Pioneer CAT Bond Fund
Schedule of Investments | July 31, 2023
A: ACBAX | K: ACBKX | Y: CBYYX |
Schedule of Investments | 7/31/23
(unaudited)
Principal Amount USD ($) | Value | |||||
Insurance-Linked Securities — 98.0% of Net Assets# | ||||||
Event Linked Bonds — 98.0% | ||||||
Earthquakes – California — 9.4% | ||||||
1,000,000(a) | Sutter Re, 12.159%, (3 Month U.S. Treasury Bill + 675 bps), 6/19/26 (144A) | $ 1,005,200 | ||||
2,000,000(a) | Sutter Re, 15.159%, (3 Month U.S. Treasury Bill + 975 bps), 6/19/26 (144A) | 2,014,000 | ||||
2,100,000(a) | Torrey Pines Re, 10.409%, (3 Month U.S. Treasury Bill + 500 bps), 6/5/26 (144A) | 2,113,650 | ||||
1,000,000(a) | Ursa Re II, 9.349%, (3 Month U.S. Treasury Bill + 394 bps), 12/7/23 (144A) | 994,500 | ||||
1,000,000(a) | Ursa Re II, 11.719%, (3 Month U.S. Treasury Bill + 631 bps), 12/7/23 (144A) | 997,000 | ||||
$7,124,350 | ||||||
Earthquakes – Chile — 0.3% | ||||||
250,000(a) | International Bank for Reconstruction & Development, 10.061%, (SOFR + 475 bps), 3/31/26 (144A) | $ 255,725 | ||||
Earthquakes – U.S. — 0.7% | ||||||
250,000(a) | Merna Reinsurance II, 9.339%, (3 Month U.S. Treasury Bill + 393 bps), 4/5/24 (144A) | $ 249,325 | ||||
250,000(a) | Nakama Re, 7.578%, (3 Month Term SOFR + 250 bps), 5/9/28 (144A) | 249,725 | ||||
$499,050 | ||||||
Flood – U.S. — 1.7% | ||||||
1,000,000(a) | FloodSmart Re, 21.659%, (1 Month U.S. Treasury Bill + 1,625 bps), 3/11/26 (144A) | $ 1,029,400 | ||||
250,000(a) | FloodSmart Re, 26.909%, (1 Month U.S. Treasury Bill + 2,150 bps), 3/11/26 (144A) | 253,000 | ||||
$1,282,400 | ||||||
Health – U.S. — 0.6% | ||||||
500,000(a) | Vitality Re XIII, 7.409%, (3 Month U.S. Treasury Bill + 200 bps), 1/6/26 (144A) | $ 489,550 | ||||
Multiperil – Europe — 0.3% | ||||||
250,000(a) | Atlas Capital Re, 13.709%, (3 Month U.S. Treasury Bill + 830 bps), 6/10/24 (144A) | $ 249,175 | ||||
Multiperil – Florida — 1.3% | ||||||
1,000,000(a) | Sanders Re, 13.409%, (3 Month U.S. Treasury Bill + 800 bps), 6/5/26 (144A) | $ 1,019,000 |
1Pioneer CAT Bond Fund | | 7/31/23
Principal Amount USD ($) | Value | |||||
Multiperil – U.S. — 17.4% | ||||||
750,000(a) | Baldwin Re, 9.909%, (3 Month U.S. Treasury Bill + 450 bps), 7/7/27 (144A) | $ 753,825 | ||||
750,000(a) | Bonanza Re, 10.256%, (3 Month U.S. Treasury Bill + 487 bps), 2/20/24 (144A) | 697,350 | ||||
500,000(a) | Caelus Re VI, 10.789%, (3 Month U.S. Treasury Bill + 538 bps), 6/7/24 (144A) | 484,650 | ||||
1,100,000(a) | Easton Re Pte, 9.916%, (3 Month U.S. Treasury Bill + 453 bps), 1/8/24 (144A) | 1,091,640 | ||||
250,000(a) | Four Lakes Re, 11.909%, (3 Month U.S. Treasury Bill + 650 bps), 1/7/26 (144A) | 249,175 | ||||
400,000(a) | Four Lakes Re, 15.569%, (3 Month U.S. Treasury Bill + 1,016 bps), 1/5/24 (144A) | 391,880 | ||||
1,200,000(a) | Hypatia Re, 14.909%, (3 Month U.S. Treasury Bill + 950 bps), 4/8/26 (144A) | 1,226,640 | ||||
350,000(a) | Merna Re II, 13.159%, (3 Month U.S. Treasury Bill + 775 bps), 7/7/26 (144A) | 346,780 | ||||
