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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: June 30
Date of reporting period: July 1, 2014 through June 30, 2015
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
--------------------------------------------------------------------------------
Annual Report | June 30, 2015
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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 67
Notes to Financial Statements 77
Report of Independent Registered Public Accounting Firm 89
Trustees, Officers and Service Providers 91
Pioneer Bond Fund | Annual Report | 6/30/15 1
President's Letter
Dear Shareowner,
At mid-year, economic conditions and government policies around the world are
far from homogeneous, and we expect them to continue to diverge. In the United
States, an ongoing economic expansion has brought the unemployment rate down to
levels where wage growth is likely to accelerate. Economic growth and fiscal
austerity have dramatically reduced the Federal budget deficit, while very
accommodative Federal Reserve System policies have kept interest rates
exceptionally low. In Europe and Japan, cyclical economic recoveries/expansions
appear to be gaining traction, buttressed by aggressive quantitative easing
policies of central banks as well as cheaper currencies. China's ongoing
transition from an infrastructure investment-driven to a consumer-driven economy
and the dramatic decline in the price of oil -- largely a result of U.S.
"fracking" -- have benefited some countries while burdening others. On balance,
though, the global economic outlook has continued to improve, although economic
and geopolitical "storm clouds" remain.
Today's market environment presents numerous opportunities as well as challenges
for investors. While we believe that the capital markets may already have priced
in some recent trends, such as the U.S. dollar's appreciation against a basket
of global currencies, it is worth noting that investment risks and opportunities
are not always aligned with the economic outlook.
Since 1928, Pioneer's investment professionals have focused on identifying and
capitalizing on the investment opportunities that present themselves in a
variety of ever-changing economic and market conditions, including those we face
today, while seeking to limit the risk of the permanent impairment of our
clients' capital. Our ongoing goal is to deliver competitive returns consistent
with our strategies' stated style and objectives and consistent with our
shareholders' expectations over a range 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 our commitment to
prudent risk management.
2 Pioneer Bond Fund | Annual Report | 6/30/15
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 managing the assets
our clients have entrusted to us.
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 | Annual Report | 6/30/15 3
Portfolio Management Discussion | 6/30/15
Longer-maturity Treasuries outperformed virtually all other fixed-income asset
classes during the 12-month period ended June 30, 2015, despite strengthening
performance from credit-sensitive debt during the final three months of the
period. In the following interview, Kenneth J. Taubes and Charles Melchreit
review the factors that affected the performance of Pioneer Bond Fund during the
12-month period ended June 30, 2015. Mr. Taubes, Executive Vice President, Chief
Investment Officer, U.S., and a portfolio manager at Pioneer Investments, is
responsible for the daily management of the Portfolio, along with Charles
Melchreit, Director of Investment-Grade Management, a senior vice president and
a portfolio manager at Pioneer.
Q How did the Fund perform during the 12-month period ended June 30, 2015?
A Pioneer Bond Fund's Class A shares returned 1.32% at net asset value during
the 12-month period ended June 30, 2015, while the Fund's benchmark, the
Barclays Aggregate Bond Index (the Barclays Index), returned 1.86%. During
the same period, the average return of the 50 mutual funds in Lipper's
Corporate Debt, A-rated Underlying Funds category was 0.99%, and the
average return of the 1,043 mutual funds in Morningstar's Intermediate-Term
Bond Funds category was 1.04%.
Q How would you describe the investment environment in the fixed-income
markets over the 12-month period ended June 30, 2015?
A The distinguishing characteristic of the first nine months of the period
was a brisk rally in interest rates, as longer-maturity rates declined and
bond prices appreciated. During that time, longer-maturity U.S. Treasuries
outperformed virtually all other fixed-income asset classes, while more
credit-sensitive securities lagged in a market environment characterized by
a flight to quality resulting from periodic bouts of market volatility. The
volatility was spurred by investor anxieties over a number of issues,
including: changes in expectations with regard to the monetary policies of
the world's central banks, as the European Central Bank (ECB) initiated
quantitative easing even as the Federal Reserve System (the Fed) ended it
in the United States; a slowdown of economic growth in China; heightened
geopolitical risks in the Middle East; a dramatic decline in world oil
prices; a reduction in industrial capital investments as a consequence of
the collapse of energy prices; and softness in consumer spending in the
United States. Overall, however, the U.S. economy appeared to be
strengthening
4 Pioneer Bond Fund | Annual Report | 6/30/15
during the period, despite a disappointing gross domestic product report
for the first quarter of 2015, as employment figures improved and the
housing market continued to rebound.
The general market shift into Treasuries received a boost from declining
interest rates in Europe, which resulted from the aforementioned
quantitative easing program launched by the ECB. Global investors saw
superior value in U.S. Treasuries and that, in turn, contributed to the
strengthening of the U.S. dollar in world currency markets.
The trends we witnessed over the first nine months of the Fund's fiscal
year began to change over the final three months of the 12-month period,
beginning in April. In the United States, investors became more optimistic
about economic growth as they focused on the improving employment figures
and the ongoing revival in the housing market. Within the U.S., the yield
curve began steepening as market interest rates started rising, widening
the difference between yields of shorter-maturity and longer-maturity debt
instruments. Longer-maturity Treasuries began to weaken somewhat, while
other asset classes, including corporate bonds, bank loans and government
agency mortgages, started to show improved performance.
Despite the changes in market trends over the final three months of the
period, for the full 12 months ended June 30, 2015, Treasuries were still
among the top-performing asset classes, and the U.S. dollar continued to
outperform other major currencies, including the euro and the Japanese yen.
Q What were the main factors that affected the Fund's performance relative to
the Barclays Index benchmark during the 12-month period ended June 30,
2015?
A The Fund underperformed the benchmark during the period, primarily because
of the portfolio's shorter-duration stance, which, on average, was 1 1/2
years less than that of the Barclays Index. (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.)
We maintained a short-duration stance in the Fund's portfolio because we
believed the U.S. economy's fundamentals were inconsistent with the low
Treasury yields we were seeing. Nevertheless, Treasury yields continued to
decline over the first nine months of the Fund's fiscal year, while bond
prices rose. The negative effects of the low-duration stance on benchmark-
relative performance were partially offset by our concentration of the
Fund's investments in both the shorter and longer maturity ranges, and our
avoidance of the poor-performing intermediate-term maturity range.
Pioneer Bond Fund | Annual Report | 6/30/15 5
The Fund's benchmark-relative returns were helped by sector allocation
decisions during the period, as the portfolio had helpful exposures to
several groups that are not included in the Barclays Index, including
non-government agency mortgages, floating-rate bank loans and insurance-
linked securities. The allocations helped to diminish the negative impact
on relative returns caused by a portfolio underweight to Treasuries and an
overweight to industrial bonds, the performance of which was dragged down
by weakness in the energy and basic materials markets. The performance of
the Fund's industrials holdings also was held back by our emphasis on
owning lower-rated credits, which underperformed in a market that favored
higher-quality debt.
Finally, good security selection results, particularly in the financials
sector and among the Fund's holdings of government agency mortgages (where
we emphasized owning securities with strong pre-payment protection),
contributed to benchmark-relative returns over the 12-month period.
Q What factors affected the Fund's distributions to shareholders over the
12-month period ended June 30, 2015?
A Market yields began to increase during the latter months of the Fund's
fiscal year, after falling during the first half of the 12-month period. We
believe we are beginning to see an increase in the Fund's potential to earn
current income for distribution to shareholders. This is a welcome reversal
of the trend we had seen over the previous six-month period ended December
31, 2014, when lower market yields had resulted in a decline in the Fund's
distributions to shareholders.
Q Did the Fund use any derivative securities during the 12-month period ended
June 30, 2015? If so, did they have any effect on the Fund's
benchmark-relative performance?
A Yes, we used Treasury futures as part of our strategy to maintain a low
duration in the Fund's portfolio. As the direction of market rates changed,
we did not see much of an impact on results for the 12-month period. The
Fund also had some exposure to credit default swaps in an attempt to manage
the risks associated with investments in credit-sensitive debt. The swaps
exerted a very modest drag on the Fund's results.
6 Pioneer Bond Fund | Annual Report | 6/30/15
Q What is your investment outlook?
A While the U.S. economy appears to be gaining strength, we still see some
uncertainty in the financial markets. The fiscal situation in Greece
remains a concern and clouds the economic outlook for Europe, while recent
volatility in Chinese equities has been a source of anxiety for the world
capital markets.
In the U.S., however, the economy appeared to be gathering strength during
the second calendar quarter of 2015 after a very disappointing gross
domestic product (GDP) report for the first quarter, when GDP actually
declined at a 0.2% annual rate (later revised upward into positive
territory, after period end). As employment continues to improve and the
housing market rebounds, the Fed, clearly, is thinking about tightening
monetary policy through an increase in short-term interest rates sometime
in 2015.
At the start of the second half of 2015, the financial markets remain
volatile due to the many uncertainties we have outlined, even though we see
more positive signs than negative ones when we examine economic
fundamentals. We are maintaining a shorter-than-benchmark duration in the
Fund's portfolio, as we think the risks of rising interest rates are
increasing, while we have continued to overweight credit-sensitive
securities, including corporate bonds, as they generally perform well
during periods of economic growth. We also see attractive relative value in
the mortgage sector, both in government agency mortgages and non-agency
securities.
Given the reality that the Fed is moving toward tighter monetary policies
than those of other major central banks, we think the U.S. dollar should
continue to be strong, and we have continued to de-emphasize non-dollar-
denominated securities in the Portfolio. Going forward, we think individual
security selection should become an increasingly important performance
factor.
At the end of the 12-month period, on June 30, 2015, U.S. investment-grade
corporate bonds represented the largest allocation among the Fund's
investments, followed by government agency mortgages and non-agency
mortgages. Other notable portfolio allocations at period end included
commercial mortgage-backed securities, U.S. Treasuries, international
investment-grade securities, asset-backed securities, floating-rate bank
loans and insurance-linked securities.
Pioneer Bond Fund | Annual Report | 6/30/15 7
Please refer to the Schedule of Investments on pages 19-66 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
failure 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 | Annual Report | 6/30/15
Portfolio Summary | 6/30/15
Portfolio Diversification*
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Corporate Bonds 30.2%
U.S. Government Securities 27.9%
Collateralized Mortgage Obligations 18.2%
International Corporate Bonds 10.4%
Asset Backed Securities 5.2%
Senior Secured Loans 3.2%
Municipal Bonds 2.6%
U.S. Preferred Stocks 1.2%
International Preferred Stocks 0.5%
Temporary Cash Investments 0.4%
Convertible Preferred Stocks 0.2%
* Includes investments in insurance linked securities totaling 3.2% of total
investment portfolio.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. U.S. Treasury Inflation Indexed Bonds, 0.125%, 7/15/24 2.06%
--------------------------------------------------------------------------------
2. U.S. Treasury Bonds, 4.5%, 2/15/36 1.24
--------------------------------------------------------------------------------
3. U.S. Treasury Bonds, 2.5%, 2/15/45 0.91
--------------------------------------------------------------------------------
4. Fannie Mae, 5.0%, 2/1/45 0.79
--------------------------------------------------------------------------------
5. Fannie Mae, 3.0%, 8/1/42 0.70
--------------------------------------------------------------------------------
6. Government National Mortgage Association I, 3.5%, 1/15/45 0.68
--------------------------------------------------------------------------------
7. Fannie Mae, 4.0%, 8/1/44 0.63
--------------------------------------------------------------------------------
8. U.S. Treasury Note, Floating Rate Note, 1/31/17 0.54
--------------------------------------------------------------------------------
9. U.S. Treasury Note, Floating Rate Note, 4/30/17 0.54
--------------------------------------------------------------------------------
10. Fannie Mae, 4.5%, 12/1/43 0.53
--------------------------------------------------------------------------------
* 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 | Annual Report | 6/30/15 9
Prices and Distributions | 6/30/15
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 6/30/15 6/30/14
--------------------------------------------------------------------------------
A $9.68 $9.88
--------------------------------------------------------------------------------
C $9.57 $9.77
--------------------------------------------------------------------------------
K $9.68 $9.87
--------------------------------------------------------------------------------
R $9.77 $9.97
--------------------------------------------------------------------------------
Y $9.59 $9.79
--------------------------------------------------------------------------------
Z $9.69 $9.90
--------------------------------------------------------------------------------
Distributions per Share: 7/1/14-6/30/15
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.2870 $ -- $0.0431
--------------------------------------------------------------------------------
C $0.2060 $ -- $0.0431
--------------------------------------------------------------------------------
K $0.3237 $ -- $0.0431
--------------------------------------------------------------------------------
R $0.2633 $ -- $0.0431
--------------------------------------------------------------------------------
Y $0.3117 $ -- $0.0431
--------------------------------------------------------------------------------
Z $0.3121 $ -- $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 | Annual Report | 6/30/15
Performance Update | 6/30/15 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 June 30, 2015)
--------------------------------------------------------------------------------
Net Public Barclays
Asset Offering Aggregate
Value Price Bond
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
10 Years 5.10% 4.62% 4.44%
5 Years 4.72 3.77 3.35
1 Year 1.32 -3.29 1.86
--------------------------------------------------------------------------------
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
Pioneer Bond Fund Barclays Aggregate Bond Index
6/30/2005 $ 9,550 $ 10,000
6/30/2006 $ 9,434 $ 9,919
6/30/2007 $ 9,935 $ 10,527
6/30/2008 $ 10,594 $ 11,276
6/30/2009 $ 10,874 $ 11,958
6/30/2010 $ 12,474 $ 13,094
6/30/2011 $ 13,357 $ 13,605
6/30/2012 $ 14,146 $ 14,622
6/30/2013 $ 14,600 $ 14,521
6/30/2014 $ 15,504 $ 15,156
6/30/2015 $ 15,709 $ 15,438
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, 2015, 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 | Annual Report | 6/30/15 11
Performance Update | 6/30/15 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 June 30, 2015)
--------------------------------------------------------------------------------
Barclays
Aggregate
If If Bond
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 Years 4.18% 4.18% 4.44%
5 Years 3.82 3.82 3.35
1 Year 0.49 0.49 1.86
--------------------------------------------------------------------------------
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
Pioneer Bond Fund Barclays Aggregate Bond Index
6/30/2005 $ 10,000 $ 10,000
6/30/2006 $ 9,792 $ 9,919
6/30/2007 $ 10,222 $ 10,527
6/30/2008 $ 10,814 $ 11,276
6/30/2009 $ 10,989 $ 11,958
6/30/2010 $ 12,487 $ 13,094
6/30/2011 $ 13,244 $ 13,605
6/30/2012 $ 13,922 $ 14,622
6/30/2013 $ 14,247 $ 14,521
6/30/2014 $ 14,987 $ 15,156
6/30/2015 $ 15,061 $ 15,438
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 | Annual Report | 6/30/15
Performance Update | 6/30/15 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 June 30, 2015)
--------------------------------------------------------------------------------
Net Barclays
Asset Aggregate
Value Bond
Period (NAV) Index
--------------------------------------------------------------------------------
10 Years 5.18% 4.44%
5 Years 4.89 3.35
1 Year 1.80 1.86
--------------------------------------------------------------------------------
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
Pioneer Bond Fund Barclays Aggregate Bond Index
6/30/2005 $ 10,000 $ 10,000
6/30/2006 $ 9,875 $ 9,919
6/30/2007 $ 10,400 $ 10,527
6/30/2008 $ 11,090 $ 11,276
6/30/2009 $ 11,383 $ 11,958
6/30/2010 $ 13,058 $ 13,094
6/30/2011 $ 13,982 $ 13,605
6/30/2012 $ 14,809 $ 14,622
6/30/2013 $ 15,310 $ 14,521
6/30/2014 $ 16,285 $ 15,156
6/30/2015 $ 16,578 $ 15,438
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 | Annual Report | 6/30/15 13
Performance Update | 6/30/15 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 June 30, 2015)
--------------------------------------------------------------------------------
Net Barclays
Asset Aggregate
Value Bond
Period (NAV) Index
--------------------------------------------------------------------------------
10 Years 4.74% 4.44%
5 Years 4.35 3.35
1 Year 1.06 1.86
--------------------------------------------------------------------------------
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
Pioneer Bond Fund Barclays Aggregate Bond Index
6/30/2005 $ 10,000 $ 10,000
6/30/2006 $ 9,857 $ 9,919
6/30/2007 $ 10,354 $ 10,527
6/30/2008 $ 10,991 $ 11,276
6/30/2009 $ 11,249 $ 11,958
6/30/2010 $ 12,844 $ 13,094
6/30/2011 $ 13,701 $ 13,605
6/30/2012 $ 14,466 $ 14,622
6/30/2013 $ 14,871 $ 14,521
6/30/2014 $ 15,725 $ 15,156
6/30/2015 $ 15,893 $ 15,438
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 | Annual Report | 6/30/15
Performance Update | 6/30/15 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 June 30, 2015)
--------------------------------------------------------------------------------
Net Barclays
Asset Aggregate
Value Bond
Period (NAV) Index
--------------------------------------------------------------------------------
10 Years 5.39% 4.44%
5 Years 4.95 3.35
1 Year 1.59 1.86
--------------------------------------------------------------------------------
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
Pioneer Bond Fund Barclays Aggregate Bond Index
6/30/2005 $ 5,000,000 $ 5,000,000
6/30/2006 $ 4,961,201 $ 4,959,729
6/30/2007 $ 5,241,647 $ 5,263,299
6/30/2008 $ 5,604,041 $ 5,638,210
6/30/2009 $ 5,769,357 $ 5,979,145
6/30/2010 $ 6,638,193 $ 6,547,062
6/30/2011 $ 7,119,503 $ 6,802,492
6/30/2012 $ 7,566,089 $ 7,310,888
6/30/2013 $ 7,818,536 $ 7,260,610
6/30/2014 $ 8,319,878 $ 7,578,141
6/30/2015 $ 8,451,829 $ 7,718,929
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 | Annual Report | 6/30/15 15
Performance Update | 6/30/15 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 June 30, 2015)
--------------------------------------------------------------------------------
Net Barclays
Asset Aggregate
Value Bond
Period (NAV) Index
--------------------------------------------------------------------------------
10 Years 5.31% 4.44%
5 Years 4.92 3.35
1 Year 1.47 1.86
--------------------------------------------------------------------------------
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
Pioneer Bond Fund Barclays Aggregate Bond Index
6/30/2005 $ 10,000 $ 10,000
6/30/2006 $ 9,875 $ 9,919
6/30/2007 $ 10,400 $ 10,527
6/30/2008 $ 11,128 $ 11,276
6/30/2009 $ 11,509 $ 11,958
6/30/2010 $ 13,198 $ 13,094
6/30/2011 $ 14,161 $ 13,605
6/30/2012 $ 15,043 $ 14,622
6/30/2013 $ 15,556 $ 14,521
6/30/2014 $ 16,535 $ 15,156
6/30/2015 $ 16,777 $ 15,438
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, 2015, 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 | Annual Report | 6/30/15
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 January 1, 2015 through June 30, 2015.
--------------------------------------------------------------------------------
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 1/1/15
--------------------------------------------------------------------------------
Ending Account $1,013.20 $1,004.90 $1,018.00 $1,010.60 $1,015.90 $1,014.70
Value (after
expenses)
on 6/30/15
--------------------------------------------------------------------------------
Expenses Paid $ 4.22 $ 8.07 $ 2.34 $ 5.45 $ 2.88 $ 3.23
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.85%,
1.63%, 0.47%, 1.10%, 0.58%, and 0.65% 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 181/365 (to reflect the
one-half year period).
Pioneer Bond Fund | Annual Report | 6/30/15 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 January 1, 2015 through June 30, 2015.
--------------------------------------------------------------------------------
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 1/1/15
--------------------------------------------------------------------------------
Ending Account $1,020.58 $1,016.71 $1,022.46 $1,019.34 $1,021.92 $1,021.57
Value (after
expenses)
on 6/30/15
--------------------------------------------------------------------------------
Expenses Paid $ 4.26 $ 8.15 $ 2.36 $ 5.51 $ 2.91 $ 3.26
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.85%,
1.63%, 0.47%, 1.10%, 0.58%, and 0.65% 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 181/365 (to reflect the
one-half year period).
18 Pioneer Bond Fund | Annual Report | 6/30/15
Schedule of Investments | 6/30/15
------------------------------------------------------------------------------------------------------
Floating
Rate (b)
Shares (unaudited) Value
------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 1.2%
BANKS -- 0.5%
Diversified Banks -- 0.3%
87,990 7.88 Citigroup Capital XIII, Floating Rate Note, 10/30/40 $ 2,284,220
197,000 7.12 Citigroup, Inc., Floating Rate Note (Perpetual) 5,391,890
95,890 6.00 US Bancorp, Floating Rate Note (Perpetual) 2,553,551
-----------------
$ 10,229,661
------------------------------------------------------------------------------------------------------
Regional Banks -- 0.2%
85,000 BB&T Corp., 5.625% (Perpetual) $ 2,051,050
28,000 6.25 CoBank ACB, Floating Rate Note (Perpetual) (144A) 2,884,876
17,380 6.62 Fifth Third Bancorp, Floating Rate Note (Perpetual) 490,116
-----------------
$ 5,426,042
-----------------
Total Banks $ 15,655,703
------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.3%
Specialized Finance -- 0.1%
167,900 5.75 SCE Trust III, Floating Rate Note (Perpetual) $ 4,469,498
------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.0%+
1,250 Ally Financial, Inc., 7.0% (Perpetual) (144A) $ 1,269,336
------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.1%
54,200 5.90 State Street Corp., Floating Rate Note, 12/31/73 $ 1,391,314
------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.1%
110,230 6.38 Morgan Stanley, Floating Rate Note (Perpetual) $ 2,806,456
-----------------
Total Diversified Financials $ 9,936,604
------------------------------------------------------------------------------------------------------
INSURANCE -- 0.3%
Property & Casualty Insurance -- 0.3%
50,000 5.95 Aspen Insurance Holdings, Ltd., Floating
Rate Note (Perpetual) $ 1,260,000
153,800 7.38 Delphi Financial Group, Inc., Floating Rate
Note, 5/15/37 3,854,612
147,475 5.10 The Allstate Corp., Floating Rate Note, 1/15/53 3,697,198
-----------------
$ 8,811,810
------------------------------------------------------------------------------------------------------
Reinsurance -- 0.0%+
2,000,000 Pangaea Re., Variable Rate Notes, 7/1/18 (g) $ 36,000
-----------------
Total Insurance $ 8,847,810
------------------------------------------------------------------------------------------------------
UTILITIES -- 0.1%
Electric Utilities -- 0.1%
164,000 PPL Capital Funding, Inc., 5.9%, 4/30/73 $ 4,062,280
-----------------
Total Utilities $ 4,062,280
------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $37,519,082) $ 38,502,397
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/15 19
Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------
Floating
Rate (b)
Shares (unaudited) Value
------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCK -- 0.2%
BANKS -- 0.2%
Diversified Banks -- 0.2%
5,610 Wells Fargo & Co., 7.5% (Perpetual) $ 6,591,750
------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost $5,839,986) $ 6,591,750
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited)
------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 5.1%
CONSUMER SERVICES -- 0.1%
Hotels, Resorts & Cruise Lines -- 0.1%
843,904 Westgate Resorts 2012-A LLC, 2.25%,
8/20/25 (144A) $ 845,592
854,453 Westgate Resorts 2012-A LLC, 3.75%,
8/20/25 (144A) 863,478
2,670,865 Westgate Resorts 2015-1 LLC, 2.75%,
5/20/27 (144A) 2,672,842
153,667 Westgate Resorts LLC, 2.5%, 3/20/25 (144A) 154,074
-----------------
$ 4,535,986
-----------------
Total Consumer Services $ 4,535,986
------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.1%
Food Retail -- 0.1%
3,791,565 CKE Restaurant Holdings, Inc., 4.474%,
3/20/43 (144A) $ 3,850,228
-----------------
Total Food & Staples Retailing $ 3,850,228
------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.1%
Health Care Distributors -- 0.1%
1,600,000 OneMain Financial Issuance Trust 2015-1,
3.19%, 3/18/26 (144A) $ 1,622,736
-----------------
Total Health Care Equipment & Services $ 1,622,736
------------------------------------------------------------------------------------------------------
BANKS -- 3.9%
Thrifts & Mortgage Finance -- 3.9%
2,500,000 Access Point Funding I 2015-A LLC, 2.61%,
4/15/20 (144A) $ 2,499,750
161,712 6.49 ACE Securities Corp., Manufactured Housing
Trust Series 2003-MH1, Floating Rate Note,
8/15/30 (144A) 162,229
2,200,000 1.60 American Homes 4 Rent 2014-SFR1, Floating
Rate Note, 6/17/31 (144A) 2,187,515
2,800,000 American Homes 4 Rent 2014-SFR3 Trust,
4.596%, 12/18/36 (144A) 2,900,761
700,000 American Homes 4 Rent 2014-SFR3 Trust,
5.04%, 12/18/36 (144A) 730,056
The accompanying notes are an integral part of these financial statements.
