CODE OF ETHICS

FOR

SENIOR OFFICERS

Policy

This Code of Ethics for Senior Officers (this “Code”) sets forth the policies, practices and values expected to be exhibited by Senior Officers of the Pioneer Funds (collectively, the “Funds” and each, a “Fund”). This Code does not apply generally to officers and employees of service providers to the Funds, including Amundi Asset Management US, Inc., and Amundi Distributor US, Inc. (collectively, “Amundi US”), unless such officers and employees are also Senior Officers.

The term “Senior Officers” shall mean the principal executive officer, principal financial officer, principal accounting officer and controller of the Funds, although one person may occupy more than one such office. Each Senior Officer is identified by title in Exhibit A to this Code.

The Chief Compliance Officer (“CCO”) of the Pioneer Funds is primarily responsible for implementing and monitoring compliance with this Code, subject to the overall supervision of the Board of Trustees of the Funds (the “Board”). The CCO has the authority to interpret this Code and its applicability to particular situations. Any questions about this Code should be directed to the CCO or his or her designee.

Purpose

The purposes of this Code are to:

Promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

Promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Fund;


	1	Last revised January 2021

Promote compliance with applicable laws and governmental rules and regulations;

Promote the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

Establish accountability for adherence to the Code.

Each Senior Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

Responsibilities of Senior Officers

Conflicts of Interest

A “conflict of interest” occurs when a Senior Officer’s private interests interfere in any way – or even appear to interfere – with the interests of or his/her service to a Fund. A conflict can arise when a Senior Officer takes actions or has interests that may make it difficult to perform his or her Fund work objectively and effectively. Conflicts of interest also arise when a Senior Officer or a member of his/her family receives improper personal benefits as a result of the Senior Officer’s position with the Fund.

Certain conflicts of interest arise out of the relationships between Senior Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the “ICA”), and the Investment Advisers Act of 1940, as amended (the “IAA”). For example, Senior Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as “affiliated persons” of the Funds. The Fund's and Amundi US’ compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace such policies and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise as a result of the contractual relationship between the Fund and Amundi US because the Senior Officers are officers or employees of both. As a result, this Code recognizes that Senior Officers will, in the normal course of their duties (whether formally for a Fund or for Amundi US, or for both), be involved in establishing policies and implementing decisions that will have different effects on Amundi US and the Fund. The participation of Senior Officers in such activities is inherent in the contractual relationship between a Fund and Amundi US and is consistent with the performance by the Senior Officers of their duties as officers of the Fund and, if addressed in conformity with the provisions of the ICA and the IAA, will be deemed to have been handled ethically. In addition, it is recognized by the Board that Senior Officers may also be officers of investment companies other than the Pioneer Funds.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions of the ICA or the IAA. In reading the following examples of conflicts of interest under this Code, Senior Officers should keep in mind that such a list cannot ever be exhaustive or cover every possible scenario. It follows that the overarching principle is that the personal interest of a Senior Officer should not be placed improperly before the interest of a Fund.


	2	Last revised January 2021

Each Senior Officer must:

Not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Fund whereby the Senior Officer would benefit personally to the detriment of the Fund;

Not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Senior Officer rather than the benefit of the Fund; and

Report at least annually any affiliations or other relationships that give rise to conflicts of interest.

Any material conflict of interest situation should be approved by the CCO, his or her designee or the Board. Examples of these include:

Service as a director on the board of any public or private company;

The receipt of any gift with a value in excess of an amount established from time to time by Amundi US’ Business Gift and Entertainment Policy from any single non-relative person or entity. Customary business lunches, dinners and entertainment at which both the Senior Officer and the giver are present, and promotional items of insignificant value are exempt from this prohibition;

The receipt of any entertainment from any company with which a Fund has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

Any ownership interest in, or any consulting or employment relationship with, any of a Fund’s service providers other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

A direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officer’s employment, such as compensation or equity ownership.

Corporate Opportunities

Senior Officers may not (a) take for themselves personally opportunities that are discovered through the use of a Fund’s property, information or position; (b) use a Fund’s property, information, or position for personal gain; or (c) compete with a Fund. Senior Officers owe a duty to the Funds to advance their legitimate interests when the opportunity to do so arises.


	3	Last revised January 2021

Confidentiality

Senior Officers should maintain the confidentiality of information entrusted to them by the Funds, except when disclosure is authorized or legally mandated. Confidential information includes all non-public information that might be of use to competitors, or harmful to the Funds, if disclosed.

Fair dealing with Fund shareholders, suppliers, and competitors

Senior Officers should endeavor to deal fairly with the Funds’ shareholders, suppliers, and competitors. Senior Officers should not take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair-dealing practice. Senior Officers should not knowingly misrepresent or cause others to misrepresent facts about a Fund to others, whether within or outside the Fund, including to the Board, the Funds’ auditors or to governmental regulators and self-regulatory organizations.

Compliance with Law

Each Senior Officer must not knowingly violate any law, rule and regulation applicable to his or her activities as an officer of the Funds. In addition, Senior Officers are responsible for understanding and promoting compliance with the laws, rules and regulations applicable to his or her particular position and by persons under the Senior Officer’s supervision. Senior Officers should endeavor to comply not only with the letter of the law, but also with the spirit of the law.

Disclosure

Each Senior Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Funds. Each Senior Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers of the Funds and Amundi US with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents a Fund files with, or submits to, the SEC and in other public communications made by the Funds.

