, 8/25/58 (144A)
 1,274,987
 
770,000(a)
  
Eagle Re, Ltd., Series 2019-1, Class M1B, 3.592% (1 Month USD LIBOR + 180 bps), 4/25/29 (144A)
   771,081
 
890,000(a)
  
Fannie Mae Connecticut Avenue Securities, Series 2017-C02, Class 2B1, 7.292% (1 Month USD LIBOR + 550 bps), 9/25/29
 1,039,745
 
1,500,000(a)
  
Fannie Mae Connecticut Avenue Securities, Series 2017-C05, Class 1M2, 3.992% (1 Month USD LIBOR + 220 bps), 1/25/30
 1,525,828
 
1,000,000(a)
  
Fannie Mae Connecticut Avenue Securities, Series 2018-C04, Class 2M2, 4.342% (1 Month USD LIBOR + 255 bps), 12/25/30
 1,017,685
 
1,000,000(a)
  
Fannie Mae Connecticut Avenue Securities, Series 2018-C05, Class 1B1, 6.042% (1 Month USD LIBOR + 425 bps), 1/25/31
 1,091,898
 
1,072,417(a)
  
Fannie Mae Connecticut Avenue Securities, Series 2018-C06, Class 1M2, 3.792% (1 Month USD LIBOR + 200 bps), 3/25/31
 1,076,916
 
2,510,000(a)
  
Freddie Mac Stacr Trust, Series 2018-HQA2, Class B2, 12.792% (1 Month USD LIBOR + 1,100 bps), 10/25/48 (144A)
 3,278,751
 
350,000(a)
  
Freddie Mac Stacr Trust, Series 2018-HQA2, Class M2, 4.092% (1 Month USD LIBOR + 230 bps), 10/25/48 (144A)
   354,504
 
1,250,000(a)
  
Freddie Mac Stacr Trust, Series 2019-HQA1, Class M2, 4.142% (1 Month USD LIBOR + 235 bps), 2/25/49 (144A)
 1,262,815
 
180,000(a)
  
Freddie Mac Stacr Trust, Series 2019-HQA2, Class B1, 5.892% (1 Month USD LIBOR + 410 bps), 4/25/49 (144A)
   191,304
 
140,000(a)
  
Freddie Mac Stacr Trust, Series 2019-HQA2, Class B2, 13.042% (1 Month USD LIBOR + 1,125 bps), 4/25/49 (144A)
   181,350
 
150,000(a)
  
Freddie Mac Stacr Trust, Series 2019-HQA2, Class M2, 3.842% (1 Month USD LIBOR + 205 bps), 4/25/49 (144A)
   150,687
 
177,728
  
Global Mortgage Securitization, Ltd., Series 2004-A, Class B2, 5.25%, 11/25/32 (144A)
   10,546
 
84,162
  
Global Mortgage Securitization, Ltd., Series 2004-A, Class B3, 5.25%, 11/25/32 (144A)
   1
 
216,552
  
Global Mortgage Securitization, Ltd., Series 2005-A, Class B2, 5.25%, 4/25/32 (144A)
   169,420
 
570,000(b)
  
GMAT Trust, Series 2013-1A, Class M, 5.0%, 11/25/43 (144A)
   333,785
 
500,000(a)
  
GS Mortgage Securities Trust, Series 2018-HART, Class B, 3.04% (1 Month USD LIBOR + 130 bps), 10/15/31 (144A)
   499,396
 
300,000(b)
  
JPMDB Commercial Mortgage Securities Trust, Series 2016-C4, Class D, 3.091%, 12/15/49 (144A)
   272,224
 
341,788(a)
  
La Hipotecaria Panamanian Mortgage Trust, Series 2007-1GA, Class A, 4.5% (Panamanian Mortgage Reference Rate - 125 bps), 12/23/36 (144A)
   345,633
 
500,000(b)
  
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C17, Class D, 4.744%, 8/15/47 (144A)
   504,354
 
260,000
  
Morgan Stanley Capital I Trust, Series 2016-UBS9, Class D, 3.0%, 3/15/49 (144A)
   238,646
 
426,222(a)
  
