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, Amundi Pioneer Asset Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: December 31
Date of reporting period: January 1, 2017 through December 31, 2017
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Bond Fund
--------------------------------------------------------------------------------
Semiannual Report | December 31, 2017
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PIOBX
Class C PCYBX
Class K PBFKX
Class R PBFRX
Class Y PICYX
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
visit us: www.amundipioneer.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Comparing Ongoing Fund Expenses 17
Schedule of Investments 19
Financial Statements 99
Notes to Financial Statements 108
Additional Information 123
Trustees, Officers and Service Providers 125
Pioneer Bond Fund | Semiannual Report | 12/31/17 1
President's Letter
Robust, synchronized global economic growth and rising corporate profits drove
strong performance in both the credit and equity markets for most of 2017. U.S.
stocks, as measured by the Standard & Poor's 500 Index, returned 21.82% for the
full calendar year. Fixed-income markets, while not generating the same dazzling
returns as equities, held their own, led by high-yield securities, which
produced a return of 7.48% in the U.S., as measured by the ICE Bank of America
Merrill Lynch U.S. High Yield Index. Meanwhile, the Bloomberg Barclays U.S.
Aggregate Bond Index returned 3.54% for calendar year 2017.
Continued strong employment numbers and higher consumer confidence, together
with solid global economic growth and a depreciating U.S. dollar contributed to
better-than-expected U.S. gross domestic product (GDP) growth of more than 3% in
both the second and third quarters of 2017, and growth in the fourth quarter was
also expected to be solid. Outside the U.S., economic growth also surprised to
the upside across the Euro zone, China, and Japan. Meanwhile, despite higher oil
and commodities prices, inflation continued to be moderate, both in the U.S. and
globally, enabling major non-U.S. central banks to maintain their easy monetary
policies. As expected, however, the U.S. Federal Reserve System (the Fed) began
tapering its balance sheet in October. The Fed also appears primed to raise
interest rates a few more times in 2018, as it continues to withdraw monetary
stimulus.
As we transition into 2018, we believe the U.S. economy will experience modest
growth in the short term, depending on the mix of economic policies enacted as
the country moves away from monetary stimulus (driven by the Fed) and toward
fiscal stimulus (including tax reform) as well as lighter regulatory burdens.
Meanwhile, corporate earnings remain solid and we think they will improve even
further, despite the possibility of some pressure from wage increases. In
addition, it is our view that the economy will continue to grow and that we may
begin to see a modest upturn in inflation. In that scenario, we anticipate that
the Fed will continue to raise interest rates.
While economic and market conditions appear solid, there are always risks to
consider that could dampen the outlook. Geopolitical concerns, such as increased
tensions with North Korea, and continued political gridlock in Washington are
just some of the risks that could lead to increased market volatility.
2 Pioneer Bond Fund | Semiannual Report | 12/31/17
It is for those reasons that we at Amundi Pioneer continue to believe that
investors can benefit from the experience and tenure of our investment teams who
make active and informed decisions across our funds.
As always, and particularly during times of market uncertainty, 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.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
December 31, 2017
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. Past performance is no
guarantee of future results.
Pioneer Bond Fund | Semiannual Report | 12/31/17 3
Portfolio Management Discussion | 12/31/17
In the following interview, Kenneth J. Taubes and Charles Melchreit discuss the
factors that affected the performance of Pioneer Bond Fund during the six-month
period ended December 31, 2017. Mr. Taubes, Executive Vice President, Chief
Investment Officer, U.S., and a portfolio manager at Amundi Pioneer Asset
Management, Inc. ("Amundi Pioneer"), is responsible for the daily management of
the Fund, along with Mr. Melchreit, Senior Managing Director, Deputy Head of
Fixed Income, U.S., and a portfolio manager at Amundi Pioneer*.
Q How did the Fund perform during the six-month period ended December 31,
2017?
A Pioneer Bond Fund's Class A shares returned 1.70% at net asset value during
the six-month period ended December 31, 2017, while the Fund's benchmark,
the Bloomberg Barclays U.S. Aggregate Bond Index (the Bloomberg Barclays
Index), returned 1.24%. During the same period, the average return of the
49 mutual funds in Lipper's Corporate Debt, A-rated Underlying Funds
Category was 2.02%, and the average return of the 1,012 mutual funds in
Morningstar's Intermediate-Term Bond Funds Category was 1.17%.
Q How would you describe the investment environment during the six-month
period ended December 31, 2017?
A Over the six-month period, investor sentiment was buoyed by continued
improvement in the domestic economy. U.S. economic growth remained solid,
as gross domestic product (GDP) registered at 3.2% for the third quarter of
2017, and expectations were that the GDP readout for the fourth quarter
would be similar. Economic growth overseas was likewise strong, with
Europe, in particular, surprising to the upside. Against this backdrop of
globally synchronized growth, U.S. corporate profits continued to soar,
aided as well by a weakening of the U.S. dollar (USD). U.S. employment
conditions were positive, with monthly payroll increases consistently in
the 200,000 range, despite an unemployment rate of just 4.1% over each of
the final three months of the year, a low for the cycle. With companies
experiencing a shortage of skilled labor and voluntary worker departures on
the rise, hopes increased that evidence of meaningful wage growth would be
forthcoming. Those developments were reflected in consumer confidence,
which hovered at historically strong levels during the final quarter of
2017.
* Note to shareholders: Effective February 1, 2018, Brad Komenda, Deputy
Director of Investment-Grade Corporates, a senior vice president, and a
portfolio manager at Amundi Pioneer, became a portfolio manager of the
Fund.
4 Pioneer Bond Fund | Semiannual Report | 12/31/17
On the policy front, the Federal Reserve (the Fed) began reducing its
balance sheet in October by limiting its reinvestment of maturing principal
into the agency debt and mortgage-backed security (MBS) markets. The plan
had been well communicated in advance, however, and caused little stir in
the markets. Similarly, the Fed's December 2017 hike of its benchmark
overnight lending rate - its third rate increase over the full 2017
calendar year - was well absorbed by the markets. As the year drew to a
close, Congress passed a tax bill that lowered the statutory corporate tax
rate from 35% to 21%, permitted a one-time repatriation - at a favorable
tax rate - of corporate cash held overseas, and expanded the ability of
companies to expense capital investment. The provisions were viewed by
investors as likely to further boost economic growth, corporate profits,
and credit-market fundamentals.
Over the six-month period, the Treasury yield curve - which illustrates the
differences in yield between securities with different maturities -
flattened between the two-year and 30-year portions, as yields on shorter
maturities rose in response to the Fed's tightening of monetary policy, and
yields declined, albeit modestly, on securities with maturities beyond 20
years. As a result, longer-maturity debt generally outperformed during the
six-month period. In general, credit-sensitive sectors, which are more
responsive to changes in the economic picture rather than changes in
interest rates, outperformed higher-quality securities. For example, during
the six-month period, U.S. high-yield corporate bonds returned 2.45%, while
the Fund's benchmark, the Bloomberg Barclays Index, a market-value-weighted
measure of Treasury and agency issues, corporate bond issues, and MBS,
returned 1.24%.
Q What were the principal factors that affected the Fund's performance
relative to the benchmark Bloomberg Barclays U.S. Aggregate Bond Index
during the six-month period ended December 31, 2017?
A The Fund's somewhat "barbelled" positioning along the yield curve was a
leading positive contributor to benchmark-relative performance during the
six-month period. In particular, the Fund had a significant position in
floating-rate securities, which benefited from both increased coupons and
investor interest as the Fed resumed hiking short-term rates. The
portfolio's very short-maturity position was balanced by an overweight to
the 30-year maturity range on the curve, where bond prices benefited from a
decrease in rates over the period. By contrast, the Fund was underweight to
securities with maturities of two-to-five years, where prices were most
negatively impacted by speculation about Fed rate increases.
Pioneer Bond Fund | Semiannual Report | 12/31/17 5
The Fund's short-duration stance compared with the Bloomberg Barclays Index
was essentially a neutral factor in benchmark-relative performance over the
six-month period. (Duration is a measure of the sensitivity of the price,
or the value of principal, of a fixed-income investment to a change in
interest rates, expressed as a number of years.) As of December 31, 2017,
the Fund's average effective duration was 5.39 years, versus 5.98 years for
its benchmark.
Both sector allocation and security selection results aided the Fund's
benchmark-relative returns during the period. Notably, the portfolio's
underweighting of U.S. Treasuries proved beneficial, as virtually every
asset class in the spread sectors, including corporate bonds, asset-backed
securities (ABS), and non-agency MBS outperformed Treasuries. (Securities
in the spread sectors trade at a yield advantage - or "spread" - relative
to Treasuries with comparable maturities.) As of December 31, 2017, the
Fund's allocation to nominal (as opposed to inflation-protected) Treasuries
stood at just over 1%, compared with the 37% Treasury weighting in the
Bloomberg Barclays Index. The Fund's overweighting of agency issues within
the residential MBS group also aided benchmark-relative results, as the
segment outperformed Treasuries in spite of the Fed's beginning to taper
its reinvestment of maturing principal late in the period. Overweight
portfolio exposures to other securitized sectors, including non-agency
MBS, commercial MBS (CMBS), and ABS were additional positive contributors
to the Fund's benchmark-relative returns, as the strengthening in consumer
fundamentals supported valuations. Meanwhile, the portfolio's overweight to
investment-grade corporate credit, particularly to lower-rated holdings in
the "BBB" quality range, was a significant contributor to the Fund's
benchmark-relative performance during the period. In addition,
non-benchmark portfolio exposures to below-investment-grade, high-yield
corporates aided the Fund's relative returns as spreads within the
high-yield segment of the market were supported by strong credit
fundamentals.
Finally, security selection results within the portfolio's allocations to
both investment-grade and high-yield corporates contributed positively to
the Fund's relative performance during the six months.
On the downside, an out-of-benchmark allocation to floating-rate bank loans
acted as a constraint on the Fund's benchmark-relative performance, as loan
returns, while positive for the period, lagged the returns of corporate
bonds. Another performance detractor was the Fund's position in Treasury
Inflation-Protected Securities (TIPS), which underperformed nominal
Treasuries as inflation expectations softened over the six months. A
position in event-linked securities, which are sponsored by insurance
companies
6 Pioneer Bond Fund | Semiannual Report | 12/31/17
looking to transfer some of the risk of having to pay claims after a
natural disaster, also detracted from the Fund's benchmark-relative
performance. We believe event-linked securities can offer a valuable source
of diversification* and incremental income for the portfolio, but their
performance suffered late in the period in the wake of a severe Atlantic
hurricane season, a 7.1 magnitude earthquake in Mexico, and damaging
California wildfires, each of which generated a significant number of
insurance claims. We continue to view modest exposure to those
out-of-benchmark market segments as helping to improve the Fund's long-term
total return profile.
Q Did the Fund have any investments in derivative securities during the
six-month period ended December 30, 2017? If so, did they have any material
impact on relative performance?
A Yes, we invested the Fund in Treasury futures as part of our strategy to
maintain a shorter-than-benchmark duration. That strategy, and the use of
the futures in its implementation, helped the Fund's benchmark-relative
performance during the period. In addition, the Fund had an allocation to
credit default swaps, which were used to hedge the portfolio's exposure to
the high-yield sector. The swaps had a modest negative impact on the Fund's
benchmark-relative performance, as spreads tightened over the six-month
period.
Q What factors affected the Fund's yield, or distributions to shareholders,
during the six-month period ended December 31, 2017?
A The Fund's yield declined slightly over the six months, primarily as the
result of tightening credit spreads.
Q What is your investment outlook?
A We expect U.S. and global economic growth to remain robust in 2018, buoyed
by easy financial conditions, including the ongoing expansion of global
central-bank balance sheets, which we believe will continue to grow, at
least through the summer, despite the Fed's balance-sheet reductions and
the European Central Bank's trimming of its bond purchases. We anticipate
U.S. GDP growth for 2018 should be around 3%, benefiting from the recent
tax cuts, deregulation, and infrastructure spending. The solid employment
backdrop should continue to support consumption and the housing market. In
addition, higher corporate profits driven by strong global economic growth,
tax cuts, and more favorable expensing provisions may lead to increased
fixed investment.
* Diversification does not assure a profit nor protect against loss.
Pioneer Bond Fund | Semiannual Report | 12/31/17 7
We think inflation could surprise to the upside in 2018, and it is possible
that the Fed may find itself behind the curve in raising rates. We expect
the USD to be vulnerable to depreciation relative to both developed and
emerging markets currencies. Globally, the euro zone and Japan appear to be
positioned to enjoy strong economic growth, reflecting reduced political
risk and ongoing central-bank bond purchases. Meanwhile, China's economic
growth rate may moderate in view of its leaders' goals of reining in credit
growth and reducing environmental damage, but we believe any modest decline
in growth there will not disrupt Asia overall, or global GDP growth rates.
Overall, the Fund's portfolio continues to be positioned for solid economic
growth and rising interest rates, with overweights to various credit
sectors, an underweight to U.S. Treasuries, and a below-benchmark stance
with respect to duration. The Fund holds a position in long-duration TIPS,
which are designed to help protect the portfolio against inflation that
exceeds expectations.
Entering 2018, we view structured securities in general as being more
attractively valued than corporate securities. The portfolio holds a near-
neutral exposure to agency MBS relative to the benchmark; however, when
non-agency MBS holdings are included, the portfolio remains significantly
overweight to the residential MBS sector. We have added to the Fund's ABS
exposure, while maintaining an overweight to investment-grade CMBS. We are
currently maintaining a benchmark-level weight in investment-grade
corporates in the portfolio, and continue to hold non-benchmark positions
in high-yield corporates and bank loans.
Investment-grade corporate spreads stand at post-crisis lows, and reflect
lower quality as well as an overall longer duration relative to their
historical levels. While these factors are counterbalanced by strong
fundamentals, we believe corporates face greater downside risk should
volatility increase in the wake of unexpected changes in central-bank
policies or a slowdown in global economic growth.
8 Pioneer Bond Fund | Semiannual Report | 12/31/17
Please refer to the Schedule of Investments on pages 19-98 for a full listing of
Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
When interest rates rise, the prices of fixed-income securities in the Fund will
generally fall. Conversely, when interest rates fall, the prices of fixed-income
securities in the Fund will generally rise.
Investments in the Fund are subject to possible loss due to the financial fail-
ure of the issuers of the underlying securities and their inability to meet
their debt obligations.
Prepayment risk is the chance that an issuer may exercise its right to prepay
its security, if falling interest rates prompt the issuer to do so. Forced to
reinvest the unanticipated proceeds at lower interest rates, the Fund would
experience a decline in income and lose the opportunity for additional price
appreciation.
Investments in high-yield or lower-rated securities are subject to greater-than-
average price volatility, illiquidity and possibility of default.
The securities issued by U.S. Government-sponsored entities (i.e., Fannie Mae,
Freddie Mac) are neither guaranteed nor issued by the U.S. Government.
The portfolio may invest in mortgage-backed securities, which during times of
fluctuating interest rates may increase or decrease more than other fixed-
income securities. Mortgage-backed securities are also subject to pre-payments.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making the Fund more susceptible to
any economic, political, or regulatory developments or other risks affecting
those industries and sectors.
These risks may increase share price volatility.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Amundi Pioneer Asset Management, Inc., 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.
Pioneer Bond Fund | Semiannual Report | 12/31/17 9
Portfolio Summary | 12/31/17
Portfolio Diversification*
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)**
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Corporate Bonds 35.0%
U.S. Government And Agency Obligations 32.9%
Collateralized Mortgage Obligations 22.6%
Asset Backed Securities 3.0%
Senior Secured Floating Rate Loan Interests 3.0%
Municipal Bonds 2.3%
Convertible Preferred Stocks 1.0%
Foreign Government Bonds 0.2%
* Includes investments in insurance linked securities totaling 3.0% of total
investment portfolio.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)**
1. U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/46 1.57%
--------------------------------------------------------------------------------
2. U.S. Treasury Inflation Indexed Bonds, 0.75%, 2/15/45 1.30
--------------------------------------------------------------------------------
3. Fannie Mae, 3.5%, 1/1/48 (TBA) 0.74
--------------------------------------------------------------------------------
4. U.S. Treasury Inflation Indexed Bonds, 0.875%, 2/15/47 0.65
--------------------------------------------------------------------------------
5. Bank of America Corp., 7.25% 0.49
--------------------------------------------------------------------------------
6. Federal Home Loan Mortgage Corp., 4.0%, 12/1/47 0.48
--------------------------------------------------------------------------------
7. Wells Fargo & Co., 7.5% 0.48
--------------------------------------------------------------------------------
8. U.S. Treasury Notes, 2.25%, 8/15/27 0.46
--------------------------------------------------------------------------------
9. U.S. Treasury Bonds, 2.75%, 8/15/47 0.40
--------------------------------------------------------------------------------
10. Fannie Mae, 3.5%, 8/1/47 0.40
--------------------------------------------------------------------------------
** This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed, and current holdings may be different.
The holdings listed should not be considered recommendations to buy or sell
any securities listed.
10 Pioneer Bond Fund | Semiannual Report | 12/31/17
Prices and Distributions | 12/31/17
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 12/31/17 6/30/17
--------------------------------------------------------------------------------
A $9.73 $9.71
--------------------------------------------------------------------------------
C $9.62 $9.60
--------------------------------------------------------------------------------
K $9.73 $9.71
--------------------------------------------------------------------------------
R $9.82 $9.80
--------------------------------------------------------------------------------
Y $9.64 $9.62
--------------------------------------------------------------------------------
Distributions per Share: 7/1/17-12/31/17
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1447 $ -- $ --
--------------------------------------------------------------------------------
C $0.1070 $ -- $ --
--------------------------------------------------------------------------------
K $0.1637 $ -- $ --
--------------------------------------------------------------------------------
R $0.1338 $ -- $ --
--------------------------------------------------------------------------------
Y $0.1572 $ -- $ --
--------------------------------------------------------------------------------
Index Definition
--------------------------------------------------------------------------------
The Bloomberg Barclays U.S. 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 12-16.
Pioneer Bond Fund | Semiannual Report | 12/31/17 11
Performance Update | 12/31/17 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 Bloomberg Barclays U.S.
Aggregate Bond Index.
Average Annual Total Returns
(As of December 31, 2017)
--------------------------------------------------------------------------------
Bloomberg
Net Public U.S. Barclays
Asset Offering Aggregate
Value Price Bond
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
10 years 4.94% 4.48% 4.01%
5 years 2.91 1.92 2.10
1 year 4.10 -0.59 3.54
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2017)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.99% 0.85%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Bloomberg Barclays
U.S. Aggregate Bond
Pioneer Bond Fund Index
12/07 $ 9,550 $ 10,000
12/08 $ 9,134 $ 10,524
12/09 $ 10,750 $ 11,148
12/10 $ 11,765 $ 11,877
12/11 $ 12,363 $ 12,809
12/12 $ 13,433 $ 13,349
12/13 $ 13,498 $ 13,079
12/14 $ 14,298 $ 13,859
12/15 $ 14,296 $ 13,935
12/16 $ 14,893 $ 14,304
12/17 $ 15,503 $ 14,811
Call 1-800-225-6292 or visit www.amundipioneer.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, 2019, for Class A shares. There can be no assurance
that Amundi 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.
Please refer to the financial highlights for a more current expense ratio.
12 Pioneer Bond Fund | Semiannual Report | 12/31/17
Performance Update | 12/31/17 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 Bloomberg Barclays U.S. Aggregate Bond Index.
Average Annual Total Returns
(As of December 31, 2017)
--------------------------------------------------------------------------------
Bloomberg
U.S. Barclays
Aggregate
If If Bond
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 years 4.07% 4.07% 4.01%
5 years 1.87 1.87 2.10
1 year 3.34 3.34 3.54
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.59%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Bloomberg Barclays
U.S. Aggregate Bond
Pioneer Bond Fund Index
12/07 $ 10,000 $ 10,000
12/08 $ 9,474 $ 10,524
12/09 $ 11,051 $ 11,148
12/10 $ 11,979 $ 11,877
12/11 $ 12,479 $ 12,809
12/12 $ 13,587 $ 13,349
12/13 $ 13,381 $ 13,079
12/14 $ 14,057 $ 13,859
12/15 $ 13,945 $ 13,935
12/16 $ 14,423 $ 14,304
12/17 $ 14,905 $ 14,811
Call 1-800-225-6292 or visit www.amundipioneer.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.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Bond Fund | Semiannual Report | 12/31/17 13
Performance Update | 12/31/17 Class K Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class K shares of Pioneer Bond Fund during the periods shown,
compared to that of the Bloomberg Barclays U.S. Aggregate Bond Index.
Average Annual Total Returns
(As of December 31, 2017)
--------------------------------------------------------------------------------
Bloomberg
Net Barclays U.S.
Asset Aggregate
Value Bond
Period (NAV) Index
--------------------------------------------------------------------------------
10 years 5.15% 4.01%
5 years 3.29 2.10
1 year 4.50 3.54
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.47%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Bloomberg Barclays
U.S. Aggregate Bond
Pioneer Bond Fund Index
12/07 $ 5,000,000 $ 5,000,000
12/08 $ 4,782,012 $ 5,262,012
12/09 $ 5,628,400 $ 5,574,070
12/10 $ 6,159,726 $ 5,938,710
12/11 $ 6,472,588 $ 6,404,413
12/12 $ 7,026,552 $ 6,674,349
12/13 $ 7,089,279 $ 6,539,280
12/14 $ 7,524,361 $ 6,929,394
12/15 $ 7,560,171 $ 6,967,503
12/16 $ 7,906,109 $ 7,151,966
12/17 $ 8,261,755 $ 7,405,276
Call 1-800-225-6292 or visit www.amundipioneer.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.
Please refer to the financial highlights for a more current expense ratio.
14 Pioneer Bond Fund | Semiannual Report | 12/31/17
Performance Update | 12/31/17 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 Bloomberg Barclays U.S. Aggregate Bond Index.
Average Annual Total Returns
(As of December 31, 2017)
--------------------------------------------------------------------------------
Bloomberg
Net Barclays U.S.
Asset Aggregate
Value Bond
Period (NAV) Index
--------------------------------------------------------------------------------
10 years 4.60% 4.01%
5 years 2.63 2.10
1 year 3.83 3.54
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2017)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.24% 1.10%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Bloomberg Barclays
U.S. Aggregate Bond
Pioneer Bond Fund Index
12/07 $ 10,000 $ 10,000
12/08 $ 9,513 $ 10,524
12/09 $ 11,160 $ 11,148
12/10 $ 12,173 $ 11,877
12/11 $ 12,744 $ 12,809
12/12 $ 13,773 $ 13,349
12/13 $ 13,788 $ 13,079
12/14 $ 14,567 $ 13,859
12/15 $ 14,533 $ 13,935
12/16 $ 15,100 $ 14,304
12/17 $ 15,678 $ 14,811
Call 1-800-225-6292 or visit www.amundipioneer.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, 2019, for Class R shares. There can be no assurance
that Amundi 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.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Bond Fund | Semiannual Report | 12/31/17 15
Performance Update | 12/31/17 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 Bloomberg Barclays U.S. Aggregate Bond Index.
Average Annual Total Returns
(As of December 31, 2017)
--------------------------------------------------------------------------------
Bloomberg
Net Barclays U.S.
Asset Aggregate
Value Bond
Period (NAV) Index
--------------------------------------------------------------------------------
10 years 5.23% 4.01%
5 years 3.17 2.10
1 year 4.39 3.54
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2017)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.59% 0.58%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Bloomberg Barclays
U.S. Aggregate Bond
Pioneer Bond Fund Index
12/07 $ 5,000,000 $ 5,000,000
12/08 $ 4,797,207 $ 5,262,012
12/09 $ 5,658,412 $ 5,574,070
12/10 $ 6,210,296 $ 5,938,710
12/11 $ 6,541,932 $ 6,404,413
12/12 $ 7,119,453 $ 6,674,349
12/13 $ 7,166,267 $ 6,539,280
12/14 $ 7,610,153 $ 6,929,394
12/15 $ 7,628,769 $ 6,967,503
12/16 $ 7,970,506 $ 7,151,966
12/17 $ 8,320,701 $ 7,405,276
Call 1-800-225-6292 or visit www.amundipioneer.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 net expense ratio reflects the contractual expense limitation currently in
effect through November 1, 2019, for Class Y shares. There can be no assurance
that Amundi 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.
Please refer to the financial highlights for a more current expense ratio.
16 Pioneer Bond Fund | Semiannual Report | 12/31/17
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Bond Fund
Based on actual returns from July 1, 2017 through December 31, 2017.
--------------------------------------------------------------------------------
Share Class A C K R Y
--------------------------------------------------------------------------------
Beginning $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Account Value
on 7/1/17
--------------------------------------------------------------------------------
Ending Account $1,017.00 $1,013.30 $1,019.00 $1,015.80 $1,018.50
Value (after
expenses)
on 12/31/17
--------------------------------------------------------------------------------
Expenses Paid $ 4.32 $ 8.02 $ 2.29 $ 5.59 $ 2.95
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.85%,
1.58%, 0.45%, 1.10%, and 0.58% for Class A, Class C, Class K, Class R, and
Class Y shares, respectively, multiplied by the average account value over
the period, multiplied by 184/365 (to reflect the one-half year period).
Pioneer Bond Fund | Semiannual Report | 12/31/17 17
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period. You may
use this information to compare the ongoing costs of investing in the Fund and
other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Bond Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from July 1, 2017 through December 31, 2017.
--------------------------------------------------------------------------------
Share Class A C K R Y
--------------------------------------------------------------------------------
Beginning $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Account Value
on 7/1/17
--------------------------------------------------------------------------------
Ending Account $1,020.92 $1,017.24 $1,022.94 $1,019.66 $1,022.28
Value (after
expenses)
on 12/31/17
--------------------------------------------------------------------------------
Expenses Paid $ 4.33 $ 8.03 $ 2.29 $ 5.60 $ 2.96
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.85%,
1.58%, 0.45%, 1.10%, and 0.58% for Class A, Class C, Class K, Class R, and
Class Y shares, respectively, multiplied by the average account value over
the period, multiplied by 184/365 (to reflect the one-half year period).
18 Pioneer Bond Fund | Semiannual Report | 12/31/17
Schedule of Investments | 12/31/17 (unaudited)
----------------------------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 100.1%
CONVERTIBLE PREFERRED STOCKS --
0.9% of Net Assets
BANKS -- 0.9%
Diversified Banks -- 0.9%
18,315(a) Bank of America Corp., 7.25% $ 24,157,485
18,101(a) Wells Fargo & Co., 7.5% 23,712,129
----------------
Total Banks $ 47,869,614
----------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $44,039,805) $ 47,869,614
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($)
----------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES --
3.0% of Net Assets
BANKS -- 2.5%
Thrifts & Mortgage Finance -- 2.5%
1,009,868(b) 321 Henderson Receivables I LLC, Series 2005-1A,
Class A1, 1.707% (1 Month USD LIBOR + 23 bps),
11/15/40 (144A) $ 961,018
500,000 321 Henderson Receivables III LLC, Series 2008-1A,
Class B, 8.37%, 1/15/46 (144A) 612,778
2,942,625 Applebee's Funding LLC / IHOP Funding LLC, Series
2014-1, Class A2, 4.277%, 9/5/44 (144A) 2,863,086
1,500,000 Ascentium Equipment Receivables Trust, Series
2016-2A, Class D, 4.2%, 9/12/22 (144A) 1,519,527
2,100,000 Ascentium Equipment Receivables Trust, Series
2017-2A, Class D, 3.56%, 10/10/25 (144A) 2,089,511
699,990 Axis Equipment Finance Receivables III LLC, Series
2015-1A, Class C, 3.41%, 4/20/20 (144A) 693,483
7,086,632(c) Bayview Koitere Fund Trust, Series 2017-RT4,
Class A, 3.5%, 7/28/57 (144A) 7,224,509
1,650,000 BCC Funding Corp. X, Series 2015-1, Class C,
3.622%, 11/20/20 (144A) 1,645,875
401,880(b) Bear Stearns Asset Backed Securities I Trust, Series
2005-FR1, Class M1, 2.302% (1 Month USD
LIBOR + 75 bps), 6/25/35 402,233
322,236(b) Bear Stearns Asset Backed Securities Trust, Series
2006-SD2, Class A3, 2.042% (1 Month USD
LIBOR + 49 bps), 6/25/36 319,099
1,489,576 BXG Receivables Note Trust, Series 2015-A, Class A,
2.88%, 5/2/30 (144A) 1,484,204
2,000,000(b) Chesapeake Funding II LLC, Series 2017-3A,
Class A2, 1.817% (1 Month USD LIBOR + 34 bps),
8/15/29 (144A) 2,001,713
1,400,000 CIG Auto Receivables Trust, Series 2017-1A, Class B,
3.81%, 5/15/23 (144A) 1,394,241
1,400,000 CIT Equipment Collateral, Series 2014-VT1, Class C,
2.65%, 10/20/22 (144A) 1,401,488
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 19
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
68,600(b) Citigroup Mortgage Loan Trust, Inc., Series 2005-HE2,
Class M1, 2.302% (1 Month USD LIBOR + 75 bps),
5/25/35 (144A) $ 68,551
2,427,527(b) Commonbond Student Loan Trust, Series 2017-BGS,
Class A2, 2.202% (1 Month USD LIBOR + 65 bps),
9/25/42 (144A) 2,430,664
1,000,000 Conn Funding II LP, Series 2017-B, Class A, 2.73%,
7/15/20 (144A) 999,957
3,000,000 CoreVest American Finance Trust, Series 2017-1,
Class C, 3.756%, 10/15/49 (144A) 2,983,656
1,500,000 Credit Acceptance Auto Loan Trust, Series 2016-2A,
Class C, 4.29%, 11/15/24 (144A) 1,528,945
946,691 CRG Issuer, Series 2015-1, Class A, 4.07%,
7/10/22 (144A) 944,324
145,566(b) CWABS Asset-Backed Certificates Trust, Series
2004-7, Class MV3, 2.602% (1 Month USD
LIBOR + 105 bps), 12/25/34 145,674
1,048,155(b) DRB Prime Student Loan Trust, Series 2016-B,
Class A1, 3.352% (1 Month USD LIBOR + 180 bps),
6/25/40 (144A) 1,087,618
482,464(b) Drug Royalty II LP 2, Series 2014-1, Class A1, 4.154%
(3 Month USD LIBOR + 285 bps), 7/15/23 (144A) 486,608
2,000,000 DT Auto Owner Trust, Series 2015-1A, Class D,
4.26%, 2/15/22 (144A) 2,025,880
1,300,000 Engs Commercial Finance Trust, Series 2016-1A,
Class B, 3.45%, 3/22/22 (144A) 1,270,667
1,900,000 Engs Commercial Finance Trust, Series 2016-1A,
Class D, 5.22%, 1/22/24 (144A) 1,857,755
4,719,933(b) Fieldstone Mortgage Investment Trust, Series 2005-3,
Class 1A, 1.818% (1 Month USD
LIBOR + 49 bps), 2/25/36 4,657,943
3,800,000(c) Finance of America Structured Securities Trust,
Series 2017-HB1, Class M1, 2.84%,
11/25/27 (144A) 3,793,198
2,387,089(b) Fremont Home Loan Trust, Series 2006-2, Class 1A1,
1.712% (1 Month USD LIBOR + 16 bps), 2/25/36 2,340,446
415,000 GLS Auto Receivables Trust, Series 2017-1A, Class B,
2.98%, 12/15/21 (144A) 413,700
217,663(d) GMAT Trust, Series 2013-1A, Class A, 6.967%,
11/25/43 (144A) 217,948
953,023(b) GSRPM Mortgage Loan Trust, Series 2003-2,
Class M1, 2.902% (1 Month USD
LIBOR + 135 bps), 6/25/33 948,954
228,537(b) GSRPM Mortgage Loan Trust, Series 2006-2,
Class A2, 1.852% (1 Month USD LIBOR + 30 bps),
9/25/36 (144A) 228,335
2,250,000(b) Hertz Fleet Lease Funding LP, Series 2016-1, Class E,
4.932% (1 Month USD LIBOR + 350 bps),
4/10/30 (144A) 2,261,407
The accompanying notes are an integral part of these financial statements.
20 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,851,750 HOA Funding LLC, Series 2014-1A, Class A2, 4.846%,
8/20/44 (144A) $ 2,774,154
561,721(b) Home Equity Mortgage Loan Asset-Backed Trust,
Series 2005-C, Class AII3, 1.922% (1 Month USD
LIBOR + 37 bps), 10/25/35 561,395
874,937 Icon Brand Holdings LLC, Series 2012-1A, Class A,
4.229%, 1/25/43 (144A) 810,503
237,642 Icon Brand Holdings LLC, Series 2013-1A, Class A2,
4.352%, 1/25/43 (144A) 220,342
110,565(b) Irwin Whole Loan Home Equity Trust, Series 2003-C,
Class M1, 2.552% (1 Month USD
LIBOR + 100 bps), 6/25/28 109,954
3,750,000 Kabbage Asset Securitization LLC, Series 2017-1,
Class A, 4.571%, 3/15/22 (144A) 3,831,940
700,000 Leaf Receivables Funding 12 LLC, Series 2017-1,
Class C, 2.83%, 4/15/22 (144A) 691,779
800,000 Leaf Receivables Funding 12 LLC, Series 2017-1,
Class D, 3.1%, 4/15/22 (144A) 790,193
77,573 Lehman ABS Manufactured Housing Contract Trust,
Series 2001-B, Class A1, 3.01%, 4/15/40 77,745
949,015 Nations Equipment Finance Funding II LLC, Series
2014-1A, Class B, 3.276%, 1/20/19 (144A) 948,509
600,000 Nationstar HECM Loan Trust, Series 2017-1A,
Class M1, 2.942%, 5/25/27 (144A) 601,172
534,377(b) New Century Home Equity Loan Trust, Series 2005-1,
Class A2C, 2.252% (1 Month USD
LIBOR + 70 bps), 3/25/35 534,802
4,153,892(b) New Century Home Equity Loan Trust, Series 2005-2,
Class M2, 2.227% (1 Month USD
LIBOR + 68 bps), 6/25/35 4,155,751
5,700,000 New Residential Advance Receivables Trust Advance
Receivables Backed Notes, Series 2016-T2,
Class BT2, 3.02%, 10/15/49 (144A) 5,667,803
4,541,951(b) Newtek Small Business Loan Trust, Series 2017-1,
Class A, 3.552% (1 Month USD LIBOR + 200 bps),
2/15/43 (144A) 4,542,860
1,200,000(b) NextGear Floorplan Master Owner Trust, Series
2016-2A, Class A1, 2.577% (1 Month USD
LIBOR + 110 bps), 9/15/21 (144A) 1,212,246
3,461,956(b) NovaStar Mortgage Funding Trust, Series 2005-3,
Class M1, 2.002% (1 Month USD
LIBOR + 68 bps), 1/25/36 3,455,559
1,000,000 Ocwen Master Advance Receivables Trust, Series
2016-T1, Class AT1, 2.521%, 8/17/48 (144A) 999,803
1,775,000 Ocwen Master Advance Receivables Trust, Series
2016-T2, Class BT2, 3.265%, 8/16/49 (144A) 1,768,220
3,221,000 Ocwen Master Advance Receivables Trust, Series
2017-T1, Class DT1, 3.536%, 9/15/48 (144A) 3,220,647
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 21
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,600,000 Oportun Funding III LLC, Series 2016-B, Class A,
3.69%, 7/8/21 (144A) $ 1,608,699
1,200,000(b) Option One Mortgage Loan Trust, Series 2005-3,
Class M2, 2.287% (1 Month USD
LIBOR + 74 bps), 8/25/35 1,199,124
1,100,000 Oxford Finance Funding LLC, Series 2016-1A,
Class A, 3.968%, 6/17/24 (144A) 1,104,176
186,026(b) RAAC Trust, Series 2006-RP2, Class A, 1.802%
(1 Month USD LIBOR + 25 bps), 2/25/37 (144A) 185,427
4,642,013(d) RCO Mortgage LLC, Series 2017-1, Class A1,
3.375%, 8/25/22 (144A) 4,645,314
2,816,913 SCF Equipment Leasing LLC, Series 2017-2A,
Class A, 3.41%, 12/20/23 (144A) 2,804,704
1,417,597 SCF Equipment Trust LLC, Series 2016-1A, Class A,
3.62%, 11/20/21 (144A) 1,422,941
567,498 Skopos Auto Receivables Trust, Series 2015-1A,
Class B, 5.43%, 12/15/23 (144A) 570,258
1,480,000 STORE Master Funding I LLC, Series 2015-1A,
Class A1, 3.75%, 4/20/45 (144A) 1,491,042
66,869(b) Structured Asset Investment Loan Trust, Series
2006-1, Class A3, 1.752% (1 Month USD
LIBOR + 20 bps), 1/25/36 66,856
14,561(d) Structured Asset Securities Corp., Series 2004-19XS,
Class A6B, 5.028%, 10/25/34 14,938
747,042(d) Terwin Mortgage Trust, Series 2005-16HE, Class AF2,
4.761%, 9/25/36 751,143
2,000,000 Tidewater Sales Finance Master Trust, Series
2017-AA, Class A, 4.55%, 4/15/21 (144A) 1,991,986
3,000,000(b) Trafigura Securitisation Finance Plc, Series 2017-1A,
Class A1, 2.327% (1 Month USD LIBOR + 85 bps),
12/15/20 (144A) 3,007,974
8,500,000 Tricon American Homes Trust, Series 2017-SFR2,
Class B, 3.275%, 1/17/36 (144A) 8,486,021
992,728 Welk Resorts LLC, Series 2015-AA, Class A, 2.79%,
6/16/31 (144A) 987,884
1,000,000 Westlake Automobile Receivables Trust, Series
2016-1A, Class C, 3.29%, 9/15/21 (144A) 1,004,098
1,000,000 Westlake Automobile Receivables Trust, Series
2017-2A, Class C, 2.59%, 12/15/22 (144A) 992,884
2,500,000 WRG Debt Funding II LLC, Series 2017-1, Class A,
4.458%, 3/15/26 (144A) 2,481,250
----------------
Total Banks $ 127,097,091
----------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Hotels, Resorts & Cruise Lines -- 0.1%
834,030 Westgate Resorts LLC, Series 2015-1A, Class A,
2.75%, 5/20/27 (144A) $ 833,643
2,517,886 Westgate Resorts LLC, Series 2016-1A, Class B,
4.5%, 12/20/28 (144A) 2,532,999
The accompanying notes are an integral part of these financial statements.
