OMB APPROVAL
OMB Number: 3235-0570
Expires: January 31, 2017
Estimated average burden
hours per response.....20.6
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-02864
Pioneer Bond Fund
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: December 31
Date of reporting period: July 1, 2014 through December 31, 2014
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Bond Fund
--------------------------------------------------------------------------------
Semiannual Report | December 31, 2014
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PIOBX
Class C PCYBX
Class K PBFKX
Class R PBFRX
Class Y PICYX
Class Z PIBZX
[LOGO]PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 17
Schedule of Investments 19
Financial Statements 63
Notes to Financial Statements 73
Approval of Investment Advisory Agreement 85
Trustees, Officers and Service Providers 90
Pioneer Bond Fund | Semiannual Report | 12/31/14 1
President's Letter
Dear Shareowner,
Today's market environment presents numerous opportunities as well as challenges
for investors. A disparate global economic landscape has formed, with the U.S.
facing prospects for continued growth, while questions abound regarding the
outlook for other regions. Employment, household income, and corporate profits
have been rising in the U.S. and inflation pressures remain low. However, many
countries across Europe as well as Japan face muted growth. In addition, a
variety of factors have clouded the outlook for countries such as Russia and
Brazil and China's investment-driven economy continues to slow.
Monetary policies of major central banks are diverging, reflecting different
economic conditions. With the U.S. economy no longer in need of extraordinary
stimulus, the Federal Reserve Board may be closer to raising short-term interest
rates. Conversely, the European Central Bank and the Bank of Japan are likely to
be adding, not removing, stimulus.
While we anticipate continued growth for the U.S., the outlook is far from
certain, nor is the outlook for other regions necessarily dire. It remains to be
seen how weakness outside the U.S. will affect global growth and whether easing
monetary policies in other regions will spur an economic recovery.
While these economic conditions may lead to increasing volatility in 2015, we
believe the opportunity for investors to earn attractive returns will persist.
However, in an environment where interest rates remain low and equity valuations
have been buoyed by an extended bull market, we believe it is imperative
investors adhere to a disciplined investment approach that is consistent with
one's goals and objectives, being mindful of the tradeoff between risk and
return.
Since 1928 Pioneer's investment professionals have been focused on identifying
and capitalizing on investment opportunities that present themselves in a
variety of ever changing market conditions, including those we face today. We
seek returns consistent with our strategies' stated style and
2 Pioneer Bond Fund | Semiannual Report | 12/31/14
objectives and consistent with our shareholders' expectations, regardless of
market conditions. We believe our shareowners benefit from the experience
and tenure of our investment teams, the insights generated from extensive
research resources and a commitment to prudent risk management designed
to mitigate downside and preserve returns over time.
We encourage you to work with your financial advisor to develop an overall
investment plan that addresses both your short- and long-term goals, and to
implement such a plan in a disciplined manner, as we do when deploying
strategies on behalf of our shareowners.
We greatly appreciate your trust in us in the past and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Bond Fund | Semiannual Report | 12/31/14 3
Portfolio Management Discussion | 12/31/14
The bond market, led by Treasuries and government agency debt, produced
moderate, positive results during the six-month period ended December 31, 2014.
In the following interview, Kenneth J. Taubes and Charles Melchreit review the
factors that affected the performance of Pioneer Bond Fund six-month period
ended December 31, 2014. Mr. Taubes, Chief Investment Officer, U.S., and a
portfolio manager at Pioneer Investments, is responsible for the daily
management of the Fund, along with Mr. Melchreit, Director of Investment- Grade
Management, a senior vice president and a portfolio manager at Pioneer.
Q How did the Fund perform during the six-month period ended December 31,
2014?
A Pioneer Bond Fund's Class A shares returned 1.22% at net asset value for
the six-month period ended December 31, 2014, while the Fund's benchmark,
the Barclays Aggregate Bond Index (the Barclays Index), returned 1.96%.
During the same period, the average return of the 52 mutual funds Lipper's
Corporate Debt, A-rated Funds category was 1.97%, and the average return of
the 1,058 mutual funds in Morningstar's Intermediate-Term Bond Funds
category was 1.02%.
Q How would you describe the investment environment for fixed-income assets
during the six-month period ended December 31, 2014?
A Higher-quality government debt, led by U.S. Treasuries, outperformed the
general bond market during the six-month period, as securities of most
maturities saw their prices rise and yields decline. In contrast, the
prices of more credit-sensitive, non-government debt began falling as their
yields rose and yield spreads -- or differences in yields between
Treasuries and debt instruments of similar maturity -- widened. High-yield
corporates, in particular, struggled as capital markets became more
volatile during the period due to a confluence of several factors,
including: the withdrawal of some monetary stimulus by the U.S. Federal
Reserve System (the Fed); concerns that weakening growth trends in Europe,
Japan and the emerging markets could have a "contagion" effect and thus
slow the economic recovery in the United States; and worries about rising
geopolitical risks spurred by tense situations in Eastern Europe and the
Middle East.
The domestic bond market was buttressed by increasingly positive news about
the U.S. economy during the period. Although U.S. economic growth appeared
to stall early in 2014 -- prior to the beginning of the six-month period --
with a negative official gross domestic product (GDP) growth
4 Pioneer Bond Fund | Semiannual Report | 12/31/14
number produced during the first calendar quarter, the outlook for the
domestic economy gradually grew more upbeat as the year advanced.
Subsequent data releases suggested economic strengthening, with U.S. GDP
growing by a 4.6% annual rate in the second quarter and at a 5.0% pace in
the third quarter. Meanwhile, employment reports pointed to improvements in
new-job creation, while the housing industry showed renewed strength.
Beginning in September 2014, the domestic economy also received a boost
when oil prices began a decline that became more dramatic as year-end
approached.
The U.S. dollar strengthened against other currencies in global currency
markets during the six-month period. The strong dollar attracted new
investment money from overseas and added to the demand for higher-quality
U.S. government debt.
The Fed maintained an overall pro-growth monetary policy throughout the
period, keeping the key Federal funds rate in a range of 0.00% to 0.25% as
of December 31, 2014, the sixth consecutive year that the key rate was
maintained at that level. The Fed, however, did begin to withdraw some
monetary stimulus by ending its quantitative easing (QE) asset purchases
shortly before the end of the calendar year.
Q Which investment strategies or individual holdings had the greatest effects
on the Fund's performance relative to the Barclays Index benchmark during
the six-month period ended December 31, 2014?
A Despite increased exposure to the outperforming government mortgage group,
the Fund's performance relative to the Barclays Index was held back during
the period by the portfolio's shorter-duration stance. (Duration is a
measure of the sensitivity of the price -- the value of principal -- of a
fixed-income investment to a change in interest rates, expressed as a
number of years.) As longer-term yields continued to fall, the prices of
longer-term Treasuries and government-agency debt rose, and the group
outperformed. We kept the duration of the Fund's investments about 1.5
years (18 months) shorter than that of the benchmark, as we did not believe
the U.S. economy's fundamentals justified the low yields to which
Treasuries had fallen. At the end of the calendar year, the average
effective duration of the portfolio was 4.02 years, a full 18 months
shorter than the Barclays Index's duration. The negative effects of the
Fund's shorter-duration stance were partially offset, however, by good
positioning along the yield curve, as the portfolio had little exposure to
securities with maturities of two to five years -- a group that
underperformed.
Pioneer Bond Fund | Semiannual Report | 12/31/14 5
Early in the six-month period, we continued to increase the Fund's exposure
to government-agency mortgages, and that move contributed to
benchmark-relative returns. Good security selection results among the
portfolio's corporate bond holdings (outside of the underperforming energy
sector) also aided the Fund's benchmark-relative returns. In particular,
positions in the debt of several large financial institutions, including
Citigroup, Wells Fargo, JPMorgan Chase and Bank of America, performed very
well for the Fund during the six-month period.
In addition, holdings in commercial mortgage-backed securities and asset-
backed debt aided the Fund's performance, but exposure to bonds issued by
industrial corporations, notably from the energy sector, hurt relative
returns as oil prices declined late in the year and both the stocks and
bonds of many energy-related companies ran into difficulty.
Late in the year, after the corporate bond sector had underperformed
higher-quality sectors, we added investment-grade corporate bonds back to
the Fund's portfolio as we thought, by then, those bonds had increased in
relative value.
Q The Fund's distributions to shareholders declined over the 12-month period
ended December 31, 2014. What reason or reasons caused the reduction?
A The main factor was the low-interest-rate environment, which persisted
throughout 2014, putting pressure on reinvestment rates; that is, as bonds
rolled off or matured, we were forced to put the Fund's money to work at
lower and lower rates, thereby causing earnings to decline and resulting in
a reduced dividend.
Q Did the Fund use derivative securities as part of its strategy during the
six-month period ended December 31, 2014? If so, did they have a
noteworthy impact on performance?
A Yes. We used Treasury futures in an attempt to help manage the Fund's
interest-rate sensitivity. Because the futures were employed as part of a
strategy to maintain a shorter-than-benchmark duration, they tended to
detract from the Fund's relative results. We also used credit default swaps
to buffer the effects of poor performance by credit-sensitive debt, but
they did not have a noteworthy impact on the Fund's relative results.
6 Pioneer Bond Fund | Semiannual Report | 12/31/14
Q What is your investment outlook heading into 2015?
A We think the domestic economy should continue to strengthen and sustain
itself, notwithstanding the challenges from overseas. Gains in the U.S. job
market should begin to translate into rising wage levels, while the
rebounding housing market has emerged once again to be a source of modest
growth in the overall economy. All those factors, in combination with the
lower oil and gasoline prices that have had the stimulative effect of a
major tax cut, should help buttress consumer spending.
We also believe investors may have become too pessimistic about the
potential economic influences coming from outside the U.S. We think Europe
may emerge from its recent slowdown sooner than anticipated, while lower
energy costs in Japan should help to stimulate that country's economy. We
believe China's ongoing structural reforms eventually should lead to a
healthier, more stable economy, and that specific economies among the
emerging markets nations should begin to improve. Overall, we think the
risks to the global economy should diminish, leading to a better growth
environment.
U.S. corporate bonds, after underperforming higher-quality debt in 2014,
appear more attractively valued, and we expect in 2015 to continue to look
for improving opportunities in that sector, especially within the
investment-grade area. Conversely, we are not as optimistic about the
prospects for government-agency mortgages after their outperformance during
the past year.
We expect to continue to keep the portfolio's duration short relative to
the Barclays Index benchmark, as we think the risk has increased that
interest rates may start rising, which would erode the value of
longer-maturity bonds, especially higher-quality issues.
Pioneer Bond Fund | Semiannual Report | 12/31/14 7
Please refer to the Schedule of Investments on pages 19-62 for a full listing of
Fund securities.
When interest rates rise, the prices of fixed-income securities in the Fund will
generally fall. Conversely, when interest rates fall, the prices of fixed-income
securities in the Fund will generally rise.
Investments in the Fund are subject to possible loss due to the financial fail-
ure of the issuers of the underlying securities and their inability to meet
their debt obligations.
Prepayment risk is the chance that an issuer may exercise its right to prepay
its security, if falling interest rates prompt the issuer to do so. Forced to
reinvest the unanticipated proceeds at lower interest rates, the Fund would
experience a decline in income and lose the opportunity for additional price
appreciation.
Investments in high-yield or lower-rated securities are subject to greater-than-
average price volatility, illiquidity and possibility of default.
The securities issued by U.S. Government-sponsored entities (i.e., Fannie Mae,
Freddie Mac) are neither guaranteed nor issued by the U.S. Government.
The portfolio may invest in mortgage-backed securities, which during times of
fluctuating interest rates may increase or decrease more than other fixed-
income securities. Mortgage-backed securities are also subject to pre-payments.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making the Fund more susceptible to
any economic, political, or regulatory developments or other risks affecting
those industries and sectors.
These risks may increase share price volatility.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Pioneer Investments for a prospectus or
summary prospectus containing this information. Read it carefully.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
8 Pioneer Bond Fund | Semiannual Report | 12/31/14
Portfolio Summary | 12/31/14
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Government Securities 30.0%
U.S. Corporate Bonds 26.8%
Collateralized Mortgage Obligations 14.5%
International Corporate Bonds 10.8%
Asset Backed Securities 5.8%
Temporary Cash Investment 3.8%
Senior Secured Loans 3.1%
Municipal Bonds 2.7%
U.S. Preferred Stocks 1.6%
International Preferred Stocks 0.7%
Convertible Preferred Stocks 0.2%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. Fannie Mae, 3.5%, 1/14/15 1.41%
--------------------------------------------------------------------------------
2. Government National Mortgage Association I, 4.0%, 1/21/15 1.38
--------------------------------------------------------------------------------
3. Fannie Mae, 5.0%, 1/14/15 1.36
--------------------------------------------------------------------------------
4. U.S. Treasury Inflation Indexed Bonds, 0.125%, 7/15/24 1.21
--------------------------------------------------------------------------------
5. Fannie Mae, 4.0%, 1/14/15 0.96
--------------------------------------------------------------------------------
6. Fannie Mae, 3.0%, 8/1/42 0.92
--------------------------------------------------------------------------------
7. Fannie Mae, 4.0%, 8/1/44 0.86
--------------------------------------------------------------------------------
8. Fannie Mae, 4.5%, 12/1/43 0.78
--------------------------------------------------------------------------------
9. Fannie Mae, 3.5%, 2/1/44 0.75
--------------------------------------------------------------------------------
10. Fannie Mae, 4.5%, 12/1/43 0.70
--------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments.
The Fund is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
Pioneer Bond Fund | Semiannual Report | 12/31/14 9
Prices and Distributions | 12/31/14
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 12/31/14 6/30/14
--------------------------------------------------------------------------------
A $9.80 $9.88
--------------------------------------------------------------------------------
C $9.69 $9.77
--------------------------------------------------------------------------------
K $9.79 $9.87
--------------------------------------------------------------------------------
R $9.89 $9.97
--------------------------------------------------------------------------------
Y $9.71 $9.79
--------------------------------------------------------------------------------
Z $9.81 $9.90
--------------------------------------------------------------------------------
Distributions per Share: 7/1/14-12/31/14
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1560 $ -- $0.0431
--------------------------------------------------------------------------------
C $0.1139 $ -- $0.0431
--------------------------------------------------------------------------------
K $0.1736 $ -- $0.0431
--------------------------------------------------------------------------------
R $0.1436 $ -- $0.0431
--------------------------------------------------------------------------------
Y $0.1678 $ -- $0.0431
--------------------------------------------------------------------------------
Z $0.1699 $ -- $0.0431
--------------------------------------------------------------------------------
Index Definition
--------------------------------------------------------------------------------
The Barclays Aggregate Bond Index is an unmanaged measure of the U.S. bond
market. Index returns are calculated monthly, assume reinvestment of dividends
and, unlike Fund returns, do not reflect any fees, expenses or sales charges. It
is not possible to invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 11-16.
10 Pioneer Bond Fund | Semiannual Report | 12/31/14
Performance Update | 12/31/14 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Bond Fund at public offering price
during the periods shown, compared to that of the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of December 31, 2014)
--------------------------------------------------------------------------------
Net Public Barclays
Asset Offering Aggregate
Value Price Bond
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
10 Years 5.36% 4.88% 4.71%
5 Years 5.87 4.90 4.45
1 Year 5.92 1.18 5.97
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated October 1, 2014)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.92% 0.85%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Barclays Aggregate
Pioneer Bond Fund Bond Index
12/31/2004 $ 9,550 $ 10,000
12/31/2005 $ 9,787 $ 10,243
12/31/2006 $ 10,135 $ 10,682
12/31/2007 $ 10,752 $ 11,623
12/31/2008 $ 10,283 $ 11,924
12/31/2009 $ 12,103 $ 12,938
12/31/2010 $ 13,246 $ 13,593
12/31/2011 $ 13,918 $ 14,771
12/31/2012 $ 15,123 $ 15,153
12/31/2013 $ 15,197 $ 15,171
31-12-14 $ 16,097 $ 15,842
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 4.50% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through November 1, 2016, for Class A shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Bond Fund | Semiannual Report | 12/31/14 11
Performance Update | 12/31/14 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Bond Fund during the periods shown,
compared to that of the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of December 31, 2014)
--------------------------------------------------------------------------------
Barclays
Aggregate
If If Bond
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 Years 4.42% 4.42% 4.71%
5 Years 4.93 4.93 4.45
1 Year 5.06 5.06 5.97
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated October 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.65%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Barclays Aggregate
Pioneer Bond Fund Bond Index
12/31/2004 $ 10,000 $ 10,000
12/31/2005 $ 10,149 $ 10,243
12/31/2006 $ 10,409 $ 10,682
12/31/2007 $ 10,963 $ 11,623
12/31/2008 $ 10,388 $ 11,924
12/31/2009 $ 12,117 $ 12,938
12/31/2010 $ 13,134 $ 13,593
12/31/2011 $ 13,683 $ 14,771
12/31/2012 $ 14,733 $ 15,153
12/31/2013 $ 14,672 $ 15,171
31-12-14 $ 15,414 $ 15,842
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). If you paid a 1% sales charge, your returns would
be lower than those shown above. "If Held" results represent the percent change
in net asset value per share. Returns would have been lower had sales charges
been reflected. All results are historical and assume the reinvestment of
dividends and capital gains. Other share classes are available for which
performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer Bond Fund | Semiannual Report | 12/31/14
Performance Update | 12/31/14 Class K Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class K shares of Pioneer Bond Fund during the periods
shown, compared to that of the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of December 31, 2014)
--------------------------------------------------------------------------------
Barclays
Aggregate
If If Bond
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 Years 5.41% 5.41% 4.71%
5 Years 5.98 5.98 4.45
1 Year 6.14 6.14 5.97
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated October 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.48%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Barclays Aggregate
Pioneer Bond Fund Bond Index
12/31/2004 $ 10,000 $ 10,000
12/31/2005 $ 10,246 $ 10,243
12/31/2006 $ 10,610 $ 10,682
12/31/2007 $ 11,256 $ 11,623
12/31/2008 $ 10,765 $ 11,924
12/31/2009 $ 12,671 $ 12,938
12/31/2010 $ 13,867 $ 13,593
12/31/2011 $ 14,571 $ 14,771
12/31/2012 $ 15,818 $ 15,153
12/31/2013 $ 15,960 $ 15,171
31-12-14 $ 16,939 $ 15,842
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class K shares for the period prior to the
commencement of operations of Class K shares on December 20, 2012, is the net
asset value performance of the Fund's Class A shares, which has not been
restated to reflect any differences in expenses, including Rule 12b-1 fees
applicable to Class A shares. Since fees for Class A shares generally are higher
than those of Class K shares, the performance of Class K shares prior to their
inception would have been higher than the performance shown. Class K shares are
not subject to sales charges and are available for limited groups of eligible
investors, including institutional investors. All results are historical and
assume the reinvestment of dividends and capital gains.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Bond Fund | Semiannual Report | 12/31/14 13
Performance Update | 12/31/14 Class R Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class R shares of Pioneer Bond Fund during the periods
shown, compared to that of the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of December 31, 2014)
--------------------------------------------------------------------------------
Barclays
Aggregate
If If Bond
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 Years 5.00% 5.00% 4.71%
5 Years 5.47 5.47 4.45
1 Year 5.65 5.65 5.97
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated October 1, 2014)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.24% 1.10%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Barclays Aggregate
Pioneer Bond Fund Bond Index
12/31/2004 $ 10,000 $ 10,000
12/31/2005 $ 10,211 $ 10,243
12/31/2006 $ 10,548 $ 10,682
12/31/2007 $ 11,178 $ 11,623
12/31/2008 $ 10,633 $ 11,924
12/31/2009 $ 12,474 $ 12,938
12/31/2010 $ 13,607 $ 13,593
12/31/2011 $ 14,245 $ 14,771
12/31/2012 $ 15,395 $ 15,153
12/31/2013 $ 15,412 $ 15,171
31-12-14 $ 16,283 $ 15,842
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class R shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through November 1, 2016, for Class R shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
14 Pioneer Bond Fund | Semiannual Report | 12/31/14
Performance Update | 12/31/14 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Bond Fund during the periods
shown, compared to that of the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of December 31, 2014)
--------------------------------------------------------------------------------
Barclays
Aggregate
If If Bond
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 Years 5.65% 5.65% 4.71%
5 Years 6.11 6.11 4.45
1 Year 6.19 6.19 5.97
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated October 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.58%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Barclays Aggregate
Pioneer Bond Fund Bond Index
12/31/2004 $ 5,000,000 $ 5,000,000
12/31/2005 $ 5,138,748 $ 5,121,743
12/31/2006 $ 5,343,541 $ 5,341,193
12/31/2007 $ 5,690,337 $ 5,811,657
12/31/2008 $ 5,459,544 $ 5,962,066
12/31/2009 $ 6,439,653 $ 6,469,223
12/31/2010 $ 7,067,734 $ 6,796,599
12/31/2011 $ 7,445,158 $ 7,385,331
12/31/2012 $ 8,102,367 $ 7,576,280
12/31/2013 $ 8,155,645 $ 7,585,670
12/31/2014 $ 8,660,784 $ 7,921,196
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Bond Fund | Semiannual Report | 12/31/14 15
Performance Update | 12/31/14 Class Z Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class Z shares of Pioneer Bond Fund during the periods
shown, compared to that of the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of December 31, 2014)
--------------------------------------------------------------------------------
Barclays
Aggregate
If If Bond
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 Years 5.56% 5.56% 4.71%
5 Years 6.05 6.05 4.45
1 Year 6.06 6.06 5.97
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated October 1, 2014)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.74% 0.65%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Barclays Aggregate
Pioneer Bond Fund Bond Index
12/31/2004 $ 10,000 $ 10,000
12/31/2005 $ 10,246 $ 10,243
12/31/2006 $ 10,610 $ 10,682
12/31/2007 $ 11,284 $ 11,623
12/31/2008 $ 10,820 $ 11,924
12/31/2009 $ 12,806 $ 12,938
12/31/2010 $ 14,031 $ 13,593
12/31/2011 $ 14,772 $ 14,771
12/31/2013 $ 16,193 $ 15,171
12/31/2014 $ 17,174 $ 15,842
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for periods prior to the inception of Class Z shares on July
6, 2007, reflects the NAV performance of the Fund's Class A shares. The
performance does not reflect differences in expenses, including the Rule 12b-1
fees applicable to Class A shares. Since fees for Class A shares are generally
higher than those of Class Z shares, the performance for Class Z shares prior to
their inception on July 6, 2007 would have been higher than that shown. Class Z
shares are not subject to sales charges and are available for limited groups of
eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through November 1, 2016, for Class Z shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
16 Pioneer Bond Fund | Semiannual Report | 12/31/14
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Bond Fund
Based on actual returns from July 1, 2014 through December 31, 2014.
---------------------------------------------------------------------------------------
Share Class A C K R Y Z
---------------------------------------------------------------------------------------
Beginning $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Account Value
on 7/1/14
---------------------------------------------------------------------------------------
Ending Account $1,012.20 $1,007.90 $1,014.00 $1,010.80 $1,013.50 $1,012.50
Value (after
expenses) on
12/31/14
---------------------------------------------------------------------------------------
Expenses Paid $ 4.31 $ 8.30 $ 2.28 $ 5.58 $ 2.89 $ 3.25
During Period*
---------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.85%,
1.64%, 0.45%, 1.10%, 0.57% and 0.64% for Class A, Class C, Class K, Class
R, Class Y and Class Z shares, respectively, multiplied by the average
account value over the period, multiplied by 184/365 (to reflect the
one-half year period).
Pioneer Bond Fund | Semiannual Report | 12/31/14 17
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period. You may
use this information to compare the ongoing costs of investing in the Fund and
other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Bond Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from July 1, 2014 through December 31, 2014.
