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: June 30
Date of reporting period: July 1, 2018 through December 31, 2018
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
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Semiannual Report | December 31, 2018
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Ticker Symbols:
Class A PIOBX
Class C PCYBX
Class K PBFKX
Class R PBFRX
Class Y PICYX
Beginning in February 2021, as permitted by regulations adopted by the
Securities and Exchange Commission, paper copies of the Fund's shareholder
reports like this one will no longer be sent by mail, unless you specifically
request paper copies of the reports from the Fund or from your financial
intermediary, such as a broker-dealer, bank or insurance company. Instead, the
reports will be made available on the Fund's website, and you will be notified
by mail each time a report is posted and provided with a website link to access
the report.
If you already elected to receive shareholder reports electronically, you will
not be affected by this change and you need not take any action. You may elect
to receive shareholder reports and other communications electronically by
contacting your financial intermediary or, if you invest directly with the
Fund, by calling 1-800-225-6292.
You may elect to receive all future reports in paper free of charge. If you
invest directly with the Fund, you can inform the Fund that you wish to
continue receiving paper copies of your shareholder reports by calling
1-800-225-6292. If you invest through a financial intermediary, you can contact
your financial intermediary to request that you continue to receive paper
copies of your shareholder reports. Your election to receive reports in paper
will apply to all funds held in your account if you invest through your
financial intermediary or all funds held with the Pioneer funds complex if you
invest directly.
[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 91
Notes to Financial Statements 100
Additional Information 116
Approval of Investment Management Agreement 118
Trustees, Officers and Service Providers 123
Pioneer Bond Fund | Semiannual Report | 12/31/18 1
President's Letter
Since 1928, active portfolio management based on in-depth, fundamental
research, has been the foundation of Amundi Pioneer's investment approach. We
believe an active management investment strategy is a prudent approach to
investing, especially during periods of market volatility, which can result
from any number of risk factors, including slow U.S. economic growth, rising
interest rates, and geopolitical factors. Of course, in today's global economy,
risk factors extend well beyond U.S. borders, and political and economic issues
on the international front can also cause or contribute to volatility in U.S.
markets.
At Amundi Pioneer, each security under consideration is researched by our team
of experienced investment professionals, who visit companies and meet with
their management teams. At the end of this research process, if we have
conviction in a company's business model and management team, and regard the
security as a potentially solid investment opportunity, an Amundi Pioneer
portfolio manager makes an active decision to invest in that security. The
portfolio resulting from these decisions represents an expression of his or her
convictions, and strives to balance overall risk and return opportunity. As an
example, the Standard & Poor's 500 Index -- the predominant benchmark for many
U.S. Large-Cap Core Equity funds -- has 500 stocks. An Amundi Pioneer portfolio
manager chooses to invest in only those companies that he or she believes can
offer the most attractive opportunities to pursue the fund's investment
objective, thus potentially benefiting the fund's shareowners. This process
results in a portfolio that does not own all 500 stocks, but a much narrower
universe. The same active decision to invest in a company is also applied when
we decide to sell a security, either due to changing fundamentals, valuation
concerns, or market risks. We apply this active decision-making across all of
our equity, fixed-income, and global portfolios.
Today, as investors, we have many options. It is our view that active
management can serve shareholders well not only when markets are thriving, but
also during periods of market volatility and uncertainty, thus making it a
compelling investment choice. As you consider the many choices today, 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.
2 Pioneer Bond Fund | Semiannual Report | 12/31/18
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, 2018
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 | 12/31/18 3
Portfolio Management Discussion | 12/31/18
In the following interview, Brad Komenda discusses the factors that affected
the performance of Pioneer Bond Fund during the six-month period ended December
31, 2018. Mr. Komenda, Senior Vice President, Deputy Director of
Investment-Grade Corporates, and a portfolio manager at Amundi Pioneer Asset
Management, Inc. ("Amundi Pioneer"), is responsible for the day-to-day
management of the Portfolio, along with Kenneth J. Taubes, Executive Vice
President and Chief Investment Officer, U.S., and a portfolio manager at Amundi
Pioneer, and Timothy Rowe, Managing Director, Deputy Director of Multisector
Fixed Income, and a portfolio manager at Amundi Pioneer.
Q How did the Fund perform during the six-month period ended December 31,
2018?
A Pioneer Bond Fund's Class A shares returned 0.66% at net asset value
during the six-month period ended December 31, 2018, while the Fund's
benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index (the Bloomberg
Barclays Index), returned 1.65%. During the same period, the average
return of the 1,061 mutual funds in Morningstar's Intermediate-Term Bond
Funds Category was 1.08%.
Q How would you describe the investment environment in the fixed-income
markets during the six-month period ended December 31, 2018?
A Entering the period, robust economic data and corporate earnings results
boosted credit-market sentiment, outweighing concerns over trade disputes
between the U.S. and some of its major trading partners. The markets
continued to focus heavily on economic growth and inflation indicators in
the effort to glean the likely path of the U.S. Federal Reserve's (the
Fed's) monetary policy. Expectations were for two additional quarter-point
increases in the federal funds rate by year-end, bringing the total number
of rate hikes to four in 2018. Treasury yields rose in advance of the
Fed's September 25 meeting, at which the upper band for the benchmark
overnight lending rate was raised from 2.00% to 2.25%. Investment-grade
corporate bonds led performance within the Fund's benchmark, the Bloomberg
Barclays Index, in the third quarter of 2018, while high-yield corporate
bonds outperformed the investment-grade market during that same
three-month period, given the "risk-on" tone in the markets.
4 Pioneer Bond Fund | Semiannual Report | 12/31/18
The positive market conditions reversed in the fourth quarter of 2018,
however, with much of the damage coming in December. Investors' appetite
for risk had weakened entering the quarter as concerns about the outlook
for the Fed's continued tightening of monetary policy, the escalating
U.S./China trade dispute, and mounting evidence of slowing economic growth
overseas dampened enthusiasm. In early October, the equity markets began a
downward spiral that would persist essentially through year-end. The price
of oil, too, slid significantly at that time due to an unfavorable
supply/demand outlook. Nonetheless, the Fed met market expectations and
raised short-term rates by a quarter-point in December, moving its federal
funds target into the 2.25% to 2.50% range, while signaling the likelihood
of two additional rate hikes in 2019. Volatility in the "risk-asset"
markets spiked on fears that the Fed would raise rates by too much, given
the uncertain outlook for global economic growth. The 10-year Treasury
yield declined from 3.05% to 2.69% over the fourth quarter, driven by a
global flight-to-safety trade.
U.S. Treasuries led performance within the Bloomberg Barclays Index over
the fourth quarter of 2018 as longer-term interest rates declined.
Securitized assets, including mortgage-backed securities (MBS),
asset-backed securities (ABS), and commercial-mortgage backed securities
(CMBS), were rewarded for their generally high-quality profiles and posted
positive returns as well. Investment-grade corporate bonds were the
biggest laggards within the investment-grade universe as credit spreads
widened. (Credit spreads are commonly defined as the differences in yield
between Treasuries and other types of fixed-income securities with similar
maturities.) High-yield corporate bonds notably lagged their
investment-grade counterparts over the final three months of the period,
while returns for floating-rate bank loans were also firmly in negative
territory for the fourth quarter.
For the full six-month period ended December 31, 2018, securitized assets
and Treasuries led performance within the benchmark Bloomberg Barclays
Index. The investment-grade corporate bond market posted a small positive
return of 0.79%, as measured by the Bloomberg Barclays U.S. Corporate Bond
Index, while high-yield securities were negative, returning -2.34%, as
measured by the ICE Bank of America Merrill Lynch U.S. High Yield Index.
Pioneer Bond Fund | Semiannual Report | 12/31/18 5
Q What factors influenced the Fund's performance relative to the Bloomberg
Barclays Index during the six-month period ended December 31, 2018?
A The biggest detractor from the Fund's benchmark-relative performance over
the six-month period was an approximate 5% non-benchmark portfolio
allocation to Treasury Inflation-Protected Securities (TIPS). The
performance of TIPS badly lagged that of nominal Treasuries as inflation
expectations declined in late 2018. In addition, declining interest rates
in the fourth quarter did not benefit TIPS to the same degree as
comparable-maturity Treasuries.
The Fund's positioning with respect to interest rates was a modest
detractor from benchmark-relative performance during the six-month period.
In particular, the Fund was slightly underweight versus the benchmark in
overall portfolio duration, which limited returns as the 10-year Treasury
yield declined late in the 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.)
After having taken a short-duration stance versus the benchmark for the
past several years, the increase in interest rates we witnessed over 2018,
coupled with the federal funds rate approaching neutral and the flattening
of the yield curve, we had moved the portfolio to an essentially
neutral-duration stance relative to the Bloomberg Barclays Index as of
period-end.
Asset allocation decisions, in aggregate, also hurt the Fund's
benchmark-relative performance for the six-month period. In broad terms,
the Fund's overweighting of credit-sensitive investments -- or debt
instruments more subject to default risk -- compared with the benchmark
weighed on relative returns as the market moved to a "risk-off" tone in
late 2018 and investors sought out "safe-haven" assets such as Treasuries.
Detractors from the Fund's benchmark-relative returns within
credit-sensitive debt included the portfolio's exposures to both
investment-grade corporate credit as well as modest, out-of-benchmark
positions in high-yield corporates and floating-rate bank loans. By the
same token, the Fund's underweight to U.S. Treasuries constrained
benchmark-relative returns as the flat-to-lower movement out on the yield
curve supported Treasury performance. The
6 Pioneer Bond Fund | Semiannual Report | 12/31/18
Fund continues to hold a large underweight to nominal Treasuries versus
the Bloomberg Barclays Index, as our economic outlook for 2019 remains
relatively strong, and we continue to favor allocations to both
securitized and credit-sensitive sectors, market segments we believe are
poised to rebound in light of their significant underperformance at the
end of 2018.
On the positive side, the Fund's overweighting of securitized assets,
including ABS, contributed modestly to benchmark-relative results, as
strong consumer fundamentals supported a favorable view of the asset
category. The Fund maintains a modest, strategic exposure to
insurance-linked securities (ILS), which are sponsored by insurance
companies looking to transfer some of the risk of having to payout claims
following a natural disaster. We believe ILS investments can offer the
portfolio a valuable source of diversification* and incremental income
potential. The Fund's ILS allocation was essentially a neutral factor with
regard to benchmark-relative performance for the six-month period, despite
the insurance claims generated by the extremely damaging California
wildfires late in the year.
Q Did the Fund have any investments in derivative securities during the
six-month period ended December 31, 2018? If so, did the derivatives have
any material impact on benchmark-relative performance?
A Yes, we invested the Fund in Treasury futures and credit-default swaps
(CDS) during the period. We invest in Treasury futures as part of our
duration management for the portfolio. We believe the use of Treasury
futures allows us to express our views on duration and yield-curve
positioning in the most efficient manner. Investments in CDS are used to
either gain or reduce the portfolio's exposure to corporate bonds very
quickly, as cash-bond transactions take a little more time. The use of
derivatives did not materially impact the Fund's benchmark-relative
performance during the period, as they were used as hedging instruments.
Q What factors affected the Fund's yield during the six-month period ended
December 31, 2018?
A The overall rise in Treasury yields contributed to a higher Fund yield, as
did the widening of credit spreads over the six-month period.
* Diversification does not assure a profit nor protected against loss.
Pioneer Bond Fund | Semiannual Report | 12/31/18 7
Q What is your investment outlook and how is the Fund positioned heading
into the second half of its fiscal year?
A We anticipate 2019 will see the U.S. economy continue to expand, albeit at
a more moderate pace. While we reduced the Fund's credit-market exposures
through mid-2018, the significant spread-widening, particularly in
December, created the opportunity for us to start selectively adding back
credit risk, both in investment-grade and high-yield corporates. In
particular, we increased the portfolio's holdings of economically
sensitive issues in the "BBB" quality range (the lower end of investment
grade), which we viewed as having been unduly punished during the year-end
market rout. Given the advanced stage of the credit cycle, we are
generally avoiding investments in industrial sectors that have seen an
increase in merger-and-acquisition activity and shareholder-friendly
measures such as increased dividends** and share buybacks, as the
increased leverage associated with such activity has resulted in credit
downgrades to "BBB-". The Fund has exposure to bank issues in developed
Europe, which appear attractive from a relative-valuation standpoint.
The Fund remains overweight to securitized assets, including ABS, CMBS,
and non-agency MBS, as we view the category as featuring favorable
risk/return profiles given our outlook for continued low default rates.
We have maintained the portfolio's non-benchmark position in long-duration
TIPS, which is designed to help protect the Fund should inflation exceed
expectations. Entering 2019, we view TIPS valuations as reflecting an
unduly pessimistic outlook for both economic growth and inflation. Other
non-benchmark exposures in the portfolio as of year-end include holdings
of floating-rate bank loans, where we find valuations are more attractive
following December's credit-market sell-off. We are seeking to maintain a
high-quality focus within the bank-loan segment, as it has been subject to
some of the same stepped-up leveraging we've seen within lower-rated
corporates.
Given our view that the Fed is now at the neutral federal funds rate, as
noted earlier, we have moved the portfolio to a neutral-duration stance
versus the Bloomberg Barclays Index, and have positioned the Fund with a
modest underweight in the middle of the yield curve, with an overweight on
the long end.
** Dividends are not guaranteed.
8 Pioneer Bond Fund | Semiannual Report | 12/31/18
Please refer to the Schedule of Investments on pages 19-90 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
failure of the issuers of the underlying securities and their inability to meet
their debt obligations.
Prepayment risk is the chance that an issuer may exercise its right to prepay
its security, if falling interest rates prompt the issuer to do so. Forced to
reinvest the unanticipated proceeds at lower interest rates, the Fund would
experience a decline in income and lose the opportunity for additional price
appreciation.
Investments in high-yield or lower-rated securities are subject to
greater-than-average price volatility, illiquidity and possibility of default.
The securities issued by U.S. Government-sponsored entities (i.e., Fannie Mae,
Freddie Mac) are neither guaranteed nor issued by the U.S. Government.
The portfolio may invest in mortgage-backed securities, which during times of
fluctuating interest rates may increase or decrease more than other
fixed-income securities. Mortgage-backed securities are also subject to
pre-payments.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making the Fund more susceptible to
any economic, political, or regulatory developments or other risks affecting
those industries and sectors.
These risks may increase share price volatility.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or 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 | 12/31/18 9
Portfolio Summary | 12/31/18
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investments)*
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Government And Agency Obligations 29.9%
Corporate Bonds 29.0%
Collateralized Mortgage Obligations 24.2%
Asset Backed Securities 7.3%
Insurance-Linked Securities 4.1%
Municipal Bonds 2.4%
Senior Secured Floating Rate Loan Interests 2.3%
Convertible Preferred Stocks 0.5%
Foreign Government Bonds 0.3%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total investments)*
1. U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/46 1.45%
-------------------------------------------------------------------------------------------------------------
2. U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/48 1.23
-------------------------------------------------------------------------------------------------------------
3. U.S. Treasury Inflation Indexed Bonds, 0.75%, 2/15/45 1.20
-------------------------------------------------------------------------------------------------------------
4. U.S. Treasury Inflation Indexed Bonds, 0.875%, 2/15/47 1.19
-------------------------------------------------------------------------------------------------------------
5. U.S. Treasury Notes, 2.5%, 6/30/20 0.92
-------------------------------------------------------------------------------------------------------------
6. Canadian Imperial Bank of Commerce, 2.874% (3 Month USD LIBOR + 32 bps), 2/2/21 0.44
-------------------------------------------------------------------------------------------------------------
7. Commonwealth of Pennsylvania, 1st Series, 4.0%, 1/1/29 0.37
-------------------------------------------------------------------------------------------------------------
8. Fannie Mae, 3.5%, 8/1/47 0.37
-------------------------------------------------------------------------------------------------------------
9. Liberty Mutual Insurance Co., 7.697%, 10/15/97 (144A) 0.36
-------------------------------------------------------------------------------------------------------------
10. Williams Cos., Inc., 5.75%, 6/24/44 0.35
-------------------------------------------------------------------------------------------------------------
* Excludes temporary cash investments and all derivative contracts except
for options purchased. The Fund is actively managed, and current holdings
may be different. The holdings listed should not be considered
recommendations to buy or sell any securities.