Initial and Annual Certifications

Upon becoming a Senior Officer the Senior Officer is required to certify that he or she has received, read, and understands this Code. On an annual basis, each Senior Officer must certify that he or she has complied with all of the applicable requirements of this Code.

Administration and Enforcement of the Code

Report of Violations

Amundi US relies on each Senior Officer to report promptly if he or she knows of any conduct by a Senior Officer in violation of this Code. All violations or suspected violations of this Code must be reported to the CCO or a member of Amundi US’ Legal and Compliance Department. Failure to do so is itself a violation of this Code.


	4	Last revised January 2021

Investigation of Violations

Upon notification of a violation or suspected violation, the CCO or other members of Amundi US’ Compliance Department will take all appropriate action to investigate the potential violation reported. If, after such investigation, the CCO believes that no violation has occurred, the CCO and Compliance Department is not required to take no further action. Any matter the CCO believes is a violation will be reported to the Independent Trustees. If the Independent Trustees concur that a violation has occurred, they will inform and make a recommendation to the full Board. The Board shall be responsible for determining appropriate action. The Funds, their officers and employees, will not retaliate against any Senior Officer for reports of potential violations that are made in good faith and without malicious intent.

The CCO or his or her designee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The CCO or his or her designee shall make inquiries regarding any potential conflict of interest.

Violations and Sanctions

Compliance with this Code is expected and violations of its provisions will be taken seriously and could result in disciplinary action. In response to violations of the Code, the Board may impose such sanctions as it deems appropriate within the scope of its authority over Senior Officers, including termination as an officer of the Funds.

Waivers from the Code

The Independent Trustees will consider any approval or waiver sought by any Senior Officer.

The Independent Trustees will be responsible for granting waivers, as appropriate. Any change to or waiver of this Code will, to the extent required, be disclosed as provided by SEC rules.

Other Policies and Procedures

This Code shall be the sole Code of Ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. The Funds’ and Amundi US’ Codes of Ethics under Rule 17j-1 under the ICA and Rule 204A-1 of the IAA are separate requirements applying to the Senior Officers and others, and are not a part of this Code. To the extent any other policies and procedures of the Funds or Amundi US overlap or conflict with the provisions of the Code, they are superseded by this Code.

Scope of Responsibilities

A Senior Officer’s responsibilities under this Code are limited to Fund matters over which the Senior Officer has direct responsibility or control, matters in which the Senior Officer routinely participates, and matters with which the Senior Officer is otherwise involved. In addition, a Senior Officer is responsible for matters of which the Senior Officer has actual knowledge.


	5	Last revised January 2021

Amendments

This Code other than Exhibit A may not be amended except in a writing that is specifically approved or ratified by a majority vote of the Board, including a majority of the Independent Trustees.

Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board and their counsel, or to Amundi US’ Legal and Compliance Department.

Internal Use

This Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.


	6	Last revised January 2021

Exhibit A – Senior Officers of the Pioneer Funds (Effective as of August 14, 2008)

President (Principal Executive Officer)

Treasurer (Principal Financial Officer)

Code of Ethics for Senior Officers

Table of Contents
President’s Letter	2
Portfolio Management Discussion	4
Portfolio Summary	12
Prices and Distributions	13
Performance Update	14
Schedule of Investments	16
Financial Statements	44
Financial Highlights	48
Notes to Financial Statements	50
Additional Information	71
Approval of Renewal of Investment
Management Agreement	72
Directors, Officers and Service Providers	77

10 Largest Holdings
(As a percentage of total investments)*
1.	Liberty Mutual Insurance Co., 7.697%, 10/15/97 (144A)	3.86%
2.	Gol Finance SA, 8.0%, 6/30/26 (144A)	1.08
3.	Pegasus Hava Tasimaciligi AS, 9.25%, 4/30/26 (144A)	1.05
4.	Hercules LLC, 6.5%, 6/30/29	1.01
5.	Scientific Games International, Inc., 8.25%, 3/15/26 (144A)	0.88
6.	Eldorado Gold Corp., 6.25%, 9/1/29 (144A)	0.88
7.	Mav Acquisition Corp., 8.0%, 8/1/29 (144A)	0.85
8.	Strathcona Resources, Ltd., 6.875%, 8/1/26 (144A)	0.84
9.	BNP Paribas SA, 6.625% (5 Year USD Swap Rate + 415 bps) (144A)	0.83
10.	Baytex Energy Corp., 8.75%, 4/1/27 (144A)	0.82

Market Value per Share^

	10/31/21	4/30/21
Market Value	$15.70	$14.95
Discount	1.0%	(4.6)%

Net Asset Value per Share^

	10/31/21	4/30/21
Net Asset Value	$15.55	$15.67

*Distributions per Share:**

	Net
	Investment	Short-Term	Long-Term
	Income	Capital Gains	Capital Gains
5/1/21 – 10/31/21	$0.6600	$ —	$ —

Average Annual Total Returns
(As of October 31, 2021)
			50% ICE BofA
			Global High
			Yield/CCC&G
			Index/50%		ICE BofA
	Net Asset		S&P/LSTA	S&P/LSTA	Global
	Value	Market	Leveraged	Leveraged	High Yield/
Period	(NAV)	Price	Loan Index	Loan Index	CCC&G Index
10 years	7.46%	7.31%	5.20%	4.64%	5.71%
5 years	6.63	8.57	4.85	4.47	5.19
1 year	19.59	38.71	7.61	8.47	6.70