250,000(a) | Residential Re, 11.919%, (3 Month U.S. Treasury Bill + 651 bps), 12/6/24 (144A) | 239,900 | ||||
250,000(a) | Sanders Re II, 8.436%, (3 Month U.S. Treasury Bill + 305 bps), 4/7/25 (144A) | 237,150 | ||||
500,000(a) | Sanders Re III, 8.909%, (3 Month U.S. Treasury Bill + 350 bps), 4/7/26 (144A) | 467,150 | ||||
700,000(a) | Sanders Re III, 11.159%, (3 Month U.S. Treasury Bill + 575 bps), 4/7/27 (144A) | 688,730 | ||||
3,050,000(a) | Solomon Re, 10.659%, (3 Month U.S. Treasury Bill + 525 bps), 6/8/26 (144A) | 3,051,830 | ||||
3,000,000(a) | Stabilitas Re, 13.909%, (3 Month U.S. Treasury Bill + 850 bps), 6/5/26 (144A) | 3,023,700 | ||||
250,000(a) | Sussex Re, 13.789%, (3 Month U.S. Treasury Bill + 838 bps), 1/8/25 (144A) | 240,275 | ||||
$13,190,675 | ||||||
Multiperil – U.S. & Canada — 5.2% | ||||||
750,000(a) | Mona Lisa Re, 12.409%, (3 Month U.S. Treasury Bill + 700 bps), 7/8/25 (144A) | $ 718,875 | ||||
250,000(a) | Mystic Re IV, 11.69%, (3 Month U.S. Treasury Bill + 1,160 bps), 1/8/25 (144A) | 235,525 | ||||
1,750,000(a) | Mystic Re IV, 15.159%, (3 Month U.S. Treasury Bill + 975 bps), 1/8/24 (144A) | 1,705,200 |
Pioneer CAT Bond Fund | | 7/31/232
Schedule of Investments | 7/31/23
(unaudited) (continued)
Principal Amount USD ($) | Value | |||||
Multiperil – U.S. & Canada — (continued) | ||||||
1,000,000(a) | Titania Re, 17.659%, (1 Month U.S. Treasury Bill + 1,225 bps), 2/27/26 (144A) | $ 1,057,400 | ||||
250,000(a) | Vista Re, 11.769%, (3 Month U.S. Treasury Bill + 636 bps), 5/21/24 (144A) | 244,925 | ||||
$3,961,925 | ||||||
Multiperil – U.S. Regional — 6.9% | ||||||
400,000(a) | Aquila Re, 12.909%, (3 Month U.S. Treasury Bill + 750 bps), 6/8/26 (144A) | $ 399,680 | ||||
1,400,000(a) | Aquila Re, 14.659%, (3 Month U.S. Treasury Bill + 925 bps), 6/8/26 (144A) | 1,417,500 | ||||
250,000(a) | Aquila Re I, 10.659%, (3 Month U.S. Treasury Bill + 525 bps), 6/8/26 (144A) | 249,000 | ||||
1,150,000(a) | Locke Tavern Re, 4.75%, (3 Month U.S. Treasury Bill + 475 bps), 4/9/26 (144A) | 1,163,225 | ||||
2,000,000(a) | Long Point Re IV, 9.659%, (3 Month U.S. Treasury Bill + 425 bps), 6/1/26 (144A) | 1,984,000 | ||||
$5,213,405 | ||||||
Multiperil – Worldwide — 3.5% | ||||||
2,150,000(a) | Atlas Capital Re, 12.55%, (SOFR + 725 bps), 6/5/26 (144A) | $ 2,165,695 | ||||
500,000(a) | Montoya Re, 12.159%, (1 Month U.S. Treasury Bill + 675 bps), 4/7/25 (144A) | 507,550 | ||||
$2,673,245 | ||||||
Windstorm – Florida — 0.8% | ||||||
600,000(a) | First Coast Re IV, 9.00%, (3 Month U.S. Treasury Bill + 900 bps), 4/7/26 (144A) | $ 599,100 | ||||
Windstorm – Japan — 6.9% | ||||||
2,800,000(a) | Black Kite Re, 12.249%, (3 Month U.S. Treasury Bill + 690 bps), 6/9/25 (144A) | $ 2,796,640 | ||||
1,000,000(a) | Sakura Re, 7.659%, (3 Month U.S. Treasury Bill + 225 bps), 4/7/25 (144A) | 982,200 | ||||
1,500,000(a) | Tomoni Re Pte, 8.159%, (3 Month U.S. Treasury Bill + 275 bps), 4/7/26 (144A) | 1,464,300 | ||||
$5,243,140 | ||||||
Windstorm - New York — 1.3% | ||||||
1,000,000(a) | MetroCat Re, 5.75%, (3 Month U.S. Treasury Bill + 575 bps), 5/8/26 (144A) | $ 968,300 | ||||