20 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,300,000 American Homes 4 Rent 2015-SFR1, 4.11%,
4/17/45 (144A) $ 1,289,547
2,600,000 Applebee's Funding LLC/IHOP Funding LLC,
4.277%, 9/5/44 (144A) 2,635,357
2,200,000 Ascentium Equipment Receivables 2015-1 LLC,
3.24%, 1/10/22 (144A) 2,209,291
700,000 Axis Equipment Finance Receivables III LLC,
3.41%, 4/20/20 (144A) 696,730
1,095,494 B2R Mortgage Trust 2015-1, 2.524%, 5/15/48
(144A) 1,089,677
320,232 0.69 Bayview Financial Mortgage Pass-Through Trust
2005-C, Floating Rate Note, 6/28/44 317,765
1,462,628 Bayview Financial Mortgage Pass-Through Trust
2006-A, 5.865%, 2/28/41 (Step) 1,515,955
1,007,894 0.64 Bayview Financial Mortgage Pass-Through Trust
Series 2005-B, Floating Rate Note, 4/28/39 999,777
1,650,000 BCC Funding X LLC, 3.622%, 11/20/20 (144A) 1,654,125
1,432,128 0.69 Bear Stearns Asset Backed Securities I Trust
2005-FR1, Floating Rate Note, 6/25/35 1,425,168
883,245 0.68 Bear Stearns Asset Backed Securities Trust
2006-SD2, Floating Rate Note, 6/25/36 865,108
2,775,208 BXG Receivables Note Trust 2015-A, 2.88%,
5/2/30 (144A) 2,768,593
3,000,000 Capital Automotive Real Estate Investment Trust,
3.66%, 10/17/44 (144A) 2,989,260
60,062 0.58 Carrington Mortgage Loan Trust Series 2005-NC4,
Floating Rate Note, 9/25/35 59,666
400,000 1.38 Chesapeake Funding LLC, Floating Rate Note, 3/4/26 398,506
1,400,000 CIT Equipment Collateral 2014-VT1, 2.65%,
10/20/22 (144A) 1,407,252
618,859 4.00 Citigroup Mortgage Loan Trust 2014-A, Floating
Rate Note, 1/1/35 (144A) 643,025
1,001,603 0.94 Citigroup Mortgage Loan Trust, Inc., Floating Rate
Note, 5/25/35 (144A) 996,618
1,800,000 2.10 Colony American Homes 2014-1, Floating Rate
Note, 5/19/31 (144A) 1,783,449
1,997,916 Consumer Credit Origination Loan Trust 2015-1,
2.82%, 3/15/21 (144A) 2,009,732
1,935,480 4.81 Countrywide Asset-Backed Certificates, Floating
Rate Note, 12/25/35 1,997,516
1,000,000 0.49 Credit-Based Asset Servicing and Securitization
LLC, Floating Rate Note, 7/25/36 987,865
610,393 1.24 CWABS Asset-Backed Certificates Trust 2004-7,
Floating Rate Note, 12/25/34 607,049
4,987,500 DB Master Finance LLC 2015-1, 3.98%,
2/21/45 (144A) 4,967,395
1,133,357 3.13 Drug Royalty II LP 2, Floating Rate Note,
7/15/23 (144A) 1,148,595
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/15 21
Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
458,245 0.59 First NLC Trust 2005-2, Floating Rate Note, 9/25/35 $ 457,365
879,658 GMAT 2013-1 Trust, 3.9669%, 8/25/53 (Step) 881,737
425,088 0.93 GSAMP Trust 2005-HE1, Floating Rate Note,
12/25/34 416,867
1,275,287 1.54 GSRPM Mortgage Loan Trust 2003-2, Floating
Rate Note, 6/25/33 1,228,255
723,599 0.48 GSRPM Mortgage Loan Trust 2006-2, Floating
Rate Note, 9/25/36 (144A) 687,455
1,620,000 HLSS Servicer Advance Receivables Trust, 1.7436%,
1/16/46 (144A) 1,618,380
224,000 HLSS Servicer Advance Receivables Trust, 3.96%,
10/15/45 (144A) 223,798
3,004,250 HOA Funding LLC, 4.846%, 8/22/44 (144A) 2,968,794
348,312 0.57 Home Equity Asset Trust 2005-7, Floating Rate
Note, 1/25/36 346,467
1,052,124 1.39 HSBC Home Equity Loan Trust USA 2007-3, Floating
Rate Note, 11/20/36 1,046,678
1,514,198 Icon Brand Holdings LLC, 4.229%, 1/26/43 (144A) 1,516,885
343,314 Icon Brand Holdings LLC, 4.352%, 1/25/43 (144A) 342,470
1,700,000 1.38 Invitation Homes 2014-SFR3 Trust, Floating Rate
Note, 12/17/31 (144A) 1,684,236
352,643 Irwin Home Equity Loan Trust 2005-1, 5.32%,
6/25/35 (Step) 348,669
3,114,951 0.41 Irwin Home Equity Loan Trust 2005-1, Floating Rate
Note, 6/25/25 2,901,075
637,415 1.69 Irwin Whole Loan Home Equity Trust 2003-C, Floating
Rate Note, 6/25/28 630,042
550,000 Leaf Receivables Funding 10 LLC, 2.74%, 3/15/21
(144A) 544,994
552,742 Leaf Receivables Funding 8 LLC, 1.55%, 11/15/17
(144A) 553,278
2,203,000 Leaf Receivables Funding 8 LLC, 1.92%, 9/15/20
(144A) 2,208,155
270,900 Lehman ABS Manufactured Housing Contract
Trust 2001-B, 3.01%, 5/15/41 272,238
274,151 Lehman ABS Manufactured Housing Contract
Trust 2001-B, 5.873%, 5/15/41 289,425
345,086 2.44 Madison Avenue Manufactured Housing Contract
Trust 2002-A, Floating Rate Note, 3/25/32 345,049
949,015 Nations Equipment Finance Funding II LLC, 3.276%,
1/22/19 (144A) 956,009
260,801 0.34 Nationstar Home Equity Loan Trust 2007-A, Floating
Rate Note, 3/25/37 254,922
908,073 0.88 New Century Home Equity Loan Trust 2005-1, Floating
Rate Note, 3/25/35 900,495
1,050,000 NextGear Floorplan Master Owner Trust, 1.92%,
10/15/19 (144A) 1,053,554
The accompanying notes are an integral part of these financial statements.
22 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,000,000 NextGear Floorplan Master Owner Trust, 2.61%,
10/15/19 (144A) $ 1,004,597
430,000 1.84 NovaStar Mortgage Funding Trust Series 2004-4,
Floating Rate Note, 3/25/35 422,875
508,369 5.91 Origen Manufactured Housing Contract Trust
2004-A, Floating Rate Note, 1/15/35 533,804
358,040 5.46 Origen Manufactured Housing Contract Trust
2004-B, Floating Rate Note, 11/15/35 364,583
1,600,000 Oxford Finance Funding Trust 2014-1, 3.475%,
12/15/22 (144A) 1,604,352
1,000,000 1.04 PFS Financing Corp., Floating Rate Note,
10/15/19 (144A) 996,886
2,700,000 Progreso Receivables Funding I LLC, 4.0%,
7/9/18 (144A) 2,703,375
3,200,000 Progreso Receivables Funding III LLC, 3.625%,
2/8/20 (144A) 3,200,000
2,000,000 Progreso Receivables Funding LLC, 3.0%, 7/28/20 2,000,000
180,000 2.44 Progress Residential 2014-SFR1 Trust, Floating
Rate Note, 10/17/31 (144A) 180,731
2,700,000 2.59 Progress Residential 2015-SFR1 Trust, Floating
Rate Note, 2/20/32 (144A) 2,715,684
864,705 0.44 RAAC Series 2006-RP2 Trust, Floating Rate Note,
2/25/37 (144A) 853,243
227,289 2.66 SASCO Mortgage Pass-Through Certificates Series
2004-S4, Floating Rate Note, 12/25/34 227,264
3,360,000 2.24 Silver Bay Realty 2014-1 Trust, Floating Rate Note,
9/18/31 (144A) 3,353,287
1,093,574 Skopos Auto Receivables Trust 2015-1, 3.1%,
12/15/23 (144A) 1,093,574
1,938,332 SpringCastle America Funding LLC, 2.7%, 5/25/23 1,950,330
1,640,868 Springleaf Funding Trust 2013-A, 2.58%,
9/15/21 (144A) 1,647,008
1,200,000 Springleaf Funding Trust 2014-A, 2.41%,
12/15/22 (144A) 1,201,500
565,000 2.66 Springleaf Mortgage Loan Trust 2012-3, Floating
Rate Note, 12/26/59 (144A) 567,462
1,398,833 Store Master Funding I LLC, 3.75%, 4/20/45 (144A) 1,378,278
289,268 STORE Master Funding LLC, 4.16%, 3/20/43 (144A) 296,216
2,010,839 STORE Master Funding LLC, 5.77%, 8/20/42 (144A) 2,157,389
1,098,011 0.39 Structured Asset Investment Loan Trust 2006-1,
Floating Rate Note, 1/25/36 1,067,366
1,554,441 0.41 Structured Asset Securities Corp., Mortgage Loan
Trust 2006-GEL4, Floating Rate Note,
10/25/36 (144A) 1,542,316
79,224 Structured Asset Securities Corp., 4.77%,
10/25/34 (Step) 82,182
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/15 23
Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,709,071 Sunset Mortgage Loan Co., 2014-NPL2 LLC,
3.721%, 11/16/44 (Step) (144A) $ 1,702,645
528,007 SVO 2012-A VOI Mortgage LLC, 2.0%,
9/20/29 (144A) 522,530
771,441 1.13 Terwin Mortgage Trust Series TMTS 2003-8HE,
Floating Rate Note, 12/25/34 750,553
400,378 Terwin Mortgage Trust Series TMTS 2005-12ALT,
4.98598%, 7/25/36 (Step) 406,152
2,578,253 Terwin Mortgage Trust Series TMTS 2005-16HE,
4.35892%, 9/25/36 (Step) 2,656,170
800,000 2.44 Trafigura Securitisation Finance Plc, 2014-1,
Floating Rate Note, 10/15/21 (144A) 801,518
2,140,000 United Auto Credit Securitization Trust 2015-1,
2.92%, 6/17/19 (144A) 2,144,575
3,845,763 US Residential Opportunity Fund III Trust 2015-1,
3.7213%, 1/29/35 (144A) 3,846,540
1,749,792 VOLT XXXI LLC, 3.375%, 2/25/55 (Step) (144A) 1,745,145
3,856,371 VOLT XXXIII LLC, 3.5%, 3/25/55 (Step) (144A) 3,857,628
1,938,000 Welk Resorts 2015-A LLC, 2.79%, 6/16/31 (144A) 1,938,310
-----------------
$ 124,136,692
-----------------
Total Banks $ 124,136,692
------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.9%
Other Diversified Financial Services -- 0.3%
499,944 AXIS Equipment Finance Receivables II LLC,
4.94%, 7/20/18 (144A) $ 512,648
2,900,000 Capital Auto Receivables Asset Trust 2013-1,
1.74%, 10/22/18 2,907,882
612,985 CNH Equipment Trust 2013-A, 0.69%, 6/15/18 613,381
667,209 Mid-State Capital Trust 2010-1, 5.25%,
12/15/45 (144A) 697,365
1,017,039 Sierra Timeshare 2012-2 Receivables Funding
LLC, 2.38%, 3/20/29 (144A) 1,026,603
197,953 Sierra Timeshare 2012-3 Receivables Funding
LLC, 1.87%, 8/20/29 (144A) 198,549
3,300,000 Spirit Master Funding LLC, 4.6291%,
1/20/45 (144A) 3,288,972
267,623 Spirit Master Funding LLC, 5.74%, 3/20/42 (144A) 290,780
700,000 Spirit Master Funding VII LLC, 3.8868%, 12/21/43 716,653
-----------------
$ 10,252,833
------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.3%
3,914,279 Domino's Pizza Master Issuer LLC, 5.216%,
1/27/42 (144A) $ 4,040,401
2,920,000 Hercules Capital Funding Trust 2014-1, 3.524%,
4/16/21 (144A) 2,925,475
The accompanying notes are an integral part of these financial statements.
24 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Specialized Finance -- (continued)
660,979 JG Wentworth XXII LLC, 3.82%, 12/15/48 (144A) $ 694,721
-----------------
$ 7,660,597
------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.2%
800,000 AmeriCredit Automobile Receivables Trust 2013-1,
1.57%, 1/8/19 $ 801,206
243,637 California Republic Auto Receivables Trust 2012-1,
1.18%, 8/15/17 (144A) 243,937
129,775 First Investors Auto Owner Trust 2012-2, 1.47%,
5/15/18 (144A) 129,902
1,200,000 First Investors Auto Owner Trust 2013-1, 2.02%,
1/15/19 (144A) 1,200,431
2,100,000 First Investors Auto Owner Trust 2014-3, 2.97%,
11/16/20 (144A) 2,111,071
510,000 First Investors Auto Owner Trust 2015-1, 3.59%,
1/18/22 (144A) 506,652
588,352 Santander Drive Auto Receivables Trust 2012-1,
3.78%, 11/15/17 592,073
850,000 Santander Drive Auto Receivables Trust 2012-5,
2.7%, 8/15/18 859,570
-----------------
$ 6,444,842
------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.0%+
831,842 Horizon Funding Trust 2013-1, 3.0%,
5/15/18 (144A) $ 835,741
------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.1%
1,600,000 1.93 Chesapeake Funding LLC, Floating Rate Note,
2/7/27 (144A) $ 1,601,584
-----------------
Total Diversified Financials $ 26,795,597
------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $160,143,023) $ 160,941,239
------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 17.6%
CONSUMER SERVICES -- 0.1%
Hotels, Resorts & Cruise Lines -- 0.1%
2,706,389 Westgate Resorts 2014-1 LLC, 2.15%,
12/20/26 (144A) $ 2,706,389
-----------------
Total Consumer Services $ 2,706,389
------------------------------------------------------------------------------------------------------
BANKS -- 16.3%
Thrifts & Mortgage Finance -- 16.3%
390,823 A10 Securitization 2013-1 LLC, 2.4%,
11/17/25 (144A) $ 391,925
2,028,820 A10 Term Asset Financing 2013-2 LLC, 2.62%,
11/15/27 (144A) 2,040,502
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/15 25
Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
8,490,073 3.50 Agate Bay Mortgage Trust 2015-1, Floating Rate
Note, 1/25/45 (144A) $ 8,468,186
6,398,334 3.50 Agate Bay Mortgage Trust 2015-2, Floating Rate
Note, 3/25/45 (144A) 6,556,041
416,799 0.64 Alternative Loan Trust 2003-14T1, Floating Rate
Note, 8/25/18 399,108
1,528,055 Alternative Loan Trust 2003-21T1, 5.75%, 12/25/33 1,598,688
143,748 Alternative Loan Trust 2004-4CB, 4.25%, 4/25/34 145,058
9,407,000 1.09 Alternative Loan Trust 2004-J5, Floating Rate
Note, 8/25/34 8,679,030
4,200,000 1.93 Arbor Realty Collateralized Loan Obligation
2015-FL1, Ltd., Floating Rate Note, 3/15/25 (144A) 4,200,000
2,580,000 2.39 BAMLL Commercial Mortgage Securities Trust
2014-FL1, Floating Rate Note, 12/17/31 (144A) 2,584,910
1,600,000 2.14 BAMLL Commercial Mortgage Securities Trust
2014-INLD, Floating Rate Note, 12/17/29 1,604,067
4,200,000 1.90 BAMLL Commercial Mortgage Securities Trust
2015-ASHF, Floating Rate Note, 1/18/28 (144A) 4,200,089
608,106 Banc of America Alternative Loan Trust 2003-2,
5.75%, 4/25/33 630,060
1,197,579 Banc of America Alternative Loan Trust 2004-6,
5.0%, 7/25/19 1,230,546
3,477,221 5.37 Banc of America Commercial Mortgage Trust
2006-1, Floating Rate Note, 9/10/45 3,494,976
612,532 Banc of America Funding 2003-3 Trust, 5.5%,
10/25/33 634,979
25,199 0.31 Banc of America Funding 2010-R4 Trust REMICS,
Floating Rate Note, 8/26/36 (144A) 25,165
1,082,648 2.71 Banc of America Mortgage 2003-F Trust, Floating
Rate Note, 7/25/33 1,089,163
781,482 Banc of America Mortgage Trust 2004-11, 5.75%,
1/25/35 798,939
901,590 Banc of America Mortgage Trust 2004-9, 5.5%,
11/25/34 917,137
5,813,066 Bayview Commercial Asset Trust 2007-4,
3.49%, 9/25/37 (Step) (144A) (c) 197,644
1,308,405 1.19 Bayview Commercial Asset Trust 2008-1, Floating
Rate Note, 1/25/38 (144A) 1,306,837
2,228,842 0.89 Bear Stearns ALT-A Trust 2004-12, Floating Rate
Note, 1/25/35 2,163,608
1,633,817 0.89 Bear Stearns ALT-A Trust 2004-12, Floating Rate
Note, 1/25/35 1,579,729
2,647,992 0.79 Bear Stearns ALT-A Trust 2004-4, Floating Rate
Note, 6/25/34 2,535,219
936,870 0.75 Bear Stearns ALT-A Trust 2005-1, Floating Rate
Note, 1/25/35 911,455
The accompanying notes are an integral part of these financial statements.
26 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
3,093,773 2.60 Bear Stearns ARM Trust 2003-6, Floating Rate
Note, 8/25/33 $ 3,074,654
1,000,000 5.21 Bear Stearns Commercial Mortgage Securities
Trust 2005-PWR7, Floating Rate Note, 2/11/41 999,736
2,050,256 5.77 Bear Stearns Commercial Mortgage Securities
Trust 2006-TOP22, Floating Rate Note, 4/12/38 2,089,451
1,685,668 0.89 Bella Vista Mortgage Trust 2004-1, Floating Rate
Note, 11/20/34 1,499,297
2,210,000 2.14 BLCP Hotel Trust, Floating Rate Note,
8/15/29 (144A) 2,216,345
2,460,000 2.04 Carefree Portfolio Trust 2014-CARE, Floating Rate
Note, 11/15/29 (144A) 2,470,172
3,990,000 2.69 CDGJ Commercial Mortgage Trust 2014-BXCH,
Floating Rate Note, 12/15/27 (144A) 3,999,480
468,209 2.60 CHL Mortgage Pass-Through Trust 2003-56,
Floating Rate Note, 12/25/33 470,815
5,000,000 Citigroup Commercial Mortgage Trust 2014-GC25
REMICS, 3.371%, 10/10/47 5,140,285
468,382 1.18 Citigroup Mortgage Loan Trust 2010-7 REMICS,
Floating Rate Note, 9/25/37 (144A) 468,180
2,981,269 2.24 Citigroup Mortgage Loan Trust, Inc., REMICS,
Floating Rate Note, 8/25/34 2,954,584
1,048,497 Citigroup Mortgage Loan Trust, Inc., 5.5%, 9/25/34 1,126,727
1,000,000 4.65 City Center Trust 2011-CCHP, Floating Rate Note,
7/17/28 (144A) 1,000,594
443,990 0.63 CNL Commercial Mortgage Loan Trust 2003-2,
Floating Rate Note, 10/25/30 (144A) 385,674
3,155,141 Colony Multifamily Mortgage Trust 2014-1,
2.5432%, 4/22/50 (144A) 3,154,002
450,000 COMM 2012-CCRE2 Mortgage Trust REMICS,
3.791%, 8/17/45 470,418
850,000 COMM 2012-CCRE2 Mortgage Trust, 3.147%,
8/15/45 865,933
915,000 COMM 2012-CCRE4 Mortgage Trust, 2.436%,
10/17/45 917,071
4,000,000 COMM 2012-LC4 Mortgage Trust, 4.063%,
12/12/44 4,254,704
4,200,000 5.17 COMM 2013-CCRE11 Mortgage Trust, Floating
Rate Note, 12/8/50 (144A) 4,471,454
1,900,000 COMM 2013-LC6 Mortgage Trust, 2.941%, 1/12/46 1,898,432
3,800,000 2.34 COMM 2014-FL5 Mortgage Trust, Floating Rate
Note, 10/17/31 (144A) 3,795,246
4,150,000 1.94 COMM 2014-SAVA Mortgage Trust, Floating Rate
Note, 6/15/34 (144A) 4,143,439
1,750,000 COMM 2015-CCRE23 Mortgage Trust, 3.807%,
5/12/48 (144A) 1,779,430
3,850,000 Commercial Mortgage Pass-Through Certificates,
2.822%, 10/17/45 3,833,703
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/15 27
Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,319,265 2.13 Commercial Mortgage Pass-Through Certificates,
Floating Rate Note, 11/19/26 (144A) $ 1,318,887
2,360,130 Credit Suisse Commercial Mortgage Trust Series
2007-C1, 5.361%, 2/15/40 2,467,197
180,802 Credit Suisse First Boston Mortgage Securities
Corp., 5.5%, 6/25/33 183,255
2,736,297 5.23 Credit Suisse First Boston Mortgage Securities
Corp., Floating Rate Note, 12/17/40 2,742,929
533,859 2.78 Credit Suisse First Boston Mortgage Securities
Corp., Floating Rate Note, 6/25/34 517,984
2,700,000 2.44 Credit Suisse Mortgage Capital Certificates,
Floating Rate Note, 3/15/28 (144A) 2,688,266
7,146,516 1.55 CSMC Trust 2013-IVR2, Floating Rate Note,
4/27/43 (144A) 6,685,480
3,201,995 3.00 CSMC Trust 2013-IVR4, Floating Rate Note,
7/27/43 (144A) 3,204,781
2,365,882 3.00 CSMC Trust 2013-IVR4, Floating Rate Note,
7/27/43 (144A) 2,385,652
6,565,759 3.00 CSMC Trust 2014-WIN1, Floating Rate Note,
9/25/44 (144A) 6,621,673
9,396,127 CSMC Trust 2015-2, 3.0%, 2/25/45 9,537,069
1,900,000 5.42 DBUBS 2011-LC3 Mortgage Trust, Floating Rate
Note, 8/12/44 (144A) 2,158,970
1,895,000 1.49 Del Coronado Trust 2013-DEL, Floating Rate
Note, 3/16/26 (144A) 1,893,179
4,085,597 3.50 EverBank Mortgage Loan Trust REMICS, Floating
Rate Note, 4/25/43 (144A) 4,074,345
191,663 1.28 Extended Stay America Trust 2013-ESH, Floating
Rate Note, 12/5/31 (144A) 190,593
4,630,000 3.38 GAHR Commercial Mortgage Trust 2015-NRF,
Floating Rate Note, 12/15/34 (144A) 4,596,956
842,113 Global Mortgage Securitization, Ltd., 5.25%, 4/25/32 813,680
2,154,984 0.46 Global Mortgage Securitization, Ltd., Floating
Rate Note, 4/25/32 2,071,325
2,800,000 GS Mortgage Securities Corp., Trust 2012-SHOP,
2.933%, 6/6/31 (144A) 2,876,121
1,250,000 GS Mortgage Securities Corp., II, 3.377%, 5/10/45 1,295,909
1,000,000 GS Mortgage Securities Corp., II, 3.682%,
2/10/46 (144A) 1,002,827
812,364 GS Mortgage Securities Corp., II, 5.56%, 11/10/39 842,195
930,735 2.45 GSR Mortgage Loan Trust 2003-9, Floating Rate
Note, 8/25/33 926,482
1,670,191 2.82 GSR Mortgage Loan Trust 2004-7, Floating Rate
Note, 6/25/34 1,628,287
928,696 2.64 GSR Mortgage Loan Trust 2005-AR1, Floating Rate
Note, 1/25/35 934,179
2,340,000 1.29 Homestar Mortgage Acceptance Corp., Floating
Rate Note, 1/25/35 2,280,388
The accompanying notes are an integral part of these financial statements.