10 Pioneer Bond Fund | Semiannual Report | 12/31/18
Prices and Distributions | 12/31/18
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 12/31/18 6/30/18
--------------------------------------------------------------------------------
A $9.35 $9.45
--------------------------------------------------------------------------------
C $9.25 $9.35
--------------------------------------------------------------------------------
K $9.35 $9.45
--------------------------------------------------------------------------------
R $9.44 $9.54
--------------------------------------------------------------------------------
Y $9.27 $9.36
--------------------------------------------------------------------------------
Distributions per Share: 7/1/18-12/31/18
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1613 $ -- $ --
--------------------------------------------------------------------------------
C $0.1251 $ -- $ --
--------------------------------------------------------------------------------
K $0.1803 $ -- $ --
--------------------------------------------------------------------------------
R $0.1507 $ -- $ --
--------------------------------------------------------------------------------
Y $0.1734 $ -- $ --
--------------------------------------------------------------------------------
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 | 12/31/18 11
Performance Update | 12/31/18 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, 2018)
---------------------------------------------------------
Bloomberg
Net Public Barclays U.S.
Asset Offering Aggregate
Value Price Bond
Period (NAV) (POP) Index
---------------------------------------------------------
10 years 5.34% 4.86% 3.48%
5 years 2.63 1.69 2.52
1 year -0.88 -5.34 0.01
---------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2018)
---------------------------------------------------------
Gross
---------------------------------------------------------
0.85%
---------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Bloomberg Barclays U.S.
Pioneer Bond Fund Aggregate Bond Index
12/08 $ 9,550 $10,000
12/09 $11,240 $10,593
12/10 $12,301 $11,286
12/11 $12,926 $12,171
12/12 $14,045 $12,684
12/13 $14,113 $12,427
12/14 $14,949 $13,169
12/15 $14,947 $13,241
12/16 $15,572 $13,592
12/17 $16,210 $14,073
12/18 $16,067 $14,075
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. NAV
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 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 | 12/31/18
Performance Update | 12/31/18 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, 2018)
---------------------------------------------------------
Bloomberg
Barclays U.S.
Aggregate
If If Bond
Period Held Redeemed Index
---------------------------------------------------------
10 years 4.47% 4.47% 3.48%
5 years 1.86 1.86 2.52
1 year -1.55 -1.55 0.01
---------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2018)
---------------------------------------------------------
Gross
---------------------------------------------------------
1.49%
---------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Bloomberg Barclays U.S.
Pioneer Bond Fund Aggregate Bond Index
12/08 $10,000 $10,000
12/09 $11,664 $10,593
12/10 $12,644 $11,286
12/11 $13,172 $12,171
12/12 $14,341 $12,684
12/13 $14,123 $12,427
12/14 $14,838 $13,169
12/15 $14,719 $13,241
12/16 $15,224 $13,592
12/17 $15,732 $14,073
12/18 $15,487 $14,075
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. NAV 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 | 12/31/18 13
Performance Update | 12/31/18 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, 2018)
---------------------------------------------------------
Bloomberg
Net Barclays U.S.
Asset Aggregate
Value Bond
Period (NAV) Index
---------------------------------------------------------
10 years 5.57% 3.48%
5 years 3.01 2.52
1 year -0.48 0.01
---------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2018)
---------------------------------------------------------
Gross
---------------------------------------------------------
0.35%
---------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Bloomberg Barclays U.S.
Pioneer Bond Fund Aggregate Bond Index
12/08 $5,000,000 $5,000,000
12/09 $5,884,971 $5,296,520
12/10 $6,440,518 $5,643,003
12/11 $6,767,641 $6,085,518
12/12 $7,346,858 $6,342,012
12/13 $7,412,444 $6,213,669
12/14 $7,867,360 $6,584,358
12/15 $7,904,802 $6,620,569
12/16 $8,266,509 $6,795,848
12/17 $8,638,271 $7,036,545
12/18 $8,596,964 $7,037,344
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 | 12/31/18
Performance Update | 12/31/18 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, 2018)
---------------------------------------------------------
Bloomberg
Net Barclays U.S.
Asset Aggregate
Value Bond
Period (NAV) Index
---------------------------------------------------------
10 years 5.01% 3.48%
5 years 2.38 2.52
1 year -1.09 0.01
---------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2018)
---------------------------------------------------------
Gross
---------------------------------------------------------
1.10%
---------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Bloomberg Barclays U.S.
Pioneer Bond Fund Aggregate Bond Index
12/08 $10,000 $10,000
12/09 $11,731 $10,593
12/10 $12,796 $11,286
12/11 $13,396 $12,171
12/12 $14,479 $12,684
12/13 $14,494 $12,427
12/14 $15,314 $13,169
12/15 $15,277 $13,241
12/16 $15,874 $13,592
12/17 $16,481 $14,073
12/18 $16,302 $14,075
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 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 | 12/31/18 15
Performance Update | 12/31/18 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, 2018)
---------------------------------------------------------
Bloomberg
Net Barclays U.S.
Asset Aggregate
Value Bond
Period (NAV) Index
---------------------------------------------------------
10 years 5.61% 3.48%
5 years 2.92 2.52
1 year -0.53 0.01
---------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2018)
---------------------------------------------------------
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.
Pioneer Bond Fund Aggregate Bond Index
12/08 $5,000,000 $5,000,000
12/09 $5,897,611 $5,296,520
12/10 $6,472,825 $5,643,003
12/11 $6,818,480 $6,085,518
12/12 $7,420,415 $6,342,012
12/13 $7,469,208 $6,213,669
12/14 $7,931,859 $6,584,358
12/15 $7,951,262 $6,620,569
12/16 $8,307,445 $6,795,848
12/17 $8,672,405 $7,036,545
12/18 $8,626,732 $7,037,344
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 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 | 12/31/18
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, 2018 through December 31, 2018.
----------------------------------------------------------------------------------------------
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 7/1/18
----------------------------------------------------------------------------------------------
Ending Account $1,006.60 $1,002.70 $1,008.70 $1,005.50 $1,009.10
Value (after
expenses)
on 12/31/18
----------------------------------------------------------------------------------------------
Expenses Paid $ 4.30 $ 7.77 $ 2.03 $ 5.56 $ 2.63
During Period*
----------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.85%,
1.54%, 0.40%, 1.10% and 0.52% 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 | 12/31/18 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, 2018 through December 31, 2018.
----------------------------------------------------------------------------------------------
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 7/1/18
----------------------------------------------------------------------------------------------
Ending Account $1,020.92 $1,017.44 $1,023.19 $1,019.66 $1,022.58
Value (after
expenses)
on 12/31/18
----------------------------------------------------------------------------------------------
Expenses Paid $ 4.33 $ 7.83 $ 2.04 $ 5.60 $ 2.65
During Period*
----------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.85%,
1.54%, 0.40%, 1.10% and 0.52% 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 | 12/31/18
Schedule of Investments | 12/31/18 (unaudited)
---------------------------------------------------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 99.7%
CONVERTIBLE PREFERRED STOCKS --
0.6% of Net Assets
Banks -- 0.6%
10,964(a) Bank of America Corp., 7.25% $ 13,732,410
10,209(a) Wells Fargo & Co., 7.5% 12,883,452
--------------
Total Banks $ 26,615,862
---------------------------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $24,688,188) $ 26,615,862
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($)
---------------------------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES --
7.3% of Net Assets
765,269(b) 321 Henderson Receivables I LLC, Series 2005-1A,
Class A1, 2.685% (1 Month USD LIBOR + 23 bps),
11/15/40 (144A) $ 728,776
500,000 321 Henderson Receivables III LLC, Series 2008-1A,
Class B, 8.37%, 1/15/46 (144A) 591,502
2,743,019 ACC Trust, Series 2018-1, Class A, 3.7%, 12/21/20
(144A) 2,744,260
4,300,000 Access Point Funding I LLC, Series 2017-A, Class B,
3.97%, 4/15/29 (144A) 4,292,023
4,641,250 Applebee's Funding LLC/IHOP Funding LLC, Series
2014-1, Class A2, 4.277%, 9/5/44 (144A) 4,630,437
1,500,000 Ascentium Equipment Receivables Trust, Series 2016-2A,
Class D, 4.2%, 9/12/22 (144A) 1,506,927
2,100,000 Ascentium Equipment Receivables Trust, Series 2017-2A,
Class D, 3.56%, 10/10/25 (144A) 2,074,789
1,100,000 Ascentium Equipment Receivables Trust, Series 2018-1A,
Class D, 3.99%, 12/11/23 (144A) 1,110,389
1,750,000 Avid Automobile Receivables Trust, Series 2018-1,
Class B, 3.85%, 7/15/24 (144A) 1,740,070
800,000 Axis Equipment Finance Receivables IV LLC, Series
2018-1A, Class C, 3.74%, 4/22/24 (144A) 799,773
1,249,999 Axis Equipment Finance Receivables IV LLC, Series
2018-1A, Class D, 3.98%, 4/22/24 (144A) 1,249,455
1,675,000 Axis Equipment Finance Receivables VI LLC, Series
2018-2A, Class C, 4.27%, 1/20/23 (144A) 1,705,531
5,784,000 Axis Equipment Finance Receivables VI LLC, Series
2018-2A, Class D, 4.45%, 6/20/23 (144A) 5,887,772
5,590,487(c) Bayview Koitere Fund Trust, Series 2017-RT4, Class A,
3.5%, 7/28/57 (144A) 5,541,364
1,416,000 BCC Funding XIV LLC, Series 2018-1A, Class B, 3.39%,
8/21/23 (144A) 1,417,370
126,127(b) Bear Stearns Asset Backed Securities Trust, Series
2006-SD2, Class A3, 2.996% (1 Month USD LIBOR +
49 bps), 6/25/36 126,126
1,126,280 BXG Receivables Note Trust, Series 2015-A, Class A,
2.88%, 5/2/30 (144A) 1,110,870
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 19
Schedule of Investments | 12/31/18 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- (continued)
6,977,881 Cazenovia Creek Funding II LLC, Series 2018-1A,
Class A, 3.561%, 7/15/30 (144A) $ 6,982,397
1,400,000 CIG Auto Receivables Trust, Series 2017-1A, Class B,
3.81%, 5/15/23 (144A) 1,384,749
6,635,269(c) Citigroup Mortgage Loan Trust, Inc., Series 2017-RP2,
Class A1, 3.25%, 7/25/67 (144A) 6,510,971
1,582,039(b) Commonbond Student Loan Trust, Series 2017-BGS,
Class A2, 3.156% (1 Month USD LIBOR + 65 bps),
9/25/42 (144A) 1,559,087
5,500,000 Commonbond Student Loan Trust, Series 2018-CGS,
Class A1, 3.87%, 2/25/46 (144A) 5,549,112
3,000,000 CoreVest American Finance Trust, Series 2017-1,
Class C, 3.756%, 10/15/49 (144A) 2,899,854
1,500,000 Credit Acceptance Auto Loan Trust, Series 2016-2A,
Class C, 4.29%, 11/15/24 (144A) 1,507,603
380,184 CRG Issuer, Series 2015-1, Class A, 4.07%,
7/10/22 (144A) 378,283
445,116(b) DRB Prime Student Loan Trust, Series 2016-B,
Class A1, 4.306% (1 Month USD LIBOR + 180 bps),
6/25/40 (144A) 459,857
3,750,000 Drive Auto Receivables Trust, Series 2018-1, Class C,
3.22%, 3/15/23 3,742,397
235,687(b) Drug Royalty II LP 2, Series 2014-1, Class A1, 5.286%
(3 Month USD LIBOR + 285 bps), 7/15/23 (144A) 237,196
4,497,212 Elm Trust, Series 2018-2A, Class A2, 4.605%,
10/20/27 (144A) 4,570,659
1,300,000 Engs Commercial Finance Trust, Series 2016-1A,
Class B, 3.45%, 3/22/22 (144A) 1,269,997
1,900,000 Engs Commercial Finance Trust, Series 2016-1A,
Class D, 5.22%, 1/22/24 (144A) 1,856,549
2,000,000 Engs Commercial Finance Trust, Series 2018-1A,
Class B, 3.8%, 2/22/23 (144A) 2,013,863
1,400,000 Engs Commercial Finance Trust, Series 2018-1A,
Class C, 4.05%, 2/22/23 (144A) 1,411,214
1,500,000 Exeter Automobile Receivables Trust, Series 2018-1A,
Class C, 3.03%, 1/17/23 (144A) 1,490,482
2,182,409(b) Fieldstone Mortgage Investment Trust, Series 2005-3,
Class 1A, 2.805% (1 Month USD LIBOR +
49 bps), 2/25/36 2,164,075
4,314,000(c) Finance of America Structured Securities Trust, Series
2017-HB1, Class M1, 2.84%, 11/25/27 (144A) 4,282,076
1,454,295 First Investors Auto Owner Trust, Series 2014-3A,
Class C, 2.97%, 11/16/20 (144A) 1,453,709
300,000 First Investors Auto Owner Trust, Series 2017-2A,
Class C, 3.0%, 8/15/23 (144A) 296,969
1,140,000 Ford Credit Auto Owner Trust /Ford Credit, Series
2018-2, Class A, 3.47%, 1/15/30 (144A) 1,150,404
The accompanying notes are an integral part of these financial statements.
20 Pioneer Bond Fund | Semiannual Report | 12/31/18
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- (continued)
4,200,000 Four Seas LP, Series 2017-1A, Class A2, 5.927%,
8/28/27 (144A) $ 4,082,039
1,000,000 Foursight Capital Automobile Receivables Trust, Series
2018-1, Class D, 4.19%, 11/15/23 (144A) 1,007,265
1,770,928(b) Fremont Home Loan Trust, Series 2006-2, Class 1A1,
2.666% (1 Month USD LIBOR + 16 bps), 2/25/36 1,735,231
415,000 GLS Auto Receivables Trust, Series 2017-1A, Class B,
2.98%, 12/15/21 (144A) 413,537
59,996(d) GMAT Trust, Series 2013-1A, Class A, 6.967%,
11/25/43 (144A) 60,017
863,200(b) GSRPM Mortgage Loan Trust, Series 2003-2, Class M1,
3.856% (1 Month USD LIBOR + 135 bps), 6/25/33 858,197
111,197(b) GSRPM Mortgage Loan Trust, Series 2006-2,
Class A2, 2.806% (1 Month USD LIBOR + 30 bps),
9/25/36 (144A) 111,071
4,882,763 Hardee's Funding LLC, Series 2018-1A, Class A2II,
4.959%, 6/20/48 (144A) 4,972,849
2,250,000(b) Hertz Fleet Lease Funding LP, Series 2016-1,
Class E, 5.887% (1 Month USD LIBOR + 350 bps),
4/10/30 (144A) 2,258,569
1,850,000 Hertz Fleet Lease Funding LP, Series 2018-1, Class C,
3.77%, 5/10/32 (144A) 1,867,328
2,800,000 Hertz Fleet Lease Funding LP, Series 2018-1, Class D,
4.17%, 5/10/32 (144A) 2,827,042
2,790,750 HOA Funding LLC, Series 2014-1A, Class A2, 4.846%,
8/20/44 (144A) 2,779,308
6,360,149(b) Home Partners of America Trust, Series 2018-1,
Class A, 3.355% (1 Month USD LIBOR + 90 bps),
7/17/37 (144A) 6,306,570
782,184 Icon Brand Holdings LLC, Series 2012-1A, Class A,
4.229%, 1/25/43 (144A) 540,113
213,490 Icon Brand Holdings LLC, Series 2013-1A, Class A2,
4.352%, 1/25/43 (144A) 120,915
3,650,000(b) Invitation Homes Trust, Series 2018-SFR1, Class C,
3.705% (1 Month USD LIBOR + 125 bps),
3/17/37 (144A) 3,609,420
3,971,992 JG Wentworth XLI LLC, Series 2018-1A, Class A, 3.74%,
10/17/72 (144A) 3,948,065
374,100 JG Wentworth XXII LLC, Series 2010-3A, Class A, 3.82%,
12/15/48 (144A) 378,635
3,750,000 Kabbage Asset Securitization LLC, Series 2017-1,
Class A, 4.571%, 3/15/22 (144A) 3,775,034
1,200,000 Kabbage Asset Securitization LLC, Series 2017-1,
Class B, 5.794%, 3/15/22 (144A) 1,211,387
16,286 Lehman ABS Manufactured Housing Contract Trust,
Series 2001-B, Class A1, 3.01%, 4/15/40 16,293
5,818,372 Marlette Funding Trust, Series 2018-3A, Class A, 3.2%,
9/15/28 (144A) 5,811,292
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 21
Schedule of Investments | 12/31/18 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- (continued)
1,750,000 Marlin Receivables LLC, Series 2018-1A, Class C,
3.7%, 6/20/23 (144A) $ 1,760,374
3,383,000(c) Mill City Mortgage Loan Trust, Series 2017-1,
Class M2, 3.25%, 11/25/58 (144A) 3,209,440
14,000,000(c) Mill City Mortgage Loan Trust, Series 2018-2,
Class M1, 3.75%, 5/25/58 (144A) 13,409,943
11,108,973(c) Mill City Mortgage Loan Trust, Series 2018-3,
Class A1, 3.5%, 8/25/58 (144A) 11,020,520
2,645,000(c) Nationstar HECM Loan Trust, Series 2018-3A,
Class M3, 4.353%, 11/25/28 (144A) 2,644,999
2,170,693(b) New Century Home Equity Loan Trust, Series 2005-2,
Class M2, 3.181% (1 Month USD LIBOR + 68 bps),
6/25/35 2,169,461
2,850,000 New Residential Advance Receivables Trust Advance
Receivables Backed Notes, Series 2016-T2,
Class BT2, 3.02%, 10/15/49 (144A) 2,827,742
3,619,080(b) Newtek Small Business Loan Trust, Series 2017-1,
Class A, 4.506% (1 Month USD LIBOR + 200 bps),
2/15/43 (144A) 3,616,134
2,149,242(b) NovaStar Mortgage Funding Trust, Series 2005-3,
Class M1, 3.181% (1 Month USD LIBOR + 68 bps),
1/25/36 2,140,981
1,775,000 Ocwen Master Advance Receivables Trust, Series
2016-T2, Class BT2, 3.265%, 8/16/49 (144A) 1,769,888
5,305,000 OneMain Financial Issuance Trust, Series 2015-2A,
Class D, 5.64%, 7/18/25 (144A) 5,343,444
1,176,572(b) Option One Mortgage Loan Trust, Series 2005-3,
Class M2, 3.241% (1 Month USD LIBOR +
74 bps), 8/25/35 1,172,841
834,164 Oxford Finance Funding LLC, Series 2016-1A, Class A,
3.968%, 6/17/24 (144A) 836,749
3,250,000 Progress Residential Trust, Series 2018-SFR2, Class E,
4.656%, 8/17/35 (144A) 3,233,219
5,810,000 Progress Residential Trust, Series 2018-SFR3, Class E,
4.873%, 10/17/35 (144A) 5,884,205
2,000,000 Purchasing Power Funding LLC, Series 2018-A, Class A,
3.34%, 8/15/22 (144A) 1,993,831
3,306(b) RAAC Trust, Series 2006-RP2, Class A, 2.756%
(1 Month USD LIBOR + 25 bps), 2/25/37 (144A) 3,305
1,745,840(d) RCO Mortgage LLC, Series 2017-1, Class A1, 3.375%,
8/25/22 (144A) 1,735,589
1,859,896 SCF Equipment Leasing LLC, Series 2017-2A, Class A,
3.41%, 12/20/23 (144A) 1,856,386
2,250,000 SCF Equipment Leasing LLC, Series 2018-1A, Class C,
4.21%, 4/20/27 (144A) 2,296,337
152,231 SCF Equipment Trust LLC, Series 2016-1A, Class A,
3.62%, 11/20/21 (144A) 151,948
3,126,030 Spirit Master Funding LLC, Series 2014-4A, Class A2,
4.629%, 1/20/45 (144A) 3,151,336
The accompanying notes are an integral part of these financial statements.