Windstorm – North Carolina — 2.2% | ||||||
1,750,000(a) | Cape Lookout Re, 9.109%, (1 Month U.S. Treasury Bill + 370 bps), 3/22/24 (144A) | $ 1,701,350 |
3Pioneer CAT Bond Fund | | 7/31/23
Principal Amount USD ($) | Value | |||||
Windstorm – Texas — 0.7% | ||||||
550,000(a) | Alamo Re, 12.589%, (3 Month U.S. Treasury Bill + 718 bps), 6/7/24 (144A) | $ 542,575 | ||||
Windstorm – U.S. — 17.9% | ||||||
1,000,000(a) | Alamo Re, 13.909%, (1 Month U.S. Treasury Bill + 850 bps), 6/7/26 (144A) | $ 1,009,000 | ||||
750,000(a) | Bonanza Re, 11.159%, (3 Month U.S. Treasury Bill + 575 bps), 3/16/25 (144A) | 525,000 | ||||
750,000(a) | Cape Lookout Re, 11.909%, (1 Month U.S. Treasury Bill + 650 bps), 4/28/26 (144A) | 757,875 | ||||
EUR2,000,000(a) | Eiffel Re, 6.827%, (3 Month EURIBOR + 325 bps), 1/19/27 (144A) | 2,194,602 | ||||
500,000(a) | Gateway Re, 18.409%, (1 Month U.S. Treasury Bill + 1,300 bps), 2/24/26 (144A) | 520,650 | ||||
250,000(a) | Gateway Re II, 14.909%, (3 Month U.S. Treasury Bill + 950 bps), 4/27/26 (144A) | 246,775 | ||||
2,750,000(a) | Lower Ferry Re, 9.659%, (1 Month U.S. Treasury Bill + 425 bps), 7/8/26 (144A) | 2,805,550 | ||||
2,750,000(a) | Mayflower Re, 4.50%, (1 Month U.S. Treasury Bill + 450 bps), 7/8/26 (144A) | 2,766,500 | ||||
700,000(a) | Merna Re II, 15.659%, (3 Month U.S. Treasury Bill + 1,025 bps), 7/7/26 (144A) | 724,990 | ||||
250,000(a) | Purple Re, 17.659%, (1 Month U.S. Treasury Bill + 1,225 bps), 4/24/26 (144A) | 249,475 | ||||
1,800,000(a) | Queen Street Re, 12.909%, (3 Month U.S. Treasury Bill + 750 bps), 12/8/25 (144A) | 1,804,860 | ||||
$13,605,277 | ||||||
Windstorm – U.S. & Canada — 3.9% | ||||||
2,750,000(a) | Titania Re, 18.159%, (1 Month U.S. Treasury Bill + 1,275 bps), 2/27/26 (144A) | $ 2,920,500 | ||||
Windstorm – U.S. Multistate — 11.5% | ||||||
3,000,000(a) | Commonwealth Re, 9.409%, (3 Month U.S. Treasury Bill + 400 bps), 7/8/26 (144A) | $ 3,051,300 | ||||
1,000,000(b) | Gateway Re, 0.000%, (3 Month U.S. Treasury Bill + 0 bps), 1/9/24 (144A) | 920,000 | ||||
2,250,000(a) | Gateway Re, 15.386%, (1 Month U.S. Treasury Bill + 1,000 bps), 7/8/26 (144A) | 2,246,625 | ||||
2,500,000(a) | Purple Re, 15.409%, (1 Month U.S. Treasury Bill + 1,000 bps), 6/5/26 (144A) | 2,497,000 | ||||
$8,714,925 | ||||||
Pioneer CAT Bond Fund | | 7/31/234
Schedule of Investments | 7/31/23
(unaudited) (continued)
Principal Amount USD ($) | Value | ||||||
Windstorm – U.S. Regional — 2.3% | |||||||
1,000,000(a) | Citrus Re, 12.136%, (3 Month U.S. Treasury Bill + 675 bps), 6/7/26 (144A) | $ 1,002,900 | |||||
750,000(a) | Citrus Re, 14.386%, (3 Month U.S. Treasury Bill + 900 bps), 6/7/26 (144A) | 748,200 | |||||
$1,751,100 | |||||||
Winterstorm – Florida — 3.2% | |||||||
1,200,000(a) | Integrity Re, 17.409%, (1 Month U.S. Treasury Bill + 1,200 bps), 6/6/25 (144A) | $ 1,217,520 | |||||
1,150,000(a) | Lightning Re, 16.409%, (3 Month U.S. Treasury Bill + 1,100 bps), 3/31/26 (144A) | 1,181,970 | |||||
$2,399,490 | |||||||