22 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- (continued)
1,663,339 Westgate Resorts LLC, Series 2017-1A, Class A,
3.05%, 12/20/30 (144A) $ 1,661,205
----------------
Total Consumer Services $ 5,027,847
----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.3%
Consumer Finance -- 0.1%
2,100,000 First Investors Auto Owner Trust, Series 2014-3A,
Class C, 2.97%, 11/16/20 (144A) $ 2,108,215
300,000 First Investors Auto Owner Trust, Series 2017-2A,
Class C, 3.0%, 8/15/23 (144A) 297,302
----------------
$ 2,405,517
----------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- 0.1%
243,909 Diamond Resorts Owner Trust, Series 2015-1,
Class B, 3.17%, 7/20/27 (144A) $ 243,369
3,287,753 Spirit Master Funding LLC, Series 2014-4A,
Class A2, 4.629%, 1/20/45 (144A) 3,456,594
66,053 United States Small Business Administration,
6.14%, 1/1/22 69,136
250,737 United States Small Business Administration,
Series 2005-20B, Class 1, 4.625%, 2/1/25 259,938
236,555 United States Small Business Administration,
Series 2005-20E, Class 1, 4.84%, 5/1/25 246,203
328,038 United States Small Business Administration,
Series 2008-20D, Class 1, 5.37%, 4/1/28 351,753
368,375 United States Small Business Administration,
Series 2008-20H, Class 1, 6.02%, 8/1/28 402,466
240,269 United States Small Business Administration,
Series 2008-20J, Class 1, 5.63%, 10/1/28 260,414
200,741 United States Small Business Administration,
Series 2008-20L, Class 1, 6.22%, 12/1/28 220,279
84,006 United States Small Business Administration,
Series 2009-20A, Class 1, 5.72%, 1/1/29 91,410
195,825 United States Small Business Administration,
Series 2009-20I, Class 1, 4.2%, 9/1/29 205,937
----------------
$ 5,807,499
----------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
3,915,375 Domino's Pizza Master Issuer LLC, Series 2015-1A,
Class A2I, 3.484%, 10/25/45 (144A) $ 3,929,000
1,110,018 Hercules Capital Funding Trust, Series 2014-1A,
Class A, 3.524%, 4/16/21 (144A) 1,111,059
447,285 JG Wentworth XXII LLC, Series 2010-3A, Class A,
3.82%, 12/15/48 (144A) 462,553
----------------
$ 5,502,612
----------------
Total Diversified Financials $ 13,715,628
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 23
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
ENERGY -- 0.1%
Oil & Gas Exploration & Production -- 0.1%
4,200,000 Four Seas LP, Series 2017-1A, Class A2, 5.927%,
8/28/27 (144A) $ 4,097,625
----------------
Total Energy $ 4,097,625
----------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.0%+
Food Retail -- 0.0%+
1,084,760 CKE Restaurant Holdings, Inc., Series 2013-1A,
Class A2, 4.474%, 3/20/43 (144A) $ 1,087,056
----------------
Total Food & Staples Retailing $ 1,087,056
----------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $151,019,779) $ 151,025,247
----------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS --
22.4% of Net Assets
BANKS -- 21.7%
Thrifts & Mortgage Finance -- 21.7%
3,190,000 A10 Term Asset Financing LLC, Series 2017-1A,
Class B, 3.15%, 3/15/36 (144A) $ 3,191,914
4,441,765(c) Agate Bay Mortgage Trust, Series 2015-1,
Class A13, 3.5%, 1/25/45 (144A) 4,481,323
3,482,206(c) Agate Bay Mortgage Trust, Series 2015-5, Class A3,
3.5%, 7/25/45 (144A) 3,538,249
5,010,734(c) Agate Bay Mortgage Trust, Series 2015-6, Class B1,
3.615%, 9/25/45 (144A) 5,073,464
6,068,632(c) Agate Bay Mortgage Trust, Series 2015-7, Class B1,
3.764%, 10/25/45 (144A) 6,189,269
102,303(b) Alternative Loan Trust, Series 2003-14T1, Class A9,
2.002% (1 Month USD LIBOR + 45 bps), 8/25/18 75,786
2,800,000 American Homes 4 Rent, Series 2014-SFR3,
Class C, 4.596%, 12/17/36 (144A) 2,960,469
700,000 American Homes 4 Rent, Series 2014-SFR3,
Class D, 5.04%, 12/17/36 (144A) 752,459
1,300,000 American Homes 4 Rent, Series 2015-SFR1,
Class C, 4.11%, 4/17/52 (144A) 1,336,638
5,200,000(b) Arbor Realty Commercial Real Estate Notes, Ltd.,
Series 2017-FL1, Class B, 3.977% (1 Month USD
LIBOR + 250 bps), 4/15/27 (144A) 5,226,000
2,989,074 B2R Mortgage Trust, Series 2015-1, Class A1,
2.524%, 5/15/48 (144A) 2,974,576
5,900,000(b) BAMLL Commercial Mortgage Securities Trust,
Series 2014-FL1, Class B, 3.677% (1 Month USD
LIBOR + 220 bps), 12/15/31 (144A) 5,917,186
4,200,000(b) BAMLL Commercial Mortgage Securities Trust,
Series 2015-ASHF, Class B, 3.187% (1 Month USD
LIBOR + 171 bps), 1/15/28 (144A) 4,208,881
263,255(c) Banc of America Commercial Mortgage Trust,
Series 2007-4, Class C, 5.859%, 2/10/51 (144A) 264,398
The accompanying notes are an integral part of these financial statements.
24 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
7,460,000 BANK, Series 2017-BNK5, Class AS,
3.624%, 6/15/60 $ 7,555,619
9,000,000 BANK, Series 2017-BNK7, Class AS, 3.748%, 9/15/60 9,212,400
5,650,040(d)(e) Bayview Commercial Asset Trust, Series 2007-2A,
Class IO, 7/25/37 (144A) 1
4,277,931 Bayview Opportunity Master Fund IVa Trust, Series
2016-SPL1, Class A, 4.0%, 4/28/55 (144A) 4,390,680
9,137,460(c) Bayview Opportunity Master Fund IVa Trust, Series
2017-RT5, Class A, 3.5%, 5/28/69 (144A) 9,286,712
3,537,021(c) Bayview Opportunity Master Fund IVa Trust, Series
2017-SPL4, Class A, 3.5%, 1/28/55 (144A) 3,585,804
6,602,297(c) Bayview Opportunity Master Fund IVa Trust, Series
2017-SPL5, Class A, 3.5%, 6/28/57 (144A) 6,693,939
613,422(b) Bayview Opportunity Master Fund IVb Trust, Series
2016-CRT1, Class M1, 3.314% (1 Month USD
LIBOR + 175 bps), 10/27/27 (144A) 613,422
5,993,215(c) Bayview Opportunity Master Fund IVb Trust, Series
2016-SPL2, Class A, 4.0%, 6/28/53 (144A) 6,154,399
8,602,595(c) Bayview Opportunity Master Fund IVb Trust, Series
2017-RT2, Class A, 3.5%, 8/28/57 (144A) 8,745,096
6,450,695(c) Bayview Opportunity Master Fund IVb Trust, Series
2017-SPL3, Class A, 4.0%, 11/28/53 (144A) 6,643,782
743,466(c) Bear Stearns Commercial Mortgage Securities Trust,
Series 2005-PWR7, Class B, 5.214%, 2/11/41 743,218
4,840,816(b) Bellemeade Re, Ltd., Series 2017-1, Class M1,
3.252% (1 Month USD LIBOR + 170 bps),
10/25/27 (144A) 4,849,756
3,250,000 CCRESG Commercial Mortgage Trust, Series
2016-HEAT, Class A, 3.357%, 4/10/29 (144A) 3,252,324
213,458(c) CHL Mortgage Pass-Through Trust, Series 2003-56,
Class 4A2, 3.783%, 12/25/33 217,388
3,400,000(c) Citigroup Commercial Mortgage Trust, Series
2014-GC19, Class B, 4.805%, 3/10/47 3,608,764
5,000,000 Citigroup Commercial Mortgage Trust, Series
2014-GC25, Class AAB, 3.371%, 10/10/47 5,132,104
6,000,000(c) Citigroup Commercial Mortgage Trust, Series
2014-GC25, Class B, 4.345%, 10/10/47 6,216,298
3,100,000 Citigroup Commercial Mortgage Trust, Series
2015-GC27, Class A5, 3.137%, 2/10/48 3,124,464
4,200,864 Colony American Finance, Ltd., Series 2015-1,
Class A, 2.896%, 10/15/47 (144A) 4,211,321
2,400,000(d) Colony American Finance, Ltd., Series 2016-1,
Class D, 5.972%, 6/15/48 (144A) 2,496,601
2,400,000(d) Colony American Finance, Ltd., Series 2016-2,
Class D, 5.028%, 11/15/48 (144A) 2,372,584
3,400,000(b) Colony American Homes, Series 2014-1A, Class C,
3.327% (1 Month USD LIBOR + 185 bps),
5/17/31 (144A) 3,411,773
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 25
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,000,000(b) Colony American Homes, Series 2014-1A, Class D,
3.627% (1 Month USD LIBOR + 215 bps),
5/17/31 (144A) $ 1,003,450
2,100,000(b) Colony Starwood Homes Trust, Series 2016-2A,
Class B, 3.227% (1 Month USD LIBOR + 175 bps),
12/17/33 (144A) 2,103,126
450,000 COMM Mortgage Trust, Series 2012-CR2, Class AM,
3.791%, 8/15/45 466,673
5,000,000(c) COMM Mortgage Trust, Series 2013-CR11, Class C,
5.167%, 8/10/50 (144A) 5,249,278
1,900,000 COMM Mortgage Trust, Series 2013-LC6, Class A4,
2.941%, 1/10/46 1,913,589
7,325,000(c) COMM Mortgage Trust, Series 2014-CR20, Class C,
4.504%, 11/10/47 7,441,517
3,800,000(b) COMM Mortgage Trust, Series 2014-FL5, Class B,
3.582% (1 Month USD LIBOR + 215 bps),
10/15/31 (144A) 3,772,930
4,500,000(c) COMM Mortgage Trust, Series 2014-UBS3, Class C,
4.782%, 6/10/47 4,385,978
4,100,000 COMM Mortgage Trust, Series 2014-UBS4, Class A4,
3.42%, 8/10/47 4,215,347
4,000,000(c) COMM Mortgage Trust, Series 2015-CR23,
Class CMD, 3.685%, 5/10/48 (144A) 3,954,829
3,104,000(c) COMM Mortgage Trust, Series 2015-CR25, Class B,
4.546%, 8/10/48 3,290,237
6,300,000 COMM Mortgage Trust, Series 2015-CR26, Class A3,
3.359%, 10/10/48 6,461,570
3,375,000 COMM Mortgage Trust, Series 2015-CR26, Class A4,
3.63%, 10/10/48 3,514,004
4,225,000 COMM Mortgage Trust, Series 2015-LC23, Class A4,
3.774%, 10/10/48 4,430,398
3,850,000 Commercial Mortgage Pass Through Certificates,
Series 2012-CR3, Class A3, 2.822%, 10/15/45 3,856,540
5,920,000(c) CSAIL Commercial Mortgage Trust, Series 2016-C5,
Class C, 4.536%, 11/15/48 6,037,941
2,090,000 CSAIL Commercial Mortgage Trust, Series 2016-C6,
Class A5, 3.09%, 1/15/49 2,083,738
9,625,435(c) CSMC Trust, Series 2013-6, Class 2A3, 3.5%,
8/25/43 (144A) 9,787,489
1,964,508(c) CSMC Trust, Series 2013-7, Class A2, 3.0%,
8/25/43 (144A) 1,964,938
5,146,947(c) CSMC Trust, Series 2013-7, Class B3, 3.578%,
8/25/43 (144A) 5,006,721
4,657,282(c) CSMC Trust, Series 2013-IVR3, Class A1, 2.5%,
5/25/43 (144A) 4,430,421
2,247,515(c) CSMC Trust, Series 2013-IVR3, Class A3, 1.55%,
5/25/43 (144A) 2,168,220
The accompanying notes are an integral part of these financial statements.
26 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
3,206,020(c) CSMC Trust, Series 2013-IVR3, Class B1, 3.459%,
5/25/43 (144A) $ 3,239,357
3,736,794(c) CSMC Trust, Series 2013-IVR3, Class B2, 3.459%,
5/25/43 (144A) 3,721,875
2,805,267(c) CSMC Trust, Series 2013-IVR3, Class B4, 3.459%,
5/25/43 (144A) 2,705,846
2,942,383(c) CSMC Trust, Series 2013-IVR5, Class B4, 3.658%,
10/25/43 (144A) 2,888,795
9,550,081(c) CSMC Trust, Series 2013-TH1, Class A1, 2.13%,
2/25/43 (144A) 9,138,845
5,210,783(c) CSMC Trust, Series 2014-WIN1, Class B3, 3.925%,
9/25/44 (144A) 5,225,871
3,945,311(c) CSMC Trust, Series 2015-2, Class A2, 3.0%,
2/25/45 (144A) 3,945,157
10,117,858(c) CSMC Trust, Series 2015-2, Class A13, 3.0%,
2/25/45 (144A) 10,106,789
2,700,000(b) CSMC Trust, Series 2015-TOWN, Class C, 3.727%
(1 Month USD LIBOR + 225 bps), 3/15/28 (144A) 2,700,001
3,724,172(c) CSMC Trust, Series 2017-HL2, Class A1, 3.5%,
10/25/47 (144A) 3,752,919
7,738,480(c) CSMC Trust, Series 2017-HL2, Class A3, 3.5%,
10/25/47 (144A) 7,809,272
8,224,554(c) CSMLT Trust, Series 2015-1, Class A9, 3.5%,
5/25/45 (144A) 8,349,205
3,743,310(c) CSMLT Trust, Series 2015-2, Class A7, 3.5%,
8/25/45 (144A) 3,804,725
6,000,000 DBJPM Mortgage Trust, Series 2016-C3, Class A5,
2.89%, 9/10/49 5,915,781
3,673,557(c) Deephaven Residential Mortgage Trust, Series
2017-3A, Class A1, 2.577%, 10/25/47 (144A) 3,673,328
2,197,000(c) FirstKey Mortgage Trust, Series 2015-1, Class B4,
3.927%, 3/25/45 (144A) 2,078,927
4,464,065(c) Flagstar Mortgage Trust, Series 2017-1, Class 1A3,
3.5%, 3/25/47 (144A) 4,516,380
11,763,227(c) Flagstar Mortgage Trust, Series 2017-2, Class A3,
3.5%, 10/25/47 (144A) 11,923,195
4,630,000(c) GAHR Commercial Mortgage Trust, Series 2015-NRF,
Class CFX, 3.382%, 12/15/34 (144A) 4,661,621
2,318,734(b) Global Mortgage Securitization, Ltd., Series 2005-A,
Class A2, 1.822% (1 Month USD LIBOR + 27 bps),
4/25/32 (144A) 2,234,039
673,060 Global Mortgage Securitization, Ltd., Series 2005-A,
Class B1, 5.25%, 4/25/32 (144A) 664,628
1,000,000 GS Mortgage Securities Corp. II, Series 2013-GC10,
Class B, 3.682%, 2/10/46 (144A) 1,013,714
5,030,000(c) GS Mortgage Securities Trust, Series 2013-GC12,
Class C, 4.179%, 6/10/46 4,971,832
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 27
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
3,710,016(c) GS Mortgage-Backed Securities Trust, Series
2014-EB1A, Class B3, 3.129%, 7/25/44 (144A) $ 3,728,064
750,000(b) Home Partners of America Trust, Series 2017-1,
Class B, 2.885% (1 Month USD LIBOR + 135 bps),
7/17/34 (144A) 754,805
297,279(b) JP Morgan Chase Commercial Mortgage Securities
Trust, Series 2006-LDP9, Class A3SF, 1.632%
(1 Month USD LIBOR + 16 bps), 5/15/47 296,408
1,107,864 JP Morgan Chase Commercial Mortgage Securities
Trust, Series 2011-C5, Class A3, 4.171%, 8/15/46 1,160,441
1,900,000(c) JP Morgan Chase Commercial Mortgage Securities
Trust, Series 2012-C8, Class B, 3.977%,
10/15/45 (144A) 1,948,482
4,555,234 JP Morgan Chase Commercial Mortgage Securities
Trust, Series 2012-LC9, Class A5, 2.84%, 12/15/47 4,579,640
4,600,000(b) JP Morgan Chase Commercial Mortgage Securities
Trust, Series 2014-CBM, Class C, 3.427% (1 Month
USD LIBOR + 195 bps), 10/15/29 (144A) 4,600,002
2,200,000(b) JP Morgan Chase Commercial Mortgage Securities
Trust, Series 2014-FL4, Class C, 3.677% (1 Month
USD LIBOR + 220 bps), 12/15/30 (144A) 2,205,952
597,016(b) JP Morgan Chase Commercial Mortgage Securities
Trust, Series 2014-FL5, Class B, 2.827% (1 Month
USD LIBOR + 135 bps), 7/15/31 (144A) 599,713
900,000(b) JP Morgan Chase Commercial Mortgage Securities
Trust, Series 2014-FL5, Class C, 3.577% (1 Month
USD LIBOR + 210 bps), 7/15/31 (144A) 893,886
9,257,682(c) JP Morgan Mortgage Trust, Series 2013-1, Class 2A2,
2.5%, 3/25/43 (144A) 9,196,933
3,297,579(c) JP Morgan Mortgage Trust, Series 2013-1, Class 2A3,
3.0%, 3/25/43 (144A) 3,325,790
1,467,885(c) JP Morgan Mortgage Trust, Series 2013-2, Class A2,
3.5%, 5/25/43 (144A) 1,491,548
919,716(c) JP Morgan Mortgage Trust, Series 2014-1,
Class 2A12, 3.5%, 1/25/44 (144A) 930,494
5,312,550(c) JP Morgan Mortgage Trust, Series 2014-2, Class 1A1,
3.0%, 6/25/29 (144A) 5,344,718
4,554,213(c) JP Morgan Mortgage Trust, Series 2014-2, Class AM,
3.4%, 6/25/29 (144A) 4,592,440
6,181,088(c) JP Morgan Mortgage Trust, Series 2015-4, Class 1A4,
3.5%, 6/25/45 (144A) 6,276,703
9,799,019(c) JP Morgan Mortgage Trust, Series 2016-1, Class A3,
3.5%, 5/25/46 (144A) 9,938,341
4,175,702(c) JP Morgan Mortgage Trust, Series 2016-1, Class B3,
3.885%, 5/25/46 (144A) 4,175,409
12,230,054(c) JP Morgan Mortgage Trust, Series 2016-3, Class 2A1,
3.0%, 10/25/46 (144A) 12,334,682
8,482,008(c) JP Morgan Mortgage Trust, Series 2016-4, Class A5,
3.5%, 10/25/46 (144A) 8,595,650
The accompanying notes are an integral part of these financial statements.
28 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
8,405,163(c) JP Morgan Mortgage Trust, Series 2016-4, Class A13,
3.5%, 10/25/46 (144A) $ 8,449,375
11,570,722(c) JP Morgan Mortgage Trust, Series 2016-5, Class A1,
2.605%, 12/25/46 (144A) 11,525,203
10,065,410(c) JP Morgan Mortgage Trust, Series 2017-1, Class A2,
3.5%, 1/25/47 (144A) 10,195,949
10,555,000(c) JP Morgan Mortgage Trust, Series 2017-1, Class A6,
3.5%, 1/25/47 (144A) 10,691,870
12,385,010(c) JP Morgan Mortgage Trust, Series 2017-2, Class A3,
3.5%, 5/25/47 (144A) 12,537,606
2,697,180(c) JP Morgan Mortgage Trust, Series 2017-2, Class A4,
3.0%, 5/25/47 (144A) 2,676,951
1,450,359(c) JP Morgan Mortgage Trust, Series 2017-2, Class B1,
3.752%, 5/25/47 (144A) 1,448,195
10,727,178(c) JP Morgan Mortgage Trust, Series 2017-3, Class 1A3,
3.5%, 8/25/47 (144A) 10,859,594
617,595(c) JP Morgan Mortgage Trust, Series 2017-3, Class 1A5,
3.5%, 8/25/47 (144A) 625,484
5,686,785(c) JP Morgan Mortgage Trust, Series 2017-3, Class 1A13,
3.5%, 8/25/47 (144A) 5,711,700
10,471,071(c) JP Morgan Mortgage Trust, Series 2017-3, Class 2A2,
2.5%, 8/25/47 (144A) 10,363,094
8,253,310(c) JP Morgan Mortgage Trust, Series 2017-4, Class A3,
3.5%, 11/25/48 (144A) 8,355,189
9,787,562(c) JP Morgan Mortgage Trust, Series 2017-4, Class A5,
3.5%, 11/25/48 (144A) 9,912,578
1,522,568(c) JP Morgan Mortgage Trust, Series 2017-5, Class A1,
3.188%, 10/26/48 (144A) 1,535,263
5,881,660(c) JP Morgan Mortgage Trust, Series 2017-5, Class A1A,
3.0%, 10/26/48 (144A) 5,904,933
1,698,488(c) JP Morgan Mortgage Trust, Series 2017-5, Class A2,
3.188%, 10/26/48 (144A) 1,689,635
11,000,000(c) JP Morgan Mortgage Trust, Series 2017-6, Class A5,
3.5%, 12/25/48 (144A) 11,151,155
5,600,000(c) JP Morgan Mortgage Trust, Series 2017-6, Class B1,
3.859%, 12/25/48 (144A) 5,675,530
5,914,947(c) JP Morgan Seasoned Mortgage Trust, Series 2014-1,
Class B2, 1.995%, 5/25/33 (144A) 5,814,993
7,823,928(c) JP Morgan Trust, Series 2015-1, Class B1, 2.587%,
12/25/44 (144A) 7,784,591
3,213,614(c) JP Morgan Trust, Series 2015-3, Class A6, 3.0%,
5/25/45 (144A) 3,191,833
4,332,680(c) JP Morgan Trust, Series 2015-3, Class B3, 3.686%,
5/25/45 (144A) 4,212,768
3,521,853(c) JP Morgan Trust, Series 2015-6, Class A3, 3.5%,
10/25/45 (144A) 3,574,040
4,050,000 JPMBB Commercial Mortgage Securities Trust,
Series 2014-C22, Class A4, 3.801%, 9/15/47 4,244,547
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 29
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
7,850,000 JPMBB Commercial Mortgage Securities Trust,
Series 2015-C32, Class A4, 3.329%, 11/15/48 $ 8,008,582
3,450,000(c) JPMDB Commercial Mortgage Securities Trust,
Series 2016-C2, Class B, 3.99%, 6/15/49 3,525,489
2,000,000(c) JPMDB Commercial Mortgage Securities Trust,
Series 2016-C4, Class D, 3.096%, 12/15/49 (144A) 1,571,892
2,069,580 La Hipotecaria El Salvadorian Mortgage Trust, Series
2016-1A, Class A, 3.358%, 1/15/46 (144A) 2,072,590
1,154,142(b) La Hipotecaria Panamanian Mortgage Trust, Series
2010-1GA, Class A, 2.25% (Panamanian Mortgage
Reference Rate - 300 bps), 9/8/39 (144A) 1,186,962
3,246,988(b) La Hipotecaria Panamanian Mortgage Trust, Series
2014-1A, Class A1, 3.008% (Panamanian Mortgage
Reference Rate - 224 bps), 11/24/42 (144A) 3,256,121
3,690,000(c) LSTAR Commercial Mortgage Trust, Series 2015-3,
Class AS, 3.113%, 4/20/48 (144A) 3,646,965
5,944,584(b) LSTAR Securities Investment, Ltd., Series 2017-7,
Class A, 0.031% (1 Month USD LIBOR + 175 bps),
10/1/22 (144A) 5,935,474
945,612 MarketPlace Loan Trust, Series 2016-BS1, Class A,
4.5%, 1/15/21 (144A) 945,535
6,943,761(c) Metlife Securitization Trust, Series 2017-1A, Class A,
3.0%, 4/25/55 (144A) 7,013,288
1,150,000(c) Mill City Mortgage Loan Trust, Series 2016-1,
Class M1, 3.15%, 4/25/57 (144A) 1,119,866
11,334,699(c) Mill City Mortgage Loan Trust, Series 2017-3,
Class A1, 2.75%, 1/25/61 (144A) 11,320,633
5,750,000 Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2012-C6, Class A4, 2.858%, 11/15/45 5,775,700
2,240,000 Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C25, Class D, 3.068%, 10/15/48 1,818,630
9,231,000 Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2016-C31, Class AS, 3.527%, 11/15/49 9,279,229
477,708(b) MRFC Mortgage Pass-Through Trust, Series
2000-TBC3, Class A1, 1.917% (1 Month USD
LIBOR + 44 bps), 12/15/30 462,626
8,922,437(c) New Residential Mortgage Loan Trust, Series
2017-2A, Class A4, 4.0%, 3/25/57 (144A) 9,174,966
6,102,237(c) NRP Mortgage Trust, Series 2013-1, Class A1, 3.25%,
7/25/43 (144A) 6,122,749
5,945,484(c) NRP Mortgage Trust, Series 2013-1, Class B1,
3.313%, 7/25/43 (144A) 5,931,702
4,573,033(c) NRP Mortgage Trust, Series 2013-1, Class B2,
3.313%, 7/25/43 (144A) 4,507,884
1,047,529(b) Pepper Residential Securities Trust No. 18, Series
18A, Class A1UA, 2.394% (1 Month USD
LIBOR + 95 bps), 3/12/47 (144A) 1,048,086
5,467,825(c) PMT Loan Trust, Series 2013-J1, Class A11, 3.5%,
9/25/43 (144A) 5,571,202
The accompanying notes are an integral part of these financial statements.
30 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
4,933,626(c) PMT Loan Trust, Series 2013-J1, Class B3, 3.561%,
9/25/43 (144A) $ 4,727,027
4,800,000 Progress Residential Trust, Series 2017-SFR1,
Class B, 3.017%, 8/17/34 (144A) 4,736,685
700,000 Progress Residential Trust, Series 2017-SFR1, Class D,
3.565%, 8/17/34 (144A) 694,664
5,135,000 Progress Residential Trust, Series 2017-SFR2,
Class B, 3.196%, 12/17/34 (144A) 5,097,694
48,993 RALI Trust, Series 2003-QS14, Class A1,
5.0%, 7/25/18 48,898
792,213(b) RESIMAC Premier, Series 2017-1A, Class A1A,
2.382% (1 Month USD LIBOR + 95 bps),
9/11/48 (144A) 793,399
3,141,856(c) Sequoia Mortgage Trust, Series 2012-6, Class A2,
1.808%, 12/25/42 2,939,486
1,662,033(c) Sequoia Mortgage Trust, Series 2013-1, Class 2A1,
1.855%, 2/25/43 1,584,305
1,833,515(c) Sequoia Mortgage Trust, Series 2013-2, Class A,
1.874%, 2/25/43 1,731,812
6,045,058(c) Sequoia Mortgage Trust, Series 2013-4, Class A1,
2.325%, 4/25/43 5,872,774
7,054,198(c) Sequoia Mortgage Trust, Series 2013-4, Class B1,
3.49%, 4/25/43 6,955,299
5,496,034(c) Sequoia Mortgage Trust, Series 2013-5, Class A1,
2.5%, 5/25/43 (144A) 5,338,023
12,735,239(c) Sequoia Mortgage Trust, Series 2013-5, Class A2,
3.0%, 5/25/43 (144A) 12,682,005
8,110,257(c) Sequoia Mortgage Trust, Series 2013-6, Class A1,
2.5%, 5/25/43 7,939,820
9,323,753(c) Sequoia Mortgage Trust, Series 2013-7, Class A1,
2.5%, 6/25/43 9,068,282
11,686,588(c) Sequoia Mortgage Trust, Series 2013-7, Class A2,
3.0%, 6/25/43 11,657,372
9,009,621(c) Sequoia Mortgage Trust, Series 2013-8, Class A1,
3.0%, 6/25/43 8,967,915
363,691(c) Sequoia Mortgage Trust, Series 2013-8, Class A2,
2.25%, 6/25/43 348,717
6,928,718 Sequoia Mortgage Trust, Series 2013-9, Class A1,
3.5%, 7/25/43 (144A) 7,072,704
657,099 Sequoia Mortgage Trust, Series 2013-9, Class B1,
3.5%, 7/25/43 (144A) 646,450
10,095,938(c) Sequoia Mortgage Trust, Series 2013-10, Class A1,
3.5%, 8/25/43 (144A) 10,264,732
6,608,104(c) Sequoia Mortgage Trust, Series 2013-10, Class B1,
3.563%, 8/25/43 (144A) 6,693,846
4,234,564(c) Sequoia Mortgage Trust, Series 2015-1, Class A2,
3.0%, 1/25/45 (144A) 4,200,688
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 31
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
7,623,092(c) Sequoia Mortgage Trust, Series 2015-2, Class A1,
3.5%, 5/25/45 (144A) $ 7,745,976
8,515,131(c) Sequoia Mortgage Trust, Series 2015-4, Class A1,
3.0%, 11/25/30 (144A) 8,588,523
4,547,353(c) Sequoia Mortgage Trust, Series 2016-2, Class A19,
3.5%, 8/25/46 (144A) 4,572,223
3,884,872(c) Sequoia Mortgage Trust, Series 2016-2, Class B1,
3.76%, 8/25/46 (144A) 3,778,907
1,413,511(c) Sequoia Mortgage Trust, Series 2017-1, Class A4,
3.5%, 2/25/47 (144A) 1,433,337
10,030,129(c) Sequoia Mortgage Trust, Series 2017-2, Class A1,
3.5%, 3/25/47 (144A) 10,258,004
7,488,556(c) Sequoia Mortgage Trust, Series 2017-3, Class A1,
3.5%, 4/25/47 (144A) 7,567,244
3,137,360(c) Sequoia Mortgage Trust, Series 2017-4, Class A4,
3.5%, 7/25/47 (144A) 3,184,297
8,662,075(c) Sequoia Mortgage Trust, Series 2017-5, Class A1,
3.5%, 8/25/47 (144A) 8,807,914
5,392,465(c) Sequoia Mortgage Trust, Series 2017-6, Class A1,
3.5%, 9/25/47 (144A) 5,478,065
8,443,655(c) Sequoia Mortgage Trust, Series 2017-7, Class A1,
3.5%, 10/25/47 (144A) 8,574,108
8,734,882(c) Sequoia Mortgage Trust, Series 2017-CH1, Class A2,
3.5%, 10/25/47 (144A) 8,805,292
3,291,127(c) Sequoia Mortgage Trust, Series 2017-CH2, Class A1,
4.0%, 12/25/47 (144A) 3,352,536
1,105,383(c) Shellpoint Co-Originator Trust, Series 2016-1,
Class 1A10, 3.5%, 11/25/46 (144A) 1,116,739
6,365,266(c) Shellpoint Co-Originator Trust, Series 2016-1,
Class 2A3, 3.0%, 10/25/31 (144A) 6,354,079
6,835,147(c) Shellpoint Co-Originator Trust, Series 2017-1,
Class A1, 3.5%, 4/25/47 (144A) 6,909,390
10,318,464(c) Shellpoint Co-Originator Trust, Series 2017-2,
Class A1, 3.5%, 10/25/47 (144A) 10,467,948
2,573,897(c) Shellpoint Co-Originator Trust, Series 2017-2,
Class B1, 3.744%, 10/25/47 (144A) 2,630,604
3,010,580(c) Sofi Mortgage Trust, Series 2016-1A, Class 1A4,
3.0%, 11/25/46 (144A) 2,940,490
2,950,000(b) Starwood Waypoint Homes Trust, Series 2017-1,
Class B, 2.661% (1 Month USD LIBOR + 117 bps),
1/17/35 (144A) 2,945,834
7,144,851 Toro Mortgage Funding Trust, Series 2017-RJ1, 4.0%,
4/25/74 (144A) 7,305,610
5,000,000(c) Towd Point Mortgage Trust, Series 2015-1, Class A3,
3.25%, 10/25/53 (144A) 5,041,136
5,337,000(c) Towd Point Mortgage Trust, Series 2015-2, Class 2M1,
3.75%, 11/25/57 (144A) 5,463,629
The accompanying notes are an integral part of these financial statements.