22 Pioneer Bond Fund | Semiannual Report | 12/31/18
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- (continued)
1,472,500 STORE Master Funding I LLC, Series 2015-1A,
Class A1, 3.75%, 4/20/45 (144A) $ 1,456,279
7,188(d) Structured Asset Securities Corp., Series 2004-19XS,
Class A6B, 4.971%, 10/25/34 7,310
163,339(d) Terwin Mortgage Trust, Series 2005-16HE, Class AF2,
4.761%, 9/25/36 163,156
3,200,000 Tidewater Auto Receivables Trust, Series 2018-AA,
Class C, 3.84%, 11/15/24 (144A) 3,215,973
1,078,000 Tidewater Auto Receivables Trust, Series 2018-AA,
Class D, 4.3%, 11/15/24 (144A) 1,085,199
1,767,847 Tidewater Sales Finance Master Trust, Series 2017-AA,
Class A, 4.55%, 4/15/21 (144A) 1,765,038
686,270 TLF National Tax Lien Trust, Series 2017-1A, Class B,
3.84%, 12/15/29 (144A) 686,263
1,195,000(c) Towd Point Mortgage Trust, Series 2015-2, Class 1M1,
3.25%, 11/25/60 (144A) 1,165,289
9,375,000(c) Towd Point Mortgage Trust, Series 2015-5, Class M1,
3.5%, 5/25/55 (144A) 9,285,468
10,011,000(c) Towd Point Mortgage Trust, Series 2016-3, Class M1,
3.5%, 4/25/56 (144A) 9,878,370
9,130,000(c) Towd Point Mortgage Trust, Series 2016-4, Class M1,
3.25%, 7/25/56 (144A) 8,775,445
3,000,000(c) Towd Point Mortgage Trust, Series 2016-5, Class M1,
3.375%, 10/25/56 (144A) 2,882,360
4,985,000(c) Towd Point Mortgage Trust, Series 2017-4, Class A2,
3.0%, 6/25/57 (144A) 4,675,921
11,500,000(c) Towd Point Mortgage Trust, Series 2017-6, Class A2,
3.0%, 10/25/57 (144A) 10,658,837
6,572,097(c) Towd Point Mortgage Trust, Series 2018-3, Class A1,
3.75%, 5/25/58 (144A) 6,567,969
3,250,000(c) Towd Point Mortgage Trust, Series 2018-3, Class A2,
3.875%, 5/25/58 (144A) 3,187,031
8,498,157(c) Towd Point Mortgage Trust, Series 2018-4, Class A1,
3.0%, 6/25/58 (144A) 8,262,066
11,489,050(c) Towd Point Mortgage Trust, Series 2018-6, Class A1A,
3.75%, 3/25/58 (144A) 11,495,367
11,860,000(c) Towd Point Mortgage Trust, Series 2018-SJ1, Class A1,
4.0%, 10/25/58 (144A) 11,857,818
3,000,000(b) Trafigura Securitisation Finance Plc, Series 2017-1A,
Class A1, 3.305% (1 Month USD LIBOR + 85 bps),
12/15/20 (144A) 3,007,500
8,500,000 Tricon American Homes Trust, Series 2017-SFR2,
Class B, 3.275%, 1/17/36 (144A) 8,237,569
44,053 United States Small Business Administration,
6.14%, 1/1/22 45,250
194,437 United States Small Business Administration, Series
2005-20B, Class 1, 4.625%, 2/1/25 199,815
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 23
Schedule of Investments | 12/31/18 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- (continued)
172,505 United States Small Business Administration, Series
2005-20E, Class 1, 4.84%, 5/1/25 $ 177,921
249,626 United States Small Business Administration, Series
2008-20D, Class 1, 5.37%, 4/1/28 263,647
266,407 United States Small Business Administration, Series
2008-20H, Class 1, 6.02%, 8/1/28 285,833
171,604 United States Small Business Administration, Series
2008-20J, Class 1, 5.63%, 10/1/28 183,962
147,008 United States Small Business Administration, Series
2008-20L, Class 1, 6.22%, 12/1/28 160,048
66,348 United States Small Business Administration, Series
2009-20A, Class 1, 5.72%, 1/1/29 71,183
160,191 United States Small Business Administration, Series
2009-20I, Class 1, 4.2%, 9/1/29 166,584
5,945,980 Upstart Securitization Trust, Series 2018-2, Class A,
3.33%, 12/22/25 (144A) 5,936,599
702,809 Welk Resorts LLC, Series 2015-AA, Class A, 2.79%,
6/16/31 (144A) 693,314
2,353,570 Welk Resorts LLC, Series 2017-AA, Class B, 3.41%,
6/15/33 (144A) 2,314,763
1,671,711 Westgate Resorts LLC, Series 2016-1A, Class B, 4.5%,
12/20/28 (144A) 1,664,461
1,226,688 Westgate Resorts LLC, Series 2017-1A, Class A, 3.05%,
12/20/30 (144A) 1,218,275
6,762,674 Westgate Resorts LLC, Series 2018-1A, Class C, 4.1%,
12/20/31 (144A) 6,772,623
1,000,000 Westlake Automobile Receivables Trust, Series
2017-2A, Class C, 2.59%, 12/15/22 (144A) 992,136
1,970,000 Westlake Automobile Receivables Trust, Series
2018-1A, Class E, 4.53%, 5/15/23 (144A) 1,964,390
1,900,000 Westlake Automobile Receivables Trust, Series
2018-2A, Class D, 4.0%, 1/16/24 (144A) 1,917,196
6,530,000 Westlake Automobile Receivables Trust, Series
2018-3A, Class B, 3.32%, 10/16/23 (144A) 6,543,629
3,870,000 Westlake Automobile Receivables Trust, Series
2018-3A, Class E, 4.9%, 12/15/23 (144A) 3,908,838
2,500,000 WRG Debt Funding II LLC, Series 2017-1, Class A,
4.458%, 3/15/26 (144A) 2,482,031
---------------------------------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $358,559,120) $ 357,626,512
---------------------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS --
24.1% of Net Assets
3,190,000 A10 Term Asset Financing LLC, Series 2017-1A, Class B,
3.15%, 3/15/36 (144A) $ 3,093,702
4,028,789(c) Agate Bay Mortgage Trust, Series 2015-1, Class A13,
3.5%, 1/25/45 (144A) 3,951,808
4,004,242(c) Agate Bay Mortgage Trust, Series 2015-7, Class B3,
3.766%, 10/25/45 (144A) 3,844,346
The accompanying notes are an integral part of these financial statements.
24 Pioneer Bond Fund | Semiannual Report | 12/31/18
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS --
(continued)
16,795(b) Alternative Loan Trust, Series 2003-14T1, Class A9,
2.956% (1 Month USD LIBOR + 45 bps), 8/25/18 $ 10,512
2,800,000 American Homes 4 Rent, Series 2014-SFR3, Class C,
4.596%, 12/17/36 (144A) 2,917,863
700,000 American Homes 4 Rent, Series 2014-SFR3, Class D,
5.04%, 12/17/36 (144A) 738,320
1,300,000 American Homes 4 Rent, Series 2015-SFR1, Class C,
4.11%, 4/17/52 (144A) 1,321,871
5,200,000(b) Arbor Realty Commercial Real Estate Notes, Ltd.,
Series 2017-FL1, Class B, 4.955% (1 Month USD
LIBOR + 250 bps), 4/15/27 (144A) 5,356,000
1,149,596 B2R Mortgage Trust, Series 2015-1, Class A1, 2.524%,
5/15/48 (144A) 1,136,993
5,900,000(b) BAMLL Commercial Mortgage Securities Trust, Series
2014-FL1, Class B, 4.507% (1 Month USD LIBOR +
220 bps), 12/15/31 (144A) 5,901,857
3,500,000(c) BAMLL Commercial Mortgage Securities Trust, Series
2016-FR14, Class A, 3.012%, 2/27/48 (144A) 3,445,057
7,460,000 BANK, Series 2017-BNK5, Class AS, 3.624%, 6/15/60 7,359,698
9,000,000 BANK, Series 2017-BNK7, Class AS, 3.748%, 9/15/60 8,914,094
6,869,884(c) Bayview Opportunity Master Fund IVb Trust, Series
2017-RT2, Class A, 3.5%, 8/28/57 (144A) 6,809,407
3,125,771(c) Bayview Opportunity Master Fund IVb Trust, Series
2017-SPL4, Class A, 3.5%, 1/28/55 (144A) 3,098,072
686,066(c) Bear Stearns Commercial Mortgage Securities Trust,
Series 2005-PWR7, Class B, 5.214%, 2/11/41 682,176
3,657,457(b) Bellemeade Re, Ltd., Series 2017-1, Class M1,
4.206% (1 Month USD LIBOR + 170 bps),
10/25/27 (144A) 3,673,583
6,440,000(b) Bellemeade Re, Ltd., Series 2018-1A, Class M1B,
4.106% (1 Month USD LIBOR + 160 bps),
4/25/28 (144A) 6,439,992
5,430,000(b) Bellemeade Re, Ltd., Series 2018-2A, Class M1B,
3.856% (1 Month USD LIBOR + 135 bps),
8/25/28 (144A) 5,404,322
4,320,000(b) Bellemeade Re, Ltd., Series 2018-3A, Class M1B,
4.356% (1 Month USD LIBOR + 185 bps),
10/25/27 (144A) 4,313,126
7,000,000 Benchmark Mortgage Trust, Series 2018-B2, Class A4,
3.615%, 2/15/51 7,018,331
4,200,000 Benchmark Mortgage Trust, Series 2018-B5, Class A3,
3.944%, 7/15/51 4,282,057
7,400,000 Benchmark Mortgage Trust, Series 2018-B8, Class A4,
3.963%, 1/15/52 7,528,872
4,700,000(b) BTH-13 Mortgage Backed Securities Trust, Series
2018-13, Class A, 4.807% (1 Month USD LIBOR +
250 bps), 8/18/21 (144A) 4,700,382
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 25
Schedule of Investments | 12/31/18 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS --
(continued)
4,187,548(c) Cascade Funding Mortgage Trust, Series 2018-RM2,
Class A, 4.0%, 10/25/68 (144A) $ 4,209,365
3,250,000 CCRESG Commercial Mortgage Trust, Series 2016-HEAT,
Class A, 3.357%, 4/10/29 (144A) 3,250,739
3,675,000 CD Mortgage Trust, Series 2018-CD7, Class A3, 4.013%,
8/15/51 3,762,121
4,000,000 CFCRE Commercial Mortgage Trust, Series 2016-C3,
Class A2, 3.597%, 1/10/48 3,989,672
173,621(c) CHL Mortgage Pass-Through Trust, Series 2003-56,
Class 4A2, 4.542%, 12/25/33 177,201
5,117,488(c) CIM Trust, Series 2018-J1, Class A10, 3.5%,
3/25/48 (144A) 5,059,703
3,400,000(c) Citigroup Commercial Mortgage Trust, Series
2014-GC19, Class B, 4.805%, 3/10/47 3,546,727
6,000,000(c) Citigroup Commercial Mortgage Trust, Series
2014-GC25, Class B, 4.345%, 10/10/47 6,135,721
3,100,000 Citigroup Commercial Mortgage Trust, Series
2015-GC27, Class A5, 3.137%, 2/10/48 3,046,986
6,052,000(c) Citigroup Commercial Mortgage Trust, Series
2015-GC33, Class B, 4.569%, 9/10/58 6,213,208
4,621,000 Citigroup Commercial Mortgage Trust, Series 2016-P5,
Class D, 3.0%, 10/10/49 (144A) 3,739,291
1,007,654(c) Citigroup Mortgage Loan Trust, Series 2014-J1,
Class A1, 3.5%, 6/25/44 (144A) 995,590
10,998,099(c) Citigroup Mortgage Loan Trust, Series 2018-RP2,
Class A1, 3.5%, 2/25/58 (144A) 11,026,694
9,314,141(c) Citigroup Mortgage Loan Trust, Inc., Series 2018-RP1,
Class A1, 3.0%, 9/25/64 (144A) 9,236,423
2,037,137 Colony American Finance, Ltd., Series 2015-1, Class A,
2.896%, 10/15/47 (144A) 2,024,639
2,400,000(d) Colony American Finance, Ltd., Series 2016-1, Class D,
5.972%, 6/15/48 (144A) 2,424,041
2,400,000(d) Colony American Finance, Ltd., Series 2016-2, Class D,
5.028%, 11/15/48 (144A) 2,385,904
1,556,526(b) Colony Starwood Homes Trust, Series 2016-2A,
Class B, 4.205% (1 Month USD LIBOR + 175 bps),
12/17/33 (144A) 1,557,007
4,186,968(c) COLT Mortgage Loan Trust, Series 2018-3, Class A1,
3.692%, 10/26/48 (144A) 4,182,495
2,090,000 COMM Mortgage Trust, Series 2012-CR2, Class AM,
3.791%, 8/15/45 2,126,673
2,940,633 COMM Mortgage Trust, Series 2012-CR3, Class A3,
2.822%, 10/15/45 2,894,543
5,000,000(c) COMM Mortgage Trust, Series 2013-CR11, Class C,
5.166%, 8/10/50 (144A) 5,120,788
1,900,000 COMM Mortgage Trust, Series 2013-LC6, Class A4,
2.941%, 1/10/46 1,880,369
The accompanying notes are an integral part of these financial statements.