28 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,809,878 0.54 Homestar Mortgage Acceptance Corp., Floating
Rate Note, 6/25/34 $ 1,781,995
2,100,000 1.89 Hyatt Hotel Portfolio Trust 2015-HYT, Floating
Rate Note, 11/15/29 (144A) 2,103,965
529,697 0.99 Impac CMB Trust Series 2004-6, Floating Rate
Note, 10/25/34 503,757
264,967 0.53 Impac Secured Assets Trust 2006-2, Floating
Rate Note, 8/25/36 261,299
1,033,178 0.39 Impac Secured Assets Trust 2006-5, Floating
Rate Note, 12/25/36 971,443
3,910,234 JP Morgan Chase Commercial Mortgage Securities
Corp., 2.84%, 12/17/47 3,897,803
2,800,000 5.13 JP Morgan Chase Commercial Mortgage Securities
Trust 2005-LDP3, Floating Rate Note, 8/15/42 2,799,110
4,800,000 5.56 JP Morgan Chase Commercial Mortgage Securities
Trust 2006-LDP6, Floating Rate Note, 4/15/43 4,888,147
402,224 0.34 JP Morgan Chase Commercial Mortgage Securities
Trust 2006-LDP9, Floating Rate Note, 5/15/47 398,840
1,600,000 JP Morgan Chase Commercial Mortgage Securities
Trust 2010-C2, 3.6159%, 11/15/43 (144A) 1,670,771
1,350,000 JP Morgan Chase Commercial Mortgage Securities
Trust 2011-C5, 4.1712%, 8/17/46 1,464,782
1,200,000 3.98 JP Morgan Chase Commercial Mortgage Securities
Trust 2012-C8, Floating Rate Note, 10/17/45 (144A) 1,245,614
5,000,000 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-C20 REMICS, 3.8046%, 7/15/47 5,198,555
4,600,000 2.14 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-CBM, Floating Rate Note,
10/15/29 (144A) 4,583,932
2,200,000 2.39 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-FL4 REMICS, Floating Rate Note,
12/16/30 (144A) 2,196,968
900,000 2.29 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-FL5 REMICS, Floating Rate Note,
7/15/31 (144A) 896,804
1,260,000 1.54 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-FL5, Floating Rate Note, 7/15/31 (144A) 1,263,523
4,600,000 2.44 JP Morgan Chase Commercial Mortgage Securities
Trust 2015-COSMO, Floating Rate Note,
1/15/32 (144A) 4,586,292
423,188 2.49 JP Morgan Mortgage Trust 2003-A1, Floating Rate
Note, 10/25/33 421,885
1,569,010 2.51 JP Morgan Mortgage Trust 2004-A1, Floating Rate
Note, 2/25/34 1,601,283
505,193 2.49 JP Morgan Mortgage Trust 2004-A1, Floating Rate
Note, 2/25/34 512,646
759,006 JP Morgan Mortgage Trust 2004-S1, 5.0%, 9/25/34 786,253
1,657,984 JP Morgan Mortgage Trust 2004-S1, 6.0%, 9/25/34 1,747,367
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/15 29
Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
6,120,456 3.00 JP Morgan Mortgage Trust 2013-1, Floating Rate
Note, 3/25/43 (144A) $ 5,961,630
5,451,046 2.50 JP Morgan Mortgage Trust 2013-1, Floating Rate
Note, 3/25/43 (144A) 5,387,590
1,822,120 3.54 JP Morgan Mortgage Trust 2013-1, Floating Rate
Note, 3/25/43 (144A) 1,806,865
1,485,537 3.50 JP Morgan Mortgage Trust 2013-2, Floating Rate
Note, 5/25/43 (144A) 1,493,312
862,796 3.50 JP Morgan Mortgage Trust 2014-1 REMICS, Floating
Rate Note, 1/25/44 (144A) 871,378
8,382,688 3.00 JP Morgan Mortgage Trust 2014-2, Floating Rate
Note, 6/25/29 (144A) 8,516,945
7,677,897 3.43 JP Morgan Mortgage Trust 2014-2, Floating Rate
Note, 6/25/29 (144A) 7,848,359
5,352,903 3.00 JP Morgan Mortgage Trust 2014-5, Floating Rate
Note, 10/25/29 (144A) 5,455,363
2,452,388 3.04 JP Morgan Mortgage Trust 2014-5, Floating Rate
Note, 10/25/29 (144A) 2,404,183
5,885,953 0.00 JP Morgan Mortgage Trust, 2014-OAK4-B1, Floating
Rate Note, 9/25/44 (f) 5,868,555
469,971 2.50 La Hipotecaria Panamanian Mortgage Trust 2010-1,
Floating Rate Note, 9/8/39 (144A) 487,736
3,995,339 3.26 La Hipotecaria Panamanian Mortgage Trust 2014-1,
Floating Rate Note, 11/24/42 (144A) 4,095,222
177,179 LB-UBS Commercial Mortgage Trust 2004-C1,
4.568%, 1/15/31 179,104
220,827 1.13 Lehman Brothers Small Balance Commercial
Mortgage Trust 2007-3 Class 1A4, Floating Rate
Note, 10/25/37 (144A) 219,599
2,177,781 0.43 Lehman Brothers Small Balance Commercial,
Floating Rate Note, 2/25/30 (144A) 2,058,262
445,193 0.43 Lehman Brothers Small Balance Commercial,
Floating Rate Note, 9/25/30 (144A) 419,855
3,690,000 0.00 LSTAR Commercial Mortgage Trust 2015-3, Floating
Rate Note, 4/20/48 (144A) (d) 3,566,226
4,609,206 2.18 LSTAR Securities Investment Trust 2014-2, Floating
Rate Note, 11/1/19 (144A) 4,575,907
4,820,132 2.18 LSTAR Securities Investment Trust 2015-1, Floating
Rate Note, 1/1/20 (144A) 4,767,713
2,449,047 2.18 LSTAR Securities Investment Trust 2015-3, Floating
Rate Note, 3/1/20 (144A) 2,437,659
5,516,857 2.18 LSTAR Securities Investment Trust 2015-4, Floating
Rate Note, 4/1/20 (144A) 5,449,618
2,848,138 2.18 LSTAR Securities Investment Trust 2015-5, Floating
Rate Note, 4/1/20 (144A) 2,837,099
543,066 2.86 MASTR Adjustable Rate Mortgages Trust, Floating
Rate Note, 1/25/35 540,735
2,207,925 MASTR Alternative Loan Trust 2004-6, 6.0%, 7/25/34 2,247,056
The accompanying notes are an integral part of these financial statements.
30 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
524,257 0.67 Mellon Residential Funding Corp., Mortgage
Pass-Through Trust Series 2000 TBC2, Floating
Rate Note, 6/15/30 $ 497,545
747,661 0.63 Mellon Residential Funding Corp., Mortgage
Pass-Through Trust Series 2000-TBC3, Floating
Rate Note, 12/15/30 712,793
235,821 2.35 Merrill Lynch Mortgage Investors Trust Series
2005-2, Floating Rate Note, 10/25/35 237,387
2,972,582 0.46 Merrill Lynch Mortgage Investors Trust Series
2005-A3, Floating Rate Note, 4/25/35 2,850,905
1,821,224 0.75 Merrill Lynch Mortgage Investors Trust Series
MLCC 2004-G, Floating Rate Note, 1/25/30 1,711,150
3,212,768 5.29 Merrill Lynch Mortgage Trust 2005-LC1, Floating
Rate Note, 1/12/44 3,228,736
2,241,153 5.65 ML-CFC Commercial Mortgage Trust 2006-1,
Floating Rate Note, 2/12/39 2,271,218
3,263,268 0.97 MortgageIT Trust 2004-1, Floating Rate Note,
11/25/34 3,118,819
4,056,322 3.75 New Residential Mortgage Loan Trust 2014-1,
Floating Rate Note, 1/25/54 (144A) 4,172,799
4,015,026 3.75 New Residential Mortgage Loan Trust 2014-2,
Floating Rate Note, 5/26/54 (144A) 4,147,188
3,379,110 3.75 New Residential Mortgage Loan Trust 2014-3,
Floating Rate Note, 11/25/54 (144A) 3,465,118
11,695,000 0.00 New Residential Mortgage Loan Trust 2015-1,
Floating Rate Note, 4/25/52 (144A) (d) 11,896,154
6,326,690 3.32 NRP Mortgage Trust 2013-1, Floating Rate
Note, 7/25/43 6,253,332
3,771,126 3.32 NRP Mortgage Trust 2013-1, Floating Rate
Note, 7/25/43 (144A) 3,671,772
4,975,951 3.25 NRP Mortgage Trust 2013-1, Floating Rate
Note, 7/25/43 (144A) 4,895,326
5,220,783 3.25 NRP Mortgage Trust 2013-1, Floating Rate
Note, 7/25/43 (144A) 5,321,915
6,511,679 0.58 Opteum Mortgage Acceptance Corp., Trust 2005-4,
Floating Rate Note, 11/25/35 5,998,461
745,975 ORES 2014-LV3 LLC, 3.0%, 3/27/24 (144A) 745,975
116,908 PHH Mortgage Capital LLC, 6.600001%,
12/25/27 (Step) (144A) 117,098
337,124 RAAC Series 2004-SP2 Trust, 6.0%, 1/25/32 343,149
946,266 0.73 RALI Series 2003-QS13 Trust, Floating Rate
Note, 7/25/33 873,765
346,509 RALI Series 2003-QS14 Trust, 5.0%, 7/25/18 351,328
886,965 RALI Series 2004-QS3 Trust, 5.0%, 3/25/19 907,125
3,151,428 1.84 RESI Finance LP 2003-CB1, Floating Rate
Note, 7/9/35 2,984,944
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/15 31
Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
483,011 Residential Asset Securitization Trust 2004-A8,
5.25%, 11/25/34 $ 489,429
1,130,756 Residential Asset Securitization Trust 2004-A9,
5.75%, 12/25/34 1,165,810
783,185 RFMSI Series 2005-S5 Trust, 5.25%, 7/25/35 808,145
4,000,000 RREF 2015-LT7 LLC, 3.0%, 12/25/32 (144A) 3,996,868
2,890,298 0.85 Sequoia Mortgage Trust 2003-2, Floating Rate
Note, 6/20/33 2,751,431
5,566,931 1.81 Sequoia Mortgage Trust 2012-6, Floating Rate
Note, 12/26/42 5,063,085
3,177,255 1.45 Sequoia Mortgage Trust 2013-1, Floating Rate
Note, 2/25/43 3,067,687
7,061,569 3.59 Sequoia Mortgage Trust 2013-10, Floating Rate
Note, 8/25/43 (144A) 6,877,544
7,560,287 3.54 Sequoia Mortgage Trust 2013-3, Floating Rate
Note, 3/25/43 7,581,917
7,992,370 2.33 Sequoia Mortgage Trust 2013-4 REMICS, Floating
Rate Note, 4/27/43 7,396,867
4,491,103 3.51 Sequoia Mortgage Trust 2013-4, Floating Rate
Note, 4/25/43 4,472,694
12,030,370 2.50 Sequoia Mortgage Trust 2013-7, Floating Rate
Note, 6/25/43 11,236,679
1,573,846 3.00 Sequoia Mortgage Trust 2013-7, Floating Rate
Note, 6/25/43 1,516,794
728,341 2.25 Sequoia Mortgage Trust 2013-8, Floating Rate
Note, 6/25/43 701,853
777,703 3.00 Sequoia Mortgage Trust 2013-8, Floating Rate
Note, 6/25/43 749,997
6,397,420 3.56 Sequoia Mortgage Trust 2013-8, Floating Rate
Note, 6/25/43 6,414,891
1,820,253 Sequoia Mortgage Trust 2013-9, 3.5%,
7/27/43 (144A) 1,825,799
7,043,883 3.00 Sequoia Mortgage Trust 2015-1, Floating Rate
Note, 1/25/45 (144A) 6,850,507
8,657,691 3.50 Sequoia Mortgage Trust 2015-2, Floating Rate
Note, 5/25/45 (144A) 8,672,574
50,829 3.00 Sequoia Mortgage Trust, Floating Rate Note,
9/25/42 49,304
1,093,633 2.22 Springleaf Mortgage Loan Trust 2012-2, Floating
Rate Note, 10/25/57 (144A) 1,096,340
750,000 3.79 Springleaf Mortgage Loan Trust 2013-1, Floating
Rate Note, 6/25/58 (144A) 755,066
1,533,923 2.00 Springleaf Mortgage Loan Trust 2013-1, Floating
Rate Note, 6/25/58 (144A) 1,535,537
664,050 2.59 Structured Adjustable Rate Mortgage Loan Trust,
Floating Rate Note, 1/25/35 659,252
The accompanying notes are an integral part of these financial statements.
32 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
525,334 2.46 Structured Adjustable Rate Mortgage Loan Trust,
Floating Rate Note, 11/25/34 $ 518,184
3,954,307 0.87 Structured Asset Mortgage Investments II Trust
2004-AR8, Floating Rate Note, 5/19/35 3,843,417
2,045,110 0.93 Structured Asset Mortgage Investments Trust
2003-AR2, Floating Rate Note, 12/19/33 1,960,958
4,207,144 Structured Asset Securities Corp., Trust 2005-17,
5.5%, 10/25/35 4,329,189
569,211 2.56 Structured Asset Securities Corp., Mortgage
Certificates Series 2003-31A, Floating Rate
Note, 10/25/33 563,886
678,993 0.48 Structured Asset Securities Corp., Trust 2005-14,
Floating Rate Note, 7/25/35 596,659
738,105 2.16 Thornburg Mortgage Securities Trust 2003-3,
Floating Rate Note, 6/25/43 733,460
5,451,526 0.93 Thornburg Mortgage Securities Trust 2004-3,
Floating Rate Note, 9/25/34 5,224,525
4,470,000 TimberStar Trust I REMICS, 5.668%, 10/15/36 (144A) 4,682,017
1,435,000 TimberStar Trust I, 5.7467%, 10/15/36 (144A) 1,495,851
5,040,000 UBS Commercial Mortgage Trust 2012-C1,
3.4%, 5/12/45 5,212,585
2,272,971 2.19 Velocity Commercial Capital Loan Trust 2014-1,
Floating Rate Note, 9/25/44 (144A) 2,261,606
1,770,802 VFC 2015-3 LLC, 2.75%, 12/20/31 (144A) 1,768,810
2,065,969 VOLT XXX LLC, 3.625%, 10/25/57 (Step) 2,064,438
1,233,457 1.01 Wells Fargo Alternative Loan 2005-2 Trust,
Floating Rate Note, 10/25/35 1,228,495
2,513,687 Wells Fargo Commercial Mortgage Trust 2010-C1,
3.349%, 11/18/43 (144A) 2,576,001
1,927,000 Wells Fargo Commercial Mortgage Trust 2012-LC5
REMICS, 3.539%, 10/17/45 1,983,731
4,500,000 Wells Fargo Commercial Mortgage Trust 2014-LC16
REMICS, 3.477%, 8/17/50 4,681,764
5,300,000 2.04 Wells Fargo Commercial Mortgage Trust 2014-TISH
REMICS, Floating Rate Note, 2/16/27 (144A) 5,269,737
350,000 5.39 WF-RBS Commercial Mortgage Trust 2011-C2,
Floating Rate Note, 2/15/44 (144A) 381,800
1,323,000 5.47 WF-RBS Commercial Mortgage Trust 2011-C2,
Floating Rate Note, 2/15/44 (144A) 1,418,134
-----------------
$ 516,385,820
-----------------
Total Banks $ 516,385,820
------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.2%
Other Diversified Financial Services -- 0.2%
2,385,601 0.44 GE Business Loan Trust 2005-1, Floating Rate
Note, 6/15/33 (144A) $ 2,312,549
2,015,577 0.36 GE Business Loan Trust 2007-1, Floating Rate
Note, 4/16/35 (144A) 1,911,113
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/15 33
Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- (continued)
1,000,000 Morgan Stanley Capital I Trust 2007-HQ13,
5.569%, 12/15/44 $ 1,061,142
-----------------
$ 5,284,804
-----------------
Total Diversified Financials $ 5,284,804
------------------------------------------------------------------------------------------------------
Government -- 1.0%
1,250,000 4.30 Federal Home Loan Mortgage Corp., Floating Rate
Note, 9/26/44 (144A) $ 1,298,206
3,023 Federal National Mortgage Association REMICS,
10.3%, 4/25/19 3,326
649,508 Federal National Mortgage Association REMICS,
4.5%, 6/25/29 697,090
313,644 Federal National Mortgage Association REMICS,
5.0%, 7/25/33 315,002
75,154 Federal National Mortgage Association REMICS,
5.0%, 9/25/39 77,572
1,330,472 1.54 Freddie Mac Structured Agency Credit Risk Debt
Notes, Floating Rate Note, 8/25/24 1,330,243
850,000 5.62 FREMF Mortgage Trust 2010-K7, Floating Rate
Note, 5/25/29 (144A) 951,131
600,000 5.41 FREMF Mortgage Trust 2010-K8, Floating Rate
Note, 9/25/43 (144A) 666,954
890,000 5.36 FREMF Mortgage Trust 2010-K9 REMICS, Floating
Rate Note, 9/25/45 (144A) 988,599
1,500,000 4.78 FREMF Mortgage Trust 2011-K10 , Floating Rate
Note, 11/25/49 (144A) 1,625,508
5,380,000 4.93 FREMF Mortgage Trust 2011-K702, Floating Rate
Note, 4/25/44 (144A) 5,739,319
1,250,000 5.05 FREMF Mortgage Trust 2011-K703, Floating Rate
Note, 7/25/44 (144A) 1,339,785
900,000 3.30 FREMF Mortgage Trust 2013-K502, Floating Rate
Note, 3/27/45 (144A) 914,338
3,000,000 3.16 FREMF Mortgage Trust 2013-K713, Floating Rate
Note, 4/25/46 (144A) 3,022,392
2,401,000 3.08 FREMF Mortgage Trust 2014-K503, Floating Rate
Note, 10/25/47 (144A) 2,418,028
650,000 3.55 FREMF Mortgage Trust Class B, Floating Rate
Note, 11/25/46 (144A) 663,728
2,010,000 3.95 FREMF Mortgage Trust Class B, Floating Rate
Note, 6/25/47 (144A) 2,085,992
5,816,157 Government National Mortgage Association
REMICS, 2.1%, 2/16/48 5,852,420
1,482,422 Government National Mortgage Association,
3.0%, 4/20/41 1,538,455
17,081 Government National Mortgage Association,
4.973%, 4/16/42 17,077
The accompanying notes are an integral part of these financial statements.
