| Pioneer Securitized | ||
| Income Fund | ||
Schedule of Investments | April 30, 2021 | ||
Ticker Symbols: Class Y XSILX |
| Principal Amount USD ($) | Value | ||||
| UNAFFILIATED ISSUERS - 97.3% | |||||
| ASSET BACKED SECURITIES - 31.2% of Net Assets | |||||
| 400,000 | Arivo Acceptance Auto Loan Receivables Trust, Series 2021-1A, Class D, 5.83%, 1/18/28 (144A) | $ 403,879 | |||
| 950,000(a) | CFMT LLC, Series 2019-HB1, Class M5, 6.0%, 12/25/29 (144A) | 933,090 | |||
| 700,000 | Continental Credit Card ABS LLC, Series 2019-1A, Class C, 6.16%, 8/15/26 (144A) | 735,237 | |||
| 400,000 | Crossroads Asset Trust, Series 2021-A, Class E, 5.48%, 1/20/28 (144A) | 399,463 | |||
| 327,880 | Diamond Resorts Owner Trust, Series 2018-1, Class D, 5.9%, 1/21/31 (144A) | 331,944 | |||
| 211,022 | Diamond Resorts Owner Trust, Series 2019-1A, Class D, 5.25%, 2/20/32 (144A) | 206,528 | |||
| 500,000 | Fair Square Issuance Trust, Series 2020-AA, Class D, 6.86%, 9/20/24 (144A) | 508,466 | |||
| 500,000 | First Investors Auto Owner Trust, Series 2021-1A, Class F, 5.37%, 4/17/28 (144A) | 508,063 | |||
| 600,000 | Foursight Capital Automobile Receivables Trust, Series 2020-1, Class F, 4.62%, 6/15/27 (144A) | 607,623 | |||
| 400,000 | NMEF Funding LLC, Series 2021-A, Class D, 5.78%, 12/15/27 (144A) | 399,587 | |||
| 500,000 | Republic Finance Issuance Trust, Series 2019-A, Class C, 5.1%, 11/22/27 (144A) | 507,132 | |||
| 500,000 | Upstart Securitization Trust, Series 2019-3, Class C, 5.381%, 1/21/30 (144A) | 518,084 | |||
| 500,000 | Upstart Securitization Trust, Series 2020-1, Class C, 4.899%, 4/22/30 (144A) | 513,706 | |||
| TOTAL ASSET BACKED SECURITIES | |||||
(Cost $6,496,922) | $6,572,802 | ||||
| COLLATERALIZED MORTGAGE OBLIGATIONS - 61.9% of Net Assets | |||||
| 150,000(b) | Bellemeade Re Ltd., Series 2020-2A, Class B1, 8.606% (1 Month USD LIBOR + 850 bps), 8/26/30 (144A) | $ 156,612 | |||
| 550,953(a) | Cascade Funding Mortgage Trust, Series 2018-RM2, Class D, 4.0%, 10/25/68 (144A) | 552,227 | |||
| 480,000(a) | CFMT LLC, Series 2020-HB4, Class M5, 6.0%, 12/26/30 (144A) | 480,640 | |||
| 500,000(a) | COMM Mortgage Trust, Series 2020-CBM, Class F, 3.754%, 2/10/37 (144A) | 468,651 | |||
| 400,000(b) | Eagle Re, Series 2020-2, Class B1, 7.106% (1 Month USD LIBOR + 700 bps), 10/25/30 (144A) | 401,861 | |||
| 500,000(b) | Freddie Mac Stacr Remic Trust, Series 2020-DNA2, Class B2, 4.906% (1 Month USD LIBOR + 480 bps), 2/25/50 (144A) | 467,549 | |||
| 150,000(b) | Freddie Mac Stacr Remic Trust, Series 2020-DNA3, Class B2, 9.456% (1 Month USD LIBOR + 935 bps), 6/25/50 (144A) | 176,960 | |||
| 180,000(b) | Freddie Mac Stacr Remic Trust, Series 2020-DNA5, Class B2, 11.51% (SOFR30A + 1,150 bps), 10/25/50 (144A) | 230,278 | |||
| 250,000(b) | Freddie Mac Stacr Remic Trust, Series 2020-DNA6, Class B2, 5.66% (SOFR30A + 565 bps), 12/25/50 (144A) | 249,688 | |||
| 220,000(b) | Freddie Mac Stacr Remic Trust, Series 2020-HQA4, Class B2, 9.506% (1 Month USD LIBOR + 940 bps), 9/25/50 (144A) | 257,346 | |||