----------------------------------------------------------------------------------------
Share Class A C K R Y Z
----------------------------------------------------------------------------------------
Beginning $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Account Value
on 7/1/14
----------------------------------------------------------------------------------------
Ending Account $1,020.92 $1,016.94 $1,022.94 $1,019.66 $1,022.33 $1,021.98
Value (after
expenses) on
12/31/14
----------------------------------------------------------------------------------------
Expenses Paid $ 4.33 $ 8.34 $ 2.29 $ 5.60 $ 2.91 $ 3.26
During Period*
----------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.85%,
1.64%, 0.45%, 1.10%, 0.57% and 0.64% for Class A, Class C, Class K, Class
R, Class Y and Class Z shares, respectively, multiplied by the average
account value over the period, multiplied by 184/365 (to reflect the
one-half year period).
18 Pioneer Bond Fund | Semiannual Report | 12/31/14
Schedule of Investments | 12/31/14 (unaudited)
---------------------------------------------------------------------------------------------------------------------
Floating
Shares Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 1.8%
BANKS -- 0.9%
Diversified Banks -- 0.7%
105,070 7.88 Citigroup Capital XIII, Floating Rate Note, 10/30/40 $ 2,792,761
197,000 7.12 Citigroup, Inc., Floating Rate Note (Perpetual) 5,342,640
57,288 6.50 US Bancorp, Floating Rate Note (Perpetual) 1,687,132
227,976 6.00 US Bancorp, Floating Rate Note (Perpetual) 6,182,709
--------------
$ 16,005,242
---------------------------------------------------------------------------------------------------------------------
Regional Banks -- 0.2%
85,000 BB&T Corp., 5.625% (Perpetual) $ 2,056,150
28,000 6.25 CoBank ACB, Floating Rate Note (Perpetual) (144A) 2,835,876
17,380 6.62 Fifth Third Bancorp, Floating Rate Note (Perpetual) 474,995
--------------
$ 5,367,021
--------------
Total Banks $ 21,372,263
---------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.3%
Specialized Finance -- 0.2%
167,900 5.75 SCE Trust III, Floating Rate Note (Perpetual) $ 4,440,955
---------------------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.0%+
54,200 5.90 State Street Corp., Floating Rate Note, 12/31/73 $ 1,401,612
---------------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.1%
110,230 6.38 Morgan Stanley, Floating Rate Note (Perpetual) $ 2,789,921
--------------
Total Diversified Financials $ 8,632,488
---------------------------------------------------------------------------------------------------------------------
INSURANCE -- 0.4%
Property & Casualty Insurance -- 0.3%
50,000 5.95 Aspen Insurance Holdings, Ltd., Floating Rate
Note (Perpetual) $ 1,263,000
153,800 7.38 Delphi Financial Group, Inc., Floating Rate Note,
5/15/37 3,869,039
147,475 5.10 The Allstate Corp., Floating Rate Note, 1/15/53 3,735,542
--------------
$ 8,867,581
---------------------------------------------------------------------------------------------------------------------
Reinsurance -- 0.1%
2,000,000 0.00 Pangaea Re, 7/1/18 (Cat Bond) (f) $ 2,128,600
--------------
Total Insurance $ 10,996,181
---------------------------------------------------------------------------------------------------------------------
UTILITIES -- 0.2%
Electric Utilities -- 0.2%
164,000 PPL Capital Funding, Inc., 5.9%, 4/30/73 $ 4,083,600
--------------
Total Utilities $ 4,083,600
---------------------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $43,588,706) $ 45,084,532
---------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/14 19
Schedule of Investments | 12/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------------------
Floating
Shares Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCK -- 0.3%
BANKS -- 0.3%
Diversified Banks -- 0.3%
5,610 Wells Fargo & Co., 7.5% (Perpetual) $ 6,802,097
---------------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost $5,839,986) $ 6,802,097
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b)
---------------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 5.7%
CONSUMER SERVICES -- 0.1%
Hotels, Resorts & Cruise Lines -- 0.1%
1,072,052 Westgate Resorts 2012-A LLC, 2.25%, 8/20/25
(144A) $ 1,073,725
1,085,453 Westgate Resorts 2012-A LLC, 3.75%, 8/20/25
(144A) 1,091,847
216,623 Westgate Resorts LLC, 2.5%, 3/20/25 (144A) 217,546
--------------
$ 2,383,118
--------------
Total Consumer Services $ 2,383,118
---------------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.1%
Food Retail -- 0.1%
3,820,995 CKE Restaurant Holdings, Inc., 4.474%, 3/20/43
(144A) $ 3,874,718
--------------
Total Food & Staples Retailing $ 3,874,718
---------------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.2%
Health Care Distributors -- 0.2%
713,014 3.08 Drug Royalty II LP 2, Floating Rate Note,
7/15/23 (144A) $ 717,149
180,000 2.41 Progress Residential 2014-SFR1 Trust, Floating
Rate Note, 10/17/31 (144A) 177,924
3,300,000 Spirit Master Funding LLC, 4.6291%, 1/20/45
(144A) 3,345,375
--------------
$ 4,240,448
--------------
Total Health Care Equipment & Services $ 4,240,448
---------------------------------------------------------------------------------------------------------------------
BANKS -- 4.1%
Thrifts & Mortgage Finance -- 4.1%
301,766 6.50 ACE Securities Corp., Manufactured Housing Trust
Series 2003-MH1, Floating Rate Note, 8/15/30
(144A) $ 303,957
2,800,000 American Homes 4 Rent 2014-SFR3 Trust, 4.596%,
12/18/36 (144A) 2,832,682
700,000 American Homes 4 Rent 2014-SFR3 Trust, 5.04%,
12/18/36 (144A) 712,355
2,600,000 Applebee's/IHOP Funding LLC, 4.277%, 9/5/44
(144A) 2,608,510
The accompanying notes are an integral part of these financial statements.
20 Pioneer Bond Fund | Semiannual Report | 12/31/14
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
396,512 0.67 Bayview Financial Mortgage Pass-Through Trust
2005-C, Floating Rate Note, 6/28/44 $ 393,828
1,462,628 Bayview Financial Mortgage Pass-Through Trust
2006-A, 5.865%, 2/28/41 (Step) 1,506,340
1,415,551 0.62 Bayview Financial Mortgage Pass-Through Trust
Series 2005-B, Floating Rate Note, 4/28/39 1,400,924
179,503 BCMSC Trust 1998-A, 6.65%, 4/15/28 180,022
388,059 Beacon Container Finance LLC, 3.72%, 9/20/27
(144A) 392,892
1,755,320 0.67 Bear Stearns Asset Backed Securities I Trust
2005-FR1, Floating Rate Note, 6/25/35 1,728,734
1,058,851 0.66 Bear Stearns Asset Backed Securities Trust 2006-SD2,
Floating Rate Note, 6/25/36 1,040,313
3,000,000 Capital Automotive Real Estate Investment Trust,
3.66%, 10/17/44 (144A) 2,985,060
88,138 0.57 Carrington Mortgage Loan Trust Series 2005-NC4,
Floating Rate Note, 9/25/35 87,320
400,000 1.36 Chesapeake Funding LLC, Floating Rate Note, 3/4/26 400,414
1,400,000 CIT Equipment Collateral 2014-VT1, 3.14%, 2/20/20
(144A) 1,399,839
290,908 Citicorp Residential Mortgage Trust Series 2006-2,
5.775%, 9/25/36 (Step) 304,667
1,938,194 Citicorp Residential Mortgage Trust Series 2006-3,
5.703%, 11/25/36 (Step) 2,047,799
758,960 4.00 Citigroup Mortgage Loan Trust 2014-A, Floating Rate
Note, 1/1/35 (144A) 789,349
1,935,480 5.04 Countrywide Asset-Backed Certificates, Floating Rate
Note, 12/25/35 1,965,715
1,433,750 Cronos Containers Program I, Ltd., 3.81%, 9/18/27
(144A) 1,434,420
770,608 1.22 CWABS Asset-Backed Certificates Trust 2004-7,
Floating Rate Note, 12/25/34 766,163
271,094 First Investors Auto Owner Trust 2012-2, 1.47%,
5/15/18 (144A) 271,612
2,100,000 First Investors Auto Owner Trust 2014-3, 2.97%,
11/16/20 (144A) 2,094,473
1,447,392 0.57 First NLC Trust 2005-2, Floating Rate Note, 9/25/35 1,440,436
1,155,534 GMAT 2013-1 Trust, 3.9669%, 8/25/53 (Step) 1,163,706
506,685 0.42 GSAA Home Equity Trust 2005-11, Floating Rate Note,
10/25/35 502,474
425,088 0.91 GSAMP Trust 2005-HE1, Floating Rate Note, 12/25/34 415,604
1,454,700 1.52 GSRPM Mortgage Loan Trust 2003-2, Floating Rate
Note, 6/25/33 1,398,073
825,596 0.47 GSRPM Mortgage Loan Trust 2006-2, Floating Rate
Note, 9/25/36 (144A) 781,945
2,920,000 Hercules Capital Funding Trust 2014-1, 3.524%,
4/16/21 (144A) 2,920,000
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/14 21
Schedule of Investments | 12/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,300,000 HLSS Servicer Advance Receivables Trust, 1.2437%,
1/17/45 $ 1,300,000
1,620,000 HLSS Servicer Advance Receivables Trust, 1.7436%,
1/16/46 (144A) 1,620,324
224,000 HLSS Servicer Advance Receivables Trust, 3.96%,
10/15/45 (144A) 226,957
3,034,750 HOA Funding LLC, 4.846%, 8/22/44 (144A) 2,975,263
396,865 0.55 Home Equity Asset Trust 2005-7, Floating Rate Note,
1/25/36 394,813
1,249,496 1.37 HSBC Home Equity Loan Trust USA 2007-3, Floating
Rate Note, 11/20/36 1,248,054
1,577,102 Icon Brand Holdings LLC, 4.229%, 1/25/43 (144A) 1,571,177
357,111 Icon Brand Holdings LLC, 4.352%, 1/25/43 (144A) 358,396
1,600,000 1.36 Invitation Homes Trust, Floating Rate Note, 12/17/31
(144A) 1,591,002
582,139 Irwin Home Equity Loan Trust 2005-1, 5.32%,
6/25/35 (Step) 572,348
3,276,709 0.39 Irwin Home Equity Loan Trust 2005-1, Floating Rate
Note, 6/25/25 3,035,733
801,154 1.67 Irwin Whole Loan Home Equity Trust 2003-C, Floating
Rate Note, 6/25/28 793,270
252,012 1.22 Irwin Whole Loan Home Equity Trust 2005-C, Floating
Rate Note, 3/25/25 251,744
1,326,000 Leaf Receivables Funding 8 LLC, 1.55%, 11/15/17
(144A) 1,329,182
2,203,000 Leaf Receivables Funding 8 LLC, 1.92%, 9/15/20
(144A) 2,208,772
319,521 Lehman ABS Manufactured Housing Contract Trust
2001-B, 5.873%, 5/15/41 344,438
2,145,289 0.42 Lehman Brothers Small Balance Commercial, Floating
Rate Note, 2/25/30 (144A) 2,024,133
4,939,688 2.15 LSTAR Securities Investment Trust 2014-2, Floating
Rate Note, 12/1/19 (144A) 4,856,879
757,433 2.42 Madison Avenue Manufactured Housing Contract
Trust 2002-A, Floating Rate Note, 3/25/32 757,252
1,000,000 Nations Equipment Finance Funding II LLC, 3.276%,
1/22/19 (144A) 1,000,000
333,059 0.32 Nationstar Home Equity Loan Trust 2007-A, Floating
Rate Note, 3/25/37 324,371
908,073 0.87 New Century Home Equity Loan Trust 2005-1, Floating
Rate Note, 3/25/35 909,320
1,672,288 3.75 New Residential Mortgage Loan Trust 2014-1, Floating
Rate Note, 1/25/54 (144A) 1,718,139
1,050,000 NextGear Floorplan Master Owner Trust, 1.92%,
10/15/19 (144A) 1,047,933
1,000,000 NextGear Floorplan Master Owner Trust, 2.61%,
10/15/19 (144A) 997,964
The accompanying notes are an integral part of these financial statements.
22 Pioneer Bond Fund | Semiannual Report | 12/31/14
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
430,000 1.82 NovaStar Mortgage Funding Trust Series 2004-4,
Floating Rate Note, 3/25/35 $ 422,703
558,291 5.91 Origen Manufactured Housing Contract Trust 2004-A,
Floating Rate Note, 1/15/35 588,818
389,494 5.46 Origen Manufactured Housing Contract Trust 2004-B,
Floating Rate Note, 11/15/35 398,694
1,600,000 Oxford Finance Funding Trust 2014-1, 3.475%,
12/15/22 (144A) 1,596,384
1,000,000 1.01 PFS Financing Corp., Floating Rate Note, 10/15/19
(144A) 1,000,002
1,500,000 Progreso Receivables Funding I LLC, 4.0%, 7/9/18
(144A) 1,509,375
985,940 0.42 RAAC Series 2006-RP2 Trust, Floating Rate Note,
2/25/37 (144A) 974,240
505,034 2.64 SASCO Mortgage Pass-Through Certificates Series
2004-S4, Floating Rate Note, 12/25/34 504,903
2,500,000 2.21 Silver Bay Realty 2014-1 Trust, Floating Rate Note,
9/18/31 (144A) 2,450,905
229,594 SNAAC Auto Receivables Trust 2013-1, 1.14%,
7/16/18 (144A) 229,801
267,803 Spirit Master Funding LLC, 5.74%, 3/20/42 (144A) 299,018
2,360,514 SpringCastle America Funding LLC, 2.7%, 5/25/23 2,356,753
2,800,000 Springleaf Funding Trust 2013-A, 2.58%, 9/15/21
(144A) 2,808,061
1,200,000 Springleaf Funding Trust 2014-A, 2.41%, 12/15/22
(144A) 1,199,006
291,752 STORE Master Funding LLC, 4.16%, 3/20/43 (144A) 298,528
2,026,661 STORE Master Funding LLC, 5.77%, 8/20/42 (144A) 2,188,814
1,280,603 0.37 Structured Asset Investment Loan Trust 2006-1,
Floating Rate Note, 1/25/36 1,245,304
2,183,520 0.39 Structured Asset Securities Corp., Mortgage Loan Trust
2006-GEL4, Floating Rate Note, 10/25/36 (144A) 2,163,052
137,181 Structured Asset Securities Corp., 4.77%, 10/25/34
(Step) 142,434
2,209,104 Sunset Mortgage Loan Co., 2014-NPL2 LLC, 3.721%,
11/16/44 (Step) (144A) 2,215,405
602,829 SVO 2012-A VOI Mortgage LLC, 2.0%, 9/20/29 (144A) 599,397
771,441 1.11 Terwin Mortgage Trust Series TMTS 2003-8HE, Floating
Rate Note, 12/25/34 750,100
2,699,141 Terwin Mortgage Trust Series TMTS 2005-16HE,
4.50144%, 9/25/36 (Step) 2,794,315
3,134,000 2.56 Trafigura Securitisation Finance Plc, Floating Rate Note,
10/15/15 (144A) 3,146,943
800,000 2.41 Trafigura Securitisation Finance Plc, 2014-1, Floating
Rate Note, 4/16/18 (144A) 809,000
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/14 23
Schedule of Investments | 12/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,910,018 2.17 Velocity Commercial Capital Loan Trust 2014-1,
Floating Rate Note, 9/25/44 (144A) $ 1,890,918
--------------
$ 104,309,963
--------------
Total Banks $ 104,309,963
---------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.1%
Other Diversified Financial Services -- 0.4%
499,944 AXIS Equipment Finance Receivables II LLC, 4.94%,
7/20/18 (144A) $ 503,724
1,900,000 Capital Auto Receivables Asset Trust/ Ally, 1.74%,
10/22/18 1,906,287
1,139,034 CNH Equipment Trust 2013-A, 0.69%, 6/15/18 1,138,820
2,340,000 1.27 Homestar Mortgage Acceptance Corp., Floating Rate
Note, 1/25/35 2,282,017
704,441 Mid-State Capital Trust 2010-1, 5.25%, 12/15/45
(144A) 729,935
1,931,096 Monty Parent Issuer 1 LLC, 3.47%, 11/20/28 (144A) 1,932,077
1,267,627 Sierra Timeshare 2012-2 Receivables Funding LLC,
2.38%, 3/20/29 (144A) 1,279,130
241,766 Sierra Timeshare 2012-3 Receivables Funding LLC,
1.87%, 8/20/29 (144A) 242,713
705,279 1.87 Truman Capital Mortgage Loan Trust, Floating Rate
Note, 1/25/34 697,447
--------------
$ 10,712,150
---------------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.3%
3,914,279 Domino's Pizza Master Issuer LLC, 5.216%, 1/27/42
(144A) $ 4,103,546
1,659,000 0.60 GE Dealer Floorplan Master Note Trust, Floating Rate
Note, 10/20/17 1,658,866
80,680 Hercules Capital Funding Trust 2012-1, 3.32%,
12/16/17 (144A) 81,033
702,399 JG Wentworth XXII LLC, 3.82%, 12/15/48 (144A) 737,741
--------------
$ 6,581,186
---------------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.3%
428,000 American Credit Acceptance Receivables Trust 2012-2,
4.05%, 2/15/18 (144A) $ 430,057
206,773 American Credit Acceptance Receivables Trust, 1.64%,
11/15/16 (144A) 206,864
500,000 AmeriCredit Automobile Receivables Trust 2011-3,
4.04%, 7/10/17 508,984
800,000 AmeriCredit Automobile Receivables Trust 2013-1,
1.57%, 1/8/19 798,161
490,733 California Republic Auto Receivables Trust 2012-1,
1.18%, 8/15/17 (144A) 491,741
The accompanying notes are an integral part of these financial statements.
24 Pioneer Bond Fund | Semiannual Report | 12/31/14
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
1,000,000 0.47 Credit-Based Asset Servicing and Securitization LLC,
Floating Rate Note, 7/25/36 $ 982,176
1,200,000 First Investors Auto Owner Trust 2013-1, 2.02%,
1/15/19 (144A) 1,195,955
1,325,748 Santander Drive Auto Receivables Trust 2012-1,
3.78%, 11/15/17 1,342,399
850,000 Santander Drive Auto Receivables Trust 2012-5,
2.7%, 8/15/18 864,722
900,000 0.98 SLM Student Loan Trust 2004-10, Floating Rate Note,
4/27/26 (144A) 901,810
--------------
$ 7,722,869
---------------------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.1%
1,312,423 Horizon Funding Trust 2013-1, 3.0%, 5/15/18 (144A) $ 1,318,165
---------------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.0%+
400,000 1.31 Chesapeake Funding LLC, Floating Rate Note,
5/7/24 (144A) $ 401,784
--------------
Total Diversified Financials $ 26,736,154
---------------------------------------------------------------------------------------------------------------------
Government -- 0.1%
3,481,028 1.52 Freddie Mac Structured Agency Credit Risk Debt
Notes, Floating Rate Note, 8/25/24 $ 3,472,473
--------------
Total Government $ 3,472,473
---------------------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $143,928,925) $ 145,016,874
---------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 14.7%
CONSUMER SERVICES -- 0.1%
Hotels, Resorts & Cruise Lines -- 0.1%
3,166,788 Westgate Resorts 2014-1 LLC, 2.15%, 12/20/26
(144A) $ 3,128,851
--------------
Total Consumer Services $ 3,128,851
---------------------------------------------------------------------------------------------------------------------
BANKS -- 12.7%
Thrifts & Mortgage Finance -- 12.7%
863,048 A10 Securitization 2013-1 LLC, 2.4%, 11/17/25
(144A) $ 865,424
2,702,479 A10 Term Asset Financing 2013-2 LLC, 2.62%,
11/15/27 (144A) 2,714,408
487,905 0.61 Alternative Loan Trust 2003-14T1, Floating Rate
Note, 8/25/18 463,767
1,648,874 Alternative Loan Trust 2003-21T1, 5.75%, 12/25/33 1,725,495
378,973 Alternative Loan Trust 2003-J1, 4.75%, 10/25/33 386,933
268,015 Alternative Loan Trust 2004-4CB, 4.25%, 4/25/34 272,616
2,580,000 0.00 BAMLL Commercial Mortgage Securities Trust
2014-FL1, Floating Rate Note, 12/15/31 (f) 2,577,165
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/14 25
Schedule of Investments | 12/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,600,000 0.00 BAMLL Commercial Mortgage Securities Trust
2014-INLD, Floating Rate Note, 12/15/29 (f) $ 1,599,879
663,339 Banc of America Alternative Loan Trust 2003-2,
5.75%, 4/25/33 687,471
1,448,672 Banc of America Alternative Loan Trust 2003-7, 5.5%,
9/25/33 1,507,794
716,823 Banc of America Alternative Loan Trust 2004-10,
5.5%, 11/25/19 723,580
732,715 Banc of America Alternative Loan Trust 2004-12, 5.5%,
1/25/20 742,238
798,116 Banc of America Alternative Loan Trust 2004-2, 5.5%,
3/25/19 814,770
594,097 Banc of America Alternative Loan Trust 2004-4,
5.25%, 5/25/19 600,166
1,443,225 Banc of America Alternative Loan Trust 2004-6, 5.0%,
7/25/19 1,486,062
3,660,000 5.37 Banc of America Commercial Mortgage Trust 2006-1,
Floating Rate Note, 9/10/45 3,752,422
712,989 Banc of America Funding 2003-3 Trust, 5.5%,
10/25/33 739,211
2,061,040 0.53 Banc of America Funding 2004-B Trust, Floating Rate
Note, 12/20/34 2,009,957
330,110 0.28 Banc of America Funding 2010-R4 Trust REMICS,
Floating Rate Note, 8/26/36 (144A) 328,806
1,088,470 2.62 Banc of America Mortgage 2003-F Trust, Floating Rate
Note, 7/25/33 1,094,301
1,009,757 Banc of America Mortgage Trust 2004-11, 5.75%,
1/25/35 1,026,329
88,078 Banc of America Mortgage Trust 2004-7, 4.5%,
8/25/19 87,202
1,094,494 Banc of America Mortgage Trust 2004-9, 5.5%,
11/25/34 1,113,169
2,671,661 0.49 Bayview Commercial Asset Trust 2005-3, Floating Rate
Note, 11/25/35 (144A) 2,423,001
9,246,723 Bayview Commercial Asset Trust 2007-2, 0.0%,
7/27/37 (Step) (144A) (c)(d) --
6,304,420 Bayview Commercial Asset Trust 2007-4, 3.507978%,
9/25/37 (Step) (144A) (c) 315,851
272,917 2.98 Bayview Opportunity Master Fund Trust, Floating Rate
Note, 1/28/33 (144A) 273,436
2,490,632 0.87 Bear Stearns ALT-A Trust 2004-12, Floating Rate Note,
1/25/35 2,425,034
1,798,551 0.87 Bear Stearns ALT-A Trust 2004-12, Floating Rate Note,
1/25/35 1,751,204
2,885,959 0.77 Bear Stearns ALT-A Trust 2004-4, Floating Rate Note,
6/25/34 2,763,776
1,070,689 0.73 Bear Stearns ALT-A Trust 2005-1, Floating Rate Note,
1/25/35 1,041,115
The accompanying notes are an integral part of these financial statements.