34 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Government -- (continued)
753,231 Government National Mortgage Association,
5.25%, 8/16/35 $ 845,517
-----------------
$ 32,390,682
-----------------
Total Government $ 32,390,682
------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $558,504,024) $ 556,767,695
------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 39.3%
ENERGY -- 4.9%
Oil & Gas Drilling -- 0.4%
4,725,000 Ensco Plc, 4.5%, 10/1/24 $ 4,514,062
1,025,000 Pride International, Inc., 6.875%, 8/15/20 1,172,262
6,185,000 Rowan Companies, Inc., 4.75%, 1/15/24 5,910,485
-----------------
$ 11,596,809
------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.4%
2,250,000 Halliburton Co., 7.6%, 8/15/96 (144A) $ 3,010,885
6,050,000 Helmerich & Payne International Drilling Co.,
4.65%, 3/15/25 (144A) 6,245,342
675,000 Weatherford International, Ltd., Bermuda,
5.95%, 4/15/42 570,576
2,815,000 Weatherford International, Ltd., Bermuda,
9.625%, 3/1/19 3,286,721
-----------------
$ 13,113,524
------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.6%
4,175,000 BP Capital Markets Plc, 3.062%, 3/17/22 $ 4,164,116
5,350,000 ConocoPhillips Co., 3.35%, 11/15/24 5,294,082
1,000,000 Rosneft Finance SA, 7.875%, 3/13/18 (144A) 1,045,000
10,050,000 Sinopec Group Overseas Development 2015,
Ltd., 2.5%, 4/28/20 (144A) 9,898,647
-----------------
$ 20,401,845
------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.4%
1,500,000 Approach Resources, Inc., 7.0%, 6/15/21 $ 1,350,000
2,230,000 Canadian Natural Resources, Ltd., 6.5%, 2/15/37 2,533,224
1,800,000 EP Energy LLC, 9.375%, 5/1/20 1,923,660
901,000 Marathon Oil Corp., 5.9%, 3/15/18 989,470
2,360,000 Newfield Exploration Co., 5.375%, 1/1/26 2,336,400
1,400,000 Newfield Exploration Co., 5.625%, 7/1/24 1,414,000
483,747 Ras Laffan Liquefied Natural Gas Co., Ltd., III,
5.832%, 9/30/16 (144A) 499,517
-----------------
$ 11,046,271
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/15 35
Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.6%
7,040,000 EnLink Midstream Partners LP, 4.4%, 4/1/24 $ 7,058,945
3,800,000 Motiva Enterprises LLC, 6.85%, 1/15/40 (144A) 4,333,056
2,825,000 Valero Energy Corp., 6.625%, 6/15/37 3,190,586
2,890,000 Valero Energy Corp., 9.375%, 3/15/19 3,556,683
-----------------
$ 18,139,270
------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 2.2%
5,550,000 Boardwalk Pipelines LP, 4.95%, 12/15/24 $ 5,442,680
5,425,000 Buckeye Partners LP, 4.15%, 7/1/23 5,287,585
2,900,000 DCP Midstream LLC, 9.75%, 3/15/19 (144A) 3,365,215
3,950,000 5.85 DCP Midstream LLC, Floating Rate Note,
5/21/43 (144A) 3,130,375
500,000 Energy Transfer Partners LP, 4.05%, 3/15/25 471,495
1,200,000 3.30 Energy Transfer Partners LP, Floating Rate
Note, 11/1/66 1,020,000
3,825,000 Enterprise Products Operating LLC, 3.7%, 2/15/26 3,703,606
5,310,000 Enterprise Products Operating LLC, 3.9%, 2/15/24 5,332,052
4,675,000 Kinder Morgan Energy Partners LP, 4.25%, 9/1/24 4,553,146
3,250,000 Kinder Morgan Energy Partners LP, 5.95%, 2/15/18 3,551,506
5,300,000 Plains All American Pipeline LP, 4.9%, 2/15/45 4,996,957
3,500,000 Sabine Pass LNG LP, 6.5%, 11/1/20 3,622,500
2,475,000 Spectra Energy Capital LLC, 6.2%, 4/15/18 2,703,873
1,500,000 Spectra Energy Capital LLC, 6.75%, 7/15/18 1,676,988
5,825,000 Sunoco Logistics Partners Operations LP,
4.25%, 4/1/24 5,656,291
2,200,000 Sunoco Logistics Partners Operations LP,
6.1%, 2/15/42 2,254,529
5,980,000 The Williams Companies, Inc., 5.75%, 6/24/44 5,549,279
2,475,000 The Williams Companies, Inc., 7.75%, 6/15/31 2,762,474
4,425,000 TransCanada PipeLines, Ltd., 1.875%, 1/12/18 4,454,249
-----------------
$ 69,534,800
------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- 0.3%
5,275,000 CNOOC Nexen Finance 2014 ULC,
4.25%, 4/30/24 $ 5,387,083
4,750,000 Sinopec Group Overseas Development 2014, Ltd.,
4.375%, 4/10/24 (144A) 4,981,895
-----------------
$ 10,368,978
-----------------
Total Energy $ 154,201,497
------------------------------------------------------------------------------------------------------
MATERIALS -- 2.4%
Commodity Chemicals -- 0.1%
2,625,000 Methanex Corp., 4.25%, 12/1/24 $ 2,602,535
40,000 NOVA Chemicals Corp., 5.0%, 5/1/25 (144A) 40,150
-----------------
$ 2,642,685
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.2%
4,845,000 CF Industries, Inc., 5.15%, 3/15/34 $ 4,785,431
980,000 Eastman Chemical Co., 4.8%, 9/1/42 939,978
1,130,000 WR Grace & Co-Conn, 5.125%, 10/1/21 (144A) 1,138,475
-----------------
$ 6,863,884
------------------------------------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 0.4%
2,800,000 Agrium, Inc., 4.125%, 3/15/35 $ 2,503,690
7,600,000 Agrium, Inc., 5.25%, 1/15/45 7,675,331
2,675,000 Monsanto Co., 3.375%, 7/15/24 2,554,949
-----------------
$ 12,733,970
------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.1%
3,025,000 The Valspar Corp., 3.3%, 2/1/25 $ 2,911,260
------------------------------------------------------------------------------------------------------
Construction Materials -- 0.4%
3,328,000 CEMEX Espana SA, 9.875%, 4/30/19 (144A) $ 3,641,498
10,600,000 CRH America, Inc., 3.875%, 5/18/25 (144A) 10,503,996
475,000 Holcim US Finance S.a.r.l. & Cie SCS, 6.0%,
12/30/19 (144A) 536,485
-----------------
$ 14,681,979
------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.2%
2,275,000 Ball Corp., 4.0%, 11/15/23 $ 2,110,062
4,000,000 Ball Corp., 5.25%, 7/1/25 3,955,000
-----------------
$ 6,065,062
------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.2%
1,850,000 Freeport-McMoRan, Inc., 3.875%, 3/15/23 $ 1,680,590
1,650,000 Freeport-McMoRan, Inc., 4.55%, 11/14/24 1,537,424
4,000,000 Gold Fields Orogen Holdings BVI, Ltd., 4.875%,
10/7/20 (144A) 3,660,000
-----------------
$ 6,878,014
------------------------------------------------------------------------------------------------------
Steel -- 0.3%
3,550,000 Commercial Metals Co., 4.875%, 5/15/23 $ 3,337,000
1,175,000 Glencore Funding LLC, 4.125%, 5/30/23 (144A) 1,136,713
1,385,000 Steel Dynamics, Inc., 5.125%, 10/1/21 1,387,770
3,135,000 Worthington Industries, Inc., 4.55%, 4/15/26 3,217,780
-----------------
$ 9,079,263
------------------------------------------------------------------------------------------------------
Paper Products -- 0.5%
1,285,000 Clearwater Paper Corp., 4.5%, 2/1/23 $ 1,217,538
6,975,000 International Paper Co., 3.65%, 6/15/24 6,874,616
1,025,000 International Paper Co., 3.8%, 1/15/26 1,004,283
2,400,000 International Paper Co., 6.0%, 11/15/41 2,587,505
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/15 37
Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Paper Products -- (continued)
3,930,000 Resolute Forest Products, Inc., 5.875%, 5/15/23 $ 3,576,300
-----------------
$ 15,260,242
-----------------
Total Materials $ 77,116,359
------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.9%
Aerospace & Defense -- 0.4%
2,600,000 DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) $ 2,544,750
10,250,000 United Technologies Corp., 1.778%, 5/4/18 (Step) 10,281,519
-----------------
$ 12,826,269
------------------------------------------------------------------------------------------------------
Building Products -- 0.7%
7,225,000 Fortune Brands Home & Security, Inc.,
3.0%, 6/15/20 $ 7,232,601
1,050,000 Masco Corp., 4.45%, 4/1/25 1,052,625
825,000 Masco Corp., 5.95%, 3/15/22 926,062
4,260,000 Masco Corp., 7.125%, 3/15/20 4,941,600
5,150,000 Owens Corning, 4.2%, 12/1/24 5,055,075
3,600,000 5.75 Stanley Black & Decker, Inc., Floating Rate
Note, 12/15/53 3,879,000
-----------------
$ 23,086,963
------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.3%
5,000,000 Siemens Financieringsmaatschappij NV, 4.4%,
5/27/45 (144A) $ 4,939,615
2,950,000 Tyco Electronics Group SA, 6.55%, 10/1/17 3,273,267
-----------------
$ 8,212,882
------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.1%
3,727,000 Cummins, Inc., 5.65%, 3/1/98 $ 3,917,983
910,000 Cummins, Inc., 6.75%, 2/15/27 1,118,453
-----------------
$ 5,036,436
------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.0%+
604,000 Valmont Industries, Inc., 6.625%, 4/20/20 $ 697,006
------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.4%
2,800,000 Aircastle, Ltd., 6.75%, 4/15/17 $ 2,982,000
2,260,000 GATX Corp., 5.2%, 3/15/44 2,285,495
5,660,000 GATX Corp., 6.0%, 2/15/18 6,185,429
-----------------
$ 11,452,924
-----------------
Total Capital Goods $ 61,312,480
------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.2%
Environmental & Facilities Services -- 0.0%+
1,700,000 Waste Management, Inc., 3.125%, 3/1/25 $ 1,649,267
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
38 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Research & Consulting Services -- 0.2%
5,275,000 Verisk Analytics, Inc., 5.5%, 6/15/45 $ 5,187,952
-----------------
Total Commercial Services & Supplies $ 6,837,219
------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.4%
Airlines -- 0.4%
4,642,292 Air Canada 2013-1 Class A Pass Through Trust,
4.125%, 11/15/26 (144A) $ 4,746,744
4,025,000 Air Canada 2015-1 Class A Pass Through Trust,
3.6%, 9/15/28 (144A) 3,954,562
2,350,000 Southwest Airlines Co., 2.75%, 11/6/19 2,384,312
1,405,580 US Airways 2013-1 Class A Pass Through Trust,
3.95%, 5/15/27 1,412,607
-----------------
$ 12,498,225
------------------------------------------------------------------------------------------------------
Railroads -- 0.6%
13,825,000 Burlington Northern Santa Fe LLC, 4.15%, 4/1/45 $ 12,750,867
6,650,000 TTX Co., 3.6%, 1/15/25 (144A) 6,675,809
-----------------
$ 19,426,676
------------------------------------------------------------------------------------------------------
Trucking -- 0.3%
529,000 Asciano Finance, Ltd., 4.625%, 9/23/20 (144A) $ 561,084
8,850,000 Penske Truck Leasing Co., Lp, 3.375%,
2/1/22 (144A) 8,578,686
-----------------
$ 9,139,770
------------------------------------------------------------------------------------------------------
Highways & Railtracks -- 0.1%
4,600,000 ERAC USA Finance LLC, 4.5%, 2/15/45 (144A) $ 4,227,501
-----------------
Total Transportation $ 45,292,172
------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.7%
Auto Parts & Equipment -- 0.2%
5,400,000 Delphi Corp., 4.15%, 3/15/24 $ 5,582,104
------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.5%
4,975,000 Ford Motor Credit Co., LLC, 2.24%, 6/15/18 $ 4,978,363
6,425,000 Ford Motor Credit Co., LLC, 3.219%, 1/9/22 6,352,950
5,000,000 Toyota Motor Credit Corp., 2.125%, 7/18/19 5,016,045
-----------------
$ 16,347,358
-----------------
Total Automobiles & Components $ 21,929,462
------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.0%+
Home Furnishings -- 0.0%+
800,000 Mohawk Industries, Inc., 3.85%, 2/1/23 $ 798,865
-----------------
Total Consumer Durables & Apparel $ 798,865
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/15 39
Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.4%
Casinos & Gaming -- 0.2%
1,010,000 GLP Capital LP, 4.375%, 11/1/18 $ 1,036,512
3,550,000 MGM Resorts International, 6.0%, 3/15/23 3,594,375
-----------------
$ 4,630,887
------------------------------------------------------------------------------------------------------
Education Services -- 0.2%
1,000,000 Bowdoin College, 4.693%, 7/1/12 $ 836,403
2,600,000 President and Fellows of Harvard College,
2.3%, 10/1/23 2,443,163
3,550,000 Tufts University, 5.017%, 4/15/12 3,564,530
-----------------
$ 6,844,096
------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.0%+
1,300,000 Sotheby's, 5.25%, 10/1/22 (144A) $ 1,274,000
-----------------
Total Consumer Services $ 12,748,983
------------------------------------------------------------------------------------------------------
MEDIA -- 1.0%
Broadcasting -- 0.5%
6,125,000 CBS Corp., 3.7%, 8/15/24 $ 5,985,025
2,250,000 CBS Corp., 4.6%, 1/15/45 2,009,030
6,200,000 DIRECTV Holdings LLC, 3.8%, 3/15/22 6,235,662
1,850,000 Discovery Communications LLC, 3.45%, 3/15/25 1,735,936
-----------------
$ 15,965,653
------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.2%
4,900,000 DIRECTV Holdings LLC, 3.95%, 1/15/25 $ 4,804,029
1,900,000 Intelsat Jackson Holdings SA, 7.25%, 4/1/19 1,928,500
-----------------
$ 6,732,529
------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.3%
8,300,000 Time Warner, Inc., 4.7%, 1/15/21 $ 8,969,071
-----------------
Total Media $ 31,667,253
------------------------------------------------------------------------------------------------------
RETAILING -- 1.0%
Catalog Retail -- 0.2%
7,300,000 QVC, Inc., 4.45%, 2/15/25 $ 7,044,091
------------------------------------------------------------------------------------------------------
Internet Retail -- 0.5%
5,900,000 Expedia, Inc., 4.5%, 8/15/24 $ 5,950,893
800,000 Expedia, Inc., 5.95%, 8/15/20 891,693
7,375,000 The Priceline Group, Inc., 3.65%, 3/15/25 7,179,703
-----------------
$ 14,022,289
------------------------------------------------------------------------------------------------------
Home Improvement Retail -- 0.1%
4,520,000 The Home Depot, Inc., 2.625%, 6/1/22 $ 4,445,479
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
40 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.1%
2,575,000 AutoZone, Inc., 2.5%, 4/15/21 $ 2,522,995
------------------------------------------------------------------------------------------------------
Homefurnishing Retail -- 0.1%
2,000,000 Bed Bath & Beyond, Inc., 3.749%, 8/1/24 $ 1,995,012
-----------------
Total Retailing $ 30,029,866
------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.3%
Drug Retail -- 0.1%
650,000 CVS Health Corp., 2.25%, 8/12/19 $ 647,048
648,221 CVS Pass-Through Trust, 5.298%, 1/11/27 (144A) 716,284
1,378,393 CVS Pass-Through Trust, 5.773%, 1/10/33 (144A) 1,549,323
-----------------
$ 2,912,655
------------------------------------------------------------------------------------------------------
Food Retail -- 0.2%
7,472,000 The Kroger Co., 2.95%, 11/1/21 $ 7,424,209
-----------------
Total Food & Staples Retailing $ 10,336,864
------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.5%
Distillers & Vintners -- 0.0%+
630,000 Constellation Brands, Inc., 3.75%, 5/1/21 $ 617,400
------------------------------------------------------------------------------------------------------
Agricultural Products -- 0.2%
5,175,000 Viterra, Inc., 5.95%, 8/1/20 (144A) $ 5,689,343
------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.3%
4,200,000 Grupo Bimbo SAB de CV, 3.875%, 6/27/24 (144A) $ 4,186,014
3,240,000 Kraft Foods Group, Inc., 3.5%, 6/6/22 3,247,944
-----------------
$ 7,433,958
------------------------------------------------------------------------------------------------------
Tobacco -- 0.0%+
1,050,000 RJ Reynolds Tobacco Co., 3.75%, 5/20/23 $ 1,020,524
-----------------
Total Food, Beverage & Tobacco $ 14,761,225
------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.7%
Health Care Equipment -- 0.5%
10,525,000 Becton Dickinson and Co., 3.734%, 12/15/24 $ 10,489,594
7,300,000 Medtronic, Inc., 4.625%, 3/15/45 (144A) 7,390,148
-----------------
$ 17,879,742
------------------------------------------------------------------------------------------------------
Health Care Services -- 0.1%
2,600,000 Catholic Health Initiatives, 4.35%, 11/1/42 $ 2,377,632
------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.1%
2,400,000 NYU Hospitals Center, 4.428%, 7/1/42 $ 2,278,392
-----------------
Total Health Care Equipment & Services $ 22,535,766
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/15 41
Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.8%
Biotechnology -- 0.6%
11,025,000 Baxalta, Inc., 3.6%, 6/23/22 (144A) $ 11,018,187
7,550,000 Gilead Sciences, Inc., 4.5%, 2/1/45 7,520,902
-----------------
$ 18,539,089
------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.1%
520,000 Endo, Ltd., 6.0%, 2/1/25 (144A) $ 528,450
3,150,000 Johnson & Johnson, 4.375%, 12/5/33 3,337,979
-----------------
$ 3,866,429
------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.1%
894,000 Agilent Technologies, Inc., 6.5%, 11/1/17 $ 987,073
-----------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 23,392,591
------------------------------------------------------------------------------------------------------
BANKS -- 5.0%
Diversified Banks -- 4.0%
5,215,000 Australia & New Zealand Banking Group, Ltd.,
4.5%, 3/19/24 (144A) $ 5,244,011
1,150,000 Bank of America Corp., 4.2%, 8/26/24 1,147,231
1,100,000 Bank of America Corp., 7.75%, 8/15/15 1,108,098
3,950,000 6.10 Bank of America Corp., Floating Rate Note
(Perpetual) 3,900,625
6,975,000 6.50 Bank of America Corp., Floating Rate Note,
10/23/49 7,219,125
2,200,000 6.25 Bank of America Corp., Floating Rate Note,
9/29/49 2,190,386
3,515,000 Barclays Bank Plc, 6.05%, 12/4/17 (144A) 3,824,457
5,250,000 Barclays Plc, 3.65%, 3/16/25 4,965,440
2,400,000 BBVA Bancomer SA Texas, 4.375%,
4/10/24 (144A) 2,428,800
3,815,000 BBVA Bancomer SA Texas, 6.5%, 3/10/21 (144A) 4,129,738
2,850,000 5.90 Citigroup, Inc., Floating Rate Note (Perpetual) 2,807,250
2,925,000 5.88 Citigroup, Inc., Floating Rate Note (Perpetual) 2,931,435
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 3,573,455
6,425,000 Cooperatieve Centrale Raiffeisen-Boerenleenbank
BA Netherlands, 3.95%, 11/9/22 6,424,139
5,075,000 6.62 Credit Agricole SA, Floating Rate Note
(Perpetual) (144A) 4,953,200
7,475,000 Export-Import Bank of Korea, 2.25%, 1/21/20 7,402,649
5,425,000 First Tennessee Bank NA, 2.95%, 12/1/19 5,422,304
1,305,000 HSBC Bank Plc, 7.65%, 5/1/25 1,661,518
3,940,000 HSBC Holdings Plc, 4.25%, 3/14/24 3,979,341
The accompanying notes are an integral part of these financial statements.