Shares		Value
	UNAFFILIATED ISSUERS — 146.3%
	COMMON STOCKS — 0.5% of Net Assets
	Energy Equipment & Services — 0.2%
10,447(a)	FTS International, Inc.	$ 276,845
	Total Energy Equipment & Services	$ 276,845
	Household Durables — 0.0%†
89,094(a)	Desarrolladora Homex SAB de CV	$ 229
	Total Household Durables	$ 229
	Oil, Gas & Consumable Fuels — 0.2%
6(a)	Amplify Energy Corp.	$ 20
218,823+^(a)	PetroQuest Energy, Inc.	93,000
5,709(a)	Summit Midstream Partners LP	179,206
	Total Oil, Gas & Consumable Fuels	$ 272,226
	Specialty Retail — 0.1%
42,088+^(a)	Targus Cayman SubCo, Ltd.	$ 64,395
	Total Specialty Retail	$ 64,395
	TOTAL COMMON STOCKS
	(Cost $640,091)	$ 613,695
	PREFERRED STOCKS — 0.4% of Net Assets
	Diversified Financial Services — 0.4%
500(b)(c)	Compeer Financial ACA, 6.75% (3 Month USD
	LIBOR + 458 bps) (144A)	$ 531,250
	Total Diversified Financial Services	$ 531,250
	Internet — 0.0%†
50,188	MYT Holding LLC, 10.0%, 6/6/29	$ 53,400
	Total Internet	$ 53,400
	TOTAL PREFERRED STOCKS
	(Cost $591,624)	$ 584,650

Principal
Amount
USD ($)
	ASSET BACKED SECURITIES — 2.7% of
	Net Assets
1,000,000(d)	AIG CLO, Ltd., Series 2019-2A, Class E, 7.374% (3 Month
	USD LIBOR + 725 bps), 10/25/32 (144A)	$ 1,001,501
500,000(d)	Goldentree Loan Management US CLO 2, Ltd.,
	Series 2017-2A, Class E, 4.832% (3 Month USD LIBOR +
	470 bps), 11/28/30 (144A)	480,360
1,000,000	JPMorgan Chase Bank NA - CACLN, Series 2021-3,
	Class G, 9.812%, 2/26/29 (144A)	989,152

Face
Amount
USD ($)
		Collateralized Reinsurance — 3.2%
		Multiperil – Massachusetts — 0.2%
	250,000+(a)(j)	Denning Re 2021, 7/31/25	$ 248,275
		Multiperil – U.S. — 0.9%
	250,000+(a)(j)	Ballybunion Re, 2/28/23	$ 77,375
	250,000+(a)(j)	Ballybunion Re 2021, 1/31/25	257,694
	500,000+(a)(j)	Ballybunion Re 2021-2, 6/30/25	500,000
	100,000+(a)(j)	Ballybunion Re 2021-3, 7/31/25	100,000
	250,000+(a)(j)	Dingle Re 2019, 2/1/23	5,131
	250,000+(j)	Port Royal Re 2021, 5/31/25	246,285
			$ 1,186,485
		Multiperil – U.S. Regional — 0.3%
	350,000+(a)(j)	Ailsa Re 2021, 6/30/25	$ 356,847

Number of		Counter-		Strike	Expiration
Contracts	Description	party	Amount	Price	Date
	OVER THE COUNTER (OTC) CALL OPTIONS
	PURCHASED — 0.0%†
18,332+^(m)	Desarrolladora	Bank of New
	Homex SAB	York Mellon
	de CV	Corp.	MXN —	MXN —(n)	10/23/22 $	—
18,332+^(o)	Desarrolladora	Bank of New
	Homex SAB	York Mellon
	de CV	Corp.	MXN —	MXN —(n)	10/23/22	—
					$ —
	TOTAL OVER THE COUNTER (OTC) CALL OPTIONS
	PURCHASED
	(Premiums paid $0)				$ —

United States	54.2%
Bermuda	10.9
Canada	7.1
Luxembourg	5.5
Mexico	4.2
United Kingdom	2.6
Netherlands	1.8
Cayman Islands	1.7
Turkey	1.5
Italy	1.2
Other (individually less than 1%)	9.3
	100.0%


Restricted Securities	Acquisition date	Cost	Value
Ailsa Re 2021	7/12/2021	$ 350,000	$ 356,847
Alamo Re II	5/29/2020	250,000	262,625
Alturas Re 2019-2	12/19/2018	3,037	4,026
Alturas Re 2019-3	6/26/2019	24,550	12,454
Alturas Re 2020-2	1/1/2020	60,078	51,715
Alturas Re 2020-3	8/3/2020	11,768	13,121
Alturas Re 2021-2	2/16/2021	439,922	411,239
Alturas Re 2021-3	8/16/2021	213,682	201,096
Ballybunion Re	12/31/2019	66,287	77,375
Ballybunion Re 2021	8/10/2021	250,000	257,694
Ballybunion Re 2021-2	8/2/2021	500,000	500,000
Ballybunion Re 2021-3	8/2/2021	100,000	100,000
Bantry Re 2018	2/6/2019	5,689	5,700
Bantry Re 2019	2/1/2019	—	16,710
Bantry Re 2020	2/4/2020	26,121	68,719
Bantry Re 2021	1/11/2021	500,000	492,850
Berwick Re 2018-1	1/10/2018	230,646	122,060
Berwick Re 2019-1	12/31/2018	134,801	134,811
Berwick Re 2020-1	9/24/2020	—	99
Berwick Re 2021-1	12/28/2020	1,000,000	988,000
Caelus Re V	4/27/2017	400,000	20,000
Caelus Re V	4/27/2017	375,000	33
Caelus Re V	5/4/2018	250,000	25
Cape Lookout Re	3/9/2021	250,000	252,000
Carnoustie Re 2017	1/5/2017	237,757	131,800
Carnoustie Re 2020	7/16/2020	11,377	33,900
Carnoustie Re 2021	1/25/2021	231,715	234,935
Cypress Re 2017	1/24/2017	2,185	65
Dartmouth Re 2018	1/18/2018	188,086	97,672
Dartmouth Re 2021	1/19/2021	74,895	94,420
Denning Re 2021	7/28/2021	244,573	248,275