| 225,000(b) | Freddie Mac Stacr Remic Trust, Series 2021-DNA1, Class B2, 4.76% (SOFR30A + 475 bps), 1/25/51 (144A) | 212,894 | |||
| 360,000(b) | Freddie Mac Stacr Remic Trust, Series 2021-HQA1, Class B2, 5.01% (SOFR30A + 500 bps), 8/25/33 (144A) | 337,937 | |||
| 500,000(b) | Freddie Mac Stacr Trust, Series 2018-HQA2, Class B2, 11.106% (1 Month USD LIBOR + 1,100 bps), 10/25/48 (144A) | 582,597 | |||
| 750,000(b) | Freddie Mac Stacr Trust, Series 2019-FTR2, Class B1, 3.106% (1 Month USD LIBOR + 300 bps), 11/25/48 (144A) | 722,456 | |||
| 900,000(b) | Freddie Mac Stacr Trust, Series 2019-FTR3, Class B2, 4.909% (1 Month USD LIBOR + 480 bps), 9/25/47 (144A) | 882,822 | |||
| 650,000(b) | Freddie Mac Stacr Trust, Series 2019-HRP1, Class B1, 4.156% (1 Month USD LIBOR + 405 bps), 2/25/49 (144A) | 654,528 | |||
| 500,000(b) | GS Mortgage Securities Corp. Trust, Series 2020-DUNE, Class G, 4.115% (1 Month USD LIBOR + 400 bps), 12/15/36 (144A) | 430,808 | |||
| 200,000(a) | GS Mortgage-Backed Securities Trust, Series 2020-NQM1, Class B1, 5.143%, 9/27/60 (144A) | 207,742 | |||
| 300,000(b) | Home Re, Ltd., Series 2020-1, Class B1, 7.106% (1 Month USD LIBOR + 700 bps), 10/25/30 (144A) | 305,966 | |||
| 650,000(b) | Mortgage Insurance-Linked Notes Series, Series 2020-1, Class B1, 3.106% (1 Month USD LIBOR + 300 bps), 2/25/30 (144A) | 627,937 | |||
| 500,000(a) | Natixis Commercial Mortgage Securities Trust, Series 2019-FAME, Class E, 4.544%, 8/15/36 (144A) | 421,906 | |||
| 500,000(b) | Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class E, 3.615% (1 Month USD LIBOR + 350 bps), 7/15/36 (144A) | 496,501 | |||
| 180,000(b) | Radnor Re, Ltd., Series 2020-2, Class B1, 7.706% (1 Month USD LIBOR + 760 bps), 10/25/30 (144A) | 183,495 | |||
| 750,000(a) | RMF Buyout Issuance Trust, Series 2020-1, Class M5, 6.0%, 2/25/30 (144A) | 728,177 | |||
| 780,000(b) | STACR Trust, Series 2018-DNA3, Class B2, 7.856% (1 Month USD LIBOR + 775 bps), 9/25/48 (144A) | 811,059 | |||
| 290,326(b) | STACR Trust, Series 2018-HRP1, Class B2, 11.856% (1 Month USD LIBOR + 1,175 bps), 5/25/43 (144A) | 328,683 | |||
| 500,000(b) | STACR Trust, Series 2018-HRP2, Class B1, 4.306% (1 Month USD LIBOR + 420 bps), 2/25/47 (144A) | 513,853 | |||
| 150,000(b) | Traingle Re, Ltd., Series 2020-1, Class B1, 7.856% (1 Month USD LIBOR + 775 bps), 10/25/30 (144A) | 152,743 | |||
| 745,756(a) | Velocity Commercial Capital Loan Trust, Series 2020-1, Class M6, 5.69%, 2/25/50 (144A) | 742,554 | |||
| 250,000(a) | Vista Point Securitization Trust, Series 2020-1, Class B1, 5.375%, 3/25/65 (144A) | 261,196 | |||
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | |||||
(Cost $13,188,048) | $13,047,666 | ||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES - 3.3% of Net Assets | |||||
| 150,000(b) | Freddie Mac Multifamily Structured Credit Risk, Series 2021-MN1, Class B1, 7.76% (SOFR30A + 775 bps), 1/25/51 (144A) | $ 166,252 | |||
| Principal Amount USD ($) | Value | ||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued) | |||||
| 500,000(b) | Multifamily Connecticut Avenue Securities Trust, Series 2020-01, Class M10, 3.856% (1 Month USD LIBOR + 375 bps), 3/25/50 (144A) | $ 520,957 | |||