32 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
4,950,114(c) Towd Point Mortgage Trust, Series 2015-3, Class A1A,
3.5%, 3/25/54 (144A) $ 5,007,638
10,346,562(c) Towd Point Mortgage Trust, Series 2015-3, Class A4B,
3.5%, 3/25/54 (144A) 10,461,592
7,540,000(c) Towd Point Mortgage Trust, Series 2015-6, Class M1,
3.75%, 4/25/55 (144A) 7,828,780
5,000,000(c) Towd Point Mortgage Trust, Series 2017-1, Class M1,
3.75%, 10/25/56 (144A) 5,088,906
12,015,000(c) Towd Point Mortgage Trust, Series 2017-2, Class A2,
3.25%, 4/25/57 (144A) 12,182,596
10,055,000(c) Towd Point Mortgage Trust, Series 2017-3, Class A2,
3.0%, 7/25/57 (144A) 9,974,281
11,293,341 Towd Point Mortgage Trust, Series 2017-5, Class XA,
3.5%, 2/25/57 (144A) 11,252,488
12,145,592(c) Towd Point Mortgage Trust, Series 2017-6, Class A1,
2.75%, 10/25/57 (144A) 12,103,254
317,393 Vendee Mortgage Trust, Series 2008-1, Class GD,
5.25%, 1/15/32 331,296
571,580 Vendee Mortgage Trust, Series 2010-1, Class DA,
4.25%, 2/15/35 587,789
11,911,309(d) Verus Securitization Trust, Series 2017-SG1A,
Class A1, 2.69%, 11/25/47 (144A) 11,914,475
4,500,000 Wells Fargo Commercial Mortgage Trust, Series
2014-LC16, Class ASB, 3.477%, 8/15/50 4,628,089
3,810,000 Wells Fargo Commercial Mortgage Trust, Series
2015-NXS3, Class A4, 3.617%, 9/15/57 3,954,343
8,200,000 Wells Fargo Commercial Mortgage Trust, Series
2016-C32, Class A3, 3.294%, 1/15/59 8,328,776
244,924(b) Wells Fargo Credit Risk Transfer Securities Trust,
Series 2015-WF1, Class 1M1, 4.302% (1 Month
USD LIBOR + 275 bps), 11/25/25 (144A) 245,814
1,051,254(b) Wells Fargo Credit Risk Transfer Securities Trust,
Series 2015-WF1, Class 2M1, 4.402% (1 Month
USD LIBOR + 285 bps), 11/25/25 (144A) 1,061,757
3,900,000(c) WFRBS Commercial Mortgage Trust, Series 2013-C12,
Class D, 4.403%, 3/15/48 (144A) 3,641,829
6,200,000 WFRBS Commercial Mortgage Trust, Series 2013-C16,
Class A4, 4.136%, 9/15/46 6,618,358
4,803,670(c) WinWater Mortgage Loan Trust, Series 2015-2,
Class A5, 3.0%, 2/20/45 (144A) 4,815,491
4,208,778(c) WinWater Mortgage Loan Trust, Series 2015-3,
Class A3, 3.5%, 3/20/45 (144A) 4,268,626
7,785,379(c) WinWater Mortgage Loan Trust, Series 2015-4,
Class A3, 3.5%, 6/20/45 (144A) 7,854,715
2,696,778(c) WinWater Mortgage Loan Trust, Series 2015-5,
Class A3, 3.5%, 8/20/45 (144A) 2,736,809
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 33
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
4,454,208(c) WinWater Mortgage Loan Trust, Series 2015-5,
Class B3, 3.798%, 8/20/45 (144A) $ 4,302,940
3,197,734(c) WinWater Mortgage Loan Trust, Series 2016-1,
Class 1A5, 3.5%, 1/20/46 (144A) 3,235,208
----------------
Total Banks $ 1,085,498,777
----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.0%+
Specialized Finance -- 0.0%+
1,980,000(b) BAMLL Commercial Mortgage Securities Trust, Series
2015-ASHF, Class C, 3.477% (1 Month USD
LIBOR + 200 bps), 1/15/28 (144A) $ 1,982,239
----------------
Total Diversified Financials $ 1,982,239
----------------------------------------------------------------------------------------------------------
ENERGY -- 0.0%+
Oil & Gas Exploration & Production -- 0.0%+
3,000,000(c) JP Morgan Mortgage Trust, Series 2017-6, Class A13,
3.5%, 12/25/48 (144A) $ 3,012,996
----------------
Total Energy $ 3,012,996
----------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.7%
Government -- 0.7%
651,560(c) Fannie Mae Grantor Trust, Series 2004-T2, Class 2A,
3.832%, 7/25/43 $ 687,552
48,211(b) Federal Home Loan Mortgage Corp. REMICS, Series
3780, Class FE, 1.877% (1 Month USD
LIBOR + 40 bps), 12/15/20 48,390
1,610,233 Federal Home Loan Mortgage Corp. Whole Loan
Securities Trust, Series 2017-SC02, Class 2A1,
3.5%, 5/25/47 1,629,036
428 Federal National Mortgage Association REMICS,
Series 1989-19, Class B, 10.3%, 4/25/19 440
348,255 Federal National Mortgage Association REMICS,
Series 2009-36, Class HX, 4.5%, 6/25/29 366,979
1,206,869 Federal National Mortgage Association REMICS,
Series 2013-128, Class DV, 3.0%, 6/25/23 1,220,303
890,000(c) FREMF Mortgage Trust, Series 2010-K9, Class B,
5.206%, 9/25/45 (144A) 945,606
2,060,000(c) FREMF Mortgage Trust, Series 2012-K710, Class B,
3.812%, 6/25/47 (144A) 2,093,010
1,400,369(b) FREMF Mortgage Trust, Series 2014-KF05, Class B,
5.372% (1 Month USD LIBOR + 400 bps),
9/25/22 (144A) 1,440,238
3,549,083(b) FREMF Mortgage Trust, Series 2014-KS02, Class B,
6.372% (1 Month USD LIBOR + 500 bps),
8/25/23 (144A) 3,534,851
3,700,000(c) FREMF Mortgage Trust, Series 2015-K51, Class B,
3.953%, 10/25/48 (144A) 3,791,685
1,001,732 Government National Mortgage Association, Series
2005-61, Class UZ, 5.25%, 8/16/35 1,081,564
The accompanying notes are an integral part of these financial statements.
34 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
Government -- (continued)
816,354 Government National Mortgage Association, Series
2012-130, Class PA, 3.0%, 4/20/41 $ 821,605
738,983 Government National Mortgage Association, Series
2013-169, Class TE, 3.25%, 4/16/27 749,491
69,524,721(c)(e) Government National Mortgage Association, Series
2017-21, Class IO, 0.802%, 10/16/58 5,541,294
8,543,123(d) Seasoned Credit Risk Transfer Trust, Series 2017-3,
Class HT, 2.25%, 7/25/56 8,456,550
----------------
Total Government $ 32,408,594
----------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $1,128,559,762) $ 1,122,902,606
----------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 34.7% of Net Assets
AUTOMOBILES & COMPONENTS -- 0.8%
Auto Parts & Equipment -- 0.2%
6,650,000 Dana Financing Luxembourg S.a.r.l., 6.5%,
6/1/26 (144A) $ 7,206,937
----------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.6%
4,975,000 Ford Motor Credit Co., LLC, 2.24%, 6/15/18 $ 4,979,705
7,025,000 Ford Motor Credit Co., LLC, 3.219%, 1/9/22 7,068,280
8,230,000 Ford Motor Credit Co., LLC, 4.389%, 1/8/26 8,634,874
10,045,000 Toyota Motor Credit Corp., 2.125%, 7/18/19 10,045,297
----------------
$ 30,728,156
----------------
Total Automobiles & Components $ 37,935,093
----------------------------------------------------------------------------------------------------------
BANKS -- 3.5%
Diversified Banks -- 2.7%
6,485,000 Australia & New Zealand Banking Group, Ltd.,
4.5%, 3/19/24 (144A) $ 6,803,592
4,600,000(a)(c) Banco Bilbao Vizcaya Argentaria SA, 9.0% (5 Year
USD Swap Rate + 826 bps) 4,703,500
1,150,000 Bank of America Corp., 4.2%, 8/26/24 1,211,031
2,230,000 Banque Ouest Africaine de Developpement, 5.0%,
7/27/27 (144A) 2,313,625
4,450,000 Banque Ouest Africaine de Developpement, 5.5%,
5/6/21 (144A) 4,731,596
5,250,000 Barclays Plc, 3.65%, 3/16/25 5,240,639
3,000,000 Barclays Plc, 4.375%, 1/12/26 3,120,660
1,200,000 BBVA Bancomer SA, 4.375%, 4/10/24 (144A) 1,251,000
1,915,000 BBVA Bancomer SA, 6.5%, 3/10/21 (144A) 2,084,956
13,040,000(a)(c) BNP Paribas SA, 7.625% (5 Year USD
Swap Rate + 631 bps) (144A) 14,344,000
3,860,000 BPCE SA, 4.875%, 4/1/26 (144A) 4,134,121
3,435,000 Cooperatieve Rabobank UA, 3.875%, 2/8/22 3,608,073
7,175,000 Cooperatieve Rabobank UA, 3.95%, 11/9/22 7,480,646
11,200,000 Credit Suisse Group Funding Guernsey, Ltd.,
3.8%, 9/15/22 11,553,242
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 35
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
4,700,000(a)(c) Danske Bank AS, 6.125% (7 Year USD Swap
Rate + 390 bps) $ 5,007,850
1,305,000 HSBC Bank Plc, 7.65%, 5/1/25 1,607,845
11,106,000(a)(c) ING Groep NV, 6.5% (5 Year USD Swap Rate + 445 bps) 12,050,010
11,275,000 Lloyds Banking Group Plc, 4.65%, 3/24/26 11,905,327
5,125,000 Macquarie Bank, Ltd., 4.875%, 6/10/25 (144A) 5,396,942
840,000 Macquarie Bank, Ltd., 6.625%, 4/7/21 (144A) 927,041
4,500,000 Nordea Bank AB, 4.25%, 9/21/22 (144A) 4,721,973
10,505,000(a)(c) Royal Bank of Scotland Group Plc, 8.625%
(5 Year USD Swap Rate + 760 bps) 11,831,256
2,400,000(a)(c) Societe Generale SA, 7.375% (5 Year USD Swap
Rate + 624 bps) (144A) 2,601,120
4,800,000 Standard Chartered Plc, 3.95%, 1/11/23 (144A) 4,844,325
2,250,000(c) Turkiye Garanti Bankasi AS, 6.125% (5 Year USD
Swap Rate + 422 bps), 5/24/27 (144A) 2,245,558
----------------
$ 135,719,928
----------------------------------------------------------------------------------------------------------
Regional Banks -- 0.6%
7,000,000 Credit Suisse AG, 1.75%, 1/29/18 $ 7,000,053
7,378,000 KeyCorp, 5.1%, 3/24/21 7,951,082
12,575,000 SunTrust Bank, 2.45%, 8/1/22 12,399,551
----------------
$ 27,350,686
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.2%
7,060,000 Nationwide Building Society, 4.0%, 9/14/26 (144A) $ 7,137,345
2,500,000(c) Nationwide Building Society, 4.125% (5 Year
USD 1100 Run ICE Swap Rate + 185 bps),
10/18/32 (144A) 2,500,846
----------------
$ 9,638,191
----------------
Total Banks $ 172,708,805
----------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.9%
Aerospace & Defense -- 1.2%
3,625,000 Embraer Netherlands Finance BV, 5.4%, 2/1/27 $ 3,915,000
7,472,000 L3 Technologies, Inc., 3.95%, 5/28/24 7,778,007
2,499,000 Leonardo US Holdings, Inc., 6.25%, 1/15/40 (144A) 2,898,840
11,310,000 Lockheed Martin Corp., 3.1%, 1/15/23 11,491,918
13,470,000 Rockwell Collins, Inc., 3.2%, 3/15/24 13,573,277
7,855,000 Spirit AeroSystems, Inc., 3.85%, 6/15/26 7,976,316
10,344,000(d) United Technologies Corp., 1.778%, 5/4/18 10,328,181
----------------
$ 57,961,539
----------------------------------------------------------------------------------------------------------
Building Products -- 0.6%
7,680,000 Fortune Brands Home & Security, Inc., 3.0%, 6/15/20 $ 7,749,286
5,500,000 Masco Corp., 4.375%, 4/1/26 5,805,250
1,050,000 Masco Corp., 4.45%, 4/1/25 1,113,315
626,000 Masco Corp., 5.95%, 3/15/22 693,065
The accompanying notes are an integral part of these financial statements.
36 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
Building Products -- (continued)
5,675,000 Owens Corning, 3.4%, 8/15/26 $ 5,570,223
5,150,000 Owens Corning, 4.2%, 12/1/24 5,395,504
4,385,000 Standard Industries, Inc., 5.5%, 2/15/23 (144A) 4,571,363
----------------
$ 30,898,006
----------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.1%
1,368,000 Amsted Industries, Inc., 5.0%, 3/15/22 (144A) $ 1,400,490
1,375,000 Amsted Industries, Inc., 5.375%, 9/15/24 (144A) 1,430,000
----------------
$ 2,830,490
----------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.0%+
1,392,000 General Electric Co., 5.3%, 2/11/21 $ 1,503,069
----------------
Total Capital Goods $ 93,193,104
----------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.2%
Environmental & Facilities Services -- 0.1%
2,678,000 Republic Services, Inc., 2.9%, 7/1/26 $ 2,622,256
----------------------------------------------------------------------------------------------------------
Research & Consulting Services -- 0.1%
5,942,000 Verisk Analytics, Inc., 5.5%, 6/15/45 $ 6,923,002
----------------
Total Commercial Services & Supplies $ 9,545,258
----------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.1%
Homebuilding -- 0.1%
5,120,000 Lennar Corp., 4.75%, 4/1/21 $ 5,324,800
----------------
Total Consumer Durables & Apparel $ 5,324,800
----------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.2%
Education Services -- 0.2%
1,100,000 Massachusetts Institute of Technology, 5.6%, 7/1/11 $ 1,518,856
2,600,000 President & Fellows of Harvard College, 2.3%, 10/1/23 2,546,726
3,550,000 Tufts University, 5.017%, 4/15/12 4,057,204
----------------
$ 8,122,786
----------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.0%+
2,548,000 Ashtead Capital, Inc., 4.375%, 8/15/27 (144A) $ 2,586,220
----------------
Total Consumer Services $ 10,709,006
----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 3.3%
Asset Management & Custody Banks -- 0.5%
10,345,000(b) Bank of New York Mellon Corp., 2.428% (3 Month
USD LIBOR + 105 bps), 10/30/23 $ 10,628,527
1,725,000 Blackstone Holdings Finance Co., LLC, 5.0%,
6/15/44 (144A) 1,994,797
6,445,000 Blackstone Holdings Finance Co., LLC, 6.25%,
8/15/42 (144A) 8,443,354
2,985,000 Legg Mason, Inc., 3.95%, 7/15/24 3,053,821
2,175,000 Legg Mason, Inc., 4.75%, 3/15/26 2,330,447
----------------
$ 26,450,946
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 37
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.8%
2,250,000 Ally Financial, Inc., 4.625%, 3/30/25 $ 2,362,500
5,050,000 Ally Financial, Inc., 5.125%, 9/30/24 5,460,312
1,465,000 Capital One Bank USA NA, 8.8%, 7/15/19 1,599,700
9,675,000 Capital One Financial Corp., 3.75%, 4/24/24 9,939,256
2,300,000 General Motors Financial Co., Inc., 3.7%, 11/24/20 2,361,141
10,710,000 General Motors Financial Co., Inc., 4.0%, 1/15/25 11,004,202
6,200,000 Hyundai Capital America, 2.0%, 3/19/18 (144A) 6,198,047
----------------
$ 38,925,158
----------------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 0.5%
4,975,000(a)(c) Credit Suisse Group AG, 7.125% (5 Year USD
Swap Rate + 511 bps) $ 5,445,137
4,031,000 GE Capital International Funding Co. Unlimited Co.,
2.342%, 11/15/20 4,012,415
6,900,000(b) ICBCIL Finance Co., Ltd., 3.083% (3 Month USD
LIBOR + 167 bps), 11/13/18 (144A) 6,950,257
2,730,000 Macquarie Group, Ltd., 6.0%, 1/14/20 (144A) 2,908,481
8,347,000(a)(c) UBS Group AG, 7.125% (5 Year USD Swap
Rate + 588 bps) 9,079,866
----------------
$ 28,396,156
----------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.6%
3,415,000 E*TRADE Financial Corp., 2.95%, 8/24/22 $ 3,386,171
7,891,000(c) Goldman Sachs Group, Inc., 3.272% (3 Month USD
LIBOR + 120 bps), 9/29/25 7,859,205
5,450,000 Morgan Stanley, 4.1%, 5/22/23 5,678,034
300,000 Morgan Stanley, 4.875%, 11/1/22 323,047
643,000 North American Development Bank, 2.3%, 10/10/18 644,906
6,200,000 TD Ameritrade Holding Corp., 3.3%, 4/1/27 6,256,348
4,900,000 UBS AG, 7.625%, 8/17/22 5,724,180
----------------
$ 29,871,891
----------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- 0.3%
12,300,000 Hyundai Capital Services, Inc., 3.0%, 8/29/22 (144A) $ 12,094,663
1,350,000+(c)(h) Tiers Trust, 7.697%, 10/15/97 (144A) 1,878,994
----------------
$ 13,973,657
----------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.6%
800,000 Broadcom Corp. / Broadcom Cayman Finance Ltd.,
3.125%, 1/15/25 (144A) $ 764,772
2,980,000 Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) 3,225,697
13,250,000 MassMutual Global Funding II, 2.75%, 6/22/24 (144A) 13,190,812
11,625,000 USAA Capital Corp., 2.45%, 8/1/20 (144A) 11,620,875
----------------
$ 28,802,156
----------------
Total Diversified Financials $ 166,419,964
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
38 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
ENERGY -- 4.8%
Integrated Oil & Gas -- 0.7%
6,360,000 BP Capital Markets Plc, 3.062%, 3/17/22 $ 6,477,672
5,965,000 Petroleos Mexicanos, 3.5%, 1/30/23 5,839,735
3,525,000 Petroleos Mexicanos, 6.5%, 3/13/27 (144A) 3,852,825
3,220,000 Petroleos Mexicanos, 6.5%, 3/13/27 (144A) 3,519,460
4,750,000 Sinopec Group Overseas Development 2014, Ltd.,
4.375%, 4/10/24 (144A) 5,038,866
10,050,000 Sinopec Group Overseas Development 2015, Ltd.,
2.5%, 4/28/20 (144A) 9,997,002
----------------
$ 34,725,560
----------------------------------------------------------------------------------------------------------
Oil & Gas Drilling -- 0.2%
6,185,000 Rowan Cos., Inc., 4.75%, 1/15/24 $ 5,442,800
3,605,000 Rowan Cos., Inc., 5.85%, 1/15/44 2,811,900
----------------
$ 8,254,700
----------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.0%+
2,250,000 Halliburton Co., 7.6%, 8/15/96 (144A) $ 3,194,485
----------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.4%
6,585,000 Canadian Natural Resources, Ltd., 6.25%, 3/15/38 $ 8,223,298
2,830,000 Canadian Natural Resources, Ltd., 6.75%, 2/1/39 3,643,721
5,275,000 CNOOC Nexen Finance 2014 ULC, 4.25%, 4/30/24 5,561,032
1,770,000 Newfield Exploration Co., 5.375%, 1/1/26 1,871,775
1,400,000 Newfield Exploration Co., 5.625%, 7/1/24 1,505,000
----------------
$ 20,804,826
----------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.4%
725,000 Motiva Enterprises LLC, 5.75%, 1/15/20 (144A) $ 765,679
3,800,000 Motiva Enterprises LLC, 6.85%, 1/15/40 (144A) 4,772,257
8,468,000 Valero Energy Corp., 6.625%, 6/15/37 11,160,095
2,890,000 Valero Energy Corp., 9.375%, 3/15/19 3,129,996
----------------
$ 19,828,027
----------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 3.1%
9,940,000 Andeavor Logistics LP / Tesoro Logistics Finance
Corp., 4.25%, 12/1/27 $ 10,025,312
8,985,000 Boardwalk Pipelines LP, 4.95%, 12/15/24 9,625,555
5,595,000 Cheniere Energy Partners LP, 5.25%, 10/1/25 (144A) 5,692,913
750,000 DCP Midstream Operating LP, 5.35%, 3/15/20 (144A) 781,875
2,900,000 DCP Midstream Operating LP, 9.75%, 3/15/19 (144A) 3,135,625
8,361,000 Enable Midstream Partners LP, 3.9%, 5/15/24 8,411,688
3,629,000 Enable Midstream Partners LP, 4.4%, 3/15/27 3,690,207
4,207,000 Energy Transfer LP, 6.5%, 2/1/42 4,763,650
4,675,000 Kinder Morgan Energy Partners LP, 4.25%, 9/1/24 4,841,805
6,155,000 Kinder Morgan, Inc., 5.05%, 2/15/46 6,388,498
10,050,000 Kinder Morgan, Inc., 5.55%, 6/1/45 10,998,661
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 39
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- (continued)
4,725,000 MPLX LP, 4.125%, 3/1/27 $ 4,839,527
3,875,000 MPLX LP, 4.875%, 12/1/24 4,176,861
3,045,000 MPLX LP, 4.875%, 6/1/25 3,263,387
3,875,000 MPLX LP, 5.5%, 2/15/23 3,987,685
12,125,000 Phillips 66 Partners LP, 3.75%, 3/1/28 12,130,538
9,165,000 Plains All American Pipeline LP / PAA Finance Corp.,
4.65%, 10/15/25 9,444,455
10,675,000 Sabine Pass Liquefaction LLC, 5.0%, 3/15/27 11,455,088
2,475,000 Spectra Energy Capital LLC, 6.2%, 4/15/18 2,501,867
1,500,000 Spectra Energy Capital LLC, 6.75%, 7/15/18 1,533,853
3,575,000 Sunoco Logistics Partners Operations LP,
5.35%, 5/15/45 3,552,525
4,675,000 Sunoco Logistics Partners Operations LP,
5.4%, 10/1/47 4,706,571
786,000 Sunoco Logistics Partners Operations LP,
6.1%, 2/15/42 837,192
7,266,000 Targa Resources Partners LP / Targa Resources
Partners Finance Corp., 5.0%, 1/15/28 (144A) 7,247,835
5,115,000 TransCanada PipeLines, Ltd., 1.875%, 1/12/18 5,114,898
2,475,000 Williams Cos., Inc., 7.75%, 6/15/31 3,050,438
8,230,000 Williams Partners LP, 5.1%, 9/15/45 9,051,117
----------------
$ 155,249,626
----------------
Total Energy $ 242,057,224
----------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.4%
Drug Retail -- 0.2%
650,000 CVS Health Corp., 2.25%, 8/12/19 $ 648,035
536,280 CVS Pass-Through Trust, 5.298%, 1/11/27 (144A) 569,958
2,686,810 CVS Pass-Through Trust, 5.773%, 1/10/33 (144A) 3,020,979
1,846,388 CVS Pass-Through Trust, 5.926%, 1/10/34 (144A) 2,104,787
3,515,767 CVS Pass-Through Trust, 6.036%, 12/10/28 3,908,432
----------------
$ 10,252,191
----------------------------------------------------------------------------------------------------------
Food Retail -- 0.2%
7,040,000 Alimentation Couche-Tard, Inc., 3.55%,
7/26/27 (144A) $ 7,033,482
----------------
Total Food & Staples Retailing $ 17,285,673
----------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.6%
Brewers -- 0.1%
4,350,000(b) Anheuser-Busch InBev Finance, Inc., 2.641%
(3 Month USD LIBOR + 126 bps), 2/1/21 $ 4,488,884
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
40 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
Distillers & Vintners -- 0.4%
8,525,000 Constellation Brands, Inc., 3.7%, 12/6/26 $ 8,765,685
5,300,000 Pernod Ricard SA, 3.25%, 6/8/26 (144A) 5,323,155
4,277,000 Pernod Ricard SA, 4.45%, 1/15/22 (144A) 4,543,151
----------------
$ 18,631,991
----------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.8%
12,220,000(b) Kraft Heinz Foods Co., 1.98% (3 Month USD
LIBOR + 57 bps), 2/10/21 $ 12,250,701
10,040,000 Kraft Heinz Foods Co., 3.95%, 7/15/25 10,370,027
4,119,000 Mondelez International Holdings Netherlands BV,
2.0%, 10/28/21 (144A) 4,007,230
2,500,000 Smithfield Foods, Inc., 2.65%, 10/3/21 (144A) 2,466,833
6,375,000 Smithfield Foods, Inc., 2.7%, 1/31/20 (144A) 6,333,399
3,430,000(b) Tyson Foods, Inc., 1.891% (3 Month USD
LIBOR + 45 bps), 8/21/20 3,437,974
3,075,000(b) Tyson Foods, Inc., 2.037% (3 Month USD
LIBOR + 55 bps), 6/2/20 3,091,848
----------------
$ 41,958,012
----------------------------------------------------------------------------------------------------------
Tobacco -- 0.3%
14,708,000 Reynolds American, Inc., 4.45%, 6/12/25 $ 15,682,339
----------------
Total Food, Beverage & Tobacco $ 80,761,226
----------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.0%
Health Care Distributors -- 0.3%
9,390,000 AmerisourceBergen Corp., 3.45%, 12/15/27 $ 9,311,862
8,000,000 Cardinal Health, Inc., 3.079%, 6/15/24 7,875,297
----------------
$ 17,187,159
----------------------------------------------------------------------------------------------------------
Health Care Equipment -- 0.2%
8,766,000 Becton Dickinson and Co., 3.734%, 12/15/24 $ 8,978,104
----------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.1%
2,400,000 NYU Hospitals Center, 4.428%, 7/1/42 $ 2,589,806
----------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.4%
12,285,000 Anthem, Inc., 3.35%, 12/1/24 $ 12,463,410
3,630,000 Humana, Inc., 3.95%, 3/15/27 3,758,446
4,155,000 Molina Healthcare, Inc., 5.375%, 11/15/22 4,331,588
----------------
$ 20,553,444
----------------
Total Health Care Equipment & Services $ 49,308,513
----------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.2%
Household Products -- 0.2%
8,203,000 Church & Dwight Co., Inc., 2.45%, 8/1/22 $ 8,102,539
----------------
Total Household & Personal Products $ 8,102,539
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 41
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
INSURANCE -- 4.6%
Insurance Brokers -- 0.2%
10,625,000 Brown & Brown, Inc., 4.2%, 9/15/24 $ 11,137,819
----------------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.6%
7,000,000 Aflac, Inc., 3.625%, 11/15/24 $ 7,321,991
800,000(b) AIG Global Funding, 2.175% (3 Month USD
LIBOR + 48 bps), 7/2/20 (144A) 802,715
2,425,000 Principal Life Global Funding II, 1.5%,
4/18/19 (144A) 2,404,090
4,250,000 Protective Life Corp., 7.375%, 10/15/19 4,606,327
3,680,000 Protective Life Global Funding, 2.615%,
8/22/22 (144A) 3,627,441
1,090,000 Prudential Financial, Inc., 4.5%, 11/16/21 1,168,230
3,950,000 Teachers Insurance & Annuity Association of America,
4.27%, 5/15/47 (144A) 4,177,287
4,120,000 Teachers Insurance & Annuity Association of America,
4.9%, 9/15/44 (144A) 4,712,768
690,000 Teachers Insurance & Annuity Association of America,
6.85%, 12/16/39 (144A) 974,861
----------------
$ 29,795,710
----------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.4%
5,985,000 American International Group, Inc., 3.875%, 1/15/35 $ 6,007,573
2,335,000 AXA SA, 8.6%, 12/15/30 3,359,481
5,325,000 Liberty Mutual Insurance Co., 7.697%,
10/15/97 (144A) 7,804,384
----------------
$ 17,171,438
----------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.5%
750,000(b) Citrus Re, Ltd., 4/9/20 (144A) $ 759,000
2,000,000(b) Citrus Re, Ltd., 6.543% (3 Month Treasury
Bill + 516 bps), 4/9/18 (144A) 2,014,200
9,100,000 CNA Financial Corp., 4.5%, 3/1/26 9,685,327
1,850,000 Delphi Financial Group, Inc., 7.875%, 1/31/20 2,038,070
9,610,000(c) Farmers Insurance Exchange, 4.747% (3 Month USD
LIBOR + 323 bps), 11/1/57 (144A) 9,636,908
----------------
$ 24,133,505
----------------------------------------------------------------------------------------------------------
Reinsurance -- 2.9%
1,350,000+(f)(g) Ailsa 2017 Segregated Account (Artex SAC, Ltd.),
Variable Rate Notes, 6/15/18 $ 1,342,647
1,700,000(b) Alamo Re, Ltd., 5.133% (3 Month Treasury
Bill + 375 bps), 6/8/20 (144A) (Cat Bond) 1,715,300
2,750,000(b) Alamo Re, Ltd., 6.193% (3 Month Treasury
Bill + 481 bps), 6/7/18 (144A) (Cat Bond) 2,761,275
500,000(b) Aozora Re, Ltd., 3.549% (6 Month USD
LIBOR + 220 bps), 4/7/20 (144A) (Cat Bond) 502,100
The accompanying notes are an integral part of these financial statements.
42 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
900,000+(f)(g) Arlington Segregated Account (Artex SAC, Ltd.),
Variable Rate Notes, 8/1/18 $ 43,740
750,000+(f)(g) Arlington Segregated Account (Artex SAC, Ltd.),
Variable Rate Notes, 8/31/18 97,875
500,000(b) Atlas IX Capital, DAC, 4.525% (3 Month USD
LIBOR + 325 bps), 1/17/19 (144A) (Cat Bond) 505,400
2,000,000+(f)(g) Berwick 2016-1 Segregated Account (Artex SAC, Ltd.),
Variable Rate Notes, 2/1/18 95,000
800,000+(f)(g) Berwick Segregated Account (Artex SAC, Ltd.),
Variable Rate Notes, 7/1/18 24,000
2,000,000+(f)(g) Berwick Segregated Account (Artex SAC, Ltd.),
Variable Rate Notes, 2/1/19 2,006,705
1,250,000+(f)(g) Blue Lotus Re, Ltd., Variable Rate Notes, 12/31/21 1,250,000
1,350,000(b) Caelus Re IV, Ltd., 6.876% (3 Month Treasury
Bill + 549 bps), 3/6/20 (144A) (Cat Bond) 1,395,630
750,000(b) Caelus Re V, Ltd., 4.636% (3 Month Treasury
Bill + 325 bps), 6/5/20 (144A) (Cat Bond) 737,625
1,000,000(b) Caelus Re V, Ltd., 5.886% (3 Month Treasury
Bill + 450 bps), 6/5/20 (144A) (Cat Bond) 949,800
3,600,000+(f)(g) Carnoustie 2016-N Segregated Account (Artex
SAC, Ltd.), Variable Rate Notes, 11/30/20 389,520
4,500,000+(f)(g) Carnoustie 2017-N Segregated Account (Artex
SAC, Ltd.), Variable Rate Notes, 11/30/21 4,050,000
3,000,000+(f)(g) Carnoustie Segregated Account (Artex SAC, Ltd.),
Variable Rate Notes, 7/1/18 61,200
1,400,000(b) Casablanca Re, Ltd., 5.008% (6 Month USD
LIBOR + 375 bps), 6/4/20 (Cat Bond) 1,400,560
1,300,000+(f)(g) Castle Stuart Housing Association Re, Ltd., Variable
Rate Notes, 12/1/21 1,300,000
2,000,000+(f)(g) Denning Segregated Account (Artex SAC, Ltd.),
Variable Rate Notes, 8/15/18 1,988,889
2,176+(f)(g) Eden Re II, Ltd., Variable Rate Notes, 4/23/19 (144A) 135,852
1,590,000+(f)(g) Eden Re II, Ltd., Variable Rate Notes, 3/22/21 (144A) 1,534,986
3,366,000+(f)(g) Eden Re II, Ltd., Variable Rate Notes, 3/22/21 (144A) 3,245,160
2,500,000+(f)(g) Eden Re II, Ltd., Variable Rate Notes, 3/22/22 (144A) 2,500,000
1,300,000(b) Galilei Re, Ltd., 5.625% (6 Month USD
LIBOR + 450 bps), 1/8/20 (144A) (Cat Bond) 1,313,000
1,500,000(b) Galilei Re, Ltd., 5.645% (6 Month USD
LIBOR + 450 bps), 1/8/21 (144A) (Cat Bond) 1,519,050
1,300,000(b) Galilei Re, Ltd., 6.375% (6 Month USD
LIBOR + 525 bps), 1/8/20 (144A) (Cat Bond) 1,298,960
1,200,000(b) Galilei Re, Ltd., 6.395% (6 Month USD
LIBOR + 525 bps), 1/8/21 (144A) (Cat Bond) 1,198,200
1,400,000(b) Galilei Re, Ltd., 7.375% (6 Month USD
LIBOR + 625 bps), 1/8/20 (144A) (Cat Bond) 1,379,000
1,500,000(b) Galilei Re, Ltd., 7.395% (6 Month USD
LIBOR + 625 bps), 1/8/21 (144A) (Cat Bond) 1,460,850
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 43
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
1,000,000+(f)(g) Gleneagles Re, Group, Variable Rate Notes, 12/31/21 $ 1,000,000
3,500,000+(f)(g) Gleneagles Segregated Account (Artex SAC, Ltd.),
Variable Rate Notes, 11/30/20 410,200
2,800,000(b) Golden State Re II, Ltd., 3.591% (3 Month Treasury
Bill + 220 bps), 1/8/19 (144A) (Cat Bond) 2,806,720
5,100,000+(f)(g) Gullane Segregated Account (Artex SAC, Ltd.),
Variable Rate Notes, 4/29/18 4,842,450
5,100,000+(f)(g) Gullane Segregated Account (Artex SAC, Ltd.),
Variable Rate Notes, 11/30/20 111,180
2,000,000+(f)(g) Harambee Co-operative Savings and Credit
Society, Ltd., Variable Rate Notes, 12/31/21 2,000,000
1,700,000(b) International Bank for Reconstruction & Development,
8.388% (6 Month USD LIBOR + 690 bps), 7/15/20
(144A) (Cat Bond) 1,699,745
2,600,000(b) Kilimanjaro II Re, Ltd., 7.544% (6 Month USD
LIBOR + 600 bps), 4/20/21 (144A) (Cat Bond) 2,523,040
3,500,000(b) Kilimanjaro II Re, Ltd., 9.044% (6 Month USD
LIBOR + 750 bps), 4/20/21 (144A) (Cat Bond) 3,325,350
700,000(b) Kilimanjaro Re, Ltd., 5.144% (3 Month Treasury
Bill + 375 bps), 11/25/19 (144A) (Cat Bond) 703,290
350,000(b) Kilimanjaro Re, Ltd., 5.894% (3 Month Treasury
Bill + 450 bps), 4/30/18 (144A) (Cat Bond) 342,790
3,700,000(b) Kilimanjaro Re, Ltd., 6.144% (3 Month Treasury
Bill + 475 bps), 4/30/18 (144A) (Cat Bond) 3,711,100
3,000,000(b) Kilimanjaro Re, Ltd., Series 2015-1, Class E,
8.144% (3 Month Treasury Bill + 675 bps),
12/6/19 (144A) (Cat Bond) 3,003,900
1,500,000(b) Kilimanjaro Re, Ltd., Series 2015-1, Class D,
10.644% (3 Month Treasury Bill + 925 bps),
12/6/19 (144A) (Cat Bond) 1,450,050
2,800,000+(f)(g) Kingsbarns Segregated Account (Artex SAC, Ltd.),
Variable Rate Notes, 5/1/18 1,981,417
600,000+(f)(g) Limestone Re, Ltd., Variable Rate Notes, Series
2016-1, Class A Voting, 8/31/21 553,140
1,750,000+(f)(g) Limestone Re, Ltd., Variable Rate Notes, Series
2016-1, Class A Non Voting, 8/31/21 1,613,325
250,000(b) Loma Reinsurance Bermuda, Ltd., 8.24%
(ZERO + 824 bps), 1/8/18 (144A) (Cat Bond) 243,025
4,000,000(b) Long Point Re III, Ltd., 3.5% (ZERO + 350 bps),
5/23/18 (144A) (Cat Bond) 4,012,800
4,050,000+(f)(g) Lorenz Re, Ltd. (Prime, Ltd.), Variable Rate
Notes, 3/31/19 226,800
3,000,000+(f)(g) Lorenz Re, Ltd. (Prime, Ltd.), Variable Rate
Notes, 3/31/20 2,487,600
2,000,000+(f)(g) Madison Re, Variable Rate Notes, 3/31/19 127,000
1,500,000+(f)(g) Madison Re, Variable Rate Notes, 3/31/20 972,150
7,000,000+(f)(g) Merion Re, Inc., Variable Rate Notes, 12/31/21 7,000,000
The accompanying notes are an integral part of these financial statements.