26 Pioneer Bond Fund | Semiannual Report | 12/31/18
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS --
(continued)
2,500,000(c) COMM Mortgage Trust, Series 2014-CR16, Class C,
4.901%, 4/10/47 $ 2,550,048
7,325,000(c) COMM Mortgage Trust, Series 2014-CR20, Class C,
4.502%, 11/10/47 7,253,374
296,318(b) COMM Mortgage Trust, Series 2014-FL5, Class B,
3.693% (1 Month USD LIBOR + 215 bps),
10/15/31 (144A) 295,666
6,600,000 COMM Mortgage Trust, Series 2014-UBS3, Class A3,
3.546%, 6/10/47 6,653,347
4,500,000(c) COMM Mortgage Trust, Series 2014-UBS3, Class C,
4.781%, 6/10/47 4,466,056
4,100,000 COMM Mortgage Trust, Series 2014-UBS4, Class A4,
3.42%, 8/10/47 4,105,252
5,200,000 COMM Mortgage Trust, Series 2015-3BP, Class A,
3.178%, 2/10/35 (144A) 5,121,882
4,000,000(c) COMM Mortgage Trust, Series 2015-CR23, Class CMD,
3.685%, 5/10/48 (144A) 3,951,364
3,104,000(c) COMM Mortgage Trust, Series 2015-CR25, Class B,
4.544%, 8/10/48 3,194,194
6,300,000 COMM Mortgage Trust, Series 2015-CR26, Class A3,
3.359%, 10/10/48 6,251,104
4,500,000(c) COMM Mortgage Trust, Series 2015-DC1, Class B,
4.035%, 2/10/48 4,497,746
7,120,000(c) CSAIL Commercial Mortgage Trust, Series 2016-C5,
Class C, 4.537%, 11/15/48 7,150,746
2,090,000 CSAIL Commercial Mortgage Trust, Series 2016-C6,
Class A5, 3.09%, 1/15/49 2,020,647
8,493,289(c) CSMC Trust, Series 2013-6, Class 2A3, 3.5%,
8/25/43 (144A) 8,359,881
4,309,848(c) CSMC Trust, Series 2013-IVR3, Class A1, 2.5%,
5/25/43 (144A) 4,064,264
3,847,037(c) CSMC Trust, Series 2013-IVR3, Class A3, 1.55%,
5/25/43 (144A) 3,703,065
3,590,690(c) CSMC Trust, Series 2013-IVR3, Class B2, 3.452%,
5/25/43 (144A) 3,563,022
2,695,585(c) CSMC Trust, Series 2013-IVR3, Class B4, 3.452%,
5/25/43 (144A) 2,552,490
2,858,767(c) CSMC Trust, Series 2013-IVR5, Class B4, 3.651%,
10/25/43 (144A) 2,815,669
8,228,254(c) CSMC Trust, Series 2013-TH1, Class A1, 2.13%,
2/25/43 (144A) 7,671,765
4,553,651(c) CSMC Trust, Series 2017-HL2, Class A1, 3.5%,
10/25/47 (144A) 4,466,954
6,908,159(c) CSMC Trust, Series 2017-HL2, Class A3, 3.5%,
10/25/47 (144A) 6,813,013
16,533,880(c) CSMC Trust, Series 2018-J1, Class A11, 3.5%,
2/25/48 (144A) 15,955,473
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 27
Schedule of Investments | 12/31/18 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS --
(continued)
6,000,000 DBJPM Mortgage Trust, Series 2016-C3, Class A5,
2.89%, 8/10/49 $ 5,724,985
1,851,352(c) Deephaven Residential Mortgage Trust, Series
2017-3A, Class A1, 2.577%, 10/25/47 (144A) 1,827,757
4,435,946(c) Deephaven Residential Mortgage Trust, Series
2018-1A, Class A1, 2.976%, 12/25/57 (144A) 4,393,480
5,470,000(b) Eagle Re, Ltd., Series 2018-1, Class M1, 3.98%
(1 Month USD LIBOR + 170 bps), 11/25/28 (144A) 5,462,419
4,087,634(c) EverBank Mortgage Loan Trust, Series 2013-2, Class A,
3.0%, 6/25/43 (144A) 3,942,251
2,257,767(b) Fannie Mae Connecticut Avenue Securities, Series
2018-C01, Class 1M1, 3.106% (1 Month USD LIBOR +
60 bps), 7/25/30 2,249,737
1,072,491(b) Fannie Mae Connecticut Avenue Securities, Series
2018-C04, Class 2M1, 3.256% (1 Month USD LIBOR +
75 bps), 12/25/30 1,071,656
7,205,366(b) Fannie Mae Connecticut Avenue Securities, Series
2018-C05, Class 1M1, 3.226% (1 Month USD LIBOR +
72 bps), 1/25/31 7,188,288
571,357(c) Fannie Mae Grantor Trust, Series 2004-T2, Class 2A,
4.371%, 7/25/43 600,326
23,482(b) Federal Home Loan Mortgage Corp. REMICS, Series
3780, Class FE, 2.855% (1 Month USD LIBOR +
40 bps), 12/15/20 23,542
1,426,911 Federal Home Loan Mortgage Corp. Whole Loan
Securities Trust, Series 2017-SC02, Class 2A1,
3.5%, 5/25/47 1,424,053
6 Federal National Mortgage Association REMICS, Series
1989-19, Class B, 10.3%, 4/25/19 6
270,901 Federal National Mortgage Association REMICS, Series
2009-36, Class HX, 4.5%, 6/25/29 278,116
997,386 Federal National Mortgage Association REMICS, Series
2013-128, Class DV, 3.0%, 6/25/23 993,975
2,197,000(c) FirstKey Mortgage Trust, Series 2015-1, Class B4,
3.924%, 3/25/45 (144A) 2,032,225
10,010,778(c) Flagstar Mortgage Trust, Series 2018-1, Class A3,
3.5%, 3/25/48 (144A) 9,804,165
5,455,113(c) Flagstar Mortgage Trust, Series 2018-2, Class A14,
3.5%, 4/25/48 (144A) 5,202,748
7,853,452(c) Flagstar Mortgage Trust, Series 2018-2, Class B1,
4.076%, 4/25/48 (144A) 7,967,471
9,360,805(c) Flagstar Mortgage Trust, Series 2018-3INV, Class A3,
4.0%, 5/25/48 (144A) 9,373,115
4,686,013(c) Flagstar Mortgage Trust, Series 2018-3INV, Class B1,
4.518%, 5/25/48 (144A) 4,874,650
4,853,406(c) Flagstar Mortgage Trust, Series 2018-3INV, Class B3,
4.518%, 5/25/48 (144A) 4,840,246
The accompanying notes are an integral part of these financial statements.
28 Pioneer Bond Fund | Semiannual Report | 12/31/18
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS --
(continued)
6,906,687(c) Flagstar Mortgage Trust, Series 2018-5, Class A7,
4.0%, 9/25/48 (144A) $ 6,928,543
8,670,000(b) Freddie Mac Stacr Trust, Series 2018-HQA2,
Class M1, 3.256% (1 Month USD LIBOR + 75 bps),
10/25/48 (144A) 8,649,383
2,695,000(b) Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2016-DNA4, Class M2, 3.806% (1 Month USD
LIBOR + 130 bps), 3/25/29 2,697,976
3,719,791(b) Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2018-HQA1, Class M1, 3.206% (1 Month USD
LIBOR + 70 bps), 9/25/30 3,711,080
3,503,145(c) Freddie Mac Structured Agency Credit Risk Debt
Notes, Series 2018-SPI3, Class M1, 4.167%,
8/25/48 (144A) 3,511,975
890,000(c) FREMF Mortgage Trust, Series 2010-K9, Class B,
5.207%, 9/25/45 (144A) 917,349
2,060,000(c) FREMF Mortgage Trust, Series 2012-K710, Class B,
3.817%, 6/25/47 (144A) 2,058,514
902,511(b) FREMF Mortgage Trust, Series 2014-KF05, Class B,
6.347% (1 Month USD LIBOR + 400 bps),
9/25/22 (144A) 934,552
2,653,276(b) FREMF Mortgage Trust, Series 2014-KS02, Class B,
7.347% (1 Month USD LIBOR + 500 bps),
8/25/23 (144A) 2,726,453
3,700,000(c) FREMF Mortgage Trust, Series 2015-K51, Class B,
3.953%, 10/25/48 (144A) 3,664,387
5,987,422(c) FRESB Mortgage Trust, Series 2018-SB52, Class A7F,
3.39%, 6/25/25 6,077,840
4,630,000(c) GAHR Commercial Mortgage Trust, Series 2015-NRF,
Class CFX, 3.382%, 12/15/34 (144A) 4,589,944
1,055,607 Government National Mortgage Association, Series
2005-61, Class UZ, 5.25%, 8/16/35 1,111,292
601,767 Government National Mortgage Association, Series
2012-130, Class PA, 3.0%, 4/20/41 600,078
669,612 Government National Mortgage Association, Series
2013-169, Class TE, 3.25%, 4/16/27 668,592
38,827,615(c)(e) Government National Mortgage Association, Series
2017-21, Class IO, 0.795%, 10/16/58 2,869,877
3,698,022 Government National Mortgage Association, Series
2018-20, Class A, 2.5%, 9/16/49 3,626,240
1,000,000 GS Mortgage Securities Corp. II, Series 2013-GC10,
Class B, 3.682%, 2/10/46 (144A) 995,362
5,030,000(c) GS Mortgage Securities Trust, Series 2013-GC12,
Class C, 4.179%, 6/10/46 4,919,945
6,500,000 GS Mortgage Securities Trust, Series 2015-GC28,
Class A5, 3.396%, 2/10/48 6,463,545
3,603,131(c) GS Mortgage-Backed Securities Trust, Series 2014-EB1A,
Class B3, 3.116%, 7/25/44 (144A) 3,604,358
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 29
Schedule of Investments | 12/31/18 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS --
(continued)
2,475,026 GS Mortgage-Backed Securities Trust, Series
2018-RPL1, Class A1A, 3.75%, 10/25/57 (144A) $ 2,483,949
750,000(b) Home Partners of America Trust, Series 2017-1,
Class B, 3.805% (1 Month USD LIBOR + 135 bps),
7/17/34 (144A) 746,741
2,270,000(b) Home Re, Ltd., Series 2018-1, Class M1, 4.106%
(1 Month USD LIBOR + 160 bps), 10/25/28 (144A) 2,272,765
251,157(b) JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2006-LDP9, Class A3SF, 2.61% (1 Month
USD LIBOR + 16 bps), 5/15/47 251,157
901,860 JP Morgan Chase Commercial Mortgage Securities
Trust, Series 2011-C5, Class A3, 4.171%, 8/15/46 919,941
1,900,000(c) JP Morgan Chase Commercial Mortgage Securities
Trust, Series 2012-C8, Class B, 3.977%,
10/15/45 (144A) 1,906,769
4,555,234 JP Morgan Chase Commercial Mortgage Securities
Trust, Series 2012-LC9, Class A5, 2.84%, 12/15/47 4,475,951
5,925,000(c) JP Morgan Chase Commercial Mortgage Securities
Trust, Series 2018-BCON, Class C, 3.756%,
1/5/31 (144A) 5,931,570
6,700,000 JP Morgan Chase Commercial Mortgage Securities
Trust, Series 2018-WPT, Class AFX, 4.248%,
7/5/33 (144A) 6,956,185
7,353,064(c) JP Morgan Mortgage Trust, Series 2013-1, Class 2A2,
2.5%, 3/25/43 (144A) 7,091,972
2,619,156(c) JP Morgan Mortgage Trust, Series 2013-1, Class 2A3,
3.0%, 3/25/43 (144A) 2,575,932
4,907,215(c) JP Morgan Mortgage Trust, Series 2016-3, Class 2A1,
3.0%, 10/25/46 (144A) 4,829,720
7,347,507(c) JP Morgan Mortgage Trust, Series 2016-4, Class A13,
3.5%, 10/25/46 (144A) 7,225,539
8,273,635(c) JP Morgan Mortgage Trust, Series 2016-5, Class AM,
2.649%, 12/25/46 (144A) 8,164,608
5,569,050(c) JP Morgan Mortgage Trust, Series 2016-5, Class B1,
2.648%, 12/25/46 (144A) 5,545,575
1,886,770(c) JP Morgan Mortgage Trust, Series 2017-1, Class A3,
3.5%, 1/25/47 (144A) 1,861,538
10,555,000(c) JP Morgan Mortgage Trust, Series 2017-1, Class A6,
3.5%, 1/25/47 (144A) 10,318,769
2,485,273(c) JP Morgan Mortgage Trust, Series 2017-2, Class A4,
3.0%, 5/25/47 (144A) 2,397,024
13,789,615(c) JP Morgan Mortgage Trust, Series 2017-2, Class A6,
3.0%, 5/25/47 (144A) 13,414,648
1,418,547(c) JP Morgan Mortgage Trust, Series 2017-2, Class B1,
3.742%, 5/25/47 (144A) 1,384,583
4,970,341(c) JP Morgan Mortgage Trust, Series 2017-3, Class 1A13,
3.5%, 8/25/47 (144A) 4,886,669
The accompanying notes are an integral part of these financial statements.
30 Pioneer Bond Fund | Semiannual Report | 12/31/18
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS --
(continued)
4,828,699(c) JP Morgan Mortgage Trust, Series 2017-3, Class 1A3,
3.5%, 8/25/47 (144A) $ 4,737,732
3,745,252(c) JP Morgan Mortgage Trust, Series 2017-3, Class 1A5,
3.5%, 8/25/47 (144A) 3,697,414
4,278,425(c) JP Morgan Mortgage Trust, Series 2017-3, Class 1A6,
3.0%, 8/25/47 (144A) 4,136,721
8,926,283(c) JP Morgan Mortgage Trust, Series 2017-3, Class 2A2,
2.5%, 8/25/47 (144A) 8,587,012
3,659,464(c) JP Morgan Mortgage Trust, Series 2017-4, Class A3,
3.5%, 11/25/48 (144A) 3,590,707
7,760,358(c) JP Morgan Mortgage Trust, Series 2017-4, Class A5,
3.5%, 11/25/48 (144A) 7,661,235
15,376,451(c) JP Morgan Mortgage Trust, Series 2017-4, Class A6,
3.0%, 11/25/48 (144A) 15,185,929
4,703,658(c) JP Morgan Mortgage Trust, Series 2017-5, Class A1A,
3.0%, 10/26/48 (144A) 4,676,074
1,680,312(c) JP Morgan Mortgage Trust, Series 2017-5, Class A2,
3.176%, 10/26/48 (144A) 1,663,481
4,428,297(c) JP Morgan Mortgage Trust, Series 2017-5, Class B1,
3.176%, 10/26/48 (144A) 4,349,959
2,946,644(c) JP Morgan Mortgage Trust, Series 2017-6, Class A13,
3.5%, 12/25/48 (144A) 2,830,271
13,108,284(c) JP Morgan Mortgage Trust, Series 2017-6, Class A5,
3.5%, 12/25/48 (144A) 12,932,987
97,085(c) JP Morgan Mortgage Trust, Series 2017-6, Class A6,
3.0%, 12/25/48 (144A) 94,381
10,089,368(c) JP Morgan Mortgage Trust, Series 2017-6, Class B1,
3.849%, 12/25/48 (144A) 9,975,775
2,944,160(c) JP Morgan Mortgage Trust, Series 2018-1, Class B1,
3.768%, 6/25/48 (144A) 2,857,633
9,273,701(c) JP Morgan Mortgage Trust, Series 2018-3, Class A5,
3.5%, 9/25/48 (144A) 9,149,452
3,838,715(c) JP Morgan Mortgage Trust, Series 2018-3, Class B1,
3.782%, 9/25/48 (144A) 3,727,875
13,815,000(c) JP Morgan Mortgage Trust, Series 2018-4, Class A17,
3.5%, 10/25/48 (144A) 13,506,318
740,728(c) JP Morgan Mortgage Trust, Series 2018-4, Class A5,
3.5%, 10/25/48 (144A) 730,803
5,207,215(c) JP Morgan Mortgage Trust, Series 2018-4, Class B2,
3.797%, 10/25/48 (144A) 4,950,862
12,049,350(c) JP Morgan Mortgage Trust, Series 2018-6, Class 2A2,
3.0%, 12/25/48 (144A) 11,844,607
8,910,123(c) JP Morgan Mortgage Trust, Series 2018-9, Class A3,
4.0%, 2/25/49 (144A) 8,936,131
3,801,385(c) JP Morgan Mortgage Trust, Series 2018-9, Class A5,
4.0%, 2/25/49 (144A) 3,821,281
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 31
Schedule of Investments | 12/31/18 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS --
(continued)
3,952,630(c) JP Morgan Trust, Series 2015-3, Class A6, 3.0%,
5/25/45 (144A) $ 3,902,206
4,239,986(c) JP Morgan Trust, Series 2015-3, Class B3, 3.678%,
5/25/45 (144A) 4,073,217
7,850,000 JPMBB Commercial Mortgage Securities Trust, Series
2015-C32, Class A4, 3.329%, 11/15/48 7,776,064
3,450,000(c) JPMDB Commercial Mortgage Securities Trust, Series
2016-C2, Class B, 3.99%, 6/15/49 3,390,271
6,650,000 JPMDB Commercial Mortgage Securities Trust, Series
2016-C4, Class A3, 3.141%, 12/15/49 6,439,538
2,000,000(c) JPMDB Commercial Mortgage Securities Trust, Series
2016-C4, Class D, 3.093%, 12/15/49 (144A) 1,626,639
7,640,000 JPMDB Commercial Mortgage Securities Trust, Series
2018-C8, Class A4, 4.211%, 6/15/51 7,934,770
45,714,000(c)(e) JPMDB Commercial Mortgage Securities Trust, Series
2018-C8, Class XB, 0.113%, 6/15/51 524,550
1,878,399 La Hipotecaria El Salvadorian Mortgage Trust, Series
2016-1A, Class A, 3.358%, 1/15/46 (144A) 1,831,541
936,322(b) La Hipotecaria Panamanian Mortgage Trust, Series
2010-1GA, Class A, 2.5% (Panamanian Mortgage
Reference Rate + 300 bps), 9/8/39 (144A) 905,891
2,848,379(b) La Hipotecaria Panamanian Mortgage Trust, Series
2014-1A, Class A1, 3.258% (Panamanian Mortgage
Reference Rate + 224 bps), 11/24/42 (144A) 2,765,598
3,690,000(c) LSTAR Commercial Mortgage Trust, Series 2015-3,
Class AS, 3.128%, 4/20/48 (144A) 3,601,318
2,173,067(b) LSTAR Securities Investment, Ltd., Series 2017-7,
Class A, 4.099% (1 Month USD LIBOR + 175 bps),
10/1/22 (144A) 2,184,368
3,486,576(b) LSTAR Securities Investment, Ltd., Series 2018-1,
Class A, 3.849% (1 Month USD LIBOR + 200 bps),
4/1/21 (144A) 3,482,963
7,774,845(c) Mello Mortgage Capital Acceptance, Series 2018-MTG1,
Class A1, 3.5%, 5/25/48 (144A) 7,676,920
6,607,577(c) Mill City Mortgage Loan Trust, Series 2017-3,
Class M2, 3.25%, 1/25/61 (144A) 6,252,125
5,113,071 Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2012-C6, Class A4, 2.858%, 11/15/45 5,040,048
6,900,000 Morgan Stanley Capital I Trust, Series 2018-MP,
Class A, 4.418%, 7/11/40 (144A) 7,230,354
404,549(b) MRFC Mortgage Pass-Through Trust, Series 2000-TBC3,
Class A1, 2.895% (1 Month USD LIBOR +
44 bps), 12/15/30 389,852
5,661,586(b) New Residential Mortgage Loan Trust, Series 2018-4A,
Class A1S, 3.256% (1 Month USD LIBOR + 75 bps),
1/25/48 (144A) 5,631,792
The accompanying notes are an integral part of these financial statements.
