NPORT-EX 2 AAPI680AMU093023.htm
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