Total Event Linked Bonds | $74,404,257 | ||||||
Total Insurance-Linked Securities (Cost $73,755,529) | $74,404,257 | ||||||
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 98.0% (Cost $73,755,529) | $74,404,257 | ||||||
OTHER ASSETS AND LIABILITIES — 2.0% | $1,519,705 | ||||||
net assets — 100.0% | $75,923,962 | ||||||
bps | Basis Points. |
EURIBOR | Euro Interbank Offered Rate. |
SOFR | Secured Overnight Financing Rate. |
(144A) | The resale of such security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers. At July 31, 2023, the value of these securities amounted to $74,404,257, or 98.0% of net assets. |
(a) | Floating rate note. Coupon rate, reference index and spread shown at July 31, 2023. |
(b) | Security issued with a zero coupon. Income is recognized through accretion of discount. |
# | Securities are restricted as to resale. |
Restricted Securities | Acquisition date | Cost | Value |
Alamo Re | 2/8/2023 | $538,518 | $542,575 |
Alamo Re | 4/12/2023 | 1,000,000 | 1,009,000 |
Aquila Re | 5/10/2023 | 400,000 | 399,680 |
Aquila Re | 5/10/2023 | 1,400,000 | 1,417,500 |
Aquila Re I | 5/10/2023 | 250,000 | 249,000 |
5Pioneer CAT Bond Fund | | 7/31/23
Restricted Securities | Acquisition date | Cost | Value |
Atlas Capital Re | 1/31/2023 | $241,839 | $249,175 |
Atlas Capital Re | 5/17/2023 | 2,150,000 | 2,165,695 |
Baldwin Re | 6/21/2023 | 750,000 | 753,825 |
Black Kite Re | 6/6/2023 | 2,786,963 | 2,796,640 |
Bonanza Re | 1/27/2023 | 624,298 | 525,000 |
Bonanza Re | 2/17/2023 | 679,728 | 697,350 |
Caelus Re VI | 1/30/2023 | 485,946 | 484,650 |
Cape Lookout Re | 4/14/2023 | 750,000 | 757,875 |
Cape Lookout Re | 6/1/2023 | 1,710,231 | 1,701,350 |
Citrus Re | 4/27/2023 | 750,000 | 748,200 |
Citrus Re | 4/27/2023 | 1,001,673 | 1,002,900 |
Commonwealth Re | 6/7/2023 | 3,000,000 | 3,051,300 |
Easton Re Pte | 3/24/2023 | 1,082,674 | 1,091,640 |
Eiffel Re | 6/22/2023 | 2,191,500 | 2,194,602 |
First Coast Re IV | 3/24/2023 | 600,000 | 599,100 |
FloodSmart Re | 2/23/2023 | 1,000,000 | 1,029,400 |
FloodSmart Re | 2/23/2023 | 250,000 | 253,000 |
Four Lakes Re | 1/31/2023 | 368,236 | 391,880 |
Four Lakes Re | 3/3/2023 | 250,000 | 249,175 |
Gateway Re | 2/3/2023 | 500,000 | 520,650 |
Gateway Re | 5/26/2023 | 935,086 | 920,000 |
Gateway Re | 7/14/2023 | 2,250,000 | 2,246,625 |
Gateway Re II | 4/13/2023 | 250,000 | 246,775 |
Hypatia Re | 3/27/2023 | 1,200,000 | 1,226,640 |
Integrity Re | 3/23/2023 | 1,200,000 | 1,217,520 |
International Bank for Reconstruction & Development | 250,000 | 255,725 | |
Lightning Re | 3/20/2023 | 1,150,000 | 1,181,970 |
Locke Tavern Re | 3/23/2023 | 1,150,000 | 1,163,225 |
Long Point Re IV | 2/23/2023 | 1,959,278 | 1,984,000 |
Lower Ferry Re | 6/23/2023 | 2,750,000 | 2,805,550 |
Mayflower Re | 6/26/2023 | 2,750,000 | 2,766,500 |
Merna Re II | 4/5/2023 | 350,000 | 346,780 |
Merna Re II | 4/5/2023 | 700,000 | 724,990 |
Merna Reinsurance II | 2/17/2023 | 250,000 | 249,325 |
MetroCat Re | 5/12/2023 | 1,000,000 | 968,300 |
Mona Lisa Re | 1/27/2023 | 688,660 | 718,875 |