26 Pioneer Bond Fund | Semiannual Report | 12/31/14
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
798,250 2.33 Bear Stearns ARM Trust 2003-5, Floating Rate Note,
8/25/33 $ 796,202
3,563,645 2.58 Bear Stearns ARM Trust 2003-6, Floating Rate Note,
8/25/33 3,554,398
1,000,000 5.21 Bear Stearns Commercial Mortgage Securities Trust
2005-PWR7, Floating Rate Note, 2/11/41 1,001,237
2,453,522 5.58 Bear Stearns Commercial Mortgage Securities Trust
2006-TOP22, Floating Rate Note, 4/12/38 2,544,378
1,908,898 0.87 Bella Vista Mortgage Trust 2004-1, Floating Rate
Note, 11/20/34 1,837,085
2,210,000 2.11 BLCP Hotel Trust, Floating Rate Note, 8/15/29 (144A) 2,190,446
2,460,000 2.01 Carefree Portfolio Trust 2014-CARE, Floating Rate
Note, 11/15/29 (144A) 2,451,988
3,990,000 2.66 CDGJ Commercial Mortgage Trust 2014-BXCH,
Floating Rate Note, 12/15/27 (144A) 3,991,277
523,938 2.59 CHL Mortgage Pass-Through Trust 2003-56, Floating
Rate Note, 12/25/33 526,767
898,070 0.33 Citigroup Commercial Mortgage Trust 2007-FL3,
Floating Rate Note, 4/15/22 (144A) 894,483
856,991 1.16 Citigroup Mortgage Loan Trust 2010-7 REMICS,
Floating Rate Note, 9/25/37 (144A) 856,733
3,216,843 2.18 Citigroup Mortgage Loan Trust, Inc. REMICS, Floating
Rate Note, 8/25/34 3,189,844
1,156,970 Citigroup Mortgage Loan Trust, Inc., 5.5%, 9/25/34 1,245,237
1,000,000 4.65 City Center Trust 2011-CCHP, Floating Rate Note,
7/17/28 (144A) 999,102
512,992 0.61 CNL Commercial Mortgage Loan Trust 2003-2, Floating
Rate Note, 10/25/30 (144A) 442,934
3,931,000 Colony Multifamily Mortgage Trust 2014-1, 2.5432%,
4/22/50 (144A) 3,912,434
450,000 COMM 2012-CCRE2 Mortgage Trust REMICS, 3.791%,
8/17/45 472,346
850,000 COMM 2012-CCRE2 Mortgage Trust, 3.147%, 8/15/45 870,764
915,000 COMM 2012-CCRE4 Mortgage Trust, 2.436%,
10/17/45 912,208
4,000,000 COMM 2012-LC4 Mortgage Trust, 4.063%, 12/12/44 4,256,980
4,200,000 5.17 COMM 2013-CCRE11 Mortgage Trust, Floating Rate
Note, 12/8/50 (144A) 4,574,346
1,900,000 COMM 2013-LC6 Mortgage Trust, 2.941%, 1/12/46 1,909,249
3,800,000 2.30 COMM 2014-FL5 Mortgage Trust, Floating Rate Note,
10/15/31 (144A) 3,787,020
2,875,000 Commercial Mortgage Pass Through Certificates,
2.822%, 10/17/45 2,877,521
1,571,180 2.10 Commercial Mortgage Pass Through Certificates,
Floating Rate Note, 11/19/26 (144A) 1,573,836
2,394,252 Credit Suisse Commercial Mortgage Trust Series
2007-C1, 5.361%, 2/15/40 2,527,667
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/14 27
Schedule of Investments | 12/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
201,082 Credit Suisse First Boston Mortgage Securities Corp.,
5.5%, 6/25/33 $ 203,807
479,835 2.58 Credit Suisse First Boston Mortgage Securities Corp.,
Floating Rate Note, 11/25/33 476,977
3,402,675 5.23 Credit Suisse First Boston Mortgage Securities Corp.,
Floating Rate Note, 12/17/40 3,466,920
76,876 1.52 Credit Suisse First Boston Mortgage Securities Corp.,
Floating Rate Note, 12/25/33 76,835
562,532 2.46 Credit Suisse First Boston Mortgage Securities Corp.,
Floating Rate Note, 6/25/34 545,265
7,687,807 1.55 CSMC Trust 2013-IVR2, Floating Rate Note, 4/27/43
(144A) 7,176,199
3,419,271 3.00 CSMC Trust 2013-IVR4, Floating Rate Note, 7/27/43
(144A) 3,421,942
2,553,497 3.00 CSMC Trust 2013-IVR4, Floating Rate Note, 7/27/43
(144A) 2,567,238
5,515,845 3.00 CSMC Trust 2014-WIN1, Floating Rate Note, 9/25/44
(144A) 5,598,583
1,900,000 5.42 DBUBS 2011-LC3 Mortgage Trust, Floating Rate Note,
8/12/44 (144A) 2,151,309
1,895,000 1.46 Del Coronado Trust 2013-DEL, Floating Rate Note,
3/16/26 (144A) 1,894,697
1,100,000 1.26 Extended Stay America Trust 2013-ESH, Floating Rate
Note, 12/5/31 (144A) 1,097,236
424,921 2.57 First Horizon Mortgage Pass-Through Trust 2005-AR1,
Floating Rate Note, 4/25/35 424,316
938,951 Global Mortgage Securitization, Ltd., 5.25%, 4/25/32
(144A) 907,084
1,804,131 0.44 Global Mortgage Securitization, Ltd., Floating Rate
Note, 4/25/32 (144A) 1,731,085
1,250,000 GS Mortgage Securities Corp., II, 3.377%, 5/10/45 1,298,050
1,000,000 GS Mortgage Securities Corp., II, 3.682%, 2/10/46
(144A) 1,016,496
885,052 GS Mortgage Securities Corp., II, 5.56%, 11/10/39 936,972
1,204,925 2.31 GSR Mortgage Loan Trust 2003-9, Floating Rate Note,
8/25/33 1,219,171
1,832,588 2.69 GSR Mortgage Loan Trust 2004-7, Floating Rate Note,
6/25/34 1,784,019
987,139 2.63 GSR Mortgage Loan Trust 2005-AR1, Floating Rate
Note, 1/25/35 991,776
2,097,332 0.52 Homestar Mortgage Acceptance Corp., Floating Rate
Note, 6/25/34 2,067,219
524,522 0.97 Impac CMB Trust Series 2004-6, Floating Rate Note,
10/25/34 499,083
2,994,258 0.91 Impac CMB Trust Series 2004-7, Floating Rate Note,
11/25/34 2,841,568
729,213 0.93 Impac CMB Trust Series 2004-9, Floating Rate Note,
1/25/35 657,937
The accompanying notes are an integral part of these financial statements.
28 Pioneer Bond Fund | Semiannual Report | 12/31/14
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,889,682 0.97 Impac Secured Assets CMN Owner Trust, Floating Rate
Note, 11/25/34 $ 1,877,419
346,375 0.52 Impac Secured Assets Trust 2006-2, Floating Rate
Note, 8/25/36 339,982
1,112,006 0.37 Impac Secured Assets Trust 2006-5, Floating Rate
Note, 12/25/36 1,045,339
3,910,234 JP Morgan Chase Commercial Mortgage Securities
Corp., 2.84%, 12/17/47 3,902,312
418,256 0.32 JP Morgan Chase Commercial Mortgage Securities
Trust 2006-LDP9, Floating Rate Note, 5/15/47 418,122
1,600,000 JP Morgan Chase Commercial Mortgage Securities
Trust 2010-C2, 3.6159%, 11/15/43 (144A) 1,674,907
1,350,000 JP Morgan Chase Commercial Mortgage Securities
Trust 2011-C5, 4.1712%, 8/17/46 1,458,462
900,000 3.98 JP Morgan Chase Commercial Mortgage Securities
Trust 2012-C8, Floating Rate Note, 10/17/45 (144A) 939,106
1,368,000 3.01 JP Morgan Chase Commercial Mortgage Securities
Trust 2013-ALC, Floating Rate Note, 7/17/26 (144A) 1,377,419
4,600,000 2.11 JP Morgan Chase Commercial Mortgage Securities Trust
2014-CBM, Floating Rate Note, 10/15/29 (144A) 4,589,857
1,260,000 1.51 JP Morgan Chase Commercial Mortgage Securities Trust
2014-FL5, Floating Rate Note, 7/15/31 (144A) 1,253,436
1,335,741 2.05 JP Morgan Mortgage Trust 2003-A1, Floating Rate
Note, 10/25/33 1,332,229
821,357 2.49 JP Morgan Mortgage Trust 2003-A1, Floating Rate
Note, 10/25/33 819,935
1,741,020 2.49 JP Morgan Mortgage Trust 2004-A1, Floating Rate
Note, 2/25/34 1,779,640
964,696 2.49 JP Morgan Mortgage Trust 2004-A1, Floating Rate
Note, 2/25/34 980,187
218,810 2.61 JP Morgan Mortgage Trust 2004-A2, Floating Rate
Note, 5/25/34 214,967
1,053,713 2.20 JP Morgan Mortgage Trust 2004-A5, Floating Rate
Note, 12/25/34 1,052,916
947,133 JP Morgan Mortgage Trust 2004-S1, 5.0%, 9/25/34 984,103
1,722,979 JP Morgan Mortgage Trust 2004-S1, 6.0%, 9/25/34 1,813,148
7,075,168 3.00 JP Morgan Mortgage Trust 2013-1, Floating Rate Note,
3/25/43 (144A) 6,980,092
4,627,379 2.50 JP Morgan Mortgage Trust 2013-1, Floating Rate Note,
3/25/43 (144A) 4,574,914
1,702,316 3.50 JP Morgan Mortgage Trust 2013-2, Floating Rate Note,
5/25/43 (144A) 1,723,462
958,608 3.50 JP Morgan Mortgage Trust 2014-1 REMICS, Floating
Rate Note, 1/25/44 (144A) 979,527
9,345,259 3.00 JP Morgan Mortgage Trust 2014-2, Floating Rate Note,
6/25/29 (144A) 9,507,997
5,813,306 3.00 JP Morgan Mortgage Trust 2014-5, Floating Rate
Note, 10/1/29 (144A) 5,969,766
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/14 29
Schedule of Investments | 12/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,110,086 3.23 JP Morgan Mortgage Trust 2014-IVR3, Floating Rate
Note, 8/25/44 (144A) $ 2,120,296
498,205 2.49 La Hipotecaria Panamanian Mortgage Trust 2010-1,
Floating Rate Note, 9/8/39 (144A) 517,822
4,130,149 3.26 La Hipotecaria Panamanian Mortgage Trust 2014-1,
Floating Rate Note, 11/24/42 (144A) 4,248,891
188,924 LB-UBS Commercial Mortgage Trust 2004-C1, 4.568%,
1/15/31 191,599
2,255,000 5.20 LB-UBS Commercial Mortgage Trust 2005-C2 REMICS,
Floating Rate Note, 4/15/30 2,271,493
557,575 5.15 LB-UBS Commercial Mortgage Trust 2005-C2, Floating
Rate Note, 4/15/30 558,423
273,079 1.11 Lehman Brothers Small Balance Commercial
Mortgage Trust 2007-3 Class 1A4, Floating Rate Note,
10/25/37 (144A) 271,361
489,540 0.42 Lehman Brothers Small Balance Commercial, Floating
Rate Note, 9/25/30 (144A) 460,935
880,344 5.35 LSTAR Commercial Mortgage Trust, Floating Rate Note,
6/25/43 (144A) 884,208
779,611 4.28 MASTR Adjustable Rate Mortgages Trust, Floating Rate
Note, 1/25/35 747,982
773,904 MASTR Alternative Loan Trust 2004-10, 5.5%,
10/25/19 791,420
2,184,938 MASTR Alternative Loan Trust 2004-6, 6.0%, 7/25/34 2,223,932
581,216 0.64 Mellon Residential Funding Corp., Mortgage
Pass-Through Trust Series 2000 TBC2, Floating Rate
Note, 6/15/30 553,245
832,908 0.60 Mellon Residential Funding Corp. Mortgage
Pass-Through Trust Series 2000-TBC3, Floating Rate
Note, 12/15/30 793,029
258,452 2.35 Merrill Lynch Mortgage Investors Trust Series 2005-2,
Floating Rate Note, 10/25/35 260,378
3,437,515 0.44 Merrill Lynch Mortgage Investors Trust Series 2005-A3,
Floating Rate Note, 4/25/35 3,295,339
3,539,525 5.29 Merrill Lynch Mortgage Trust 2005-LC1, Floating Rate
Note, 1/12/44 3,635,914
2,307,987 5.47 ML-CFC Commercial Mortgage Trust 2006-1, Floating
Rate Note, 2/12/39 2,385,112
2,813,959 0.45 Morgan Stanley Mortgage Loan Trust 2005-6AR,
Floating Rate Note, 11/25/35 2,706,449
2,680,346 0.95 MortgageIT Trust 2004-1, Floating Rate Note, 11/25/34 2,601,326
3,639,146 3.75 New Residential Mortgage Loan Trust 2014-2, Floating
Rate Note, 5/26/54 (144A) 3,718,381
3,900,000 3.75 New Residential Mortgage Loan Trust 2014-3, Floating
Rate Note, 11/25/54 (144A) 4,007,250
264,048 1.36 NorthStar 2012-1 Mortgage Trust, Floating Rate Note,
8/27/29 (144A) 264,050
The accompanying notes are an integral part of these financial statements.
30 Pioneer Bond Fund | Semiannual Report | 12/31/14
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
5,309,210 3.25 NRP Mortgage Trust 2013-1, Floating Rate Note,
7/25/43 (144A) $ 5,413,573
1,017,267 ORES 2014-LV3 LLC, 3.0%, 3/27/24 (144A) 1,017,198
278,535 PHH Mortgage Capital LLC, 6.6%, 12/25/27 (Step)
(144A) 280,787
374,011 RAAC Series 2004-SP2 Trust, 6.0%, 1/25/32 380,822
1,017,834 0.72 RALI Series 2003-QS13 Trust, Floating Rate Note,
7/25/33 943,394
438,721 RALI Series 2003-QS14 Trust, 5.0%, 7/25/18 445,519
1,936,288 RALI Series 2004-QS13 Trust, 5.0%, 9/25/19 1,977,272
1,096,763 RALI Series 2004-QS3 Trust, 5.0%, 3/25/19 1,124,552
3,317,387 1.81 RESI Finance LP 2003-CB1, Floating Rate Note,
7/9/35 3,211,376
523,948 1.56 RESI Finance LP, Floating Rate Note, 9/10/35 (144A) 455,971
228,736 Residential Asset Securitization Trust 2004-A10, 5.5%,
2/25/35 232,726
397,669 Residential Asset Securitization Trust 2004-A8, 5.25%,
11/25/34 410,683
1,323,851 Residential Asset Securitization Trust 2004-A9, 5.75%,
12/25/34 1,378,679
886,664 RFMSI Series 2005-S5 Trust, 5.25%, 7/25/35 914,838
3,123,950 0.83 Sequoia Mortgage Trust 2003-2, Floating Rate Note,
6/20/33 3,007,845
1,733,847 0.79 Sequoia Mortgage Trust 2003-5, Floating Rate Note,
9/20/33 1,687,155
1,163,589 0.63 Sequoia Mortgage Trust 2004-12 REMICS, Floating
Rate Note, 1/20/35 1,067,738
943,158 0.85 Sequoia Mortgage Trust 2004-9, Floating Rate Note,
10/20/34 898,868
1,472,863 0.39 Sequoia Mortgage Trust 2005-2, Floating Rate Note,
3/20/35 1,329,675
8,554,157 2.33 Sequoia Mortgage Trust 2013-4 REMICS, Floating Rate
Note, 4/25/43 8,066,159
2,245,991 3.00 Sequoia Mortgage Trust 2013-6, Floating Rate Note,
5/26/43 2,198,964
3,442,629 2.50 Sequoia Mortgage Trust 2013-7, Floating Rate Note,
6/25/43 3,275,617
1,683,909 3.00 Sequoia Mortgage Trust 2013-7, Floating Rate Note,
6/25/43 1,661,281
798,300 2.25 Sequoia Mortgage Trust 2013-8, Floating Rate Note,
6/25/43 779,091
826,161 3.00 Sequoia Mortgage Trust 2013-8, Floating Rate Note,
6/25/43 818,997
1,998,881 Sequoia Mortgage Trust 2013-9, 3.5%, 7/25/43
(144A) 2,042,501
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/14 31
Schedule of Investments | 12/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
6,171,450 1.81 Sequoia Mortgage Trust, Floating Rate Note, 12/26/42 $ 5,720,650
60,976 3.00 Sequoia Mortgage Trust, Floating Rate Note, 9/25/42 60,043
1,463,546 2.22 Springleaf Mortgage Loan Trust 2012-2, Floating Rate
Note, 10/25/57 (144A) 1,483,171
750,000 3.79 Springleaf Mortgage Loan Trust, Floating Rate Note,
6/25/58 (144A) 755,603
719,287 2.37 Structured Adjustable Rate Mortgage Loan Trust,
Floating Rate Note, 1/25/35 714,099
387,640 2.43 Structured Adjustable Rate Mortgage Loan Trust,
Floating Rate Note, 11/25/34 381,355
4,276,352 0.84 Structured Asset Mortgage Investments II Trust
2004-AR8, Floating Rate Note, 5/19/35 4,169,392
1,107,684 0.90 Structured Asset Mortgage Investments Trust
2003-AR2, Floating Rate Note, 12/19/33 1,064,315
741,829 2.58 Structured Asset Securities Corp., Mortgage Certificates
Series 2003-31A, Floating Rate Note, 10/25/33 735,713
769,559 0.47 Structured Asset Securities Corp., Trust 2005-14,
Floating Rate Note, 7/25/35 682,251
835,663 2.15 Thornburg Mortgage Securities Trust 2003-3, Floating
Rate Note, 6/25/43 830,007
2,894,782 0.91 Thornburg Mortgage Securities Trust 2004-3, Floating
Rate Note, 9/25/34 2,806,624
4,470,000 TimberStar Trust 1 REMICS, 5.668%, 10/15/36
(144A) 4,758,650
1,435,000 TimberStar Trust 1, 5.7467%, 10/15/36 (144A) 1,518,168
671,361 VOLT XXIII LLC, 3.625%, 11/25/53 (Step) 673,828
2,204,237 2.44 WaMu Mortgage Pass-Through Certificates Series
2003-AR6 Trust, Floating Rate Note, 6/25/33 2,207,444
3,139,261 2.39 WaMu Mortgage Pass-Through Certificates, Floating
Rate Note, 1/25/35 3,152,006
1,233,457 0.99 Wells Fargo Alternative Loan 2005-2 Trust, Floating
Rate Note, 10/25/35 1,225,295
1,927,000 Wells Fargo Commercial Mortgage Trust 2012-LC5
REMICS, 3.539%, 10/17/45 1,983,993
1,800,000 1.19 Wells Fargo Commercial Mortgage Trust 2014-TISH,
Floating Rate Note, 2/16/27 (144A) 1,799,710
2,797,929 Wells Fargo Commercial Mortgage Trust, 3.349%,
11/18/43 (144A) 2,902,099
220,917 2.55 Wells Fargo Mortgage Backed Securities 2003-L Trust,
Floating Rate Note, 11/25/33 216,829
948,305 2.62 Wells Fargo Mortgage Backed Securities 2004-K Trust,
Floating Rate Note, 7/25/34 952,148
199,137 Wells Fargo Mortgage Backed Securities 2006-16
Trust, 5.0%, 11/25/36 205,212
931,935 2.62 Wells Fargo Mortgage Backed Securities Trust, Floating
Rate Note, 8/25/34 934,458
The accompanying notes are an integral part of these financial statements.