44 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
1,000,000+(f)(g) Oakmont 2017 Segregated Account (Artex SAC, Ltd.),
Variable Rate Notes, 4/1/18 $ 894,700
3,600,000+(f)(g) Pangaea Re Segregated Account (Artex SAC, Ltd.),
Series 2015-1, Variable Rate Notes, 2/1/19 11,160
4,000,000+(f)(g) Pangaea Re Segregated Account (Artex SAC, Ltd.),
Series 2015-2, Variable Rate Notes, 7/1/19 41,600
4,500,000+(f)(g) Pangaea Re Segregated Account (Artex SAC, Ltd.),
Series 2016-1, Variable Rate Notes, 2/1/20 297,450
3,000,000+(f)(g) Pangaea Re Segregated Account (Artex SAC, Ltd.),
Series 2016-2, Variable Rate Notes, 11/30/20 197,400
3,000,000+(f)(g) Pangaea Re Segregated Account (Artex SAC, Ltd.),
Series 2017-1, Variable Rate Notes, 2/1/21 2,470,800
1,584,361+(f)(g) Pangaea Re Segregated Account (Artex SAC, Ltd.),
Series 2018-1, Principal at Risk Notes, 12/31/21 1,584,361
3,200,000(b) PennUnion Re, Ltd., 5.883% (3 Month Treasury
Bill + 450 bps), 12/7/18 (144A) (Cat Bond) 3,209,280
4,000,000+(f)(g) Pinehurst Segregated Account (Artex SAC, Ltd.),
Variable Rate Notes, 1/16/18 3,998,748
1,000,000+(f)(g) Prestwick Segregated Account (Artex SAC, Ltd.),
Variable Rate Notes, 7/1/18 17,000
2,000,000(b) Queen Street XI Re, DAC, 7.533% (3 Month Treasury
Bill + 615 bps), 6/7/19 (144A) (Cat Bond) 2,006,400
2,500,000(b) Residential Reinsurance 2016, Ltd., 5.313%
(3 Month Treasury Bill + 393 bps), 12/6/20
(144A) (Cat Bond) 2,497,750
3,600,000+(f)(g) Resilience Re, Ltd., Variable Rate Notes, 4/6/18 3,164,760
1,800,000+(f)(g) Resilience Re, Ltd., Variable Rate Notes, 6/4/18 1,792,620
2,200,000+(f)(g) Resilience Re, Ltd., Variable Rate Notes,
1/8/19 (144A) 2,200,000
3,600,000+(f)(g) Resilience Re, Ltd., Variable Rate Notes,
1/8/19 (144A) 3,600,000
2,550,000(b) Sanders Re, Ltd., 4.343% (3 Month Treasury
Bill + 296 bps), 5/25/18 (144A) (Cat Bond) 2,548,215
1,600,000(b) Sanders Re, Ltd., 4.514% (6 Month USD
LIBOR + 300 bps), 12/6/21 (144A) (Cat Bond) 1,596,000
3,874+(f)(g) Sector Re V, Ltd. (Swiss Re), Series 6, Class A,
Variable Rate Notes, 3/1/21 (144A) 208,975
1,399+(f)(g) Sector Re V, Ltd. (Swiss Re), Series 6, Class B,
Variable Rate Notes, 3/1/21 (144A) 17,290
1,100,000+(f)(g) Sector Re V, Ltd. (Swiss Re), Series 6, Class D,
Variable Rate Notes, 12/1/21 (144A) 1,090,100
2,400,000+(f)(g) Sector Re V, Ltd. (Swiss Re), Series 7, Class G,
Variable Rate Notes, 3/1/22 (144A) 2,115,120
500,000+(f)(g) Sector Re V, Ltd., Variable Rate Notes, 12/1/22 (144A) 500,750
500,000+(f)(g) Sector Re V, Ltd., Variable Rate Notes, 12/1/22 (144A) 500,750
1,700,000+(f)(g) Silverton Re, Ltd., Variable Rate Notes, 9/17/18 (144A) 25,500
2,000,000+(f)(g) Silverton Re, Ltd., Variable Rate Notes, 9/16/19 (144A) 1,700,000
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 45
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
1,000,000(b) Skyline Re, Ltd., 3.883% (3 Month Treasury
Bill + 250 bps), 1/6/20 (144A) (Cat Bond) $ 994,700
2,000,000+(f)(g) St. Andrews Segregated Account (Artex SAC, Ltd.),
Variable Rate Notes, 2/1/18 281,200
1,737,984+(f)(g) St. Andrews Segregated Account (Artex SAC, Ltd.),
Variable Rate Notes, 4/1/18 1,791,490
1,300,000+(f)(g) St. Andrews Segregated Account (Artex SAC, Ltd.),
Variable Rate Notes, 7/1/18 25,610
3,000,000+(f)(g) St. Andrews Segregated Account (Artex SAC, Ltd.),
Variable Rate Notes, 2/1/19 3,118,273
1,520,000+(f)(g) Sunningdale 2017 Segregated Account (Artex
SAC, Ltd.), Variable Rate Notes, 1/16/18 1,519,078
500,000+(f)(g) Thopas Re, Ltd., Variable Rate Notes, 12/31/21 500,000
2,700,000(b) Ursa Re, Ltd., 3.5% (ZERO + 350 bps), 5/27/20
(144A) (Cat Bond) 2,698,380
3,000,000(b) Ursa Re, Ltd., 4.0% (ZERO + 400 bps), 12/10/19
(144A) (Cat Bond) 2,959,200
800,000(b) Ursa Re, Ltd., 6.0% (ZERO + 600 bps), 5/27/20
(144A) (Cat Bond) 802,160
4,000,000+(f)(g) Versutus, Ltd. (MMC Securities), Series 2016-A,
Variable Rate Notes, 11/30/20 170,400
4,000,000+(f)(g) Versutus, Ltd. (MMC Securities), Series 2017-A,
Variable Rate Notes, 11/30/21 3,929,200
1,000,000+(f)(g) Viribus Unitis Media Re, AG, Variable Rate
Notes, 12/31/21 1,000,000
1,750,000(b) Vitality Re V, Ltd., 3.133% (3 Month Treasury
Bill + 175 bps), 1/7/19 (144A) (Cat Bond) 1,745,100
2,900,000(b) Vitality Re VII, Ltd., 3.533% (3 Month Treasury
Bill + 215 bps), 1/7/20 (144A) (Cat Bond) 2,916,820
1,000,000(b) Vitality Re VII, Ltd., 4.033% (3 Month Treasury
Bill + 265 bps), 1/7/20 (144A) (Cat Bond) 1,012,300
----------------
$ 149,100,036
----------------
Total Insurance $ 231,338,508
----------------------------------------------------------------------------------------------------------
MATERIALS -- 1.1%
Commodity Chemicals -- 0.0%+
2,890,000 NOVA Chemicals Corp., 4.875%, 6/1/24 (144A) $ 2,882,775
----------------------------------------------------------------------------------------------------------
Construction Materials -- 0.2%
11,000,000 CRH America, Inc., 3.875%, 5/18/25 (144A) $ 11,482,368
----------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.1%
4,930,000 CF Industries, Inc., 5.375%, 3/15/44 $ 4,868,375
----------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.3%
1,325,000 Anglo American Capital Plc, 4.0%, 9/11/27 (144A) $ 1,316,148
2,750,000 Anglo American Capital Plc, 4.75%, 4/10/27 (144A) 2,878,209
6,600,000 Anglo American Capital Plc, 4.875%, 5/14/25 (144A) 6,993,794
The accompanying notes are an integral part of these financial statements.
46 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- (continued)
1,850,000 Freeport-McMoRan, Inc., 3.875%, 3/15/23 $ 1,840,750
2,150,000 Freeport-McMoRan, Inc., 4.55%, 11/14/24 2,185,905
----------------
$ 15,214,806
----------------------------------------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 0.2%
7,808,000 Agrium, Inc., 5.25%, 1/15/45 $ 9,084,358
----------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.1%
4,650,000 Crown Americas LLC / Crown Americas Capital
Corp. V, 4.25%, 9/30/26 $ 4,580,250
----------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.1%
1,275,000 International Paper Co., 4.8%, 6/15/44 $ 1,395,687
2,575,000 International Paper Co., 6.0%, 11/15/41 3,223,061
----------------
$ 4,618,748
----------------------------------------------------------------------------------------------------------
Steel -- 0.1%
3,550,000 Commercial Metals Co., 4.875%, 5/15/23 $ 3,629,875
----------------
Total Materials $ 56,361,555
----------------------------------------------------------------------------------------------------------
MEDIA -- 0.6%
Cable & Satellite -- 0.6%
8,845,000 Charter Communications Operating LLC / Charter
Communications Operating Capital,
6.384%, 10/23/35 $ 10,327,644
12,225,000 Cox Communications, Inc., 3.35%, 9/15/26 (144A) 11,946,814
5,013,000 Sky Plc, 3.75%, 9/16/24 (144A) 5,228,343
650,000 Time Warner Cable LLC, 6.55%, 5/1/37 764,448
3,450,000 Videotron, Ltd., 5.375%, 6/15/24 (144A) 3,717,375
----------------
Total Media $ 31,984,624
----------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 1.4%
Biotechnology -- 0.7%
925,000 AbbVie, Inc., 2.85%, 5/14/23 $ 922,973
1,370,000 AbbVie, Inc., 3.2%, 5/14/26 1,365,950
12,760,000 AbbVie, Inc., 3.6%, 5/14/25 13,118,246
13,400,000 Baxalta, Inc., 3.6%, 6/23/22 13,704,750
3,550,000 Biogen, Inc., 3.625%, 9/15/22 3,679,044
4,275,000 Biogen, Inc., 4.05%, 9/15/25 4,523,801
----------------
$ 37,314,764
----------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.2%
11,200,000 Thermo Fisher Scientific, Inc., 3.0%, 4/15/23 $ 11,269,056
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 47
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.5%
11,155,000 Mylan NV, 3.95%, 6/15/26 $ 11,248,332
1,391,000 Perrigo Finance Unlimited Co., 3.5%, 3/15/21 1,411,699
4,570,000 Perrigo Finance Unlimited Co., 3.9%, 12/15/24 4,646,570
2,481,000 Perrigo Finance Unlimited Co., 4.375%, 3/15/26 2,545,550
4,325,000 Teva Pharmaceutical Finance Netherlands III BV,
4.1%, 10/1/46 3,293,506
----------------
$ 23,145,657
----------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 71,729,477
----------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.5%
Diversified REITs -- 0.5%
2,175,000 Duke Realty LP, 3.625%, 4/15/23 $ 2,227,990
8,560,000 Duke Realty LP, 3.75%, 12/1/24 8,839,829
9,500,000 Essex Portfolio LP, 3.5%, 4/1/25 9,581,457
1,480,000 Essex Portfolio LP, 3.625%, 5/1/27 1,490,714
3,985,000 Ventas Realty LP, 3.125%, 6/15/23 3,986,687
----------------
$ 26,126,677
----------------------------------------------------------------------------------------------------------
Health Care REITs -- 0.2%
6,805,000 Healthcare Trust of America Holdings LP, 3.5%, 8/1/26 $ 6,700,049
4,675,000 Healthcare Trust of America Holdings LP, 3.75%, 7/1/27 4,656,029
----------------
$ 11,356,078
----------------------------------------------------------------------------------------------------------
Office REITs -- 0.5%
2,681,000 Alexandria Real Estate Equities, Inc., 2.75%, 1/15/20 $ 2,692,294
2,768,000 Alexandria Real Estate Equities, Inc., 3.9%, 6/15/23 2,860,677
1,350,000 Alexandria Real Estate Equities, Inc., 3.95%, 1/15/27 1,379,079
3,415,000 Alexandria Real Estate Equities, Inc., 4.6%, 4/1/22 3,626,320
2,032,000 Highwoods Realty LP, 3.2%, 6/15/21 2,049,310
3,390,000 Highwoods Realty LP, 3.625%, 1/15/23 3,427,015
7,325,000 Piedmont Operating Partnership LP, 3.4%, 6/1/23 7,277,147
----------------
$ 23,311,842
----------------------------------------------------------------------------------------------------------
Residential REITs -- 0.3%
1,520,000 UDR, Inc., 2.95%, 9/1/26 $ 1,460,837
10,450,000 UDR, Inc., 4.0%, 10/1/25 10,895,897
----------------
$ 12,356,734
----------------
Total Real Estate $ 73,151,331
----------------------------------------------------------------------------------------------------------
RETAILING -- 0.8%
Automotive Retail -- 0.1%
3,994,000 AutoZone, Inc., 2.5%, 4/15/21 $ 3,966,156
----------------------------------------------------------------------------------------------------------
Home Improvement Retail -- 0.1%
4,520,000 Home Depot, Inc., 2.625%, 6/1/22 $ 4,545,223
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
48 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
Internet Retail -- 0.6%
3,265,000 Amazon.com, Inc., 2.8%, 8/22/24 (144A) $ 3,255,076
4,125,000 Expedia, Inc., 3.8%, 2/15/28 (144A) 3,986,014
5,900,000 Expedia, Inc., 4.5%, 8/15/24 6,178,786
950,000 Expedia, Inc., 5.0%, 2/15/26 1,015,572
7,170,000 Priceline Group, Inc., 3.55%, 3/15/28 7,102,309
1,925,000 Priceline Group, Inc., 3.6%, 6/1/26 1,933,245
7,875,000 Priceline Group, Inc., 3.65%, 3/15/25 8,003,939
----------------
$ 31,474,941
----------------
Total Retailing $ 39,986,320
----------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.2%
Semiconductors -- 0.2%
10,545,000 Broadcom Corp. / Broadcom Cayman Finance, Ltd.,
3.625%, 1/15/24 (144A) $ 10,485,788
----------------
Total Semiconductors & Semiconductor Equipment $ 10,485,788
----------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.9%
Data Processing & Outsourced Services -- 0.2%
3,000,000 Cardtronics, Inc., 5.125%, 8/1/22 $ 2,850,000
4,540,000 Cardtronics, Inc. / Cardtronics USA, Inc., 5.5%,
5/1/25 (144A) 4,097,350
4,550,000 Visa, Inc., 2.2%, 12/14/20 4,546,416
----------------
$ 11,493,766
----------------------------------------------------------------------------------------------------------
Internet Software & Services -- 0.2%
9,595,000 Alibaba Group Holding, Ltd., 3.4%, 12/6/27 $ 9,592,580
----------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.1%
3,045,000 j2 Cloud Services LLC / j2 Global Co-Obligor, Inc.,
6.0%, 7/15/25 (144A) $ 3,204,862
----------------------------------------------------------------------------------------------------------
Systems Software -- 0.4%
4,770,000 CA, Inc., 3.6%, 8/15/22 $ 4,836,078
5,225,000 Microsoft Corp., 2.0%, 8/8/23 5,075,619
10,600,000 Oracle Corp., 2.5%, 5/15/22 10,616,705
----------------
$ 20,528,402
----------------
Total Software & Services $ 44,819,610
----------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.5%
Computer Hardware Storage & Peripherals -- 0.1%
4,600,000 NCR Corp., 4.625%, 2/15/21 $ 4,640,250
----------------------------------------------------------------------------------------------------------
Electronic Components -- 0.3%
8,412,000 Amphenol Corp., 3.125%, 9/15/21 $ 8,545,644
3,065,000 Amphenol Corp., 3.2%, 4/1/24 3,085,722
----------------
$ 11,631,366
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 49
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 0.1%
5,780,000 Flex, Ltd., 4.75%, 6/15/25 $ 6,183,969
----------------
Total Technology Hardware & Equipment $ 22,455,585
----------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.6%
Integrated Telecommunication Services -- 0.4%
10,000,000 AT&T, Inc., 5.15%, 2/14/50 $ 10,124,643
2,035,000 CenturyLink, Inc., 5.8%, 3/15/22 1,993,079
4,300,000 Frontier Communications Corp., 7.125%, 1/15/23 2,859,500
2,350,000 GTP Acquisition Partners I LLC, 2.35%, 6/15/20 (144A) 2,330,267
1,500,000 Unison Ground Lease Funding LLC, 2.981%,
3/15/20 (144A) 1,471,934
----------------
$ 18,779,423
----------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.2%
2,200,000 Crown Castle Towers LLC, 4.883%, 8/15/20 (144A) $ 2,300,914
1,625,000 Crown Castle Towers LLC, 6.113%, 1/15/20 (144A) 1,712,981
1,800,000 SBA Tower Trust, 2.877%, 7/9/21 (144A) 1,786,500
6,975,000 SBA Tower Trust, 3.869%, 10/8/24 (144A) 7,035,532
----------------
$ 12,835,927
----------------
Total Telecommunication Services $ 31,615,350
----------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.2%
Airlines -- 0.2%
6,921,000 Air Canada 2017-1 Class AA Pass Through Trust,
3.3%, 1/15/30 (144A) $ 6,886,395
2,475,000 Delta Air Lines, Inc., 2.875%, 3/13/20 2,489,362
----------------
$ 9,375,757
----------------------------------------------------------------------------------------------------------
Highways & Railtracks -- 0.2%
3,950,000 ERAC USA Finance LLC, 3.3%, 12/1/26 (144A) $ 3,916,384
1,300,000 ERAC USA Finance LLC, 3.8%, 11/1/25 (144A) 1,329,123
4,600,000 ERAC USA Finance LLC, 4.5%, 2/15/45 (144A) 4,725,420
----------------
$ 9,970,927
----------------------------------------------------------------------------------------------------------
Railroads -- 0.8%
15,435,000 Burlington Northern Santa Fe LLC, 4.15%, 4/1/45 $ 16,773,105
6,650,000 TTX Co., 3.6%, 1/15/25 (144A) 6,802,912
3,250,000 TTX Co., 4.2%, 7/1/46 (144A) 3,335,966
13,715,000 Union Pacific Corp., 3.375%, 2/1/35 13,891,372
----------------
$ 40,803,355
----------------
Total Transportation $ 60,150,039
----------------------------------------------------------------------------------------------------------
UTILITIES -- 3.3%
Electric Utilities -- 2.4%
3,504,000 AES Corp., 5.125%, 9/1/27 $ 3,679,200
10,200,000 Dubai Electricity & Water Authority, 7.375%,
10/21/20 (144A) 11,428,896
The accompanying notes are an integral part of these financial statements.
50 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
Electric Utilities -- (continued)
12,660,000 Duquesne Light Holdings, Inc., 3.616%,
8/1/27 (144A) $ 12,654,324
5,000,000 EDP Finance BV, 3.625%, 7/15/24 (144A) 5,035,620
2,150,000(a)(c) Electricite de France SA, 5.25% (10 Year USD
Swap Rate + 371 bps) (144A) 2,193,000
2,800,000 Enel Finance International NV, 4.75%,
5/25/47 (144A) 3,031,762
2,320,000(c) Enel S.p.A., 8.75% (5 Year USD Swap
Rate + 588 bps), 9/24/73 (144A) 2,882,600
6,365,000 Exelon Corp., 2.85%, 6/15/20 6,424,349
436,033 FPL Energy American Wind LLC, 6.639%,
6/20/23 (144A) 484,557
4,655,000 Iberdrola International BV, 6.75%, 7/15/36 6,141,656
2,725,000 Indiana Michigan Power Co., 4.55%, 3/15/46 3,108,006
5,450,000 Israel Electric Corp., Ltd., 5.0%, 11/12/24 (144A) 5,795,912
1,925,000 Israel Electric Corp., Ltd., 7.25%, 1/15/19 (144A) 2,005,619
610,000 Israel Electric Corp., Ltd., 9.375%, 1/28/20 (144A) 685,024
6,536,000 NextEra Energy Capital Holdings, Inc., 2.3%, 4/1/19 6,532,452
10,270,000 NextEra Energy Capital Holdings, Inc., 3.55%, 5/1/27 10,461,473
337,003 OrCal Geothermal, Inc., 6.21%, 12/30/20 (144A) 334,172
11,910,000 PPL Capital Funding, Inc, 3.1%, 5/15/26 11,656,742
2,690,000 Public Service Co. of New Mexico, 7.95%, 5/15/18 2,746,014
4,258,929 Southern California Edison Co., 1.845%, 2/1/22 4,217,592
5,720,000(a)(c) Southern California Edison Co., 6.25% (3 Month
USD LIBOR + 420 bps) 6,249,672
11,475,000 Southwestern Electric Power Co., 3.9%, 4/1/45 11,772,859
----------------
$ 119,521,501
----------------------------------------------------------------------------------------------------------
Gas Utilities -- 0.2%
2,215,000 AmeriGas Partners LP / AmeriGas Finance Corp.,
5.5%, 5/20/25 $ 2,237,150
3,060,000 Boston Gas Co., 3.15%, 8/1/27 (144A) 3,050,159
4,025,000 DCP Midstream Operating LP, 5.6%, 4/1/44 3,994,812
2,043,789 Nakilat, Inc., 6.267%, 12/31/33 (144A) 2,371,204
----------------
$ 11,653,325
----------------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.3%
468,266 Alta Wind Holdings LLC, 7.0%, 6/30/35 (144A) $ 548,335
2,850,000 Calpine Corp., 5.25%, 6/1/26 (144A) 2,793,029
6,925,000 Calpine Corp., 5.75%, 1/15/25 6,544,125
859,936 Kiowa Power Partners LLC, 5.737%, 3/30/21 (144A) 878,381
4,000,000 NRG Energy, Inc., 5.75%, 1/15/28 (144A) 4,040,000
----------------
$ 14,803,870
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 51
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.4%
8,385,000 Consolidated Edison Co. of New York, Inc.,
4.625%, 12/1/54 $ 9,598,242
6,728,000 Dominion Energy, Inc., 2.579%, 7/1/20 6,730,813
2,700,000 Dominion Energy, Inc., 2.75%, 1/15/22 2,695,754
2,153,571 San Diego Gas & Electric Co., 1.914%, 2/1/22 2,102,705
----------------
$ 21,127,514
----------------
Total Utilities $ 167,106,210
----------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $1,695,209,033) $ 1,734,535,602
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 32.6% of Net Assets
1,364,777 Fannie Mae, 2.5%, 7/1/30 $ 1,365,718
1,383,939 Fannie Mae, 2.5%, 7/1/30 1,386,612
2,339,725 Fannie Mae, 2.5%, 7/1/30 2,344,241
271,362 Fannie Mae, 2.5%, 12/1/42 263,125
294,766 Fannie Mae, 2.5%, 12/1/42 285,820
244,109 Fannie Mae, 2.5%, 1/1/43 236,700
98,845 Fannie Mae, 2.5%, 2/1/43 95,845
118,238 Fannie Mae, 2.5%, 2/1/43 114,213
2,684,544 Fannie Mae, 2.5%, 2/1/43 2,603,273
361,975 Fannie Mae, 2.5%, 3/1/43 350,989
125,693 Fannie Mae, 2.5%, 4/1/43 121,878
352,283 Fannie Mae, 2.5%, 8/1/43 341,591
237,467 Fannie Mae, 2.5%, 12/1/43 230,180
169,571 Fannie Mae, 2.5%, 3/1/44 164,427
232,836 Fannie Mae, 2.5%, 4/1/45 224,828
317,281 Fannie Mae, 2.5%, 4/1/45 306,369
494,118 Fannie Mae, 2.5%, 4/1/45 477,124
542,944 Fannie Mae, 2.5%, 4/1/45 524,270
617,751 Fannie Mae, 2.5%, 4/1/45 596,507
648,444 Fannie Mae, 2.5%, 4/1/45 626,142
1,289,174 Fannie Mae, 2.5%, 4/1/45 1,244,837
1,581,064 Fannie Mae, 2.5%, 4/1/45 1,526,690
73,825 Fannie Mae, 2.5%, 5/1/45 71,286
84,816 Fannie Mae, 2.5%, 7/1/45 81,900
282,062 Fannie Mae, 2.5%, 8/1/45 272,366
118,996 Fannie Mae, 2.5%, 1/1/46 114,908
369,918 Fannie Mae, 3.0%, 12/1/21 376,982
3,772,290 Fannie Mae, 3.0%, 9/1/28 3,857,649
7,383,556 Fannie Mae, 3.0%, 5/1/30 7,536,555
2,160,238 Fannie Mae, 3.0%, 7/1/30 2,205,062
3,267,284 Fannie Mae, 3.0%, 10/1/30 3,335,046
1,365,915 Fannie Mae, 3.0%, 4/1/31 1,391,997
The accompanying notes are an integral part of these financial statements.
52 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
7,118,539 Fannie Mae, 3.0%, 5/1/31 $ 7,267,909
17,165,822 Fannie Mae, 3.0%, 8/1/42 17,258,587
4,158,990 Fannie Mae, 3.0%, 9/1/42 4,181,465
1,331,026 Fannie Mae, 3.0%, 12/1/42 1,339,469
2,559,755 Fannie Mae, 3.0%, 2/1/43 2,575,991
691,291 Fannie Mae, 3.0%, 5/1/43 695,663
9,517,227 Fannie Mae, 3.0%, 5/1/43 9,568,180
662,507 Fannie Mae, 3.0%, 7/1/43 666,019
1,616,035 Fannie Mae, 3.0%, 8/1/43 1,624,435
4,583,401 Fannie Mae, 3.0%, 9/1/43 4,607,228
930,445 Fannie Mae, 3.0%, 3/1/45 933,707
7,201,314 Fannie Mae, 3.0%, 6/1/45 7,234,715
696,862 Fannie Mae, 3.0%, 5/1/46 700,524
1,017,872 Fannie Mae, 3.0%, 5/1/46 1,021,553
4,915,398 Fannie Mae, 3.0%, 9/1/46 4,917,897
9,260,424 Fannie Mae, 3.0%, 10/1/46 9,265,133
9,312,565 Fannie Mae, 3.0%, 11/1/46 9,317,300
8,040,601 Fannie Mae, 3.0%, 1/1/47 8,082,852
2,809,538 Fannie Mae, 3.0%, 3/1/47 2,810,967
777,455 Fannie Mae, 3.5%, 4/1/26 802,694
450,083 Fannie Mae, 3.5%, 9/1/26 465,894
1,069,083 Fannie Mae, 3.5%, 12/1/26 1,103,789
2,807,356 Fannie Mae, 3.5%, 6/1/28 2,900,179
2,011,111 Fannie Mae, 3.5%, 2/1/29 2,077,376
1,125,231 Fannie Mae, 3.5%, 11/1/40 1,161,859
579,055 Fannie Mae, 3.5%, 10/1/41 599,758
510,237 Fannie Mae, 3.5%, 6/1/42 527,191
3,004,567 Fannie Mae, 3.5%, 7/1/42 3,101,947
3,130,737 Fannie Mae, 3.5%, 8/1/42 3,231,895
236,230 Fannie Mae, 3.5%, 11/1/42 244,322
551,372 Fannie Mae, 3.5%, 12/1/42 570,255
638,904 Fannie Mae, 3.5%, 12/1/42 660,779
5,519,526 Fannie Mae, 3.5%, 2/1/44 5,672,410
2,906,971 Fannie Mae, 3.5%, 9/1/44 2,986,241
5,878,329 Fannie Mae, 3.5%, 2/1/45 6,079,210
1,755,763 Fannie Mae, 3.5%, 4/1/45 1,811,804
6,916,915 Fannie Mae, 3.5%, 6/1/45 7,125,599
2,741,552 Fannie Mae, 3.5%, 8/1/45 2,816,312
8,448,299 Fannie Mae, 3.5%, 8/1/45 8,754,448
6,542,644 Fannie Mae, 3.5%, 9/1/45 6,734,882
7,989,152 Fannie Mae, 3.5%, 9/1/45 8,207,009
1,612,280 Fannie Mae, 3.5%, 10/1/45 1,660,911
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 53
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
12,686,044 Fannie Mae, 3.5%, 11/1/45 $ 13,145,771
2,531,365 Fannie Mae, 3.5%, 12/1/45 2,600,393
2,757,879 Fannie Mae, 3.5%, 12/1/45 2,833,084
5,015,121 Fannie Mae, 3.5%, 12/1/45 5,151,879
5,884,003 Fannie Mae, 3.5%, 1/1/46 6,044,455
7,560,876 Fannie Mae, 3.5%, 1/1/46 7,767,055
3,225,532 Fannie Mae, 3.5%, 2/1/46 3,313,490
5,311,941 Fannie Mae, 3.5%, 2/1/46 5,456,794
2,094,166 Fannie Mae, 3.5%, 3/1/46 2,151,272
4,304,533 Fannie Mae, 3.5%, 4/1/46 4,421,914
2,750,169 Fannie Mae, 3.5%, 5/1/46 2,841,018
6,666,961 Fannie Mae, 3.5%, 7/1/46 6,848,764
9,212,225 Fannie Mae, 3.5%, 9/1/46 9,463,435
565,507 Fannie Mae, 3.5%, 10/1/46 582,642
1,043,652 Fannie Mae, 3.5%, 10/1/46 1,072,111
1,147,983 Fannie Mae, 3.5%, 11/1/46 1,179,288
4,812,632 Fannie Mae, 3.5%, 12/1/46 4,943,868
2,699,387 Fannie Mae, 3.5%, 1/1/47 2,772,997
5,099,122 Fannie Mae, 3.5%, 1/1/47 5,238,171
7,032,638 Fannie Mae, 3.5%, 1/1/47 7,265,554
11,523,975 Fannie Mae, 3.5%, 1/1/47 11,873,175
6,076,603 Fannie Mae, 3.5%, 2/1/47 6,242,306
7,914,207 Fannie Mae, 3.5%, 5/1/47 8,130,021
8,200,785 Fannie Mae, 3.5%, 5/1/47 8,424,414
342,353 Fannie Mae, 3.5%, 7/1/47 352,239
2,911,818 Fannie Mae, 3.5%, 7/1/47 2,991,383
8,515,555 Fannie Mae, 3.5%, 7/1/47 8,747,767
11,960,553 Fannie Mae, 3.5%, 7/1/47 12,286,708
1,439,367 Fannie Mae, 3.5%, 8/1/47 1,478,617
19,257,045 Fannie Mae, 3.5%, 8/1/47 19,783,733
3,150,063 Fannie Mae, 3.5%, 11/1/47 3,236,133
7,889,312 Fannie Mae, 3.5%, 12/1/47 8,105,084
12,693,874 Fannie Mae, 3.5%, 12/1/47 13,041,058
35,840,000 Fannie Mae, 3.5%, 12/30/99 (TBA) 36,797,602
1,071,411 Fannie Mae, 3.762%, 12/1/20 1,108,107
2,173 Fannie Mae, 4.0%, 7/1/18 2,237
25,745 Fannie Mae, 4.0%, 9/1/20 26,496
300,576 Fannie Mae, 4.0%, 4/1/25 313,107
276,428 Fannie Mae, 4.0%, 11/1/34 291,785
2,708,794 Fannie Mae, 4.0%, 4/1/39 2,848,433
6,944,477 Fannie Mae, 4.0%, 10/1/40 7,400,293
1,252,140 Fannie Mae, 4.0%, 12/1/40 1,334,121
The accompanying notes are an integral part of these financial statements.
54 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
760,564 Fannie Mae, 4.0%, 4/1/41 $ 804,729
1,162,960 Fannie Mae, 4.0%, 4/1/41 1,221,303
879,616 Fannie Mae, 4.0%, 5/1/41 923,711
1,573,609 Fannie Mae, 4.0%, 10/1/41 1,655,413
1,192,057 Fannie Mae, 4.0%, 12/1/41 1,251,919
397,191 Fannie Mae, 4.0%, 1/1/42 417,148
3,095,583 Fannie Mae, 4.0%, 1/1/42 3,250,988
2,421,619 Fannie Mae, 4.0%, 2/1/42 2,543,178
6,350,458 Fannie Mae, 4.0%, 2/1/42 6,669,417
1,163,584 Fannie Mae, 4.0%, 3/1/42 1,228,223
216,998 Fannie Mae, 4.0%, 4/1/42 227,277
689,730 Fannie Mae, 4.0%, 4/1/42 724,387
2,679,024 Fannie Mae, 4.0%, 4/1/42 2,813,639
5,006,187 Fannie Mae, 4.0%, 5/1/42 5,256,522
145,014 Fannie Mae, 4.0%, 6/1/42 152,300
362,358 Fannie Mae, 4.0%, 6/1/42 379,450
163,636 Fannie Mae, 4.0%, 7/1/42 171,859
3,704,746 Fannie Mae, 4.0%, 7/1/42 3,918,091
7,961,383 Fannie Mae, 4.0%, 8/1/42 8,360,973
1,476,346 Fannie Mae, 4.0%, 10/1/42 1,550,527
4,772,700 Fannie Mae, 4.0%, 8/1/43 4,997,304
5,830,854 Fannie Mae, 4.0%, 9/1/43 6,115,978
10,929,857 Fannie Mae, 4.0%, 10/1/43 11,525,502
3,527,878 Fannie Mae, 4.0%, 11/1/43 3,731,706
4,374,966 Fannie Mae, 4.0%, 12/1/43 4,621,372
121,358 Fannie Mae, 4.0%, 1/1/44 127,107
5,687,539 Fannie Mae, 4.0%, 2/1/44 5,956,216
84,207 Fannie Mae, 4.0%, 6/1/44 88,149
109,721 Fannie Mae, 4.0%, 6/1/44 114,783
326,249 Fannie Mae, 4.0%, 7/1/44 341,530
5,465,438 Fannie Mae, 4.0%, 7/1/44 5,721,508
237,466 Fannie Mae, 4.0%, 8/1/44 248,564
246,432 Fannie Mae, 4.0%, 8/1/44 257,983
1,390,032 Fannie Mae, 4.0%, 8/1/44 1,454,955
4,192,648 Fannie Mae, 4.0%, 8/1/44 4,388,807
42,523 Fannie Mae, 4.0%, 9/1/44 44,516
365,469 Fannie Mae, 4.0%, 9/1/44 382,546
434,064 Fannie Mae, 4.0%, 9/1/44 454,384
7,176,111 Fannie Mae, 4.0%, 9/1/44 7,571,213
1,699,522 Fannie Mae, 4.0%, 10/1/44 1,779,273
99,141 Fannie Mae, 4.0%, 11/1/44 103,786
136,409 Fannie Mae, 4.0%, 11/1/44 142,781
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 55
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
237,631 Fannie Mae, 4.0%, 11/1/44 $ 248,701
5,440,538 Fannie Mae, 4.0%, 11/1/44 5,694,924
45,652 Fannie Mae, 4.0%, 12/1/44 47,758
481,368 Fannie Mae, 4.0%, 12/1/44 503,907
84,210 Fannie Mae, 4.0%, 1/1/45 88,143
188,923 Fannie Mae, 4.0%, 1/1/45 197,695
369,462 Fannie Mae, 4.0%, 1/1/45 386,720
49,128 Fannie Mae, 4.0%, 2/1/45 51,416
195,195 Fannie Mae, 4.0%, 2/1/45 204,447
416,317 Fannie Mae, 4.0%, 2/1/45 435,853
4,651,434 Fannie Mae, 4.0%, 3/1/45 4,867,876
3,332,904 Fannie Mae, 4.0%, 8/1/45 3,516,281
3,168,638 Fannie Mae, 4.0%, 10/1/45 3,314,977
4,716,025 Fannie Mae, 4.0%, 10/1/45 4,932,925
5,425,699 Fannie Mae, 4.0%, 10/1/45 5,675,964
94,633 Fannie Mae, 4.0%, 11/1/45 98,986
3,887,492 Fannie Mae, 4.0%, 11/1/45 4,066,321
8,891,312 Fannie Mae, 4.0%, 11/1/45 9,396,626
6,129,283 Fannie Mae, 4.0%, 12/1/45 6,412,343
2,568,127 Fannie Mae, 4.0%, 1/1/46 2,686,223
6,694,748 Fannie Mae, 4.0%, 2/1/46 7,009,481
1,712,554 Fannie Mae, 4.0%, 4/1/46 1,791,650
6,198,286 Fannie Mae, 4.0%, 6/1/46 6,484,041
6,256,567 Fannie Mae, 4.0%, 7/1/46 6,545,307
8,813,604 Fannie Mae, 4.0%, 7/1/46 9,219,764
5,030,128 Fannie Mae, 4.0%, 8/1/46 5,262,354
6,207,096 Fannie Mae, 4.0%, 8/1/46 6,493,603
1,648,134 Fannie Mae, 4.0%, 11/1/46 1,724,405
13,892,346 Fannie Mae, 4.0%, 1/1/47 14,543,292
565,303 Fannie Mae, 4.0%, 2/1/47 596,432
3,405,656 Fannie Mae, 4.0%, 4/1/47 3,584,982
3,458,706 Fannie Mae, 4.0%, 4/1/47 3,619,614
5,234,813 Fannie Mae, 4.0%, 4/1/47 5,510,460
581,200 Fannie Mae, 4.0%, 6/1/47 612,019
2,107,039 Fannie Mae, 4.0%, 6/1/47 2,218,768
3,357,901 Fannie Mae, 4.0%, 6/1/47 3,514,294
5,329,146 Fannie Mae, 4.0%, 6/1/47 5,577,625
9,166,808 Fannie Mae, 4.0%, 6/1/47 9,594,694
2,919,853 Fannie Mae, 4.0%, 7/1/47 3,074,684
3,379,651 Fannie Mae, 4.0%, 7/1/47 3,537,231
2,896,426 Fannie Mae, 4.0%, 8/1/47 3,031,473
5,391,983 Fannie Mae, 4.0%, 8/1/47 5,643,945
The accompanying notes are an integral part of these financial statements.