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
	In					Unrealized
Currency	Exchange	Currency			Settlement	Appreciation
Purchased	for	Sold	Deliver	Counterparty	Date	(Depreciation)
USD	955,405	EUR	(813,000)	Bank of America NA	11/24/21	$15,258
EUR	140,000	USD	(162,848)	Brown Brothers
				Harriman & Co.	12/21/21	(813)
EUR	172,750	USD	(203,208)	Citibank NA	12/21/21	(3,269)
EUR	1,655,000	USD	(1,925,478)	Goldman Sachs International	1/27/22	(8,207)
EUR	340,000	USD	(395,565)	State Street Bank & Trust Co.	12/21/21	(2,052)
GBP	822,000	USD	(1,104,235)	State Street Bank & Trust Co.	11/23/21	20,936
TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS						$21,853

Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost	$14,084,823
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value	(8,583,641)
Net unrealized appreciation	$ 5,501,182

	Level 1		Level 2			Level 3			Total
Common Stocks
Oil, Gas & Consumable Fuels	$	179,226	$	—		$	93,000		$	272,226
Specialty Retail		—		—			64,395			64,395
All Other Common Stocks		277,074		—			—			277,074
Preferred Stocks
Diversified Financial Services		—		531,250			—			531,250
Internet		—		53,400			—			53,400
Asset Backed Securities		—		3,446,986			—			3,446,986
Collateralized Mortgage
Obligations		—		1,905,695			—			1,905,695
Commercial Mortgage-Backed
Securities		—		13,130,201			—			13,130,201
Convertible Corporate Bonds		—		2,514,652			—			2,514,652
Corporate Bonds		—		134,400,490			—			134,400,490
Foreign Government Bonds		—		4,157,191			—			4,157,191
Insurance-Linked Securities
Collateralized Reinsurance
Multiperil - Massachusetts		—		—			248,275			248,275
Multiperil - U.S.		—		—			1,186,485			1,186,485
Multiperil - U.S. Regional		—		—			356,847			356,847
Multiperil - Worldwide		—		—			1,172,800			1,172,800
Windstorm - Florida		—		—			727,150			727,150
Windstorm - U.S. Multistate		—		—			250,024			250,024
Windstorm - U.S. Regional		—		—			282,639			282,639
Reinsurance Sidecars
Multiperil - U.S.		—		—			432,735			432,735
Multiperil - U.S. Regional		—		—			18,875			18,875
Multiperil - Worldwide		—		—			8,304,849			8,304,849
All Other Insurance-Linked
Securities		—		6,867,158			—			6,867,158
Senior Secured Floating Rate
Loan Interests		—		8,846,523			—			8,846,523
Over The Counter (OTC) Call
Option Purchased		—		—			—	*		—	*
Over The Counter (OTC) Currency
Put Option Purchased		—		76,110			—			76,110
Total Investments in Securities	$	456,300	$	175,929,656		$	13,138,074		$	189,524,030
Other Financial Instruments
Credit agreement (a)	$	—	$	(61,500,000	)	$	—		$	(61,500,000	)
Over The Counter (OTC) Currency
Call Option Written		—		(27,936	)		—			(27,936	)
Net unrealized appreciation
on forward foreign currency
exchange contracts		—		21,853			—			21,853
Total Other Financial Instruments	$	—	$	(61,506,083	)	$	—		$	(61,506,083	)

			Change in				Transfers
	Balance	Realized	unrealized			Accrued	in and out	Balance
	as of	gain	appreciation			discounts/	of Level 3	as of
	4/30/21	(loss)⁽¹⁾	(depreciation)⁽²⁾Purchases		Sales	premiums	categories*	10/31/21
Common Stocks
Energy
Equipment &
Services	$ 123,317	$ 48,908	$ (6,797)	$ —	$ (165,428)	$ —	$ —	$ —
Oil, Gas &
Consumable
Fuels	93,000	—	—	—	—	—	—	93,000
Specialty Retail	64,395	—	—	—	—	—	—	64,395
Insurance-Linked
Securities
Event Linked Bonds
Multiperil - U.S.	73	—	—	—	—	—	(73)	—
Collateralized
Reinsurance
Multiperil -
Massachusetts	250,849	—	(2,368)	244,573	(244,779)	—	—	248,275
Multiperil - U.S.	528,848	—	(16,785)	1,087,857	(414,550)	1,115	—	1,186,485
Multiperil -
U.S. Regional	373,053	—	(16,206)	350,000	(350,000)	—	—	356,847
Multiperil -
Worldwide	1,246,374	—	9,336	—	(82,910)	—	—	1,172,800
Windstorm -
Florida	478,575	—	20,815	227,760	—	—	—	727,150
Windstorm -
North Carolina	—	—	9,541	240,483	—	—	—	250,024
Windstorm -
U.S. Regional	541,181	—	(23,202)	—	(231,663)	(3,677)	—	282,639
Reinsurance
Sidecars
Multiperil - U.S.	480,179	(75,536)	67,637	—	(39,545)	—	—	432,735
Multiperil -
U.S. Regional	19,750	—	(875)	—	—	—	—	18,875
Multiperil -
Worldwide	9,748,562	(152,741)	(398,474)	589,542	(1,482,040)	—	—	8,304,849
Over The Counter
(OTC) Call Option
Purchased	—	—	—	—	—	—	—**	—**
Total	$13,948,156	$ (179,369)	$(357,378)	$ 2,740,215	$ (3,010,915)	$ (2,562)	$ (73)	$13,138,074