32 Pioneer Bond Fund | Semiannual Report | 12/31/14
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
350,000 5.39 WF-RBS Commercial Mortgage Trust 2011-C2,
Floating Rate Note, 2/15/44 (144A) $ 383,689
--------------
$ 321,996,960
--------------
Total Banks $ 321,996,960
---------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.4%
Other Diversified Financial Services -- 0.4%
1,800,000 2.10 Colony American Homes 2014-1, Floating Rate Note,
5/19/31 (144A) $ 1,752,152
1,923,611 0.41 GE Business Loan Trust 2005-1, Floating Rate Note,
6/15/33 (144A) 1,867,398
1,768,518 0.33 GE Business Loan Trust 2007-1, Floating Rate Note,
4/16/35 (144A) 1,680,718
2,400,000 5.07 Morgan Stanley Capital I Trust 2005-HQ6 REMICS,
Floating Rate Note, 8/13/42 2,435,587
1,000,000 Morgan Stanley Capital I Trust 2007-HQ13, 5.569%,
12/15/44 1,073,743
700,000 Spirit Master Funding VII LLC, 3.8868%, 12/20/43 714,020
--------------
$ 9,523,618
---------------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.0%+
600,000 1.60 American Homes 4 Rent 2014-SFR1, Floating Rate
Note, 6/17/31 $ 588,595
--------------
Total Diversified Financials $ 10,112,213
---------------------------------------------------------------------------------------------------------------------
Government -- 1.5%
76,356 Federal Home Loan Mortgage Corp., REMICS, 5.0%,
6/15/33 $ 76,365
27,716 Federal Home Loan Mortgage Corp., REMICS, 5.0%,
6/15/34 27,706
1,250,000 4.16 Federal Home Loan Mortgage Corp., Floating Rate
Note, 9/26/44 (144A) 1,279,064
3,592 Federal National Mortgage Association REMICS,
10.3%, 4/25/19 3,994
766,556 Federal National Mortgage Association REMICS,
4.5%, 6/25/29 831,790
733,022 Federal National Mortgage Association REMICS,
5.0%, 7/25/33 739,053
120,820 Federal National Mortgage Association REMICS,
5.0%, 9/25/39 125,231
850,000 5.43 FREMF Mortgage Trust 2010-K7, Floating Rate Note,
5/25/29 (144A) 946,578
600,000 5.24 FREMF Mortgage Trust 2010-K8, Floating Rate Note,
9/25/43 (144A) 663,218
890,000 5.19 FREMF Mortgage Trust 2010-K9 REMICS, Floating Rate
Note, 9/25/45 (144A) 982,210
1,500,000 4.62 FREMF Mortgage Trust 2011-K10 , Floating Rate Note,
11/25/49 (144A) 1,610,998
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/14 33
Schedule of Investments | 12/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
Government -- (continued)
5,380,000 4.77 FREMF Mortgage Trust 2011-K702, Floating Rate Note,
4/25/44 (144A) $ 5,720,758
1,250,000 4.88 FREMF Mortgage Trust 2011-K703, Floating Rate Note,
7/25/44 (144A) 1,334,444
900,000 3.20 FREMF Mortgage Trust 2013-K502, Floating Rate Note,
3/27/45 (144A) 893,071
3,000,000 3.27 FREMF Mortgage Trust 2013-K713, Floating Rate Note,
4/25/46 (144A) 2,975,817
2,401,000 3.08 FREMF Mortgage Trust 2014-K503, Floating Rate Note,
10/25/19 (144A) 2,400,594
650,000 3.46 FREMF Mortgage Trust Class B, Floating Rate Note,
11/25/46 (144A) 665,392
858,000 3.82 FREMF Mortgage Trust Class B, Floating Rate Note,
6/25/47 (144A) 884,655
5,000,000 4.29 FREMF Mortgage Trust Class B, Floating Rate Note,
7/25/48 (144A) 5,228,025
5,921,528 Government National Mortgage Association REMICS,
2.1%, 2/16/48 5,922,517
1,631,838 Government National Mortgage Association, 3.0%,
4/20/41 1,687,288
103,570 Government National Mortgage Association, 4.973%,
4/16/42 106,019
733,758 Government National Mortgage Association, 5.25%,
8/16/35 817,603
11,225,471 1.01 Government National Mortgage Association, Floating
Rate Note, 2/16/53 (c) 832,907
7,673,189 1.02 Government National Mortgage Association, Floating
Rate Note, 3/16/53 (c) 518,332
12,185,632 1.02 Government National Mortgage Association, Floating
Rate Note, 8/16/52 (c) 721,828
12,077,103 1.05 Government National Mortgage Association, Floating
Rate Note, 9/16/52 (c) 893,476
--------------
$ 38,888,933
--------------
Total Government $ 38,888,933
---------------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $372,649,510) $ 374,126,957
---------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 37.6%
ENERGY -- 5.5%
Oil & Gas Drilling -- 0.7%
5,465,000 Diamond Offshore Drilling, Inc., 3.45%, 11/1/23 $ 5,072,017
4,725,000 Ensco Plc, 4.5%, 10/1/24 4,592,591
1,025,000 Pride International, Inc., 6.875%, 8/15/20 1,150,021
6,185,000 Rowan Companies, Inc., 4.75%, 1/15/24 5,837,817
--------------
$ 16,652,446
---------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Bond Fund | Semiannual Report | 12/31/14
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.3%
2,250,000 Halliburton Co., 7.6%, 8/15/96 (144A) $ 3,269,153
125,000 Weatherford International, Ltd., Bermuda, 5.95%,
4/15/42 105,841
2,815,000 Weatherford International, Ltd., Bermuda, 9.625%,
3/1/19 3,338,815
--------------
$ 6,713,809
---------------------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.4%
5,350,000 ConocoPhillips Co., 3.35%, 11/15/24 $ 5,405,356
1,000,000 Rosneft Finance SA, 6.625%, 3/20/17 (144A) 930,000
2,080,000 Rosneft Finance SA, 7.5%, 7/18/16 (144A) 1,995,240
1,000,000 Rosneft Finance SA, 7.875%, 3/13/18 (144A) 921,762
--------------
$ 9,252,358
---------------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.4%
1,500,000 Approach Resources, Inc., 7.0%, 6/15/21 $ 1,110,000
1,290,000 Baytex Energy Corp., 5.125%, 6/1/21 (144A) 1,096,500
2,230,000 Canadian Natural Resources, Ltd., 6.5%, 2/15/37 2,555,083
1,800,000 EP Energy LLC, 9.375%, 5/1/20 1,818,000
901,000 Marathon Oil Corp., 5.9%, 3/15/18 1,001,457
1,400,000 Newfield Exploration Co., 5.625%, 7/1/24 1,385,125
608,295 Ras Laffan Liquefied Natural Gas Co., Ltd. III,
5.832%, 9/30/16 (144A) 633,387
--------------
$ 9,599,552
---------------------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.7%
7,040,000 EnLink Midstream Partners LP, 4.4%, 4/1/24 $ 7,131,809
3,800,000 Motiva Enterprises LLC, 6.85%, 1/15/40 (144A) 4,687,072
2,825,000 Valero Energy Corp., 6.625%, 6/15/37 3,335,362
2,890,000 Valero Energy Corp., 9.375%, 3/15/19 3,604,209
--------------
$ 18,758,452
---------------------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 2.6%
2,750,000 Boardwalk Pipelines LP, 4.95%, 12/15/24 $ 2,734,017
5,425,000 Buckeye Partners LP, 4.15%, 7/1/23 5,287,086
2,900,000 DCP Midstream LLC, 9.75%, 3/15/19 (144A) 3,627,337
3,950,000 5.85 DCP Midstream LLC, Floating Rate Note, 5/21/43
(144A) 3,831,500
1,200,000 3.26 Energy Transfer Partners LP, Floating Rate Note,
11/1/66 1,074,000
5,310,000 Enterprise Products Operating LLC, 3.9%, 2/15/24 5,408,171
5,100,000 EQT Midstream Partners LP, 4.0%, 8/1/24 5,050,352
4,675,000 Kinder Morgan Energy Partners LP, 4.25%, 9/1/24 4,684,397
3,250,000 Kinder Morgan Energy Partners LP, 5.95%, 2/15/18 3,588,010
5,300,000 Plains All American Pipeline LP, 4.9%, 2/15/45 5,386,114
1,675,000 Regency Energy Partners LP, 8.375%, 6/1/19 (144A) 1,754,562
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/14 35
Schedule of Investments | 12/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- (continued)
3,500,000 Sabine Pass LNG LP, 6.5%, 11/1/20 $ 3,535,000
2,475,000 Spectra Energy Capital LLC, 6.2%, 4/15/18 2,750,121
1,500,000 Spectra Energy Capital LLC, 6.75%, 7/15/18 1,694,844
5,825,000 Sunoco Logistics Partners Operations LP, 4.25%,
4/1/24 5,890,537
2,200,000 Sunoco Logistics Partners Operations LP, 6.1%,
2/15/42 2,386,166
2,475,000 The Williams Companies, Inc., 7.75%, 6/15/31 2,650,547
5,980,000 Williams Partners LP, 4.3%, 3/4/24 5,969,009
--------------
$ 67,301,770
---------------------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- 0.4%
5,275,000 CNOOC Nexen Finance 2014 ULC, 4.25%, 4/30/24 $ 5,457,932
4,750,000 Sinopec Group Overseas Development 2014, Ltd.,
4.375%, 4/10/24 (144A) 4,982,470
--------------
$ 10,440,402
--------------
Total Energy $ 138,718,789
---------------------------------------------------------------------------------------------------------------------
MATERIALS -- 1.8%
Diversified Chemicals -- 0.2%
4,845,000 CF Industries, Inc., 5.15%, 3/15/34 $ 5,067,865
980,000 Eastman Chemical Co., 4.8%, 9/1/42 991,038
--------------
$ 6,058,903
---------------------------------------------------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 0.4%
7,600,000 Agrium, Inc., 5.25%, 1/15/45 $ 8,208,874
2,675,000 Monsanto Co., 3.375%, 7/15/24 2,717,987
--------------
$ 10,926,861
---------------------------------------------------------------------------------------------------------------------
Construction Materials -- 0.2%
3,328,000 CEMEX Espana SA, 9.875%, 4/30/19 (144A) $ 3,652,480
475,000 Holcim US Finance Sarl & Cie SCS, 6.0%,
12/30/19 (144A) 543,668
--------------
$ 4,196,148
---------------------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.3%
1,850,000 Freeport-McMoRan, Inc., 3.875%, 3/15/23 $ 1,744,247
1,650,000 Freeport-McMoRan, Inc., 4.55%, 11/14/24 1,602,196
4,300,000 Gold Fields Orogen Holdings BVI, Ltd., 4.875%,
10/7/20 (144A) 3,612,000
--------------
$ 6,958,443
---------------------------------------------------------------------------------------------------------------------
Steel -- 0.3%
3,550,000 Commercial Metals Co., 4.875%, 5/15/23 $ 3,390,250
1,175,000 Glencore Funding LLC, 4.125%, 5/30/23 (144A) 1,146,517
3,135,000 Worthington Industries, Inc., 4.55%, 4/15/26 3,318,172
--------------
$ 7,854,939
---------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Bond Fund | Semiannual Report | 12/31/14
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
Paper Products -- 0.4%
1,285,000 Clearwater Paper Corp., 4.5%, 2/1/23 $ 1,252,875
6,975,000 International Paper Co., 3.65%, 6/15/24 6,969,992
1,280,000 Resolute Forest Products, Inc., 5.875%, 5/15/23 1,216,000
--------------
$ 9,438,867
--------------
Total Materials $ 45,434,161
---------------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.5%
Aerospace & Defense -- 0.1%
1,960,000 Bombardier, Inc., 4.75%, 4/15/19 $ 1,967,350
---------------------------------------------------------------------------------------------------------------------
Building Products -- 0.6%
825,000 Masco Corp., 5.95%, 3/15/22 $ 915,750
4,260,000 Masco Corp., 7.125%, 3/15/20 4,920,300
5,150,000 Owens Corning, 4.2%, 12/1/24 5,082,360
3,600,000 5.75 Stanley Black & Decker, Inc., Floating Rate Note,
12/15/53 3,879,000
--------------
$ 14,797,410
---------------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.1%
2,950,000 Tyco Electronics Group SA, 6.55%, 10/1/17 $ 3,320,606
---------------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.2%
3,200,000 Cummins, Inc., 5.65%, 3/1/98 $ 3,935,437
910,000 Cummins, Inc., 6.75%, 2/15/27 1,170,356
--------------
$ 5,105,793
---------------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.0%+
604,000 Valmont Industries, Inc., 6.625%, 4/20/20 $ 708,873
---------------------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.5%
2,800,000 Aircastle, Ltd., 6.75%, 4/15/17 $ 2,989,000
2,260,000 GATX Corp., 5.2%, 3/15/44 2,464,937
5,660,000 GATX Corp., 6.0%, 2/15/18 6,293,880
--------------
$ 11,747,817
--------------
Total Capital Goods $ 37,647,849
---------------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.6%
Airlines -- 0.3%
4,761,528 Air Canada 2013-1 Class A Pass Through Trust,
4.125%, 11/15/26 (144A) $ 4,809,144
2,350,000 Southwest Airlines Co., 2.75%, 11/6/19 2,362,202
1,456,320 US Airways 2013-1 Class A Pass Through Trust,
3.95%, 5/15/27 1,485,447
--------------
$ 8,656,793
---------------------------------------------------------------------------------------------------------------------
Railroads -- 0.3%
6,650,000 TTX Co., 3.6%, 1/15/25 (144A) $ 6,804,909
---------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/14 37
Schedule of Investments | 12/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
Trucking -- 0.0%+
529,000 Asciano Finance, Ltd., 4.625%, 9/23/20 (144A) $ 552,412
--------------
Total Transportation $ 16,014,114
---------------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.5%
Auto Parts & Equipment -- 0.2%
5,400,000 Delphi Corp., 4.15%, 3/15/24 $ 5,581,910
---------------------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.3%
655,000 Hyundai Motor Manufacturing Czech s.r.o., 4.5%,
4/15/15 (144A) $ 660,951
790,000 Nissan Motor Acceptance Corp., 4.5%, 1/30/15
(144A) 792,304
5,000,000 Toyota Motor Credit Corp., 2.125%, 7/18/19 5,014,825
--------------
$ 6,468,080
--------------
Total Automobiles & Components $ 12,049,990
---------------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.0%+
Home Furnishings -- 0.0%+
800,000 Mohawk Industries, Inc., 3.85%, 2/1/23 $ 800,322
--------------
Total Consumer Durables & Apparel $ 800,322
---------------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.5%
Casinos & Gaming -- 0.2%
1,010,000 GLP Capital LP, 4.375%, 11/1/18 $ 1,032,725
3,550,000 MGM Resorts International, 6.0%, 3/15/23 3,567,750
--------------
$ 4,600,475
---------------------------------------------------------------------------------------------------------------------
Education Services -- 0.3%
1,000,000 Bowdoin College, 4.693%, 7/1/12 $ 1,040,777
2,600,000 President and Fellows of Harvard College, 2.3%,
10/1/23 2,512,895
3,550,000 Tufts University, 5.017%, 4/15/12 3,871,396
--------------
$ 7,425,068
---------------------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.0%+
1,300,000 Sotheby's, 5.25%, 10/1/22 (144A) $ 1,228,500
--------------
Total Consumer Services $ 13,254,043
---------------------------------------------------------------------------------------------------------------------
MEDIA -- 0.8%
Broadcasting -- 0.5%
6,125,000 CBS Corp., 3.7%, 8/15/24 $ 6,108,224
6,200,000 DIRECTV Holdings LLC, 3.8%, 3/15/22 6,307,694
--------------
$ 12,415,918
---------------------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.3%
800,000 CCOH Safari LLC, 5.75%, 12/1/24 $ 809,000
4,900,000 DIRECTV Holdings LLC, 3.95%, 1/15/25 4,938,558
The accompanying notes are an integral part of these financial statements.
38 Pioneer Bond Fund | Semiannual Report | 12/31/14
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
Cable & Satellite -- (continued)
2,550,000 Intelsat Jackson Holdings SA, 7.25%, 4/1/19 $ 2,661,562
--------------
$ 8,409,120
--------------
Total Media $ 20,825,038
---------------------------------------------------------------------------------------------------------------------
RETAILING -- 0.5%
Catalog Retail -- 0.2%
6,325,000 QVC, Inc., 4.45%, 2/15/25 $ 6,181,827
---------------------------------------------------------------------------------------------------------------------
Internet Retail -- 0.2%
4,300,000 Expedia, Inc., 4.5%, 8/15/24 $ 4,342,015
800,000 Expedia, Inc., 5.95%, 8/15/20 893,979
--------------
$ 5,235,994
---------------------------------------------------------------------------------------------------------------------
Homefurnishing Retail -- 0.1%
2,000,000 Bed Bath & Beyond, Inc., 3.749%, 8/1/24 $ 2,027,572
--------------
Total Retailing $ 13,445,393
---------------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.4%
Drug Retail -- 0.1%
650,000 CVS Health Corp., 2.25%, 8/12/19 $ 647,285
668,888 CVS Pass-Through Trust, 5.298%, 1/11/27 (144A) 729,088
1,400,714 CVS Pass-Through Trust, 5.773%, 1/10/33 (144A) 1,611,514
--------------
$ 2,987,887
---------------------------------------------------------------------------------------------------------------------
Food Retail -- 0.3%
7,475,000 Walgreens Boots Alliance, Inc., 3.8%, 11/18/24 $ 7,623,752
--------------
Total Food & Staples Retailing $ 10,611,639
---------------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.7%
Agricultural Products -- 0.2%
5,175,000 Viterra, Inc., 5.95%, 8/1/20 (144A) $ 5,713,510
---------------------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.4%
4,200,000 Grupo Bimbo SAB de CV, 3.875%, 6/27/24 (144A) $ 4,216,506
3,240,000 Kraft Foods Group, Inc., 3.5%, 6/6/22 3,320,067
2,581,000 Mondelez International, Inc., 6.5%, 2/9/40 3,439,789
--------------
$ 10,976,362
---------------------------------------------------------------------------------------------------------------------
Tobacco -- 0.1%
1,050,000 Lorillard Tobacco Co., 3.75%, 5/20/23 $ 1,040,001
--------------
Total Food, Beverage & Tobacco $ 17,729,873
---------------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.9%
Health Care Equipment -- 0.7%
10,525,000 Becton Dickinson and Co., 3.734%, 12/15/24 $ 10,836,277
7,300,000 Medtronic, Inc., 4.625%, 3/15/45 (144A) 7,913,127
--------------
$ 18,749,404
---------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/14 39
Schedule of Investments | 12/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
Health Care Services -- 0.1%
2,600,000 Catholic Health Initiatives, 4.35%, 11/1/42 $ 2,581,311
---------------------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.1%
2,400,000 NYU Hospitals Center, 4.428%, 7/1/42 $ 2,431,553
--------------
Total Health Care Equipment & Services $ 23,762,268
---------------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.7%
Biotechnology -- 0.3%
7,550,000 Gilead Sciences, Inc., 4.5%, 2/1/45 $ 8,049,319
---------------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.3%
3,150,000 Johnson & Johnson, 4.375%, 12/5/33 $ 3,528,318
4,275,000 Perrigo Finance Plc, 3.5%, 12/15/21 4,324,864
--------------
$ 7,853,182
---------------------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.1%
894,000 Agilent Technologies, Inc., 6.5%, 11/1/17 $ 992,314
--------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 16,894,815
---------------------------------------------------------------------------------------------------------------------
BANKS -- 4.4%
Diversified Banks -- 3.4%
5,215,000 Australia & New Zealand Banking Group, Ltd., 4.5%,
3/19/24 (144A) $ 5,323,582
1,150,000 Bank of America Corp., 4.2%, 8/26/24 1,171,534
1,100,000 Bank of America Corp., 7.75%, 8/15/15 1,145,320
3,150,000 6.50 Bank of America Corp., Floating Rate Note, 10/23/49 3,206,385
2,350,000 6.25 Bank of America Corp., Floating Rate Note, 9/29/49 2,322,827
3,515,000 Barclays Bank Plc, 6.05%, 12/4/17 (144A) 3,866,191
2,400,000 BBVA Bancomer SA Texas, 4.375%, 4/10/24 (144A) 2,412,000
3,815,000 BBVA Bancomer SA Texas, 6.5%, 3/10/21 (144A) 4,131,264
2,295,000 5.95 Citigroup, Inc., Floating Rate Note (Perpetual) 2,260,575
3,435,000 Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
Netherlands, 3.875%, 2/8/22 3,654,071
6,425,000 Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
Netherlands, 3.95%, 11/9/22 6,544,691
5,075,000 6.62 Credit Agricole SA, Floating Rate Note, 12/31/64
(144A) 4,918,944
625,000 Export-Import Bank of Korea, 5.875%, 1/14/15 625,732
5,425,000 First Tennessee Bank NA, 2.95%, 12/1/19 5,411,063
1,305,000 HSBC Bank Plc, 7.65%, 5/1/25 1,695,059
3,940,000 HSBC Holdings Plc, 4.25%, 3/14/24 4,099,893
3,476,000 Intesa Sanpaolo S.p.A., 3.625%, 8/12/15 (144A) 3,522,947
1,400,000 Intesa Sanpaolo S.p.A., 6.5%, 2/24/21 (144A) 1,619,594
840,000 Macquarie Bank, Ltd., 6.625%, 4/7/21 (144A) 969,699
4,350,000 Merrill Lynch & Co., Inc., 7.75%, 5/14/38 6,143,522
The accompanying notes are an integral part of these financial statements.
40 Pioneer Bond Fund | Semiannual Report | 12/31/14
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
4,500,000 Nordea Bank AB, 4.25%, 9/21/22 (144A) $ 4,672,467
5,600,000 6.12 Nordea Bank AB, Floating Rate Note (Perpetual)
(144A) 5,539,800
947,368 2.99 SBP DPR Finance Co., Floating Rate Note, 3/15/17
(144A) 946,223
2,600,000 4.50 Scotiabank Peru SAA, Floating Rate Note, 12/13/27
(144A) 2,524,600
2,200,000 Standard Chartered Bank, 6.4%, 9/26/17 (144A) 2,454,225
4,800,000 Standard Chartered Plc, 3.95%, 1/11/23 (144A) 4,632,187
--------------
$ 85,814,395
---------------------------------------------------------------------------------------------------------------------
Regional Banks -- 0.9%
1,190,000 CoBank ACB, 7.875%, 4/16/18 (144A) $ 1,397,641
3,350,000 HSBC Bank USA NA New York NY, 6.0%, 8/9/17 3,703,432
2,505,000 Mellon Funding Corp., 5.5%, 11/15/18 2,821,807
1,435,000 PNC Bank NA, 6.0%, 12/7/17 1,602,123
1,025,000 SunTrust Banks, Inc., 3.5%, 1/20/17 1,068,516
6,273,000 4.45 The PNC Financial Services Group, Inc., Floating Rate
Note (Perpetual) 6,273,000
1,320,000 6.75 The PNC Financial Services Group, Inc., Floating Rate
Note (Perpetual) 1,448,700
3,540,000 Wells Fargo Bank NA, 6.0%, 11/15/17 3,968,032
--------------
$ 22,283,251
---------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.1%
2,300,000 Astoria Financial Corp., 5.0%, 6/19/17 $ 2,427,652
--------------
Total Banks $ 110,525,298
---------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.9%
Diversified Banks -- 0.1%
2,850,000 5.90 Citigroup, Inc., Floating Rate Note (Perpetual) $ 2,778,750
---------------------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- 1.2%
3,000,000 Alterra Finance LLC, 6.25%, 9/30/20 $ 3,482,691
5,930,000 Carlyle Holdings II Finance LLC, 5.625%, 3/30/43
(144A) 6,858,508
4,860,000 General Electric Capital Corp., 5.3%, 2/11/21 5,550,057
4,400,000 7.12 General Electric Capital Corp., Floating Rate Note
(Perpetual) 5,120,500
1,400,000 Grain Spectrum Funding II LLC, 3.29%, 10/10/19
(144A) 1,407,280
1,525,000 5.15 JPMorgan Chase & Co., Floating Rate Note (Perpetual) 1,436,550
1,890,000 6.12 JPMorgan Chase & Co., Floating Rate Note, 12/29/49 1,885,256
4,815,000 6.75 JPMorgan Chase & Co., Floating Rate Note, 8/29/49 5,079,825
1,250,000 0.00 Tiers Trust, Floating Rate Note, 10/15/97 (144A) (e) 1,099,806
--------------
$ 31,920,473
---------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/14 41
Schedule of Investments | 12/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
Multi-Sector Holdings -- 0.0%+
1,200,000 Fidelity National Financial, Inc., 5.5%, 9/1/22 $ 1,307,368
---------------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.6%
3,525,000 Aviation Capital Group Corp., 6.75%, 4/6/21 (144A) $ 3,992,062
3,200,000 BM&FBovespa SA, 5.5%, 7/16/20 (144A) 3,392,000
2,980,000 Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) 3,255,650
1,475,000 LeasePlan Corp., NV, 2.5%, 5/16/18 (144A) 1,475,633
2,000,000 National Rural Utilities Cooperative Finance Corp.,
5.45%, 2/1/18 2,227,294
--------------
$ 14,342,639
---------------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.9%
5,050,000 Ally Financial, Inc., 5.125%, 9/30/24 $ 5,125,750
5,985,000 American Honda Finance Corp., 1.2%, 7/14/17 5,964,154
1,465,000 Capital One Bank USA NA, 8.8%, 7/15/19 1,826,714
6,650,000 Capital One Financial Corp., 3.75%, 4/24/24 6,793,633
2,245,000 Hyundai Capital America, 1.45%, 2/6/17 (144A) 2,236,563
--------------
$ 21,946,814
---------------------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 1.1%
2,525,000 Affiliated Managers Group, Inc., 4.25%, 2/15/24 $ 2,630,709
1,725,000 Blackstone Holdings Finance Co., LLC, 5.0%,
6/15/44 (144A) 1,852,959
4,200,000 Blackstone Holdings Finance Co., LLC, 4.75%,
2/15/23 (144A) 4,566,505
875,000 Blackstone Holdings Finance Co., LLC, 6.25%,
8/15/42 (144A) 1,092,102
733,000 Eaton Vance Corp., 6.5%, 10/2/17 822,419
5,025,000 KKR Group Finance Co., II LLC, 5.5%, 2/1/43 (144A) 5,722,606
2,400,000 Legg Mason, Inc., 3.95%, 7/15/24 2,433,538
4,290,000 Legg Mason, Inc., 5.625%, 1/15/44 4,907,147
2,000,000 The Bank of New York Mellon Corp., 4.95%, 3/15/15 2,015,946
1,250,000 4.50 The Bank of New York Mellon Corp., Floating Rate
Note (Perpetual) 1,152,344
--------------
$ 27,196,275
---------------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 1.0%
2,730,000 Macquarie Group, Ltd., 6.0%, 1/14/20 (144A) $ 3,092,200
5,100,000 Morgan Stanley, 4.1%, 5/22/23 5,163,434
300,000 Morgan Stanley, 4.875%, 11/1/22 318,623
643,000 North American Development Bank, 2.3%, 10/10/18 651,153
6,025,000 TD Ameritrade Holding Corp., 3.625%, 4/1/25 6,106,416
3,375,000 The Goldman Sachs Group, Inc., 6.75%, 10/1/37 4,243,641
4,400,000 UBS AG, 7.625%, 8/17/22 5,180,366
--------------
$ 24,755,833
--------------
Total Diversified Financials $ 124,248,152
---------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
42 Pioneer Bond Fund | Semiannual Report | 12/31/14
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
INSURANCE -- 7.0%
Insurance Brokers -- 0.2%
5,000,000 Brown & Brown, Inc., 4.2%, 9/15/24 $ 5,056,800
---------------------------------------------------------------------------------------------------------------------
Life & Health Insurance -- 1.0%
1,690,000 Lincoln National Corp., 8.75%, 7/1/19 $ 2,111,706
6,325,000 MetLife Capital Trust IV, 7.875%, 12/15/67 (144A) 8,080,188
4,250,000 Protective Life Corp., 7.375%, 10/15/19 5,114,429
1,090,000 Prudential Financial, Inc., 4.5%, 11/16/21 1,188,287
1,500,000 5.62 Prudential Financial, Inc., Floating Rate Note, 6/15/43 1,533,450
2,140,000 8.88 Prudential Financial, Inc., Floating Rate Note, 6/15/68 2,498,450
1,800,000 5.88 Prudential Financial, Inc., Floating Rate Note, 9/15/42 1,899,000
3,205,000 Teachers Insurance & Annuity Association of America,
6.85%, 12/16/39 (144A) 4,377,482
--------------
$ 26,802,992
---------------------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.7%
3,900,000 Assurant, Inc., 4.0%, 3/15/23 $ 4,003,408
2,335,000 AXA SA, 8.6%, 12/15/30 3,172,165
5,325,000 Liberty Mutual Insurance Co., 7.697% (Perpetual)
(144A) 6,726,641
2,650,000 Loews Corp., 5.25%, 3/15/16 2,784,525
--------------
$ 16,686,739
---------------------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.6%
1,850,000 Delphi Financial Group, Inc., 7.875%, 1/31/20 $ 2,220,192
1,000,000 OneBeacon US Holdings, Inc., 4.6%, 11/9/22 1,040,076
1,100,000 QBE Insurance Group, Ltd., 2.4%, 5/1/18 (144A) 1,100,114
5,455,000 6.50 The Allstate Corp., Floating Rate Note, 5/15/57 6,000,500
700,000 The Hanover Insurance Group, Inc., 7.5%, 3/1/20 824,455
1,952,000 The Hanover Insurance Group, Inc., 7.625%, 10/15/25 2,353,997
2,000,000 The Travelers Companies, Inc., 6.25%, 6/15/37 2,656,836
--------------
$ 16,196,170
---------------------------------------------------------------------------------------------------------------------
Reinsurance -- 4.5%
937,930 Altair Re, Variable Rate Note, 6/30/16 (Cat Bond) $ 1,027,690
560,000 Altair Re, Variable Rate Note, 6/30/17 (Cat Bond) 560,000
1,800,000 6.38 Aquarius + Investments Plc for Swiss Reinsurance
Co., Ltd., Floating Rate Note, 9/1/24 1,871,865
700,000 Arlington Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 8/1/15 756,980
500,000 3.43 Atlas IX Capital, Ltd., Floating Rate Note, 1/17/19
(Cat Bond) (144A) 510,150
250,000 8.11 Atlas Reinsurance VII, Ltd., Floating Rate Note,
1/7/16 (Cat Bond) (144A) 256,750
800,000 Berwick Segregated Account (Kane SAC Ltd.), Variable
Rate Notes, 1/22/16 800,000
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/14 43
Schedule of Investments | 12/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
2,300,000 4.28 Blue Danube II, Ltd., Floating Rate Note, 5/23/18
(Cat Bond) (144A) $ 2,317,480
250,000 6.00 Blue Danube, Ltd., Floating Rate Note, 4/10/15
(Cat Bond) (144A) 251,075
850,000 10.75 Blue Danube, Ltd., Floating Rate Note, 4/10/15
(Cat Bond) (144A) 860,795
350,000 2.56 Bosphorus Re, Ltd., Floating Rate Note, 5/3/16
(Cat Bond) (144A) 350,070
1,250,000 5.28 Caelus Re, Ltd., Floating Rate Note, 3/7/16 (Cat
Bond) (144A) 1,266,000
1,350,000 6.87 Caelus Re, Ltd., Floating Rate Note, 4/7/17 (Cat
Bond) (144A) 1,405,485
2,400,000 Carnoustie Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 2/19/16 2,400,000
250,000 4.27 Citrus Re, Ltd., Floating Rate Note, 4/18/17 (Cat
Bond) (144A) 249,350
550,000 3.77 Citrus Re, Ltd., Floating Rate Note, 4/24/17 (Cat
Bond) (144A) 548,955
4,300,000 4.73 Combine Re, Ltd., Floating Rate Note, 1/7/15 (Cat
Bond) (144A) 4,299,140
300,000 9.02 Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat
Bond) (144A) 299,970
950,000 10.26 Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat
Bond) (144A) 950,000
250,000 9.04 East Lane Re V, Ltd., Floating Rate Note, 3/16/16
(Cat Bond) (144A) 265,425
2,500,000 Eden Re II, Ltd., 4/19/18 (Cat Bond) (144A) (d) 2,500,000
250,000 7.26 Embarcadero Reinsurance, Ltd., Floating Rate Note,
2/13/15 (Cat Bond) (144A) 249,925
3,150,000 5.02 Embarcadero Reinsurance, Ltd., Floating Rate Note,
2/7/17 (Cat Bond) (144A) 3,153,150
3,654,000 Exeter Segregated Account (Kane SAC Ltd.), Variable
Rate Notes, 1/7/16 3,654,000
1,000,000 Fairfield Segregated Account (Kane SAC Ltd.), Variable
Rate Notes, 2/2/16 913,700
3,300,000 5.02 Foundation Re III, Ltd., Floating Rate Note, 2/25/15
(Cat Bond) (144A) 3,313,530
1,200,000 7.40 Galileo Re, Ltd., Floating Rate Note, 1/9/19 (Cat
Bond) (144A) 1,235,880
1,600,000 Gloucester Segregated Account (Kane SAC Ltd,),
Variable Rate Notes, 6/12/15 1,516,960
2,800,000 0.00 Golden State Re II, Ltd., Floating Rate Note, 1/8/19
(Cat Bond) (144A) (f) 2,785,160
1,550,000 13.52 Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat
Bond) (144A) 1,565,500
1,750,000 8.37 Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat
Bond) (144A) 1,759,800
The accompanying notes are an integral part of these financial statements.