56 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
6,890,000 Fannie Mae, 4.0%, 12/1/47 $ 7,212,340
8,000,000 Fannie Mae, 4.0%, 1/1/48 (TBA) 8,365,911
10,228 Fannie Mae, 4.5%, 11/1/20 10,386
140,775 Fannie Mae, 4.5%, 11/1/20 143,694
215,826 Fannie Mae, 4.5%, 10/1/35 230,494
477,886 Fannie Mae, 4.5%, 8/1/40 512,304
885,468 Fannie Mae, 4.5%, 8/1/40 949,232
1,752,020 Fannie Mae, 4.5%, 11/1/40 1,878,372
170,084 Fannie Mae, 4.5%, 12/1/40 183,168
662,425 Fannie Mae, 4.5%, 2/1/41 710,172
1,560,592 Fannie Mae, 4.5%, 4/1/41 1,672,990
81,204 Fannie Mae, 4.5%, 5/1/41 87,051
2,019,779 Fannie Mae, 4.5%, 5/1/41 2,161,104
2,855,997 Fannie Mae, 4.5%, 5/1/41 3,062,420
3,541,583 Fannie Mae, 4.5%, 5/1/41 3,830,018
1,063,171 Fannie Mae, 4.5%, 7/1/41 1,139,990
1,157,200 Fannie Mae, 4.5%, 7/1/41 1,245,280
1,450,844 Fannie Mae, 4.5%, 7/1/41 1,552,697
3,938,774 Fannie Mae, 4.5%, 1/1/42 4,221,944
5,186,667 Fannie Mae, 4.5%, 1/1/42 5,560,172
605,317 Fannie Mae, 4.5%, 11/1/43 645,127
3,438,310 Fannie Mae, 4.5%, 12/1/43 3,710,797
4,892,612 Fannie Mae, 4.5%, 12/1/43 5,209,460
7,539,690 Fannie Mae, 4.5%, 12/1/43 8,036,821
5,311,839 Fannie Mae, 4.5%, 1/1/44 5,657,644
3,072,430 Fannie Mae, 4.5%, 2/1/44 3,275,137
3,564,300 Fannie Mae, 4.5%, 2/1/44 3,797,768
6,327,949 Fannie Mae, 4.5%, 5/1/46 6,737,750
711,502 Fannie Mae, 4.5%, 1/1/47 758,107
567,148 Fannie Mae, 4.5%, 2/1/47 603,877
3,984,547 Fannie Mae, 4.5%, 2/1/47 4,257,636
7,128 Fannie Mae, 5.0%, 8/1/18 7,256
31,859 Fannie Mae, 5.0%, 1/1/20 32,479
76,615 Fannie Mae, 5.0%, 1/1/20 77,995
10,506 Fannie Mae, 5.0%, 2/1/20 10,695
120,470 Fannie Mae, 5.0%, 10/1/20 123,346
7,492 Fannie Mae, 5.0%, 2/1/22 7,747
103,140 Fannie Mae, 5.0%, 2/1/22 105,659
61,619 Fannie Mae, 5.0%, 3/1/23 64,665
240,825 Fannie Mae, 5.0%, 5/1/23 251,633
151,423 Fannie Mae, 5.0%, 7/1/34 159,764
173,511 Fannie Mae, 5.0%, 10/1/34 183,850
740,704 Fannie Mae, 5.0%, 2/1/39 804,561
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 57
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
564,238 Fannie Mae, 5.0%, 6/1/40 $ 609,045
629,753 Fannie Mae, 5.0%, 6/1/40 679,714
429,630 Fannie Mae, 5.0%, 7/1/40 463,484
674,765 Fannie Mae, 5.0%, 7/1/40 728,403
873,159 Fannie Mae, 5.0%, 7/1/40 942,099
725,562 Fannie Mae, 5.0%, 8/1/40 783,237
2,575,428 Fannie Mae, 5.0%, 2/1/41 2,774,259
10,746,834 Fannie Mae, 5.0%, 12/1/44 11,607,975
73,672 Fannie Mae, 5.5%, 9/1/19 74,666
16,122 Fannie Mae, 5.5%, 6/1/33 17,849
79,089 Fannie Mae, 5.5%, 7/1/33 87,656
521,398 Fannie Mae, 5.5%, 7/1/34 578,570
273,007 Fannie Mae, 5.5%, 3/1/36 301,406
137,349 Fannie Mae, 5.5%, 5/1/36 151,739
156,745 Fannie Mae, 5.5%, 6/1/36 173,504
51,365 Fannie Mae, 5.72%, 11/1/28 52,607
32,046 Fannie Mae, 5.72%, 6/1/29 32,388
24,414 Fannie Mae, 5.9%, 11/1/27 24,506
76,724 Fannie Mae, 5.9%, 4/1/28 79,463
835 Fannie Mae, 6.0%, 9/1/29 942
3,478 Fannie Mae, 6.0%, 1/1/32 3,932
15,364 Fannie Mae, 6.0%, 2/1/32 17,382
4,955 Fannie Mae, 6.0%, 3/1/32 5,598
3,253 Fannie Mae, 6.0%, 8/1/32 3,680
392 Fannie Mae, 6.0%, 9/1/32 443
44,752 Fannie Mae, 6.0%, 10/1/32 50,671
6,308 Fannie Mae, 6.0%, 2/1/33 7,047
64,163 Fannie Mae, 6.0%, 3/1/33 72,671
63,880 Fannie Mae, 6.0%, 4/1/33 71,381
118,968 Fannie Mae, 6.0%, 7/1/33 132,915
135,790 Fannie Mae, 6.0%, 7/1/33 151,695
25,631 Fannie Mae, 6.0%, 11/1/33 29,082
111,522 Fannie Mae, 6.0%, 8/1/34 126,810
5,675 Fannie Mae, 6.0%, 9/1/34 6,376
23,849 Fannie Mae, 6.0%, 9/1/34 26,998
41,640 Fannie Mae, 6.0%, 9/1/34 47,245
90,409 Fannie Mae, 6.0%, 9/1/34 101,042
10,925 Fannie Mae, 6.0%, 10/1/34 12,369
9,778 Fannie Mae, 6.0%, 11/1/34 11,078
241,974 Fannie Mae, 6.0%, 11/1/34 274,158
3,510 Fannie Mae, 6.0%, 2/1/35 3,973
8,817 Fannie Mae, 6.0%, 2/1/35 10,011
The accompanying notes are an integral part of these financial statements.
58 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
157,645 Fannie Mae, 6.0%, 4/1/35 $ 179,124
19,928 Fannie Mae, 6.0%, 5/1/35 22,263
84,778 Fannie Mae, 6.0%, 10/1/35 94,751
194,268 Fannie Mae, 6.0%, 12/1/35 220,273
21,780 Fannie Mae, 6.0%, 12/1/37 24,449
261,252 Fannie Mae, 6.0%, 6/1/38 293,327
41,974 Fannie Mae, 6.0%, 7/1/38 47,242
6,590 Fannie Mae, 6.5%, 7/1/29 7,305
2,039 Fannie Mae, 6.5%, 1/1/31 2,260
1,913 Fannie Mae, 6.5%, 4/1/31 2,120
3,805 Fannie Mae, 6.5%, 5/1/31 4,217
67,382 Fannie Mae, 6.5%, 6/1/31 74,689
8,441 Fannie Mae, 6.5%, 8/1/31 9,356
3,436 Fannie Mae, 6.5%, 9/1/31 3,809
6,159 Fannie Mae, 6.5%, 9/1/31 6,827
3,400 Fannie Mae, 6.5%, 10/1/31 3,769
122,802 Fannie Mae, 6.5%, 12/1/31 136,119
4,544 Fannie Mae, 6.5%, 2/1/32 5,037
55,782 Fannie Mae, 6.5%, 3/1/32 61,832
89,688 Fannie Mae, 6.5%, 7/1/32 99,414
68,697 Fannie Mae, 6.5%, 10/1/32 76,147
28,256 Fannie Mae, 6.5%, 7/1/34 31,321
105,433 Fannie Mae, 6.5%, 11/1/37 119,553
23,248 Fannie Mae, 6.5%, 11/1/47 25,031
654 Fannie Mae, 7.0%, 12/1/30 682
6,634 Fannie Mae, 7.0%, 12/1/30 7,281
6,965 Fannie Mae, 7.0%, 4/1/31 8,148
8,412 Fannie Mae, 7.0%, 9/1/31 9,550
23,636 Fannie Mae, 7.0%, 12/1/31 24,820
15,498 Fannie Mae, 7.0%, 1/1/32 17,677
298,215 Federal Home Loan Mortgage Corp., 2.5%, 1/1/30 297,964
173,592 Federal Home Loan Mortgage Corp., 2.5%, 4/1/30 173,531
2,994,435 Federal Home Loan Mortgage Corp., 3.0%, 8/1/29 3,055,006
2,832,975 Federal Home Loan Mortgage Corp., 3.0%, 10/1/29 2,886,344
1,276,792 Federal Home Loan Mortgage Corp., 3.0%, 11/1/30 1,302,032
1,007,049 Federal Home Loan Mortgage Corp., 3.0%, 9/1/42 1,012,340
6,829,927 Federal Home Loan Mortgage Corp., 3.0%, 11/1/42 6,866,163
795,009 Federal Home Loan Mortgage Corp., 3.0%, 2/1/43 799,022
2,035,348 Federal Home Loan Mortgage Corp., 3.0%, 2/1/43 2,046,883
2,391,484 Federal Home Loan Mortgage Corp., 3.0%, 5/1/43 2,404,545
1,693,220 Federal Home Loan Mortgage Corp., 3.0%, 5/1/45 1,696,544
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 59
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
1,311,720 Federal Home Loan Mortgage Corp., 3.0%, 8/1/45 $ 1,313,280
5,144,676 Federal Home Loan Mortgage Corp., 3.0%, 6/1/46 5,161,757
4,163,875 Federal Home Loan Mortgage Corp., 3.0%, 9/1/46 4,169,639
1,339,557 Federal Home Loan Mortgage Corp., 3.0%, 12/1/46 1,344,004
2,216,710 Federal Home Loan Mortgage Corp., 3.0%, 12/1/46 2,219,322
5,965,056 Federal Home Loan Mortgage Corp., 3.0%, 2/1/47 5,972,394
828,082 Federal Home Loan Mortgage Corp., 3.0%, 3/1/47 828,929
367,150 Federal Home Loan Mortgage Corp., 3.0%, 7/1/47 367,450
270,305 Federal Home Loan Mortgage Corp., 3.5%, 3/1/26 279,387
1,552,327 Federal Home Loan Mortgage Corp., 3.5%, 11/1/28 1,613,032
1,638,040 Federal Home Loan Mortgage Corp., 3.5%, 4/1/42 1,690,143
2,836,227 Federal Home Loan Mortgage Corp., 3.5%, 8/1/43 2,926,757
7,036,158 Federal Home Loan Mortgage Corp., 3.5%, 7/1/44 7,252,650
807,690 Federal Home Loan Mortgage Corp., 3.5%, 8/1/44 832,308
609,122 Federal Home Loan Mortgage Corp., 3.5%, 9/1/44 629,438
2,452,006 Federal Home Loan Mortgage Corp., 3.5%, 10/1/44 2,525,323
117,715 Federal Home Loan Mortgage Corp., 3.5%, 11/1/44 121,093
6,513,745 Federal Home Loan Mortgage Corp., 3.5%, 12/1/44 6,702,861
3,184,233 Federal Home Loan Mortgage Corp., 3.5%, 3/1/45 3,274,921
787,982 Federal Home Loan Mortgage Corp., 3.5%, 4/1/45 810,414
7,815,365 Federal Home Loan Mortgage Corp., 3.5%, 6/1/45 8,076,293
226,103 Federal Home Loan Mortgage Corp., 3.5%, 7/1/45 233,957
6,747,687 Federal Home Loan Mortgage Corp., 3.5%, 10/1/45 6,972,978
7,577,628 Federal Home Loan Mortgage Corp., 3.5%, 10/1/45 7,793,211
7,843,797 Federal Home Loan Mortgage Corp., 3.5%, 11/1/45 8,078,736
4,115,956 Federal Home Loan Mortgage Corp., 3.5%, 3/1/46 4,233,117
6,746,238 Federal Home Loan Mortgage Corp., 3.5%, 5/1/46 6,938,287
6,823,854 Federal Home Loan Mortgage Corp., 3.5%, 7/1/46 7,068,042
9,718,354 Federal Home Loan Mortgage Corp., 3.5%, 8/1/46 10,040,468
10,219,828 Federal Home Loan Mortgage Corp., 3.5%, 8/1/46 10,539,193
11,865,978 Federal Home Loan Mortgage Corp., 3.5%, 8/1/46 12,245,048
3,884,004 Federal Home Loan Mortgage Corp., 3.5%, 12/1/46 3,994,641
11,359,038 Federal Home Loan Mortgage Corp., 3.5%, 12/1/46 11,734,854
2,318,564 Federal Home Loan Mortgage Corp., 3.5%, 1/1/47 2,384,615
721,005 Federal Home Loan Mortgage Corp., 3.5%, 6/1/47 743,540
1,956,283 Federal Home Loan Mortgage Corp., 3.5%, 6/1/47 2,012,016
4,137,542 Federal Home Loan Mortgage Corp., 3.5%, 6/1/47 4,255,419
9,634,887 Federal Home Loan Mortgage Corp., 3.5%, 7/1/47 9,909,386
8,761,462 Federal Home Loan Mortgage Corp., 3.5%, 8/1/47 9,011,074
10,731,489 Federal Home Loan Mortgage Corp., 3.5%, 10/1/47 11,037,232
3,709,494 Federal Home Loan Mortgage Corp., 3.5%, 11/1/47 3,815,173
The accompanying notes are an integral part of these financial statements.
60 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
5,182,469 Federal Home Loan Mortgage Corp., 3.5%, 11/1/47 $ 5,330,115
9,847,441 Federal Home Loan Mortgage Corp., 4.0%, 11/1/41 10,493,707
313,673 Federal Home Loan Mortgage Corp., 4.0%, 6/1/42 329,281
119,808 Federal Home Loan Mortgage Corp., 4.0%, 7/1/42 125,788
4,871,783 Federal Home Loan Mortgage Corp., 4.0%, 10/1/42 5,114,159
89,045 Federal Home Loan Mortgage Corp., 4.0%, 11/1/42 93,261
1,681,504 Federal Home Loan Mortgage Corp., 4.0%, 1/1/44 1,760,911
514,842 Federal Home Loan Mortgage Corp., 4.0%, 2/1/44 543,249
4,924,146 Federal Home Loan Mortgage Corp., 4.0%, 5/1/44 5,151,968
4,548,927 Federal Home Loan Mortgage Corp., 4.0%, 6/1/44 4,759,193
1,031,572 Federal Home Loan Mortgage Corp., 4.0%, 7/1/44 1,088,478
1,452,397 Federal Home Loan Mortgage Corp., 4.0%, 7/1/44 1,532,527
1,835,914 Federal Home Loan Mortgage Corp., 4.0%, 7/1/44 1,937,205
6,588,613 Federal Home Loan Mortgage Corp., 4.0%, 7/1/44 6,892,773
2,638,189 Federal Home Loan Mortgage Corp., 4.0%, 9/1/44 2,759,610
6,285,399 Federal Home Loan Mortgage Corp., 4.0%, 9/1/44 6,606,476
1,580,795 Federal Home Loan Mortgage Corp., 4.0%, 12/1/44 1,653,146
1,364,246 Federal Home Loan Mortgage Corp., 4.0%, 4/1/45 1,426,775
5,243,653 Federal Home Loan Mortgage Corp., 4.0%, 12/1/45 5,483,599
1,726,667 Federal Home Loan Mortgage Corp., 4.0%, 1/1/46 1,805,796
280,564 Federal Home Loan Mortgage Corp., 4.0%, 5/1/46 293,438
597,605 Federal Home Loan Mortgage Corp., 4.0%, 5/1/46 625,019
4,304,678 Federal Home Loan Mortgage Corp., 4.0%, 6/1/46 4,502,063
5,839,786 Federal Home Loan Mortgage Corp., 4.0%, 7/1/46 6,107,417
5,539,710 Federal Home Loan Mortgage Corp., 4.0%, 8/1/46 5,793,382
119,793 Federal Home Loan Mortgage Corp., 4.0%, 10/1/46 125,290
1,193,545 Federal Home Loan Mortgage Corp., 4.0%, 3/1/47 1,248,244
2,353,819 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 2,479,409
3,684,622 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 3,881,215
7,239,610 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 7,571,378
7,511,129 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 7,911,871
11,165,027 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 11,675,931
12,671,722 Federal Home Loan Mortgage Corp., 4.0%, 5/1/47 13,251,572
1,561,349 Federal Home Loan Mortgage Corp., 4.0%, 6/1/47 1,632,903
3,246,604 Federal Home Loan Mortgage Corp., 4.0%, 7/1/47 3,395,393
7,353,785 Federal Home Loan Mortgage Corp., 4.0%, 10/1/47 7,690,804
22,957,631 Federal Home Loan Mortgage Corp., 4.0%, 12/1/47 24,038,058
50,530 Federal Home Loan Mortgage Corp., 4.5%, 3/1/20 51,245
134,316 Federal Home Loan Mortgage Corp., 4.5%, 10/1/20 137,380
2,731,798 Federal Home Loan Mortgage Corp., 4.5%, 11/1/40 2,914,966
1,669,459 Federal Home Loan Mortgage Corp., 4.5%, 3/1/42 1,781,071
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 61
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
3,959,060 Federal Home Loan Mortgage Corp., 4.5%, 3/1/42 $ 4,224,230
152,976 Federal Home Loan Mortgage Corp., 4.5%, 11/1/43 162,688
7,709,498 Federal Home Loan Mortgage Corp., 4.5%, 5/1/47 8,195,567
315,567 Federal Home Loan Mortgage Corp., 5.0%, 10/1/20 322,557
11,013 Federal Home Loan Mortgage Corp., 5.0%, 12/1/21 11,400
10,617 Federal Home Loan Mortgage Corp., 5.0%, 11/1/34 11,518
160,586 Federal Home Loan Mortgage Corp., 5.0%, 6/1/35 172,563
301,075 Federal Home Loan Mortgage Corp., 5.0%, 9/1/38 327,770
291,780 Federal Home Loan Mortgage Corp., 5.0%, 10/1/38 317,659
37,532 Federal Home Loan Mortgage Corp., 5.5%, 12/1/18 37,808
189,894 Federal Home Loan Mortgage Corp., 5.5%, 9/1/33 210,586
9,577 Federal Home Loan Mortgage Corp., 5.5%, 1/1/34 10,613
10,119 Federal Home Loan Mortgage Corp., 5.5%, 11/1/34 11,053
91,694 Federal Home Loan Mortgage Corp., 5.5%, 11/1/34 101,971
92,879 Federal Home Loan Mortgage Corp., 5.5%, 8/1/35 102,813
19,105 Federal Home Loan Mortgage Corp., 5.5%, 11/1/35 20,982
1,001,022 Federal Home Loan Mortgage Corp., 5.5%, 6/1/41 1,105,715
1,601 Federal Home Loan Mortgage Corp., 6.0%, 8/1/18 1,788
45,679 Federal Home Loan Mortgage Corp., 6.0%, 1/1/33 51,023
78,963 Federal Home Loan Mortgage Corp., 6.0%, 1/1/33 89,032
4,064 Federal Home Loan Mortgage Corp., 6.0%, 2/1/33 4,586
43,812 Federal Home Loan Mortgage Corp., 6.0%, 2/1/33 49,668
35,487 Federal Home Loan Mortgage Corp., 6.0%, 3/1/33 39,639
134,627 Federal Home Loan Mortgage Corp., 6.0%, 3/1/33 152,467
92,497 Federal Home Loan Mortgage Corp., 6.0%, 9/1/33 104,418
15,541 Federal Home Loan Mortgage Corp., 6.0%, 11/1/33 17,594
32,486 Federal Home Loan Mortgage Corp., 6.0%, 11/1/33 36,421
8,741 Federal Home Loan Mortgage Corp., 6.0%, 12/1/33 9,763
117,613 Federal Home Loan Mortgage Corp., 6.0%, 12/1/33 131,374
26,400 Federal Home Loan Mortgage Corp., 6.0%, 1/1/34 29,803
34,948 Federal Home Loan Mortgage Corp., 6.0%, 1/1/34 39,037
139,081 Federal Home Loan Mortgage Corp., 6.0%, 5/1/34 155,808
380,426 Federal Home Loan Mortgage Corp., 6.0%, 5/1/34 428,899
92,135 Federal Home Loan Mortgage Corp., 6.0%, 8/1/34 103,787
15,496 Federal Home Loan Mortgage Corp., 6.0%, 4/1/35 17,309
46,577 Federal Home Loan Mortgage Corp., 6.0%, 6/1/35 52,026
106,291 Federal Home Loan Mortgage Corp., 6.0%, 6/1/35 118,726
99,544 Federal Home Loan Mortgage Corp., 6.0%, 4/1/36 111,282
10,186 Federal Home Loan Mortgage Corp., 6.0%, 7/1/36 11,422
33,314 Federal Home Loan Mortgage Corp., 6.0%, 7/1/36 37,211
33,503 Federal Home Loan Mortgage Corp., 6.0%, 12/1/36 37,804
62,211 Federal Home Loan Mortgage Corp., 6.0%, 1/1/38 69,722
The accompanying notes are an integral part of these financial statements.
62 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
56,029 Federal Home Loan Mortgage Corp., 6.0%, 7/1/38 $ 62,585
318 Federal Home Loan Mortgage Corp., 6.5%, 11/1/30 353
153 Federal Home Loan Mortgage Corp., 6.5%, 1/1/31 170
465 Federal Home Loan Mortgage Corp., 6.5%, 3/1/31 515
4,815 Federal Home Loan Mortgage Corp., 6.5%, 3/1/31 5,334
5,052 Federal Home Loan Mortgage Corp., 6.5%, 5/1/31 5,596
6,361 Federal Home Loan Mortgage Corp., 6.5%, 5/1/31 7,046
594 Federal Home Loan Mortgage Corp., 6.5%, 8/1/31 658
3,886 Federal Home Loan Mortgage Corp., 6.5%, 8/1/31 4,305
169 Federal Home Loan Mortgage Corp., 6.5%, 6/1/32 187
9,545 Federal Home Loan Mortgage Corp., 6.5%, 7/1/32 10,722
192 Federal Home Loan Mortgage Corp., 6.5%, 1/1/33 212
3,316 Federal Home Loan Mortgage Corp., 6.5%, 2/1/33 3,673
37,373 Federal Home Loan Mortgage Corp., 6.5%, 10/1/33 43,058
10,339 Federal Home Loan Mortgage Corp., 7.0%, 8/1/22 10,362
75,006 Federal Home Loan Mortgage Corp., 7.0%, 9/1/22 78,578
2,330 Federal Home Loan Mortgage Corp., 7.0%, 11/1/30 2,667
2,571 Federal Home Loan Mortgage Corp., 7.0%, 6/1/31 2,576
73,810 Federal Home Loan Mortgage Corp., 7.0%, 10/1/46 79,944
8,731,889 Government National Mortgage Association I,
3.5%, 11/15/41 9,055,816
6,836,663 Government National Mortgage Association I,
3.5%, 7/15/42 7,077,037
1,538,788 Government National Mortgage Association I,
3.5%, 10/15/42 1,598,937
805,790 Government National Mortgage Association I,
3.5%, 1/15/44 836,631
10,815,377 Government National Mortgage Association I,
3.5%, 1/15/45 11,192,083
2,821,922 Government National Mortgage Association I,
3.5%, 8/15/46 2,920,562
7,662 Government National Mortgage Association I,
4.0%, 5/15/39 8,003
4,010 Government National Mortgage Association I,
4.0%, 6/15/39 4,187
6,704 Government National Mortgage Association I,
4.0%, 8/15/40 7,016
225,846 Government National Mortgage Association I,
4.0%, 8/15/40 235,836
6,302 Government National Mortgage Association I,
4.0%, 9/15/40 6,613
96,672 Government National Mortgage Association I,
4.0%, 9/15/40 100,994
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 63
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
6,330 Government National Mortgage Association I,
4.0%, 10/15/40 $ 6,641
11,613 Government National Mortgage Association I,
4.0%, 11/15/40 12,132
36,727 Government National Mortgage Association I,
4.0%, 11/15/40 38,462
20,853 Government National Mortgage Association I,
4.0%, 1/15/41 21,878
67,392 Government National Mortgage Association I,
4.0%, 1/15/41 70,537
9,115 Government National Mortgage Association I,
4.0%, 2/15/41 9,565
53,326 Government National Mortgage Association I,
4.0%, 6/15/41 55,954
141,418 Government National Mortgage Association I,
4.0%, 7/15/41 148,356
2,562 Government National Mortgage Association I,
4.0%, 9/15/41 2,676
399,136 Government National Mortgage Association I,
4.0%, 9/15/41 418,846
5,504 Government National Mortgage Association I,
4.0%, 10/15/41 5,748
6,877 Government National Mortgage Association I,
4.0%, 10/15/41 7,199
3,439 Government National Mortgage Association I,
4.0%, 11/15/41 3,591
4,891 Government National Mortgage Association I,
4.0%, 11/15/41 5,120
6,296 Government National Mortgage Association I,
4.0%, 12/15/41 6,606
25,895 Government National Mortgage Association I,
4.0%, 2/15/42 27,167
213,249 Government National Mortgage Association I,
4.0%, 2/15/42 222,734
1,137,905 Government National Mortgage Association I,
4.0%, 8/15/43 1,191,217
25,599 Government National Mortgage Association I,
4.0%, 11/15/43 26,819
12,544 Government National Mortgage Association I,
4.0%, 3/15/44 13,101
247,633 Government National Mortgage Association I,
4.0%, 3/15/44 258,646
913,188 Government National Mortgage Association I,
4.0%, 3/15/44 953,596
4,083,975 Government National Mortgage Association I,
4.0%, 3/15/44 4,265,395
The accompanying notes are an integral part of these financial statements.
64 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
9,457 Government National Mortgage Association I,
4.0%, 4/15/44 $ 9,875
27,383 Government National Mortgage Association I,
4.0%, 4/15/44 28,594
2,554,550 Government National Mortgage Association I,
4.0%, 4/15/44 2,668,108
376,474 Government National Mortgage Association I,
4.0%, 8/15/44 393,184
64,237 Government National Mortgage Association I,
4.0%, 9/15/44 67,080
271,290 Government National Mortgage Association I,
4.0%, 9/15/44 283,294
286,837 Government National Mortgage Association I,
4.0%, 9/15/44 299,520
605,102 Government National Mortgage Association I,
4.0%, 9/15/44 631,875
2,623,913 Government National Mortgage Association I,
4.0%, 9/15/44 2,740,022
139,793 Government National Mortgage Association I,
4.0%, 10/15/44 146,061
475,635 Government National Mortgage Association I,
4.0%, 11/15/44 496,683
2,120,460 Government National Mortgage Association I,
4.0%, 12/15/44 2,214,295
473,478 Government National Mortgage Association I,
4.0%, 1/15/45 497,366
1,136,312 Government National Mortgage Association I,
4.0%, 1/15/45 1,186,899
1,344,466 Government National Mortgage Association I,
4.0%, 1/15/45 1,404,282
2,005,707 Government National Mortgage Association I,
4.0%, 1/15/45 2,094,590
1,045,477 Government National Mortgage Association I,
4.0%, 2/15/45 1,091,740
1,566,079 Government National Mortgage Association I,
4.0%, 2/15/45 1,635,325
159,619 Government National Mortgage Association I,
4.0%, 3/15/45 166,731
1,710,293 Government National Mortgage Association I,
4.0%, 3/15/45 1,786,067
3,586,929 Government National Mortgage Association I,
4.0%, 4/15/45 3,746,762
1,860,400 Government National Mortgage Association I,
4.0%, 5/15/45 1,944,221
5,301,536 Government National Mortgage Association I,
4.0%, 6/15/45 5,536,282
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 65
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
763,595 Government National Mortgage Association I,
4.0%, 7/15/45 $ 797,941
673,347 Government National Mortgage Association I,
4.0%, 8/15/45 706,316
993 Government National Mortgage Association I,
4.5%, 4/15/18 1,002
7,031 Government National Mortgage Association I,
4.5%, 6/15/19 7,099
3,571 Government National Mortgage Association I,
4.5%, 8/15/19 3,625
8,391 Government National Mortgage Association I,
4.5%, 12/15/19 8,570
10,841 Government National Mortgage Association I,
4.5%, 4/15/20 11,100
201,344 Government National Mortgage Association I,
4.5%, 6/15/25 211,280
53,590 Government National Mortgage Association I,
4.5%, 7/15/33 56,734
176,078 Government National Mortgage Association I,
4.5%, 9/15/33 188,686
152,150 Government National Mortgage Association I,
4.5%, 10/15/33 160,259
165,392 Government National Mortgage Association I,
4.5%, 10/15/33 175,993
24,964 Government National Mortgage Association I,
4.5%, 2/15/34 26,285
15,812 Government National Mortgage Association I,
4.5%, 3/15/35 16,649
56,189 Government National Mortgage Association I,
4.5%, 3/15/35 59,159
20,490 Government National Mortgage Association I,
4.5%, 4/15/35 21,579
171,414 Government National Mortgage Association I,
4.5%, 4/15/35 182,251
13,743 Government National Mortgage Association I,
4.5%, 9/15/35 14,476
80,140 Government National Mortgage Association I,
4.5%, 10/15/35 84,408
59,496 Government National Mortgage Association I,
4.5%, 4/15/38 62,672
878,521 Government National Mortgage Association I,
4.5%, 12/15/39 930,571
357,022 Government National Mortgage Association I,
4.5%, 1/15/40 381,899
219,669 Government National Mortgage Association I,
4.5%, 9/15/40 234,712
The accompanying notes are an integral part of these financial statements.
66 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
922,210 Government National Mortgage Association I,
4.5%, 10/15/40 $ 974,606
424,870 Government National Mortgage Association I,
4.5%, 4/15/41 447,696
916,011 Government National Mortgage Association I,
4.5%, 5/15/41 975,596
868,384 Government National Mortgage Association I,
4.5%, 6/15/41 924,892
311,740 Government National Mortgage Association I,
4.5%, 7/15/41 332,122
886,114 Government National Mortgage Association I,
4.5%, 8/15/41 943,611
13,827 Government National Mortgage Association I,
5.0%, 10/15/18 13,986
12,174 Government National Mortgage Association I,
5.0%, 2/15/19 12,358
341 Government National Mortgage Association I,
5.0%, 7/15/19 358
23,488 Government National Mortgage Association I,
5.0%, 7/15/19 23,955
67,453 Government National Mortgage Association I,
5.0%, 7/15/33 73,468
64,206 Government National Mortgage Association I,
5.0%, 9/15/33 70,327
79,481 Government National Mortgage Association I,
5.0%, 4/15/34 86,226
387,635 Government National Mortgage Association I,
5.0%, 4/15/35 426,359
184,597 Government National Mortgage Association I,
5.0%, 7/15/40 199,800
2,104 Government National Mortgage Association I,
5.5%, 2/15/18 2,105
1,973 Government National Mortgage Association I,
5.5%, 6/15/18 1,975
7,922 Government National Mortgage Association I,
5.5%, 11/15/18 7,966
2,874 Government National Mortgage Association I,
5.5%, 12/15/18 2,888
539 Government National Mortgage Association I,
5.5%, 4/15/19 542
2,125 Government National Mortgage Association I,
5.5%, 4/15/19 2,132
16,112 Government National Mortgage Association I,
5.5%, 8/15/19 16,175
31,406 Government National Mortgage Association I,
5.5%, 8/15/19 31,683
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 67
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
49,846 Government National Mortgage Association I,
5.5%, 9/15/19 $ 50,477
14,344 Government National Mortgage Association I,
5.5%, 10/15/19 14,546
91,317 Government National Mortgage Association I,
5.5%, 11/15/19 92,611
48,509 Government National Mortgage Association I,
5.5%, 1/15/29 53,204
11,663 Government National Mortgage Association I,
5.5%, 6/15/33 12,951
61,553 Government National Mortgage Association I,
5.5%, 7/15/33 68,365
64,701 Government National Mortgage Association I,
5.5%, 7/15/33 71,886
17,370 Government National Mortgage Association I,
5.5%, 8/15/33 19,294
28,682 Government National Mortgage Association I,
5.5%, 8/15/33 31,847
123,940 Government National Mortgage Association I,
5.5%, 8/15/33 136,740
50,095 Government National Mortgage Association I,
5.5%, 9/15/33 54,987
94,940 Government National Mortgage Association I,
5.5%, 9/15/33 104,934
53,565 Government National Mortgage Association I,
5.5%, 10/15/33 59,443
57,105 Government National Mortgage Association I,
5.5%, 10/15/33 63,350
305,563 Government National Mortgage Association I,
5.5%, 7/15/34 339,264
27,107 Government National Mortgage Association I,
5.5%, 10/15/34 30,088
342,914 Government National Mortgage Association I,
5.5%, 11/15/34 380,682
105,305 Government National Mortgage Association I,
5.5%, 1/15/35 116,582
25,655 Government National Mortgage Association I,
5.5%, 2/15/35 28,362
37,743 Government National Mortgage Association I,
5.5%, 2/15/35 41,396
64,002 Government National Mortgage Association I,
5.5%, 6/15/35 70,196
414,114 Government National Mortgage Association I,
5.5%, 7/15/35 473,414
59,521 Government National Mortgage Association I,
5.5%, 10/15/35 65,808
The accompanying notes are an integral part of these financial statements.
68 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
142,178 Government National Mortgage Association I,
5.5%, 10/15/35 $ 157,257
34,436 Government National Mortgage Association I,
5.5%, 2/15/37 38,108
12,538 Government National Mortgage Association I,
5.72%, 4/15/29 13,840
3,162 Government National Mortgage Association I,
6.0%, 1/15/19 3,174
13,316 Government National Mortgage Association I,
6.0%, 3/15/19 13,305
20,808 Government National Mortgage Association I,
6.0%, 9/15/19 20,914
108,345 Government National Mortgage Association I,
6.0%, 12/15/23 112,486
10,073 Government National Mortgage Association I,
6.0%, 1/15/24 11,262
34,999 Government National Mortgage Association I,
6.0%, 4/15/28 39,420
166,311 Government National Mortgage Association I,
6.0%, 9/15/28 189,767
6,769 Government National Mortgage Association I,
6.0%, 10/15/28 7,568
58,231 Government National Mortgage Association I,
6.0%, 2/15/29 66,248
79,216 Government National Mortgage Association I,
6.0%, 2/15/29 90,379
54,449 Government National Mortgage Association I,
6.0%, 6/15/31 60,875
21,245 Government National Mortgage Association I,
6.0%, 11/15/31 23,884
1,469 Government National Mortgage Association I,
6.0%, 3/15/32 1,662
5,887 Government National Mortgage Association I,
6.0%, 8/15/32 6,648
57,081 Government National Mortgage Association I,
6.0%, 9/15/32 63,827
89,158 Government National Mortgage Association I,
6.0%, 9/15/32 99,680
177,215 Government National Mortgage Association I,
6.0%, 9/15/32 198,130
10,780 Government National Mortgage Association I,
6.0%, 10/15/32 12,052
33,786 Government National Mortgage Association I,
6.0%, 10/15/32 37,773
34,380 Government National Mortgage Association I,
6.0%, 10/15/32 38,726
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 69
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
6,338 Government National Mortgage Association I,
6.0%, 11/15/32 $ 7,085
6,894 Government National Mortgage Association I,
6.0%, 11/15/32 7,708
8,347 Government National Mortgage Association I,
6.0%, 12/15/32 9,335
9,653 Government National Mortgage Association I,
6.0%, 12/15/32 10,807
65,578 Government National Mortgage Association I,
6.0%, 12/15/32 73,317
133,130 Government National Mortgage Association I,
6.0%, 12/15/32 148,842
192,345 Government National Mortgage Association I,
6.0%, 12/15/32 215,046
211,257 Government National Mortgage Association I,
6.0%, 12/15/32 236,190
334,138 Government National Mortgage Association I,
6.0%, 12/15/32 374,478
33,593 Government National Mortgage Association I,
6.0%, 1/15/33 37,976
34,111 Government National Mortgage Association I,
6.0%, 1/15/33 38,136
136,592 Government National Mortgage Association I,
6.0%, 1/15/33 155,725
26,738 Government National Mortgage Association I,
6.0%, 2/15/33 30,061
68,219 Government National Mortgage Association I,
6.0%, 2/15/33 76,270
74,300 Government National Mortgage Association I,
6.0%, 2/15/33 83,780
121,908 Government National Mortgage Association I,
6.0%, 2/15/33 140,318
42,028 Government National Mortgage Association I,
6.0%, 3/15/33 47,446
50,865 Government National Mortgage Association I,
6.0%, 3/15/33 56,868
88,479 Government National Mortgage Association I,
6.0%, 3/15/33 100,033
92,216 Government National Mortgage Association I,
6.0%, 3/15/33 103,099
97,251 Government National Mortgage Association I,
6.0%, 3/15/33 109,754
107,048 Government National Mortgage Association I,
6.0%, 3/15/33 120,483
208,857 Government National Mortgage Association I,
6.0%, 3/15/33 235,807
The accompanying notes are an integral part of these financial statements.