Natixis Commercial Mortgage Securities Trust, Series 2018-FL1, Class MCR1, 4.115% (1 Month USD LIBOR + 235 bps), 6/15/35 (144A)
   425,778
 
850,000(a)
  
Radnor Re, Ltd., Series 2019-1, Class M1B, 3.742% (1 Month USD LIBOR + 195 bps), 2/25/29 (144A)
   848,964
 
1,449,664(a)
  
SLIDE, Series 2018-FUN, Class B, 2.99% (1 Month USD LIBOR + 125 bps), 6/15/31 (144A)
 1,449,273
 
1,525,000(a)
  
Starwood Waypoint Homes Trust, Series 2017-1, Class E, 4.34% (1 Month USD LIBOR + 260 bps), 1/17/35 (144A)
 1,526,141
 
416,381(a)
  
Tharaldson Hotel Portfolio Trust, Series 2018-THL, Class C, 3.06% (1 Month USD LIBOR + 135 bps), 11/11/34 (144A)
   416,147
 
1,000,000
  
Tricon American Homes Trust, Series 2017-SFR1, Class F, 5.151%, 9/17/34 (144A)
 1,026,588
 
900,000
  
Tricon American Homes Trust, Series 2017-SFR2, Class F, 5.104%, 1/17/36 (144A)
   930,306
 
750,000
  
Wells Fargo Commercial Mortgage Trust, Series 2016-BNK1, Class D, 3.0%, 8/15/49 (144A)
   622,823
 
200,000(b)
  
WFRBS Commercial Mortgage Trust, Series 2013-C12, Class D, 4.404%, 3/15/48 (144A)
   201,503
     
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
  
     
(Cost $30,862,211)
$31,934,357
     
CORPORATE BONDS - 40.0% of Net Assets
     
Banks - 6.4%
  
 
1,700,000(b)(c)
  
Barclays Plc, 7.75% (5 Year USD Swap Rate + 484 bps)
$1,857,250
 
900,000(b)(c)
  
BNP Paribas SA, 6.625% (5 Year USD Swap Rate + 415 bps) (144A)
   972,000
 
1,700,000(b)(c)
  
Credit Suisse Group AG, 6.375% (5 Year CMT Index + 482 bps)
 1,832,600
 
1,600,000
  
Freedom Mortgage Corp., 8.25%, 4/15/25 (144A)
 1,568,496
 
1,700,000(b)(c)
  
ING Groep NV, 6.5% (5 Year USD Swap Rate + 445 bps)
 1,843,905
 
850,000(b)(c)
  
Intesa Sanpaolo S.p.A., 7.7% (5 Year USD Swap Rate + 546 bps) (144A)
   921,187
 
1,000,000(b)(c)
  
Royal Bank of Scotland Group Plc, 8.625% (5 Year USD Swap Rate + 760 bps)
 1,072,500
 
1,650,000(b)(c)
  
UBS Group AG, 7.0% (5 Year USD Swap Rate + 434 bps) (144A)
 1,802,625
     
Total Banks
  
$11,870,563
 
Principal
Amount
USD ($)
      
Value
     
Beverages - 1.1%
  
 
1,725,000
  
Bacardi, Ltd., 5.3%, 5/15/48 (144A)
$2,004,240
     
Total Beverages
  
$2,004,240
     
Building Materials - 0.8%
  
 
1,520,000
  
Standard Industries, Inc., 5.375%, 11/15/24 (144A)
$1,561,800
     
Total Building Materials
  
$1,561,800
     
Chemicals - 0.8%
  
 
1,415,000
  
OCI NV, 5.25%, 11/1/24 (144A)
$1,468,063
     
Total Chemicals
  
$1,468,063
     
Commercial Services - 1.1%
  
 
1,904,000
  
Brink's Co., 4.625%, 10/15/27 (144A)
$1,961,120
     
Total Commercial Services
  
$1,961,120
     
Computers - 1.1%
  
 
1,775,000
  
Dell International LLC/EMC Corp., 5.3%, 10/1/29 (144A)
$2,001,470
     
Total Computers
  
$2,001,470
     
Diversified Financial Services - 2.0%
  
 
1,000,000(d)
  