42 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
3,476,000 Intesa Sanpaolo S.p.A., 3.625%, 8/12/15 (144A) $ 3,484,614
1,400,000 Intesa Sanpaolo S.p.A., 6.5%, 2/24/21 (144A) 1,597,105
5,125,000 Macquarie Bank, Ltd., 4.875%, 6/10/25 (144A) 5,043,102
840,000 Macquarie Bank, Ltd., 6.625%, 4/7/21 (144A) 962,151
4,500,000 Nordea Bank AB, 4.25%, 9/21/22 (144A) 4,608,878
5,600,000 6.12 Nordea Bank AB, Floating Rate Note (Perpetual)
(144A) 5,521,247
736,842 3.04 SBP DPR Finance Co., Floating Rate Note,
3/15/17 (144A) 736,564
2,600,000 4.50 Scotiabank Peru SAA, Floating Rate Note,
12/13/27 (144A) 2,554,500
2,200,000 Standard Chartered Bank, 6.4%, 9/26/17 (144A) 2,397,481
4,800,000 Standard Chartered Plc, 3.95%, 1/11/23 (144A) 4,684,253
1,800,000 Sumitomo Mitsui Banking Corp., 1.75%, 1/16/18 1,806,395
11,675,000 The Bank of Tokyo-Mitsubishi UFJ, Ltd., 2.3%,
3/5/20 (144A) 11,625,253
3,400,000 5.88 Wells Fargo & Co., Floating Rate Note (Perpetual) 3,480,920
-----------------
$ 126,076,240
------------------------------------------------------------------------------------------------------
Regional Banks -- 0.9%
1,190,000 CoBank ACB, 7.875%, 4/16/18 (144A) $ 1,373,302
7,000,000 Credit Suisse New York NY, 1.75%, 1/29/18 6,972,784
3,350,000 HSBC Bank USA NA New York NY, 6.0%, 8/9/17 3,642,944
7,378,000 KeyCorp, 5.1%, 3/24/21 8,185,721
1,435,000 PNC Bank NA, 6.0%, 12/7/17 1,576,491
1,025,000 SunTrust Banks, Inc., 3.5%, 1/20/17 1,055,540
890,000 6.75 The PNC Financial Services Group, Inc., Floating
Rate Note (Perpetual) 985,675
3,540,000 Wells Fargo Bank NA, 6.0%, 11/15/17 3,899,455
-----------------
$ 27,691,912
------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.1%
2,300,000 Astoria Financial Corp., 5.0%, 6/19/17 $ 2,414,487
-----------------
Total Banks $ 156,182,639
------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.5%
Other Diversified Financial Services -- 0.8%
3,000,000 Alterra Finance LLC, 6.25%, 9/30/20 $ 3,445,251
5,930,000 Carlyle Holdings II Finance LLC, 5.625%,
3/30/43 (144A) 6,160,790
4,860,000 General Electric Capital Corp., 5.3%, 2/11/21 5,464,740
1,384,187 Grain Spectrum Funding II LLC, 3.29%,
10/10/19 (144A) 1,370,345
1,890,000 6.12 JPMorgan Chase & Co., Floating Rate Note, 12/29/49 1,897,749
6,215,000 6.75 JPMorgan Chase & Co., Floating Rate Note, 8/29/49 6,640,292
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/15 43
Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- (continued)
1,250,000 0.00 Tiers Trust, Floating Rate Note, 10/15/97 (144A) (e) $ 1,099,140
-----------------
$ 26,078,307
------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.6%
3,725,000 Aviation Capital Group Corp., 6.75%,
4/6/21 (144A) $ 4,254,565
3,200,000 BM&FBovespa SA -- Bolsa de Valores
Mercadorias e Futuros, 5.5%, 7/16/20 (144A) 3,392,000
2,980,000 Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) 3,278,510
1,475,000 LeasePlan Corp., NV, 2.5%, 5/16/18 (144A) 1,477,168
2,000,000 National Rural Utilities Cooperative Finance Corp.,
5.45%, 2/1/18 2,191,678
5,480,000 Nationstar Mortgage LLC, 6.5%, 6/1/22 5,007,350
-----------------
$ 19,601,271
------------------------------------------------------------------------------------------------------
Consumer Finance -- 1.1%
1,500,000 Ally Financial, Inc., 3.6%, 5/21/18 $ 1,501,875
800,000 Ally Financial, Inc., 4.625%, 3/30/25 762,000
5,050,000 Ally Financial, Inc., 5.125%, 9/30/24 5,062,625
5,985,000 American Honda Finance Corp., 1.2%, 7/14/17 5,989,806
1,465,000 Capital One Bank USA NA, 8.8%, 7/15/19 1,797,149
6,650,000 Capital One Financial Corp., 3.75%, 4/24/24 6,619,403
6,525,000 General Motors Financial Co, Inc., 4.0%, 1/15/25 6,402,526
2,245,000 Hyundai Capital America, 1.45%, 2/6/17 (144A) 2,237,838
3,125,000 Hyundai Capital America, 2.0%, 3/19/18 (144A) 3,126,116
-----------------
$ 33,499,338
------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 1.0%
2,525,000 Affiliated Managers Group, Inc., 4.25%, 2/15/24 $ 2,601,785
1,725,000 Blackstone Holdings Finance Co., LLC, 5.0%,
6/15/44 (144A) 1,729,307
4,950,000 Blackstone Holdings Finance Co., LLC, 4.75%,
2/15/23 (144A) 5,301,420
1,975,000 Blackstone Holdings Finance Co., LLC, 6.25%,
8/15/42 (144A) 2,305,400
733,000 Eaton Vance Corp., 6.5%, 10/2/17 807,995
5,025,000 KKR Group Finance Co., II LLC, 5.5%,
2/1/43 (144A) 5,086,230
2,400,000 Legg Mason, Inc., 3.95%, 7/15/24 2,427,050
4,290,000 Legg Mason, Inc., 5.625%, 1/15/44 4,577,177
4,250,000 Neuberger Berman Group LLC, 4.875%,
4/15/45 (144A) 3,853,552
1,250,000 4.50 The Bank of New York Mellon Corp., Floating
Rate Note (Perpetual) 1,156,250
-----------------
$ 29,846,166
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
44 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 1.0%
1,650,000 KKR Group Finance Co., III LLC, 5.125%,
6/1/44 (144A) $ 1,581,942
2,730,000 Macquarie Group, Ltd., 6.0%, 1/14/20 (144A) 3,067,575
5,100,000 Morgan Stanley, 4.1%, 5/22/23 5,109,532
300,000 Morgan Stanley, 4.875%, 11/1/22 319,112
2,900,000 5.55 Morgan Stanley, Floating Rate Note (Perpetual) 2,878,975
643,000 North American Development Bank, 2.3%,
10/10/18 654,388
6,025,000 TD Ameritrade Holding Corp., 3.625%, 4/1/25 6,118,671
6,875,000 The Goldman Sachs Group, Inc., 6.75%, 10/1/37 8,064,018
4,400,000 UBS AG, 7.625%, 8/17/22 5,156,796
-----------------
$ 32,951,009
-----------------
Total Diversified Financials $ 141,976,091
------------------------------------------------------------------------------------------------------
INSURANCE -- 5.0%
Insurance Brokers -- 0.1%
5,000,000 Brown & Brown, Inc., 4.2%, 9/15/24 $ 4,935,405
------------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.7%
7,000,000 Aflac, Inc., 3.625%, 11/15/24 $ 7,023,821
4,250,000 Protective Life Corp., 7.375%, 10/15/19 5,032,659
1,090,000 Prudential Financial, Inc., 4.5%, 11/16/21 1,187,130
1,500,000 5.62 Prudential Financial, Inc., Floating Rate Note,
6/15/43 1,554,750
2,140,000 8.88 Prudential Financial, Inc., Floating Rate Note,
6/15/68 2,503,800
1,800,000 5.88 Prudential Financial, Inc., Floating Rate Note,
9/15/42 1,902,240
3,205,000 Teachers Insurance & Annuity Association of
America, 6.85%, 12/16/39 (144A) 4,013,150
-----------------
$ 23,217,550
------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.7%
5,985,000 AIG, 3.875%, 1/15/35 $ 5,405,850
3,900,000 Assurant, Inc., 4.0%, 3/15/23 3,902,005
2,335,000 AXA SA, 8.6%, 12/15/30 3,129,262
5,325,000 Liberty Mutual Insurance Co., 7.697%
(Perpetual) (144A) 6,504,578
2,650,000 Loews Corp., 5.25%, 3/15/16 2,731,904
-----------------
$ 21,673,599
------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.3%
1,850,000 Delphi Financial Group, Inc., 7.875%, 1/31/20 $ 2,192,422
1,000,000 OneBeacon US Holdings, Inc., 4.6%, 11/9/22 1,019,542
5,455,000 6.50 The Allstate Corp., Floating Rate Note, 5/15/57 6,109,600
-----------------
$ 9,321,564
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/15 45
Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Reinsurance -- 3.2%
1,000,000 5.91 Alamo Re, Ltd., Floating Rate Note, 6/7/18
(Cat Bond) (144A) $ 993,800
937,930 Altair Re, Variable Rate Notes, 6/30/16 (g) 546,438
1,400,000 Altair Re, Variable Rate Notes, 6/30/17 (g) 1,442,000
1,800,000 6.38 Aquarius + Investments Plc for Swiss Reinsurance
Co., Ltd., Floating Rate Note, 9/1/24 1,861,214
700,000 Arlington Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 8/1/15 (g) 797,510
900,000 Arlington Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 8/31/16 (g) 906,390
500,000 3.46 Atlas IX Capital, Ltd., Floating Rate Note, 1/17/19
(Cat Bond) (144A) 508,550
250,000 8.14 Atlas Reinsurance VII, Ltd., Floating Rate Note,
1/7/16 (Cat Bond) (144A) 250,075
800,000 Bersick Segregated Account (Kane SAC Ltd.),
Variable Rate Note, 1/22/16 (g) 817,760
3,050,000 4.37 Blue Danube II, Ltd., Floating Rate Note, 5/23/16
(Cat Bond) (144A) 3,032,615
1,250,000 5.27 Caelus Re, Ltd., Floating Rate Note, 3/7/16
(Cat Bond) (144A) 1,226,000
1,850,000 6.86 Caelus Re, Ltd., Floating Rate Note, 4/7/17
(Cat Bond) (144A) 1,855,550
3,000,000 Carnoustie Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 2/19/16 (g) 3,189,900
250,000 4.26 Citrus Re, Ltd., Floating Rate Note, 4/18/17 (Cat
Bond) (144A) 242,875
550,000 3.76 Citrus Re, Ltd., Floating Rate Note, 4/24/17 (Cat
Bond) (144A) 535,425
1,200,000 Clarendon Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 6/15/16 (g) 1,151,760
1,100,000 0.00 Compass Re II, Ltd., Floating Rate Note, 12/8/15
(Cat Bond) 1,047,640
250,000 9.00 East Lane Re V, Ltd., Floating Rate Note, 3/16/16
(Cat Bond) (144A) 252,150
700,000 3.76 East Lane Re VI, Ltd., Floating Rate Note, 3/13/20
(Cat Bond) (144A) 687,540
2,500,000 Eden Re II, Ltd., 4/19/18 (144A) (d) (g) 2,560,000
2,650,000 5.01 Embarcadero Reinsurance, Ltd., Floating Rate
Note, 2/7/17 (Cat Bond) (144A) 2,649,735
3,654,000 Exeter Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/7/16 (g) 3,686,521
1,000,000 Fairfield Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 2/2/16 (g) 956,500
1,200,000 7.43 Galileo Re, Ltd., Floating Rate Note, 1/9/19 (Cat
Bond) (144A) 1,207,920
1,600,000 Gloucester Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 6/12/15 (g) 1,600,000
The accompanying notes are an integral part of these financial statements.
46 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
2,800,000 2.22 Golden State Re II, Ltd., Floating Rate Note,
1/8/19 (Cat Bond) (144A) $ 2,778,160
3,700,000 Gullane Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/22/17 (g) 3,887,960
1,009,200 Hereford Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/7/16 (g) 1,021,411
1,150,000 4.00 Ibis Re II, Ltd., Floating Rate Note, 6/28/16 (Cat
Bond) (144A) 1,145,400
1,000,000 4.51 Ibis Re II, Ltd., Floating Rate Note, 6/28/16 (Cat
Bond) (144A) 990,900
1,700,000 3.77 Kilimanjaro Re, Ltd., Floating Rate Note, 11/25/19
(Cat Bond) (144A) 1,677,730
350,000 4.52 Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18
(Cat Bond) (144A) 335,440
3,700,000 4.77 Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18
(Cat Bond) (144A) 3,562,360
500,000 Lahinch Re, Variable Rate Notes, 6/15/16 (g) 487,450
250,000 8.28 Loma Reinsurance, Ltd., Bermuda, Floating Rate
Note, 1/8/18 (Cat Bond) (144A) 256,375
1,800,000 3.97 Longpoint Re, Ltd. III, Floating Rate Note, 5/18/16
(Cat Bond) (144A) 1,793,160
1,300,000 Lorenzo Re, Ltd., Variable Rate Notes, 3/31/18 (g) 1,324,440
1,000,000 2.02 Merna Re V, Ltd., Floating Rate Note, 4/7/17 (Cat
Bond) (144A) 995,300
750,000 0.00 Merna Reinsurance, Ltd., Floating Rate Note,
4/9/18 (Cat Bond) (144A) (d) 747,450
1,956,533 Muirfield Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/12/16 (g) 1,972,186
1,000,000 8.60 Mythen Re, Ltd., Series 2012-2 Class A, Floating
Rate Note, 1/5/17 (Cat Bond) (144A) 1,004,400
2,100,000 8.03 Mythen Re, Ltd., Series 2013-1 Class B, Floating
Rate Note, 7/9/15 (Cat Bond) (144A) 2,100,210
1,100,000 7.27 Northshore Re, Ltd., Floating Rate Note, 7/5/16
(Cat Bond) (144A) 1,114,300
3,600,000 Pangaea Re, Series 2015-1, Principal at Risk
Notes, 2/1/19 (g) 3,809,160
4,000,000 Pangaea Re, Series 2015-2, Principal at Risk
Notes, 11/30/19 (g) 4,019,600
1,000,000 Prestwick Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 7/1/16 (g) 1,022,200
1,650,000 8.61 Queen Street VII Re, Ltd., Floating Rate Note,
4/8/16 (Cat Bond) (144A) 1,659,900
1,000,000 8.91 Residential Reinsurance 2011, Ltd., Floating
Rate Note, 6/6/17 (Cat Bond) (144A) 984,700
2,800,000 4.51 Residential Reinsurance 2012, Ltd., Floating
Rate Note, 12/6/16 (Cat Bond) (144A) 2,827,440
1,650,000 5.76 Residential Reinsurance 2012, Ltd., Floating
Rate Note, 12/6/16 (Cat Bond) (144A) 1,677,720
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/15 47
Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
800,000 8.01 Residential Reinsurance 2012, Ltd., Floating Rate
Note, 6/6/16 (Cat Bond) (144A) $ 834,480
275,000 10.01 Residential Reinsurance 2012, Ltd., Floating Rate
Note, 6/6/16 (Cat Bond) (144A) 283,965
250,000 9.27 Residential Reinsurance 2013, Ltd., Floating Rate
Note, 6/6/17 (Cat Bond) (144A) 257,475
800,000 3.02 Sanders Re, Ltd., Floating Rate Note, 5/25/18
(Cat Bond) (144A) 770,960
1,250,000 4.02 Sanders Re, Ltd., Floating Rate Note, 5/5/17
(Cat Bond) (144A) 1,220,875
1,200,000 3.54 Sanders Re, Ltd., Floating Rate Note, 5/5/17
(Cat Bond) (144A) 1,169,040
2,000,000 3.91 Sanders Re, Ltd., Floating Rate Note, 6/7/17
(Cat Bond) (144A) 1,978,000
3,000,000 Sector Re V, Ltd., Variable Rate Notes,
3/1/20 (144A) (g) 3,016,800
400,000 Sector Re V, Ltd., Variable Rate Notes,
3/1/20 (144A) (g) 404,320
250,000 Silverton Re, Ltd., Variable Rate Notes,
9/16/16 (144A) (g) 9,750
1,000,000 Silverton Re, Ltd., Variable Rate Notes,
9/18/17 (144A) (g) 1,110,400
1,300,000 St. Andrews Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/22/16 (g) 1,326,520
250,000 11.26 Successor X, Ltd., Floating Rate Note, 11/10/15
(Cat Bond) (144A) 247,950
300,000 8.51 Tar Heel Re, Ltd., Floating Rate Note, 5/9/16
(Cat Bond) (144A) 305,190
2,018,867 Troon Segregated Account (Kane SAC Ltd.), Variable
Rate Notes, 1/12/16 (g) 2,030,374
1,012,000 Turnberry Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/15/16 (g) 1,021,310
2,500,000 Versutus Ltd., Series 2015-A, Variable Rate Notes,
12/31/2017 (g) 2,619,500
1,500,000 2.76 Vita Capital V, Ltd., Floating Rate Note, 1/15/17
(Cat Bond) (144A) 1,519,350
500,000 2.77 Vitality Re IV, Ltd., Floating Rate Note, 1/9/17
(Cat Bond) (144A) 506,350
500,000 1.77 Vitality Re V, Ltd., Floating Rate Note, 1/7/19
(Cat Bond) (144A) 496,250
1,400,000 5.88 Wilton Re Finance LLC, Floating Rate Note,
3/30/33 (144A) 1,452,966
-----------------
$ 99,783,045
-----------------
Total Insurance $ 158,931,163
------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.5%
Diversified REIT -- 0.8%
4,225,000 Brixmor Operating Partnership LP, 3.85%, 2/1/25 $ 4,060,487
The accompanying notes are an integral part of these financial statements.
48 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Diversified REIT -- (continued)
1,475,000 DCT Industrial Operating Partnership LP,
4.5%, 10/15/23 $ 1,501,692
2,175,000 Duke Realty LP, 3.625%, 4/15/23 2,150,003
5,300,000 Duke Realty LP, 3.75%, 12/1/24 5,266,032
9,125,000 Essex Portfolio LP, 3.5%, 4/1/25 8,837,307
1,715,000 WP Carey, Inc., 4.6%, 4/1/24 1,721,970
-----------------
$ 23,537,491
------------------------------------------------------------------------------------------------------
Office REIT -- 0.4%
75,000 Alexandria Real Estate Equities, Inc.,
2.75%, 1/15/20 $ 74,237
1,093,000 Alexandria Real Estate Equities, Inc.,
3.9%, 6/15/23 1,088,439
2,670,000 Alexandria Real Estate Equities, Inc., 4.6%, 4/1/22 2,812,671
1,250,000 DuPont Fabros Technology LP, 5.875%, 9/15/21 1,265,625
2,032,000 Highwoods Realty LP, 3.2%, 6/15/21 2,022,082
2,100,000 Highwoods Realty LP, 3.625%, 1/15/23 2,071,870
2,550,000 Piedmont Operating Partnership LP, 3.4%, 6/1/23 2,408,763
-----------------
$ 11,743,687
------------------------------------------------------------------------------------------------------
Health Care REIT -- 0.3%
3,750,000 Healthcare Realty Trust, Inc., 3.875%, 5/1/25 $ 3,616,958
3,945,000 Omega Healthcare Investors, Inc., 4.95%, 4/1/24 4,035,045
2,485,000 Senior Housing Properties Trust, 6.75%, 4/15/20 2,790,610
-----------------
$ 10,442,613
------------------------------------------------------------------------------------------------------
Specialized REIT -- 0.0%+
730,000 CubeSmart LP, 4.8%, 7/15/22 $ 785,162
-----------------
Total Real Estate $ 46,508,953
------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 1.2%
Internet Software & Services -- 0.1%
1,875,000 Equinix, Inc., 5.75%, 1/1/25 $ 1,856,250
------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.1%
3,000,000 Cardtronics, Inc., 5.125%, 8/1/22 (144A) $ 2,932,500
------------------------------------------------------------------------------------------------------
Application Software -- 0.7%
8,100,000 Adobe Systems, Inc., 3.25%, 2/1/25 $ 7,820,113
10,450,000 Autodesk, Inc., 3.125%, 6/15/20 10,463,177
2,875,000 Igloo Holdings Corp., 8.25%, 12/15/17 (8.25%
Cash, 9.00% PIK) (144A) (PIK) 2,910,938
-----------------
$ 21,194,228
------------------------------------------------------------------------------------------------------
Systems Software -- 0.3%
10,600,000 Oracle Corp., 2.5%, 5/15/22 $ 10,292,685
------------------------------------------------------------------------------------------------------
Home Entertainment Software -- 0.0%+
650,000 Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) $ 697,125
-----------------
Total Software & Services $ 36,972,788
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/15 49
Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 1.1%
Communications Equipment -- 0.3%
2,860,000 Brocade Communications Systems, Inc.,
4.625%, 1/15/23 $ 2,767,050
3,800,000 Cisco Systems, Inc., 3.0%, 6/15/22 3,817,974
3,485,000 Cisco Systems, Inc., 3.625%, 3/4/24 3,595,771
-----------------
$ 10,180,795
------------------------------------------------------------------------------------------------------
Computer Hardware Storage &
Peripherals -- 0.6%
4,600,000 NCR Corp., 4.625%, 2/15/21 $ 4,611,500
1,425,000 NCR Corp., 6.375%, 12/15/23 1,510,500
3,450,000 Seagate HDD Cayman, 4.75%, 6/1/23 3,504,055
3,700,000 Seagate HDD Cayman, 4.875%, 6/1/27 (144A) 3,596,644
4,350,000 Seagate HDD Cayman, 5.75%, 12/1/34 (144A) 4,283,101
-----------------
$ 17,505,800
------------------------------------------------------------------------------------------------------
Electronic Components -- 0.1%
3,675,000 Amphenol Corp., 3.125%, 9/15/21 $ 3,677,631
------------------------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 0.1%
2,750,000 Flextronics International, Ltd., 4.75%,
6/15/25 (144A) $ 2,728,550
-----------------
Total Technology Hardware & Equipment $ 34,092,776
------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.4%
Semiconductor Equipment -- 0.1%
2,500,000 Entegris, Inc., 6.0%, 4/1/22 (144A) $ 2,568,750
------------------------------------------------------------------------------------------------------
Semiconductors -- 0.3%
11,075,000 Intel Corp., 4.8%, 10/1/41 $ 11,109,776
-----------------
Total Semiconductors &
Semiconductor Equipment $ 13,678,526
------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.3%
Integrated Telecommunication Services -- 0.8%
2,250,000 AT&T, Inc., 4.75%, 5/15/46 $ 2,047,442
4,300,000 Frontier Communications Corp., 7.125%, 1/15/23 3,816,250
4,800,000 GTP Acquisition Partners I LLC, 2.35%,
6/15/20 (144A) 4,774,512
773,645 GTP Cellular Sites LLC, 3.721%, 3/15/17 (144A) 783,211
2,750,000 Telefonica Emisiones SAU, 6.221%, 7/3/17 2,989,077
1,500,000 Unison Ground Lease Funding LLC, 2.981%,
3/16/43 (144A) 1,488,969
1,938,000 Verizon Communications, Inc., 5.012%, 8/21/54 1,778,284
5,100,000 Verizon Communications, Inc., 5.15%, 9/15/23 5,583,689
1,934,000 Verizon Communications, Inc., 6.55%, 9/15/43 2,262,304
-----------------
$ 25,523,738
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
50 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.5%
1,675,000 Altice Financing SA, 7.875%, 12/15/19 (144A) $ 1,762,938
3,015,000 Crown Castle Towers LLC, 4.883%, 8/15/20 (144A) 3,272,339
1,625,000 Crown Castle Towers LLC, 6.113%, 1/15/20 (144A) 1,850,248
6,975,000 SBA Tower Trust, 3.869%, 10/15/49 (144A) 7,023,023
1,500,000 Sprint Corp., 7.125%, 6/15/24 1,391,400
1,500,000 Sprint Corp., 7.25%, 9/15/21 1,462,500
-----------------
$ 16,762,448
-----------------
Total Telecommunication Services $ 42,286,186
------------------------------------------------------------------------------------------------------
UTILITIES -- 3.1%
Electric Utilities -- 2.0%
980,000 Commonwealth Edison Co., 6.15%, 9/15/17 $ 1,079,785
539,093 Crockett Cogeneration LP, 5.869%, 3/30/25 (144A) 566,048
8,700,000 Duke Energy Progress, Inc., 4.15%, 12/1/44 8,407,784
4,250,000 Electricite de France SA, 6.0%, 1/22/14 (144A) 4,525,268
2,150,000 5.25 Electricite de France SA, Floating Rate Note
(Perpetual) (144A) 2,152,688
2,825,000 Empresa Electrica Angamos SA, 4.875%,
5/25/29 (144A) 2,778,246
3,365,000 Enel Finance International NV, 5.125%,
10/7/19 (144A) 3,689,026
2,320,000 8.13 Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 2,662,200
4,250,000 Exelon Corp., 2.85%, 6/15/20 4,274,663
573,458 FPL Energy American Wind LLC, 6.639%,
6/20/23 (144A) 589,328
65,461 FPL Energy Wind Funding LLC, 6.876%,
6/27/17 (144A) 65,625
4,475,000 Iberdrola International BV, 6.75%, 7/15/36 5,484,368
1,925,000 Israel Electric Corp., Ltd., 7.25%, 1/15/19 (144A) 2,170,438
610,000 Israel Electric Corp., Ltd., 9.375%, 1/28/20 (144A) 757,925
910,000 Nevada Power Co., 6.5%, 8/1/18 1,038,440
542,991 Orcal Geothermal, Inc., 6.21%, 12/30/20 (144A) 564,711
2,690,000 Public Service Co. of New Mexico, 7.95%, 5/15/18 3,130,288
6,200,000 Southern California Edison Co., 1.845%, 2/1/22 6,193,881
2,200,000 6.25 Southern California Edison Co., Floating Rate
Note (Perpetual) 2,428,800
10,800,000 Southwestern Electric Power Co., 3.9%, 4/1/45 9,401,940
-----------------
$ 61,961,452
------------------------------------------------------------------------------------------------------
Gas Utilities -- 0.1%
2,125,000 DCP Midstream Operating LP, 5.6%, 4/1/44 $ 1,895,279
2,178,211 Nakilat, Inc., 6.267%, 12/31/33 (144A) 2,513,111
-----------------
$ 4,408,390
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/15 51
Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.6%
5,475,000 Consolidated Edison Co. of New York, Inc.,
4.625%, 12/1/54 $ 5,331,079
5,170,000 Dominion Resources, Inc., Virginia, 3.625%,
12/1/24 5,126,551
5,055,000 New York State Electric & Gas Corp., 6.15%,
12/15/17 (144A) 5,576,196
238,480 Ormat Funding Corp., 8.25%, 12/30/20 243,249
3,150,000 San Diego Gas & Electric Co., 1.914%, 2/1/22 3,163,091
-----------------
$ 19,440,166
------------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.4%
546,570 Alta Wind Holdings LLC, 7.0%, 6/30/35 (144A) $ 635,334
4,300,000 Colbun SA, 4.5%, 7/10/24 (144A) 4,289,534
1,605,797 Kiowa Power Partners LLC, 5.737%,
3/30/21 (144A) 1,733,779
2,000,000 NRG Energy, Inc., 8.25%, 9/1/20 2,095,000
2,203,620 Panoche Energy Center LLC, 6.885%,
7/31/29 (144A) 2,538,292
-----------------
$ 11,291,939
-----------------
Total Utilities $ 97,101,947
------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $1,238,583,390) $ 1,240,691,671
------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 27.0%
46,841,286 Fannie Mae, 3.0%, 7/16/15-7/1/43 $ 47,266,321
58,075,840 Fannie Mae, 3.5%, 7/14/15-9/1/44 60,147,205
143,049,311 Fannie Mae, 4.0%, 8/13/15-2/1/45 151,876,686
83,474,317 Fannie Mae, 4.5%, 10/1/35-1/1/44 90,386,550
35,343,639 Fannie Mae, 5.0%, 12/1/17-2/1/45 39,089,167
2,641,896 Fannie Mae, 5.5%, 9/1/17-6/1/36 2,929,560
3,075,934 Fannie Mae, 6.0%, 6/1/16-7/1/38 3,507,924
667,701 Fannie Mae, 6.5%, 7/1/29-11/1/37 766,796
96,546 Fannie Mae, 7.0%, 12/1/30-1/1/32 110,295
12,461 Fannie Mae, 8.0%, 2/1/29-5/1/31 14,775
4,490,661 Federal Home Loan Mortgage Corp., 3.0%, 8/1/29 4,664,591
21,885,010 Federal Home Loan Mortgage Corp., 3.5%,
11/1/28-3/1/45 22,601,111
66,178,594 Federal Home Loan Mortgage Corp., 4.0%,
11/1/41-12/1/44 70,282,079
16,729,374 Federal Home Loan Mortgage Corp., 4.5%,
3/1/20-11/1/43 18,092,194
2,471,827 Federal Home Loan Mortgage Corp., 5.0%,
10/1/20-10/1/38 2,680,714
The accompanying notes are an integral part of these financial statements.