70 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
327,229 Government National Mortgage Association I,
6.0%, 3/15/33 $ 370,128
16,078 Government National Mortgage Association I,
6.0%, 4/15/33 17,975
30,479 Government National Mortgage Association I,
6.0%, 4/15/33 34,076
36,152 Government National Mortgage Association I,
6.0%, 4/15/33 40,418
18,048 Government National Mortgage Association I,
6.0%, 5/15/33 20,178
124,951 Government National Mortgage Association I,
6.0%, 5/15/33 139,984
9,936 Government National Mortgage Association I,
6.0%, 6/15/33 11,236
13,277 Government National Mortgage Association I,
6.0%, 9/15/33 14,870
15,295 Government National Mortgage Association I,
6.0%, 9/15/33 17,100
47,402 Government National Mortgage Association I,
6.0%, 9/15/33 53,624
38,678 Government National Mortgage Association I,
6.0%, 10/15/33 43,675
95,689 Government National Mortgage Association I,
6.0%, 11/15/33 106,983
174,739 Government National Mortgage Association I,
6.0%, 3/15/34 202,984
58,113 Government National Mortgage Association I,
6.0%, 6/15/34 65,710
32,619 Government National Mortgage Association I,
6.0%, 8/15/34 36,751
44,744 Government National Mortgage Association I,
6.0%, 8/15/34 50,024
25,872 Government National Mortgage Association I,
6.0%, 9/15/34 29,254
37,419 Government National Mortgage Association I,
6.0%, 9/15/34 41,836
134,592 Government National Mortgage Association I,
6.0%, 9/15/34 152,190
62,627 Government National Mortgage Association I,
6.0%, 10/15/34 70,018
79,915 Government National Mortgage Association I,
6.0%, 10/15/34 89,840
163,660 Government National Mortgage Association I,
6.0%, 10/15/34 182,975
99,702 Government National Mortgage Association I,
6.0%, 11/15/34 113,221
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 71
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
750,632 Government National Mortgage Association I,
6.0%, 9/15/35 $ 858,498
198,432 Government National Mortgage Association I,
6.0%, 8/15/36 223,386
121,895 Government National Mortgage Association I,
6.0%, 10/15/36 137,489
36,483 Government National Mortgage Association I,
6.0%, 11/15/37 40,796
42,583 Government National Mortgage Association I,
6.0%, 8/15/38 47,608
19,215 Government National Mortgage Association I,
6.5%, 10/15/24 21,035
6,737 Government National Mortgage Association I,
6.5%, 2/15/28 7,474
7,630 Government National Mortgage Association I,
6.5%, 4/15/28 8,465
35,220 Government National Mortgage Association I,
6.5%, 4/15/28 39,073
7,704 Government National Mortgage Association I,
6.5%, 6/15/28 8,744
6,519 Government National Mortgage Association I,
6.5%, 8/15/28 7,233
3,768 Government National Mortgage Association I,
6.5%, 10/15/28 4,180
15,148 Government National Mortgage Association I,
6.5%, 10/15/28 16,805
22,054 Government National Mortgage Association I,
6.5%, 1/15/29 24,467
1,020 Government National Mortgage Association I,
6.5%, 2/15/29 1,131
5,740 Government National Mortgage Association I,
6.5%, 2/15/29 6,368
16,123 Government National Mortgage Association I,
6.5%, 2/15/29 17,887
7,194 Government National Mortgage Association I,
6.5%, 3/15/29 7,982
8,796 Government National Mortgage Association I,
6.5%, 3/15/29 9,759
12,435 Government National Mortgage Association I,
6.5%, 3/15/29 13,796
54,684 Government National Mortgage Association I,
6.5%, 3/15/29 60,667
76,037 Government National Mortgage Association I,
6.5%, 3/15/29 84,356
2,564 Government National Mortgage Association I,
6.5%, 5/15/29 2,845
The accompanying notes are an integral part of these financial statements.
72 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
3,677 Government National Mortgage Association I,
6.5%, 5/15/29 $ 4,079
54,372 Government National Mortgage Association I,
6.5%, 5/15/29 61,859
24,294 Government National Mortgage Association I,
6.5%, 6/15/29 26,952
4,900 Government National Mortgage Association I,
6.5%, 3/15/31 5,436
61,099 Government National Mortgage Association I,
6.5%, 4/15/31 70,624
13,843 Government National Mortgage Association I,
6.5%, 5/15/31 15,829
15,005 Government National Mortgage Association I,
6.5%, 5/15/31 17,318
37,483 Government National Mortgage Association I,
6.5%, 5/15/31 41,585
6,094 Government National Mortgage Association I,
6.5%, 6/15/31 6,761
18,014 Government National Mortgage Association I,
6.5%, 7/15/31 19,985
48,085 Government National Mortgage Association I,
6.5%, 8/15/31 53,347
17,698 Government National Mortgage Association I,
6.5%, 9/15/31 19,635
4,845 Government National Mortgage Association I,
6.5%, 10/15/31 5,375
19,520 Government National Mortgage Association I,
6.5%, 10/15/31 21,656
64,992 Government National Mortgage Association I,
6.5%, 10/15/31 72,103
3,902 Government National Mortgage Association I,
6.5%, 11/15/31 4,329
42,531 Government National Mortgage Association I,
6.5%, 11/15/31 47,185
18,499 Government National Mortgage Association I,
6.5%, 1/15/32 20,523
80,482 Government National Mortgage Association I,
6.5%, 1/15/32 90,336
8,084 Government National Mortgage Association I,
6.5%, 2/15/32 8,969
13,454 Government National Mortgage Association I,
6.5%, 2/15/32 15,025
17,696 Government National Mortgage Association I,
6.5%, 2/15/32 20,567
19,833 Government National Mortgage Association I,
6.5%, 2/15/32 22,003
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 73
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
31,948 Government National Mortgage Association I,
6.5%, 2/15/32 $ 36,658
15,137 Government National Mortgage Association I,
6.5%, 3/15/32 16,794
78,656 Government National Mortgage Association I,
6.5%, 3/15/32 87,262
4,976 Government National Mortgage Association I,
6.5%, 4/15/32 5,520
9,069 Government National Mortgage Association I,
6.5%, 4/15/32 10,062
10,117 Government National Mortgage Association I,
6.5%, 4/15/32 11,224
61,261 Government National Mortgage Association I,
6.5%, 4/15/32 70,739
4,389 Government National Mortgage Association I,
6.5%, 5/15/32 4,869
5,459 Government National Mortgage Association I,
6.5%, 5/15/32 6,056
9,981 Government National Mortgage Association I,
6.5%, 5/15/32 11,310
10,890 Government National Mortgage Association I,
6.5%, 5/15/32 12,081
9,941 Government National Mortgage Association I,
6.5%, 6/15/32 11,028
11,379 Government National Mortgage Association I,
6.5%, 6/15/32 12,623
12,860 Government National Mortgage Association I,
6.5%, 6/15/32 14,267
8,600 Government National Mortgage Association I,
6.5%, 7/15/32 9,541
9,790 Government National Mortgage Association I,
6.5%, 7/15/32 10,861
10,403 Government National Mortgage Association I,
6.5%, 7/15/32 11,541
112,965 Government National Mortgage Association I,
6.5%, 7/15/32 131,375
3,696 Government National Mortgage Association I,
6.5%, 8/15/32 4,101
36,747 Government National Mortgage Association I,
6.5%, 8/15/32 42,769
43,456 Government National Mortgage Association I,
6.5%, 8/15/32 48,210
15,355 Government National Mortgage Association I,
6.5%, 9/15/32 17,035
38,258 Government National Mortgage Association I,
6.5%, 9/15/32 42,444
The accompanying notes are an integral part of these financial statements.
74 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
40,998 Government National Mortgage Association I,
6.5%, 9/15/32 $ 45,483
72,093 Government National Mortgage Association I,
6.5%, 10/15/32 79,981
46,651 Government National Mortgage Association I,
6.5%, 11/15/32 53,978
290,203 Government National Mortgage Association I,
6.5%, 12/15/32 336,736
3,041 Government National Mortgage Association I,
6.5%, 1/15/33 3,473
311,197 Government National Mortgage Association I,
6.5%, 1/15/33 361,843
30,244 Government National Mortgage Association I,
6.5%, 5/15/33 33,553
1,602 Government National Mortgage Association I,
6.5%, 10/15/33 1,778
5,762 Government National Mortgage Association I,
6.5%, 2/15/34 6,392
108,485 Government National Mortgage Association I,
6.5%, 6/15/34 120,355
3,919 Government National Mortgage Association I,
6.5%, 9/15/34 4,348
419 Government National Mortgage Association I,
6.5%, 1/15/35 438
39,393 Government National Mortgage Association I,
6.5%, 4/15/35 43,703
6,343 Government National Mortgage Association I,
6.5%, 6/15/35 7,037
17,796 Government National Mortgage Association I,
6.5%, 7/15/35 19,743
62,927 Government National Mortgage Association I,
6.5%, 7/15/35 69,813
3,874 Government National Mortgage Association I,
6.75%, 4/15/26 4,298
16,403 Government National Mortgage Association I,
7.0%, 8/15/23 17,284
49,613 Government National Mortgage Association I,
7.0%, 9/15/24 54,348
20,071 Government National Mortgage Association I,
7.0%, 7/15/25 21,843
7,593 Government National Mortgage Association I,
7.0%, 11/15/26 8,449
17,397 Government National Mortgage Association I,
7.0%, 6/15/27 19,648
16,896 Government National Mortgage Association I,
7.0%, 1/15/28 18,262
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 75
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
16,244 Government National Mortgage Association I,
7.0%, 2/15/28 $ 17,352
12,349 Government National Mortgage Association I,
7.0%, 3/15/28 12,643
5,839 Government National Mortgage Association I,
7.0%, 4/15/28 5,908
15,192 Government National Mortgage Association I,
7.0%, 7/15/28 16,683
1,255 Government National Mortgage Association I,
7.0%, 8/15/28 1,395
13,666 Government National Mortgage Association I,
7.0%, 11/15/28 15,788
40,020 Government National Mortgage Association I,
7.0%, 11/15/28 45,796
21,829 Government National Mortgage Association I,
7.0%, 4/15/29 22,436
24,832 Government National Mortgage Association I,
7.0%, 4/15/29 26,650
22,343 Government National Mortgage Association I,
7.0%, 5/15/29 22,739
3,873 Government National Mortgage Association I,
7.0%, 6/15/29 3,882
10,388 Government National Mortgage Association I,
7.0%, 7/15/29 11,516
53,072 Government National Mortgage Association I,
7.0%, 11/15/29 57,722
1,965 Government National Mortgage Association I,
7.0%, 12/15/30 1,999
9,664 Government National Mortgage Association I,
7.0%, 12/15/30 10,450
32,681 Government National Mortgage Association I,
7.0%, 12/15/30 38,008
37,494 Government National Mortgage Association I,
7.0%, 12/15/30 38,087
41,848 Government National Mortgage Association I,
7.0%, 1/15/31 42,376
10,082 Government National Mortgage Association I,
7.0%, 3/15/31 10,519
25,195 Government National Mortgage Association I,
7.0%, 6/15/31 29,591
2,862 Government National Mortgage Association I,
7.0%, 7/15/31 3,365
140,703 Government National Mortgage Association I,
7.0%, 8/15/31 165,997
12,027 Government National Mortgage Association I,
7.0%, 9/15/31 12,601
The accompanying notes are an integral part of these financial statements.
76 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
29,702 Government National Mortgage Association I,
7.0%, 9/15/31 $ 32,359
7,969 Government National Mortgage Association I,
7.0%, 11/15/31 8,295
50,848 Government National Mortgage Association I,
7.0%, 3/15/32 55,315
43,963 Government National Mortgage Association I,
7.0%, 4/15/32 48,128
73,467 Government National Mortgage Association I,
7.0%, 5/15/32 85,030
6,860 Government National Mortgage Association I,
7.5%, 3/15/23 7,237
27,208 Government National Mortgage Association I,
7.5%, 10/15/23 29,056
1,375 Government National Mortgage Association I,
7.5%, 6/15/24 1,405
9,318 Government National Mortgage Association I,
7.5%, 8/15/25 9,477
355 Government National Mortgage Association I,
7.5%, 9/15/25 355
4,489 Government National Mortgage Association I,
7.5%, 9/15/25 4,840
3,736 Government National Mortgage Association I,
7.5%, 12/15/25 3,836
1,576 Government National Mortgage Association I,
7.5%, 2/15/26 1,625
10,118 Government National Mortgage Association I,
7.5%, 2/15/27 10,887
29,555 Government National Mortgage Association I,
7.5%, 3/15/27 34,184
42,675 Government National Mortgage Association I,
7.5%, 10/15/27 47,003
15,301 Government National Mortgage Association I,
7.5%, 6/15/29 16,790
800 Government National Mortgage Association I,
7.5%, 8/15/29 802
2,673 Government National Mortgage Association I,
7.5%, 8/15/29 2,718
16,557 Government National Mortgage Association I,
7.5%, 8/15/29 17,241
17,552 Government National Mortgage Association I,
7.5%, 9/15/29 17,601
5,724 Government National Mortgage Association I,
7.5%, 10/15/29 5,926
8,393 Government National Mortgage Association I,
7.5%, 10/15/29 9,090
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 77
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
13,998 Government National Mortgage Association I,
7.5%, 2/15/31 $ 14,164
15,468 Government National Mortgage Association I,
7.5%, 2/15/31 15,914
7,091 Government National Mortgage Association I,
7.5%, 3/15/31 7,289
42,820 Government National Mortgage Association I,
7.5%, 12/15/31 44,613
2,156 Government National Mortgage Association I,
7.75%, 2/15/30 2,188
9,174 Government National Mortgage Association I,
8.25%, 5/15/20 9,424
1,387 Government National Mortgage Association I,
8.5%, 8/15/21 1,392
308 Government National Mortgage Association I,
9.0%, 12/15/19 312
2,640 Government National Mortgage Association I,
9.0%, 1/15/20 2,667
168 Government National Mortgage Association I,
9.0%, 9/15/21 170
1,641 Government National Mortgage Association I,
9.0%, 6/15/22 1,675
3,955,279 Government National Mortgage Association II,
3.0%, 8/20/46 3,995,011
718,424 Government National Mortgage Association II,
3.5%, 3/20/45 743,693
511,743 Government National Mortgage Association II,
3.5%, 4/20/45 530,270
981,026 Government National Mortgage Association II,
3.5%, 4/20/45 1,017,379
1,318,202 Government National Mortgage Association II,
3.5%, 4/20/45 1,367,468
3,789,490 Government National Mortgage Association II,
3.5%, 8/20/45 3,923,457
6,015,026 Government National Mortgage Association II,
3.5%, 1/20/46 6,226,752
1,659,804 Government National Mortgage Association II,
3.5%, 3/20/46 1,726,665
7,906,815 Government National Mortgage Association II,
4.0%, 7/20/44 8,303,847
213,755 Government National Mortgage Association II,
4.0%, 9/20/44 224,456
1,851,112 Government National Mortgage Association II,
4.0%, 10/20/44 1,943,641
7,205,397 Government National Mortgage Association II,
4.0%, 10/20/46 7,520,005
The accompanying notes are an integral part of these financial statements.
78 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
11,810,000 Government National Mortgage Association II,
4.0%, 12/20/47 $ 12,374,658
70,839 Government National Mortgage Association II,
4.5%, 12/20/34 74,916
244,670 Government National Mortgage Association II,
4.5%, 1/20/35 258,672
41,375 Government National Mortgage Association II,
4.5%, 3/20/35 43,752
1,219,292 Government National Mortgage Association II,
4.5%, 9/20/41 1,291,323
1,855,623 Government National Mortgage Association II,
4.5%, 10/20/44 1,960,495
3,879,322 Government National Mortgage Association II,
4.5%, 11/20/44 4,096,285
9,631,139 Government National Mortgage Association II,
4.5%, 8/20/47 10,161,315
20,245 Government National Mortgage Association II,
5.0%, 12/20/18 20,521
10,453 Government National Mortgage Association II,
5.0%, 2/20/19 10,598
10,797 Government National Mortgage Association II,
5.0%, 1/20/20 11,132
75,618 Government National Mortgage Association II,
5.5%, 10/20/19 76,641
173,854 Government National Mortgage Association II,
5.5%, 3/20/34 192,748
152,686 Government National Mortgage Association II,
5.5%, 4/20/34 169,300
128,316 Government National Mortgage Association II,
5.5%, 10/20/37 140,968
143,193 Government National Mortgage Association II,
5.75%, 6/20/33 156,513
38,161 Government National Mortgage Association II,
5.9%, 11/20/27 41,988
25,125 Government National Mortgage Association II,
5.9%, 1/20/28 27,644
69,670 Government National Mortgage Association II,
5.9%, 7/20/28 76,123
7,315 Government National Mortgage Association II,
6.0%, 12/20/18 7,336
6,058 Government National Mortgage Association II,
6.0%, 7/20/19 6,086
16,825 Government National Mortgage Association II,
6.0%, 10/20/31 18,972
80,510 Government National Mortgage Association II,
6.0%, 1/20/33 93,108
89,060 Government National Mortgage Association II,
6.0%, 10/20/33 101,105
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 79
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
50,339 Government National Mortgage Association II,
6.0%, 6/20/34 $ 57,123
47,005 Government National Mortgage Association II,
6.45%, 7/20/32 52,206
82,569 Government National Mortgage Association II,
6.45%, 1/20/33 91,710
21,006 Government National Mortgage Association II,
6.5%, 1/20/24 22,203
37,217 Government National Mortgage Association II,
6.5%, 8/20/28 42,327
1,803 Government National Mortgage Association II,
6.5%, 2/20/29 2,074
704 Government National Mortgage Association II,
6.5%, 3/20/29 804
22,380 Government National Mortgage Association II,
6.5%, 4/20/29 25,551
11,644 Government National Mortgage Association II,
6.5%, 4/20/31 13,491
8,408 Government National Mortgage Association II,
6.5%, 6/20/31 9,742
39,966 Government National Mortgage Association II,
6.5%, 10/20/32 46,447
55,032 Government National Mortgage Association II,
6.5%, 3/20/34 64,554
6,528 Government National Mortgage Association II,
7.0%, 5/20/26 7,255
17,331 Government National Mortgage Association II,
7.0%, 8/20/27 19,851
17,946 Government National Mortgage Association II,
7.0%, 6/20/28 20,686
58,566 Government National Mortgage Association II,
7.0%, 11/20/28 67,533
60,685 Government National Mortgage Association II,
7.0%, 1/20/29 70,316
6,229 Government National Mortgage Association II,
7.0%, 2/20/29 7,202
1,716 Government National Mortgage Association II,
7.0%, 12/20/30 1,988
9,222 Government National Mortgage Association II,
7.0%, 1/20/31 10,694
4,406 Government National Mortgage Association II,
7.0%, 3/20/31 5,071
23,538 Government National Mortgage Association II,
7.0%, 7/20/31 27,761
9,410 Government National Mortgage Association II,
7.0%, 11/20/31 11,075
The accompanying notes are an integral part of these financial statements.
80 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
9,267 Government National Mortgage Association II,
7.5%, 5/20/30 $ 11,004
2,917 Government National Mortgage Association II,
7.5%, 6/20/30 3,414
7,401 Government National Mortgage Association II,
7.5%, 7/20/30 8,537
10,316 Government National Mortgage Association II,
7.5%, 8/20/30 11,942
5,413 Government National Mortgage Association II,
7.5%, 12/20/30 6,395
32 Government National Mortgage Association II,
8.0%, 5/20/25 34
356 Government National Mortgage Association II,
9.0%, 9/20/21 357
2,016 Government National Mortgage Association II,
9.0%, 3/20/22 2,023
280 Government National Mortgage Association II,
9.0%, 4/20/22 281
2,226 Government National Mortgage Association II,
9.0%, 11/20/24 2,234
813,343 Tennessee Valley Authority, 4.929%, 1/15/21 862,662
19,808,000 U.S. Treasury Bonds, 2.75%, 8/15/47 19,832,760
14,040,000 U.S. Treasury Bonds, 4.5%, 2/15/36 18,074,855
64,042,927 U.S. Treasury Inflation Indexed Bonds,
0.75%, 2/15/45 64,364,056
31,012,541 U.S. Treasury Inflation Indexed Bonds,
0.875%, 2/15/47 32,226,560
73,105,630 U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/46 78,096,100
22,958,000 U.S. Treasury Notes, 2.25%, 8/15/27 22,635,153
----------------
$ 1,630,118,664
----------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $1,630,190,237) $ 1,630,118,664
----------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS --
0.2% of Net Assets
Kuwait -- 0.1%
5,880,000 Kuwait International Government Bond, 3.5%,
3/20/27 (144A) $ 5,971,798
----------------------------------------------------------------------------------------------------------
Nigeria -- 0.1%
4,550,000 Africa Finance Corp., 4.375%, 4/29/20 (144A) $ 4,675,125
----------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $10,354,703) $ 10,646,923
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 81
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 2.3% of Net Assets (j)
Municipal Development -- 0.1%
4,500,000(i) New Jersey Economic Development Authority,
Series B, 2/15/18 $ 4,489,560
----------------------------------------------------------------------------------------------------------
Municipal General -- 1.0%
2,350,000 Central Florida Expressway Authority, 5.0%, 7/1/38 $ 2,793,515
16,795,000(k) Commonwealth of Pennsylvania, 1St Series,
4.0%, 1/1/29 18,331,743
4,775,000 Illinois Finance Authority, Northwestern Memorial
Healthcare, 4.0%, 7/15/47 5,085,805
2,410,000 JEA Water & Sewer System Revenue, Series A,
4.0%, 10/1/35 2,629,262
2,435,000 JEA Water & Sewer System Revenue, Series A,
4.0%, 10/1/39 2,632,917
4,075,000 JobsOhio Beverage System, Ohio Taxable Senior
Lien, Series B, 3.985%, 1/1/29 4,319,907
1,035,000 JobsOhio Beverage System, Ohio Taxable Senior
Lien, Series B, 4.532%, 1/1/35 1,158,517
1,695,000 Massachusetts Development Finance Agency,
Partners Healthcare System, 4.0%, 7/1/36 1,819,209
2,910,000 Massachusetts Development Finance Agency,
Partners Healthcare System, 4.0%, 7/1/41 3,094,960
2,830,000 Virginia Commonwealth Transportation Board,
Transportation Capital Projects, 3.0%, 5/15/39 2,764,287
2,325,000 Virginia Commonwealth Transportation Board,
Transportation Capital Projects, 4.0%, 5/15/31 2,524,764
2,325,000 Virginia Commonwealth Transportation Board,
Transportation Capital Projects, 4.0%, 5/15/32 2,524,182
----------------
$ 49,679,068
----------------------------------------------------------------------------------------------------------
Municipal Higher Education -- 0.8%
525,000 Amherst College, 3.794%, 11/1/42 $ 530,548
1,025,000 Baylor University, Series A, 4.313%, 3/1/42 1,086,725
7,425,000 Massachusetts Development Finance Agency,
Harvard University, Series A, 5.0%, 7/15/40 10,035,927
7,300,000 New York State Dormitory Authority, Columbia
University, Series A-2, 5.0%, 10/1/46 10,275,334
16,810,000 University of California, Series AX, 3.063%, 7/1/25 16,993,061
3,100,000 University of Virginia, Revenue, Refunding General
Green, Series A-2, 5.0%, 4/1/45 3,626,194
----------------
$ 42,547,789
----------------------------------------------------------------------------------------------------------
Municipal Medical -- 0.1%
1,765,000 Ohio Higher Educational Facility Commission,
Cleveland Clinic Health, Series A 1, 5.0%, 1/1/42 $ 1,982,042
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
82 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
Municipal Obligation -- 0.1%
3,150,000(k) State of Texas, Transportation Commission Mobility
Fund, Series A, 4.0%, 10/1/44 $ 3,382,754
1,600,000(k) State of Washington, Series R-2015D, 5.0%, 7/1/30 1,896,944
----------------
$ 5,279,698
----------------------------------------------------------------------------------------------------------
Municipal School District -- 0.1%
2,800,000(k) Frisco Independent School District, Refunding
School Building, 4.0%, 8/15/40 $ 3,007,900
1,750,000(k) Frisco Independent School District, Refunding
School Building, 4.0%, 8/15/45 1,875,265
----------------
$ 4,883,165
----------------------------------------------------------------------------------------------------------
Municipal Transportation -- 0.1%
3,220,000 Fairfax County Economic Development Authority,
Series A, 2.875%, 4/1/34 $ 3,152,187
600,000 Port Authority of New York & New Jersey,
Consolidated-174TH, 4.458%, 10/1/62 692,838
----------------
$ 3,845,025
----------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $110,569,604) $ 112,706,347
----------------------------------------------------------------------------------------------------------
SENIOR SECURED FLOATING RATE LOAN
INTERESTS -- 3.0% of Net Assets*(b)
AUTOMOBILES & COMPONENTS -- 0.2%
AUTO PARTS & EQUIPMENT -- 0.2%
628,818 Allison Transmission, Inc., Term B-3 Loan, 3.57%
(LIBOR + 200 bps), 9/23/22 $ 634,277
4,161,625 American Axle & Manufacturing, Inc., Tranche B
Term Loan, 3.713% (LIBOR + 225 bps), 4/6/24 4,176,191
2,014,410 Electrical Components International, Inc., Term Loan,
6.443% (LIBOR + 475 bps), 5/28/21 2,032,036
814,623 Federal-Mogul Corp., Tranche C Term Loan, 5.252%
(LIBOR + 375 bps), 4/15/21 821,666
1,424,519 TI Group Automotive Systems LLC, Initial US Term
Loan, 4.319% (LIBOR + 275 bps), 6/30/22 1,434,758
1,187,454 Tower Automotive Holdings USA LLC, Initial Term
Loan, 4.188% (LIBOR + 275 bps), 3/7/24 1,193,577
----------------
$ 10,292,505
----------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.0%+
1,396,667 Goodyear Tire & Rubber Co., Second Lien Term Loan,
3.5% (LIBOR + 200 bps), 4/30/19 $ 1,402,766
----------------
Total Automobiles & Components $ 11,695,271
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 83
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.3%
Aerospace & Defense -- 0.1%
974,030 Alion Science and Technology Corp., First Lien Term
Loan, 6.069% (LIBOR + 450 bps), 8/19/21 $ 976,008
4,000,000 MacDonald, Dettwiler and Associates, Ltd., Initial
Term B Loan, 4.1% (LIBOR + 275 bps), 10/4/24 4,025,936
1,417,179 Vencore, Inc. (fka SI Organization, Inc.), First Lien
Initial Term Loan, 6.443% (LIBOR + 475 bps),
11/23/19 1,436,886
----------------
$ 6,438,830
----------------------------------------------------------------------------------------------------------
Building Products -- 0.0%+
422,166 Builders FirstSource, Inc., Refinancing Term Loan,
4.693% (LIBOR + 300 bps), 2/29/24 $ 424,409
1,473,448 NCI Building Systems, Inc., Tranche B Term Loan,
4.333% (LIBOR + 300 bps), 6/24/22 1,482,657
----------------
$ 1,907,066
----------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.0%+
738,722 Navistar, Inc., Tranche B Term Loan, 4.9%
(LIBOR + 350 bps), 11/6/24 $ 743,109
----------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.1%
1,364,237 Dell International LLC, Refinancing Term B Loan,
3.57% (LIBOR + 200 bps), 9/7/23 $ 1,365,027
2,008,505 Southwire Co., LLC, Initial Term Loan, 3.932%
(LIBOR + 250 bps), 2/10/21 2,020,431
----------------
$ 3,385,458
----------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.1%
742,254 Filtration Group Corp., First Lien Term Loan, 4.38%
(LIBOR + 300 bps), 11/23/20 $ 748,671
1,292,546 Milacron LLC, Term B Loan, 4.319%
(LIBOR + 275 bps), 9/28/23 1,294,970
----------------
$ 2,043,641
----------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.0%+
1,170,736 NN, Inc., Tranche B Term Loan, 5.319%
(LIBOR + 375 bps), 10/19/22 $ 1,170,736
----------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.0%+
591,030 Nexeo Solutions LLC, Term B-1 Loan, 4.717%
(LIBOR + 325 bps), 6/9/23 $ 595,279
286,334 WESCO Distribution, Inc., Tranche B-1 Term Loan,
4.683% (LIBOR + 300 bps/PRIME + 200 bps),
12/12/19 287,408
----------------
$ 882,687
----------------
Total Capital Goods $ 16,571,527
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
84 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
COMMERCIAL & PROFESSIONAL SERVICES -- 0.0%+
Commercial Services & Supplies -- 0.0%+
397,129 Infiltrator Water Technologies LLC, First Lien Term B-2
Loan, 4.693% (LIBOR + 300 bps), 5/27/22 $ 400,604
----------------
Total Commercial & Professional Services $ 400,604
----------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.0%+
Environmental & Facilities Services -- 0.0%+
460,619 Wrangler Buyer Corp. (aka Waste Industries USA, Inc.),
Initial Term Loan, 4.569% (LIBOR + 300 bps),
9/27/24 $ 464,156
----------------------------------------------------------------------------------------------------------
Human Resource & Employment Services -- 0.0%+
672,088 On Assignment, Inc., Tranche B-3 Term Loan, 3.569%
(LIBOR + 200 bps), 6/3/22 $ 676,849
----------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.0%+
596,527 GW Honos Security Corp. (Garda World Security Corp.),
Term B Loan, 4.973% (LIBOR + 350 bps/
PRIME + 250 bps), 5/24/24 $ 600,441
----------------
Total Commercial Services & Supplies $ 1,741,446
----------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.1%
Footwear -- 0.0%+
888,789 Regal Cinemas Corp., New Term Loan, 3.569%
(LIBOR + 200 bps), 4/1/22 $ 890,734
----------------------------------------------------------------------------------------------------------
Home Furnishings -- 0.1%
1,654,971 Serta Simmons Bedding LLC, First Lien Initial Term
Loan, 4.848% (LIBOR + 350 bps), 11/8/23 $ 1,522,573
----------------
Total Consumer Durables & Apparel $ 2,413,307
----------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.2%
Casinos & Gaming -- 0.1%
3,330,821 Scientific Games International, Inc., Initial Term B-4
Loan, 4.704% (LIBOR + 325 bps), 8/14/24 $ 3,364,129
----------------------------------------------------------------------------------------------------------
Education Services -- 0.0%+
572,364 Bright Horizons Family Solutions, Inc., Term B Loan,
3.569% (LIBOR + 200 bps), 11/7/23 $ 575,727
982,368 Houghton Mifflin Harcourt Publishers, Inc., Term Loan,
4.569% (LIBOR + 300 bps), 5/28/21 914,830
----------------
$ 1,490,557
----------------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.0%+
437,325 Fitness International LLC, Term B Loan, 5.193%
(LIBOR + 350 bps), 7/1/20 $ 443,703
1,292,915 Six Flags Theme Parks, Inc., Tranche B Term Loan,
3.571% (LIBOR + 200 bps/PRIME + 100 bps),
6/30/22 1,303,621
----------------
$ 1,747,324
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 85
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
Restaurants -- 0.0%+
1,692,434 1011778 BC Unlimited Liability Co. (New Red
Finance, Inc.) (aka Burger King/Tim Hortons),
Term B-3 Loan, 3.868% (LIBOR + 225 bps),
2/16/24 $ 1,694,286
----------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.1%
646,750 Constellis Holdings LLC, First Lien Term B Loan,
6.693% (LIBOR + 500 bps), 4/21/24 $ 653,419
762,662 Genex Holdings, Inc., First Lien Term B Loan, 5.819%
(LIBOR + 425 bps), 5/28/21 759,326
2,227,444 KUEHG Corp. (fka KC MergerSub, Inc.), Term B-2 Loan,
5.443% (LIBOR + 375 bps), 8/12/22 2,238,581
----------------
$ 3,651,326
----------------
Total Consumer Services $ 11,947,622
----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Diversified Capital Markets -- 0.0%+
1,492,500 Avolon TLB Borrower 1 (US) LLC, Initial Term B-2 Loan,
3.751% (LIBOR + 225 bps), 3/21/22 $ 1,483,366
----------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- 0.0%+
1,146,804 Fly Funding II S.a.r.l., Term Loan, 3.4%
(LIBOR + 200 bps), 2/9/23 $ 1,149,193
----------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
1,458,589 Trans Union LLC, 2017 Replacement Term B-3 Loan,
3.569% (LIBOR + 200 bps), 4/10/23 $ 1,466,155
319,380 Vistra Operations Co., LLC (fka Tex Operations Co., LLC),
Initial Term C Loan, 3.834% (LIBOR + 250 bps),
8/4/23 321,416
1,802,261 Vistra Operations Co., LLC (fka Tex Operations Co., LLC),
Initial Term Loan, 4.02% (LIBOR + 250-275 bps),
8/4/23 1,813,751
----------------
$ 3,601,322
----------------
Total Diversified Financials $ 6,233,881
----------------------------------------------------------------------------------------------------------
ENERGY -- 0.2%
Oil & Gas Drilling -- 0.1%
7,165,000 Gavilan Resources LLC, Second Lien Initial Term Loan,
7.46% (LIBOR + 600 bps), 3/1/24 $ 7,120,219
----------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.1%
1,110,467 Energy Transfer Equity LP, Refinanced Term Loan,
3.501% (LIBOR + 200 bps), 2/2/24 $ 1,107,864
1,857,265 Gulf Finance LLC, Tranche B Term Loan, 6.95%
(LIBOR + 525 bps), 8/25/23 1,676,182
----------------
$ 2,784,046
----------------
Total Energy $ 9,904,265
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
86 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.1%
Agricultural Products -- 0.0%+
1,706,875 Darling Ingredients Inc. (fka Darling International Inc.),
Term B Loan, 3.589% (LIBOR + 200 bps/
PRIME + 100 bps), 12/18/24 $ 1,730,344
----------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.1%
3,526,121 JBS USA Lux SA (fka JBS USA LLC), Initial Term
Loan, 4.1% (LIBOR + 250 bps), 10/30/22 $ 3,467,058
485,278 Pinnacle Foods Finance LLC, Initial Term Loan,
3.372% (LIBOR + 200 bps), 2/2/24 488,736
----------------
$ 3,955,794
----------------
Total Food, Beverage & Tobacco $ 5,686,138
----------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.3%
Health Care Facilities -- 0.1%
667,075 CHS/Community Health Systems, Inc., Incremental
2019 Term G Loan, 4.229% (LIBOR + 275 bps),
12/31/19 $ 647,572
1,235,621 CHS/Community Health Systems, Inc., Incremental
2021 Term H Loan, 4.479% (LIBOR + 300 bps),
1/27/21 1,180,275
624,786 HCA, Inc., Tranche B-8 Term Loan, 3.819%
(LIBOR + 225 bps), 2/15/24 629,472
1,709,279 HCA, Inc., Tranche B-9 Term Loan, 3.569%
(LIBOR + 200 bps), 3/17/23 1,719,429
538,841 Kindred Healthcare, Inc., New Term Loan, 4.875%
(LIBOR + 350 bps), 4/9/21 542,546
1,157,442 Select Medical Corp., Tranche B Term Loan, 4.851%
(LIBOR + 350 bps/PRIME + 250 bps), 3/1/21 1,171,549
1,621,533 Vizient, Inc., Term B-3 Loan, 5.069%
(LIBOR + 350 bps), 2/13/23 1,629,809
----------------
$ 7,520,652
----------------------------------------------------------------------------------------------------------
Health Care Services -- 0.1%
800,000 Alliance HealthCare Services, Inc., First Lien Initial
Term Loan, 5.88% (LIBOR + 450 bps), 10/24/23 $ 801,500
178,206 Ardent Legacy Acquisitions, Inc. (Ardent Mergeco LLC),
Term Loan, 7.069% (LIBOR + 550 bps), 8/4/21 178,206
244,799 DaVita HealthCare Partners, Inc., Tranche B Term
Loan, 4.319% (LIBOR + 275 bps), 6/24/21 246,972
474,379 MPH Acquisition Holdings LLC, Initial Term Loan,
4.693% (LIBOR + 300 bps), 6/7/23 475,898
1,091,750 Team Health Holdings, Inc., Initial Term Loan,
4.319% (LIBOR + 275 bps), 2/6/24 1,065,821
----------------
$ 2,768,397
----------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.1%
2,542,225 Kinetic Concepts, Inc., Dollar Term Loan, 4.943%
(LIBOR + 325 bps), 2/2/24 $ 2,534,916
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 87
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
Health Care Supplies -- (continued)
730,116 Sterigenics-Nordion Holdings LLC, Incremental Term
Loan, 4.569% (LIBOR + 300 bps), 5/15/22 $ 731,180
----------------
$ 3,266,096
----------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.0%+
1,290,250 Change Healthcare Holdings, Inc. (fka Emdeon, Inc.),
Closing Date Term Loan, 4.319% (LIBOR + 275 bps),
3/1/24 $ 1,293,778
1,128,600 Quintiles IMS, Inc., Term B-1 Dollar Loan, 3.693%
(LIBOR + 200 bps), 3/7/24 1,134,772
----------------
$ 2,428,550
----------------
Total Health Care Equipment & Services $ 15,983,695
----------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.0%+
Household Products -- 0.0%+
498,750 Alphabet Holding Co., Inc. (aka Nature's Bounty),
First Lien Initial Term Loan, 5.069%
(LIBOR + 350 bps), 9/26/24 $ 485,034
----------------
Total Household & Personal Products $ 485,034
----------------------------------------------------------------------------------------------------------
INSURANCE -- 0.0%+
Insurance Brokers -- 0.0%+
1,135,147 NFP Corp., Term B Loan, 5.069% (LIBOR + 350 bps),
1/8/24 $ 1,143,307
----------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.0%+
847,875 USI, Inc. (fka Compass Investors, Inc.), Initial Term
Loan, 4.693% (LIBOR + 300 bps), 5/16/24 $ 848,581