Fixed Income Trust Series 2013-A, 7.697%, 10/15/97 (144A)
$1,424,277
 
740,000
  
Nationstar Mortgage LLC/Nationstar Capital Corp., 6.5%, 7/1/21
   741,850
 
1,425,000
  
Nationstar Mortgage LLC/Nationstar Capital Corp., 6.5%, 6/1/22
 1,425,955
     
Total Diversified Financial Services
  
$3,592,082
     
Electric - 2.4%
  
 
1,443,000
  
Clearway Energy Operating LLC, 5.75%, 10/15/25
$1,518,757
 
1,300,000
  
NRG Energy, Inc., 5.25%, 6/15/29 (144A)
 1,405,625
 
1,345,000
  
Vistra Operations Co. LLC, 5.625%, 2/15/27 (144A)
 1,417,294
     
Total Electric
  
$4,341,676
     
Electronics - 1.5%
  
 
1,100,000
  
ADT Security Corp., 4.875%, 7/15/32 (144A)
$1,009,250
 
1,725,000
  
Flex, Ltd., 4.875%, 6/15/29
 1,874,032
     
Total Electronics
  
$2,883,282
     
Entertainment - 0.8%
  
 
1,270,000
  
International Game Technology Plc, 6.25%, 1/15/27 (144A)
$1,428,750
     
Total Entertainment
  
$1,428,750
     
Environmental Control - 0.6%
  
 
1,200,000
  
Tervita Corp., 7.625%, 12/1/21 (144A)
$1,207,500
     
Total Environmental Control
  
$1,207,500
     
Food Service - 1.3%
  
 
2,300,000
  
Aramark Services, Inc., 5.0%, 2/1/28 (144A)
$2,423,625
     
Total Food Service
  
$2,423,625
     
Healthcare-Services - 2.9%
  
 
1,265,000
  
HCA, Inc., 5.625%, 9/1/28
$1,441,594
 
76,000
  
HCA, Inc., 5.875%, 2/1/29
   87,875
 
1,700,000
  
Molina Healthcare, Inc., 5.375%, 11/15/22
 1,807,066
 
880,000
  
RegionalCare Hospital Partners Holdings, Inc., 8.25%, 5/1/23 (144A)
   930,600
 
1,190,000
  
WellCare Health Plans, Inc., 5.25%, 4/1/25
 1,237,600
     
Total Healthcare-Services
  
$5,504,735
     
Home Builders - 0.8%
  
 
1,315,000
  
KB Home, 7.0%, 12/15/21
$1,410,338
     
Total Home Builders
  
$1,410,338
     
Insurance - 1.1%
  
 
850,000
  
CNO Financial Group, Inc., 5.25%, 5/30/29
$948,812
 
925,000
  
Liberty Mutual Group, Inc., 3.951%, 10/15/50 (144A)
   962,145
 
100,000
  
Liberty Mutual Insurance Co., 7.697%, 10/15/97 (144A)
   142,428
     
Total Insurance
  
$2,053,385
     
Internet - 0.6%
  
 
1,000,000
  
Netflix, Inc., 4.375%, 11/15/26
$1,025,000
     
Total Internet
  
$1,025,000
     
Media - 1.7%
  
 
1,850,000
  
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.8%, 3/1/50
$1,950,833
 
1,434,000
  
Diamond Sports Group LLC/Diamond Sports Finance Co., 6.625%, 8/15/27 (144A)
 1,394,565
     
Total Media
  
$3,345,398
     
Oil & Gas - 0.8%
  
 
1,500,000
  
MEG Energy Corp., 7.0%, 3/31/24 (144A)
$1,509,375
     
Total Oil & Gas
  
$1,509,375
     
Pharmaceuticals - 2.2%
  
 
1,750,000
  
Allergan Funding SCS, 4.75%, 3/15/45
$1,905,948
 
900,000
  
Bausch Health Cos., Inc., 6.5%, 3/15/22 (144A)
   920,250
 
1,250,000
  
Bausch Health Cos., Inc., 7.0%, 3/15/24 (144A)
 1,300,000
     
Total Pharmaceuticals
  
$4,126,198
     
Pipelines - 6.7%
  
 
900,000
  
American Midstream Partners LP/American Midstream Finance Corp., 9.5%, 12/15/21 (144A)
$846,000
 