Yields

	10/31/21	4/30/21
30-Day SEC Yield	5.98%	6.00%

Principal
Amount
USD ($)		Value
	ASSET BACKED SECURITIES — (continued)
1,000,000(d)	MCF CLO VII LLC, Series 2017-3A, Class ER, 9.282%
	(3 Month USD LIBOR + 915 bps), 7/20/33 (144A)	$ 975,973
	TOTAL ASSET BACKED SECURITIES
	(Cost $3,463,357)	$ 3,446,986
	COLLATERALIZED MORTGAGE OBLIGATIONS —
	1.5% of Net Assets
330,000(d)	Connecticut Avenue Securities Trust, Series 2021-R01,
	Class 1B2, 6.05% (SOFR30A +
	600 bps), 10/25/41 (144A)	$ 329,175
120,000(d)	Freddie Mac Stacr Remic Trust, Series 2021-DNA1,
	Class B2, 4.799% (SOFR30A +
	475 bps), 1/25/51 (144A)	124,396
210,000(d)	Freddie Mac Stacr Remic Trust, Series 2021-HQA3,
	Class B2, 6.299% (SOFR30A +
	625 bps), 9/25/41 (144A)	202,915
22,570	Global Mortgage Securitization, Ltd., Series 2004-A,
	Class B1, 5.25%, 11/25/32 (144A)	14,687
500,000	Med Trust, Series 2021-MDLN, Class G, 0.0%, 11/15/26
	(144A)	500,000
640,000(d)	STACR Trust, Series 2018-HRP2, Class B2, 10.589%
	(1 Month USD LIBOR + 1,050 bps), 2/25/47 (144A)	734,522
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
	(Cost $1,912,666)	$ 1,905,695
	COMMERCIAL MORTGAGE-BACKED
	SECURITIES — 10.1% of Net Assets
1,000,000(b)	Benchmark Mortgage Trust, Series 2020-B18,
	Class AGNG, 4.388%, 7/15/53 (144A)	$ 975,307
500,000(d)	BPR Trust, Series 2021-WILL, Class E, 6.84%
	(1 Month USD LIBOR + 675 bps), 6/15/38 (144A)	499,996
588,625(d)	Capital Funding Mortgage Trust, Series 2020-9, Class B,
	15.9% (1 Month USD LIBOR +
	1,490 bps), 11/19/22 (144A)	588,625
288,017(d)	Capital Funding Mortgage Trust, Series 2021-8, Class B,
	14.35% (1 Month USD LIBOR +
	1,310 bps), 6/22/23 (144A)	288,017
1,000,000(d)	Capital Funding Mortgage Trust, Series 2021-19, Class B,

Principal
Amount
USD ($)		Value
	COMMERCIAL MORTGAGE-BACKED
	SECURITIES — (continued)
569,668(d)	FREMF Mortgage Trust, Series 2020-KF74, Class C, 6.33%
	(1 Month USD LIBOR + 625 bps), 1/25/27 (144A)	$ 563,219
854,629(d)	FREMF Mortgage Trust, Series 2020-KF83, Class C, 9.08%
	(1 Month USD LIBOR + 900 bps), 7/25/30 (144A)		865,545
1,000,000(e)	FREMF Mortgage Trust, Series 2021-KG05, Class C, 0.0%,
	1/25/31 (144A)		488,842
12,333,286(f)	FREMF Mortgage Trust, Series 2021-KG05, Class X2A,
	0.1%, 1/25/31 (144A)		89,515
1,000,000(f)	FREMF Mortgage Trust, Series 2021-KG05, Class X2B,
	0.1%, 1/25/31 (144A)		6,421
8,216,473(b)(f)	FRESB Mortgage Trust, Series 2020-SB79, Class X1,
	1.105%, 7/25/40		544,379
500,000(b)	JP Morgan Chase Commercial Mortgage Securities
	Trust, Series 2013-LC11, Class D, 4.164%, 4/15/46		398,277
35,899	L1C 3/8L1 LLC, Series 2019-1, Class B, 8.5%, 11/1/22
	(144A)		36,141
174,174(b)	Morgan Stanley Capital I Trust, Series 2007-T25,
	Class AJ, 5.574%, 11/12/49		130,631
750,000(d)	Morgan Stanley Capital I Trust, Series 2019-BPR,
	Class D, 4.09% (1 Month USD LIBOR +
	400 bps), 5/15/36 (144A)		626,815
750,000(d)	Multifamily Connecticut Avenue Securities Trust, Series
	2020-01, Class M10, 3.839% (1 Month USD LIBOR
	+ 375 bps), 3/25/50 (144A)		780,254
900,000(b)	Natixis Commercial Mortgage Securities Trust, Series
	2019-FAME, Class E, 4.398%, 8/15/36 (144A)		790,863
500,000	Palisades Center Trust, Series 2016-PLSD, Class A,
	2.713%, 4/13/33 (144A)		469,095
427,091(b)	Velocity Commercial Capital Loan Trust, Series 2020-1,
	Class M6, 5.69%, 2/25/50 (144A)		427,570
1,100,000	Wells Fargo Commercial Mortgage Trust, Series 2015-C28,
	Class E, 3.0%, 5/15/48 (144A)		806,484
1,660,500(b)	Wells Fargo Commercial Mortgage Trust, Series 2015-C31,
	Class E, 4.602%, 11/15/48 (144A)		1,168,726
	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES

Principal
Amount
USD ($)			Value
		Chemicals — 1.5%
	1,900,000(g)	Hercules LLC, 6.5%, 6/30/29	$ 1,907,125
		Total Chemicals	$ 1,907,125
		Entertainment — 0.2%
	312,000(e)	DraftKings, Inc., 3/15/28 (144A)	$ 272,046
		Total Entertainment	$ 272,046
		Pharmaceuticals — 0.1%
	300,000	Tricida, Inc., 3.5%, 5/15/27	$ 134,580
		Total Pharmaceuticals	$ 134,580
		TOTAL CONVERTIBLE CORPORATE BONDS
		(Cost $2,165,266)	$ 2,514,652
		CORPORATE BONDS — 103.7% of Net Assets
		Advertising — 1.1%
	200,000	Clear Channel International BV, 6.625%, 8/1/25 (144A)	$ 208,000
	645,000	Clear Channel Outdoor Holdings, Inc., 7.5%,
		6/1/29 (144A)	659,754
	535,000	Clear Channel Outdoor Holdings, Inc., 7.75%,
		4/15/28 (144A)	553,969
		Total Advertising	$ 1,421,723
		Aerospace & Defense — 0.7%
	450,000	Bombardier, Inc., 7.125%, 6/15/26 (144A)	$ 471,915
	280,000	Howmet Aerospace, Inc., 6.875%, 5/1/25	324,444
	101,000	Triumph Group, Inc., 8.875%, 6/1/24 (144A)	111,253
		Total Aerospace & Defense	$ 907,612
		Agriculture — 0.7%
	815,000	Kernel Holding SA, 6.5%, 10/17/24 (144A)	$ 860,417
		Total Agriculture	$ 860,417
		Airlines — 5.3%
	680,000	Aerovias de Mexico SA de CV, 7.0%, 2/5/25 (144A)	$ 632,400
	155,000	Delta Air Lines, Inc., 7.375%, 1/15/26	182,319
	500,000	Gol Finance SA, 7.0%, 1/31/25 (144A)	450,380
	2,115,000	Gol Finance SA, 8.0%, 6/30/26 (144A)	2,048,928
	645,000	Mileage Plus Holdings LLC/Mileage Plus Intellectual
		Property Assets, Ltd., 6.5%, 6/20/27 (144A)	701,992
	1,915,000	Pegasus Hava Tasimaciligi AS, 9.25%, 4/30/26 (144A)	1,984,204
EUR	1,000,000	Transportes Aereos Portugueses SA, 5.625%,
		12/2/24 (144A)	937,351

Net change in unrealized appreciation (depreciation) of Level 3 investments still held and considered
Level 3 at October 31, 2021:	$(313,146)

ASSETS:
Investments in unaffiliated issuers, at value (cost $182,442,011)	$	189,524,030
Foreign currencies, at value (cost $1,421,476)		1,415,528
Net unrealized appreciation on forward foreign currency exchange contracts		21,853
Receivables —
Investment securities sold		902,868
Interest		2,608,276
Other assets		2,344
Total assets	$	194,474,899
LIABILITIES:
Overdraft due to custodian	$	1,359,882
Payables —
Credit agreement		61,500,000
Investment securities purchased		1,885,882
Directors’ fees		706
Written options outstanding (net premiums received $(66,794))		27,936
Due to affiliates		21,013
Accrued expenses		79,598
Total liabilities	$	64,875,017
NET ASSETS:
Paid-in capital	$	170,924,771
Distributable earnings (loss)		(41,324,889	)
Net assets	$	129,599,882
NET ASSET VALUE PER SHARE:
No par value
Based on $129,599,882/8,332,790 shares	$	15.55

Statement of Operations (unaudited)
FOR THE SIX MONTHS ENDED 10/31/21

INVESTMENT INCOME:
Interest from unaffiliated issuers	$ 6,520,452
Dividends from unaffiliated issuers (net of foreign
taxes withheld $3,236)		282,824
Total investment income			$ 6,803,276
EXPENSES:
Management fees	$ 825,574
Administrative expense		58,568
Transfer agent fees		8,225
Shareowner communications expense		2,069
Custodian fees		1,999
Professional fees		154,412
Printing expense		11,735
Pricing fees		6
Directors’ fees		2,591
Insurance expense		28
Interest expense		329,200
Miscellaneous		15,874
Total expenses			$ 1,410,281
Net investment income			$ 5,392,995
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers	$ 720,738
Written options		13,064
Forward foreign currency exchange contracts		(11,636)
Other assets and liabilities denominated in
foreign currencies		(78,092)	$ 644,074
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers	$(1,560,960)
Written options		34,141
Forward foreign currency exchange contracts		1,608
Other assets and liabilities denominated in
foreign currencies		(6,608)	$(1,531,819)
Net realized and unrealized gain (loss) on investments			$ (887,745)
Net increase in net assets resulting from operations			$ 4,505,250