44 Pioneer Bond Fund | Semiannual Report | 12/31/14
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
900,000 4.02 Ibis Re II, Ltd., Floating Rate Note, 6/28/16 (Cat
Bond) (144A) $ 914,400
3,700,000 4.76 Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18
(Cat Bond) (144A) 3,772,150
350,000 4.51 Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18
(Cat Bond) (144A) 353,360
2,200,000 3.76 Kilimanjaro Re, Ltd., Floating Rate Note, 11/25/19
(Cat Bond) (144A) 2,192,300
250,000 9.76 Loma Reinsurance, Ltd., Bermuda, Floating Rate Note,
1/8/18 (Cat Bond) (144A) 260,575
2,200,000 3.98 Longpoint Re, Ltd. III, Floating Rate Note, 5/18/16
(Cat Bond) (144A) 2,232,560
3,000,000 6.03 Longpoint Re, Ltd., Floating Rate Note, 6/12/15 (Cat
Bond) (144A) 3,051,900
1,000,000 2.02 Merna Re V, Ltd., Floating Rate Note, 4/7/17 (Cat
Bond) (144A) 996,800
2,650,000 Montpelier Re Holdings, Ltd., 4.7%, 10/15/22 2,730,070
650,000 9.01 Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat
Bond) (144A) 656,825
5,500,000 8.23 Mythen Re, Ltd., Floating Rate Note, 5/7/15 (Cat
Bond) (144A) 5,627,050
750,000 8.51 Mythen Re, Ltd., Floating Rate Note, 5/7/15 (Cat
Bond) (144A) 768,600
1,000,000 8.53 Mythen Re, Ltd., Series 2012-2 Class A, Floating Rate
Note, 1/5/17 (Cat Bond) (144A) 1,061,000
2,100,000 8.01 Mythen Re, Ltd., Series 2013-1 Class B, Floating Rate
Note, 7/9/15 (Cat Bond) (144A) 2,167,620
1,100,000 7.27 Northshore Re, Ltd., Floating Rate Note, 7/5/16 (Cat
Bond) (144A) 1,146,970
1,500,000 13.98 Pelican Re, Ltd., Floating Rate Note, 4/13/15 (Cat
Bond) (144A) 1,548,300
5,048,000 Platinum Underwriters Finance, Inc., 7.5%, 6/1/17 5,639,045
1,004,000 0.00 PI-5, Series B-2014 (Kane SAC Ltd.), Variable Rate
Notes, 7/18/16 (f) 1,123,677
500,000 7.51 Queen Street IV Capital, Ltd., Floating Rate Note,
4/9/15 (Cat Bond) (144A) 504,300
250,000 8.51 Queen Street V Re, Ltd., Floating Rate Note, 4/9/15
(Cat Bond) (144A) 252,650
250,000 10.39 Queen Street VI Re, Ltd., Floating Rate Note, 4/9/15
(Cat Bond) (144A) 253,125
1,650,000 8.63 Queen Street VII Re, Ltd., Floating Rate Note, 4/8/16
(Cat Bond) (144A) 1,714,350
725,000 8.77 Residential Reinsurance 2011, Ltd., Floating Rate
Note, 12/6/16 (Cat Bond) (144A) 741,820
1,000,000 8.92 Residential Reinsurance 2011, Ltd., Floating Rate
Note, 6/12/15 (Cat Bond) (144A) 1,031,500
1,125,000 9.02 Residential Reinsurance 2011, Ltd., Floating Rate
Note, 6/6/15 (Cat Bond) (144A) 1,154,700
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/14 45
Schedule of Investments | 12/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
1,650,000 5.77 Residential Reinsurance 2012, Ltd., Floating Rate
Note, 12/6/16 (Cat Bond) (144A) $ 1,715,010
2,800,000 4.52 Residential Reinsurance 2012, Ltd., Floating Rate
Note, 12/6/16 (Cat Bond) (144A) 2,887,640
800,000 8.02 Residential Reinsurance 2012, Ltd., Floating Rate
Note, 6/6/16 (Cat Bond) (144A) 855,520
275,000 10.02 Residential Reinsurance 2012, Ltd., Floating Rate
Note, 6/6/16 (Cat Bond) (144A) 298,842
250,000 9.27 Residential Reinsurance 2013, Ltd., Floating Rate
Note, 6/6/17 (Cat Bond) (144A) 265,900
800,000 3.02 Sanders Re, Ltd., Floating Rate Note, 5/25/18 (Cat
Bond) (144A) 791,520
1,250,000 4.01 Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat
Bond) (144A) 1,247,000
1,200,000 3.53 Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat
Bond) (144A) 1,192,440
250,000 Silverton Re, Ltd., 9/16/16 (Cat Bond) (144A) (d) 309,825
1,000,000 Silverton RE, Ltd., 9/18/17 (Cat Bond) (144A) (d) 1,000,000
3,600,000 Sirius International Group, Ltd., 6.375%, 3/20/17
(144A) 3,953,750
2,110,000 7.51 Sirius International Group, Ltd., Floating Rate Note
(Perpetual) (144A) 2,196,510
1,300,000 St Andrews Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/22/16 1,300,000
550,000 16.51 Successor X, Ltd., Floating Rate Note, 1/27/15 (Cat
Bond) (144A) 552,970
250,000 11.27 Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat
Bond) (144A) 260,225
300,000 8.54 Tar Heel Re, Ltd., Floating Rate Note, 5/9/16 (Cat
Bond) (144A) 317,220
250,000 6.26 Tradewynd Re, Ltd., Floating Rate Note, 1/8/15 (Cat
Bond) (144A) 249,850
1,012,000 Turnberry Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/15/16 1,012,000
1,500,000 0.00 Ursa Re, Ltd., Floating Rate Note, 12/7/17 (Cat
Bond) (144A) (f) 1,498,500
2,500,000 Versutus, Ltd., Variable Rate Notes, 12/31/2017 2,500,000
1,500,000 2.73 Vita Capital V, Ltd., Floating Rate Note, 1/15/17 (Cat
Bond) (144A) 1,520,100
500,000 2.76 Vitality Re IV, Ltd., Floating Rate Note, 1/9/17 (Cat
Bond) (144A) 504,100
500,000 1.76 Vitality Re V, Ltd., Floating Rate Note, 1/7/19 (Cat
Bond) (144A) 489,200
1,400,000 5.88 Wilton Re Finance LLC, Floating Rate Note,
3/30/33 (144A) 1,472,673
--------------
$ 111,988,927
--------------
Total Insurance $ 178,923,928
---------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
46 Pioneer Bond Fund | Semiannual Report | 12/31/14
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.1%
Diversified REIT -- 0.4%
1,475,000 DCT Industrial Operating Partnership LP, 4.5%,
10/15/23 $ 1,536,052
725,000 Digital Realty Trust LP, 5.875%, 2/1/20 810,896
5,300,000 Duke Realty LP, 3.75%, 12/1/24 5,362,588
875,000 Hospitality Properties Trust, 5.0%, 8/15/22 922,058
1,715,000 WP Carey, Inc., 4.6%, 4/1/24 1,800,750
--------------
$ 10,432,344
---------------------------------------------------------------------------------------------------------------------
Office REIT -- 0.4%
75,000 Alexandria Real Estate Equities, Inc., 2.75%, 1/15/20 $ 74,283
1,093,000 Alexandria Real Estate Equities, Inc., 3.9%, 6/15/23 1,096,531
2,670,000 Alexandria Real Estate Equities, Inc., 4.6%, 4/1/22 2,839,975
900,000 BioMed Realty LP, 4.25%, 7/15/22 932,866
1,185,000 Corporate Office Properties LP, 3.6%, 5/15/23 1,138,603
2,100,000 Highwoods Realty LP, 3.625%, 1/15/23 2,105,867
2,550,000 Piedmont Operating Partnership LP, 3.4%, 6/1/23 2,471,100
--------------
$ 10,659,225
---------------------------------------------------------------------------------------------------------------------
Health Care REIT -- 0.3%
3,945,000 Omega Healthcare Investors, Inc., 4.95%, 4/1/24 $ 4,105,325
2,865,000 Senior Housing Properties Trust, 6.75%, 4/15/20 3,237,427
--------------
$ 7,342,752
---------------------------------------------------------------------------------------------------------------------
Specialized REIT -- 0.0%+
730,000 CubeSmart LP, 4.8%, 7/15/22 $ 801,625
--------------
Total Real Estate $ 29,235,946
---------------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.3%
Internet Software & Services -- 0.1%
1,875,000 Equinix, Inc., 5.75%, 1/1/25 $ 1,891,406
---------------------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.1%
3,000,000 Cardtronics, Inc., 5.125%, 8/1/22 (144A) $ 2,925,000
---------------------------------------------------------------------------------------------------------------------
Application Software -- 0.1%
2,875,000 Igloo Holdings Corp., 8.25%, 12/15/17 (8.25%
Cash, 9.00% PIK) (144A) (PIK) $ 2,903,750
---------------------------------------------------------------------------------------------------------------------
Home Entertainment Software -- 0.0%+
650,000 Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) $ 700,375
--------------
Total Software & Services $ 8,420,531
---------------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.8%
Communications Equipment -- 0.3%
2,860,000 Brocade Communications Systems, Inc., 4.625%,
1/15/23 $ 2,745,600
3,485,000 Cisco Systems, Inc., 3.625%, 3/4/24 3,631,579
--------------
$ 6,377,179
---------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/14 47
Schedule of Investments | 12/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
Computer Storage & Peripherals -- 0.4%
4,600,000 NCR Corp., 4.625%, 2/15/21 $ 4,462,000
4,350,000 Seagate HDD Cayman, 5.75%, 12/1/34 (144A) 4,587,658
--------------
$ 9,049,658
---------------------------------------------------------------------------------------------------------------------
Electronic Components -- 0.1%
3,675,000 Amphenol Corp., 3.125%, 9/15/21 $ 3,709,703
--------------
Total Technology Hardware & Equipment $ 19,136,540
---------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.5%
Integrated Telecommunication Services -- 0.9%
469,000 Cincinnati Bell, Inc., 8.375%, 10/15/20 $ 492,450
4,300,000 Frontier Communications Corp., 7.125%, 1/15/23 4,375,250
3,355,000 GTP Acquisition Partners I LLC, 4.347%, 6/15/41
(144A) 3,417,118
781,552 GTP Cellular Sites LLC, 3.721%, 3/15/17 (144A) 802,544
2,750,000 Telefonica Emisiones SAU, 6.221%, 7/3/17 3,044,517
1,500,000 Unison Ground Lease Funding LLC, 2.981%,
3/16/43 (144A) 1,516,760
1,938,000 Verizon Communications, Inc., 5.012%,
8/21/54 (144A) 2,004,956
5,100,000 Verizon Communications, Inc., 5.15%, 9/15/23 5,631,588
1,934,000 Verizon Communications, Inc., 6.55%, 9/15/43 2,477,742
--------------
$ 23,762,925
---------------------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.6%
1,675,000 Altice Financing SA, 7.875%, 12/15/19 (144A) $ 1,715,026
3,015,000 Crown Castle Towers LLC, 4.883%, 8/15/20 (144A) 3,314,166
1,625,000 Crown Castle Towers LLC, 6.113%, 1/15/20 (144A) 1,866,543
6,975,000 SBA Tower Trust, 3.869%, 10/15/49 (144A) 7,095,716
--------------
$ 13,991,451
--------------
Total Telecommunication Services $ 37,754,376
---------------------------------------------------------------------------------------------------------------------
UTILITIES -- 3.2%
Electric Utilities -- 1.7%
980,000 Commonwealth Edison Co., 6.15%, 9/15/17 $ 1,099,376
564,090 Crockett Cogeneration LP, 5.869%, 3/30/25 (144A) 610,834
8,700,000 Duke Energy Progress, Inc., 4.15%, 12/1/44 9,248,091
4,250,000 Electricite de France SA, 6.0%, 1/22/14 (144A) 4,951,004
2,150,000 5.25 Electricite de France SA, Floating Rate Note
(Perpetual) (144A) 2,203,750
2,825,000 Empresa Electrica Angamos SA, 4.875%, 5/25/29
(144A) 2,775,562
3,365,000 Enel Finance International NV, 5.125%, 10/7/19
(144A) 3,718,157
2,320,000 8.13 Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 2,694,100
The accompanying notes are an integral part of these financial statements.
48 Pioneer Bond Fund | Semiannual Report | 12/31/14
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
Electric Utilities -- (continued)
653,846 FPL Energy American Wind LLC, 6.639%, 6/20/23
(144A) $ 653,846
95,911 FPL Energy Wind Funding LLC, 6.876%, 6/27/17
(144A) 96,151
4,475,000 Iberdrola International BV, 6.75%, 7/15/36 5,704,752
1,925,000 Israel Electric Corp., Ltd., 7.25%, 1/15/19 (144A) 2,144,065
610,000 Israel Electric Corp., Ltd., 9.375%, 1/28/20 (144A) 747,250
910,000 Nevada Power Co., 6.5%, 8/1/18 1,054,368
577,194 Orcal Geothermal, Inc., 6.21%, 12/30/20 (144A) 595,231
2,690,000 Public Service Co., of New Mexico, 7.95%, 5/15/18 3,165,756
2,200,000 6.25 Southern California Edison Co., Floating Rate Note
(Perpetual) 2,439,250
--------------
$ 43,901,543
---------------------------------------------------------------------------------------------------------------------
Gas Utilities -- 0.2%
2,125,000 DCP Midstream Operating LP, 5.6%, 4/1/44 $ 2,172,543
2,209,248 Nakilat, Inc., 6.267%, 12/31/33 (144A) 2,457,788
--------------
$ 4,630,331
---------------------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.8%
5,475,000 Consolidated Edison Co., of New York, Inc., 4.625%,
12/1/54 $ 5,996,165
8,700,000 Dominion Resources, Inc., Virginia, 3.625%, 12/1/24 8,812,761
5,055,000 New York State Electric & Gas Corp., 6.15%,
12/15/17 (144A) 5,650,024
261,605 Ormat Funding Corp., 8.25%, 12/30/20 264,221
--------------
$ 20,723,171
---------------------------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.5%
565,600 Alta Wind Holdings LLC, 7.0%, 6/30/35 (144A) $ 642,339
4,300,000 Colbun SA, 4.5%, 7/10/24 (144A) 4,296,809
1,783,925 Kiowa Power Partners LLC, 5.737%, 3/30/21 (144A) 1,915,400
2,000,000 NRG Energy, Inc., 8.25%, 9/1/20 2,135,000
2,246,549 Panoche Energy Center LLC, 6.885%, 7/31/29 (144A) 2,584,656
--------------
$ 11,574,204
--------------
Total Utilities $ 80,829,249
---------------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $919,348,002) $ 956,262,314
---------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 30.1%
48,725,742 Fannie Mae, 3.0%, 1/20/15-9/1/43 $ 49,676,200
71,619,207 Fannie Mae, 3.5%, 1/14/15-9/1/44 74,850,476
152,481,846 Fannie Mae, 4.0%, 7/1/18-11/1/44 163,090,143
89,958,930 Fannie Mae, 4.5%, 11/1/20-1/1/44 97,791,487
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/14 49
Schedule of Investments | 12/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
45,944,933 Fannie Mae, 5.0%, 1/14/15-2/1/41 $ 50,726,224
3,152,829 Fannie Mae, 5.5%, 9/1/17-6/1/36 3,496,271
3,462,406 Fannie Mae, 6.0%, 1/1/29-6/1/38 3,944,998
720,749 Fannie Mae, 6.5%, 7/1/29-11/1/37 821,204
106,589 Fannie Mae, 7.0%, 7/1/21-1/1/32 119,544
597 Fannie Mae, 7.5%, 8/1/20 635
14,824 Fannie Mae, 8.0%, 4/1/20-5/1/31 17,563
4,751,145 Federal Home Loan Mortgage Corp., 3.0%, 8/1/29 4,949,291
17,855,737 Federal Home Loan Mortgage Corp., 3.5%,
11/1/28-12/1/44 18,633,734
64,869,888 Federal Home Loan Mortgage Corp., 4.0%,
11/1/41-9/1/44 69,496,604
18,945,951 Federal Home Loan Mortgage Corp., 4.5%,
10/1/20-11/1/43 20,540,862
2,925,411 Federal Home Loan Mortgage Corp., 5.0%,
10/1/20-10/1/38 3,186,180
1,215,883 Federal Home Loan Mortgage Corp., 5.5%,
12/1/18-11/1/35 1,349,013
3,210,858 Federal Home Loan Mortgage Corp., 6.0%,
5/1/17-4/1/36 3,657,280
251,477 Federal Home Loan Mortgage Corp., 6.5%,
11/1/30-4/1/34 288,065
371,911 Federal Home Loan Mortgage Corp., 7.0%,
8/1/22-11/1/30 413,015
1,459,414 Federal National Mortgage Association, 5.0%, 8/1/40 1,615,301
13,638,000 Government National Mortgage Association I, 3.5%,
1/21/15 14,315,638
31,494,000 Government National Mortgage Association I, 4.0%,
1/21/15 33,786,788
14,074,836 Government National Mortgage Association I, 4.5%,
7/15/33-8/15/41 15,431,834
1,319,395 Government National Mortgage Association I, 5.0%,
10/15/18-4/15/35 1,456,923
5,206,935 Government National Mortgage Association I, 5.5%,
10/15/17-10/15/35 5,769,842
5,906,695 Government National Mortgage Association I, 6.0%,
1/15/17-10/15/36 6,776,995
2,935,581 Government National Mortgage Association I, 6.5%,
1/15/29-7/15/35 3,392,919
629,103 Government National Mortgage Association I, 7.5%,
2/15/26-5/15/32 732,674
2,430 Government National Mortgage Association I, 7.75%,
2/15/30 2,494
4,860,424 Government National Mortgage Association II, 4.0%,
10/20/44 5,221,894
The accompanying notes are an integral part of these financial statements.