1,390,000
  
Cheniere Corpus Christi Holdings LLC, 5.875%, 3/31/25
 1,563,000
 
1,515,000
  
DCP Midstream Operating LP, 3.875%, 3/15/23
 1,549,087
 
1,400,000
  
Enable Midstream Partners LP, 4.95%, 5/15/28
 1,418,151
 
2,065,000
  
EnLink Midstream Partners LP, 4.15%, 6/1/25
 1,941,100
 
1,500,000
  
Genesis Energy LP/Genesis Energy Finance Corp., 6.25%, 5/15/26
 1,432,500
 
Principal
Amount
USD ($)
      
Value
     
Pipelines - (continued)
  
 
1,450,000
  
ONEOK, Inc., 6.875%, 9/30/28
$1,819,945
 
1,475,000
  
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.875%, 4/15/26
 1,567,188
 
327,000
  
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.5%, 7/15/27 (144A)
   358,065
     
Total Pipelines
  
$12,495,036
     
REITs - 1.3%
  
 
2,350,000
  
Iron Mountain, Inc., 4.875%, 9/15/27 (144A)
$2,426,375
     
Total REITs
  
$2,426,375
     
Telecommunications - 2.0%
  
 
1,750,000
  
AT&T, Inc., 4.5%, 3/9/48
$1,933,397
 
950,000
  
CenturyLink, Inc., 7.6%, 9/15/39
   992,750
 
850,000
  
Sprint Capital Corp., 6.875%, 11/15/28
   915,875
     
Total Telecommunications
  
$3,842,022
     
TOTAL CORPORATE BONDS
  
     
(Cost $71,788,025)
$74,482,033
     
INSURANCE-LINKED SECURITIES - 1.8% of Net Assets(e)
     
Event-Linked Bonds - 1.3%
  
     
Earthquakes - California - 0.4%
    
 
250,000(a)
  
Ursa Re, 5.046% (3 Month U.S. Treasury Bill + 350 bps), 5/27/20 (144A)
$247,225
 
250,000(a)
  
Ursa Re, 5.626% (3 Month U.S. Treasury Bill + 408 bps), 12/10/20 (144A)
   248,300
 
250,000(a)
  
Ursa Re, 6.916% (3 Month U.S. Treasury Bill + 537 bps), 12/10/20 (144A)
   247,325
       
$742,850
     
Multiperil - U.S. - 0.4%
    
 
250,000(a)
  
Kilimanjaro II Re, 12.219% (6 Month USD LIBOR + 1,061 bps), 4/20/21 (144A)
$246,325
 
250,000(a)
  
Residential Reinsurance 2016, 6.974% (3 Month U.S. Treasury Bill + 543 bps), 12/6/20 (144A)
   246,650
 
250,000(a)
  
Residential Reinsurance 2017, 7.304% (3 Month U.S. Treasury Bill + 576 bps), 12/6/21 (144A)
   244,700
       
$737,675
     
Multiperil - Worldwide - 0.5%
    
 
400,000(a)
  
Galilei Re, 7.461% (6 Month USD LIBOR + 560 bps), 1/8/20 (144A)
$399,960
 
250,000(a)
  
Galilei Re, 8.641% (6 Month USD LIBOR + 678 bps), 1/8/20 (144A)
   249,950
 
250,000(a)
  
Galilei Re, 10.491% (6 Month USD LIBOR + 863 bps), 1/8/20 (144A)
   249,925
       
$899,835
     
Total Event-Linked Bonds
  
$2,380,360
 
Face
Amount
USD ($)
      
Value
     
Collateralized Reinsurance - 0.0%†
  
     
Multiperil - Worldwide - 0.0%†
    
 
250,000+(f)(g)
  
Cypress Re 2017, 1/10/20
$4,550
 
12,000+(f)
  
Limestone Re 2016-1, 8/31/21
   14,540
 
250,000+(f)(g)
  
Resilience Re, 5/1/20
   175
     
Total Collateralized Reinsurance
  
$19,265
     
Reinsurance Sidecars - 0.5%
  
     
Multiperil - U.S. - 0.2%
    
 
1,500,000+(f)(g)
  
Carnoustie Re 2015, 7/31/20
$4,800
 
500,000+(f)(g)
  