	Six Months
	Ended	Year
	10/31/21	Ended
	(unaudited)	4/30/21
FROM OPERATIONS:
Net investment income (loss)	$ 5,392,995	$ 10,402,959
Net realized gain (loss) on investments	644,074	(5,140,204)
Change in net unrealized appreciation (depreciation)
on investments	(1,531,819)	31,532,901
Net increase in net assets resulting from operations	$ 4,505,250	$ 36,795,656
DISTRIBUTIONS TO SHAREOWNERS:
($0.66 and $1.34 per share, respectively)	$ (5,499,641)	$ (11,186,771)
Total distributions to shareowners	$ (5,499,641)	$ (11,186,771)
Net increase (decrease) in net assets	$ (994,391)	$ 25,608,885
NET ASSETS:
Beginning of period	$130,594,273	$ 104,985,388
End of period	$129,599,882	$ 130,594,273

Statement of Cash Flows
FOR THE SIX MONTHS ENDED 10/31/21

Cash Flows From Operating Activities:
Net increase in net assets resulting from operations	$ 4,505,250
Adjustments to reconcile net decrease in net assets resulting from operations
to net cash, restricted cash and foreign currencies from operating activities:
Purchases of investment securities	$(46,344,259)
Proceeds from disposition and maturity of investment securities	47,550,847
Net (accretion) and amortization of discount/premium on investment securities	(209,827)
Change in unrealized depreciation on investments in unaffiliated issuers	1,560,960
Change in unrealized appreciation on forward foreign currency
exchange contracts	(1,608)
Change in unrealized depreciation on other assets and liabilities denominated
in foreign currencies	4,798
Change in unrealized appreciation on written options	(34,141)
Net realized gain on investments in unaffiliated issuers	(720,738)
Increase in interest receivable	(119,963)
Decrease in dividends receivable	400
Increase in other assets	(2,292)
Increase in due to affiliates	9,049
Decrease in Directors’ fees payable	(1,409)
Decrease in accrued expenses payable	(47,366)
Proceeds from sale of written options	55,446
Realized gains on written options	(13,064)
Net cash, restricted cash and foreign currencies from operating activities	$ 6,192,083
Cash Flows Used in Financing Activities:
Decrease in Bank overdraft	$ (42,096)
Payments on borrowings	2,500,000
Repayments on borrowings	(2,000,000)
Distributions to shareowners	(5,499,641)
Net cash, restricted cash and foreign currencies used in financing activities	$ (5,041,737)
Effect of Foreign Exchange Fluctuations on Cash:
Effect of foreign exchange fluctuations on cash	$ (4,798)
Cash, restricted cash and foreign currencies:
Beginning of the period*	$ 269,980
End of the period*	$ 1,415,528
Cash Flow Information:
Cash paid for interest	$ 329,200


	Six Months Ended	Year Ended
	10/31/21	4/30/21
Cash	$ —	$ —
Foreign currencies, at value	1,415,528	269,980
Total cash, restricted cash and foreign currencies
shown in the Statement of Cash Flows	$1,415,528	$269,980

	2021
Distributions paid from:
Ordinary income	$11,186,771
Total	$11,186,771


	2021
Distributable earnings/(losses):
Undistributed ordinary income	$ 720,838
Capital loss carryforward	(48,074,959)
Unrealized appreciation	7,023,623
Total	$(40,330,498)


	Derivative
	Assets
	Subject to	Derivatives	Non-Cash	Cash	Net Amount
	Master Netting	Available	Collateral	Collateral	of Derivative
Counterparty	Agreement	for Offset	Received (a)	Received (a)	Assets (b)
Bank of America NA	$ 78,119	$ (27,859)	$ —	$ —	$50,260
Brown Brothers
& Co.	—	—	—	—	—
Citibank N.A.	—	—	—	—	—
JPMorgan Chase
Bank NA	13,249	(77)	—	—	13,172
Goldman Sachs
International	—	—	—	—	—
State Street Bank &
Trust Co.	20,936	(2,052)	—	—	18,884
Total	$112,304	$(29,988)	$ —	$ —	$82,316

	Derivative
	Liabilities
	Subject to	Derivatives	Non-Cash	Cash	Net Amount
	Master Netting	Available	Collateral	Collateral	of Derivative
Counterparty	Agreement	for Offset	Pledged (a)	Pledged (a)	Liabilities (c)
Bank of America NA	$27,859	$ (27,859)	$ —	$ —	$ —
Brown Brothers
& Co.	813	—	—	—	813
Citibank N.A.	3,269	—	—	—	3,269
JPMorgan Chase
Bank NA	77	(77)	—	—	—
Goldman Sachs
International	8,207	—	—	—	8,207
State Street Bank &
Trust Co.	2,052	(2,052)	—	—	—
Total	$42,277	$(29,988)	$ —	$ —	$12,289

Statement of Assets and Liabilities
			Foreign
	Interest	Credit	Exchange	Equity	Commodity
	Rate Risk	Risk	Rate Risk	Risk	Risk
Assets:
Options purchased*	$ —	$ —	$76,110	$ —**	$ —
Net unrealized
appreciation on
forward foreign
currency exchange
contracts	—	—	21,853	—	—
Total Value	$ —	$ —	$97,963	$ —**	$ —
Liabilities:
Written options
outstanding	—	$ —	$27,936	—	—
Total Value	$ —	$ —	$27,936	$ —**	$ —