52 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
3,104,734 Federal Home Loan Mortgage Corp., 5.5%,
12/1/18-6/1/41 $ 3,465,600
2,897,943 Federal Home Loan Mortgage Corp., 6.0%,
5/1/17-12/1/36 3,300,878
139,766 Federal Home Loan Mortgage Corp., 6.5%,
11/1/30-4/1/34 161,529
336,162 Federal Home Loan Mortgage Corp., 7.0%,
8/1/22-11/1/30 368,984
456,290 Federal National Mortgage Association,
4.0%, 11/1/34 488,464
1,347,140 Federal National Mortgage Association, 5.0%, 8/1/40 1,489,720
32,333,018 Government National Mortgage Association I,
3.5%, 1/15/45-7/15/42 33,589,206
39,681,543 Government National Mortgage Association I,
4.0%, 5/15/39-9/15/44 42,256,561
12,101,477 Government National Mortgage Association I,
4.5%, 7/15/33-8/15/41 13,173,374
1,201,501 Government National Mortgage Association I,
5.0%, 10/15/18-4/15/35 1,337,624
4,673,881 Government National Mortgage Association I,
5.5%, 10/15/17-10/15/35 5,244,143
5,339,162 Government National Mortgage Association I,
6.0%, 1/15/17-10/15/36 6,180,455
2,703,834 Government National Mortgage Association I,
6.5%, 2/15/29-7/15/35 3,160,109
478,164 Government National Mortgage Association I,
7.0%, 4/15/28-5/15/32 559,971
89,247 Government National Mortgage Association I,
7.5%, 2/15/26-12/15/31 94,075
2,389 Government National Mortgage Association I,
7.75%, 2/15/30 2,449
4,059,051 Government National Mortgage Association II,
4.0%, 10/20/44 4,304,716
2,930,384 Government National Mortgage Association II,
4.5%, 12/20/34-9/20/41 3,199,726
925,759 Government National Mortgage Association II,
5.5%, 10/20/19-4/20/34 1,023,618
41,008 Government National Mortgage Association II,
6.5%, 2/20/29-4/20/29 47,972
180,937 Government National Mortgage Association II,
7.0%, 11/20/28-12/20/30 217,168
31,575,000 U.S. Treasury Bonds, 2.5%, 2/15/45 27,788,526
6,865,000 U.S. Treasury Bonds, 4.375%, 11/15/39 8,443,950
4,500,000 U.S. Treasury Bonds, 4.375%, 5/15/40 5,540,976
1,150,000 U.S. Treasury Bonds, 4.375%, 5/15/41 1,421,329
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/15 53
Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
30,000,000 U.S. Treasury Bonds, 4.5%, 2/15/36 $ 37,720,320
64,349,449 U.S. Treasury Inflation Indexed Bonds,
0.125%, 7/15/24 62,755,773
11,325,000 0.06 U.S. Treasury Note, Floating Rate Note, 1/31/16 11,324,909
11,325,000 0.08 U.S. Treasury Note, Floating Rate Note, 4/30/16 11,327,174
11,325,000 0.08 U.S. Treasury Note, Floating Rate Note, 7/31/16 11,327,639
16,435,000 0.09 U.S. Treasury Note, Floating Rate Note, 1/31/17 16,443,661
16,395,000 0.09 U.S. Treasury Note, Floating Rate Note, 4/30/17 16,393,541
4,400,000 U.S. Treasury Notes, 2.0%, 2/15/25 4,274,873
-----------------
$ 852,844,981
------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $851,646,715) $ 852,844,981
------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BOND -- 0.1%
4,550,000 Africa Finance Corp., 4.375%, 4/29/20 (144A) $ 4,595,500
------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BOND
(Cost $4,507,102) $ 4,595,500
------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 2.6%
Municipal Airport -- 0.0%+
1,000,000 Indianapolis Airport Authority, 5.1%, 1/15/17 $ 1,062,110
------------------------------------------------------------------------------------------------------
Municipal Development -- 0.5%
2,925,000 California Statewide Communities Development
Authority, 6.0%, 8/15/42 $ 3,466,096
2,350,000 Louisiana Local Government Environmental
Facilities & Community Development Authority,
6.5%, 11/1/35 2,797,346
4,500,000 New Jersey Economic Development Authority,
2/15/18 (d) 4,153,365
2,560,000 Parish of St. John the Baptist Louisiana,
5.125%, 6/1/37 2,685,030
2,310,000 Selma Industrial Development Board, 5.8%, 5/1/34 2,631,390
-----------------
$ 15,733,227
------------------------------------------------------------------------------------------------------
Municipal Education -- 0.0%+
525,000 Amherst College, 3.794%, 11/1/42 $ 493,486
------------------------------------------------------------------------------------------------------
Municipal General -- 0.6%
4,075,000 JobsOhio Beverage System, 3.985%, 1/1/29 $ 4,213,794
1,035,000 JobsOhio Beverage System, 4.532%, 1/1/35 1,076,048
2,750,000 New Jersey Transportation Trust Fund Authority,
Transportation System-Series A, 5.5%, 6/15/41 2,874,080
2,400,000 New York City Transitional Finance Authority Future
Tax Secured Revenue, 5.0%, 11/1/33 2,732,592
The accompanying notes are an integral part of these financial statements.
54 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Municipal General -- (continued)
1,050,000 Texas Municipal Gas Acquisition & Supply Corp., III,
5.0%, 12/15/30 $ 1,132,562
2,100,000 Texas Municipal Gas Acquisition & Supply Corp., III,
5.0%, 12/15/31 2,259,474
2,200,000 Virginia Commonwealth Transportation Board,
4.0%, 5/15/31 2,302,036
2,210,000 Virginia Commonwealth Transportation Board,
4.0%, 5/15/32 2,300,455
-----------------
$ 18,891,041
------------------------------------------------------------------------------------------------------
Municipal Higher Education -- 0.7%
1,025,000 Baylor University, 4.313%, 3/1/42 $ 1,015,006
1,980,000 California Educational Facilities Authority,
5.0%, 6/1/43 2,494,067
1,425,000 Massachusetts Health & Educational Facilities
Authority, Massachusetts Institute of
Technology -Series K, 5.5%, 7/1/32 1,874,331
1,100,000 Massachusetts Institute of Technology,
5.6%, 7/1/11 1,321,047
3,100,000 New Jersey Educational Facilities Authority,
4.0%, 7/1/45 3,192,876
800,000 Permanent University Fund, 5.0%, 7/1/30 940,408
3,095,000 President and Fellows of Harvard College,
6.3%, 10/1/37 3,226,528
1,900,000 The George Washington University, 1.827%, 9/15/17 1,925,631
525,000 The University of Texas System, 5.0%, 8/15/43 589,386
2,600,000 University of California, 3.38%, 5/15/28 2,545,296
3,100,000 University of Virginia, 5.0%, 4/1/45 3,544,602
-----------------
$ 22,669,178
------------------------------------------------------------------------------------------------------
Municipal Medical -- 0.1%
325,000 Massachusetts Development Finance Agency,
5.25%, 4/1/37 $ 363,890
550,000 Massachusetts Development Finance Agency,
Broad Institute -Series A, 5.375%, 4/1/41 607,354
1,765,000 Ohio Higher Educational Facility Commission,
5.0%, 1/1/42 1,918,943
-----------------
$ 2,890,187
------------------------------------------------------------------------------------------------------
Municipal Pollution -- 0.2%
3,965,000 Port Freeport Texas, 5.95%, 5/15/33 $ 4,433,941
------------------------------------------------------------------------------------------------------
Municipal School District -- 0.1%
2,700,000 Frisco Independent School District, 4.0%, 8/15/40 $ 2,721,384
1,700,000 Frisco Independent School District, 4.0%, 8/15/45 1,706,681
-----------------
$ 4,428,065
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/15 55
Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Municipal Transportation -- 0.1%
600,000 Port Authority of New York & New Jersey,
4.458%, 10/1/62 $ 574,374
1,000,000 Texas Transportation Commission State Highway
Fund, 5.0%, 4/1/33 1,147,110
-----------------
$ 1,721,484
------------------------------------------------------------------------------------------------------
Municipal Obligation -- 0.3%
3,000,000 State of Texas, 4.0%, 10/1/44 $ 3,062,760
560,000 State of Washington, 3.0%, 7/1/28 557,183
1,600,000 State of Washington, 5.0%, 7/1/30 1,854,272
1,620,000 Washington Suburban Sanitary Commission,
4.0%, 6/1/43 1,651,655
1,565,000 Washington Suburban Sanitary Commission,
4.0%, 6/1/44 1,594,391
-----------------
$ 8,720,261
------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $77,067,483) $ 81,042,980
------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 3.0%**
ENERGY -- 0.0%+
Integrated Oil & Gas -- 0.0%+
598,085 4.50 Glenn Pool Oil & Gas Trust, Term Loan, 5/2/16 $ 596,590
-----------------
Total Energy $ 596,590
------------------------------------------------------------------------------------------------------
MATERIALS -- 0.2%
Commodity Chemicals -- 0.0%+
764,864 4.25 Tronox Pigments Holland BV, New Term Loan,
3/19/20 $ 766,394
------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.0%+
194,134 4.25 OXEA Sarl, Tranche B-2 Term Loan (First Lien),
1/15/20 $ 188,067
------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.1%
154,286 3.50 Chemtura Corp., New Term Loan, 8/29/16 $ 154,543
252,086 2.73 Huntsman International LLC, Extended Term B
Loan, 4/19/17 252,242
911,524 4.50 MacDermid, Inc., Tranche B Term Loan
(First Lien), 6/7/20 914,847
477,500 4.25 OMNOVA Solutions, Inc., Term B-1 Loan, 5/31/18 477,948
238,745 2.75 WR Grace & Co-Conn, Term Loan, 1/23/21 238,809
663,448 2.75 WR Grace & Co-Conn, U.S. Term Loan, 1/23/21 663,626
-----------------
$ 2,702,015
------------------------------------------------------------------------------------------------------
Construction Materials -- 0.1%
1,043,696 4.25 CeramTec Service GmbH, Initial Dollar Term B-1
Loan, 8/30/20 $ 1,045,653
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
56 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.0%+
198,000 5.50 BWay Intermediate, Initial Term Loan, 8/14/20 $ 199,268
------------------------------------------------------------------------------------------------------
Aluminum -- 0.0%+
700,000 4.00 Novelis, Inc., 1st Lien Term Loan 5/28/22 $ 697,375
------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.0%+
417,005 3.75 Fortescue Metals Group, Ltd., Bank Loan, 6/30/19 $ 371,265
-----------------
Total Materials $ 5,970,037
------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.2%
Aerospace & Defense -- 0.2%
1,204,479 6.25 DAE Aviation Holdings, Inc., Replacement
Tranche B-1 Loan, 11/2/18 $ 1,207,792
2,569,902 3.75 DigitalGlobe, Inc., Term Loan, 1/25/20 2,575,525
425,419 6.25 DynCorp International, Inc., Term Loan, 7/7/16 421,342
544,335 5.00 Standard Aero, Ltd., Replacement Tranche B-2
Loan, 11/2/18 546,203
641,293 7.00 TASC, Inc., First Lien Term Loan, 2/28/17 649,042
-----------------
$ 5,399,904
------------------------------------------------------------------------------------------------------
Building Products -- 0.0%+
1,375,946 3.50 Nortek, Inc., Term Loan, 10/30/20 $ 1,370,212
------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.0%+
105,893 4.25 CeramTec Acquisition Corp., Initial Dollar Term B-2
Loan, 8/30/20 $ 106,091
314,222 4.25 CeramTec GmbH, Dollar Term B-3 Loan, 8/30/20 314,811
-----------------
$ 420,902
------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.0%+
590,405 3.75 WESCO Distribution, Inc., Tranche B-1
Loan, 12/12/19 $ 591,143
-----------------
Total Capital Goods $ 7,782,161
------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.0%+
Security & Alarm Services -- 0.0%+
202,752 4.00 Garda World Security Corp., Term B Loan, 11/8/20 $ 202,414
792,577 4.00 Garda World Security Corp., Term B Loan, 11/1/20 791,256
-----------------
$ 993,670
-----------------
Total Commercial Services & Supplies $ 993,670
------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Airlines -- 0.1%
1,641,451 3.25 Delta Air Lines, Inc., Term Loan, 4/20/17 $ 1,641,040
------------------------------------------------------------------------------------------------------
Marine -- 0.0%+
653,165 5.25 Navios Maritime Partners LP, Term Loan, 6/27/18 $ 652,757
-----------------
Total Transportation $ 2,293,797
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/15 57
Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.4%
Auto Parts & Equipment -- 0.2%
532,336 3.50 Allison Transmission, Inc., Term B-3 Loan, 8/23/19 $ 1,135,144
1,131,432 4.00 Cooper Standard Intermediate Holdco 2 LLC,
Term Loan, 3/28/21 1,736,481
1,736,842 4.25 Remy International, Inc., Term B Loan 2013, 3/5/20 1,717,140
1,714,996 0.00 TI Group Automotive Systems LLC, 1st Lien Term
Loan B, 6/25/22 (f) 531,671
-----------------
$ 5,120,436
------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.1%
3,491,667 3.75 The Goodyear Tire & Rubber Co., Term Loan
(Second Lien), 3/27/19 $ 3,502,578
------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.1%
3,758,400 3.50 Chrysler Group LLC, Term Loan B, 5/24/17 $ 3,758,723
-----------------
Total Automobiles & Components $ 12,381,737
------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.0%+
Apparel, Accessories & Luxury Goods -- 0.0%+
498,750 3.25 Hanesbrands Inc., US, 1st Lien Term Loan, 4/15/22 $ 502,179
384,612 3.25 PVH Corp., Tranche B Term Loan, 12/19/19 386,856
-----------------
$ 889,035
-----------------
Total Consumer Durables & Apparel $ 889,035
------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.2%
Casinos & Gaming -- 0.2%
688,943 3.75 Pinnacle Entertainment, Inc., Tranche B-2 Term
Loan, 8/13/20 $ 689,619
4,328,250 6.00 Scientific Games, Initial Term B-2, 10/1/21 4,330,462
-----------------
$ 5,020,081
------------------------------------------------------------------------------------------------------
Restaurants -- 0.0%+
364,309 3.75 1011778 BC ULC, Term B-2 Loan, 12/12/21 $ 364,537
-----------------
Total Consumer Services $ 5,384,618
------------------------------------------------------------------------------------------------------
MEDIA -- 0.3%
Advertising -- 0.0%+
1,059,566 6.75 Affinion Group, Inc., Tranche B Term Loan, 4/30/18 $ 1,021,157
------------------------------------------------------------------------------------------------------
Broadcasting -- 0.1%
2,253,902 4.00 Univision Communications, Inc., Replacement First-
Lien Term Loan, 3/1/20 $ 2,242,319
------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.1%
1,690,500 3.00 Charter Communications Operating LLC, Term F
Loan, 1/1/21 $ 1,672,011
147,202 4.50 WideOpenWest Finance LLC, Replacement Term B
Loan, 4/1/19 147,276
-----------------
$ 1,819,287
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
58 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.1%
318,163 3.75 Cinedigm Digital Funding 1 LLC, Term
Loan, 2/28/18 $ 318,561
1,400,063 3.50 Live Nation Entertainment, Inc., Term B-1
Loan, 8/17/20 1,402,093
-----------------
$ 1,720,654
------------------------------------------------------------------------------------------------------
Publishing -- 0.0%+
743,042 4.75 Interactive Data Corp., Tranche B Term Loan (First
Lien), 4/24/21 $ 746,138
-----------------
Total Media $ 7,549,555
------------------------------------------------------------------------------------------------------
RETAILING -- 0.1%
General Merchandise Stores -- 0.0%+
666,667 3.50 Dollar Tree, Inc., 1st Lien Term Loan-B1 3/9/22 $ 667,778
------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.1%
1,925,000 3.50 Staples, Inc., 1st Lien Term Loan B, 4/24/21 $ 1,925,133
-----------------
Total Retailing $ 2,592,911
------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.0%+
Agricultural Products -- 0.0%+
1,239,313 3.25 Darling International, Inc., Term B USD
Loan, 12/19/20 $ 1,246,672
------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.0%+
20,755 3.00 Pinnacle Foods Finance LLC, New Term Loan G,
4/29/20 $ 20,692
-----------------
Total Food, Beverage & Tobacco $ 1,267,364
------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Personal Products -- 0.1%
1,422,330 4.75 Federal-Mogul Corp., Tranche C Term, 4/15/21 $ 1,408,462
861,429 3.50 NBTY, Inc., Term B-2 Loan, 10/1/17 857,121
977,058 4.00 Revlon Consumer Products Corp., Acquisition
Term Loan, 8/19/19 978,737
-----------------
$ 3,244,320
-----------------
Total Household & Personal Products $ 3,244,320
------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.4%
Health Care Equipment -- 0.1%
1,988,646 4.50 Kinetic Concepts, Inc., Term DTL-E1 loan, 5/4/18 $ 1,998,899
------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.1%
2,123,082 5.00 Immucor, Inc., Term B-2 Loan, 8/19/18 $ 2,133,698
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/15 59
Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Health Care Services -- 0.0%+
498,319 6.75 Ardent Medical Services, Inc., 1st Lien Term
Loan, 5/2/18 $ 499,980
251,141 3.50 DaVita HealthCare Partners, Inc., Tranche B Loan
(First Lien), 6/19/21 251,534
-----------------
$ 751,514
------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.2%
338,300 5.25 Capella Healthcare, Inc., Tranche B Term Loan
(First Lien), 12/31/21 $ 339,146
592,659 3.53 CHS, Incremental 2018 Term F Loans, 12/31/18 592,870
1,119,878 3.03 CHS, Incremental 2019 Term G Loan, 12/31/19 1,121,278
2,060,545 4.00 CHS, Incremental 2021 Term H Loan, 1/27/21 2,065,839
734,812 3.03 HCA, Inc., Tranche B-4 Term Loan, 5/1/18 735,628
1,762,225 2.94 HCA, Inc., Tranche B-5 Term Loan, 3/31/17 1,763,437
-----------------
$ 6,618,198
------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.0%+
451,525 3.50 IMS Health, Inc., Term B Dollar Loan, 3/17/21 $ 449,197
-----------------
Total Health Care Equipment & Services $ 11,951,506
------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE
SCIENCES -- 0.2%
Biotechnology -- 0.0%+
746,164 3.50 Alkermes, Inc., 2019 Term Loan, 9/25/19 $ 747,252
------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.2%
2,012,986 3.25 Endo Luxembourg Finance I Co., S.a.r.l., Tranche B
Term Loan (First Lien), 11/5/20 $ 2,017,390
385,125 3.19 Grifols Worldwide Operations USA, Inc., U.S.
Tranche B Term Loam, 4/1/21 385,626
1,648,573 3.50 RPI Finance Trust, Term B-4 Term Loan, 11/9/20 1,651,870
532,996 3.04 Valeant Pharmaceuticals International, Inc.,
Series C-2 Tranche B Term Loan, 12/11/19 532,589
997,500 4.00 Valeant Pharmaceuticals, Series F-1, 3/11/22 998,180
-----------------
$ 5,585,655
------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.0%+
1,637,121 4.25 Catalent Pharma Solutions, Dollar Term
Loan, 5/20/21 $ 1,642,237
-----------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 7,975,144
------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Other Diversified Financial Services -- 0.0%+
795,333 5.25 WorldPay, Facility B2A Term Loan, 8/6/17 $ 800,801
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
60 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
1,492,443 3.75 Trans Union LLC, 1st Lien Term Loan-B2 4/9/21 $ 1,482,183
-----------------
Total Diversified Financials $ 2,282,984
------------------------------------------------------------------------------------------------------
INSURANCE -- 0.2%
Insurance Brokers -- 0.2%
1,161,227 4.50 National Financial Partners Corp., Tranche B
Term Loan (First Lien), 7/1/20 $ 1,162,679
6,177,456 4.25 USI Insurance Services LLC, Term B Loan, 12/30/19 6,189,039
-----------------
$ 7,351,718
-----------------
Total Insurance $ 7,351,718
------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.1%
IT Consulting & Other Services -- 0.0%+
953,650 3.93 SunGard Data Systems, Inc., Tranche C Term
Loan, 2/28/17 $ 955,284
------------------------------------------------------------------------------------------------------
Application Software -- 0.0%+
368,859 2.94 Nuance Communications, Inc., Term C Loan, 8/7/19 $ 366,323
------------------------------------------------------------------------------------------------------
Systems Software -- 0.0%+
606,950 5.75 AVG Technologies NV, Term Loan, 10/15/20 $ 609,985
------------------------------------------------------------------------------------------------------
Home Entertainment Software -- 0.1%
1,146,608 3.25 Activision Blizzard, Inc., Term Loan, 7/26/20 $ 1,150,907
-----------------
Total Software & Services $ 3,082,499
------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.0%+
Communications Equipment -- 0.0%+
342,733 3.25 Commscope, Inc., Tranche 4 Term Loan, 1/14/18 $ 343,074
-----------------
Total Technology Hardware & Equipment $ 343,074
------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.1%
Semiconductor Equipment -- 0.1%
1,166,202 2.53 Sensata Technologies, 1st Lien Term
Loan, 10/14/21 $ 1,171,513
------------------------------------------------------------------------------------------------------
Semiconductors -- 0.0%+
324,504 3.75 Avago Technologies, Ltd., Tranche B Term Loan
(First Lien), 4/16/21 $ 325,426
350,189 2.78 Microsemi Corp., Term Loan (First Lien), 3/14/21 350,714
-----------------
$ 676,140
-----------------
Total Semiconductors & Semiconductor Equipment $ 1,847,653
------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.2%
Integrated Telecommunication Services -- 0.1%
1,920,788 4.00 Cincinnati Bell, Inc., Tranche B Term Loan, 9/10/20 $ 1,921,187
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/15 61
Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.1%
1,492,424 3.00 Crown Castle International Corp., Tranche B-2
Term Loan (First Lien), 1/31/21 $ 1,486,268
1,211,963 4.75 GCI Holdings, Inc., Tranche B Term Loan (First
Lien), 12/22/21 1,219,537
333,333 4.00 Syniverse Holdings, Inc., Initial Term Loan, 4/23/19 315,833
666,667 4.00 Syniverse Holdings, Inc., Tranche B Term
Loan, 4/23/19 631,667
-----------------
$ 3,653,305
-----------------
Total Telecommunication Services $ 5,574,492
------------------------------------------------------------------------------------------------------
UTILITIES -- 0.1%
Electric Utilities -- 0.0%+
1,285,660 3.75 Texas Competitive Electric Holdings Co., LLC, DIP
Term Loan (2014), 5/5/16 $ 1,291,285
------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy
Traders -- 0.1%
1,018,588 4.00 Dynegy, Inc., Tranche B-2 Term Loan, 4/23/20 $ 1,021,665
1,315,739 2.75 NRG Energy, Inc., Term Loan (2013), 7/1/18 1,306,941
746,113 3.75 NSG Holdings LLC, New Term Loan, 12/11/19 744,248
-----------------
$ 3,072,854
-----------------
Total Utilities $ 4,364,139
------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
(Cost $94,414,419) $ 95,719,004
------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 0.5%
Repurchase Agreements -- 0.5%
3,800,000 $3,800,000 Bank of Nova Scotia, 0.14%, dated
6/30/15 plus accrued interest on 7/1/15
collateralized by the following:
$603,037 Freddie Mac Giant, 3.0%-4.0%,
8/1/27 - 1/1/45
$3,272,978 Federal National Mortgage
Association, 3.0%, 12/1/29 $ 3,800,000
11,220,000 $11,220,000 RBC Capital Markets, Inc., 0.10%,
dated 6/30/15 plus accrued interest on
7/1/15 collateralized by the following:
$4,368,411 Federal National Mortgage
Association, 3.0-5.5%, 2/1/26-1/1/45
$4,601,828 Federal Home Loan Mortgage Corp.,
2.157-2.68%, 5/1/42-11/1/42
$2,474,162 Federal National Mortgage
Association (ARM), 2.694-4.867%,
9/1/33-6/1/45 11,220,000
-----------------
$ 15,020,000
------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $15,020,000) $ 15,020,000
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
62 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 96.6%
(Cost $3,043,245,224) (a) $ 3,052,717,217
------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 3.4% $ 107,711,216
------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 3,160,428,433
======================================================================================================
REIT Real Estate Investment Trust.