32 Pioneer Bond Fund | Semiannual Report | 12/31/18
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS --
(continued)
4,068,562(c) New Residential Mortgage Loan Trust, Series 2018-5A,
Class A1, 4.75%, 12/25/57 (144A) $ 4,169,225
122,459(c) New Residential Mortgage Loan Trust, Series 2018-RPL1,
Class A1, 3.5%, 12/25/57 (144A) 121,881
5,682,656(c) NRP Mortgage Trust, Series 2013-1, Class B1, 3.315%,
7/25/43 (144A) 5,613,485
4,370,876(c) NRP Mortgage Trust, Series 2013-1, Class B2, 3.315%,
7/25/43 (144A) 4,294,064
2,969,102(c) OBX Trust, Series 2018-EXP1, Class 1A6, 4.5%,
4/25/48 (144A) 3,011,087
452,692(b) Pepper Residential Securities Trust No. 18, Series
18A, Class A1UA, 3.371% (1 Month USD LIBOR +
95 bps), 3/12/47 (144A) 451,772
12,384,462(c) PMT Loan Trust, Series 2013-J1, Class A1, 3.5%,
9/25/43 (144A) 12,201,543
8,947,142(c) PMT Loan Trust, Series 2013-J1, Class A11, 3.5%,
9/25/43 (144A) 8,852,009
4,800,000 Progress Residential Trust, Series 2017-SFR1, Class B,
3.017%, 8/17/34 (144A) 4,701,075
700,000 Progress Residential Trust, Series 2017-SFR1, Class D,
3.565%, 8/17/34 (144A) 688,671
5,135,000 Progress Residential Trust, Series 2017-SFR2, Class B,
3.196%, 12/17/34 (144A) 5,052,138
6,404,038(c) PSMC Trust, Series 2018-1, Class A3, 3.5%,
2/25/48 (144A) 6,322,240
7,848,442(c) PSMC Trust, Series 2018-3, Class A3, 4.0%,
8/25/48 (144A) 7,893,096
5,430,000(b) Radnor Re, Ltd., Series 2018-1, Class M1, 3.906%
(1 Month USD LIBOR + 140 bps), 3/25/28 (144A) 5,418,434
464,548(b) RESIMAC Premier, Series 2017-1A, Class A1A, 3.35%
(1 Month USD LIBOR + 95 bps), 9/11/48 (144A) 463,044
5,072,982 Seasoned Credit Risk Transfer Trust, Series 2018-2,
Class MT, 3.5%, 11/25/57 5,013,531
10,464,393 Seasoned Credit Risk Transfer Trust, Series 2018-4,
Class MT, 3.5%, 11/25/57 10,341,761
2,675,199(c) Sequoia Mortgage Trust, Series 2012-6, Class A2,
1.808%, 12/25/42 2,500,486
2,821,043(c) Sequoia Mortgage Trust, Series 2012-6, Class B3,
3.733%, 12/25/42 2,794,145
3,715,711(c) Sequoia Mortgage Trust, Series 2013-2, Class A,
1.874%, 2/25/43 3,321,443
7,174,567(c) Sequoia Mortgage Trust, Series 2013-4, Class A1,
2.325%, 4/25/43 6,663,099
7,506,415(c) Sequoia Mortgage Trust, Series 2013-5, Class A1,
2.5%, 5/25/43 (144A) 6,995,915
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 33
Schedule of Investments | 12/31/18 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS --
(continued)
15,415,642(c) Sequoia Mortgage Trust, Series 2013-5, Class A2,
3.0%, 5/25/43 (144A) $ 14,809,676
7,558,793(c) Sequoia Mortgage Trust, Series 2013-6, Class A1,
2.5%, 5/25/43 7,171,703
11,429,851(c) Sequoia Mortgage Trust, Series 2013-6, Class A2,
3.0%, 5/25/43 11,000,786
8,448,157(c) Sequoia Mortgage Trust, Series 2013-7, Class A1,
2.5%, 6/25/43 7,868,277
10,413,539(c) Sequoia Mortgage Trust, Series 2013-7, Class A2,
3.0%, 6/25/43 10,009,264
10,428,902(c) Sequoia Mortgage Trust, Series 2013-8, Class A1,
3.0%, 6/25/43 10,063,484
7,987,103 Sequoia Mortgage Trust, Series 2013-9, Class A1,
3.5%, 7/25/43 (144A) 7,889,449
9,931,616(c) Sequoia Mortgage Trust, Series 2013-10, Class A1,
3.5%, 8/25/43 (144A) 9,810,187
6,341,209(c) Sequoia Mortgage Trust, Series 2013-10, Class B1,
3.56%, 8/25/43 (144A) 6,314,598
3,711,474(c) Sequoia Mortgage Trust, Series 2015-1, Class A2,
3.0%, 1/25/45 (144A) 3,578,264
4,677,550(c) Sequoia Mortgage Trust, Series 2017-3, Class A1,
3.5%, 4/25/47 (144A) 4,583,817
3,500,537(c) Sequoia Mortgage Trust, Series 2017-4, Class A4,
3.5%, 7/25/47 (144A) 3,466,327
8,087,292(c) Sequoia Mortgage Trust, Series 2017-5, Class A1,
3.5%, 8/25/47 (144A) 7,947,977
7,887,251(c) Sequoia Mortgage Trust, Series 2017-7, Class A1,
3.5%, 10/25/47 (144A) 7,734,128
2,438,396(c) Sequoia Mortgage Trust, Series 2017-CH2, Class A1,
4.0%, 12/25/47 (144A) 2,464,411
11,478,187(c) Sequoia Mortgage Trust, Series 2018-3, Class A4, 3.5%,
3/25/48 (144A) 11,370,848
11,735,431(c) Sequoia Mortgage Trust, Series 2018-6, Class A22,
4.0%, 7/25/48 (144A) 11,932,697
9,580,477(c) Sequoia Mortgage Trust, Series 2018-8, Class A4, 4.0%,
11/25/48 (144A) 9,618,598
4,514,395(c) Sequoia Mortgage Trust, Series 2018-CH1, Class A1,
4.0%, 2/25/48 (144A) 4,557,072
5,300,684(c) Sequoia Mortgage Trust, Series 2018-CH3, Class A1,
4.5%, 8/25/48 (144A) 5,396,751
4,295,390(c) Sequoia Mortgage Trust, Series 2018-CH4, Class A10,
4.5%, 10/25/48 (144A) 4,379,502
6,721,676(c) Shellpoint Co-Originator Trust, Series 2015-1, Class A9,
3.5%, 8/25/45 (144A) 6,640,298
6,222,170(c) Shellpoint Co-Originator Trust, Series 2017-1, Class A1,
3.5%, 4/25/47 (144A) 6,116,539
The accompanying notes are an integral part of these financial statements.
34 Pioneer Bond Fund | Semiannual Report | 12/31/18
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS --
(continued)
12,005,724(c) Shellpoint Co-Originator Trust, Series 2017-2,
Class A1, 3.5%, 10/25/47 (144A) $ 11,723,121
2,519,918(c) Shellpoint Co-Originator Trust, Series 2017-2,
Class B1, 3.736%, 10/25/47 (144A) 2,468,117
2,765,821(c) Sofi Mortgage Trust, Series 2016-1A, Class 1A4, 3.0%,
11/25/46 (144A) 2,567,317
4,880,000(b) STACR Trust, Series 2018-DNA3, Class M1, 3.256%
(1 Month USD LIBOR + 75 bps), 9/25/48 (144A) 4,870,593
6,450,000(b) STACR Trust, Series 2018-HRP2, Class M3, 4.906%
(1 Month USD LIBOR + 240 bps), 2/25/47 (144A) 6,412,949
2,950,000(b) Starwood Waypoint Homes Trust, Series 2017-1,
Class B, 3.625% (1 Month USD LIBOR + 117 bps),
1/17/35 (144A) 2,926,544
106,921(c) TIAA Bank Mortgage Loan Trust, Series 2018-2,
Class A1, 3.5%, 7/25/48 (144A) 104,801
5,891,486 Toro Mortgage Funding Trust, Series 2017-RJ1,
4.0%, 4/25/74 5,819,683
7,540,000(c) Towd Point Mortgage Trust, Series 2015-6, Class M1,
3.75%, 4/25/55 (144A) 7,524,014
5,000,000(c) Towd Point Mortgage Trust, Series 2017-1, Class M1,
3.75%, 10/25/56 (144A) 4,909,145
12,015,000(c) Towd Point Mortgage Trust, Series 2017-2, Class A2,
3.25%, 4/25/57 (144A) 11,682,472
10,055,000(c) Towd Point Mortgage Trust, Series 2017-3, Class A2,
3.0%, 7/25/57 (144A) 9,538,933
7,045,826(c) Towd Point Mortgage Trust, Series 2017-5, Class XA,
3.5%, 2/25/57 (144A) 6,952,457
227,908 Vendee Mortgage Trust, Series 2008-1, Class GD,
5.25%, 1/15/32 233,334
401,281 Vendee Mortgage Trust, Series 2010-1, Class DA,
4.25%, 2/15/35 406,503
4,500,000 Wells Fargo Commercial Mortgage Trust, Series
2014-LC16, Class ASB, 3.477%, 8/15/50 4,526,693
3,810,000 Wells Fargo Commercial Mortgage Trust, Series
2015-NXS3, Class A4, 3.617%, 9/15/57 3,830,979
8,200,000 Wells Fargo Commercial Mortgage Trust, Series
2016-C32, Class A3, 3.294%, 1/15/59 8,083,815
10,000,000 Wells Fargo Commercial Mortgage Trust, Series
2016-LC24, Class A3, 2.684%, 10/15/49 9,394,681
173,196(b) Wells Fargo Credit Risk Transfer Securities Trust,
Series 2015-WF1, Class 2M1, 5.356% (1 Month USD
LIBOR + 285 bps), 11/25/25 (144A) 173,528
4,200,000(c) WFRBS Commercial Mortgage Trust, Series 2013-C12,
Class D, 4.419%, 3/15/48 (144A) 3,848,296
6,200,000 WFRBS Commercial Mortgage Trust, Series 2013-C16,
Class A4, 4.136%, 9/15/46 6,419,440
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 35
Schedule of Investments | 12/31/18 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS --
(continued)
3,319,516(c) WinWater Mortgage Loan Trust, Series 2014-1,
Class A1, 3.832%, 6/20/44 (144A) $ 3,302,747
2,898,096(c) WinWater Mortgage Loan Trust, Series 2014-2,
Class B4, 4.101%, 9/20/44 (144A) 2,826,848
3,575,467(c) WinWater Mortgage Loan Trust, Series 2016-1,
Class 1A5, 3.5%, 1/20/46 (144A) 3,524,809
---------------------------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $1,201,481,566) $1,186,634,745
---------------------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 28.9% of Net Assets
Aerospace & Defense -- 0.6%
3,625,000 Embraer Netherlands Finance BV, 5.4%, 2/1/27 $ 3,742,849
2,499,000 Leonardo US Holdings, Inc., 6.25%, 1/15/40 (144A) 2,324,070
13,470,000 Rockwell Collins, Inc., 3.2%, 3/15/24 12,971,751
7,910,000 United Technologies Corp., 4.125%, 11/16/28 7,836,447
--------------
Total Aerospace & Defense $ 26,875,117
---------------------------------------------------------------------------------------------------------------------------------
Agriculture -- 0.5%
12,540,000 Philip Morris International, Inc., 3.25%, 11/10/24 $ 12,238,102
14,708,000 Reynolds American, Inc., 4.45%, 6/12/25 14,181,963
--------------
Total Agriculture $ 26,420,065
---------------------------------------------------------------------------------------------------------------------------------
Airlines -- 0.2%
6,921,000 Air Canada 2017-1 Class AA Pass Through Trust, 3.3%,
1/15/30 (144A) $ 6,604,657
2,475,000 Delta Air Lines, Inc., 2.875%, 3/13/20 2,458,558
--------------
Total Airlines $ 9,063,215
---------------------------------------------------------------------------------------------------------------------------------
Auto Manufacturers -- 0.8%
2,300,000 General Motors Financial Co., Inc., 3.7%, 11/24/20 $ 2,290,700
10,710,000 General Motors Financial Co., Inc., 4.0%, 1/15/25 10,018,314
12,300,000 Hyundai Capital Services, Inc., 3.0%, 8/29/22 (144A) 11,900,988
3,590,000 Nissan Motor Acceptance Corp., 2.15%,
7/13/20 (144A) 3,503,872
7,495,000 Nissan Motor Acceptance Corp., 3.15%,
3/15/21 (144A) 7,389,022
7,040,000 Volkswagen Group of America Finance LLC, 4.0%,
11/12/21 (144A) 7,035,628
--------------
Total Auto Manufacturers $ 42,138,524
---------------------------------------------------------------------------------------------------------------------------------
Banks -- 4.5%
1,150,000 Bank of America Corp., 4.2%, 8/26/24 $ 1,140,570
10,345,000(b) Bank of New York Mellon Corp., 3.57% (3 Month USD
LIBOR + 105 bps), 10/30/23 10,363,225
6,525,000(a)(c) Barclays Plc, 7.75% (5 Year USD Swap Rate + 484 bps) 6,276,528
1,915,000 BBVA Bancomer SA, 6.5%, 3/10/21 (144A) 1,986,812
The accompanying notes are an integral part of these financial statements.