Carnoustie Re 2016, 11/30/20
   13,500
 
500,000+(f)(g)
  
Carnoustie Re 2017, 11/30/21
   67,925
 
250,000+(f)(g)
  
Carnoustie Re 2018, 12/31/21
   2,800
 
1,500,000+(g)(h)
  
Harambee Re 2018, 12/31/21
   232,650
 
700,000+(f)(g)
  
Prestwick Re 2015-1, 7/31/20
   11,900
       
$333,575
     
Multiperil - Worldwide - 0.3%
    
 
500,000+(f)(g)
  
Arlington Re 2015, 2/1/20
$24,300
 
41,791+(f)
  
Berwick Re 2018-1, 12/31/21
   6,674
 
29,857+(f)(g)
  
Berwick Re 2019-1, 12/31/22
   30,905
 
250,000+(g)(h)
  
Blue Lotus Re 2018, 12/31/21
   274,425
 
25,000+(f)(g)
  
Eden Re II, 3/22/22 (144A)
   32,660
 
2,000,000+(f)
  
Pangaea Re 2015-1, 2/1/20
   2,616
 
2,000,000+(f)
  
Pangaea Re 2015-2, 5/29/20
   2,982
 
1,000,000+(f)
  
Pangaea Re 2016-1, 11/30/20
   2,220
 
1,000,000+(f)(g)
  
Pangaea Re 2017-1, 11/30/21
   16,100
 
217,248+(f)(g)
  
St. Andrews Re 2017-4, 6/1/20
   21,377
 
250,000+(g)(h)
  
Thopas Re 2018, 12/31/21
   43,275
 
1,500,000+(f)(g)
  
Versutus Re 2017, 11/30/21
   19,800
 
1,500,000+(f)(g)
  
Versutus Re 2018, 12/31/21
   –
 
250,000+(g)(h)
  
Viribus Re 2018, 12/31/21
   13,825
 
106,153+(g)(h)
  
Viribus Re 2019, 12/31/22
   130,855
       
$622,014
     
Total Reinsurance Sidecars
  
$955,589
     
TOTAL INSURANCE-LINKED SECURITIES
  
     
(Cost $3,788,210)
$3,355,214
 
Principal
Amount
USD ($)
      
Value
     
SENIOR SECURED FLOATING RATE LOAN INTERESTS - 7.3% of Net Assets*(a)
     
Automobile - 0.2%
  
 
296,117
  
KAR Auction Services, Inc., Tranche B-6 Term Loan, 4.063% (LIBOR + 225 bps), 9/19/26
$298,767
     
Total Automobile
  
$298,767
     
Beverage, Food & Tobacco - 0.2%
  
 
363,391
  
Albertson's LLC, 2019 Term B-8 Loan, 4.549% (LIBOR + 275 bps), 8/17/26
$367,230
     
Total Beverage, Food & Tobacco
  
$367,230
     
Buildings & Real Estate - 0.3%
  
 
294,750
  
Beacon Roofing Supply, Inc., Initial Term Loan, 4.049% (LIBOR + 225 bps), 1/2/25
$296,500
 
100,681
  
Builders FirstSource, Inc., Refinancing Term Loan, 4.799% (LIBOR + 300 bps), 2/29/24
101,158
     
Total Buildings & Real Estate
  
$397,658
     
Chemicals, Plastics & Rubber - 0.4%
  
 
823,966
  
Univar Solutions USA, Inc., Term B-3 Loan, 4.049% (LIBOR + 225 bps), 7/1/24
$828,859
     
Total Chemicals, Plastics & Rubber
  
$828,859
     
Computers & Electronics - 0.6%
  
 
791,597
  
Applied Systems, Inc., First Lien Closing Date Term Loan, 5.195% (LIBOR + 325 bps), 9/19/24
$795,637
 
198,000
  
Energizer Holdings, Inc., Term B Loan, 4.0% (LIBOR + 225 bps), 12/17/25
   199,297
 
205,542
  
Energy Acquisition LP (aka Electrical Components International), First Lien Initial Term Loan, 6.195% (LIBOR + 425 bps), 6/26/25
   191,154
     