+ Rounds to less than 0.01%.
(PIK) Represents a pay-in kind security.
(Perpetual) Security with no stated maturity date.
(Cat Bond) Catastrophe or Event Linked Bond. At June 30, 2015, the value of
these securities amounted to $49,730,705, or 1.6% of total net
assets. See Notes to Financial Statements -- Note 1F.
REMICS Real Estate Mortgage Investment Conduits.
ARM Adjustable Rate Mortgage.
(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 June 30, 2015, the value of these securities
amounted to $825,022,179 or 26.1% 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 June 30, 2015, the net unrealized appreciation on investments
based on cost for federal income tax purposes of $3,047,848,363 was
as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 42,909,739
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (38,040,885)
-------------
Net unrealized appreciation $ 4,868,854
=============
(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.
(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.
(g) Structured reinsurance investment. At June 30, 2015, the value of
these securities amounted to $46,774,160 or 1.5% of total net
assets. See Notes to Financial Statements -- Note 1F.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/15 63
Schedule of Investments | 6/30/15 (continued)
Purchases and sales of securities (excluding temporary cash investments) for the
year ended June 30, 2015 were as follows:
--------------------------------------------------------------------
Purchases Sales
--------------------------------------------------------------------
Long-Term U.S. Government Securities 1,929,259,090 1,494,775,263
Other Long-Term Securities 1,532,994,714 443,900,716
CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS -- SELL PROTECTION
------------------------------------------------------------------------------------------------------
Notional Obligation Credit Expiration Premiums Net Unrealized
Principal ($)(1) Counterparty Entity/Index Coupon Rating(2) Date Paid Appreciation
------------------------------------------------------------------------------------------------------
25,000,000 Chicago MARKIT CDX
Mercentile North America
Exchange Investment
Grade Index 1.00% BBB+ 12/20/19 $316,361 $34,098
------------------------------------------------------------------------------------------------------
(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 weighted average 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.
64 Pioneer Bond Fund | Annual Report | 6/30/15
The following is a summary of the inputs used as of June 30, 2015, in valuing
the Fund's assets:
-------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------------------------------
Preferred Stocks
Banks
Regional Banks $ 2,541,166 $ 2,884,876 $ -- $ 5,426,042
Diversified Financials
Consumer Finance -- 1,269,336 -- 1,269,336
Insurance
Property & Casualty
Insurance 4,957,198 3,854,612 -- 8,811,810
Reinsurance -- -- 36,000 36,000
All Other Preferred Stocks 22,959,209 -- -- 22,959,209
Convertible Preferred Stock 6,591,750 -- -- 6,591,750
Asset Backed Securities -- 160,941,239 -- 160,941,239
Collateralized Mortgage Obligations -- 556,767,695 -- 556,767,695
Corporate Bonds
Diversified Financials
Other Diversified
Financial Services -- 24,979,167 1,099,140 26,078,307
Insurance
Reinsurance -- -- 44,178,160 44,178,160
All Other Corporate Bonds -- 1,170,435,204 -- 1,170,435,204
U.S. Government Agency Obligations -- 852,844,981 -- 852,844,981
Foreign Government Bond -- 4,595,500 -- 4,595,500
Municipal Bonds -- 81,042,980 -- 81,042,980
Senior Floating Rate Loan Interests -- 95,719,004 -- 95,719,004
Repurchase Agreements -- 15,020,000 -- 15,020,000
-------------------------------------------------------------------------------------------------------
Total $37,049,323 $ 2,970,354,594 $ 45,313,300 $3,052,717,217
=======================================================================================================
Other Financial Instruments
Net unrealized appreciation on
Futures Contracts $ 4,828,656 $ -- $ -- $ 4,828,656
Net unrealized appreciation on
Centrally Cleared Swap Contracts -- 34,098 -- 34,098
-------------------------------------------------------------------------------------------------------
Total Other Financial
Instruments $ 4,828,656 $ 34,098 $ -- $ 4,862,754
=======================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/15 65
Schedule of Investments | 6/30/15 (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) -- 1,584,729 1,584,729
Net purchases 36,000 40,914,524 40,950,524
Net sales -- (3,686,969) (3,686,969)
Transfers in to Level 3* -- -- --
Transfers out of Level 3* -- -- --
Transfers in and out of Level 3 activity (2,081,052) 2,081,052 --
-------------------------------------------------------------------------------------------------------
Balance as of 6/30/15 $ 36,000 $45,277,300 $45,313,300
=======================================================================================================
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 year ended June 30, 2015, there were no transfers between Levels
1, 2 and 3.
Net change in unrealized appreciation (depreciation) of investments still
held as of 6/30/15 $ 1,584,729
-----------
The following is a summary of the valuation of certain Fund's assets and
liabilities as of June 30, 2015.
-------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------------------------------
Assets:
Futures collateral $ -- $5,608,450 $ -- $5,608,450
Centrally cleared swap collateral -- 500,000 -- 500,000
Credit default swaps,
premiums paid -- 316,361 -- 316,361
Variation margin for
futures contracts 133,025 -- -- 133,025
Liabilities:
Variation margin for centrally
cleared swap contracts -- 21,705 -- 21,705
-------------------------------------------------------------------------------------------------------
Total: $ 133,025 $6,446,516 $ -- $6,579,541
=======================================================================================================
The accompanying notes are an integral part of these financial statements.
66 Pioneer Bond Fund | Annual Report | 6/30/15
Statement of Assets and Liabilities | 6/30/15
ASSETS:
Investment in securities (cost $3,043,245,224) $3,052,717,217
Cash 122,141,983
Futures Collateral 5,608,450
Centrally cleared swap collateral 500,000
Receivables --
Investment securities sold 1,362,072
Fund shares sold 32,597,934
Dividends 189,231
Interest 19,317,034
Due from Pioneer Investment Management, Inc. 298,645
Variation margin for futures contracts 133,025
Credit default swaps, premiums paid 316,361
Variation margin for centrally cleared swap contracts 21,705
Net unrealized appreciation on futures contracts 4,828,656
Net unrealized appreciation on centrally cleared swap contracts 34,098
Other assets 94,773
-------------------------------------------------------------------------------------------------------
$3,240,161,184
=======================================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 70,709,403
Fund shares repurchased 6,509,481
Dividends 1,560,199
Due to affiliates 674,217
Accrued expenses 279,451
-------------------------------------------------------------------------------------------------------
$ 79,732,751
=======================================================================================================
NET ASSETS:
Paid-in capital $3,146,745,747
Distributions in excess of net investment income (189,809)
Accumulated net realized loss on investments, swap contracts
and futures contracts (462,252)
Net unrealized appreciation on investments 9,471,993
Net unrealized appreciation on futures contracts 4,828,656
Net unrealized appreciation on swap contracts 34,098
-------------------------------------------------------------------------------------------------------
$3,160,428,433
=======================================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $1,044,659,065/107,894,688 shares) $ 9.68
Class C (based on $114,222,374/11,929,960 shares) $ 9.57
Class K (based on $179,134,738/18,507,861 shares) $ 9.68
Class R (based on $116,815,429/11,957,070 shares) $ 9.77
Class Y (based on $1,644,160,972/171,413,890 shares) $ 9.59
Class Z (based on $61,435,855/6,337,200 shares) $ 9.69
MAXIMUM OFFERING PRICE:
Class A ($9.68 / 95.5%) $ 10.14
=======================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/15 67
Statement of Operations
For the Year Ended 6/30/15
INVESTMENT INCOME:
Interest $ 84,177,416
Dividends 2,997,180
-------------------------------------------------------------------------------------------------------
Total investment income $ 87,174,596
=======================================================================================================
EXPENSES:
Management fees $ 9,885,812
Transfer agent fees
Class A 279,967
Class B* 11,204
Class C 35,526
Class K 1,767
Class R 10,209
Class Y 50,721
Class Z 4,893
Distribution fees
Class A 2,277,564
Class B* 18,499
Class C 959,478
Class R 393,957
Shareholder communications expense 3,406,026
Administrative reimbursements 693,950
Custodian fees 153,745
Registration fees 258,150
Professional fees 134,571
Printing expense 56,349
Fees and expenses of nonaffiliated Trustees 90,772
Miscellaneous 257,475
-------------------------------------------------------------------------------------------------------
Total expenses $ 18,980,635
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (799,315)
-------------------------------------------------------------------------------------------------------
Net expenses $ 18,181,320
-------------------------------------------------------------------------------------------------------
Net investment income $ 68,993,276
-------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS AND SWAP CONTRACTS:
Net realized gain (loss) on:
Investments $ 32,158,762
Futures contracts (9,267,380)
Swap contracts 504,374 $ 23,395,756
-------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ (69,946,701)
Futures contracts 3,870,594
Swap contracts 134,072 $ (65,942,035)
-------------------------------------------------------------------------------------------------------
Net loss on investments, futures contracts and swap contracts $ (42,546,279)
-------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 26,446,997
=======================================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
The accompanying notes are an integral part of these financial statements.
68 Pioneer Bond Fund | Annual Report | 6/30/15
Statements of Changes in Net Assets
-------------------------------------------------------------------------------------------------------
Year Ended Year Ended
6/30/15 6/30/14
-------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 68,993,276 $ 55,183,804
Net realized gain on investments, futures
contracts and swap contracts 23,395,756 14,043,931
Change in net unrealized appreciation (depreciation)
on investments, futures contracts and swap contracts (65,942,035) 23,696,606
-------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 26,446,997 $ 92,924,341
-------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.29 and $0.38 per share, respectively) $ (26,434,196) $ (22,667,902)
Class B ($0.07 and $0.27 per share, respectively)* (34,683) (193,002)
Class C ($0.21 and $0.29 per share, respectively) (2,016,609) (2,298,637)
Class K ($0.32 and $0.40 per share, respectively) (2,711,408) (38,942)
Class R ($0.26 and $0.34 per share, respectively) (2,060,446) (1,255,219)
Class Y ($0.31 and $0.39 per share, respectively) (39,612,426) (32,906,308)
Class Z ($0.31 and $0.40 per share, respectively) (1,526,702) (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 $ (84,115,382) $ (59,522,141)
-------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS
Net proceeds from sale or exchange of shares $2,251,662,439 $ 666,056,558
Reinvestment of distributions 65,229,520 47,974,430
Cost of shares repurchased (813,633,836) (647,980,831)
-------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $1,503,258,123 $ 66,050,157
-------------------------------------------------------------------------------------------------------
Net increase in net assets $1,445,589,738 $ 99,452,357
NET ASSETS:
Beginning of year $1,714,838,695 $1,615,386,338
-------------------------------------------------------------------------------------------------------
End of year $3,160,428,433 $1,714,838,695
=======================================================================================================
Distributions in excess of net investment income $ (189,809) $ (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 | Annual Report | 6/30/15 69
Statements of Changes in Net Assets (continued)
-------------------------------------------------------------------------------------------------------
'15 Shares '15 Amount '14 Shares '14 Amount
-------------------------------------------------------------------------------------------------------
Class A
Shares sold 73,397,739 $ 722,362,397 33,575,403 $ 326,968,655
Reinvestment of distributions 2,437,923 23,964,170 2,135,282 20,747,926
Less shares repurchased (39,490,108) (388,662,183) (22,630,052) (219,467,397)
-------------------------------------------------------------------------------------------------------
Net increase 36,345,554 $ 357,664,384 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 6,453,693 $ 62,788,125 1,238,186 $ 11,902,291
Reinvestment of distributions 159,439 1,549,668 176,433 1,692,531
Less shares repurchased (2,176,700) (21,155,723) (3,094,712) (29,662,070)
-------------------------------------------------------------------------------------------------------
Net increase (decrease) 4,436,432 $ 43,182,070 (1,680,093) $ (16,067,248)
=======================================================================================================
Class K
Shares sold 19,313,507 $ 189,643,402 459,929 $ 4,490,799
Reinvestment of distributions 110,358 1,081,971 3,958 38,794
Less shares repurchased (1,361,429) (13,348,774) (19,469) (191,302)
-------------------------------------------------------------------------------------------------------
Net increase 18,062,436 $ 177,376,599 444,418 $ 4,338,291
=======================================================================================================
Class R
Shares sold 8,339,063 $ 82,666,234 2,689,792 $ 26,402,096
Reinvestment of distributions 217,675 2,158,016 119,608 1,172,422
Less shares repurchased (1,440,815) (14,287,736) (1,161,793) (11,353,848)
-------------------------------------------------------------------------------------------------------
Net increase 7,115,923 $ 70,536,514 1,647,607 $ 16,220,670
=======================================================================================================
Class Y
Shares sold 116,221,047 $1,131,771,954 30,497,633 $ 293,771,461
Reinvestment of distributions 3,565,174 34,708,672 2,494,174 24,002,560
Less shares repurchased (37,432,755) (364,339,899) (39,540,727) (379,763,123)
-------------------------------------------------------------------------------------------------------
Net increase (decrease) 82,353,466 $ 802,140,727 (6,548,920) $ (61,989,102)
=======================================================================================================
Class Z
Shares sold 6,317,443 $ 62,307,516 241,257 $ 2,349,929
Reinvestment of distributions 176,815 1,739,960 16,156 157,351
Less shares repurchased (644,582) (6,344,042) (377,159) (3,650,149)
-------------------------------------------------------------------------------------------------------
Net increase (decrease) 5,849,676 $ 57,703,434 (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.
70 Pioneer Bond Fund | Annual Report | 6/30/15
Financial Highlights
---------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
6/30/15 6/30/14 6/30/13 6/30/12 6/30/11
---------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.88 $ 9.67 $ 9.73 $ 9.66 $ 9.44
---------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.27 $ 0.35 $ 0.38 $ 0.42 $ 0.45
Net realized and unrealized gain (loss) on investments (0.14) 0.24 (0.07) 0.13 0.21
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.13 $ 0.59 $ 0.31 $ 0.55 $ 0.66
---------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.29) $ (0.38) $ (0.37) $ (0.43) $ (0.44)
Net realized gain (0.04) -- -- (0.05) --
---------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.33) $ (0.38) $ (0.37) $ (0.48) $ (0.44)
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.20) $ 0.21 $ (0.06) $ 0.07 $ 0.22
---------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.68 $ 9.88 $ 9.67 $ 9.73 $ 9.66
=====================================================================================================================
Total return* 1.32% 6.19% 3.21% 5.91% 7.08%
Ratio of net expenses to average net assets 0.85% 0.85% 0.85% 0.85% 0.85%
Ratio of net investment income (loss) to average net assets 2.68% 3.52% 3.77% 4.35% 4.63%
Portfolio turnover rate 81% 41% 28% 21% 36%
Net assets, end of period (in thousands) $1,044,659 $706,962 $565,569 $453,772 $500,905
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 0.93% 1.00% 1.01% 1.03% 1.06%
Net investment income (loss) to average net assets 2.60% 3.37% 3.61% 4.17% 4.42%
=====================================================================================================================
* 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/15 71
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
6/30/15 6/30/14 6/30/13 6/30/12 6/30/11
---------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.77 $ 9.57 $ 9.63 $ 9.55 $ 9.34
---------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.19 $ 0.26 $ 0.29 $ 0.33 $ 0.36
Net realized and unrealized gain (loss) on investments (0.14) 0.23 (0.06) 0.15 0.20
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.05 $ 0.49 $ 0.23 $ 0.48 $ 0.56
---------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.21) $ (0.29) $ (0.29) $ (0.35) $ (0.35)
Net realized gain (0.04) -- -- (0.05) --
---------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.25) $ (0.29) $ (0.29) $ (0.40) $ (0.35)
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.20) $ 0.20 $ (0.06) $ 0.08 $ 0.21
---------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.57 $ 9.77 $ 9.57 $ 9.63 $ 9.55
=====================================================================================================================
Total return* 0.49% 5.20% 2.33% 5.12% 6.06%
Ratio of net expenses to average net assets 1.63% 1.73% 1.72% 1.73% 1.73%
Ratio of net investment income (loss) to average net assets 1.89% 2.69% 2.93% 3.47% 3.75%
Portfolio turnover rate 81% 41% 28% 21% 36%
Net assets, end of period (in thousands) $114,222 $73,224 $87,763 $93,737 $82,915
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 1.63% 1.73% 1.72% 1.73% 1.73%
Net investment income (loss) to average net assets 1.89% 2.69% 2.93% 3.47% 3.75%
=====================================================================================================================
* 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.
The accompanying notes are an integral part of these financial statements.
72 Pioneer Bond Fund | Annual Report | 6/30/15
---------------------------------------------------------------------------------------------------------------------
12/20/12
Year Ended Year Ended to
6/30/15 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) $ 0.30 $ 0.40 $ 0.20
Net realized and unrealized gain (loss)
on investments (0.13) 0.20 (0.26)
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment
operations $ 0.17 $ 0.60 $ (0.06)
---------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.32) $ (0.40) $ (0.21)
Net realized gain (0.04) -- --
---------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.36) $ (0.40) $ (0.21)
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.19) $ 0.20 $ (0.27)
---------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.68 $ 9.87 $ 9.67
=====================================================================================================================
Total return* 1.80% 6.37% (0.61)%(a)
Ratio of net expenses to average net assets 0.47% 0.56% 0.57%**
Ratio of net investment income (loss) to
average net assets 3.03% 3.59% 3.86%**
Portfolio turnover rate 81% 41% 28%
Net assets, end of period (in thousands) $179,135 $ 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 0.47% 0.56% 0.57%**
Net investment income (loss) 3.03% 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.
** Annualized.
(a) Not Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/15 73
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
6/30/15 6/30/14 6/30/13 6/30/12 6/30/11
---------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 9.97 $ 9.76 $ 9.82 $ 9.74 $ 9.52
---------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.25 $ 0.32 $ 0.34 $ 0.39 $ 0.41
Net realized and unrealized gain (loss) on investments (0.15) 0.23 (0.06) 0.14 0.22
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.10 $ 0.55 $ 0.28 $ 0.53 $ 0.63
---------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.26) $ (0.34) $ (0.34) $ (0.40) $ (0.41)
Net realized gain (0.04) -- -- (0.05) --
---------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.30) $ (0.34) $ (0.34) $ (0.45) $ (0.41)
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.20) $ 0.21 $ (0.06) $ 0.08 $ 0.22
---------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.77 $ 9.97 $ 9.76 $ 9.82 $ 9.74
=====================================================================================================================
Total return* 1.06% 5.75% 2.80% 5.58% 6.67%
Ratio of net expenses to average net assets 1.10% 1.25% 1.25% 1.25% 1.24%
Ratio of net investment income (loss) to average net assets 2.43% 3.12% 3.36% 3.94% 4.25%
Portfolio turnover rate 81% 41% 28% 21% 36%
Net assets, end of period (in thousands) $116,815 $48,264 $31,169 $23,892 $20,508
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 1.21% 1.32% 1.35% 1.35% 1.24%
Net investment income (loss) to average net assets 2.32% 3.05% 3.26% 3.84% 4.25%
=====================================================================================================================
* 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.
The accompanying notes are an integral part of these financial statements.
