| Pioneer Securitized | ||
| Income Fund | ||
Schedule of Investments | April 30, 2020 | ||
Ticker Symbols: Class Y XSILX |
| Principal Amount USD ($) | Value | ||||
| UNAFFILIATED ISSUERS - 98.1% | |||||
| ASSET BACKED SECURITIES - 43.9% of Net Assets | |||||
| 750,000 | Carvana Auto Receivables Trust, Series 2019-4A, Class E, 4.7%, 10/15/26 (144A) | $572,737 | |||
| 950,000(a) | CFMT LLC, Series 2019-HB1, Class M5, 6.0%, 12/25/29 (144A) | 668,990 | |||
| 700,000 | Continental Credit Card ABS LLC, Series 2019-1A, Class C, 6.16%, 8/15/26 (144A) | 591,871 | |||
| 446,230 | Diamond Resorts Owner Trust, Series 2018-1, Class D, 5.9%, 1/21/31 (144A) | 430,170 | |||
| 299,805 | Diamond Resorts Owner Trust, Series 2019-1A, Class D, 5.25%, 2/20/32 (144A) | 282,579 | |||
| 500,000 | Fair Square Issuance Trust, Series 2020-AA, Class D, 6.86%, 9/20/24 (144A) | 448,782 | |||
| 600,000 | Foursight Capital Automobile Receivables Trust, Series 2020-1, Class F, 4.62%, 6/15/27 (144A) | 433,396 | |||
| 700,000 | GLS Auto Receivables Issuer Trust, Series 2019-2A, Class D, 4.52%, 2/17/26 (144A) | 637,335 | |||
| 500,000 | Republic Finance Issuance Trust, Series 2019-A, Class C, 5.1%, 11/22/27 (144A) | 315,478 | |||
| 800,000 | Upstart Securitization Trust, Series 2019-3, Class C, 5.381%, 1/21/30 (144A) | 472,969 | |||
| 500,000 | Upstart Securitization Trust, Series 2020-1, Class C, 4.899%, 4/22/30 (144A) | 334,879 | |||
| 600,000 | US Auto Funding LLC, Series 2019-1A, Class D, 8.06%, 11/15/25 (144A) | 545,578 | |||
| TOTAL ASSET BACKED SECURITIES | |||||
(Cost $7,384,765) | $5,734,764 | ||||
| COLLATERALIZED MORTGAGE OBLIGATIONS - 54.2% of Net Assets | |||||
| 795,063(a) | Cascade Funding Mortgage Trust, Series 2018-RM2, Class D, 4.0%, 10/25/68 (144A) | $557,402 | |||
| 500,000(a) | COMM Mortgage Trust, Series 2020-CBM, Class F, 3.754%, 2/10/37 (144A) | 303,111 | |||
| 520,000(b) | Connecticut Avenue Securities Trust, Series 2018-R07, Class 1B1, 5.297% (1 Month USD LIBOR + 435 bps), 4/25/31 (144A) | 347,333 | |||
| 130,000(b) | Connecticut Avenue Securities Trust, Series 2020-SBT1, Class 1M2, 4.137% (1 Month USD LIBOR + 365 bps), 2/25/40 (144A) | 91,963 | |||
| 130,000(b) | Connecticut Avenue Securities Trust, Series 2020-SBT1, Class 2M2, 4.137% (1 Month USD LIBOR + 365 bps), 2/25/40 (144A) | 88,948 | |||
| 200,000(b) | Fannie Mae Connecticut Avenue Securities, Series 2017-C01, Class 1B1, 6.237% (1 Month USD LIBOR + 575 bps), 7/25/29 | 164,785 | |||
| 160,000(b) | Freddie Mac Stacr Remic Trust, Series 2020-DNA2, Class B1, 2.987% (1 Month USD LIBOR + 250 bps), 2/25/50 (144A) | 79,022 | |||
| 150,000(b) | Freddie Mac Stacr Remic Trust, Series 2020-HQA2, Class B1, 4.587% (1 Month USD LIBOR + 410 bps), 3/25/50 (144A) | 71,160 | |||
| 150,000(b) | Freddie Mac Stacr Remic Trust, Series 2020-HQA2, Class M2, 3.587% (1 Month USD LIBOR + 310 bps), 3/25/50 (144A) | 104,870 | |||