Total Computers & Electronics
  
$1,186,088
     
Diversified & Conglomerate Service - 1.7%
  
 
977,500
  
Albany Molecular Research, Inc., First Lien Initial Term Loan, 5.049% (LIBOR + 325 bps), 8/30/24
$976,889
 
478,972
  
Filtration Group Corp., Initial Dollar Term Loan, 4.799% (LIBOR + 300 bps), 3/29/25
   481,546
 
462,687
  
Outfront Media Capital LLC (Outfront Media Capital Corp.), Extended Term Loan, 3.486% (LIBOR + 175 bps), 11/18/26
   465,785
 
1,239,685
  
WEX, Inc., Term B-3 Loan, 4.049% (LIBOR + 225 bps), 5/15/26
 1,249,369
     
Total Diversified & Conglomerate Service
  
$3,173,589
     
Electric & Electrical - 0.2%
  
 
414,834
  
Rackspace Hosting, Inc., First Lien Term B Loan, 4.902% (LIBOR + 300 bps), 11/3/23
$406,537
     
Total Electric & Electrical
  
$406,537
     
Electronics - 0.2%
  
 
257,920
  
Avast Software BV, 2018 Refinancing Dollar Term Loan, 4.195% (LIBOR + 225 bps), 9/29/23
$260,298
     
Total Electronics
  
$260,298
     
Healthcare & Pharmaceuticals - 0.8%
  
 
468,561
  
Acadia Healthcare Co., Inc., Tranche B-3 Term Loan, 4.299% (LIBOR + 250 bps), 2/11/22
$470,435
 
977,500
  
Alphabet Holding Co., Inc. (aka Nature's Bounty), First Lien Initial Term Loan, 5.299% (LIBOR + 350 bps), 9/26/24
   944,917
     
Total Healthcare & Pharmaceuticals
  
$1,415,352
     
Healthcare, Education & Childcare - 0.0%†
  
 
18,120
  
Select Medical Corp., Tranche B Term Loan, 4.58% (LIBOR + 250 bps), 3/6/25
$18,182
     
Total Healthcare, Education & Childcare
  
$18,182
     
Hotel, Gaming & Leisure - 0.1%
  
 
257,974
  
Eldorado Resorts, Inc., Term Loan, 4.047% (LIBOR + 225 bps), 4/17/24
$258,176
     
Total Hotel, Gaming & Leisure
  
$258,176
     
Insurance - 0.5%
  
 
977,500
  
USI, Inc. (fka Compass Investors, Inc.), 2017 New Term Loan, 4.945% (LIBOR + 300 bps), 5/16/24
$978,600
     
Total Insurance
  
$978,600
     
Leisure & Entertainment - 0.4%
  
 
704,659
  
Fitness International LLC, Term B Loan, 5.049% (LIBOR + 325 bps), 4/18/25
$705,320
     
Total Leisure & Entertainment
  
$705,320
     
Machinery - 0.2%
  
 
439,307
  
NN, Inc., Tranche B Term Loan, 7.049% (LIBOR + 525 bps), 10/19/22
$429,423
     
Total Machinery
  
$429,423
     
Printing & Publishing - 0.4%
  
 
687,389
  
Trader Corp., First Lien 2017 Refinancing Term Loan, 4.805% (LIBOR + 300 bps), 9/28/23
$690,826
     
Total Printing & Publishing
  
$690,826
     
Securities & Trusts - 0.5%
  
 
908,400(i)
  
Spectacle Gary Holdings LLC, Term Loan B, 11/6/25
$916,349
     
Total Securities & Trusts
  
$916,349
     
Utilities - 0.6%
  
 
463,511
  
APLP Holdings, Ltd. Partnership, Term Loan, 4.549% (LIBOR + 275 bps), 4/13/23
$465,441
 
541,784
  
Eastern Power LLC (Eastern Covert Midco LLC) (aka TPF II LC LLC), Term Loan, 5.549% (LIBOR + 375 bps), 10/2/23
   544,027
 
280,660
  
Vistra Operations Co. LLC (fka Tex Operations Co. LLC), 2018 Incremental Term Loan, 3.537% (LIBOR + 175 bps), 12/31/25
   282,642
     