50 Pioneer Bond Fund | Semiannual Report | 12/31/14
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
3,337,347 Government National Mortgage Association II, 4.5%,
12/20/34-9/20/41 $ 3,659,842
1,086,997 Government National Mortgage Association II, 5.5%,
10/20/19-4/20/34 1,190,346
44,793 Government National Mortgage Association II, 6.5%,
2/20/29-4/20/29 52,448
195,764 Government National Mortgage Association II, 7.0%,
11/20/28-12/20/30 231,194
3,000,000 U.S. Treasury Bonds, 3.0%, 11/15/44 3,152,814
2,000,000 U.S. Treasury Bonds, 3.125%, 2/15/43 2,147,344
6,865,000 U.S. Treasury Bonds, 4.375%, 11/15/39 9,001,731
4,500,000 U.S. Treasury Bonds, 4.375%, 5/15/40 5,915,740
7,400,000 U.S. Treasury Bonds, 4.5%, 2/15/36 9,870,327
30,773,461 U.S. Treasury Inflation Indexed Bonds, 0.125%,
7/15/24 29,636,290
11,325,000 0.09 U.S. Treasury Note, Floating Rate Note, 1/31/16 11,321,908
11,325,000 0.11 U.S. Treasury Note, Floating Rate Note, 4/30/16 11,324,468
11,325,000 0.11 U.S. Treasury Note, Floating Rate Note, 7/31/16 11,324,762
10,500,000 U.S. Treasury Notes, 2.25%, 11/15/24 10,570,550
--------------
$ 764,951,855
---------------------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $752,823,173) $ 764,951,855
---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 2.8%
Municipal Airport -- 0.0%+
1,000,000 Indianapolis Airport Authority, 5.1%, 1/15/17 $ 1,081,110
---------------------------------------------------------------------------------------------------------------------
Municipal Development -- 0.3%
2,350,000 Louisiana Local Government Environmental Facilities
& Community Development Authority, 6.5%, 11/1/35 $ 2,826,063
2,560,000 Parish of St. John the Baptist Louisiana, 5.125%,
6/1/37 2,714,240
2,310,000 Selma Industrial Development Board, 5.8%, 5/1/34 2,609,468
--------------
$ 8,149,771
---------------------------------------------------------------------------------------------------------------------
Municipal General -- 1.5%
525,000 Amherst College, 3.794%, 11/1/42 $ 523,137
2,925,000 California Statewide Communities Development
Authority, 6.0%, 8/15/42 3,507,982
4,075,000 JobsOhio Beverage System, 3.985%, 1/1/29 4,226,631
1,035,000 JobsOhio Beverage System, 4.532%, 1/1/35 1,124,828
325,000 Massachusetts Development Finance Agency,
5.25%, 4/1/37 375,034
550,000 Massachusetts Development Finance Agency,
5.375%, 4/1/41 622,743
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/14 51
Schedule of Investments | 12/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
Municipal General -- (continued)
1,100,000 Massachusetts Institute of Technology, 5.6%, 7/1/11 $ 1,514,393
4,500,000 New Jersey Economic Development Authority,
2/15/18 (d) 4,156,290
2,750,000 New Jersey Transportation Trust Fund Authority, 5.5%,
6/15/41 3,105,960
2,400,000 New York City Transitional Finance Authority Future Tax
Secured Revenue, 5.0%, 11/1/33 2,751,696
3,095,000 President and Fellows of Harvard College, 6.3%,
10/1/37 3,293,603
560,000 State of Washington, 3.0%, 7/1/28 566,502
1,050,000 Texas Municipal Gas Acquisition & Supply Corp., III,
5.0%, 12/15/30 1,156,995
2,100,000 Texas Municipal Gas Acquisition & Supply Corp., III,
5.0%, 12/15/31 2,304,834
1,000,000 Texas Transportation Commission State Highway Fund,
5.0%, 4/1/33 1,193,430
1,900,000 The George Washington University, 1.827%, 9/15/17 1,898,110
2,200,000 Virginia Commonwealth Transportation Board, 4.0%,
5/15/31 2,376,660
2,210,000 Virginia Commonwealth Transportation Board, 4.0%,
5/15/32 2,374,358
--------------
$ 37,073,186
---------------------------------------------------------------------------------------------------------------------
Municipal Higher Education -- 0.4%
1,025,000 Baylor University, 4.313%, 3/1/42 $ 1,087,494
1,980,000 California Educational Facilities Authority, 5.0%,
6/1/43 2,696,384
1,425,000 Massachusetts Health & Educational Facilities
Authority, 5.5%, 7/1/32 1,968,851
800,000 Permanent University Fund, 5.0%, 7/1/30 983,696
525,000 The University of Texas System, 5.0%, 8/15/43 599,891
2,600,000 University of California, 3.38%, 5/15/28 2,660,450
--------------
$ 9,996,766
---------------------------------------------------------------------------------------------------------------------
Municipal Medical -- 0.1%
1,765,000 Ohio Higher Educational Facility Commission,
5.0%, 1/1/42 $ 1,977,100
---------------------------------------------------------------------------------------------------------------------
Municipal Pollution -- 0.2%
995,000 County of Sweetwater Wyoming, 5.6%, 12/1/35 $ 1,016,353
3,965,000 Port Freeport Texas, 5.95%, 5/15/33 4,404,322
--------------
$ 5,420,675
---------------------------------------------------------------------------------------------------------------------
Municipal Transportation -- 0.0%+
600,000 Port Authority of New York & New Jersey, 4.458%,
10/1/62 $ 633,204
---------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
52 Pioneer Bond Fund | Semiannual Report | 12/31/14
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
Municipal Obligation -- 0.3%
3,000,000 State of Texas, 4.0%, 10/1/44 $ 3,148,200
1,620,000 Washington Suburban Sanitary Commission,
4.0%, 6/1/43 1,703,057
1,565,000 Washington Suburban Sanitary Commission,
4.0%, 6/1/44 1,643,954
--------------
$ 6,495,211
---------------------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $64,799,160) $ 70,827,023
---------------------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE
LOAN INTERESTS -- 3.2%**
ENERGY -- 0.0%+
Integrated Oil & Gas -- 0.0%+
934,610 4.50 Glenn Pool Oil & Gas Trust, Term Loan, 5/2/16 $ 929,937
--------------
Total Energy $ 929,937
---------------------------------------------------------------------------------------------------------------------
MATERIALS -- 0.3%
Commodity Chemicals -- 0.1%
768,766 4.00 Tronox Pigments BV, New Term Loan, 3/19/20 $ 758,196
---------------------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.0%+
359,091 0.00 OXEA Sarl, Tranche B-2 Term Loan (First Lien),
1/15/20 (f) $ 344,727
---------------------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.1%
316,286 3.50 Chemtura Corp., New Term Loan, 8/29/16 $ 316,418
254,694 2.71 Huntsman International LLC, Extended Term B Loan,
4/19/17 250,130
916,175 0.00 MacDermid, Inc., Tranche B Term Loan (First Lien),
6/7/20 (f) 899,858
480,000 0.00 OMNOVA Solutions, Inc., Term B-1 Loan, 5/31/18 (f) 475,200
239,945 1.00 WR Grace & Co-Conn, Delayed Draw Term Loan,
1/23/21 239,045
666,807 3.00 WR Grace & Co-Conn, U.S. Term Loan, 1/23/21 664,307
--------------
$ 2,844,958
---------------------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.1%
199,000 5.55 BWay Intermediate, Initial Term Loan, 8/14/20 $ 198,192
1,850,000 0.00 Crown Americas LLC, Term Loan B, 10/22/21 (f) 1,855,088
--------------
$ 2,053,280
---------------------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.0%+
550,806 0.00 Fortescue Metals Group, Ltd., Bank Loan,
6/30/19 (f) $ 503,184
--------------
Total Materials $ 6,504,345
---------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/14 53
Schedule of Investments | 12/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.3%
Aerospace & Defense -- 0.2%
1,341,677 5.00 DAE Aviation Holdings, Inc., Replacement Tranche
B-1 Loan, 11/2/18 $ 1,341,684
1,990,136 3.75 DigitalGlobe, Inc., Term Loan, 1/25/20 1,977,077
425,419 6.25 DynCorp International, Inc., Term Loan, 7/7/16 424,001
632,125 3.25 Spirit AeroSystems, Inc., Term Loan B, 9/30/20 628,767
608,219 5.00 Standard Aero, Ltd., Replacement Tranche B-2
Loan, 11/2/18 606,699
644,532 6.50 TASC, Inc., First Lien Term Loan, 2/28/17 628,822
--------------
$ 5,607,050
---------------------------------------------------------------------------------------------------------------------
Building Products -- 0.0%+
837,895 0.00 Nortek, Inc., Term Loan, 10/30/20 (f) $ 827,683
---------------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.1%
1,215,000 0.00 CGI Holdings, Inc., Tranche B Term Loan (First Lien),
12/22/21 (f) $ 1,213,985
---------------------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.0%+
590,405 3.75 WESCO Distribution, Inc., Tranche B-1 Loan,
12/12/19 $ 588,560
--------------
Total Capital Goods $ 8,237,278
---------------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.0%+
Marine -- 0.0%+
688,258 0.00 Navios Maritime Partners LP, Term Loan, 6/27/18 (f) $ 677,934
--------------
Total Transportation $ 677,934
---------------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.5%
Auto Parts & Equipment -- 0.2%
1,137,175 3.75 Allison Transmission, Inc., Term B-3 Loan, 8/23/19 $ 1,125,803
1,750,000 4.00 Cooper Standard Intermediate Holdco 2 LLC, Term
Loan, 3/28/21 1,731,406
473,791 0.00 Remy International, Inc., Term B Loan 2013,
3/5/20 (f) 471,422
824,038 4.25 TI Group Automotive Systems LLC, Term Loan
Facility, 7/1/21 813,738
--------------
$ 4,142,369
---------------------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.2%
4,190,000 4.75 The Goodyear Tire & Rubber Co., Term Loan (Second
Lien), 3/27/19 $ 4,180,572
---------------------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.1%
3,777,975 3.50 FCA US LLC, Term Loan B, 5/24/17 $ 3,773,253
--------------
Total Automobiles & Components $ 12,096,194
---------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
54 Pioneer Bond Fund | Semiannual Report | 12/31/14
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.0%+
Apparel, Accessories & Luxury Goods -- 0.0%+
465,961 3.25 PVH Corp., Tranche B Term Loan, 12/19/19 $ 467,027
--------------
Total Consumer Durables & Apparel $ 467,027
---------------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.2%
Casinos & Gaming -- 0.2%
746,693 3.75 Pinnacle Entertainment, Inc., Tranche B-2 Term Loan,
8/13/20 $ 738,993
4,350,000 0.00 Scientific Games, Initial Term B-2, 10/1/21 (f) 4,295,625
--------------
$ 5,034,618
---------------------------------------------------------------------------------------------------------------------
Restaurants -- 0.0%+
480,000 4.50 Burger King Worldwide, Inc., Term Loan B, 9/24/21 $ 480,214
--------------
Total Consumer Services $ 5,514,832
---------------------------------------------------------------------------------------------------------------------
MEDIA -- 0.3%
Advertising -- 0.0%+
1,064,931 6.75 Affinion Group, Inc., Tranche B Term Loan, 4/30/18 $ 999,704
---------------------------------------------------------------------------------------------------------------------
Broadcasting -- 0.1%
2,265,775 4.00 Univision Communications, Inc., Replacement
First-Lien Term Loan, 3/1/20 $ 2,220,459
---------------------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.1%
1,699,125 3.00 Charter Communications Operating LLC, Term F
Loan, 1/1/21 $ 1,668,177
160,291 4.75 WideOpenWest Finance LLC, Term B Loan, 4/1/19 159,590
--------------
$ 1,827,767
---------------------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.1%
413,080 3.75 Cinedigm Digital Funding I LLC, Term Loan, 2/28/18 $ 413,596
1,407,188 3.50 Live Nation Entertainment, Inc., Term B-1 Loan,
8/17/20 1,391,357
--------------
$ 1,804,953
---------------------------------------------------------------------------------------------------------------------
Publishing -- 0.0%+
746,794 4.75 Interactive Data Corp., Tranche B Term Loan (First
Lien), 4/24/21 $ 743,247
--------------
Total Media $ 7,596,130
---------------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.1%
Agricultural Products -- 0.1%
1,245,588 3.25 Darling International, Inc., Term B USD Loan,
12/19/20 $ 1,240,917
---------------------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.0%+
20,755 3.00 Pinnacle Foods Finance LLC, New Term Loan G,
4/29/20 $ 20,174
--------------
Total Food, Beverage & Tobacco $ 1,261,091
---------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/14 55
Schedule of Investments | 12/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Household Products -- 0.0%+
159,576 4.50 WASH Multifamily Laundry Systems LLC, U.S. Term
Loan, 2/21/19 $ 157,780
---------------------------------------------------------------------------------------------------------------------
Personal Products -- 0.1%
1,429,495 4.75 Federal-Mogul Corporation, Tranche C Term, 4/15/21 $ 1,421,008
861,429 3.50 NBTY, Inc., Term B-2 Loan, 10/1/17 838,816
--------------
$ 2,259,824
--------------
Total Household & Personal Products $ 2,417,604
---------------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.4%
Health Care Equipment -- 0.0%+
408,688 3.25 Hologic, Inc., Refinancing Tranche B Term Loan,
8/1/19 $ 407,283
498,741 0.00 Kinetic Concepts, Inc., Term DTL-E1 loan, 5/4/18 (f) 494,169
--------------
$ 901,452
---------------------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.1%
2,133,970 5.00 Immucor, Inc., Term B-2 Loan, 8/19/18 $ 2,115,298
---------------------------------------------------------------------------------------------------------------------
Health Care Services -- 0.0%+
501,069 6.75 Ardent Medical Services, Inc., 1st Lien Term Loan,
5/2/18 $ 502,165
252,410 3.50 DaVita HealthCare Partners, Inc., Tranche B Loan
(First Lien), 6/19/21 250,381
--------------
$ 752,546
---------------------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.3%
340,000 0.00 Capella Healthcare, Inc., Tranche B Term Loan (First
Lien), 12/31/21 (f) $ 338,300
594,144 3.49 CHS, 2017 Term E Loan, 1/25/17 591,651
3,188,475 4.25 CHS, 2021 Term D Loan, 1/27/21 3,186,262
738,551 3.01 HCA, Inc., Tranche B-4 Term Loan, 5/1/18 733,820
1,771,193 2.92 HCA, Inc., Tranche B-5 Term Loan, 3/31/17 1,761,008
--------------
$ 6,611,041
---------------------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.0%
453,811 3.50 IMS Health, Inc., Term B Dollar Loan, 3/17/21 $ 444,924
--------------
Total Health Care Equipment & Services $ 10,825,261
---------------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.2%
Pharmaceuticals -- 0.1%
723,178 3.25 Endo Luxembourg Finance I Company Sarl, Tranche
B Term Loan (First Lien), 11/5/20 $ 702,387
387,075 3.17 Grifols Worldwide Operations USA, Inc., U.S. Tranche
B Term Loam, 4/1/21 382,430
1,656,910 3.25 RPI Finance Trust, Term B-2 Term Loan, 5/9/18 1,654,839
The accompanying notes are an integral part of these financial statements.
56 Pioneer Bond Fund | Semiannual Report | 12/31/14
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- (continued)
532,996 3.50 Valeant Pharmaceuticals International, Inc., Series
C-2 Tranche B Term Loan, 12/11/19 $ 528,665
--------------
$ 3,268,321
---------------------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.1%
895,388 4.25 Catalent Pharma Solutions, Dollar Term Loan,
5/20/21 $ 892,776
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 4,161,097
---------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.0%+
Other Diversified Financial Services -- 0.0%+
999,288 5.25 WorldPay, Facility B2A Term Loan, 8/6/17 $ 1,001,161
--------------
Total Diversified Financials $ 1,001,161
---------------------------------------------------------------------------------------------------------------------
INSURANCE -- 0.3%
Insurance Brokers -- 0.3%
1,167,075 0.00 National Financial Partners Corp., Tranche B Term
Loan (First Lien), 7/1/20 (f) $ 1,161,240
6,208,894 4.25 USI Insurance Services LLC, Term B Loan, 12/30/19 6,104,119
--------------
$ 7,265,359
--------------
Total Insurance $ 7,265,359
---------------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.1%
IT Consulting & Other Services -- 0.1%
953,650 3.91 SunGard Data Systems, Inc., Tranche C Term Loan,
2/28/17 $ 949,867
---------------------------------------------------------------------------------------------------------------------
Application Software -- 0.0%+
370,741 2.92 Nuance Communications, Inc., Term C Loan, 8/7/19 $ 361,472
---------------------------------------------------------------------------------------------------------------------
Systems Software -- 0.0%+
610,000 0.00 AVG Technologies N.V., Term Loan, 10/15/20 (f) $ 606,950
---------------------------------------------------------------------------------------------------------------------
Home Entertainment Software -- 0.0%+
300,000 3.25 Activision Blizzard, Inc., Term Loan, 7/26/20 $ 299,849
--------------
Total Software & Services $ 2,218,138
---------------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.0%+
Communications Equipment -- 0.0%+
327,343 2.83 Commscope, Inc., Tranche 3 Term Loan, 1/21/17 $ 325,160
491,014 3.25 Commscope, Inc., Tranche 4 Term Loan, 1/14/18 487,740
--------------
$ 812,900
--------------
Total Technology Hardware & Equipment $ 812,900
---------------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 0.1%
Semiconductor Equipment -- 0.1%
1,172,063 3.50 Sensata Technologies B.V., Third Amendment,
10/8/21 $ 1,173,235
---------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/14 57
Schedule of Investments | 12/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
Semiconductors -- 0.0%
375,000 0.00 Avago Technologies Ltd., Tranche B Term Loan (First
Lien), 4/16/21 (f) $ 374,062
395,014 3.25 Microsemi Corp., Term Loan (First Lien), 3/14/21 388,398
--------------
$ 762,460
--------------
Total Semiconductors & Semiconductor Equipment $ 1,935,695
---------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.1%
Integrated Telecommunication Services -- 0.1%
1,930,563 4.00 Cincinnati Bell, Inc., Tranche B Term Loan, 9/10/20 $ 1,911,241
---------------------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.0%+
500,000 0.00 Syniverse Holdings, Inc., Tranche B Term Loan,
4/23/19 (f) $ 485,834
--------------
Total Telecommunication Services $ 2,397,075
---------------------------------------------------------------------------------------------------------------------
UTILITIES -- 0.2%
Electric Utilities -- 0.1%
1,285,660 3.75 Texas Competitive Electric Holdings Co LLC, DIP
Delayed Draw Term Loan (2014), 5/5/16 $ 1,292,892
---------------------------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.1%
478,785 0.00 Dynegy, Inc., Tranche B-2 Term Loan, 4/23/20 (f) $ 473,997
1,322,470 2.75 NRG Energy, Inc., Term Loan (2013), 7/1/18 1,299,326
770,210 3.75 NSG Holdings LLC, New Term Loan, 12/11/19 762,508
--------------
$ 2,535,831
--------------
Total Utilities $ 3,828,723
---------------------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
(Cost $79,539,194) $ 80,147,781
---------------------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 3.9%
Repurchase Agreements -- 3.9%
4,910,000 $4,910,000 Bank of Nova Scotia, Inc., dated
12/31/14 plus accrued interest on 1/2/15
collateralized by the following:
$4,241,789 Federal National Mortgage Association
(ARM), 2.9%, 5/1/44
$766,445 Freddie Mac Giant,3.5%, 12/1/44 $ 4,910,000
91,500,000 $91,500,000 RBC Capital Markets, Inc., dated
12/31/14 plus accrued interest on 1/2/15
collateralized by the following:
$85,311,738 Federal National Mortgage Association
(ARM), 2.154-2.553%, 6/1/38-6/1/42
$8,018,262 Federal Home Loan Mortgage Corp.,
2.259%, 20/1/36 91,500,000
The accompanying notes are an integral part of these financial statements.
58 Pioneer Bond Fund | Semiannual Report | 12/31/14
---------------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------------------------
Repurchase Agreements -- (continued)
2,700,000 $2,700,000 TD Securities, Inc., dated 12/31/14
plus accrued interest on 1/2/15 collateralized by
$2,754,044 U.S. Treasury Bonds, 4.5%, 8/15/39 $ 2,700,000
--------------
$ 99,110,000
---------------------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $99,110,000) $ 99,110,000
---------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 100.1%
(Cost $2,481,626,656) (a) $2,542,329,433
---------------------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- (0.1)% $ (2,358,041)
---------------------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $2,539,971,392
=====================================================================================================================
REIT Real Estate Investment Trust.
+ Rounds to less than 0.01%.
(Perpetual) Security with no stated maturity date.
(Cat Bond) Catastrophe bond is a high-yield debt instrument that is
usually insurance linked and meant to raise money in case of a
catastrophe.
REMICS Real Estate Mortgage Investment Conduits.
(Step) Bond issued with an initial coupon rate which converts to a higher
rate at a later date.
(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 December 31, 2014, the value of these securities
amounted to $608,305,727 or 23.9% of total net assets.
** Senior floating rate loan interests in which the Fund invests
generally pay interest at rates that are periodically redetermined
by reference to a base lending rate plus a premium. These base
lending rates are generally (i) the lending rate offered by one or
more major European banks, such as LIBOR (London InterBank Offered
Rate), (ii) the prime rate offered by one or more major U.S. banks,
(iii) the rate of a certificate of deposit or (iv) other base
lending rates used by commercial lenders. The rate shown is the
coupon rate at period end.
(a) At December 31, 2014, the net unrealized appreciation on investments
based on cost for federal income tax purposes of $2,484,276,507 was
as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 72,267,840
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (14,214,914)
------------
Net unrealized appreciation $ 58,052,926
============
(b) Debt obligation with a variable interest rate. Rate shown is rate at
end of period.
(c) Security represents the interest only portion of payments on a pool
of underlying mortgages or mortgage-backed securities.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/14 59
Schedule of Investments | 12/31/14 (unaudited) (continued)
(d) Security issued with a zero coupon. Income is earned through accretion of
discount.
(e) Security is valued using fair value methods (other than prices supplied by
independent pricing services or broker-dealers). See Notes to Financial
Statements -- Note 1A.
(f) Rate to be determined.
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended December 31, 2014 were as follows:
---------------------------------------------------------------------------
Purchases Sales
---------------------------------------------------------------------------
Long-Term U.S. Government Securities $1,218,924,008 $883,012,092
Other Long-Term Securities $ 701,024,775 $197,591,999
CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENT -- SELL PROTECTION
-------------------------------------------------------------------------------------------------------------
Premiums Net Unrealized
Notional Obligation Credit Expiration (Received) Appreciation
Principal ($)(1) Clearinghouse Entity/Index Coupon Rating(2) Date Paid (Depreciation)
-------------------------------------------------------------------------------------------------------------
19,200,000 Chicago MARKIT CDX
Mercantile North America
Exchange High Yield
Index 5.00% B+ 12/20/19 $1,056,000 $171,619
-------------------------------------------------------------------------------------------------------------
(1) The notional amount is the maximum amount that a seller of credit
protection would be obligated to pay upon occurrence of a credit event.
(2) Based on Standard & Poor's rating of the issuer or the issuer of the
weighted average rating of all the underlying securities of the index.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed 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
risk, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Note 1A.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services or broker-dealers)
as Level 3. See Notes to Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
60 Pioneer Bond Fund | Semiannual Report | 12/31/14
The following is a summary of the inputs used as of December 31, 2014, in
valuing the Fund's assets:
-----------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------------------
Preferred Stocks
Banks
Regional Banks $ -- $ 2,835,876 $ -- $ 2,835,876
Insurance
Property & Casualty
Insurance 4,998,542 3,869,039 -- 8,867,581
Reinsurance -- -- 2,128,600 2,128,600
All Other Preferred Stocks 31,252,475 -- -- 31,252,475
Convertible Preferred Stock 6,802,097 -- -- 6,802,097
Asset Backed Securities -- 145,016,874 -- 145,016,874
Collateralized Mortgage Obligations -- 374,126,957 -- 374,126,957
Corporate Bonds
Diversified Financials
Other Diversified
Financial Services -- -- 1,099,806 1,099,806
Insurance
Reinsurance -- -- 16,374,832 16,374,832
All Other Corporate Bonds -- 938,787,676 -- 938,787,676
U.S. Government Agency Obligations -- 764,951,855 -- 764,951,855
Municipal Bonds -- 70,827,023 -- 70,827,023
Senior Floating Rate Loan Interests -- 80,147,781 -- 80,147,781
Repurchase Agreements -- 99,110,000 -- 99,110,000
-----------------------------------------------------------------------------------------------------
Total $ 43,053,114 $ 2,479,673,081 $ 19,603,238 $2,542,329,433
=====================================================================================================
Other Financial Instruments
Net unrealized appreciation
on Futures Contracts $ (2,118,441) $ -- $ -- $ (2,118,441)
Net unrealized appreciation
on centrally cleared
Swap Contracts -- 171,619 -- 171,619
-----------------------------------------------------------------------------------------------------
Total Other Financial
Instruments $ (2,118,441) $ 171,619 $ -- $ (1,946,822)
=====================================================================================================
The following is a summary of the fair valuation of certain Fund's assets and
liabilities as of December 31, 2014.