----------------
Total Insurance $ 1,991,888
----------------------------------------------------------------------------------------------------------
MATERIALS -- 0.2%
Construction Materials -- 0.1%
246,160 CeramTec Service GmbH (CeramTec Acquisition
Corp.), Dollar Term B-3 Loan, 4.229%
(LIBOR + 275 bps), 8/30/20 $ 246,391
803,859 CeramTec Service GmbH (CeramTec Acquisition Corp.),
Initial Dollar Term B-1 Loan, 4.229%
(LIBOR + 275 bps), 8/30/20 804,613
103,205 CeramTec Service GmbH (CeramTec Acquisition Corp.),
Initial Dollar Term B-2 Loan, 4.229%
(LIBOR + 275 bps), 8/30/20 103,302
771,130 Unifrax I LLC, Initial Dollar Term Loan, 5.193%
(LIBOR + 375 bps), 4/4/24 778,359
----------------
$ 1,932,665
----------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.0%+
483,721 Tronox, Ltd., First Lien Blocked Dollar Term Loan,
4.693% (LIBOR + 300 bps), 9/23/24 $ 487,262
1,116,279 Tronox, Ltd., First Lien Initial Dollar Term Loan,
4.693% (LIBOR + 300 bps), 9/23/24 1,124,451
----------------
$ 1,611,713
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
88 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.0%+
508,443 BWay Holding Co., Initial Term Loan, 4.599%
(LIBOR + 325 bps), 4/3/24 $ 511,224
----------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.0%+
496,250 Berry Global, Inc. (fka Berry Plastics Corp.), Term N
Loan, 3.682% (LIBOR + 225 bps), 1/19/24 $ 498,938
----------------------------------------------------------------------------------------------------------
Paper Products -- 0.0%+
321,692 Ranpak Corp., Tranche B-1 USD Term Loan, 4.819%
(LIBOR + 325 bps), 10/1/21 $ 324,306
----------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.1%
419,409 Allnex (Luxembourg) & Cy SCA (fka AI Chem & Cy
SCA), Tranche B-2 Term Loan, 4.712%
(LIBOR + 325 bps), 9/13/23 $ 422,817
315,979 Allnex (Luxembourg) & Cy SCA (fka AI Chem & Cy
SCA), Tranche B-3 Term Loan, 4.712%
(LIBOR + 325 bps), 9/13/23 318,546
621,818 MacDermid, Inc. (Platform Specialty Products Corp.),
Tranche B-6 Term Loan, 4.569%
(LIBOR + 300 bps), 6/7/23 626,038
523,929 Omnova Solutions, Inc., Term B-2 Loan, 5.819%
(LIBOR + 425 bps), 8/25/23 530,478
391,974 WR Grace & Co.-CONN, US Term Loan, 3.385%
(LIBOR + 200 bps), 2/3/21 394,273
----------------
$ 2,292,152
----------------------------------------------------------------------------------------------------------
Steel -- 0.0%+
396,000 Zekelman Industries, Inc. (fka JMC Steel Group, Inc.),
Term Loan, (LIBOR + 275 bps), 6/14/21 $ 398,871
----------------
Total Materials $ 7,569,869
----------------------------------------------------------------------------------------------------------
MEDIA -- 0.3%
Broadcasting -- 0.1%
1,293,500 Nielsen Finance LLC (VNU, Inc.), Class B-4 Term
Loan, 3.432% (LIBOR + 200 bps), 10/4/23 $ 1,301,045
700,000(l) Sinclair Television Group, Inc., Term Loan B,
12/12/24 700,214
2,194,487 Univision Communications, Inc., 2017 Replacement
Repriced First Lien Term Loan, 4.319%
(LIBOR + 275 bps), 3/15/24 2,190,509
----------------
$ 4,191,768
----------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.1%
1,651,688(l) Charter Communications Operating, LLC (aka CCO
Safari LLC), Term Loan B, 4/30/25 $ 1,654,785
525,829 Intelsat Jackson Holdings SA, Tranche B-2 Term Loan,
4.212% (LIBOR + 275 bps), 6/30/19 528,130
490,000 UPC Financing Partnership, Facility AR, 3.977%
(LIBOR + 250 bps), 1/15/26 490,352
----------------
$ 2,673,267
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 89
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.1%
560,233 AMC Entertainment, Inc., Initial Term Loan, 3.727%
(LIBOR + 225 bps), 12/15/22 $ 563,284
2,054,078 Live Nation Entertainment, Inc., Term B-3 Loan,
3.875% (LIBOR + 225 bps), 10/31/23 2,067,236
3,162,672 Rovi Solutions Corp., Term B Loan, 4.07%
(LIBOR + 250 bps), 7/2/21 3,186,392
----------------
$ 5,816,912
----------------------------------------------------------------------------------------------------------
Publishing -- 0.0%+
1,352,441 DH Publishing, L.P., Term B-6 Loan, 3.741%
(LIBOR + 225 bps), 8/20/23 $ 1,356,499
----------------
Total Media $ 14,038,446
----------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.2%
Biotechnology -- 0.0%+
726,982 Alkermes, Inc., 2021 Term Loan, 4.28%
(LIBOR + 275 bps), 9/25/21 $ 732,434
----------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.1%
2,376,447 Catalent Pharma Solutions, Inc. (fka Cardinal Health
409, Inc.), Dollar Term Loan, 3.819%
(LIBOR + 225 bps), 5/20/24 $ 2,389,815
----------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.1%
651 Concordia Healthcare Corp., Initial Dollar Term Loan,
5.819% (LIBOR + 425 bps), 10/21/21 $ 539
719,563 Grifols Worldwide Operations, Ltd., Tranche B Term
Loan, 3.739% (LIBOR + 225 bps), 1/31/25 722,074
785,401 Mallinckrodt International Finance SA, 2017 Term B
Loan, 4.443% (LIBOR + 275 bps), 9/24/24 785,619
2,535,557 RPI Finance Trust, Initial Term Loan B-6, 3.693%
(LIBOR + 200 bps), 3/27/23 2,548,689
662,778 Valeant Pharmaceuticals International, Inc.,
Series F-4 Tranche B Term Loan, 4.94%
(LIBOR + 350 bps), 4/1/22 672,981
----------------
$ 4,729,902
----------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 7,852,151
----------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Retail REIT -- 0.0%+
982,368 DTZ US Borrower LLC, First Lien 2015-1 Additional
Term Loan, 4.708% (LIBOR + 325 bps), 11/4/21 $ 970,878
----------------------------------------------------------------------------------------------------------
Specialized REIT -- 0.1%
1,617,134 Communications Sales & Leasing, Inc. (CSL Capital LLC),
Shortfall Term Loan, 4.569%
(LIBOR + 300 bps), 10/24/22 $ 1,562,346
----------------
Total Real Estate $ 2,533,224
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
90 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
RETAILING -- 0.1%
Automotive Retail -- 0.0%+
1,367,849 Cooper-Standard Automotive, Inc., Additional Term
B-1 Loan, 3.943% (LIBOR + 225 bps), 11/2/23 $ 1,376,911
1,988,168 CWGS Group LLC, Term Loan, 4.393%
(LIBOR + 300 bps), 11/8/23 2,003,699
----------------
$ 3,380,610
----------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.1%
1,138,083 PetSmart, Inc., Tranche B-2 Term Loan, 4.57%
(LIBOR + 300 bps), 3/11/22 $ 917,224
2,700,000 Staples, Inc., Closing Date Term Loan, 5.488%
(LIBOR + 400 bps), 9/12/24 2,647,013
----------------
$ 3,564,237
----------------
Total Retailing $ 6,944,847
----------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.1%
Semiconductor Equipment -- 0.0%+
1,095,530 Sensata Technologies BV, Sixth Amendment Term
Loan, 3.21% (LIBOR + 175 bps), 10/14/21 $ 1,101,109
----------------------------------------------------------------------------------------------------------
Semiconductors -- 0.1%
346,776 Microsemi Corp., Term Loan B, 3.383%
(LIBOR + 200 bps), 1/15/23 $ 348,582
847,278 ON Semiconductor Corp., 2017 New Replacement
Term B-2 Loan, 3.569% (LIBOR + 200 bps), 3/31/23 852,175
----------------
$ 1,200,757
----------------
Total Semiconductors & Semiconductor Equipment $ 2,301,866
----------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.2%
Application Software -- 0.0%+
742,481 DTI Holdco, Inc., Initial Term Loan, 6.63%
(LIBOR + 525 bps), 10/2/23 $ 739,387
350,000 STG-Fairway Acquisitions, Inc., First Lien Term Loan,
6.819% (LIBOR + 525 bps), 6/30/22 346,500
----------------
$ 1,085,887
----------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.1%
1,259,764 First Data Corp., 2022D New Dollar Term Loan,
3.802% (LIBOR + 225 bps), 7/8/22 $ 1,261,951
846,848 First Data Corp., 2024-A New Dollar Term Loan,
3.802% (LIBOR + 225 bps), 4/26/24 848,360
----------------
$ 2,110,311
----------------------------------------------------------------------------------------------------------
Internet Software & Services -- 0.0%+
1,860,961 Rackspace Hosting, Inc., First Lien Term B Loan,
4.385% (LIBOR + 300 bps), 11/3/23 $ 1,863,028
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 91
Schedule of Investments | 12/31/17 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.1%
1,217,560 Go Daddy Operating Co., LLC (GD Finance Co., Inc.),
Tranche B-1 Term Loan, 3.819% (LIBOR + 225 bps),
2/15/24 $ 1,222,464
816,729 Rocket Software, Inc., First Lien Term Loan, 5.943%
(LIBOR + 425 bps), 10/14/23 826,769
----------------
$ 2,049,233
----------------------------------------------------------------------------------------------------------
Systems Software -- 0.0%+
454,042 Avast Holding BV, Refinancing Dollar Term Loan,
4.443% (LIBOR + 275 bps), 9/30/23 $ 457,690
110,000 MA FinanceCo., LLC (aka Micro Focus International
Plc), Tranche B-3 Term Loan, 4.319%
(LIBOR + 275 bps), 6/21/24 110,440
740,000 Seattle Spinco, Inc. (aka Micro Focus International
Plc), Initial Term Loan, 4.319%
(LIBOR + 275 bps), 6/21/24 742,855
----------------
$ 1,310,985
----------------
Total Software & Services $ 8,419,444
----------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.0%+
Communications Equipment -- 0.0%+
899,442 Ciena Corp., Refinancing Term Loan, 4.001%
(LIBOR + 250 bps), 1/28/22 $ 903,940
----------------
Total Technology Hardware & Equipment $ 903,940
----------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.2%
Integrated Telecommunication Services -- 0.1%
2,000,000 CenturyLink, Inc., Initial Term B Loan, 4.319%
(LIBOR + 275 bps/PRIME + 175 bps), 1/31/25 $ 1,933,329
1,143,313 Cincinnati Bell, Inc., Tranche B Term Loan, 5.111%
(LIBOR + 375 bps), 10/2/24 1,157,809
1,180,752 GCI Holdings, Inc., New Term B Loan, 3.819%
(LIBOR + 225 bps), 2/2/22 1,185,918
1,200,000 Level 3 Financing, Inc., Tranche B 2024 Term Loan,
3.696% (LIBOR + 225 bps), 2/22/24 1,201,500
----------------
$ 5,478,556
----------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.1%
1,839,807 Altice US Finance I Corp., March 2017 Refinancing
Term Loan, 3.819% (LIBOR + 225 bps), 7/28/25 $ 1,836,128
1,290,250 Sprint Communications, Inc., Initial Term Loan,
4.125% (LIBOR + 250 bps), 2/2/24 1,291,190
----------------
$ 3,127,318
----------------
Total Telecommunication Services $ 8,605,874
----------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.0%+
Airlines -- 0.0%+
784,000 Delta Air Lines, Inc., Term Loan, 4.069%
(LIBOR + 250 bps), 8/24/22 $ 794,408
----------------
Total Transportation $ 794,408
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
92 Pioneer Bond Fund | Semiannual Report | 12/31/17
----------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------
UTILITIES -- 0.1%
Electric Utilities -- 0.0%+
1,655,928 TPF II Power LLC (TPF II Convert Midco LLC), Term
Loan, 5.319% (LIBOR + 375 bps), 10/2/23 $ 1,672,926
----------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy Traders -- 0.1%
907,572 Dynegy, Inc., Tranche C-2 Term Loan, 4.251%
(LIBOR + 275 bps), 2/7/24 $ 913,055
1,286,060 NRG Energy, Inc., Term Loan, 3.943%
(LIBOR + 225 bps), 6/30/23 1,288,255
----------------
$ 2,201,310
----------------
Total Utilities $ 3,874,236
----------------------------------------------------------------------------------------------------------
TOTAL SENIOR SECURED FLOATING RATE
LOAN INTERESTS
(Cost $148,082,803) $ 148,892,983
----------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS --
1.0% of Net Assets
REPURCHASE AGREEMENTS -- 1.0%
6,500,000 $6,500,000 RBC Capital Markets LLC, 1.39%,
dated 12/29/17 plus accrued interest on 1/2/18
collateralized by the following:
$6,630,000 Federal National Mortgage Association,
3.0% -- 4.0%, 12/1/32 -- 12/1/47. $ 6,500,000
14,790,000 $14,790,000 ScotiaBank, 1.37%, dated 12/29/17
plus accrued interest on 1/2/18 collateralized by
the following:
$14,915,078 Federal National Mortgage Association,
3.5% -- 6.5%, 12/1/36 -- 11/1/47
$173,018 Federal National Mortgage Association,
2.0% -- 4.0%, 10/20/45 -- 11/20/47. 14,790,000
13,150,000 $13,150,000 TD Securities USA LLC, 1.39%,
dated 12/29/17 plus accrued interest on 1/2/18
collateralized by the following:
$885,951 U.S. Treasury Notes, 2.125%, 2/29/24
$12,527,069 U.S. Treasury Strip, 0.625%, 1/15/24. 13,150,000
13,150,000 $13,150,000 TD Securities USA LLC, 1.41%, dated
12/29/17 plus accrued interest on 1/2/18
collateralized by the following:
$885,951 U.S. Treasury Notes, 2.125%, 2/29/24
$12,527,069 U.S. Treasury Strip, 0.625%, 1/15/24. 13,150,000
----------------
$ 47,590,000
----------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $47,590,000) $ 47,590,000
----------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED
ISSUERS -- 100.1%
(Cost $4,965,615,726) $ 5,006,287,986
----------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- (0.1)% $ (5,222,268)
----------------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 5,001,065,718
==========================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 93
Schedule of Investments | 12/31/17 (unaudited) (continued)
BPS Basis Points.
FREMF Freddie Mac Multifamily Fixed-Rate Mortgage Loans.
GO General Obligation Period.
LIBOR London Interbank Offered Rate.
PRIME U.S. Federal Funds Rate.
REIT Real Estate Investment Trust.
REMICS Real Estate Mortgage Investment Conduits.
(TBA) "To Be Announced" Securities.
ZERO Zero Constant Index.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At December 31, 2017, the value of these securities
amounted to $1,562,495,326, or 31.2% of net assets.
(Cat Bond) Catastrophe or event-linked bond. At December 31, 2017, the value of
these securities amounted to $66,944,865, or 1.3% of net assets. See
Notes to Financial Statements -- Note 1F.
+ Amount rounds to less than 0.1%.
* Senior secured 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, (ii) the prime
rate offered by one or more major United States banks, (iii) the
rate of a certificate of deposit or (iv) other base lending rates
used by commercial lenders. The interest rate shown is the rate
accruing at December 31, 2017.
+ Securities that used significant unobservable inputs to determine
their value.
(a) Security is perpetual in nature and has no stated maturity date.
(b) Floating rate note. Coupon rate, reference index and spread shown at
December 31, 2017.
(c) The interest rate is subject to change periodically. The interest
rate, reference index and spread shown at December 31, 2017.
(d) Debt obligation initially issued at one coupon which converts to a
higher coupon at a specific date. The rate shown is the rate at
December 31, 2017.
(e) Security represents the interest-only portion payments on a pool of
underlying mortgages or mortgage-backed securities.
(f) Structured reinsurance investment. At December 31, 2017, the value
of these securities amounted to $82,155,171, or 1.6% of net assets.
See Notes to Financial Statements -- Note 1F.
(g) Rate to be determined.
(h) Security is valued using fair value methods (other than prices
supplied by independent pricing services).
(i) Security issued with a zero coupon. Income is recognized through
accretion of discount.
(j) Consists of Revenue Bonds unless otherwise indicated.
(k) Represents a General Obligation Bond.
(l) This term loan will settle after December 31, 2017, at which time
the interest rate will be determined.
The accompanying notes are an integral part of these financial statements.
94 Pioneer Bond Fund | Semiannual Report | 12/31/17
FUTURES CONTRACTS
FIXED INCOME INDEX FUTURES CONTRACTS
---------------------------------------------------------------------------------------------
Number of Unrealized
Contracts Expiration Notional Market Appreciation
Long Description Date Amount Value (Depreciation)
---------------------------------------------------------------------------------------------
2,467 U.S. 2-Year 3/29/18 $528,704,687 $528,207,830 $ (496,856)
Note (CBT)
2,297 U.S. 5-Year 3/29/18 267,575,615 266,828,853 (746,762)
Note (CBT)
344 U.S. Long 3/20/18 52,739,436 52,632,000 (107,436)
Bond (CBT)
80 U.S. Ultra 3/20/18 13,354,989 13,412,500 57,511
Bond (CBT)
---------------------------------------------------------------------------------------------
$862,374,727 $861,081,183 $(1,293,543)
=============================================================================================
---------------------------------------------------------------------------------------------
Number of
Contracts Expiration Notional Market Unrealized
Short Description Date Amount Value Appreciation
---------------------------------------------------------------------------------------------
6,019 U.S. 10-Year 3/20/18 $751,292,384 $746,638,141 $ 4,654,244
Note (CBT)
745 U.S. 10-Year 3/20/18 99,637,383 99,504,062 133,320
Ultra (CBT)
---------------------------------------------------------------------------------------------
$850,929,767 $846,142,203 $ 4,787,564
---------------------------------------------------------------------------------------------
TOTAL FUTURES CONTRACTS $ 11,444,960 $ 14,938,980 $ 3,494,021
=============================================================================================
SWAP CONTRACTS
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS -- BUY PROTECTION
--------------------------------------------------------------------------------------------------------------
Obligation Annual
Notional Reference/ Pay/ Fixed Expiration Premiums Unrealized Market
Amount ($)(1) Index Receive(2) Rate Date (Received) Depreciation Value
--------------------------------------------------------------------------------------------------------------
23,451,400 Markit CDX North Receive 5.00% 12/20/21 $(1,813,215) $ (220,700) $(2,033,916)
America High Yield
Index Series 27
43,995,600 Markit CDX North Receive 5.00% 6/20/22 (3,094,761) (838,093) (3,932,853)
America High Yield
Index Series 28
--------------------------------------------------------------------------------------------------------------
TOTAL CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS --
BUY PROTECTION $(4,907,976) $(1,058,793) $(5,966,769)
==============================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 95
Schedule of Investments | 12/31/17 (unaudited) (continued)
OVER THE COUNTER (OTC) CREDIT DEFAULT SWAP CONTRACTS -- SELL PROTECTION
-------------------------------------------------------------------------------------------------------------------
Obligation Annual
Notional Reference/ Pay/ Fixed Expiration Premiums Unrealized Market
Amount ($)(1) Counterparty Index Receive(3) Rate Date (Received) Appreciation Value
-------------------------------------------------------------------------------------------------------------------
2,851,000 JPMorgan Chase Simon Pay 1.00% 6/20/22 $ (8,072) $ 60,948 $ 52,876
Bank NA Property
Group LP
3,979,000 JPMorgan Chase Simon Pay 1.00% 6/20/22 (13,137) 86,934 73,797
Bank NA Property
Group LP
-------------------------------------------------------------------------------------------------------------------
TOTAL OVER THE COUNTER (OTC) CREDIT DEFAULT SWAP CONTRACTS --
SELL PROTECTION $ (21,209) $ 147,882 $ 126,673
-------------------------------------------------------------------------------------------------------------------
TOTAL SWAP CONTRACTS $(4,929,185) $(910,911) $(5,840,096)
===================================================================================================================
(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) Receives Quarterly.
(3) Pays Quarterly.
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended December 31, 2017, were as follows:
--------------------------------------------------------------------------------
Purchases Sales
--------------------------------------------------------------------------------
Long-Term U.S. Government Securities $ 289,902,912 $203,304,716
Other Long-term Securities $1,079,302,227 $755,938,225
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain funds and accounts for which Amundi Pioneer Asset
Management, Inc., formerly Pioneer Investment Management, Inc. (the "Adviser"),
serves as the Fund's investment adviser, as set forth in Rule 17a-7 under the
Investment Company Act of 1940, pursuant to procedures adopted by the Board of
Trustees. Under these procedures, cross trades are affected at current market
prices. During the six months ended December 31, 2017, the Fund engaged in
purchases and sales pursuant to these procedures amounting to $17,562,757 and
$4,810,159, respectively, resulting in a gain of $49,735.
At December 31, 2017, the net unrealized appreciation on investments based on
cost for federal tax purposes of $4,970,043,022 was as follows:
Aggregate gross unrealized appreciation for all investments in
which there is an excess of value over tax cost $ 84,798,445
Aggregate gross unrealized depreciation for all investments in
which there is an excess of tax cost over value (50,899,556)
------------
Net unrealized appreciation $ 33,898,889
============
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels below.
Level 1 -- quoted prices in active markets for identical securities.
Level 2 -- other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds,
credit risks, etc.). See Notes to Financial Statements -- Note
1F.
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments). See
Notes to Financial Statements -- Note 1F.
The accompanying notes are an integral part of these financial statements.
96 Pioneer Bond Fund | Semiannual Report | 12/31/17
The following is a summary of the inputs used as of December 31, 2017, in
valuing the Fund's investments.
--------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------------------------
Convertible Preferred Stocks $47,869,614 $ -- $ -- $ 47,869,614
Asset Backed Securities -- 151,025,247 -- 151,025,247
Collateralized Mortgage Obligations -- 1,122,902,606 -- 1,122,902,606
Corporate Bonds
Diversified Financials
Other Diversified
Financial Services -- 12,094,663 1,878,994 13,973,657
Insurance
Reinsurance -- 66,944,865 82,155,171 149,100,036
All Other Corporate Bonds -- 1,571,461,909 -- 1,571,461,909
U.S. Government and
Agency Obligations -- 1,630,118,664 -- 1,630,118,664
Foreign Government Bonds -- 10,646,923 -- 10,646,923
Municipal Bonds -- 112,706,347 -- 112,706,347
Senior Secured Floating Rate
Loan Interests -- 148,892,983 -- 148,892,983
Repurchase Agreements -- 47,590,000 -- 47,590,000
--------------------------------------------------------------------------------------------------
Total Investments in Securities $47,869,614 $ 4,874,384,207 $ 84,034,165 $5,006,287,986
==================================================================================================
Other Financial Instruments
Net unrealized appreciation
on futures contracts $ 3,494,021 $ -- $ -- $ 3,494,021
Swap contracts, at value -- (5,840,096) -- (5,840,096)
--------------------------------------------------------------------------------------------------
Total Other
Financial Instruments $ 3,494,021 $ (5,840,096) $ -- $ (2,346,075)
==================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 97
Schedule of Investments | 12/31/17 (unaudited) (continued)
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
--------------------------------------------------------------------------------
Corporate
Bonds
--------------------------------------------------------------------------------
Balance as of 12/31/16 $70,346,605
Realized gain (loss)(1) (9,973)
Changed in unrealized appreciation (depreciation)(2) (5,591,584)
Accrued discounts/premiums (53,002)
Purchases 21,232,392
Sales (1,890,273)
Transfers in to Level 3* --
Transfers out of Level 3* --
--------------------------------------------------------------------------------
Balance as of 12/31/17 $84,034,165
================================================================================
(1) Realized gain (loss) on these securities is included in the 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) from investments in
the Statement of Operations.
* Transfers are calculated on the beginning of period value. For six months
ended December 31, 2017, there were no transfers between Levels 1, 2 and 3.
Net change in unrealized appreciation of Level 3 investments still held and
considered Level 3 at December 31, 2017: $5,286,530.
----------
The accompanying notes are an integral part of these financial statements.
98 Pioneer Bond Fund | Semiannual Report | 12/31/17
Statement of Assets and Liabilities | 12/31/17 (unaudited)
ASSETS:
Investments in unaffiliated issuers, at value (cost $4,965,615,726) $5,006,287,986
Cash 20,359,015
Net unrealized appreciation on futures contracts 3,494,021
Futures collateral 6,240,450
Swaps collateral 2,027,036
Due from broker for swaps 5,966,714
Receivables --
Investment securities sold 7,726,358
Fund shares sold 22,938,972
Dividends 331,959
Interest 26,993,763
Due from the Adviser 152,532
Other assets 124,496
--------------------------------------------------------------------------------------
Total assets $5,102,643,302
======================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 59,188,865
Fund shares repurchased 27,855,884
Distributions 2,084,747
Trustees' fees 13
Due to broker for futures 3,494,052
Variation margin for futures contracts 930,859
Variation margin for centrally cleared swap contracts 73,420
Swap contracts, at value (net premiums received $4,929,185) 5,840,096
Due to affiliates 348,071
Accrued expenses 1,761,577
--------------------------------------------------------------------------------------
Total liabilities $ 101,577,584
======================================================================================
NET ASSETS:
Paid-in capital $4,965,353,655
Distributions in excess of net investment income (8,517,223)
Accumulated net realized gain on investments 973,916
Net unrealized appreciation on investments 43,255,370
--------------------------------------------------------------------------------------
Net assets $5,001,065,718
======================================================================================
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $1,172,808,952/120,518,395 shares) $ 9.73
Class C (based on $90,938,198/9,449,470 shares) $ 9.62
Class K (based on $861,898,157/88,624,142 shares) $ 9.73
Class R (based on $180,242,900/18,355,088 shares) $ 9.82
Class Y (based on $2,695,177,511/279,586,071 shares) $ 9.64
MAXIMUM OFFERING PRICE:
Class A ($9.73 (divided by) 95.5%) $ 10.19
======================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 99
Statement of Operations (unaudited)
For the Six Months Ended 12/31/17
INVESTMENT INCOME:
Interest from unaffiliated issuers $81,277,337
Dividends from unaffiliated issuers 1,342,706
------------------------------------------------------------------------------------------------
Total investment income $82,620,043
================================================================================================
EXPENSES:
Management fees $ 9,782,403
Administrative expense 639,762
Transfer agent fees
Class A 1,426,862
Class C 55,627
Class K 1,875
Class R 223,007
Class Y 1,739,029
Distribution fees
Class A 1,460,694
Class C 473,841
Class R 460,094
Shareholder communications expense 111,751
Custodian fees 123,762
Registration fees 104,802
Professional fees 63,310
Printing expense 33,728
Pricing expense 125,741
Trustees' fees 102,350
Insurance expense 28,827
Miscellaneous 60,595
------------------------------------------------------------------------------------------------
Total expenses $17,018,060
Less fees waived and expenses reimbursed by the Adviser (802,107)
------------------------------------------------------------------------------------------------
Net expenses $16,215,953
------------------------------------------------------------------------------------------------
Net investment income $66,404,090
------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers $11,172,376
Swap contracts (893,989)
Futures contracts 7,419,443 $17,697,830
------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers $ 1,082,149
Swap contracts (1,000,070)
Futures contracts 643,710 $ 725,789
------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $18,423,619
------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $84,827,709
================================================================================================
The accompanying notes are an integral part of these financial statements.
100 Pioneer Bond Fund | Semiannual Report | 12/31/17
Statements of Changes in Net Assets
---------------------------------------------------------------------------------------------
Six Months
Ended
12/31/17 Year Ended
(unaudited) 6/30/17
---------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 66,404,090 $ 117,145,896
Net realized gain (loss) on investments 17,697,830 29,979,241
Change in net unrealized appreciation (depreciation)
on investments 725,789 (35,392,211)
---------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 84,827,709 $ 111,732,926
---------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.14 and $0.29 per share, respectively) $ (17,218,875) $ (35,066,940)
Class C ($0.11 and $0.21 per share, respectively) (1,039,434) (2,681,780)
Class K ($0.16 and $0.33 per share, respectively) (13,319,111) (14,828,850)
Class R ($0.13 and $0.27 per share, respectively) (2,480,754) (4,575,300)
Class Y ($0.16 and $0.31 per share, respectively) (42,850,362) (75,508,120)
---------------------------------------------------------------------------------------------
Total distributions to shareowners $ (76,908,536) $ (132,660,990)
---------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS
Net proceeds from sale of shares $ 868,245,629 $ 2,063,285,335
Reinvestment of distributions 60,561,385 102,010,632
Cost of shares repurchased (652,241,978) (1,372,913,664)
---------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 276,565,036 $ 792,382,303
---------------------------------------------------------------------------------------------
Net increase in net assets $ 284,484,209 $ 771,454,239
NET ASSETS:
Beginning of period $4,716,581,509 $ 3,945,127,270
---------------------------------------------------------------------------------------------
End of period $5,001,065,718 $ 4,716,581,509
---------------------------------------------------------------------------------------------
Undistributed (distributions in excess) of net
investment income $ (8,517,223) $ 1,987,223
=============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 101
Statements of Changes in Net Assets (continued)
--------------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
12/31/17 12/31/17 Year Ended Year Ended
Shares Amount 6/30/17 6/30/17
(unaudited) (unaudited) Shares Amount
--------------------------------------------------------------------------------------------
Class A
Shares sold 16,031,981 $ 156,447,957 36,669,895 $ 356,565,380
Reinvestment of distributions 1,233,095 12,007,758 2,534,877 24,634,219
Less shares repurchased (15,870,885) (154,603,355) (40,716,134) (395,166,041)
--------------------------------------------------------------------------------------------
Net increase (decrease) 1,394,191 $ 13,852,360 (1,511,362) $ (13,966,442)
============================================================================================
Class C
Shares sold 645,576 $ 6,242,513 1,704,424 $ 16,396,255
Reinvestment of distributions 82,284 792,134 184,381 1,771,759
Less shares repurchased (1,331,619) (12,827,473) (5,744,422) (55,006,633)
--------------------------------------------------------------------------------------------
Net decrease (603,759) $ (5,792,826) (3,855,617) $ (36,838,619)
============================================================================================
Class K
Shares sold 19,376,631 $ 188,802,232 50,598,291 $ 490,469,822
Reinvestment of distributions 1,018,038 9,907,276 867,934 8,426,426
Less shares repurchased (6,576,524) (64,033,419) (11,501,721) (111,726,287)
--------------------------------------------------------------------------------------------
Net increase 13,818,145 $ 134,676,089 39,964,504 $ 387,169,961
============================================================================================
Class R
Shares sold 3,126,954 $ 30,781,337 6,419,830 $ 62,895,959
Reinvestment of distributions 207,263 2,036,804 371,546 3,642,529
Less shares repurchased (3,220,198) (31,645,616) (4,393,901) (43,080,190)
--------------------------------------------------------------------------------------------
Net increase 114,019 $ 1,172,525 2,397,475 $ 23,458,298
============================================================================================
Class Y
Shares sold 50,299,620 $ 485,971,590 118,309,079 $1,136,957,919
Reinvestment of distributions 3,712,412 35,817,413 6,600,224 63,535,699
Less shares repurchased (40,320,254) (389,132,115) (79,896,185) (767,934,513)
--------------------------------------------------------------------------------------------
Net increase 13,691,778 $ 132,656,888 45,013,118 $ 432,559,105
============================================================================================
The accompanying notes are an integral part of these financial statements.
102 Pioneer Bond Fund | Semiannual Report | 12/31/17
Financial Highlights
----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/17 Ended Ended Ended Ended Ended
(unaudited) 6/30/17 6/30/16* 6/30/15* 6/30/14* 6/30/13
----------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.71 $ 9.76 $ 9.68 $ 9.88 $ 9.67 $ 9.73
----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.12(a) $ 0.25(a) $ 0.25(a) $ 0.27 $ 0.35 $ 0.38
Net realized and unrealized gain (loss) on
investments 0.04 (0.01) 0.12 (0.14) 0.24 (0.07)
----------------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.16 $ 0.24 $ 0.37 $ 0.13 $ 0.59 $ 0.31
----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.14) $ (0.29) $ (0.27) $ (0.29) $ (0.38) $ (0.37)
Net realized gain -- -- (0.02) (0.04) -- --
----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.14) $ (0.29) $ (0.29) $ (0.33) $ (0.38) $ (0.37)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.02 $ (0.05) $ 0.08 $ (0.20) $ 0.21 $ (0.06)
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.73 $ 9.71 $ 9.76 $ 9.68 $ 9.88 $ 9.67
==================================================================================================================================
Total return (b) 1.70%(c) 2.48% 3.93% 1.32% 6.19% 3.21%
Ratios of net expenses to average net assets 0.85%(d) 0.85% 0.85% 0.85% 0.85% 0.85%
Ratio of net investment income (loss) to average
net assets 2.53%(d) 2.60% 2.58% 2.68% 3.52% 3.77%
Portfolio turnover rate 20% 44% 43% 81% 41% 28%
Net assets, end of period (in thousands) $1,172,809 $1,156,940 $1,177,941 $1,044,659 $706,962 $565,569
Ratios with no waiver of fees and assumption of
expense by the Adviser and no reduction for fees
paid indirectly:
Total expenses to average net assets 0.96%(d) 0.99% 0.98% 0.93% 1.00% 1.01%
Net investment income (loss) to average net assets 2.42%(d) 2.46% 2.45% 2.60% 3.37% 3.61%
==================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per share data presented above is based on the average shares
outstanding for the periods presented.