Total Utilities
  
$1,292,110
     
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
  
     
(Cost $13,627,830)
$13,623,364
     
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 12.8% of Net Assets
 
4,500,000(j)
  
U.S. Treasury Bills, 1/21/20
$4,496,509
 
Principal
Amount
USD ($)
      
Value
     
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - (continued)
 
9,000,000
  
U.S. Treasury Bonds, 2.5%, 2/15/46
$9,211,289
 
10,000,000
  
U.S. Treasury Notes, 2.125%, 12/31/22
 10,152,344
     
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
  
     
(Cost $23,893,890)
$23,860,142

 
Number of
Contracts
  
Description
Counterparty
Notional
Strike Price
Expiration Date
Value
     
EXCHANGE-TRADED PUT OPTION PURCHASED -  0.0%†

30
  
S&P 500 Index
Citigroup Global Markets, Inc.      USD
94,200      USD
       2,900
2/21/20
$28,350
     
TOTAL EXCHANGE-TRADED PUT OPTION PURCHASED
  
     
(Premiums paid $94,200)
$28,350
     
TOTAL OPTIONS PURCHASED
  
     
(Premiums paid $94,200)
$28,350
 
Principal
Amount
USD ($)
      
Value
     
TEMPORARY CASH INVESTMENTS - 1.1% of Net Assets
  
     
REPURCHASE AGREEMENTS -  1.1%
 
1,000,000
  
$1,000,000 RBC Capital Markets LLC, 1.56%, dated 12/31/19 plus accrued interest on 1/2/20
collateralized by $1,020,976 Federal National Mortgage Association, 3.0%, 6/1/49 - 9/1/49.
$1,000,000
 
1,000,000
  
$1,000,000 Scotia Bank, 1.56%, dated 12/31/19 plus accrued interest on 1/2/20
collateralized by $1,020,089 Federal National Mortgage Association, 4.0%, 5/1/49.
1,000,000
       
$2,000,000
     
TOTAL TEMPORARY CASH INVESTMENTS
    
     
(Cost $2,000,000)
  
$2,000,000
     
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS - 98.6%
  
     
(Cost $180,227,698)
$183,846,158
     
OTHER ASSETS AND LIABILITIES - 1.4%  
$2,690,985
     
NET ASSETS - 100.0%
$186,537,143
 


bps
CMT
Basis Points.
Constant Maturity Treasury Index.
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 December 31, 2019, the value of these securities amounted to $98,004,757, or 52.5% of net assets.
 
†
Amount rounds to less than 0.1%.
*
Senior secured floating rate loan interests in which the Fund invests generally pay interest at rates that are periodically redetermined 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, (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certificate of deposit or (iv) other base lending rates used by commercial lenders. The interest rate shown is the rate accruing at December 31, 2019.
+
Security that used significant unobservable inputs to determine its value.
(a)
Floating rate note. Coupon rate, reference index and spread shown at December 31, 2019.
(b)
The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at December 31, 2019.
(c)
Security is perpetual in nature and has no stated maturity date.
(d)
Debt obligation initially issued at one coupon which converts to a higher coupon at a specific date.  The rate shown is the rate at December 31, 2019.
(e)
Securities are restricted as to resale.
(f)
Issued as participation notes.
(g)
Non-income producing security.
(h)
Issued as preference shares.
(i)
This term loan will settle after December 31, 2019, at which time the interest rate will be determined.
(j)
Security issued with a zero coupon. Income is recognized through accretion of discount.

FUTURES CONTRACT
 
FIXED INCOME INDEX FUTURES CONTRACT
Number of
Contracts
Long
Description
Expiration Date
Notional
Amount
Market Value
Unrealized
(Depreciation)
237
U.S. 5 Year Note (CBT)
3/31/20
$28,210,500
$28,110,422
$(100,078)
TOTAL FUTURES CONTRACT
$28,210,500
$28,110,422
$(100,078)
 