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | |||||
(Cost $556,867) | $ 687,209 | ||||
| CORPORATE BONDS - 0.9% of Net Assets | |||||
Airlines - 0.9% | |||||
| 106,802 | British Airways 2020-1 Class B Pass Through Trust, 8.375%, 11/15/28 (144A) | $ 122,357 | |||
| 75,699 | United Airlines 2020-1 Class B Pass Through Trust, 4.875%, 1/15/26 | 79,048 | |||
| Total Airlines | $ 201,405 | ||||
| TOTAL CORPORATE BONDS | |||||
(Cost $182,501) | $ 201,405 | ||||
| TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS - 97.3% | |||||
(Cost $20,424,338) | $20,509,082 | ||||
| OTHER ASSETS AND LIABILITIES - 2.7% | $ 571,271 | ||||
| NET ASSETS - 100.0% | $21,080,353 | ||||
bps | Basis Points. |
LIBOR | London Interbank Offered Rate. |
SOFR30A | Secured Overnight Financing Rate 30-day Average. |
(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, 2021, the value of these securities amounted to $20,430,034, 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, 2021. |
(b) | Floating rate note. Coupon rate, reference index and spread shown at April 30, 2021. |
FUTURES CONTRACTS | |||||
| FIXED INCOME INDEX FUTURES CONTRACTS | |||||
| Number of Contracts Short | Description | Expiration Date | Notional Amount | Market Value | Unrealized Appreciation (Depreciation) |
| 35 | U.S. 10 Year Note (CBT) | 6/21/21 | $(4,694,375) | $(4,621,094) | $ 73,281 |
| TOTAL FUTURES CONTRACTS | $(4,694,375) | $(4,621,094) | $73,281 | ||
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 Fund's own assumptions in determining fair value of investments). | ||||||||||||||||
The following is a summary of the inputs used as of April 30, 2021, in valuing the Fund's investments: | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Asset Backed Securities | $ | – | $ | 6,572,802 | $ | – | $ | 6,572,802 | ||||||||
Collateralized Mortgage Obligations | – | 13,047,666 | – | 13,047,666 | ||||||||||||
Commercial Mortgage-Backed Securities | – | 687,209 | – | 687,209 | ||||||||||||
Corporate Bonds | – | 201,405 | – | 201,405 | ||||||||||||
| Total Investments in Securities | $ | – | $ | 20,509,082 | $ | – | $ | 20,509,082 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Net unrealized appreciation on futures contracts | $ | 73,281 | $ | – | $ | – | $ | 73,281 | ||||||||
| Total Other Financial Instruments | $ | 73,281 | $ | – | $ | – | $ | 73,281 | ||||||||
Asset Backed Securities | ||||
Balance as of 7/31/20 | $ | 739,670 | ||
Realized gain (loss) | -- | |||
Changed in unrealized appreciation (depreciation) | -- | |||
Accrued discounts/premiums | -- | |||
Purchases | -- | |||
Sales | -- | |||
Transfers in to Level 3* | -- | |||
Transfers out of Level 3* | (739,670 | ) | ||
| Balance as of 4/30/20 | $ | -- | ||
* | Transfers are calculated on the beginning of period value. For the nine months ended April 30, 2021, securities with an aggregate market value of $739,670 was transferred from Level 3 to Level 2, due to valuing the security using observable inputs. There were no other transfers in or out of Level 3. |