36 Pioneer Bond Fund | Semiannual Report | 12/31/18
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
Banks -- (continued)
13,040,000(a)(c) BNP Paribas SA, 7.625% (5 Year USD Swap Rate +
631 bps) (144A) $ 13,284,500
6,900,000 BPCE SA, 2.25%, 1/27/20 6,809,299
3,860,000 BPCE SA, 4.875%, 4/1/26 (144A) 3,802,555
21,955,000(b) Canadian Imperial Bank of Commerce, 2.874%
(3 Month USD LIBOR + 32 bps), 2/2/21 21,730,059
3,435,000 Cooperatieve Rabobank UA, 3.875%, 2/8/22 3,472,956
7,175,000 Cooperatieve Rabobank UA, 3.95%, 11/9/22 7,151,594
11,725,000(a)(c) Credit Suisse Group AG, 7.125% (5 Year USD Swap
Rate + 511 bps) 11,578,437
7,300,000 Credit Suisse Group Funding Guernsey, Ltd.,
3.8%, 9/15/22 7,246,744
4,700,000(a)(c) Danske Bank AS, 6.125% (USD Swap Rate + 390 bps) 4,100,750
8,840,000(c) DBS Group Holdings, Ltd., 4.52% (5 Year USD 1100
Run ICE Swap Rate + 159 bps), 12/11/28 (144A) 9,032,279
7,891,000(c) Goldman Sachs Group, Inc., 3.272% (3 Month USD
LIBOR + 120 bps), 9/29/25 7,396,807
6,335,000(c) Goldman Sachs Group, Inc., 4.223% (3 Month USD
LIBOR + 130 bps), 5/1/29 6,096,730
1,305,000 HSBC Bank Plc, 7.65%, 5/1/25 1,504,070
2,400,000(b) HSBC Holdings Plc, 3.64% (3 Month USD LIBOR +
100 bps), 5/18/24 2,337,206
11,106,000(a)(c) ING Groep NV, 6.5% (5 Year USD Swap Rate + 445 bps) 10,289,709
7,378,000 KeyCorp, 5.1%, 3/24/21 7,652,100
8,675,000 Lloyds Banking Group Plc, 4.65%, 3/24/26 8,156,138
3,400,000(a)(c) Lloyds Banking Group Plc, 7.5% (5 Year USD Swap
Rate + 450 bps) 3,281,680
5,450,000 Morgan Stanley, 4.1%, 5/22/23 5,457,872
300,000 Morgan Stanley, 4.875%, 11/1/22 309,148
4,500,000 Nordea Bank Abp, 4.25%, 9/21/22 (144A) 4,523,025
8,524,000 Nordea Bank Abp, 4.875%, 5/13/21 (144A) 8,669,667
10,505,000(a)(c) Royal Bank of Scotland Group Plc, 8.625% (5 Year
USD Swap Rate + 760 bps) 10,872,675
11,500,000(a)(c) Societe Generale SA, 7.375% (5 Year USD Swap
Rate + 624 bps) (144A) 11,198,125
12,575,000 SunTrust Bank, 2.45%, 8/1/22 12,123,059
2,250,000(c) Turkiye Garanti Bankasi AS, 6.125% (5 Year USD Swap
Rate + 422 bps), 5/24/27 (144A) 1,921,230
4,900,000 UBS AG, 7.625%, 8/17/22 5,218,500
4,497,000(a)(c) UBS Group Funding Switzerland AG, 7.125% (5 Year
USD Swap Rate + 588 bps) 4,560,534
--------------
Total Banks $ 219,544,583
---------------------------------------------------------------------------------------------------------------------------------
Beverages -- 0.5%
4,350,000(b) Anheuser-Busch InBev Finance, Inc., 3.819% (3 Month
USD LIBOR + 126 bps), 2/1/21 $ 4,373,816
7,630,000 Bacardi, Ltd., 5.3%, 5/15/48 (144A) 6,888,106
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 37
Schedule of Investments | 12/31/18 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
Beverages -- (continued)
5,300,000 Pernod Ricard SA, 4.25%, 7/15/22 (144A) $ 5,376,514
6,869,000 Pernod Ricard SA, 4.45%, 1/15/22 (144A) 7,006,060
--------------
Total Beverages $ 23,644,496
---------------------------------------------------------------------------------------------------------------------------------
Biotechnology -- 0.6%
3,990,000 Baxalta, Inc., 3.6%, 6/23/22 $ 3,959,739
3,550,000 Biogen, Inc., 3.625%, 9/15/22 3,559,301
11,735,000 Biogen, Inc., 5.2%, 9/15/45 12,116,629
9,846,000 Celgene Corp., 4.55%, 2/20/48 8,532,495
--------------
Total Biotechnology $ 28,168,164
---------------------------------------------------------------------------------------------------------------------------------
Building Materials -- 0.8%
5,197,000 American Woodmark Corp., 4.875%, 3/15/26 (144A) $ 4,599,345
11,000,000 CRH America, Inc., 3.875%, 5/18/25 (144A) 10,572,171
7,680,000 Fortune Brands Home & Security, Inc., 3.0%, 6/15/20 7,616,678
3,250,000 Fortune Brands Home & Security, Inc., 4.0%, 9/21/23 3,215,549
5,675,000 Owens Corning, 3.4%, 8/15/26 5,182,364
5,150,000 Owens Corning, 4.2%, 12/1/24 5,109,048
4,385,000 Standard Industries, Inc., 5.5%, 2/15/23 (144A) 4,297,300
--------------
Total Building Materials $ 40,592,455
---------------------------------------------------------------------------------------------------------------------------------
Chemicals -- 0.6%
1,180,000 CF Industries, Inc., 4.95%, 6/1/43 $ 914,500
4,930,000 CF Industries, Inc., 5.375%, 3/15/44 3,993,300
6,365,000 Chemours Co., 7.0%, 5/15/25 6,412,737
12,505,000 DowDuPont, Inc., 4.205%, 11/15/23 12,781,983
5,135,000 NOVA Chemicals Corp., 4.875%, 6/1/24 (144A) 4,634,338
--------------
Total Chemicals $ 28,736,858
---------------------------------------------------------------------------------------------------------------------------------
Commercial Services -- 0.4%
3,950,000 ERAC USA Finance LLC, 3.3%, 12/1/26 (144A) $ 3,712,537
1,300,000 ERAC USA Finance LLC, 3.8%, 11/1/25 (144A) 1,274,724
4,600,000 ERAC USA Finance LLC, 4.5%, 2/15/45 (144A) 4,327,583
2,400,000 Moody's Corp., 3.25%, 6/7/21 2,390,743
2,600,000 President & Fellows of Harvard College,
2.3%, 10/1/23 2,533,662
5,942,000 Verisk Analytics, Inc., 5.5%, 6/15/45 6,014,765
--------------
Total Commercial Services $ 20,254,014
---------------------------------------------------------------------------------------------------------------------------------
Diversified Financial Services -- 0.9%
800,000(b) AIG Global Funding, 3.277% (3 Month USD LIBOR +
48 bps), 7/2/20 (144A) $ 799,513
2,980,000 Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) 3,067,732
1,465,000 Capital One Bank USA NA, 8.8%, 7/15/19 1,505,131
9,675,000 Capital One Financial Corp., 3.75%, 4/24/24 9,436,107
5,200,000 Capital One Financial Corp., 4.25%, 4/30/25 5,161,461
The accompanying notes are an integral part of these financial statements.
38 Pioneer Bond Fund | Semiannual Report | 12/31/18
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
Diversified Financial Services -- (continued)
4,031,000 GE Capital International Funding Co. Unlimited Co.,
2.342%, 11/15/20 $ 3,890,138
2,350,000 GTP Acquisition Partners I LLC, 2.35%, 6/15/20 (144A) 2,312,156
6,200,000 TD Ameritrade Holding Corp., 3.3%, 4/1/27 5,930,041
11,625,000 USAA Capital Corp., 2.45%, 8/1/20 (144A) 11,513,313
4,550,000 Visa, Inc., 2.2%, 12/14/20 4,500,572
--------------
Total Diversified Financial Services $ 48,116,164
---------------------------------------------------------------------------------------------------------------------------------
Electric -- 2.3%
2,850,000 Calpine Corp., 5.25%, 6/1/26 (144A) $ 2,600,625
6,925,000 Calpine Corp., 5.75%, 1/15/25 6,336,375
8,385,000 Consolidated Edison Co. of New York, Inc.,
4.625%, 12/1/54 8,198,401
6,728,000 Dominion Energy, Inc., 2.579%, 7/1/20 6,622,717
2,700,000 Dominion Energy, Inc., 2.75%, 1/15/22 2,629,942
925,000 Edison International, 2.4%, 9/15/22 872,260
2,150,000(a)(c) Electricite de France SA, 5.25% (USD Swap Rate +
371 bps) (144A) 2,031,750
2,320,000(c) Enel S.p.A., 8.75% (5 Year USD Swap Rate +
588 bps), 9/24/73 (144A) 2,366,400
6,365,000 Exelon Corp., 2.85%, 6/15/20 6,314,564
4,655,000 Iberdrola International BV, 6.75%, 7/15/36 5,523,172
2,725,000 Indiana Michigan Power Co., 4.55%, 3/15/46 2,745,106
4,000,000 Israel Electric Corp., Ltd., 4.25%, 8/14/28 (144A) 3,799,680
5,450,000 Israel Electric Corp., Ltd., 5.0%, 11/12/24 (144A) 5,489,676
779,000 Israel Electric Corp., Ltd., 7.25%, 1/15/19 (144A) 779,327
610,000 Israel Electric Corp., Ltd., 9.375%, 1/28/20 (144A) 645,990
517,782 Kiowa Power Partners LLC, 5.737%, 3/30/21 (144A) 526,895
6,536,000 NextEra Energy Capital Holdings, Inc., 2.3%, 4/1/19 6,521,010
10,270,000 NextEra Energy Capital Holdings, Inc., 3.55%, 5/1/27 9,800,101
2,327,000 NRG Energy, Inc., 5.75%, 1/15/28 2,233,920
195,567 OrCal Geothermal, Inc., 6.21%, 12/30/20 (144A) 193,455
11,910,000 PPL Capital Funding, Inc, 3.1%, 5/15/26 11,163,359
1,675,000 San Diego Gas & Electric Co., 1.914%, 2/1/22 1,643,558
9,720,000 Sempra Energy, 3.4%, 2/1/28 8,881,152
3,312,500 Southern California Edison Co., 1.845%, 2/1/22 3,221,772
4,348,000(a)(c) Southern California Edison Co., 6.25% (3 Month USD
LIBOR + 420 bps) 4,141,470
11,475,000 Southwestern Electric Power Co., 3.9%, 4/1/45 10,331,655
--------------
Total Electric $ 115,614,332
---------------------------------------------------------------------------------------------------------------------------------
Electronics -- 0.3%
8,412,000 Amphenol Corp., 3.125%, 9/15/21 $ 8,336,587
3,065,000 Amphenol Corp., 3.2%, 4/1/24 2,971,948
5,780,000 Flex, Ltd., 4.75%, 6/15/25 5,662,254
--------------
Total Electronics $ 16,970,789
---------------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 39
Schedule of Investments | 12/31/18 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
Energy-Alternate Sources -- 0.0%+
416,249 Alta Wind Holdings LLC, 7.0%, 6/30/35 (144A) $ 451,842
--------------
Total Energy-Alternate Sources $ 451,842
---------------------------------------------------------------------------------------------------------------------------------
Environmental Control -- 0.1%
2,678,000 Republic Services, Inc., 2.9%, 7/1/26 $ 2,525,975
--------------
Total Environmental Control $ 2,525,975
---------------------------------------------------------------------------------------------------------------------------------
Food -- 0.7%
12,410,000 Conagra Brands, Inc., 3.8%, 10/22/21 $ 12,414,376
4,119,000 Mondelez International Holdings Netherlands BV, 2.0%,
10/28/21 (144A) 3,946,554
2,500,000 Smithfield Foods, Inc., 2.65%, 10/3/21 (144A) 2,389,259
7,555,000 Smithfield Foods, Inc., 2.7%, 1/31/20 (144A) 7,452,713
3,430,000(b) Tyson Foods, Inc., 3.096% (3 Month USD LIBOR +
45 bps), 8/21/20 3,385,588
3,075,000(b) Tyson Foods, Inc., 3.288% (3 Month USD LIBOR +
55 bps), 6/2/20 3,058,197
--------------
Total Food $ 32,646,687
---------------------------------------------------------------------------------------------------------------------------------
Forest Products & Paper -- 0.1%
1,275,000 International Paper Co., 4.8%, 6/15/44 $ 1,143,177
2,575,000 International Paper Co., 6.0%, 11/15/41 2,712,560
--------------
Total Forest Products & Paper $ 3,855,737
---------------------------------------------------------------------------------------------------------------------------------
Gas -- 0.1%
3,060,000 Boston Gas Co., 3.15%, 8/1/27 (144A) $ 2,919,095
1,931,530 Nakilat, Inc., 6.267%, 12/31/33 (144A) 2,115,412
--------------
Total Gas $ 5,034,507
---------------------------------------------------------------------------------------------------------------------------------
Healthcare-Products -- 0.6%
4,155,000 Abbott Laboratories, 3.75%, 11/30/26 $ 4,103,463
4,700,000(b) Becton Dickinson & Co., 3.678% (3 Month USD
LIBOR + 88 bps), 12/29/20 4,652,762
10,340,000 Boston Scientific Corp., 4.0%, 3/1/28 10,036,335
11,200,000 Thermo Fisher Scientific, Inc., 3.0%, 4/15/23 10,896,347
--------------
Total Healthcare-Products $ 29,688,907
---------------------------------------------------------------------------------------------------------------------------------
Healthcare-Services -- 0.5%
6,585,000 Anthem, Inc., 3.35%, 12/1/24 $ 6,415,076
4,506,000 Anthem, Inc., 3.65%, 12/1/27 4,305,152
1,140,000 Anthem, Inc., 4.101%, 3/1/28 1,117,356
6,225,000 Cigna Corp., 4.375%, 10/15/28 (144A) 6,259,741
3,630,000 Humana, Inc., 3.95%, 3/15/27 3,546,452
2,400,000 NYU Hospitals Center, 4.428%, 7/1/42 2,423,339
--------------
Total Healthcare-Services $ 24,067,116
---------------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
40 Pioneer Bond Fund | Semiannual Report | 12/31/18
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
Home Builders -- 0.3%
5,120,000 Lennar Corp., 4.75%, 4/1/21 $ 5,075,200
5,215,000 Meritage Homes Corp., 6.0%, 6/1/25 4,915,137
5,391,000 TRI Pointe Group, Inc., 5.25%, 6/1/27 4,203,363
--------------
Total Home Builders $ 14,193,700
---------------------------------------------------------------------------------------------------------------------------------
Household Products & Wares -- 0.3%
8,203,000 Church & Dwight Co., Inc., 2.45%, 8/1/22 $ 7,927,866
5,235,000 Church & Dwight Co., Inc., 3.15%, 8/1/27 4,924,250
--------------
Total Household Products & Wares $ 12,852,116
---------------------------------------------------------------------------------------------------------------------------------
Insurance -- 2.1%
7,000,000 Aflac, Inc., 3.625%, 11/15/24 $ 6,994,546
2,335,000 AXA SA, 8.6%, 12/15/30 2,888,605
9,100,000 CNA Financial Corp., 4.5%, 3/1/26 9,174,334
1,850,000 Delphi Financial Group, Inc., 7.875%, 1/31/20 1,936,337
9,610,000(c) Farmers Insurance Exchange, 4.747% (3 Month USD
LIBOR + 323 bps), 11/1/57 (144A) 8,494,885
5,045,000 Great-West Lifeco Finance 2018 LP, 4.581%,
5/17/48 (144A) 5,073,691
13,040,000 Liberty Mutual Insurance Co., 7.697%,
10/15/97 (144A) 17,600,096
13,250,000 MassMutual Global Funding II, 2.75%, 6/22/24 (144A) 12,699,096
6,200,000 MassMutual Global Funding II, 2.95%, 1/11/25 (144A) 5,953,930
2,425,000 Principal Life Global Funding II, 1.5%, 4/18/19 (144A) 2,413,916
10,395,000 Protective Life Corp., 4.3%, 9/30/28 (144A) 10,304,043
4,250,000 Protective Life Corp., 7.375%, 10/15/19 4,368,804
3,680,000 Protective Life Global Funding, 2.615%, 8/22/22 (144A) 3,576,968
1,090,000 Prudential Financial, Inc., 4.5%, 11/16/21 1,124,966
690,000 Teachers Insurance & Annuity Association of America,
6.85%, 12/16/39 (144A) 897,147
9,065,000 Torchmark Corp., 4.55%, 9/15/28 9,210,448
--------------
Total Insurance $ 102,711,812
---------------------------------------------------------------------------------------------------------------------------------
Internet -- 0.8%
9,595,000 Alibaba Group Holding, Ltd., 3.4%, 12/6/27 $ 8,872,100
3,265,000 Amazon.com, Inc., 2.8%, 8/22/24 3,173,441
7,170,000 Booking Holdings, Inc., 3.55%, 3/15/28 6,754,351
1,925,000 Booking Holdings, Inc., 3.6%, 6/1/26 1,870,227
7,875,000 Booking Holdings, Inc., 3.65%, 3/15/25 7,668,809
4,125,000 Expedia Group, Inc., 3.8%, 2/15/28 3,740,690
5,900,000 Expedia Group, Inc., 4.5%, 8/15/24 5,907,542
950,000 Expedia Group, Inc., 5.0%, 2/15/26 959,642
--------------
Total Internet $ 38,946,802
---------------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 41