SWAP CONTRACTS
 
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS - SELL PROTECTION
Notional
Amount ($)(1)
Reference
Obligation/Index
 Pay/
 Receive(2)
Annual
Fixed
Rate
Expiration Date
Premiums
Paid
Unrealized
Appreciation
(Depreciation)
Market
Value
           5,557,500
Markit CDX North America High Yield Index Series 28
Receive
5.00%
6/20/22
$  409,414
$ (47,728)
$  361,686
           5,568,000
Markit CDX North America High Yield Index Series 29
Receive
5.00%
12/20/22
    377,380
   32,362
    409,742
           9,840,000
Markit CDX North America High Yield Index Series 30
Receive
5.00%
6/20/23
    613,425
   212,118
    825,543
         18,960,000
Markit CDX North America High Yield Index Series 31
Receive
5.00%
12/20/23
 1,177,886
   545,596
 1,723,482
EUR 8,879,907
Markit iTraxx Europe Crossover
Receive
5.00%
6/20/22
 1,147,677
  (298,533)
    849,144
TOTAL CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS - SELL PROTECTION
$3,725,782
$ 443,815
$4,169,597
TOTAL SWAP CONTRACTS
$3,725,782
$ 443,815
$4,169,597
 
(1)
The notional amount is the maximum amount that a seller of credit protection would be obligated to pay upon occurrence of a credit event.
(2)
Receives quarterly.
 

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 - 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 December 31, 2019, in valuing the Fund's investments:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Asset Backed Securities
  
$
–
    
$
34,562,698
    
$
–
    
$
34,562,698
  
Collateralized Mortgage Obligations
    
–
      
31,934,357
      
–
      
31,934,357
  
Corporate Bonds
    
–
      
74,482,033
      
–
      
74,482,033
  
Insurance-Linked Securities
                                
Collateralized Reinsurance
                                
Multiperil - Worldwide
    
–
      
–
      
19,265
      
19,265
  
Reinsurance Sidecars
                                
Multiperil - U.S.
    
–
      
–
      
333,575
      
333,575
  
Multiperil - Worldwide
    
–
      
–
      
622,014
      
622,014
  
All Other Insurance-Linked Securities
    
–
      
2,380,360
      
–
      
2,380,360
  
Senior Secured Floating Rate Loan Interests
    
–
      
13,623,364
      
–
      
13,623,364
  
U.S. Government and Agency Obligations
    
–
      
23,860,142
      
–
      
23,860,142
  
Exchange-Traded Put Option Purchased
    
28,350
      
–
      
–
      
28,350
  
Repurchase Agreements
    
–
      
2,000,000
      
–
      
2,000,000
  
Total Investments in Securities
  
$
28,350
    
$
182,842,954
    
$
974,854
    
$
183,846,158
  
Other Financial Instruments
                                
Net unrealized depreciation
on futures contracts
  
$
(100,078
)
  
$
–
    
$
–
    
$
(100,078
)
Swap contracts, at value
    
–
      
4,169,597
      
–
      
4,169,597
  
Total Other Financial Instruments
  
$
(100,078
)
  
$
4,169,597
    
$
–
    
$
4,069,519
  

The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):

   
Corporate Bonds
    
Insurance-Linked Securities
    
Right/Warrant
    
Total
  
Balance as of 3/31/19
  
$
1,316,208
    
$
2,403,621
    
$
--
*
  
$
3,719,829
  
Realized gain (loss)
    
--
      
(955
)
    
--
†
    
(955
)
Change in unrealized appreciation (depreciation)
    
--
      
105,168
      
--
†
    
105,168
  
Accrued discounts/premiums
    
--
      
--
      
--
      
--
  
Purchases
    
--
      
25,000
      
--
      
25,000
  
Sales
    
--
      
(1,557,980
)
    
--
      
(1,557,980
)
Transfers in to Level 3**
    
--
      
--
      
--
      
--
  
Transfers out of Level 3**
    
(1,316,208
)
    
--
      
--
      
(1,316,208
)
Balance as of 12/31/19
  
$
--
    
$
974,854
    
$
--
    
$
974,854
  

†
Amount rounds to less than $1.
*
Security valued at $0.
**
Transfers are calculated on the beginning of period values. During the nine months ended December 31, 2019, an investment having a value of $1,316,208 was transferred out of Level 3 to Level 2, as there were significant observable inputs available to determine its value. There were no other transfers between Levels 1, 2 and 3.

Net change in unrealized appreciation (depreciation) of Level 3 investments still held and considered Level 3 at December 31, 2019: $138,463.