(b) 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.
(c) Not annualized.
(d) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 103
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/17 Ended Ended Ended Ended Ended
(unaudited) 6/30/17 6/30/16* 6/30/15* 6/30/14* 6/30/13
--------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.60 $ 9.66 $ 9.57 $ 9.77 $ 9.57 $ 9.63
--------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.09(a) $ 0.18(a) $ 0.17(a) $ 0.19 $ 0.26 $ 0.29
Net realized and unrealized gain (loss) on
investments 0.04 (0.03) 0.14 (0.14) 0.23 (0.06)
--------------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.13 $ 0.15 $ 0.31 $ 0.05 $ 0.49 $ 0.23
--------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.11) $ (0.21) $ (0.20) $ (0.21) $ (0.29) $ (0.29)
Net realized gain -- -- (0.02) (0.04) -- --
--------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.11) $ (0.21) $ (0.22) $ (0.25) $ (0.29) $ (0.29)
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.02 $ (0.06) $ 0.09 $ (0.20) $ 0.20 $ (0.06)
--------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.62 $ 9.60 $ 9.66 $ 9.57 $ 9.77 $ 9.57
================================================================================================================================
Total return (b) 1.33%(c) 1.62% 3.28% 0.49% 5.20% 2.33%
Ratios of net expenses to average net assets 1.58%(d) 1.59% 1.60% 1.63% 1.73% 1.72%
Ratio of net investment income (loss) to average
net assets 1.80%(d) 1.84% 1.84% 1.89% 2.69% 2.93%
Portfolio turnover rate 20% 44% 43% 81% 41% 28%
Net assets, end of period (in thousands) $90,938 $96,547 $134,299 $114,222 $73,224 $87,763
================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per share data presented above is based on the average shares
outstanding for the periods presented.
(b) 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.
(c) Not annualized.
(d) Annualized.
The accompanying notes are an integral part of these financial statements.
104 Pioneer Bond Fund | Semiannual Report | 12/31/17
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year 12/20/12
12/31/17 Ended Ended Ended Ended to
(unaudited) 6/30/17 6/30/16* 6/30/15* 6/30/14* 6/30/13
------------------------------------------------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 9.71 $ 9.76 $ 9.68 $ 9.87 $ 9.67 $ 9.94
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.14(a) $ 0.29(a) $ 0.29(a) $ 0.30 $ 0.40 $ 0.20
Net realized and unrealized gain (loss) on
investments 0.04 (0.01) 0.12 (0.13) 0.20 (0.26)
------------------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.18 $ 0.28 $ 0.41 $ 0.17 $ 0.60 $ (0.06)
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.16) $ (0.33) $ (0.31) $ (0.32) $ (0.40) $ (0.21)
Net realized gain -- -- (0.02) (0.04) -- --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.16) $ (0.33) $ (0.33) $ (0.36) $ (0.40) $ (0.21)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.02 $ (0.05) $ 0.08 $ (0.19) $ 0.20 $ (0.27)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.73 $ 9.71 $ 9.76 $ 9.68 $ 9.87 $ 9.67
====================================================================================================================================
Total return (b) 1.90%(c) 2.87% 4.32% 1.80% 6.37% (0.61)%(c)
Ratios of net expenses to average net assets 0.45%(d) 0.47% 0.47% 0.47% 0.56% 0.57%(d)
Ratio of net investment income (loss) to average
net assets 2.93%(d) 3.01% 2.98% 3.03% 3.59% 3.86%(d)
Portfolio turnover rate 20% 44% 43% 81% 41% 28%
Net assets, end of period (in thousands) $861,898 $726,063 $340,096 $179,135 $ 4,398 $ 10
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per share data presented above is based on the average shares
outstanding for the periods presented.
(b) 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.
(c) Not annualized.
(d) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 105
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/17 Ended Ended Ended Ended Ended
(unaudited) 6/30/17 6/30/16* 6/30/15* 6/30/14* 6/30/13
--------------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 9.80 $ 9.85 $ 9.77 $ 9.97 $ 9.76 $ 9.82
--------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.11(a) $ 0.23(a) $ 0.23(a) $ 0.25 $ 0.32 $ 0.34
Net realized and unrealized gain (loss) on
investments 0.04 (0.01) 0.12 (0.15) 0.23 (0.06)
--------------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.15 $ 0.22 $ 0.35 $ 0.10 $ 0.55 $ 0.28
--------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.13) $ (0.27) $ (0.25) $ (0.26) $ (0.34) $ (0.34)
Net realized gain -- -- (0.02) (0.04) -- --
--------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.13) $ (0.27) $ (0.27) $ (0.30) $ (0.34) $ (0.34)
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.02 $ (0.05) $ 0.08 $ (0.20) $ 0.21 $ (0.06)
--------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.82 $ 9.80 $ 9.85 $ 9.77 $ 9.97 $ 9.76
================================================================================================================================
Total return (b) 1.58%(c) 2.23% 3.66% 1.06% 5.75% 2.80%
Ratios of net expenses to average net assets 1.10%(d) 1.10% 1.10% 1.10% 1.25% 1.25%
Ratio of net investment income (loss) to average
net assets 2.28%(d) 2.35% 2.33% 2.43% 3.12% 3.36%
Portfolio turnover rate 20% 44% 43% 81% 41% 28%
Net assets, end of period (in thousands) $180,243 $178,770 $156,110 $116,815 $48,264 $31,169
Ratios with no waiver of fees and assumption of
expense by the Adviser and no reduction for fees
paid indirectly:
Total expenses to average net assets 1.22%(d) 1.24% 1.21% 1.21% 1.32% 1.35%
Net investment income (loss) to average net assets 2.16%(d) 2.21% 2.22% 2.32% 3.05% 3.26%
================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per share data presented above is based on the average shares
outstanding for the periods presented.
(b) 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.
(c) Not annualized.
(d) Annualized.
The accompanying notes are an integral part of these financial statements.
106 Pioneer Bond Fund | Semiannual Report | 12/31/17
---------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/17 Ended Ended Ended Ended Ended
(unaudited) 6/30/17 6/30/16* 6/30/15* 6/30/14* 6/30/13
---------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.62 $ 9.67 $ 9.59 $ 9.79 $ 9.58 $ 9.65
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.14(a) $ 0.28(a) $ 0.27(a) $ 0.30 $ 0.36 $ 0.39
Net realized and unrealized gain (loss) on
investments 0.04 (0.02) 0.12 (0.15) 0.24 (0.07)
---------------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.18 $ 0.26 $ 0.39 $ 0.15 $ 0.60 $ 0.32
---------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.16) $ (0.31) $ (0.29) $ (0.31) $ (0.39) $ (0.39)
Net realized gain -- -- (0.02) (0.04) -- --
---------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.16) $ (0.31) $ (0.31) $ (0.35) $ (0.39) $ (0.39)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.02 $ (0.05) $ 0.08 $ (0.20) $ 0.21 $ (0.07)
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.64 $ 9.62 $ 9.67 $ 9.59 $ 9.79 $ 9.58
=================================================================================================================================
Total return (b) 1.85%(c) 2.76% 4.22% 1.59% 6.41% 3.34%
Ratios of net expenses to average net assets 0.58%(d) 0.58% 0.58% 0.58% 0.66% 0.66%
Ratio of net investment income (loss) to average
net assets 2.80%(d) 2.87% 2.85% 2.95% 3.72% 3.97%
Portfolio turnover rate 20% 44% 43% 81% 41% 28%
Net assets, end of period (in thousands) $2,695,178 $2,558,262 $2,136,681 $1,644,161 $871,801 $916,182
Ratios with no waiver of fees and assumption of
expense by the Adviser and no reduction for fees
paid indirectly:
Total expenses to average net assets 0.59%(d) 0.59% 0.59% 0.58% 0.66% 0.66%
Net investment income (loss) to average net assets 2.79%(d) 2.86% 2.84% 2.95% 3.72% 3.97%
=================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per share data presented above is based on the average shares
outstanding for the periods presented.
(b) 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.
(c) Not annualized.
(d) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/17 107
Notes to Financial Statements | 12/31/17 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Bond Fund (the "Fund") is a Delaware statutory trust. The Fund is
registered under the Investment Company Act of 1940 as a diversified, open-end
management investment company. The investment objective of the Fund is to seek
current income consistent with preservation of capital.
The Fund offers five classes of shares designated as Class A, Class C, Class K,
Class R and Class Y shares. Class Z shares were converted to Class Y shares on
August 7, 2015. 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 of Trustees 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 or Class Y shares.
On July 3, 2017, Amundi acquired Pioneer Investments, a group of asset
management companies located throughout the world. Amundi, one of the world's
largest asset managers, is headquartered in Paris, France. As a result of the
transaction, Pioneer Investment Management, Inc., the Fund's Investment adviser,
became an indirect wholly owned subsidiary of Amundi and Amundi's wholly owned
subsidiary, Amundi USA, Inc. Prior to July 3, 2017, Pioneer Investments was
owned by Pioneer Global Asset Management S.p.A., a wholly owned subsidiary of
UniCredit S.p.A.
In connection with the transaction, the names of the Fund's investment adviser
and principal underwriter changed. Effective July 3, 2017, the name of Pioneer
Investment Management, Inc. changed to Amundi Pioneer Asset Management, Inc.
(the "Adviser") and the name of Pioneer Funds Distributor, Inc. changed to
Amundi Pioneer Distributor, Inc. (the "Distributor").
In October 2016, the Securities and Exchange Commission ("SEC") released its
Final Rule on Investment Company Reporting Modernization. In addition to
introducing two new regulatory reporting forms (Form N-PORT and
108 Pioneer Bond Fund | Semiannual Report | 12/31/17
Form N-CEN), the Final Rule amends Regulation S-X, which impacts financial
statement presentation, particularly related to the presentation of derivative
investments. The Fund's financial statements were prepared in compliance with
the amendments to Regulation S-X.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles ("U.S. GAAP") that require the
management of the Fund to 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 or losses on investments during the
reporting period. Actual results could differ from those estimates.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. The following is a summary of significant
accounting policies followed by the Fund in the preparation of its financial
statements:
A. Security Valuation
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 by using 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, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed income securities and/or other
factors. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service. When independent market quotations are considered to be
unreliable, the value of that security may be determined using quotations
from one or more broker-dealers.
Loan interests 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 third party 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.
Pioneer Bond Fund | Semiannual Report | 12/31/17 109
Event-linked bonds or catastrophe bonds are valued at the bid price
obtained from an independent third party pricing service. Other insurance
linked securities (including sidecars, collateralized reinsurance and
industry loss warranties) 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.
Equity securities that have traded on an exchange are valued by using 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 or, if both last bid and asked prices
are not available, at the last quoted bid price. Last sale and bid and
asked prices are provided by independent third party pricing services. In
the case of equity securities not traded on an exchange, prices are
typically determined by independent third party pricing services using a
variety of techniques and methods.
Swap contracts, including interest rate swaps, caps and floors (other than
centrally cleared swap contracts) are valued at the dealer quotations
obtained from reputable International Swap Dealer Association members.
Centrally cleared swaps are valued at the daily settlement price provided
by the central clearing counterparty.
Futures contracts are generally valued at the closing settlement price
established by the exchange on which they are traded.
Repurchase agreements are valued at par. Cash may include overnight time
deposits at approved financial institutions.
Securities for which independent pricing services or broker-dealers 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 the Adviser pursuant
to procedures adopted by the Portfolio's Board of Trustees. The Adviser's
fair valuation team uses fair value methods approved by the Valuation
Committee of the Board of Trustees. The Adviser's fair valuation team is
responsible for monitoring developments that may impact fair valued
securities and for discussing and assessing fair values on an ongoing
basis, and at least quarterly, with the Valuation Committee of the Board of
Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after the
close of the 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
110 Pioneer Bond Fund | Semiannual Report | 12/31/17
might include political or economic news, corporate restructurings, natural
disasters, terrorist activity or trading halts. Thus, the valuation of the
Fund's securities may differ significantly from exchange prices and such
differences could be material.
At December 31, 2017, 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) representing less than 0.1% of net assets.
B. Investment Income and Transactions
Principal amounts of mortgage-backed securities, asset-backed securities
and corporate bonds are adjusted for monthly paydowns. Premiums and
discounts related to certain mortgage-backed securities are amortized or
accreted in proportion to the monthly paydowns. All discounts/premiums on
purchase prices of debt securities are accreted/amortized for financial
reporting purposes over the life of the respective securities, and such
accretion/amortization is included in interest income.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence.
Interest income, including interest on income bearing cash accounts, is
recorded on an accrual basis, net of unrecoverable foreign taxes withheld
at the applicable country rates and net of income accrued on defaulted
securities. Interest and dividend income payable by delivery of additional
shares is reclassified as PIK (payment-in-kind) income upon receipt and is
included in interest and dividend income, respectively.
Security transactions are recorded as of trade date. 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 net taxable income and net realized capital gains, if any, to
its shareowners. Therefore, no provision for federal income taxes is
required. As of December 31, 2017, the Fund did not accrue any interest or
penalties with respect to uncertain tax positions, which if applicable,
would be recorded as an income tax expense in the Statement of Operations.
Tax returns filed within the prior three years remain subject to
examination by federal and state tax authorities.
Pioneer Bond Fund | Semiannual Report | 12/31/17 111
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. GAAP. Distributions in excess of net investment
income or net realized gains are temporary over distributions for financial
statement purposes resulting from differences in the recognition or
classification of income or distributions for financial statement and tax
purposes. Capital accounts within the financial statements are adjusted for
permanent book/tax differences to reflect tax character, but are not
adjusted for temporary differences.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the year ended June 30, 2017 was as follows:
---------------------------------------------------------------------------
2017
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $132,660,990
Long-term capital gain --
---------------------------------------------------------------------------
Total $132,660,990
===========================================================================
The following shows the components of distributable earnings (losses) on a
federal income tax basis at June 30, 2017:
---------------------------------------------------------------------------
2017
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $10,166,400
Capital Loss Carryforward (6,870,781)
Capital Loss Carryforward Limited (3,413,852)
Current year dividends payable (2,189,906)
Net unrealized appreciation 30,101,029
---------------------------------------------------------------------------
Total $27,792,890
===========================================================================
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 and the mark-to-market of futures contracts.
D. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The
Distributor, the principal underwriter for the Fund, earned $21,121 in
underwriting commissions on the sale of Class A shares during the six
months ended December 31, 2017.
112 Pioneer Bond Fund | Semiannual Report | 12/31/17
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 and Class Y shares do not pay
distribution fees. All expenses and fees paid to the Fund's transfer agent,
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 and Class
Y shares can reflect different transfer agent and distribution expense
rates.
F. Insurance-Linked Securities (ILS)
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 occurs, as defined within the
terms of an event-linked bond, the Fund may lose a portion or all of its
accrued interest and/or 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.
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").
A traditional
Pioneer Bond Fund | Semiannual Report | 12/31/17 113
ILW takes the form of a bilateral reinsurance contract, but there are also
products that take the form of derivatives, collateralized structures, or
exchange traded instruments.
Structured reinsurance investments, including quota share instruments,
collateralized reinsurance investments and ILWs, generally are subject to
the same risks as event-linked bonds. In addition, where the instruments
are based on the performance 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 the
Adviser to fully evaluate the underlying risk profile of the Fund's
structured reinsurance investments and therefore the Fund's assets are
placed at greater risk of loss than if the Adviser had more complete
information. Structured reinsurance instruments generally will be
considered illiquid securities by the Fund. These securities may be
difficult to purchase, sell or unwind. Illiquid securities also may be
difficult to value. If the Fund is forced to sell an illiquid asset, the
Fund may be forced to sell at a loss.
G. Risks
The value of securities held by the Fund may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real or
perceived adverse economic, political or regulatory conditions, inflation,
changes in interest rates, lack of liquidity in the bond markets or adverse
investor sentiment. In the past several years, financial markets have
experienced increased volatility, depressed valuations, decreased liquidity
and heightened uncertainty. These conditions may continue, recur, worsen or
spread.
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.
Interest rates in the U.S. recently have been historically low, so the Fund
faces a heightened risk that interest rates may rise. A general rise in
interest rates could adversely affect the price and liquidity of fixed
income securities and could also result in increased redemptions from the
Fund.
H. 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
114 Pioneer Bond Fund | Semiannual Report | 12/31/17
deposit with a broker an amount of cash or securities equal to the minimum
"initial margin" requirements of the associated futures exchange. The
amount of cash deposited with the broker as collateral at December 31, 2017
is recorded within "Futures collateral" in the Statement of Assets and
Liabilities.
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. Cash received from or paid to the broker related to previous
margin movement is held in a segregated account at the broker and is
recorded as either "Due from broker for futures" or "Due to broker for
futures" in the Statement of Assets and Liabilities. 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. Futures contracts are
subject to market risk, interest rate risk and currency exchange rate risk.
Changes in value of the contracts may not directly correlate to the changes
in value of the underlying securities. With futures, there is minimal
counterparty credit risk to the Fund since futures are exchange-traded and
the exchange's clearinghouse, as counterparty to all exchange-traded
futures, guarantees the futures against default. The average value of
contracts open during the six months ended December 31, 2017 was
$(463,928,883).
At December 31, 2017, open futures contracts are listed in the Schedule of
Investments.
I. Repurchase Agreements
Repurchase agreements are arrangements under which the Fund purchases
securities from a broker-dealer or a bank, called the counterparty, upon
the agreement of the counterparty to repurchase the securities from the
Fund at a later date, and at a specific price, which is typically higher
than the purchase price paid by the Fund. The securities purchased serve as
the Fund's collateral for the obligation of the counterparty to repurchase
the securities. The value of the 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 sub-custodian of the
Fund. The Adviser is responsible for determining that the value of the
collateral remains at least equal to the repurchase price. In the event of
a default by the counterparty, the Fund is entitled to sell the securities,
but the Fund may not be able to sell them for the price at which they were
purchased, thus causing a loss to the Fund. Additionally, if the
counterparty becomes insolvent, there is some risk that the Fund will not
have a right to the securities, or the immediate right to sell the
securities. Open repurchase agreements as of December 31, 2017 are
disclosed in the Fund's Schedule of Investments.
Pioneer Bond Fund | Semiannual Report | 12/31/17 115
J. Credit Default Swap Contracts
A credit default swap is a contract between a buyer of protection and a
seller of protection against a pre-defined credit event on an underlying
reference obligation, which may be a single security or a basket or index
of securities. 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.
As a buyer of protection, the Fund makes an upfront or periodic payment to
the protection seller in exchange for the right to receive a contingent
payment. An upfront payment made by the Fund, as the protection buyer, is
recorded within the "Swap contracts, at value" line item 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 within "Swap contracts, at value" line item 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.
116 Pioneer Bond Fund | Semiannual Report | 12/31/17
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 swap contract is recorded as "Variation margin on
centrally cleared swaps" in the Statement of Assets and Liabilities. Cash
received from or paid to the broker related to previous margin movement is
held in a segregated account at the broker and is recorded as either "Due
from broker for swaps" or "Due to broker for swaps" in the Statement of
Assets and Liabilities.
The amount of cash deposited with the broker as collateral at December 31,
2017, is recorded as "Swaps collateral" in the Statement of Assets and
Liabilities.
Open credit default swap contracts at December 31, 2017 are listed in the
Schedule of Investments. The average value of credit default swap contracts
open during the six months ended December 31, 2017 was $(5,490,812).
2. Management Agreement
The Adviser 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. For the six
months ended December 31, 2017, the effective management fee (excluding waivers
and/or assumption of expenses) was equal to 0.40% (annualized) of the Fund's
average daily net assets.
The Adviser has contractually agreed to limit ordinary operating expenses to the
extent required to reduce Fund expenses to 0.85%, 1.10%, and 0.58% of the
average daily net assets attributable to Class A, Class R and Class Y shares,
respectively. Fees waived and expenses reimbursed during the six months ended
December 31, 2017 are reflected on the Statement of Operations. These expense
limitations are in effect through November 1, 2019. There can be no assurance
that the Adviser 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
$283,108 in management fees, administrative costs and certain other
reimbursements payable to the Adviser at December 31, 2017.
Pioneer Bond Fund | Semiannual Report | 12/31/17 117
3. Transfer Agent
DST Asset Manager Solutions, Inc. serves as the transfer agent to the Fund at
negotiated rates. Transfer agent fees and payables shown on the Statement of
Operations and the Statement of Assets and Liabilities, respectively, include
sub-transfer agent expenses incurred through the Fund's omnibus relationship
contracts.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareholder communications activities
such as proxy and statement mailings, outgoing phone calls and omnibus
relationship contracts. For the six months ended December 31, 2017, such
out-of-pocket expenses by class of shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications
--------------------------------------------------------------------------------
Class A $ 44,829
Class C 2,583
Class K 2,816
Class R 16,394
Class Y 45,129
--------------------------------------------------------------------------------
Total $111,751
================================================================================
4. Distribution and Service Plans
The Fund has adopted a distribution plan (the "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 the Distributor 0.25% of the
average daily net assets attributable to Class A shares as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class A shares. Pursuant to the Plan, the Fund also pays the
Distributor 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 the Distributor 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 $64,963 in distribution fees payable to the Distributor at
December 31, 2017.
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.
118 Pioneer Bond Fund | Semiannual Report | 12/31/17
In addition, redemptions of each class of shares (except Class K, Class R and
Class Y 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 or Class Y shares. Proceeds from the
CDSC are paid to the Distributor. For the six months ended December 31, 2017,
CDSC in the amount of $1,544 were paid to the Distributor.
5. 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 which the Fund participated until February 9, 2016 was in the
amount of $240 million. The credit facility in which the fund participated until
February 7, 2017 was in the amount of $220 million. Effective February 8, 2017,
the Fund participated in a facility that is in the amount of $195 million. Under
such facility, depending on the type of loan, interest on borrowings is payable
at the London Interbank Offered Rate ("LIBOR") plus 0.85% 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 or (c) 2% plus the overnight
Eurodollar rate on the borrowing date. The Funds pay an annual commitment fee to
participate in a credit facility. The commitment fee is allocated among
participating Funds based on an allocation schedule set forth in the credit
agreement. For the six months ended December 31, 2017, the Fund had no
borrowings under the credit facility.
6. Assets and Liabilities Offsetting
The Fund has entered into an International Swaps and Derivatives Association,
Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with
substantially all its derivative counterparties. An ISDA Master Agreement is a
bilateral agreement between the Fund and a counterparty that governs the trading
of certain OTC derivatives and typically contains, among other things, close-out
and set-off provisions which apply upon the occurrence of an event of default
and/or a termination event as defined under the relevant ISDA Master Agreement.
The ISDA Master Agreement may also give a party the right to terminate all
transactions traded under such agreement if, among other things, there is
deterioration in the credit quality of the other party.
Pioneer Bond Fund | Semiannual Report | 12/31/17 119
Upon an event of default or a termination of the ISDA Master Agreement, the
non-defaulting party has the right to close out all transactions under such
agreement and to net amounts owed under each transaction to determine one net
amount payable by one party to the other. The right to close out and net
payments across all transactions under the ISDA Master Agreement could result in
a reduction of the Fund's credit risk to its counterparty equal to any amounts
payable by the Fund under the applicable transactions, if any. However, the
Fund's right to set off may be restricted or prohibited by the bankruptcy or
insolvency laws of the particular jurisdiction to which a specific ISDA
counterparty is subject.
The collateral requirements for derivatives transactions under an ISDA Master
Agreement are governed by a credit support annex to the ISDA Master Agreement.
Collateral requirements are generally determined at the close of business each
day and are typically based on changes in market values for each transaction
under an ISDA Master Agreement and netted into one amount for such agreement.
Generally, the amount of collateral due from or to a counterparty is subject to
threshold (a "minimum transfer amount") before a transfer is required, which may
vary by counterparty. Collateral pledged for the benefit of the Fund and/or
counterparty is held in segregated accounts by the Fund's custodian and cannot
be sold, re-pledged, assigned or otherwise used while pledged. Cash that has
been segregated to cover the Fund's collateral obligations, if any, will be
reported separately in the Statement of Assets and Liabilities as "Swaps
collateral". Securities pledged by the Fund as collateral, if any, are
identified as such in the Schedule of Investments.
Financial instruments subject to an enforceable master netting agreement such as
an ISDA Master Agreement have been offset on the Statement of Assets and
Liabilities. The following charts show gross assets and liabilities of the Fund
as of December 31, 2017.
----------------------------------------------------------------------------------------------------
Derivative Assets Derivatives Non-Cash Cash Net Amount
Subject to Master Available for Collateral Collateral of Derivative
Counterparty Netting Agreement Offset Received (a) Received (a) Assets (b)
----------------------------------------------------------------------------------------------------
JPMorgan Chase $126,673 $ -- $ -- $ -- $126,673
Bank NA
----------------------------------------------------------------------------------------------------
Total $126,673 $ -- $ -- $ -- $126,673
====================================================================================================
----------------------------------------------------------------------------------------------------
Derivative Liabilities Derivatives Non-Cash Cash Net Amount
Subject to Master Available for Collateral Collateral of Derivative
Counterparty Netting Agreement Offset Received (a) Received (a) Liabilities (c)
----------------------------------------------------------------------------------------------------
JPMorgan Chase $ -- $ -- $ -- $ -- $ --
Bank NA
----------------------------------------------------------------------------------------------------
Total $ -- $ -- $ -- $ -- $ --
====================================================================================================
(a) The amount presented here may be less than the total amount of collateral
received/pledged as the net amount of derivative assets and liabilities
cannot be less than $0.
(b) Represents the net amount due from the counterparty in the event of
default.
(c) Represents the net amount payable to the counterparty in the event of
default.
120 Pioneer Bond Fund | Semiannual Report | 12/31/17
7. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund's use of derivatives may enhance or mitigate the Fund's exposure to the
following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing
securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to
make further principal or interest payments on an obligation or commitment that
it has to the Fund.
Foreign exchange rate risk relates to fluctuations in the value of an asset or
liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments as
a result of changes in market prices (other than those arising from interest
rate risk or foreign exchange risk), whether caused by factors specific to an
individual investment, its issuer, or all factors affecting all instruments
traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity
index will fluctuate based on increases or decreases in the commodities market
and factors specific to a particular industry or commodity.
The fair value of open derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) by risk exposure at December 31,
2017 was as follows:
--------------------------------------------------------------------------------------
Foreign
Statement of Assets Interest Credit Exchange Equity Commodity
and Liabilities Rate Risk Risk Risk Risk Risk
--------------------------------------------------------------------------------------
Assets:
Unrealized appreciation
on futures contracts $ 3,494,021 $ -- $ -- $ -- $ --
--------------------------------------------------------------------------------------
Total Value $ 3,494,021 $ -- $ -- $ -- $ --
======================================================================================
Liabilities:
Swap contracts, at value $ -- $ 5,840,096 $ -- $ -- $ --
--------------------------------------------------------------------------------------
Total Value $ -- $ 5,840,096 $ -- $ -- $ --
======================================================================================
Pioneer Bond Fund | Semiannual Report | 12/31/17 121
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Operations by risk
exposure at December 31, 2017 was as follows:
-------------------------------------------------------------------------------------
Foreign
Interest Credit Exchange Equity Commodity
Statement of Operations Rate Risk Risk Risk Risk Risk
-------------------------------------------------------------------------------------
Net realized gain (loss):
Futures contracts $7,419,443 $ -- $ -- $ -- $ --
Swap contracts -- (893,989) -- -- --
-------------------------------------------------------------------------------------
Total Value $7,419,443 $ (893,989) $ -- $ -- $ --
=====================================================================================
Change in net
unrealized appreciation
(depreciation) on:
Futures contracts $ 643,710 $ -- $ -- $ -- $ --
Swap contracts -- (1,000,070) -- -- --
-------------------------------------------------------------------------------------
Total Value $ 643,710 $(1,000,070) $ -- $ -- $ --
=====================================================================================
122 Pioneer Bond Fund | Semiannual Report | 12/31/17
ADDITIONAL INFORMATION
Change in Independent Registered Public Accounting Firm
Prior to July 3, 2017 Pioneer Investment Management, Inc. (the "Adviser"), the
Fund's investment adviser, was an indirect, wholly owned subsidiary of UniCredit
S.p.A. ("UniCredit"). On that date, UniCredit completed the sale of its Pioneer
Investments business, which includes the Adviser, to Amundi (the "Transaction").
As a result of the Transaction, the Adviser became an indirect, wholly owned
subsidiary of Amundi. Amundi is controlled by Credit Agricole S.A. Amundi is
headquartered in Paris, France, and, as of September 30, 2016, had more than
$1.1 trillion in assets under management worldwide.
Deloitte & Touche LLP ("D&T"), the Fund's previous independent registered public
accounting firm, informed the Audit Committee and the Board that it would no
longer be independent with respect to the Fund upon the completion of the
Transaction as a result of certain services being provided to Amundi and Credit
Agricole, and, accordingly, that it intended to resign as the Fund's independent
registered public accounting firm upon the completion of the Transaction. D&T's
resignation was effective on July 3, 2017, when the Transaction was completed.
During the periods as to which D&T has served as the Fund's independent
registered public accounting firm, including the Fund's two most recent fiscal
years, D&T's reports on the Fund's financial statements have not contained an
adverse opinion or disclaimer of opinion and have not been qualified or modified
as to uncertainty, audit scope or accounting principles. Further, there have
been no disagreements with D&T on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or procedure,
which, if not resolved to the satisfaction of D&T, would have caused D&T to make
reference to the subject matter of the disagreement in connection with its
report on the financial statements. In addition, there have been no reportable
events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the
Securities Exchange Act of 1934.
Effective immediately following the completion of the Transaction on July 3,
2017, the Board, acting upon the recommendation of the Audit Committee, engaged
a new independent registered public accounting firm, Ernst & Young LLP ("EY").
Pioneer Bond Fund | Semiannual Report | 12/31/17 123
Prior to its engagement, EY had advised the Fund's Audit Committee that EY had
identified the following matters, in each case relating to services rendered by
other member firms of Ernst & Young Global Limited, all of which are located
outside the United States, to UniCredit and certain of its subsidiaries during
the period commencing July 1, 2016, that it determined to be inconsistent with
the auditor independence rules set forth by the Securities and Exchange
Commission ("SEC"): (a) project management support services to UniCredit in the
Czech Republic, Germany, Italy, Serbia and Slovenia in relation to twenty-two
projects, that were determined to be inconsistent with Rule 2-01(c)(4)(vi) of
Regulation S-X (management functions); (b) two engagements for UniCredit in
Italy where fees were contingent/success based and that were determined to be
inconsistent with Rule 2-01(c)(5) of Regulation S-X (contingent fees); (c) four
engagements where legal and expert services were provided to UniCredit in the
Czech Republic and Germany, and twenty engagements where the legal advisory
services were provided to UniCredit in Austria, Czech Republic, Italy and
Poland, that were determined to be inconsistent with Rule 2-01(c)(4)(ix) and (x)
of Regulation S-X (legal and expert services); and (d) two engagements for
UniCredit in Italy involving assistance in the sale of certain assets, that were
determined to be inconsistent with Rule 2-01(c)(4)(viii) of Regulation S-X
(broker-dealer, investment adviser or investment banking services). None of the
foregoing services involved the Fund, any of the other funds in the Pioneer
Family of Funds or any other Pioneer entity sold by UniCredit in the
Transaction.
EY advised the Audit Committee that it had considered the matters described
above and had concluded that such matters would not impair EY's ability to
exercise objective and impartial judgment in connection with the audits of the
financial statements of the Fund under the SEC and Public Company Accounting
Oversight Board independence rules, and that a reasonable investor with
knowledge of all relevant facts and circumstances would reach the same
conclusion. Management and the Audit Committee considered these matters and
discussed the matters with EY and, based upon EY's description of the matters
and statements made by EY, Management and the Audit Committee believe that EY
will be capable of exercising objective and impartial judgment in connection
with the audits of the financial statements of the Fund, and Management further
believes that a reasonable investor with knowledge of all relevant facts and
circumstances would reach the same conclusion.
124 Pioneer Bond Fund | Semiannual Report | 12/31/17
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Lisa M. Jones, President and Chief
David R. Bock Executive Officer
Benjamin M. Friedman Mark E. Bradley, Treasurer and
Margaret B.W. Graham Chief Financial Officer
Lisa M. Jones Christopher J. Kelley, Secretary and
Lorraine H. Monchak Chief Legal Officer
Marguerite A. Piret
Fred J. Ricciardi
Kenneth J. Taubes
Investment Adviser and Administrator
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
DST Asset Manager Solutions, 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 www.amundipioneer.com. This information is also available on the Securities
and Exchange Commission's web site at www.sec.gov.
Pioneer Bond Fund | Semiannual Report | 12/31/17 125
This page is for your notes.
126 Pioneer Bond Fund | Semiannual Report | 12/31/17
This page is for your notes.
Pioneer Bond Fund | Semiannual Report | 12/31/17 127
This page is for your notes.
128 Pioneer Bond Fund | Semiannual Report | 12/31/17
This page is for your notes.
Pioneer Bond Fund | Semiannual Report | 12/31/17 129
This page is for your notes.
130 Pioneer Bond Fund | Semiannual Report | 12/31/17
This page is for your notes.
Pioneer Bond Fund | Semiannual Report | 12/31/17 131
This page is for your notes.
132 Pioneer Bond Fund | Semiannual Report | 12/31/17
How to Contact Amundi 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:
--------------------------------------------------------------------------------
Amundi Pioneer
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address us.askamundipioneer@amundipioneer.com
(for general questions about Amundi Pioneer only)
Visit our web site: www.amundipioneer.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] Amundi Pioneer
==============
ASSET MANAGEMENT
Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com
Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2018 Amundi Pioneer Asset Management 18633-12-0218
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 12(a)(1), a copy of
its code of ethics that applies to the registrant's principal
executive officer,principal financial officer, principal accounting
officer or controller, or persons performing similar functions,
as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Amudi Pioneer Asset Management, Inc, the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees
has considered whether the provision of non-audit
services that were rendered to the Affiliates (as
defined) that were not pre- approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal accountant's
independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's business experience during the past 5 years.
Not applicable to open-end management investment companies.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
Not applicable to open-end management investment companies.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
Item 12. Disclosure of Securities Lending Activities for Closed-End
Management Investment Companies.
(a) If the registrant is a closed-end management investment company,
provide the following dollar amounts of income and compensation related
to the securities lending activities of the registrant during its most
recent fiscal year:
N/A
(1) Gross income from securities lending activities;
N/A
(2) All fees and/or compensation for each of the following securities
lending activities and related services: any share of revenue generated
by the securities lending program paid to the securities lending agent(s)
(revenue split); fees paid for cash collateral management services
(including fees deducted from a pooled cash collateral reinvestment
vehicle) that are not included in the revenue split; administrative
fees that are not included in the revenue split; fees for
indemnification that are not included in the revenue split; rebates
paid to borrowers; and any other fees relating to the securities lending
program that are not included in the revenue split, including a description
of those other fees;
N/A
(3) The aggregate fees/compensation disclosed pursuant to paragraph (2); and
N/A
(4) Net income from securities lending activities (i.e., the dollar amount in
paragraph (1) minus the dollar amount in paragraph (3)).
If a fee for a service is included in the revenue split, state that the fee
is included in the revenue split.
N/A
(b) If the registrant is a closed-end management investment company, describe
the services provided to the registrant by the securities lending agent in
the registrants most recent fiscal year.
N/A
ITEM 13. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Bond Fund
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date February 27, 2018
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date February 27, 2018
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date February 27, 2018
* Print the name and title of each signing officer under his or her signature.