Statement of Operations
			Foreign
	Interest	Credit	Exchange	Equity	Commodity
	Rate Risk	Risk	Rate Risk	Risk	Risk
Net realized
gain (loss):
Options purchased*	$ —	$ —	$ (13,064)	$ —	$ —
Written options	—	—	13,064	—	—
Forward foreign
currency exchange
contracts	—	—	(11,636)	—	—
Total Value	$ —	$ —	$(11,636)	$ —	$ —

	10/31/21	4/30/21
Shares outstanding at beginning of period	8,332,790	8,332,790
Shares outstanding at end of period	8,332,790	8,332,790

Nominee	For	Withhold
Craig C. MacKay	5,543,359.800	1,294,813.000
Thomas J. Perna	5,148,750.800	1,689,422.000
Marguerite A. Piret	5,547,947.800	1,290,225.000
Fred J. Ricciardi	5,539,847.800	1,298,325.000

Account Information	1-800-710-0935

Or write to AST:
For	Write to

General inquiries, lost dividend checks,	American Stock
change of address, lost stock certificates,	Transfer & Trust
stock transfer	Operations Center
	6201 15^thAve.
	Brooklyn, NY 11219

Dividend reinvestment plan (DRIP)	American Stock
	Transfer & Trust
	Wall Street Station
	P.O. Box 922
	New York, NY 10269-0560

Website	www.amstock.com


SECTION II - POLICY

SERVICE CATEGORY	SERVICE CATEGORY DESCRIPTION		SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES

I. AUDIT SERVICES	Services that are directly		o Accounting research assistance
	related to performing the		o SEC consultation, registration
	independent audit of the Funds		statements, and reporting
			o Tax accrual related matters
			o Implementation of new accounting standards
			o Compliance letters (e.g. rating agency letters)
			o Regulatory reviews and assistance
			regarding financial matters
			o Semi-annual reviews (if requested)
			o Comfort letters for closed end offerings
II. AUDIT-RELATED	Services which are not		o AICPA attest and agreed-upon procedures
SERVICES	prohibited under Rule		o Technology control assessments
	210.2-01(C)(4) (the “Rule”)		o Financial reporting control assessments
	and are related extensions of		o Enterprise security architecture
	the audit services support the		assessment
	audit, or use the knowledge/expertise
	gained from the audit procedures as a
	foundation to complete the project.
	In most cases, if the Audit-Related
	Services are not performed by the
	Audit firm, the scope of the Audit
	Services would likely increase.
	The Services are typically well-defined
	and governed by accounting
	professional standards (AICPA,
	SEC, etc.)

AUDIT COMMITTEE APPROVAL POLICY		AUDIT COMMITTEE REPORTING POLICY
o “One-time” pre-approval		o A summary of all such
for the audit period for all		services and related fees
pre-approved specific service		reported at each regularly
subcategories. Approval of the		scheduled Audit Committee
independent auditors as		meeting.
auditors for a Fund shall
constitute pre approval for
these services.

o “One-time” pre-approval		o A summary of all such
for the fund fiscal year within		services and related fees
a specified dollar limit		(including comparison to
for all pre-approved		specified dollar limits)
specific service subcategories		reported quarterly.

o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)

o Specific approval is
needed to use the Fund’s
auditors for Audit-Related
Services not denoted as
“pre-approved”, or
to add a specific service
subcategory as “pre-approved”


SERVICE CATEGORY	SERVICE CATEGORY DESCRIPTION	SPECIFIC PRE-APPROVED SERVICE
		SUBCATEGORIES
III. TAX SERVICES	Services which are not	o Tax planning and support
	prohibited by the Rule,	o Tax controversy assistance
	if an officer of the Fund	o Tax compliance, tax returns, excise
	determines that using the	tax returns and support
	Fund’s auditor to provide	o Tax opinions
	these services creates
	significant synergy in
	the form of efficiency,
	minimized disruption, or
	the ability to maintain a
	desired level of
	confidentiality.


SERVICE CATEGORY	SERVICE CATEGORY DESCRIPTION	SPECIFIC PROHIBITED SERVICE
		SUBCATEGORIES
PROHIBITED SERVICES	Services which result	1. Bookkeeping or other services
	in the auditors losing	related to the accounting records or
	independence status	financial statements of the audit
	under the Rule.	client*
		2. Financial information systems design
		and implementation*
		3. Appraisal or valuation services,
		fairness* opinions, or
		contribution-in-kind reports
		4. Actuarial services (i.e., setting
		actuarial reserves versus actuarial
		audit work)*
		5. Internal audit outsourcing services*
		6. Management functions or human
		resources
		7. Broker or dealer, investment
		advisor, or investment banking services
		8. Legal services and expert services
		unrelated to the audit
		9. Any other service that the Public
		Company Accounting Oversight Board
		determines, by regulation, is
		impermissible


AUDIT COMMITTEE APPROVAL POLICY	AUDIT COMMITTEE REPORTING POLICY
o These services are not to be	o A summary of all
performed with the exception of the(*)	services and related
services that may be permitted	fees reported at each
if they would not be subject to audit	regularly scheduled
procedures at the audit client (as	Audit Committee meeting
defined in rule 2-01(f)(4)) level	will serve as continual
the firm providing the service.	confirmation that has
	not provided any
	restricted services.