| 900,000(b) | Freddie Mac Stacr Trust, Series 2018-HQA2, Class B2, 11.487% (1 Month USD LIBOR + 1,100 bps), 10/25/48 (144A) | 432,152 | |||
| 650,000(b) | Freddie Mac Stacr Trust, Series 2019-HRP1, Class B1, 4.537% (1 Month USD LIBOR + 405 bps), 2/25/49 (144A) | 365,269 | |||
| 750,000(b) | Freddie Mac STACR Trust, Series 2019-FTR2, Class B1, 3.487% (1 Month USD LIBOR + 300 bps), 11/25/48 (144A) | 394,336 | |||
| 900,000(b) | Freddie Mac STACR Trust, Series 2019-FTR3, Class B2, 5.747% (1 Month USD LIBOR + 480 bps), 9/25/47 (144A) | 239,200 | |||
| 500,000(b) | GS Mortgage Securities Corp. Trust, Series 2020-DUNE, Class G, 4.814% (1 Month USD LIBOR + 400 bps), 12/15/36 (144A) | 387,552 | |||
| 650,000(b) | Mortgage Insurance-Linked Notes Series, Series 2020-1, Class B1, 3.487% (1 Month USD LIBOR + 300 bps), 2/25/30 (144A) | 329,099 | |||
| 500,000(a) | Natixis Commercial Mortgage Securities Trust, Series 2019-FAME, Class E, 4.544%, 8/15/36 (144A) | 386,890 | |||
| 500,000(b) | Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class E, 4.314% (1 Month USD LIBOR + 350 bps), 7/15/36 (144A) | 433,892 | |||
| 750,000(a) | RMF Buyout Issuance Trust, Series 2020-1, Class M5, 6.0%, 2/25/30 (144A) | 607,425 | |||
| 500,000(b) | STACR Trust, Series 2018-DNA2, Class B1, 4.187% (1 Month USD LIBOR + 370 bps), 12/25/30 (144A) | 346,393 | |||
| 780,000(b) | STACR Trust, Series 2018-DNA3, Class B2, 8.237% (1 Month USD LIBOR + 775 bps), 9/25/48 (144A) | 318,584 | |||
| 294,370(b) | STACR Trust, Series 2018-HRP1, Class B2, 12.237% (1 Month USD LIBOR + 1,175 bps), 4/25/43 (144A) | 141,033 | |||
| 750,000(b) | STACR Trust, Series 2018-HRP2, Class B1, 4.687% (1 Month USD LIBOR + 420 bps), 2/25/47 (144A) | 389,530 | |||
| 745,756(a) | Velocity Commercial Capital Loan Trust, Series 2020-1, Class M6, 5.69%, 2/25/50 (144A) | 492,795 | |||
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | |||||
(Cost $12,127,117) | $7,072,744 | ||||
| TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS - 98.1% | |||||
(Cost $19,511,882) | $12,807,508 | ||||
| OTHER ASSETS AND LIABILITIES - 1.9% | $243,045 | ||||
| NET ASSETS - 100.0% | $13,050,553 | ||||
bps | Basis Points. |
LIBOR | London Interbank Offered Rate. |
(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 April 30, 2020, the value of these securities amounted to $12,642,723, or 96.9% of net assets. |
(a) | The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at April 30, 2020. |
(b) | Floating rate note. Coupon rate, reference index and spread shown at April 30, 2020. |
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 April 30, 2020, in valuing the Fund's investments: |
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Asset Backed Securities | $ | – | $ | 5,734,764 | $ | – | $ | 5,734,764 | ||||||||
Collateralized Mortgage Obligations | – | 7,072,744 | – | 7,072,744 | ||||||||||||
| Total Investments in Securities | $ | – | $ | 12,807,508 | $ | – | $ | 12,807,508 | ||||||||