Schedule of Investments | 12/31/18 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
Iron & Steel -- 0.1%
3,550,000 Commercial Metals Co., 4.875%, 5/15/23 $ 3,354,750
1,525,000 Commercial Metals Co., 5.75%, 4/15/26 (144A) 1,414,438
--------------
Total Iron & Steel $ 4,769,188
---------------------------------------------------------------------------------------------------------------------------------
Media -- 0.5%
7,745,000 Comcast Corp., 4.15%, 10/15/28 $ 7,864,525
6,455,000 Comcast Corp., 4.25%, 10/15/30 6,527,991
5,013,000 Sky, Ltd., 3.75%, 9/16/24 (144A) 4,994,621
3,450,000 Videotron, Ltd., 5.375%, 6/15/24 (144A) 3,415,500
--------------
Total Media $ 22,802,637
---------------------------------------------------------------------------------------------------------------------------------
Mining -- 0.2%
1,325,000 Anglo American Capital Plc, 4.0%, 9/11/27 (144A) $ 1,198,938
2,750,000 Anglo American Capital Plc, 4.75%, 4/10/27 (144A) 2,633,753
6,600,000 Anglo American Capital Plc, 4.875%, 5/14/25 (144A) 6,482,610
--------------
Total Mining $ 10,315,301
---------------------------------------------------------------------------------------------------------------------------------
Miscellaneous Manufacturers -- 0.1%
1,368,000 Amsted Industries, Inc., 5.0%, 3/15/22 (144A) $ 1,330,380
3,485,000 Amsted Industries, Inc., 5.375%, 9/15/24 (144A) 3,284,612
1,392,000 General Electric Co., 5.3%, 2/11/21 1,393,726
--------------
Total Miscellaneous Manufacturers $ 6,008,718
---------------------------------------------------------------------------------------------------------------------------------
Multi-National -- 0.1%
2,230,000 Banque Ouest Africaine de Developpement, 5.0%,
7/27/27 (144A) $ 2,086,656
4,450,000 Banque Ouest Africaine de Developpement, 5.5%,
5/6/21 (144A) 4,518,664
--------------
Total Multi-National $ 6,605,320
---------------------------------------------------------------------------------------------------------------------------------
Oil & Gas -- 0.9%
6,360,000 BP Capital Markets Plc, 3.062%, 3/17/22 $ 6,302,124
5,275,000 CNOOC Nexen Finance 2014 ULC, 4.25%, 4/30/24 5,347,621
5,138,000 Continental Resources, Inc., 4.375%, 1/15/28 4,833,634
215,000 Motiva Enterprises LLC, 5.75%, 1/15/20 (144A) 218,768
1,770,000 Newfield Exploration Co., 5.375%, 1/1/26 1,734,600
1,400,000 Newfield Exploration Co., 5.625%, 7/1/24 1,417,500
4,750,000 Sinopec Group Overseas Development 2014, Ltd.,
4.375%, 4/10/24 (144A) 4,849,565
10,050,000 Sinopec Group Overseas Development 2015, Ltd.,
2.5%, 4/28/20 (144A) 9,926,505
8,468,000 Valero Energy Corp., 6.625%, 6/15/37 9,277,853
--------------
Total Oil & Gas $ 43,908,170
---------------------------------------------------------------------------------------------------------------------------------
Oil & Gas Services -- 0.1%
2,250,000 Halliburton Co., 7.6%, 8/15/96 (144A) $ 2,881,775
--------------
Total Oil & Gas Services $ 2,881,775
---------------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
42 Pioneer Bond Fund | Semiannual Report | 12/31/18
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 1.5%
12,975,000 AbbVie, Inc., 4.875%, 11/14/48 $ 12,105,609
4,900,000 Bayer US Finance II LLC, 4.25%, 12/15/25 (144A) 4,768,978
12,950,000 Cardinal Health, Inc., 3.079%, 6/15/24 12,160,794
650,000 CVS Health Corp., 2.25%, 8/12/19 646,816
5,050,000 CVS Health Corp., 4.1%, 3/25/25 4,999,613
487,194 CVS Pass-Through Trust, 5.298%, 1/11/27 (144A) 495,769
2,571,521 CVS Pass-Through Trust, 5.773%, 1/10/33 (144A) 2,703,501
1,775,492 CVS Pass-Through Trust, 5.926%, 1/10/34 (144A) 1,912,225
3,279,855 CVS Pass-Through Trust, 6.036%, 12/10/28 3,491,771
4,733,440 CVS Pass-Through Trust, 8.353%, 7/10/31 (144A) 5,724,595
1,391,000 Perrigo Finance Unlimited Co., 3.5%, 3/15/21 1,367,358
4,570,000 Perrigo Finance Unlimited Co., 3.9%, 12/15/24 4,228,977
11,181,000 Perrigo Finance Unlimited Co., 4.375%, 3/15/26 10,147,156
3,084,000 Shire Acquisitions Investments Ireland, DAC,
3.2%, 9/23/26 2,790,779
7,150,000 Takeda Pharmaceutical Co., Ltd., 4.0%,
11/26/21 (144A) 7,247,519
--------------
Total Pharmaceuticals $ 74,791,460
---------------------------------------------------------------------------------------------------------------------------------
Pipelines -- 3.9%
9,940,000 Andeavor Logistics LP/Tesoro Logistics Finance Corp.,
4.25%, 12/1/27 $ 9,383,411
5,595,000 Cheniere Energy Partners LP, 5.25%, 10/1/25 5,217,337
750,000 DCP Midstream Operating LP, 5.35%, 3/15/20 (144A) 752,813
3,450,000 DCP Midstream Operating LP, 5.375%, 7/15/25 3,372,375
4,025,000 DCP Midstream Operating LP, 5.6%, 4/1/44 3,481,625
8,361,000 Enable Midstream Partners LP, 3.9%, 5/15/24 8,020,175
3,629,000 Enable Midstream Partners LP, 4.4%, 3/15/27 3,388,542
6,080,000 Enable Midstream Partners LP, 4.95%, 5/15/28 5,755,450
10,550,000 Enbridge, Inc., 3.7%, 7/15/27 9,992,373
1,149,000 Energy Transfer LP, 5.5%, 6/1/27 1,120,275
5,130,000 Energy Transfer Operating LP, 6.0%, 6/15/48 4,995,657
4,207,000 Energy Transfer Operating LP, 6.5%, 2/1/42 4,198,690
2,981,000 EnLink Midstream Partners LP, 5.45%, 6/1/47 2,410,811
3,573,000 Enterprise Products Operating LLC, 2.8%, 2/15/21 3,535,512
11,775,000 Enterprise Products Operating LLC, 4.15%, 10/16/28 11,715,669
10,830,000 Kinder Morgan, Inc., 5.05%, 2/15/46 9,889,271
15,125,000 Kinder Morgan, Inc., 5.55%, 6/1/45 14,979,334
2,182,000 MPLX LP, 4.0%, 3/15/28 2,045,081
4,725,000 MPLX LP, 4.125%, 3/1/27 4,498,737
3,875,000 MPLX LP, 4.875%, 12/1/24 3,944,482
3,045,000 MPLX LP, 4.875%, 6/1/25 3,072,900
6,920,000 MPLX LP, 5.5%, 2/15/49 6,731,176
12,125,000 Phillips 66 Partners LP, 3.75%, 3/1/28 11,198,108
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 43
Schedule of Investments | 12/31/18 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
Pipelines -- (continued)
2,295,000 Phillips 66 Partners LP, 4.9%, 10/1/46 $ 2,103,912
10,675,000 Sabine Pass Liquefaction LLC, 5.0%, 3/15/27 10,710,652
6,730,000 Sunoco Logistics Partners Operations LP,
5.35%, 5/15/45 5,956,959
10,876,000 Sunoco Logistics Partners Operations LP, 5.4%, 10/1/47 9,855,898
786,000 Sunoco Logistics Partners Operations LP, 6.1%, 2/15/42 759,340
2,713,000 Targa Resources Partners LP/Targa Resources Partners
Finance Corp., 5.0%, 1/15/28 2,455,265
8,870,000 Texas Eastern Transmission LP, 3.5%, 1/15/28 (144A) 8,374,398
17,007,000 Williams Cos., Inc., 5.75%, 6/24/44 17,092,534
2,475,000 Williams Cos., Inc., 7.75%, 6/15/31 2,989,704
--------------
Total Pipelines $ 193,998,466
---------------------------------------------------------------------------------------------------------------------------------
REITS -- 1.6%
2,681,000 Alexandria Real Estate Equities, Inc., 2.75%, 1/15/20 $ 2,660,048
2,768,000 Alexandria Real Estate Equities, Inc., 3.9%, 6/15/23 2,784,755
1,350,000 Alexandria Real Estate Equities, Inc., 3.95%, 1/15/27 1,309,938
3,415,000 Alexandria Real Estate Equities, Inc., 4.6%, 4/1/22 3,515,571
3,450,000 Duke Realty LP, 3.625%, 4/15/23 3,447,336
8,560,000 Duke Realty LP, 3.75%, 12/1/24 8,495,403
9,500,000 Essex Portfolio LP, 3.5%, 4/1/25 9,233,158
1,480,000 Essex Portfolio LP, 3.625%, 5/1/27 1,426,574
6,805,000 Healthcare Trust of America Holdings LP, 3.5%, 8/1/26 6,396,094
4,675,000 Healthcare Trust of America Holdings LP, 3.75%, 7/1/27 4,451,270
2,032,000 Highwoods Realty LP, 3.2%, 6/15/21 2,007,168
3,390,000 Highwoods Realty LP, 3.625%, 1/15/23 3,350,021
7,105,000 Highwoods Realty LP, 4.125%, 3/15/28 6,951,679
1,800,000 SBA Tower Trust, 2.877%, 7/9/21 (144A) 1,766,987
6,975,000 SBA Tower Trust, 3.869%, 10/8/24 (144A) 6,920,351
1,520,000 UDR, Inc., 2.95%, 9/1/26 1,401,082
6,077,000 UDR, Inc., 4.0%, 10/1/25 6,058,139
5,300,000 UDR, Inc., 4.4%, 1/26/29 5,345,593
--------------
Total REITS $ 77,521,167
---------------------------------------------------------------------------------------------------------------------------------
Retail -- 0.4%
7,040,000 Alimentation Couche-Tard, Inc., 3.55%,
7/26/27 (144A) $ 6,573,065
3,994,000 AutoZone, Inc., 2.5%, 4/15/21 3,905,607
7,505,000 Walmart, Inc., 3.4%, 6/26/23 7,582,335
--------------
Total Retail $ 18,061,007
---------------------------------------------------------------------------------------------------------------------------------
Software -- 0.2%
5,501,000 Fiserv, Inc., 3.8%, 10/1/23 $ 5,535,256
5,650,000 salesforce.com, Inc., 3.7%, 4/11/28 5,679,858
--------------
Total Software $ 11,215,114
---------------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
44 Pioneer Bond Fund | Semiannual Report | 12/31/18
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
Telecommunications -- 0.2%
5,227,000 CommScope Technologies LLC, 5.0%, 3/15/27 (144A) $ 4,233,870
3,989,000 Level 3 Financing, Inc., 5.375%, 1/15/24 3,799,522
1,500,000 Unison Ground Lease Funding LLC, 2.981%,
3/15/20 (144A) 1,489,643
--------------
Total Telecommunications $ 9,523,035
---------------------------------------------------------------------------------------------------------------------------------
Transportation -- 0.4%
6,650,000 TTX Co., 3.6%, 1/15/25 (144A) $ 6,617,041
3,250,000 TTX Co., 4.2%, 7/1/46 (144A) 3,114,507
13,715,000 Union Pacific Corp., 3.375%, 2/1/35 12,002,907
--------------
Total Transportation $ 21,734,455
---------------------------------------------------------------------------------------------------------------------------------
Trucking & Leasing -- 0.1%
4,825,000 Penske Truck Leasing Co. LP/PTL Finance Corp.,
3.375%, 2/1/22 (144A) $ 4,771,137
--------------
Total Trucking & Leasing $ 4,771,137
---------------------------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $1,467,779,037) $1,422,020,927
---------------------------------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS --
0.3% of Net Assets
Mexico -- 0.2%
13,425,000 Mexico Government International Bond,
4.6%, 2/10/48 $ 11,914,687
--------------
Total Mexico $ 11,914,687
---------------------------------------------------------------------------------------------------------------------------------
Nigeria -- 0.1%
4,550,000 Africa Finance Corp., 4.375%, 4/29/20 (144A) $ 4,499,577
--------------
Total Nigeria $ 4,499,577
---------------------------------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $16,890,470) $ 16,414,264
---------------------------------------------------------------------------------------------------------------------------------
INSURANCE-LINKED SECURITIES --
4.0% of Net Assets(k)
CATASTROPHE LINKED BONDS -- 1.4%
Earthquakes -- California -- 0.2%
2,800,000(b) Golden State Re II, 4.637% (3 Month U.S. Treasury
Bill + 220 bps), 1/8/19 (144A) $ 2,800,000
2,700,000(b) Ursa Re, 3.5% (ZERO + 350 bps), 5/27/20 (144A) 2,663,010
3,000,000(b) Ursa Re, 4.0% (ZERO + 400 bps), 12/10/19 (144A) 2,934,000
800,000(b) Ursa Re, 8.452% (3 Month U.S. Treasury Bill +
600 bps), 5/27/20 (144A) 788,000
--------------
$ 9,185,010
---------------------------------------------------------------------------------------------------------------------------------
Earthquakes -- Chile -- 0.0%+
1,500,000(b) International Bank for Reconstruction & Development,
4.916% (3 Month USD LIBOR + 250 bps),
2/15/21 (144A) $ 1,491,150
---------------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 45
Schedule of Investments | 12/31/18 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
Earthquakes -- Colombia -- 0.0%+
1,250,000(b) International Bank for Reconstruction & Development,
5.416% (3 Month USD LIBOR + 300 bps), 2/15/21
(144A) $ 1,237,875
---------------------------------------------------------------------------------------------------------------------------------
Earthquakes -- Mexico -- 0.0%+
1,050,000(b) International Bank for Reconstruction & Development,
4.916% (3 Month USD LIBOR + 250 bps), 2/14/20
(144A) $ 1,041,180
---------------------------------------------------------------------------------------------------------------------------------
Earthquakes -- U.S. -- 0.0%+
650,000(b) Acorn Re, 4.986% (3 Month USD LIBOR + 275 bps),
11/10/21 (144A) $ 640,510
700,000(b) Kilimanjaro Re, 6.195% (3 Month U.S. Treasury Bill +
375 bps), 11/25/19 (144A) 687,470
--------------
$ 1,327,980
---------------------------------------------------------------------------------------------------------------------------------
Health -- U.S. -- 0.1%
2,000,000(b) Vitality Re V, 4.202% (3 Month U.S. Treasury Bill +
175 bps), 1/7/19 (144A) $ 2,000,000
2,900,000(b) Vitality Re VII, 4.602% (3 Month U.S. Treasury Bill +
215 bps), 1/7/20 (144A) 2,911,020
1,000,000(b) Vitality Re VII, 5.102% (3 Month U.S. Treasury Bill +
265 bps), 1/7/20 (144A) 1,006,700
--------------
$ 5,917,720
---------------------------------------------------------------------------------------------------------------------------------
Hurricane -- Gulf Region -- 0.1%
4,150,000(b) Alamo Re, 6.832% (3 Month U.S. Treasury Bill +
439 bps), 6/7/19 (144A) $ 4,156,225
---------------------------------------------------------------------------------------------------------------------------------
Multiperil -- U.S. -- 0.5%
2,000,000(b) Bowline Re, 6.945% (3 Month U.S. Treasury Bill +
450 bps), 5/23/22 (144A) $ 1,939,000
1,350,000(b) Caelus Re IV, 7.972% (3 Month U.S. Treasury Bill +
553 bps), 3/6/20 (144A) 1,296,000
1,000,000(b) Caelus Re V, 2.942% (1 Month U.S. Treasury Bill +
50 bps), 6/5/20 (144A) 180,000
750,000(b) Caelus Re V, 5.652% (3 Month U.S. Treasury Bill +
321 bps), 6/5/20 (144A) 650,475
2,000,000(b) Kilimanjaro Re, 6.858% (3 Month USD LIBOR +
465 bps), 5/6/22 (144A) 1,932,800
3,000,000(b) Kilimanjaro Re, 9.195% (3 Month U.S. Treasury Bill +
675 bps), 12/6/19 (144A) 2,990,700
1,500,000(b) Kilimanjaro Re, 11.695% 3 Month U.S. Treasury Bill +
925 bps), 12/6/19 (144A) 1,490,700
2,600,000(b) Kilimanjaro II Re, 8.293% (6 Month USD LIBOR +
572 bps), 4/20/21 (144A) 2,578,420
3,500,000(b) Kilimanjaro II Re, 9.713% (6 Month USD LIBOR +
714 bps), 4/20/21 (144A) 3,466,750
1,250,000+(b) Panthera Re, 5.945% (3 Month U.S. Treasury Bill +
350 bps), 3/9/20 (144A) 1,267,750
The accompanying notes are an integral part of these financial statements.