Montoya Re | 2/28/2023 | 482,884 | 507,550 |
Mystic Re IV | 1/31/2023 | 207,845 | 235,525 |
Mystic Re IV | 3/10/2023 | 1,718,305 | 1,705,200 |
Nakama Re | 4/14/2023 | 250,000 | 249,725 |
Purple Re | 4/6/2023 | 250,000 | 249,475 |
Purple Re | 6/27/2023 | 2,500,000 | 2,497,000 |
Queen Street Re | 5/12/2023 | 1,800,000 | 1,804,860 |
Pioneer CAT Bond Fund | | 7/31/236
Schedule of Investments | 7/31/23
(unaudited) (continued)
Restricted Securities | Acquisition date | Cost | Value |
Residential Re | 1/30/2023 | $242,509 | $239,900 |
Sakura Re | 5/24/2023 | 982,628 | 982,200 |
Sanders Re | 5/24/2023 | 1,000,000 | 1,019,000 |
Sanders Re II | 1/30/2023 | 236,098 | 237,150 |
Sanders Re III | 2/14/2023 | 468,496 | 467,150 |
Sanders Re III | 3/24/2023 | 700,000 | 688,730 |
Solomon Re | 6/12/2023 | 3,050,000 | 3,051,830 |
Stabilitas Re | 6/7/2023 | 3,000,000 | 3,023,700 |
Sussex Re | 1/27/2023 | 230,654 | 240,275 |
Sutter Re | 6/6/2023 | 1,000,000 | 1,005,200 |
Sutter Re | 6/6/2023 | 2,000,000 | 2,014,000 |
Titania Re | 2/16/2023 | 1,000,000 | 1,057,400 |
Titania Re | 2/16/2023 | 2,750,000 | 2,920,500 |
Tomoni Re Pte | 5/31/2023 | 1,479,573 | 1,464,300 |
Torrey Pines Re | 5/18/2023 | 2,100,000 | 2,113,650 |
Ursa Re II | 5/17/2023 | 996,477 | 994,500 |
Ursa Re II | 6/1/2023 | 998,956 | 997,000 |
Vista Re | 1/30/2023 | 235,908 | 244,925 |
Vitality Re XIII | 3/6/2023 | 480,566 | 489,550 |
Total Restricted Securities | $74,404,257 | ||
% of Net assets | 98.0% |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency Purchased | In Exchange for | Currency Sold | Deliver | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) |
EUR | 1,000,000 | USD | 1,091,827 | Goldman Sachs & Co. | 9/28/23 | $10,856 |
USD | 3,302,757 | EUR | 3,000,000 | JPMorgan Chase Bank NA | 9/28/23 | (5,293) |
TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | $5,563 |
EUR | Euro |
USD | United States Dollar |
Principal amounts are denominated in U.S. dollars (“USD”) unless otherwise noted.
7Pioneer CAT Bond Fund | | 7/31/23
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels below.
Level 1 | – | unadjusted quoted prices in active markets for identical securities. |
Level 2 | – | other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
Level 3 | – | significant unobservable inputs (including the Adviser's own assumptions in determining fair value of investments). |
The following is a summary of the inputs used as of July 31, 2023, in valuing the Fund's investments:
Level 1 | Level 2 | Level 3 | Total | |
Insurance-Linked Securities | ||||
Event Linked Bonds | $— | $74,404,257 | $— | $74,404,257 |
Total Investments in Securities | $— | $74,404,257 | $— | $74,404,257 |
Other Financial Instruments | ||||
Net unrealized appreciation on forward foreign currency exchange contracts | $— | $5,563 | $— | $5,563 |
Total Other Financial Instruments | $— | $5,563 | $— | $5,563 |
During the period ended July 31, 2023, there were no transfers in or out of Level 3.
Pioneer CAT Bond Fund | | 7/31/238