-----------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------------------
Assets:
Futures collateral $ 4,511,450 $ -- $ -- $ 4,511,450
Swap collateral -- 1,100,000 -- 1,100,000
Variation margin for
centrally cleared
swap contracts -- 15,372 -- 15,372
Liabilities:
Variation margin for
futures contracts (682,641) -- -- (682,641)
-----------------------------------------------------------------------------------------------------
Total: $ 3,828,809 $ 1,115,372 $ -- $ 4,944,181
=====================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/14 61
Schedule of Investments | 12/31/14 (unaudited) (continued)
Following is a reconciliation of assets using significant unobservable inputs
(Level 3):
---------------------------------------------------------------------------------------------
Preferred Corporate
Stocks Bonds Total
---------------------------------------------------------------------------------------------
Balance as of 6/30/14 $ 2,081,052 $ 4,383,603 $ 6,464,655
Realized gain (loss)(1) -- 361 361
Change in unrealized appreciation (depreciation)(2) 21,397 539,154 560,551
Net purchases 2,000,000 13,260,640 15,260,640
Net sales (420,899) (2,262,070) (2,682,969)
Transfers in out of Level 3 categories* (1,552,950) 1,552,950 --
Transfers in and out of Level 3* -- -- --
---------------------------------------------------------------------------------------------
Balance as of 12/31/14 $ 2,128,600 $17,474,638 $19,603,238
=============================================================================================
(1) Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) on investments in the
Statement of Operations.
* Transfers are calculated on the beginning of period values.
During the six months ended December 31, 2014, there were no transfers
between Levels 1, 2 and 3.
Net change in unrealized appreciation (depreciation) of investments still held
as of 12/31/14 $ 560,551
---------
The accompanying notes are an integral part of these financial statements.
62 Pioneer Bond Fund | Semiannual Report | 12/31/14
Statement of Assets and Liabilities | 12/31/14 (unaudited)
ASSETS:
Investment in securities (cost $2,481,626,656) $2,542,329,433
Cash 133,981,540
Futures Collateral 4,511,450
Centrally cleared swap collateral 1,100,000
Receivables --
Investment securities sold 42,789,596
Fund shares sold 56,035,510
Interest 15,041,574
Due from Pioneer Investment Management, Inc. 31,168
Variation margin for swap contracts 15,372
Credit default swaps, premiums paid 1,056,000
Net unrealized appreciation on centrally cleared swap contracts 171,619
Other assets 108,274
----------------------------------------------------------------------------------
Total assets $2,797,171,536
==================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 247,349,723
Fund shares repurchased 4,734,527
Dividends 1,791,000
Variation margin for future contracts 682,641
Futures payable 31,001
Due to affiliates 380,202
Accrued expenses 112,609
Net unrealized depreciation on futures contracts 2,118,441
----------------------------------------------------------------------------------
Total liabilities $ 257,200,144
==================================================================================
NET ASSETS:
Paid-in capital $2,487,104,912
Distributions in excess of net investment income (5,026,501)
Accumulated net realized loss on investments, swap contracts
and futures contracts (862,974)
Net unrealized appreciation on investments 60,702,777
Net unrealized depreciation on futures contracts (2,118,441)
Net unrealized appreciation on swap contracts 171,619
----------------------------------------------------------------------------------
Total net assets $2,539,971,392
==================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $965,720,176/98,565,764 shares) $ 9.80
Class C (based on $100,356,050/10,358,108 shares) $ 9.69
Class K (based on $99,650,021/10,175,379 shares) $ 9.79
Class R (based on $76,497,526/7,736,781 shares) $ 9.89
Class Y (based on $1,245,301,419/128,283,623 shares) $ 9.71
Class Z (based on $52,446,200/5,345,752 shares) $ 9.81
MAXIMUM OFFERING PRICE:
Class A ($9.80 / 95.5% ) $ 10.26
==================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/14 63
Statement of Operations (unaudited)
For the Six Months Ended 12/31/14
INVESTMENT INCOME:
Interest $ 35,686,101
Dividends 1,588,319
-----------------------------------------------------------------------------------------------
Total investment income $ 37,274,420
===============================================================================================
EXPENSES:
Management fees $ 4,057,673
Transfer agent fees
Class A 139,401
Class B* 11,204
Class C 17,409
Class K 491
Class R 4,795
Class Y 25,410
Class Z 2,373
Distribution fees
Class A 995,273
Class B* 18,499
Class C 411,775
Class R 149,413
Shareholder communications expense 1,253,887
Administrative reimbursements 288,169
Custodian fees 70,235
Registration fees 89,573
Professional fees 60,089
Printing expense 16,728
Fees and expenses of nonaffiliated Trustees 30,049
Miscellaneous 116,097
-----------------------------------------------------------------------------------------------
Total expenses $ 7,758,543
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (210,254)
-----------------------------------------------------------------------------------------------
Net expenses $ 7,548,289
-----------------------------------------------------------------------------------------------
Net investment income $ 29,726,131
-----------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS AND SWAP CONTRACTS:
Net realized gain (loss) on:
Investments $ 21,972,222
Futures contracts (5,829,513)
Swap contracts 266,392 $ 16,409,101
-----------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ (18,715,917)
Futures contracts (3,076,503)
Swap contracts 271,593 $ (21,520,827)
-----------------------------------------------------------------------------------------------
Net loss on investments, futures contracts and swap contracts $ (5,111,726)
-----------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 24,614,405
===============================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
The accompanying notes are an integral part of these financial statements.
64 Pioneer Bond Fund | Semiannual Report | 12/31/14
Statements of Changes in Net Assets
-------------------------------------------------------------------------------------------
Six Months
Ended
12/31/14 Year Ended
(unaudited) 6/30/14
-------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 29,726,131 $ 55,183,804
Net realized gain on investments, futures
contracts and swap contracts 16,409,101 14,043,931
Change in net unrealized appreciation (depreciation)
on investments, futures contracts and swap contracts (21,520,827) 23,696,606
-------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 24,614,405 $ 92,924,341
-------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.16 and $0.38 per share, respectively) $ (12,657,545) $ (22,667,902)
Class B ($0.08 and $0.27 per share, respectively)* (34,682) (193,002)
Class C ($0.11 and $0.29 per share, respectively) (973,589) (2,298,637)
Class K ($0.17 and $0.40 per share, respectively) (388,622) (38,942)
Class R ($0.14 and $0.34 per share, respectively) (875,009) (1,255,219)
Class Y ($0.17 and $0.39 per share, respectively) (17,746,298) (32,906,308)
Class Z ($0.17 and $0.40 per share, respectively) (704,339) (162,131)
Net realized gains
Class A ($0.04 and $0.00 per share, respectively) (3,819,881) --
Class C ($0.04 and $0.00 per share, respectively) (406,576) --
Class K ($0.04 and $0.00 per share, respectively) (45,156) --
Class R ($0.04 and $0.00 per share, respectively) (285,304) --
Class Y ($0.04 and $0.00 per share, respectively) (4,943,141) --
Class Z ($0.04 and $0.00 per share, respectively) (218,854) --
-------------------------------------------------------------------------------------------
Total distributions to shareowners $ (43,098,996) $ (59,522,141)
-------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS
Net proceeds from sale or exchange of shares $1,143,993,860 $ 666,056,558
Reinvestment of distributions 34,173,192 47,974,430
Cost of shares repurchased (334,549,764) (647,980,831)
-------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 843,617,288 $ 66,050,157
-------------------------------------------------------------------------------------------
Net increase in net assets $ 825,132,697 $ 99,452,357
NET ASSETS:
Beginning of period $1,714,838,695 $1,615,386,338
-------------------------------------------------------------------------------------------
End of period $2,539,971,392 $1,714,838,695
===========================================================================================
Distributions in excess of net investment income $ (5,026,501) $ (1,372,548)
===========================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/14 65
Statements of Changes in Net Assets (continued)
-------------------------------------------------------------------------------------------
'14 Shares '14 Amount
(unaudited) (unaudited) '14 Shares '14 Amount
-------------------------------------------------------------------------------------------
Class A
Shares sold 38,597,949 $ 380,407,687 33,575,403 $ 326,968,655
Reinvestment of distributions 1,379,609 13,566,840 2,135,282 20,747,926
Less shares repurchased (12,960,928) (127,705,500) (22,630,052) (219,467,397)
-------------------------------------------------------------------------------------------
Net increase 27,016,630 $ 266,269,027 13,080,633 $ 128,249,184
===========================================================================================
Class B*
Shares exchanged 12,531 $ 122,811 17,772 $ 171,327
Reinvestment of distributions 2,761 27,063 16,903 162,846
Less shares repurchased (561,244) (5,495,479) (404,531) (3,892,942)
-------------------------------------------------------------------------------------------
Net decrease (545,952) $ (5,345,605) (369,856) $ (3,558,769)
===========================================================================================
Class C
Shares sold 3,740,614 $ 36,413,546 1,238,186 $ 11,902,291
Reinvestment of distributions 94,643 920,238 176,433 1,692,531
Less shares repurchased (970,677) (9,456,562) (3,094,712) (29,662,070)
-------------------------------------------------------------------------------------------
Net increase (decrease) 2,864,580 $ 27,877,222 (1,680,093) $ (16,067,248)
===========================================================================================
Class K
Shares sold 9,929,093 $ 97,360,512 459,929 $ 4,490,799
Reinvestment of distributions 18,443 181,092 3,958 38,794
Less shares repurchased (217,582) (2,135,700) (19,469) (191,302)
-------------------------------------------------------------------------------------------
Net increase 9,729,954 $ 95,405,904 444,418 $ 4,338,291
===========================================================================================
Class R
Shares sold 3,441,684 $ 34,183,067 2,689,792 $ 26,402,096
Reinvestment of distributions 107,070 1,062,350 119,608 1,172,422
Less shares repurchased (653,120) (6,491,399) (1,161,793) (11,353,848)
-------------------------------------------------------------------------------------------
Net increase 2,895,634 $ 28,754,018 1,647,607 $ 16,220,670
===========================================================================================
Class Y
Shares sold 56,018,873 $ 546,325,912 30,497,633 $ 293,771,461
Reinvestment of distributions 1,795,788 17,495,680 2,494,174 24,002,560
Less shares repurchased (18,591,462) (181,150,995) (39,540,727) (379,763,123)
-------------------------------------------------------------------------------------------
Net increase (decrease) 39,223,199 $ 382,670,597 (6,548,920) $ (61,989,102)
===========================================================================================
Class Z
Shares sold 4,979,085 $ 49,180,325 241,257 $ 2,349,929
Reinvestment of distributions 93,415 919,929 16,156 157,351
Less shares repurchased (214,272) (2,114,129) (377,159) (3,650,149)
-------------------------------------------------------------------------------------------
Net increase (decrease) 4,858,228 $ 47,986,125 (119,746) $ (1,142,869)
===========================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
The accompanying notes are an integral part of these financial statements.
66 Pioneer Bond Fund | Semiannual Report | 12/31/14
Financial Highlights
-------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/14 Ended Ended Ended Ended Ended
(unaudited) 6/30/14 6/30/13 6/30/12 6/30/11 6/30/10
-------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.88 $ 9.67 $ 9.73 $ 9.66 $ 9.44 $ 8.63
-------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.14 $ 0.35 $ 0.38 $ 0.42 $ 0.45 $ 0.45
Net realized and unrealized gain (loss) on investments (0.02) 0.24 (0.07) 0.13 0.21 0.80
-------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.12 $ 0.59 $ 0.31 $ 0.55 $ 0.66 $ 1.25
-------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.16) $ (0.38) $ (0.37) $ (0.43) $ (0.44) $ (0.44)
Net realized gain (0.04) -- -- (0.05) -- --
-------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.20) $ (0.38) $ (0.37) $ (0.48) $ (0.44) $ (0.44)
-------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.08) $ 0.21 $ (0.06) $ 0.07 $ 0.22 $ 0.81
-------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.80 $ 9.88 $ 9.67 $ 9.73 $ 9.66 $ 9.44
===============================================================================================================================
Total return* 1.22% 6.19% 3.21% 5.91% 7.08% 14.71%
Ratio of net expenses to average net assets 0.85%** 0.85% 0.85% 0.85% 0.85% 0.85%
Ratio of net investment income (loss) to average net assets 2.82%** 3.52% 3.77% 4.35% 4.63% 4.86%
Portfolio turnover rate 134%** 41% 28% 21% 36% 41%
Net assets, end of period (in thousands) $965,720 $706,962 $565,569 $453,772 $500,905 $420,706
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 0.90%** 1.00% 1.01% 1.03% 1.06% 1.07%
Net investment income (loss) 2.77%** 3.37% 3.61% 4.17% 4.42% 4.64%
===============================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/14 67
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/14 Ended Ended Ended Ended Ended
(unaudited) 6/30/14 6/30/13 6/30/12 6/30/11 6/30/10
--------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.77 $ 9.57 $ 9.63 $ 9.55 $ 9.34 $ 8.54
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.10 $ 0.26 $ 0.29 $ 0.33 $ 0.36 $ 0.37
Net realized and unrealized gain (loss) on investments (0.03) 0.23 (0.06) 0.15 0.20 0.78
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.07 $ 0.49 $ 0.23 $ 0.48 $ 0.56 $ 1.15
--------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.11) $ (0.29) $ (0.29) $ (0.35) $ (0.35) $ (0.35)
Net realized gain (0.04) -- -- (0.05) -- --
--------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.15) $ (0.29) $ (0.29) $ (0.40) $ (0.35) $ (0.35)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.08) $ 0.20 $ (0.06) $ 0.08 $ 0.21 $ 0.80
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.69 $ 9.77 $ 9.57 $ 9.63 $ 9.55 $ 9.34
==========================================================================================================================
Total return* 0.79% 5.20% 2.33% 5.12% 6.06% 13.63%
Ratio of net expenses to average net assets 1.64%** 1.73% 1.72% 1.73% 1.73% 1.79%
Ratio of net investment income (loss) to average net assets 2.02%** 2.69% 2.93% 3.47% 3.75% 3.91%
Portfolio turnover rate 134%** 41% 28% 21% 36% 41%
Net assets, end of period (in thousands) $100,356 $73,224 $87,763 $93,737 $82,915 $81,892
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 1.64%** 1.73% 1.72% 1.73% 1.73% 1.79%
Net investment income (loss) 2.02%** 2.69% 2.93% 3.47% 3.75% 3.91%
==========================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
The accompanying notes are an integral part of these financial statements.
68 Pioneer Bond Fund | Semiannual Report | 12/31/14
-----------------------------------------------------------------------------------------
Six Months
Ended 12/20/12 (a)
12/31/14 Year Ended to
(unaudited) 6/30/14 6/30/13
-----------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 9.87 $ 9.67 $ 9.94
-----------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.15 $ 0.40 $ 0.20
Net realized and unrealized gain (loss)
on investments (0.02) 0.20 (0.26)
-----------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.13 $ 0.60 $ (0.06)
-----------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.17) $ (0.40) $ (0.21)
Net realized gain (0.04) -- --
-----------------------------------------------------------------------------------------
Total distributions $ (0.21) $ (0.40) $ (0.21)
-----------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.08) $ 0.20 $ (0.27)
-----------------------------------------------------------------------------------------
Net asset value, end of period $ 9.79 $ 9.87 $ 9.67
=========================================================================================
Total return* 1.40% 6.37% (0.61)%(b)
Ratio of net expenses to average net assets 0.45%** 0.56% 0.57%**
Ratio of net investment income (loss) to
average net assets 3.12%** 3.59% 3.86%**
Portfolio turnover rate 134%** 41% 28%
Net assets, end of period (in thousands) $99,650 $ 4,398 $ 10
Ratios with no waiver of fees and assumption
of expenses by the Adviser and no reduction
for fees paid indirectly:
Total expenses 0.45%** 0.56% 0.57%**
Net investment income (loss) 3.12%** 3.59% 3.86%**
=========================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
(a) Class K shares were first publicly offered on December 20, 2012.
(b) Not annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/14 69
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/14 Ended Ended Ended Ended Ended
(unaudited) 6/30/14 6/30/13 6/30/12 6/30/11 6/30/10
--------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 9.97 $ 9.76 $ 9.82 $ 9.74 $ 9.52 $ 8.71
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.13 $ 0.32 $ 0.34 $ 0.39 $ 0.41 $ 0.42
Net realized and unrealized gain (loss) on investments (0.03) 0.23 (0.06) 0.14 0.22 0.80
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.10 $ 0.55 $ 0.28 $ 0.53 $ 0.63 $ 1.22
--------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.14) $ (0.34) $ (0.34) $ (0.40) $ (0.41) $ (0.41)
Net realized gain (0.04) -- -- (0.05) -- --
--------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.18) $ (0.34) $ (0.34) $ (0.45) $ (0.41) $ (0.41)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.08) $ 0.21 $ (0.06) $ 0.08 $ 0.22 $ 0.81
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.89 $ 9.97 $ 9.76 $ 9.82 $ 9.74 $ 9.52
==========================================================================================================================
Total return* 1.08% 5.75% 2.80% 5.58% 6.67% 14.18%
Ratio of net expenses to average net assets 1.10%** 1.25% 1.25% 1.25% 1.24% 1.25%
Ratio of net investment income (loss) to average net assets 2.58%** 3.12% 3.36% 3.94% 4.25% 4.50%
Portfolio turnover rate 134%** 41% 28% 21% 36% 41%
Net assets, end of period (in thousands) $76,498 $48,264 $31,169 $23,892 $20,508 $18,186
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 1.21%** 1.32% 1.35% 1.35% 1.24% 1.26%
Net investment income (loss) 2.47%** 3.05% 3.26% 3.84% 4.25% 4.49%
==========================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
70 Pioneer Bond Fund | Semiannual Report | 12/31/14
---------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/14 Ended Ended Ended Ended Ended
(unaudited) 6/30/14 6/30/13 6/30/12 6/30/11 6/30/10
---------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.79 $ 9.58 $ 9.65 $ 9.57 $ 9.36 $ 8.55
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.16 $ 0.36 $ 0.39 $ 0.44 $ 0.47 $ 0.47
Net realized and unrealized gain (loss) on investments (0.03) 0.24 (0.07) 0.14 0.20 0.79
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.13 $ 0.60 $ 0.32 $ 0.58 $ 0.67 $ 1.26
---------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.17) $ (0.39) $ (0.39) $ (0.45) $ (0.46) $ (0.45)
Net realized gain (0.04) -- -- (0.05) -- --
---------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.21) $ (0.39) $ (0.39) $ (0.50) $ (0.46) $ (0.45)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.08) $ 0.21 $ (0.07) $ 0.08 $ 0.21 $ 0.81
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.71 $ 9.79 $ 9.58 $ 9.65 $ 9.57 $ 9.36
=================================================================================================================================
Total return* 1.35% 6.41% 3.34% 6.27% 7.25% 15.06%
Ratio of net expenses to average net assets 0.57%** 0.66% 0.66% 0.65% 0.61% 0.61%
Ratio of net investment income (loss) to average net assets 3.10%** 3.72% 3.97% 4.55% 4.88% 5.13%
Portfolio turnover rate 134%** 41% 28% 21% 36% 41%
Net assets, end of period (in thousands) $1,245,301 $871,801 $916,182 $847,072 $717,433 $713,869
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 0.57%** 0.66% 0.66% 0.65% 0.61% 0.61%
Net investment income (loss) 3.10%** 3.72% 3.97% 4.55% 4.88% 5.13%
=================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/14 71
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/14 Ended Ended Ended Ended Ended
(unaudited) 6/30/14 6/30/13 6/30/12 6/30/11 6/30/10
--------------------------------------------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $ 9.90 $ 9.70 $ 9.76 $ 9.68 $ 9.46 $ 8.67
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.15 $ 0.38 $ 0.40 $ 0.45 $ 0.47 $ 0.48
Net realized and unrealized gain (loss) on investments (0.03) 0.22 (0.06) 0.14 0.21 0.77
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.12 $ 0.60 $ 0.34 $ 0.59 $ 0.68 $ 1.25
--------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.17) $ (0.40) $ (0.40) $ (0.46) $ (0.46) $ (0.46)
Net realized gain (0.04) -- -- (0.05) -- --
--------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.21) $ (0.40) $ (0.40) $ (0.51) $ (0.46) $ (0.46)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.09) $ 0.20 $ (0.06) $ 0.08 $ 0.22 $ 0.79
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.81 $ 9.90 $ 9.70 $ 9.76 $ 9.68 $ 9.46
==========================================================================================================================
Total return* 1.25% 6.29% 3.41% 6.23% 7.30% 14.68%
Ratio of net expenses to average net assets 0.64%** 0.65% 0.65% 0.65% 0.65% 0.63%
Ratio of net investment income (loss) to average net assets 3.06%** 3.70% 3.95% 4.50% 4.82% 5.00%
Portfolio turnover rate 134%** 41% 28% 21% 36% 41%
Net assets, end of period (in thousands) $52,446 $ 4,828 $ 5,889 $ 2,196 $ 787 $ 720
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 0.64%** 0.82% 0.87% 0.83% 0.72% 0.63%
Net investment income (loss) 3.06%** 3.53% 3.73% 4.32% 4.75% 5.00%
==========================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
72 Pioneer Bond Fund | Semiannual Report | 12/31/14
Notes to Financial Statements | 12/31/14 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Bond Fund (the Fund) is a Delaware statutory trust. The Fund is
registered under the Investment Company Act of 1940 as a diversified, open-end
management investment company. The investment objective of the Fund is to seek
current income consistent with preservation of capital.
The Fund offers six classes of shares designated as Class A, Class C, Class K,
Class R, Class Y and Class Z shares. Class K shares were first publicly offered
on December 20, 2012. The Fund ceased to offer Class B shares on November 10,
2014. Class B shares were converted to Class A shares as of the close of
business on November 10, 2014. Each class of shares represents an interest in
the same portfolio of investments of the Fund and has identical rights (based on
relative net asset values) to assets and liquidation proceeds. Share classes can
bear different rates of class-specific fees and expenses such as transfer agent
and distribution fees. Differences in class-specific fees and expenses will
result in differences in net investment income and, therefore, the payment of
different dividends from net investment income earned by each class. The Amended
and Restated Declaration of Trust of the Fund gives the Board the flexibility to
specify either per-share voting or dollar-weighted voting when submitting
matters for shareholder approval. Under per-share voting, each share of a class
of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class K, Class Y or Class Z shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gains and losses on investments during the reporting
period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
Pioneer Bond Fund | Semiannual Report | 12/31/14 73
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. Senior
floating rate loan interests (senior loans) are valued in accordance with
guidelines established by the Board of Trustees at the mean between the
last available bid and asked prices from one or more brokers or dealers as
obtained from Loan Pricing Corporation, an independent pricing service. If
price information is not available from Loan Pricing Corporation, or if the
price information is deemed to be unreliable, price information will be
obtained from an alternative loan interest pricing service. If no reliable
price quotes are available from either the primary or alternative pricing
service, broker quotes will be solicited. Fixed income securities are
valued at prices supplied by independent pricing services, which consider
such factors as market prices, market events, quotations from one or more
brokers, Treasury spreads, yields, maturities and ratings. Valuations may
be supplemented by dealers and other sources, as required. Credit default
swaps are valued by an independent pricing service based upon valuation
models incorporating default probabilities, estimated recovery rates,
actual reported transactions, and other available market data. Equity
securities that have traded on an exchange are valued at the last sale
price on the principal exchange where they are traded. Equity securities
that have not traded on the date of valuation, or securities for which sale
prices are not available, generally are valued using the mean between the
last bid and asked prices. Shares of money market mutual funds are valued
at such funds' net asset value. Cash may include overnight time deposits at
approved financial institutions.
Securities or senior loans for which independent pricing services are
unable to supply prices or for which market prices and/or quotations are
not readily available or are considered to be unreliable are valued by a
fair valuation team comprised of certain personnel of Pioneer Investment
Management, Inc. (PIM), the Fund's investment adviser, pursuant to
procedures adopted by the Fund's Board of Trustees. PIM's fair valuation
team uses fair value methods approved by the Valuation Committee of the
Board of Trustees. PIM's fair valuation team is responsible for monitoring
developments that may impact fair valued securities and for discussing and
assessing fair values on an ongoing basis, and at least quarterly, with the
Valuation Committee of the Board of Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after the
close of the
74 Pioneer Bond Fund | Semiannual Report | 12/31/14
exchange or market on which the security trades and prior to the
determination of the Fund's net asset value. Examples of a significant
event might include political or economic news, corporate restructurings,
natural disasters, terrorist activity or trading halts. Thus, the valuation
of the Fund's securities may differ significantly from exchange prices and
such differences could be material.