74 Pioneer Bond Fund | Annual Report | 6/30/15
---------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
6/30/15 6/30/14 6/30/13 6/30/12 6/30/11
---------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.79 $ 9.58 $ 9.65 $ 9.57 $ 9.36
---------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.30 $ 0.36 $ 0.39 $ 0.44 $ 0.47
Net realized and unrealized gain (loss) on investments (0.15) 0.24 (0.07) 0.14 0.20
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.15 $ 0.60 $ 0.32 $ 0.58 $ 0.67
---------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.31) $ (0.39) $ (0.39) $ (0.45) $ (0.46)
Net realized gain (0.04) -- -- (0.05) --
---------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.35) $ (0.39) $ (0.39) $ (0.50) $ (0.46)
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.20) $ 0.21 $ (0.07) $ 0.08 $ 0.21
---------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.59 $ 9.79 $ 9.58 $ 9.65 $ 9.57
=====================================================================================================================
Total return* 1.59% 6.41% 3.34% 6.27% 7.25%
Ratio of net expenses to average net assets 0.58% 0.66% 0.66% 0.65% 0.61%
Ratio of net investment income (loss) to average net assets 2.95% 3.72% 3.97% 4.55% 4.88%
Portfolio turnover rate 81% 41% 28% 21% 36%
Net assets, end of period (in thousands) $1,644,161 $871,801 $916,182 $847,072 $717,433
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 0.58% 0.66% 0.66% 0.65% 0.61%
Net investment income (loss) to average net assets 2.95% 3.72% 3.97% 4.55% 4.88%
=====================================================================================================================
* 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/15 75
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
6/30/15 6/30/14 6/30/13 6/30/12 6/30/11
---------------------------------------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $ 9.90 $ 9.70 $ 9.76 $ 9.68 $ 9.46
---------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.28 $ 0.38 $ 0.40 $ 0.45 $ 0.47
Net realized and unrealized gain (loss) on investments (0.14) 0.22 (0.06) 0.14 0.21
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.14 $ 0.60 $ 0.34 $ 0.59 $ 0.68
---------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.31) $ (0.40) $ (0.40) $ (0.46) $ (0.46)
Net realized gain (0.04) -- -- (0.05) --
---------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.35) $ (0.40) $ (0.40) $ (0.51) $ (0.46)
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.21) $ 0.20 $ (0.06) $ 0.08 $ 0.22
---------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.69 $ 9.90 $ 9.70 $ 9.76 $ 9.68
=====================================================================================================================
Total return* 1.47% 6.29% 3.41% 6.23% 7.30%
Ratio of net expenses to average net assets 0.65% 0.65% 0.65% 0.65% 0.65%
Ratio of net investment income (loss) to average net assets 2.89% 3.70% 3.95% 4.50% 4.82%
Portfolio turnover rate 81% 41% 28% 21% 36%
Net assets, end of period (in thousands) $61,436 $ 4,828 $ 5,889 $ 2,196 $ 787
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 0.65% 0.82% 0.87% 0.83% 0.72%
Net investment income (loss) 2.89% 3.53% 3.73% 4.32% 4.75%
=====================================================================================================================
* 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.
The accompanying notes are an integral part of these financial statements.
76 Pioneer Bond Fund | Annual Report | 6/30/15
Notes to Financial Statements | 6/30/15
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 commenced operations 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 | Annual Report | 6/30/15 77
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. 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. 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. Event-linked bonds are valued at the bid price obtained from an
independent third party pricing service. Other insurance-linked securities
may be valued at the bid price obtained from an independent pricing
service, or through a third party using a pricing matrix, insurance
industry valuation models, or other fair value methods or techniques to
provide an estimated value of the instrument. 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 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.
79 Pioneer Bond Fund | Annual Report | 6/30/15
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 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 June 30, 2015, one security was valued using fair value methods (in
addition to securities valued using prices supplied by independent pricing
services, broker-dealers or using a third party insurance industry pricing
model) amounting to 0.03% 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, 2015, the Fund did not accrue any interest or penalties with
respect to uncertain tax positions, which, if applicable, would be recorded
as
Pioneer Bond Fund | Annual Report | 6/30/15 79
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.
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. At
June 30, 2015, the Fund reclassified $6,585,933 to decrease distributions
in excess of net investment income and $6,585,933 to decrease accumulated
net realized loss on investments, swap contracts and futures contracts to
reflect permanent book/tax differences. These adjustments have no impact on
net assets or the results of operations.
At June 30, 2015, a capital loss carryforward of $4,795,956 was utilized to
offset gains incurred by the Fund.
The tax character of distributions paid during the years ended June 30,
2015 and June 30, 2014 were as follows:
---------------------------------------------------------------------------
2015 2014
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $74,396,470 $59,522,141
Long-term capital gain 9,718,912 --
---------------------------------------------------------------------------
Total $84,115,382 $59,522,141
===========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at June 30, 2015:
---------------------------------------------------------------------------
2015
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 3,028,838
Undistributed long-term capital gain 7,303,607
Dividends payable (1,560,199)
Net unrealized appreciation 4,910,440
---------------------------------------------------------------------------
Total $13,682,686
===========================================================================
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.
80 Pioneer Bond Fund | Annual Report | 6/30/15
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 $71,839 in underwriting commissions on the sale of
Class A shares during the year ended June 30, 2015.
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.
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.
The Fund invests in event-linked bonds. Event-linked bonds are floating
rate debt obligations for which the return of principal and the payment of
interest are contingent on the non-occurrence of a pre-defined "trigger"
event, such as a hurricane or an earthquake of a specific magnitude. The
trigger event's magnitude may be based on losses to a company or industry,
industry indexes or readings of scientific instruments, or may be based on
specified actual losses. If a trigger event, as defined within the terms of
an event-linked bond occurs, the Fund may lose a portion or all of its
accrued interest and/or
Pioneer Bond Fund | Annual Report | 6/30/15 81
principal invested in such event-linked bond. The Fund is entitled to
receive principal and interest payments so long as no trigger event occurs
of the description and magnitude specified by the instrument. In addition
to the specified trigger events, event-linked bonds may expose the Fund to
other risks, including but not limited to issuer (credit) default, adverse
regulatory or jurisdictional interpretations and adverse tax consequences.
In addition to event-linked bonds, the Fund also may invest in other
insurance-linked securities ("ILS"). The Fund's investments in ILS may
include special purpose vehicles ("SPVs") or similar instruments structured
to comprise a portion of a reinsurer's catastrophe-oriented business, known
as quota share instruments (sometimes referred to as reinsurance sidecars),
or to provide reinsurance relating to specific risks to insurance or
reinsurance companies through a collateralized instrument, known as
collateralized reinsurance. Structured reinsurance investments also may
include industry loss warranties ("ILWs"), are subject to the same risks as
event-linked bonds. In addition, because quota share instruments represent
an interest in a basket of underlying reinsurance contracts, the Fund has
limited transparency into the individual underlying contracts and therefore
must rely upon the risk assessment and sound underwriting practices of the
issuer. Accordingly, it may be more difficult for PIM to fully evaluate the
underlying risk profile of the Fund's investment in quota share instruments
and therefore place the Fund's assets at greater risk of loss than if PIM
had more complete information. These securities may be difficult to
purchase, sell or unwind and may be difficult to value.
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
June 30, 2015 was $5,608,450. 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
82 Pioneer Bond Fund | Annual Report | 6/30/15
contracts may not directly correlate to the changes in value of the
underlying securities. The average value of contracts open during the year
ended June 30, 2015 was $426,354,761.
At June 30, 2015, open futures contracts were as follows:
--------------------------------------------------------------------------------
Number of Unrealized
Contracts Settlement Appreciation
Type Long/(Short) Month Value (Depreciation)
--------------------------------------------------------------------------------
U.S. Long Bond (CBT) (575) 9/15 $ (86,735,156) $1,889,531
U.S. Ultra Bond (CBT) 492 9/15 75,798,750 (104,043)
U.S. 10 Year Note (CBT) (3,573) 9/15 (450,812,109) 3,145,000
U.S. 2 Year Note (CBT) (331) 9/15 (72,468,313) (98,096)
U.S. 5 Year Note (CBT) (17) 9/15 (2,027,383) (3,736)
--------------------------------------------------------------------------------
$ (536,244,211) $4,828,656
--------------------------------------------------------------------------------
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.
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
Pioneer Bond Fund | Annual Report | 6/30/15 83
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 June 30, 2015 are listed in the
Schedule of Investments. The average value of swap contracts open during
the year ended June 30, 2015 was $407,297.
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 year
ended June 30, 2015, the effective management fee (excluding waivers and/or
assumption of expenses) was equal to 0.40% of the Fund's average daily net
assets.
84 Pioneer Bond Fund | Annual Report | 6/30/15
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
year ended June 30, 2015 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, 2015 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
$145,099 in management fees, administrative costs and certain other
reimbursements payable to PIM at June 30, 2015.
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 year ended June 30, 2015, such out-of-pocket expenses by class of shares
were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $1,652,247
Class B 3,967
Class C 122,320
Class K 596
Class R 181,101
Class Y 1,361,096
Class Z 84,699
--------------------------------------------------------------------------------
Total $3,406,026
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $481,586 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at June 30, 2015.
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
Pioneer Bond Fund | Annual Report | 6/30/15 85
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 $47,532 in distribution
fees payable to PFD at June 30, 2015.
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 year ended June 30, 2015, CDSC
in the amount of $17,558 were paid to PFD.
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 year ended June 30, 2015, 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 June 9, 2015 was in the amount of $215 million.
As of June 9, 2015, 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
86 Pioneer Bond Fund | Annual Report | 6/30/15
Interbank Offered Rate (LIBOR) plus 0.85% (0.90% prior to 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 year ended June 30, 2015, the Fund had no
borrowings under a credit facility.
7. Additional Disclosures about Derivative Instruments and Hedging Activities:
Values of derivative instruments as of June 30, 2015, were as follows:
-------------------------------------------------------------------------------------------
Derivatives Not
Accounted for as Asset Derivatives 2015 Liabilities Derivatives 2015
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 $4,828,656 futures contracts $ --
Swap Contracts Net unrealized Net unrealized
appreciation on depreciation on
swap contracts $ 34,098 swap contracts $ --
-------------------------------------------------------------------------------------------
Total $4,862,754 $ --
===========================================================================================
The effect of derivative instruments on the Statement of Operations for the year
ended June 30, 2015 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 $(9,267,380)
Futures contracts Change in unrealized appreciation
(depreciation) on futures contracts $3,870,594
Swap Contracts Net realized gain (loss) on
swap contracts $ 504,374
Swap Contracts Change in unrealized appreciation
(depreciation) on swap contracts $ 134,072
Pioneer Bond Fund | Annual Report | 6/30/15 87
8. Bridge Loan Commitments
As of June 30, 2015, the Portfolio had one bridge loan commitment of $3,685,000,
which could be extended at the option of the borrower, pursuant to the following
loan agreement:
-------------------------------------------------------------------------------------------
Unrealized
Loan Principal Cost Value Appreciation
-------------------------------------------------------------------------------------------
Charter Communications
Operating Co., Bridge Loan 3,685,000 $3,685,000 $3,685,000 $--
-------------------------------------------------------------------------------------------
Total $--
===========================================================================================
9. Conversion of Class Z Shares
As of the close of business on August 7, 2015 (the "Conversion Date"), all
outstanding Class Z shares of the Fund were converted to Class Y shares.
Additional Information
PIM, the Fund's investment adviser, is currently an indirect, wholly-owned
subsidiary of UniCredit. On April 23, 2015, UniCredit announced that it signed a
preliminary and exclusive agreement with Banco Santander and affiliates of
Warburg Pincus and General Atlantic (the "Private Equity Firms") with respect to
Pioneer Investments ("Pioneer") and Santander Asset Management ("SAM") (the
"Transaction").
The Transaction, as described in the UniCredit announcement, will entail the
establishment of a holding company, with the name Pioneer Investments, to be
owned by UniCredit (50%) and the Private Equity Firms (50% between them). The
holding company will control Pioneer's U.S. operations, including the Adviser.
The holding company also will own 66.7% of Pioneer's and SAM's combined
operations outside the U.S., while Banco Santander will own directly the
remaining 33.3% stake. The completion of the Transaction is subject to the
signing of a definitive agreement, as well as certain regulatory and corporate
approvals, and other conditions.
Under the Investment Company Act of 1940, completion of the Transaction will
cause the Fund's investment advisory agreement with the Adviser to terminate. In
connection with the Transaction, the Fund's Board of Trustees will be asked to
approve a new investment advisory agreement for the Fund. If approved by the
Board, the Fund's new investment advisory agreement will be submitted to the
shareholders of the Fund for their approval.
88 Pioneer Bond Fund | Annual Report | 6/30/15
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and the Shareowners of
Pioneer Bond Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities of Pioneer
Bond Fund (the "Fund"), including the schedule of investments, as of June 30,
2015, and the related statements of operations for year then ended, and the
statement of changes in net assets and the financial highlights for each of the
two years in the period then ended. These financial statements and financial
highlights are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits. The financial highlights for the years ended June 30, 2013,
2012, and 2011 were audited by other auditors. Those auditors expressed an
unqualified opinion on those financial statements and financial highlights in
their report dated August 22, 2013.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. The Fund
is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audits included consideration of
internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Fund's internal control over
financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. Our procedures included confirmation
of securities owned as of June 30, 2015, by correspondence with the custodian,
brokers and agent banks; where replies were not received from brokers and agent
banks, we performed other auditing procedures. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Bond Fund as of June 30, 2015, the results of its operations for the
year then ended, and the changes in its net assets and the financial highlights
for each of the two years in the period then ended, in conformity with
accounting principles generally accepted in the United States of America.
/s/ Diloitte & Touch LLP
Boston, Massachusetts
August 21, 2015
Pioneer Bond Fund | Annual Report | 6/30/15 89
ADDITIONAL INFORMATION (unaudited)
The percentage of the Fund's ordinary income distributions that are exempt from
nonresident alien (NRA) tax withholding resulting from qualified interest income
was 80.89%.
90 Pioneer Bond Fund | Annual Report | 6/30/15
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
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.
Trustees and Officers
The Fund's Trustees and officers are listed below, together with their principal
occupations during at least the past five years. Trustees who are interested
persons of the Fund within the meaning of the 1940 Act are referred to as
Interested Trustees. Trustees who are not interested persons of the Fund are
referred to as Independent Trustees. Each of the Trustees serves as a Trustee of
each of the 51 U.S. registered investment portfolios for which Pioneer serves as
investment adviser (the "Pioneer Funds"). The address for all Trustees and all
officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
Pioneer Bond Fund | Annual Report | 6/30/15 91
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (64) Trustee since 2006. Private investor (2004 - 2008 and 2013 - Director, Broadridge Financial
Chairman of the Board Serves until a present); Chairman (2008 - 2013) and Chief Solutions, Inc.(investor
and Trustee successor trustee Executive Officer (2008 - 2012), Quadriserv, Inc. communications and securities
is elected or (technology products for securities lending processing provider for
earlier retirement industry); and Senior Executive Vice President, financial services industry)
or removal. The Bank of New York (financial and securities (2009 - present); Director,
services) (1986 - 2004) Quadriserv, Inc. (2005 -
2013); and Commissioner, New
Jersey State Civil Service
Commission (2011 - present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (71) Trustee since 2005. Managing Partner, Federal City Capital Advisors Director of New York Mortgage
Trustee Serves until a (corporate advisory services company) (1997 - Trust (publicly-traded
successor trustee is 2004 and 2008 - present); Interim Chief Executive mortgage REIT) (2004 - 2009,
elected or earlier Officer, Oxford Analytica, Inc. (privately-held 2012 - present); Director of
retirement or research and consulting company) (2010); The Swiss Helvetia Fund, Inc.
removal. Executive Vice President and Chief Financial (closed-end fund) (2010 -
Officer, I-trax, Inc. (publicly traded health present); Director of Oxford
care services company) (2004 - 2007); and Analytica, Inc. (2008 -
Executive Vice President and Chief Financial present); and Director of
Officer, Pedestal Inc. (internet-based mortgage Enterprise Community
trading company) (2000 - 2002); Private Investment, Inc.
consultant (1995-1997), Managing Director, Lehman (privately-held affordable
Brothers (investment banking firm) (1992-1995); housing 3nance company) (1985
and Executive, The World Bank (1979-1992) - 2010)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (70) Trustee since 2008. William Joseph Maier Professor of Political Trustee, Mellon Institutional
Trustee Serves until a Economy, Harvard University (1972 - present) Funds Investment Trust and
successor trustee is Mellon Institutional Funds
elected or earlier Master Portfolio (oversaw 17
retirement or portfolios in fund complex)
removal. (1989-2008)
------------------------------------------------------------------------------------------------------------------------------------
92 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (68) Trustee since 1996. Founding Director, Vice President and Corporate None
Trustee Serves until a Secretary, The Winthrop Group, Inc. (consulting
successor trustee is firm) (1982 - present); Desautels Faculty of
elected or earlier Management, McGill University (1999 - present);
retirement or and Manager of Research Operations and
removal. Organizational Learning, Xerox PARC, Xerox's
advance research center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (67) Trustee since 1996. President and Chief Executive Officer, Newbury, Director of New America High
Trustee Serves until a Piret & Company, Inc. (investment banking firm) Income Fund, Inc. (closed-end
successor trustee is (1981 - present) investment company) (2004 -
elected or earlier present); and Member, Board
retirement or of Governors, Investment
removal. Company Institute (2000 -
2006)
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (68) Trustee since 2014. Consultant (investment company services) (2012 - None
Trustee Serves until a present); Executive Vice President, BNY Mellon
successor trustee is (financial and investment company services) (1969
elected or earlier - 2012); Director, BNY International Financing
retirement or Corp. (financial services) (2002 - 2012); and
removal. Director, Mellon Overseas Investment Corp.
(financial services) (2009 - 2012)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Bond Fund | Annual Report | 6/30/15 93
Interested Trustee
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (57)* Trustee since 2014. Director and Executive Vice President (since None
Trustee Serves until a 2008) and Chief Investment Officer, U.S. (since
successor trustee is 2010) of PIM-USA; Executive Vice President of
elected or earlier Pioneer (since 2008); Executive Vice President
retirement or of Pioneer Institutional Asset Management, Inc.
removal. (since 2009); and Portfolio Manager of Pioneer
(since 1999)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Taubes is an Interested Trustee because he is an officer of the Fund's
investment adviser and certain of its affiliates.
94 Pioneer Bond Fund | Annual Report | 6/30/15
Advisory Trustee
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Lorraine Monchak (59)** Advisory Trustee Chief Investment Officer, 1199 SEIU Funds None
Advisory Trustee since 2014. (healthcare workers union pension funds) (2001 -
present); Vice President - International
Investments Group, American International Group,
Inc. (insurance company) (1993 - 2001); Vice
President Corporate Finance and Treasury Group,
Citibank, N.A. (1980 - 1986 and 1990 - 1993);
Vice President - Asset/Liability Management
Group, Federal Farm Funding Corporation
(government-sponsored issuer of debt securities)
(1988 - 1990); Mortgage Strategies Group,
Shearson Lehman Hutton, Inc. (investment bank)
(1987 - 1988); and Mortgage Strategies Group,
Drexel Burnham Lambert, Ltd. (investment bank)
(1986 - 1987)
------------------------------------------------------------------------------------------------------------------------------------
** Ms. Monchak is a non-voting advisory trustee.
Pioneer Bond Fund | Annual Report | 6/30/15 95
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Lisa M. Jones (53) Since 2014. Serves Chair, Director, CEO and President of Pioneer None
President and Chief at the discretion Investment Management-USA (since September 2014);
Executive Officer of the Board. Chair, Director, CEO and President of Pioneer
Investment Management, Inc. (since September 2014);
Chair, Director, CEO and President of Pioneer Funds
Distributor, Inc. (since September 2014); Chair,
Director, CEO and President of Pioneer Institutional
Asset Management, Inc. (since September 2014); and
Chair, Director, and CEO of Pioneer Investment
Management Shareholder Services, Inc. (since
September 2014); Managing Director, Morgan Stanley
Investment Management (2010 - 2013); and Director of
Institutional Business, CEO of International, Eaton
Vance Management (2005 - 2010)
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (50) Since 2003. Serves Vice President and Associate General Counsel of None
Secretary and at the discretion Pioneer since January 2008; Secretary and Chief Legal
Chief Legal Officer of the Board. Officer of all of the Pioneer Funds since June 2010;
Assistant Secretary of all of the Pioneer Funds from
September 2003 to May 2010; and Vice President and
Senior Counsel of Pioneer from July 2002 to December
2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (54) Since 2010. Serves Fund Governance Director of Pioneer since December None
Assistant Secretary at the discretion 2006 and Assistant Secretary of all the Pioneer Funds
of the Board. since June 2010; Manager - Fund Governance of Pioneer
from December 2003 to November 2006; and Senior
Paralegal of Pioneer from January 2000 to November
2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (52) Since 2010. Serves Senior Counsel of Pioneer since May 2013 and None
Assistant Secretary at the discretion Assistant Secretary of all the Pioneer Funds since
of the Board. June 2010; and Counsel of Pioneer from June 2007 to
May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (55) Since 2008. Serves Vice President - Fund Treasury of Pioneer; Treasurer None
Treasurer and Chief at the discretion of all of the Pioneer Funds since March 2008; Deputy
Financial and of the Board. Treasurer of Pioneer from March 2004 to February
Accounting Officer 2008; and Assistant Treasurer of all of the Pioneer
Funds from March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
96 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (50) Since 2000. Serves Director - Fund Treasury of Pioneer; and Assistant None
Assistant Treasurer at the discretion of Treasurer of all of the Pioneer Funds
the Board.
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (57) Since 2002. Serves Fund Accounting Manager - Fund Treasury of Pioneer; None
Assistant Treasurer at the discretion of and Assistant Treasurer of all of the Pioneer Funds
the Board.
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (35) Since 2009. Serves Fund Administration Manager - Fund Treasury of Pioneer None
Assistant Treasurer at the discretion of since November 2008; Assistant Treasurer of all of the
the Board. Pioneer Funds since January 2009; and Client Service
Manager - Institutional Investor Services at State
Street Bank from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (62) Since 2010. Serves Chief Compliance Officer of Pioneer and of all the None
Chief Compliance Officer at the discretion of Pioneer Funds since March 2010; Chief Compliance
the Board. Officer of Pioneer Institutional Asset Management,
Inc. since January 2012; Chief Compliance Officer of
Vanderbilt Capital Advisors, LLC since July 2012:
Director of Adviser and Portfolio Compliance at
Pioneer since October 2005; and Senior Compliance
Officer for Columbia Management Advisers, Inc. from
October 2003 to October 2005
------------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (44) Since 2006. Serves Director - Transfer Agency Compliance of Pioneer and None
Anti-Money at the discretion of Anti-Money Laundering Officer of all the Pioneer Funds
Laundering Officer the Board. since 2006
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Bond Fund | Annual Report | 6/30/15 97
This page for your notes.
98 Pioneer Bond Fund | Annual Report | 6/30/15
This page for your notes.
Pioneer Bond Fund | Annual Report | 6/30/15 99
This page for your notes.
100 Pioneer Bond Fund | Annual Report | 6/30/15
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 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 19398-09-0815
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.
The audit fees for the Fund were $56,422
payable to Deloitte & Touche LLP for the year ended
June 30, 2015 and $40,803 for the year ended June 30, 2014.
(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.
There were no audit-related services in 2015 or 2014.
(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.
The tax fees for the Fund were $8,750
payable to Deloitte & Touche LLP for the year ended
June 30, 2015 and $7,100 for the year ended June 30, 2014.
(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.
There were no other fees in 2015 or 2014.
(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.
Non-Audit Services
Beginning with non-audit service contracts entered
into on or after May 6, 2003, the effective date of the
new SEC pre-approval rules, the Fund's audit
committee is required to pre-approve services to
affiliates defined by SEC rules to the extent that the
services are determined to have a direct impact on the
operations or financial reporting of the Trust. For the
years ended June 30, 2015 and 2014, there were no
services provided to an affiliate that required the
Fund's audit committee pre-approval.
(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.
The aggregate non-audit fees for the Fund were $8,750
payable to Deloitte & Touche LLP for the year ended
June 30, 2015 and $7,100 for the year ended June 30, 2015.
2013.
(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 August 28, 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 August 28, 2015
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date August 28, 2015
* Print the name and title of each signing officer under his or her signature.