At December 31, 2014, one security was valued using fair value methods (in
addition to than securities valued using prices supplied by independent
pricing services) amounting to less than 0.1% of net assets.
B. Investment Income and Transactions
Principal amounts of mortgage-backed securities, asset-backed securities
and corporate bonds are adjusted for monthly paydowns. Premiums and
discounts related to certain mortgage-backed securities are amortized or
accreted in proportion to the monthly paydowns. All discounts/premiums on
purchase prices of debt securities are accreted/amortized for financial
reporting purposes over the life of the respective securities, and such
accretion/amortization is included in interest income.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence. Interest income, including
interest on income bearing cash accounts, is recorded on the accrual basis.
Dividend and interest income are reported net of unrecoverable foreign
taxes withheld at the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
C. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no provision for federal income taxes is required.
As of June 30, 2014, the Fund did not accrue any interest or penalties with
respect to uncertain tax positions, which, if applicable, would be recorded
as an income tax expense in the Statement of Operations. Tax returns filed
within the prior three years remain subject to examination by Federal and
State tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Pioneer Bond Fund | Semiannual Report | 12/31/14 75
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax character, but are not adjusted for temporary differences.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the year ended June 30, 2014 was as follows:
---------------------------------------------------------------------------
2014
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $59,522,141
Long-term capital gain --
---------------------------------------------------------------------------
Total $59,522,141
===========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at June 30, 2014:
---------------------------------------------------------------------------
2014
---------------------------------------------------------------------------
Distributable earnings:
Capital loss carryforward $ (4,795,956)
Dividends payable (605,287)
Net unrealized appreciation 76,752,314
---------------------------------------------------------------------------
Total $ 71,351,071
===========================================================================
The difference between book-basis and tax-basis net unrealized appreciation
is attributable to the tax deferral of losses on wash sales, adjustments
relating to catastrophe bonds, the tax treatment of premium and
amortization, the mark-to-market of futures contracts and credit default
swaps.
D. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A.
(UniCredit), earned $38,574 in underwriting commissions on the sale of
Class A shares during the six months ended December 31, 2014.
E. Class Allocations
Income, common expenses, and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
76 Pioneer Bond Fund | Semiannual Report | 12/31/14
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class C, and Class R shares of the Fund,
respectively (see Note 4). Class K, Class Y and Class Z shares do not pay
distribution fees. All expenses and fees paid to the transfer agent,
Pioneer Investment Management Shareholder Services, Inc. (PIMSS), for its
services are allocated among the classes of shares based on the number of
accounts in each class and the ratable allocation of related out-of-pocket
expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net
investment income. All dividends are paid on a monthly basis. Short-term
capital gain distributions, if any, may be declared with the daily
dividends. Distributions to shareowners are recorded as of the ex-dividend
date. Distributions paid by the Fund with respect to each class of shares
are calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C, Class K, Class R, Class Y
and Class Z shares can reflect different transfer agent and distribution
expense rates.
F. Risks
At times, the Fund's investments may represent industries or industry
sectors that are interrelated or have common risks, making the Fund more
susceptible to any economic, political, or regulatory developments or other
risks affecting those industries and sectors. The Fund's prospectus
contains unaudited information regarding the Fund's principal risks. Please
refer to that document when considering the Fund's principal risks.
G. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge
against changes in interest rates, securities prices and currency exchange
rates or to seek to increase total return. Futures contracts are types of
derivatives. All futures contracts entered into by the Fund are traded on a
futures exchange. Upon entering into a futures contract, the Fund is
required to deposit with a broker an amount of cash or securities equal to
the minimum "initial margin" requirements of the associated futures
exchange. The amount of cash deposited with the broker as collateral at
December 31, 2014 was $4,511,450. Subsequent payments for futures contracts
("variation margin") are paid or received by the Fund, depending on the
daily fluctuation in the value of the contracts, and are recorded by the
Fund as unrealized appreciation or depreciation. When the contract is
closed, the Fund realizes a gain or loss equal to the difference between
the opening and closing value of the contract as well as any fluctuation in
foreign currency exchange rates where applicable. The use of futures
contracts are subject to market risk, interest rate risk and currency
exchange rate risk. Changes in value of the
Pioneer Bond Fund | Semiannual Report | 12/31/14 77
contracts may not directly correlate to the changes in value of the
underlying securities. The average value of contracts open during the six
months ended December 31, 2014 was $348,356,954.
At December 31, 2014, open futures contracts were as follows:
---------------------------------------------------------------------------------------
Number of Unrealized
Contracts Settlement Appreciation
Type Long/(Short) Month Value (depreciation)
---------------------------------------------------------------------------------------
U.S. Long Bond (CBT) (1,101) 3/15 $ (159,163,313) $ (3,482,218)
U.S. Ultra Bond (CBT) 360 3/15 59,467,500 2,250,656
U.S. 10 Year Note (CBT) (1,753) 3/15 (222,274,922) (999,758)
U.S. 2 Year Note (CBT) (170) 3/15 (37,160,938) 56,002
U.S. 5 Year Note (CBT) (625) 3/15 (74,331,054) 56,877
---------------------------------------------------------------------------------------
$ (433,462,727) $ (2,118,441)
---------------------------------------------------------------------------------------
H. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value
of the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The
collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian or a subcustodian of the
Fund. PIM is responsible for determining that the value of the collateral
remains at least equal to the repurchase price.
I. Credit Default Swap Agreements
A credit default swap is a contract between a buyer of protection and a
seller of protection against a pre-defined credit event. The Fund may buy
or sell credit default swap contracts to seek to increase the Fund's
income, or to attempt to hedge the risk of default on portfolio securities.
A credit default swap index is used to hedge risk or take a position on a
basket of credit entities or indices. As a seller of protection, the Fund
would be required to pay the notional (or other agreed-upon) value of the
referenced debt obligation to the counterparty in the event of a default by
a U.S. or foreign corporate issuer of a debt obligation, which would likely
result in a loss to the Fund. In return, the Fund would receive from the
counterparty a periodic stream of payments during the term of the contract
provided that no event of default occurred. The maximum exposure of loss to
the seller would be the notional value of the credit default swaps
outstanding. If no default occurs, the Fund would keep the stream of
payments and would have no payment obligation. The Fund may also buy credit
default swap contracts in order to hedge against the risk of default of
debt securities, in which case the Fund would function as the counterparty
referenced above.
78 Pioneer Bond Fund | Semiannual Report | 12/31/14
When the Fund enters into a credit default swap contract, the protection
buyer makes an upfront or periodic payment to the protection seller in
exchange for the right to receive a contingent payment. An upfront payment
made by the Fund, as the protection buyer, is recorded as an asset in the
Statement of Assets and Liabilities. Periodic payments received or paid by
the Fund are recorded as realized gains or losses in the Statement of
Operations.
Credit default swap contracts are marked-to-market daily using valuations
supplied by independent sources and the change in value, if any, is
recorded as unrealized appreciation or depreciation in the Statement of
Assets and Liabilities. Payments received or made as a result of a credit
event or upon termination of the contract are recognized, net of the
appropriate amount of the upfront payment, as realized gains or losses in
the Statement of Operations.
Credit default swap contracts involving the sale of protection may involve
greater risks than if the Fund had invested in the referenced debt
instrument directly. Credit default swap contracts are subject to general
market risk, liquidity risk, counterparty risk and credit risk. If the Fund
is a protection buyer and no credit event occurs, it will lose its
investment. If the Fund is a protection seller and a credit event occurs,
the value of the referenced debt instrument received by the Fund, together
with the periodic payments received, may be less than the amount the Fund
pays to the protection buyer, resulting in a loss to the Fund.
Certain swap contracts that are cleared through a central clearinghouse are
referred to as centrally cleared swaps. All payments made or received by
the Fund are pursuant to a centrally cleared swap contract with the central
clearing party rather than the original counterparty. Upon entering into a
centrally cleared swap contract, the Fund is required to make an initial
margin deposit, either in cash or in securities. The daily change in value
on open centrally cleared contracts is recorded as variation margin on
centrally cleared swaps on the Statement of Assets and Liabilities.
Open credit default swap contracts at December 31, 2014 are listed in the
Schedule of Investments. The average value of swap contracts open during
the six months ended December 31, 2014 was $304,751.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.40% of
the Fund's average daily net assets. Prior to July 1, 2014, the annual fee paid
by the fund was 0.50% of the fund's average daily net assets up to $1 billion,
0.45% of the fund's average daily net assets between $1 billion and $2 billion,
and 0.40% of the fund's average daily net assets over $2 billion. For the six
Pioneer Bond Fund | Semiannual Report | 12/31/14 79
months ended December 31, 2014, the effective management fee (excluding waivers
and/or assumption of expenses) was equal to 0.40% of the Fund's average daily
net assets.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 0.85%, 1.90%, 1.10%, 0.58% and 0.65% of the
average daily net assets attributable to Class A, Class C, Class R, Class Y and
Class Z shares, respectively. Fees waived and expenses reimbursed during the six
months ended December 31, 2014 are reflected on the Statement of Operations.
These expense limitations are in effect through November 1, 2016 for Class A,
Class R, Class Y and Class Z shares and November 1, 2016 for Class C shares.
There can be no assurance that PIM will extend the expense limitation agreement
for a class of shares beyond the dates referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting, and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$57,241 in management fees, administrative costs and certain other
reimbursements payable to PIM at December 31, 2014.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the six months ended December 31, 2014, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 574,096
Class B 3,967
Class C 54,254
Class K 56
Class R 68,967
Class Y 519,958
Class Z 32,589
--------------------------------------------------------------------------------
Total $1,253,887
================================================================================
80 Pioneer Bond Fund | Semiannual Report | 12/31/14
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $302,549 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at December 31, 2014.
4. Distribution and Service Plans
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class C and Class R
shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net
assets attributable to Class A shares as compensation for personal services
and/or account maintenance services or distribution services with regard to
Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the
average daily net assets attributable to Class C shares. The fee for Class C
shares consists of a 0.25% service fee and a 0.75% distribution fee paid as
compensation for personal services and/or account maintenance services or
distribution services with regard to Class C shares. Pursuant to the Plan, the
Fund further pays PFD 0.50% of the average daily net assets attributable to
Class R shares for distribution services. Included in "Due to affiliates"
reflected on the Statement of Assets and Liabilities is $20,412 in distribution
fees payable to PFD at December 31, 2014.
The Fund also has adopted a separate service plan for Class R shares (Service
Plan). The Service Plan authorizes the Fund to pay securities dealers, plan
administrators or other service organizations that agree to provide certain
services to retirement plans or plan participants holding shares of the Fund a
service fee of up to 0.25% of the Fund's average daily net assets attributable
to Class R shares held by such plans.
In addition, redemptions of each class of shares (except Class K, Class R, Class
Y and Class Z shares) may be subject to a contingent deferred sales charge
(CDSC). A CDSC of 1.00% may be imposed on redemptions of certain net asset value
purchases of Class A shares within 12 months of purchase. Redemptions of Class C
shares within 12 months of purchase are subject to a CDSC of 1.00%, based on the
lower of cost or market value of shares being redeemed. Shares purchased as part
of an exchange remain subject to any CDSC that applied to the original purchase
of those shares. There is no CDSC for Class R, Class Y or Class Z shares.
Proceeds from the CDSC are paid to PFD. For the six months ended December 31,
2014, CDSC in the amount of $3,802 were paid to PFD.
Pioneer Bond Fund | Semiannual Report | 12/31/14 81
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the six months ended December 31, 2014, the Fund's
expenses were not reduced under such arrangements.
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect until February 12, 2014 was in the amount of $215
million. As of February 12, 2014, the facility is in the amount of $240 million.
Under such facility, depending on the type of loan, interest on borrowings is
payable at the London Interbank Offered Rate (LIBOR) plus 0.90% (0.85% as of
February 12, 2014) on an annualized basis, or the Alternate Base Rate, which is
the greater of (a) the facility's administrative agent's daily announced prime
rate on the borrowing date, (b) 2% plus the Federal Funds Rate on the borrowing
date and (c) 2% plus the overnight Eurodollar rate on the borrowing date. The
Funds pay an annual commitment fee to participate in a credit facility. The
commitment fee is allocated among participating Funds based on an allocation
schedule set forth in the credit agreement. For the six months ended December
31, 2014, the Fund had no borrowings under a credit facility.
7. Additional Disclosures about Derivative Instruments and Hedging Activities:
Values of derivative instruments as of December 31, 2014 were as follows:
------------------------------------------------------------------------------------
Derivatives Not
Accounted for as Asset Derivatives 2014 Liabilities Derivatives 2014
Hedging Instruments -------------------------- ------------------------------
Under Accounting Statement of Assets Statement of Assets
Standards Codification and Liabilities and Liabilities
(ASC) 815 Location Value Location Value
------------------------------------------------------------------------------------
Futures contracts* Net unrealized Net unrealized
appreciation on depreciation on
futures contracts $ -- futures contracts $2,118,441
Swap Contracts Net unrealized Net unrealized
appreciation on depreciation on
swap contracts $171,619 swap contracts $ --
------------------------------------------------------------------------------------
Total $171,619 $2,118,441
====================================================================================
82 Pioneer Bond Fund | Semiannual Report | 12/31/14
The effect of derivative instruments on the Statement of Operations for the six
months ended December 31, 2014 was as follows:
----------------------------------------------------------------------------------------------
Change in
Derivatives Not Realized Unrealized
Accounted for as Gain or Appreciation or
Hedging Instruments Loss on (Depreciation)
Under Accounting Location of Gain or (Loss) Derivatives on Derivatives
Standards Codification on Derivatives Recognized Recognized Recognized
(ASC) 815 in Income in Income in Income
----------------------------------------------------------------------------------------------
Futures contracts Net realized gain (loss) on
futures contracts $(5,829,513)
Futures contracts Change in unrealized appreciation
(depreciation) on futures contracts $(3,076,503)
Swap Contracts Net realized gain (loss) on
swap contracts $ 266,392
Swap Contracts Change in unrealized appreciation
(depreciation) on swap contracts $ 271,593
8. Change in Independent Registered Public Accounting Firm
The Board of Trustees of the Fund, with the approval and recommendation of the
Audit Committee, appointed Deloitte & Touche LLP to serve as the Fund's
independent registered public accounting firm for the fiscal year ending June
30, 2014. Deloitte & Touche LLP replaces Ernst & Young LLP, which resigned as
the Fund's independent registered public accounting firm, effective upon
completion of the audit of the Fund's financial statements for the fiscal year
ended June 30, 2013.
During the periods that Ernst & Young LLP served as the Fund's independent
registered public accounting firm, including the Fund's fiscal years ending June
30, 2013 and June 30, 2012, Ernst & Young LLP's reports on the financial
statements of the Fund have not contained an adverse opinion or disclaimer of
opinion and have not been qualified or modified as to uncertainty, audit scope
or accounting principles. Further, there have been no disagreements with Ernst &
Young LLP on any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure, which, if not resolved to
the satisfaction of Ernst & Young LLP would have caused Ernst & Young LLP to
make reference to the subject matter of the disagreement in connection with its
report on the financial statements. In addition, there have been no reportable
events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the
Securities Exchange Act of 1934.
Pioneer Bond Fund | Semiannual Report | 12/31/14 83
9. Conversion of Class B shares
As of the close of business on November 10, 2014 (the "Conversion Date"), all
outstanding Class B shares of the Fund were converted to Class A shares.
84 Pioneer Bond Fund | Semiannual Report | 12/31/14
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Bond Fund (the Fund) pursuant to an investment advisory agreement
between PIM and the Fund. In order for PIM to remain the investment adviser of
the Fund, the Trustees of the Fund must determine annually whether to renew the
investment advisory agreement for the Fund.
The contract review process began in January 2014 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
Contract review materials were provided to the Trustees in March 2014 and July
2014. Supplemental contract review materials were provided to the Trustees in
September 2014. In addition, the Trustees reviewed and discussed the Fund's
performance at regularly scheduled meetings throughout the year, and took into
account other information related to the Fund provided to the Trustees at
regularly scheduled meetings, in connection with the review of the Fund's
investment advisory agreement.
In March 2014, the Trustees, among other things, discussed the memorandum
provided by Fund counsel that summarized the legal standards and other
considerations that are relevant to the Trustees in their deliberations
regarding the renewal of the investment advisory agreement, and reviewed and
discussed the qualifications of the investment management teams, as well as the
level of investment by the Fund's portfolio managers in the Fund. In July 2014,
the Trustees, among other things, reviewed the Fund's management fee and total
expense ratios, the financial statements of PIM and its parent companies, the
profitability analyses provided by PIM, and possible economies of scale. The
Trustees also reviewed the profitability of the institutional business of PIM
and PIM's affiliate, Pioneer Institutional Asset Management, Inc. (together with
PIM, "Pioneer"), as compared to that of PIM's fund management business, and
considered the differences between the fees and expenses of the Fund and the
fees and expenses of Pioneer's institutional accounts, as well as the different
services provided by PIM to the Fund and by Pioneer to the institutional
accounts. The Trustees further considered contract review materials in September
2014.
At a meeting held on September 16, 2014, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. In all quintile rankings referred to throughout this
Pioneer Bond Fund | Semiannual Report | 12/31/14 85
disclosure, first quintile is most favorable to the Fund's shareowners. The
Trustees did not identify any single factor as the controlling factor in
determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for the
Fund and its research process. The Trustees considered the resources of PIM and
the personnel of PIM who provide investment management services to the Fund.
They also reviewed the amount of non- Fund assets managed by the portfolio
managers of the Fund. The Trustees considered the non-investment resources and
personnel of PIM involved in PIM's services to the Fund, including PIM's
compliance and legal resources and personnel. The Trustees noted the substantial
attention and high priority given by PIM's senior management to the Pioneer fund
complex.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory agreement.
Performance of the Fund
In considering the Fund's performance, the Trustees regularly review and discuss
analysis and data prepared by PIM and information comparing the Fund's
performance with the performance of its peer group of funds as classified by
each of Morningstar, Inc. (Morningstar) and Lipper, and with the performance of
the Fund's benchmark index. They also discuss the Fund's performance with PIM on
a regular basis. The Trustees confirmed that these regular reviews and
discussions were factored into the Trustees' deliberations concerning the
renewal of the advisory agreement. For purposes of their contract renewal
deliberations, the Trustees considered the discussions held throughout the year
regarding the Fund's performance and the performance results of the Fund over
various time periods, including the Fund's
86 Pioneer Bond Fund | Semiannual Report | 12/31/14
performance results for periods ended June 30, 2014. The Trustees indicated that
the Fund's performance was satisfactory and supported the renewal of the
investment advisory agreement.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the Independent Trustees
for this purpose using data provided by Strategic Insight Mutual Fund Research
and Consulting, LLC (Strategic Insight), an independent third party.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2014 was in the third quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period. The
Trustees also considered the breakpoints in the management fee schedule and the
reduced fee rates above certain asset levels. The Trustees considered that the
expense ratio of the Fund's Class A shares for the twelve months ended June 30,
2014 was in the third quintile relative to its Morningstar peer group and in the
second quintile relative its Strategic Insight peer group, in each case for the
comparable period. The Trustees considered that the expense ratio of the Fund's
Class Y shares for the twelve months ended June 30, 2014 was in the fourth
quintile relative to its Morningstar peer group and in the fourth quintile
relative its Strategic Insight peer group, in each case for the comparable
period. The Trustees noted that PIM was waiving fees and/or reimbursing expenses
in order to limit the ordinary operating expenses of the Fund. The Trustees
considered the impact of transfer agency, sub-transfer agency, and other non-
management fee expenses on the expense ratios of the Fund. The Trustees noted
that they separately review the Fund's transfer agency, sub-transfer agency and
intermediary arrangements. The Trustees noted the Fund's relatively small asset
size compared to most of the other funds in its peer groups. They noted that the
Fund's non-management fee operating expenses generally are spread over a smaller
asset base than the other funds in the peer group, which results in these fees
being significantly higher as a percentage of assets.
The Trustees reviewed management fees charged by Pioneer to institutional and
other clients, including publicly offered European funds sponsored by affiliates
of Pioneer, unaffiliated U.S. registered investment companies (in a sub-advisory
capacity), and unaffiliated foreign and domestic separate accounts. The Trustees
also considered PIM's costs in providing services to the Fund and Pioneer's
costs in providing services to the other clients and considered the differences
in management fees and profit margins for Fund and non-Fund services. In
evaluating the fees associated with Pioneer's client
Pioneer Bond Fund | Semiannual Report | 12/31/14 87
accounts, the Trustees took into account the respective demands, resources and
complexity associated with the Fund and client accounts. The Trustees noted
that, in some instances, the fee rates for those clients were lower than the
management fee for the Fund and considered that, under the investment advisory
agreement with the Fund, PIM performs additional services for the Fund that it
does not provide to those other clients or services that are broader in scope,
including oversight of the Fund's other service providers and activities related
to compliance and the extensive regulatory and tax regimes to which the Fund is
subject. The Trustees also considered the different entrepreneurial risks
associated with PIM's management of the Fund and Pioneer's management of the
other client accounts.
The Trustees concluded that the management fee payable by the Fund to PIM was
reasonable in relation to the nature and quality of the services provided by PIM
to the Fund.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
noted the breakpoints in the management fee schedule. The Trustees recognize
that economies of scale are difficult to identify and quantify, and that, among
other factors that may be relevant, are the following: fee levels, expense
subsidization, investment by PIM in research and analytical capabilities and
PIM's commitment and resource allocation to the Fund. The Trustees noted that
profitability also may be an indicator of the availability of any economies of
scale, although profitability may vary for other reasons including reductions in
expenses. The Trustees concluded that economies of scale, if any, were being
appropriately shared with the Funds.
88 Pioneer Bond Fund | Semiannual Report | 12/31/14
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with the
Fund. The Trustees considered the character and amount of fees paid by the Fund,
other than under the investment advisory agreement, for services provided by PIM
and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. Pioneer is the
principal U.S. asset management business of Pioneer Global Asset Management, the
worldwide asset management business of UniCredit Group, which manages over $150
billion in assets (including the Funds). Pioneer and the Funds receive
reciprocal intangible benefits from the relationship, including mutual brand
recognition and, for the Funds, direct and indirect access to the resources of a
large global asset manager. The Trustees concluded that any such benefits
received by Pioneer as a result of its relationship with the Funds were
reasonable and their consideration of the advisory agreement between the Fund
and PIM and the fees thereunder were unaffected by Pioneer's possible receipt of
any such intangible benefits.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
Pioneer Bond Fund | Semiannual Report | 12/31/14 89
Trustees, Officers and Service Providers
Trustees Advisory Trustee
Thomas J. Perna, Chairman Lorraine H. Monchak*
David R. Bock
Benjamin M. Friedman Officers
Margaret B.W. Graham Lisa M. Jones, President and Chief
Marguerite A. Piret Executive Officer
Fred J. Ricciardi Mark E. Bradley, Treasurer and
Kenneth J. Taubes Chief Financial Officer
Christopher J. Kelley, Secretary and
Chief Legal Officer
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
* Ms. Monchak is a non-voting Advisory Trustee.
90 Pioneer Bond Fund | Semiannual Report | 12/31/14
This page for your notes.
Pioneer Bond Fund | Semiannual Report | 12/31/14 91
This page for your notes.
92 Pioneer Bond Fund | Semiannual Report | 12/31/14
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2015 Pioneer Investments 18633-09-0215
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 12(a)(1), a copy of
its code of ethics that applies to the registrant's principal
executive officer,principal financial officer, principal accounting
officer or controller, or persons performing similar functions,
as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES 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. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 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"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
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.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits 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 tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits 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 "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
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.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees
has considered whether the provision of non-audit
services that were rendered to the Affiliates (as
defined) that were not pre- approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal accountant's
independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's business experience during the past 5 years.
Not applicable to open-end management investment companies.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
Not applicable to open-end management investment companies.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Bond Fund
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date February 27, 2015
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date February 27, 2015
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date February 27, 2015
* Print the name and title of each signing officer under his or her signature.