46 Pioneer Bond Fund | Semiannual Report | 12/31/18
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
Multiperil -- U.S. -- (continued)
2,500,000(b) Residential Reinsurance 2016, 6.272% (3 Month
U.S. Treasury Bill + 382 bps), 12/6/20 (144A) $ 2,488,250
1,600,000(b) Sanders Re, 5.644% (6 Month USD LIBOR + 307 bps),
12/6/21 (144A) 1,575,360
1,000,000(b) Skyline Re, 4.942% (3 Month U.S. Treasury Bill +
250 bps), 1/6/20 (144A) 1,004,000
--------------
$ 22,860,205
---------------------------------------------------------------------------------------------------------------------------------
Multiperil -- U.S. Regional -- 0.1%
750,000(b) First Coast Re, 6.298% (3 Month U.S. Treasury Bill +
382 bps), 6/7/19 (144A) $ 750,750
2,500,000(b) Long Point Re III, 5.195% (3 Month U.S. Treasury
Bill + 275 bps), 6/1/22 (144A) 2,482,750
--------------
$ 3,233,500
---------------------------------------------------------------------------------------------------------------------------------
Multiperil -- Worldwide -- 0.2%
1,300,000(b) Galilei Re, 6.84% (6 Month USD LIBOR + 466 bps),
1/8/20 (144A) $ 1,295,580
1,500,000(b) Galilei Re, 6.86% (6 Month USD LIBOR + 466 bps),
1/8/21 (144A) 1,470,000
1,300,000(b) Galilei Re, 7.63% (6 Month USD LIBOR + 545 bps),
1/8/20 (144A) 1,287,260
1,200,000(b) Galilei Re, 7.65% (6 Month USD LIBOR + 545 bps),
1/8/21 (144A) 1,175,760
1,400,000(b) Galilei Re, 8.71% (6 Month USD LIBOR + 653 bps),
1/8/20 (144A) 1,385,580
1,500,000(b) Galilei Re, 8.73% (6 Month USD LIBOR + 653 bps),
1/8/21 (144A) 1,469,700
2,100,000+(f) Sector Re V, Series 8, Class C, 12/1/23 (144A) 2,113,117
400,000+(f) Sector Re V, Series 8, Class D, 12/1/23 (144A) 402,499
--------------
$ 10,599,496
---------------------------------------------------------------------------------------------------------------------------------
Pandemic -- Worldwide -- 0.1%
1,700,000(b) International Bank for Reconstruction & Development,
9.365% (6 Month USD LIBOR + 690 bps),
7/15/20 (144A) $ 1,704,760
---------------------------------------------------------------------------------------------------------------------------------
Windstorm -- Florida -- 0.0%+
1,400,000(b) Casablanca Re, 6.415% (6 Month USD LIBOR +
393 bps), 6/4/20 (144A) $ 1,413,300
---------------------------------------------------------------------------------------------------------------------------------
Windstorm -- Japan -- 0.0%+
500,000(b) Aozora Re, 4.681% (6 Month USD LIBOR + 224 bps),
4/7/20 (144A) $ 495,800
---------------------------------------------------------------------------------------------------------------------------------
Windstorm -- Texas -- 0.0%+
1,700,000(b) Alamo Re, 7.292% (3 Month U.S. Treasury Bill +
485 bps), 6/8/20 (144A) $ 1,690,820
---------------------------------------------------------------------------------------------------------------------------------
Windstorm -- U.S. Multistate -- 0.0%+
1,000,000(b) Citrus Re, 2.942% (1 Month U.S. Treasury Bill +
50 bps), 4/9/20 (144A) $ 935,000
---------------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 47
Schedule of Investments | 12/31/18 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
Windstorm -- Worldwide -- 0.1%
2,000,000(b) Queen Street XI Re, 8.602% (3 Month U.S. Treasury
Bill + 615 bps), 6/7/19 (144A) $ 1,996,400
--------------
Total Catastrophe Linked Bonds $ 69,286,421
---------------------------------------------------------------------------------------------------------------------------------
COLLATERALIZED REINSURANCE -- 0.6%
Earthquakes -- California -- 0.2%
2,200,000+(g) Resilience Re, Variable Rate Notes, 1/8/19 (144A) $ 2,200,000
3,600,000+(g) Resilience Re, Variable Rate Notes, 1/8/19 (144A) 3,600,000
1,600,000+(g) Resilience Re, Variable Rate Notes, 10/8/19 1,699,360
--------------
$ 7,499,360
---------------------------------------------------------------------------------------------------------------------------------
Hurricane -- U.S. -- 0.0%+
1,200,000+(g) Oakmont Re 2018-2, Variable Rate Notes, 4/30/19 $ 27,120
---------------------------------------------------------------------------------------------------------------------------------
Multiperil -- Massachusetts -- 0.1%
5,000,000+(g) Denning Re 2018, Variable Rate Notes, 7/15/19 $ 4,970,892
---------------------------------------------------------------------------------------------------------------------------------
Multiperil -- U.S. -- 0.0%+
2,800,000+(g) Kingsbarns Re 2017, Variable Rate Notes, 5/15/19 $ 428,960
---------------------------------------------------------------------------------------------------------------------------------
Multiperil -- U.S. Regional -- 0.0%+
1,000,000+(g) EC0012 Re, Variable Rate Notes, 6/15/19 $ 976,000
---------------------------------------------------------------------------------------------------------------------------------
Multiperil -- Worldwide -- 0.2%
4,918,415+(g) Kilarney Re 2018, Variable Rate Notes, 4/15/19 $ 4,436,410
600,000+(g) Limestone Re 2016-1, Variable Rate Notes, 8/31/21 689,100
1,750,000+(g) Limestone Re 2016-1, Variable Rate Notes, 8/31/21 2,009,875
1,500,000+(g) Resilience Re, Variable Rate Notes, 4/8/19 1,518,300
2,000,000+(g) Resilience Re, Variable Rate Notes, 4/8/19 2,015,800
3,600,000+(g) Resilience Re, Variable Rate Notes, 5/1/19 36,000
567,400+(g) Seminole Re 2018, Variable Rate Notes, 1/15/20 504,248
553,333+(g) Walton Health Re 2018, Variable Rate Notes, 6/15/19 276,667
--------------
$ 11,486,400
---------------------------------------------------------------------------------------------------------------------------------
Windstorm -- Florida -- 0.0%+
1,500,000+(g) Formby Re 2018, Variable Rate Notes, 6/15/19 $ 1,506,803
511,212+(g) Formby Re 2018-2, Variable Rate Notes, 3/31/19 522,459
--------------
$ 2,029,262
---------------------------------------------------------------------------------------------------------------------------------
Windstorm -- U.S. Regional -- 0.1%
2,022,204+(g) Hillside Re 2018, Variable Rate Notes, 7/1/19 $ 35,389
1,000,000+(g) Oakmont Re 2017, Variable Rate Notes, 4/15/19 11,500
815,825+(g) Oakmont Re 2018, Variable Rate Notes, 4/15/19 760,920
2,600,000+(g) Promissum Re 2018, Variable Rate Notes, 6/15/19 2,600,000
250,000+(g) Resilience Re, Variable Rate Notes, 6/15/19 258,850
--------------
$ 3,666,659
--------------
Total Collateralized Reinsurance $ 31,084,653
---------------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
48 Pioneer Bond Fund | Semiannual Report | 12/31/18
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
INDUSTRY LOSS WARRANTIES -- 0.2%
Multiperil -- U.S. -- 0.2%
4,257,500+(g) Cypress Re 2018, Variable Rate Notes, 4/15/19 $ 3,980,337
1,244,707+(g) Laytown Re, Variable Rate Notes, 4/15/19 1,210,104
5,343,100+(g) Pinehurst Re 2018, Variable Rate Notes, 4/15/19 5,032,131
--------------
Total Industry Loss Warranties $ 10,222,572
---------------------------------------------------------------------------------------------------------------------------------
REINSURANCE SIDECARS -- 1.8%
Multiperil -- U.S. -- 0.2%
3,000,000+(g) Carnoustie Re 2015, Variable Rate Notes, 7/1/19 $ 9,600
3,600,000+(g) Carnoustie Re 2016, Variable Rate Notes, 11/30/20 97,200
4,500,000+(g) Carnoustie Re 2017, Variable Rate Notes, 11/30/21 1,143,900
2,000,000+(g) Carnoustie Re 2018, Variable Rate Notes, 12/31/21 1,938,950
1,139,928+(g) Carnoustie Re 2019, Variable Rate Notes, 12/31/22 1,139,928
1,300,000+(g) Castle Stuart Housing Association Re 2018, Variable
Rate Notes, 12/1/21 1,096,420
2,000,000+(g) Harambee Re 2018, Variable Rate Notes, 12/31/21 1,803,000
3,609,302+(g) Harambee Re 2019, Variable Rate Notes, 12/31/22 3,609,302
1,000,000+(g) Prestwick Re 2015-1, Variable Rate Notes, 7/1/19 17,000
1,200,007+(g) Sector Re V, Series 7, Class G, Variable Rate Notes,
3/1/22 (144A) 864,482
--------------
$ 11,719,782
---------------------------------------------------------------------------------------------------------------------------------
Multiperil -- Worldwide -- 1.6%
1,100,000+(g) Alturas Re 2019-1, Variable Rate Notes, 3/10/23 $ 1,100,000
2,800,000+(g) Alturas Re 2019-2, Variable Rate Notes, 3/10/22 2,800,000
900,000+(g) Arlington Re 2015, Variable Rate Notes, 2/1/19 43,740
750,000+(g) Arlington Re 2016, Variable Rate Notes, 2/28/19 97,875
2,000,000+(g) Berwick Re 2017-1, Variable Rate Notes, 2/1/19 66,200
10,192,268+(g) Berwick Re 2018-1, Variable Rate Notes, 12/31/21 9,692,123
7,846,828+(g) Berwick Re 2019-1, Variable Rate Notes, 12/31/22 7,846,828
1,250,000+(g) Blue Lotus Re 2018, Variable Rate Notes, 12/31/21 1,315,000
397,500+(g) Eden Re II, Variable Rate Notes, 3/22/21 (144A) 81,964
841,500+(g) Eden Re II, Variable Rate Notes, 3/22/21 166,785
3,717,000+(g) Eden Re II, Variable Rate Notes, 3/22/22 (144A) 3,933,329
600,000+(g) Eden Re II, Variable Rate Notes, 3/22/23 (144A) 600,000
2,500,000+(g) Eden Re II, Variable Rate Notes, 3/22/22 (144A) 2,647,000
3,500,000+(g) Gleneagles Re 2016, Variable Rate Notes, 11/30/20 217,000
1,000,000+(g) Gleneagles Re 2018, Variable Rate Notes, 12/31/21 1,005,100
886,832+(g) Gleneagles Re 2019, Variable Rate Notes, 12/31/22 886,832
2,118,314+(g) Gullane Re 2018, Variable Rate Notes, 12/31/21 1,842,933
2,500,000+(g) Limestone Re 2018, Variable Rate Notes, 3/1/22 2,550,750
500,000+(g) Lion Rock Re 2019, Variable Rate Notes, 1/31/20 500,000
3,000,000+(g) Lorenz Re 2017, Variable Rate Notes, 3/31/20 435,300
5,000,000+(g) Lorenz Re 2018, Variable Rate Notes, 7/1/21 3,552,000
2,000,000+(g) Madison Re 2016, Variable Rate Notes, 3/31/19 55,600
1,500,000+(g) Madison Re 2017, Variable Rate Notes, 12/31/19 395,850
2,000,000+(g) Madison Re 2018, Variable Rate Notes, 12/31/21 2,075,800
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 49
Schedule of Investments | 12/31/18 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
Multiperil -- Worldwide -- (continued)
7,000,000+(g) Merion Re 2018-2, Variable Rate Notes, 12/31/21 $ 6,826,890
1,000,000+(g) NCM Re 2019, Variable Rate Notes, 12/31/22 1,000,000
3,600,000+(g) Pangaea Re 2015-1, Variable Rate Notes, 2/1/19 6,480
4,000,000+(g) Pangaea Re 2015-2, Variable Rate Notes, 11/30/19 9,600
4,500,000+(g) Pangaea Re 2016-1, Variable Rate Notes, 11/30/20 22,050
3,000,000+(g) Pangaea Re 2016-2, Variable Rate Notes, 11/30/20 16,200
3,800,000+(g) Pangaea Re 2018-1, Variable Rate Notes, 12/31/21 3,336,400
6,500,000+(g) Pangaea Re 2018-3, Variable Rate Notes, 7/1/22 5,546,450
300,000+(g) Sector Re V, Series 7, Class C, Variable Rate Notes,
12/1/22 (144A) 289,131
300,000+(g) Sector Re V, Series 7, Class C, Variable Rate Notes,
12/1/22 (144A) 289,131
500,000+(g) Sector Re V, Series 8, Class F, Variable Rate Notes,
3/1/23 (144A) 520,079
1,199,993+(g) Sector Re V, Series 8, Class G, Variable Rate Notes,
3/1/23 (144A) 1,248,182
2,000,000+(g) Silverton Re, Variable Rate Notes, 9/16/19 (144A) 81,600
3,000,000+(g) St. Andrews Re 2017-1, Variable Rate Notes, 2/1/19 203,400
1,737,984+(g) St. Andrews Re 2017-4, Variable Rate Notes, 6/1/19 171,018
500,000+(g) Thopas Re 2018, Variable Rate Notes, 12/31/21 443,300
2,686,501+(g) Thopas Re 2019, Variable Rate Notes, 12/31/22 2,686,501
4,000,000+(g) Versutus Re 2016-1, Variable Rate Notes, 11/30/20 18,800
4,000,000+(g) Versutus Re 2017-A, Variable Rate Notes, 11/30/21 2,000
2,000,000+(g) Versutus Re 2018-A, Variable Rate Notes, 12/31/21 1,975,000
1,715,899+(g) Versutus Re 2019-B, Variable Rate Notes, 12/31/21 1,715,899
1,000,000+(g) Viribus Re 2018, Variable Rate Notes, 12/31/21 930,000
3,225,387+(g) Viribus Re 2019, Variable Rate Notes, 12/31/22 3,225,387
1,623,326+(g) Woburn Re 2018, Variable Rate Notes, 12/31/21 1,266,194
--------------
$ 75,737,701
--------------
Total Reinsurance Sidecars $ 87,457,483
---------------------------------------------------------------------------------------------------------------------------------
TOTAL INSURANCE-LINKED SECURITIES
(Cost $204,874,256) $ 198,051,129
---------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 2.4% of Net Assets(h)
Municipal General -- 0.3%
3,220,000 Fairfax County Economic Development Authority,
Series A, 2.875%, 4/1/34 $ 2,987,291
4,075,000 JobsOhio Beverage System, Ohio Taxable Senior Lien,
Series B, 3.985%, 1/1/29 4,199,043
1,035,000 JobsOhio Beverage System, Ohio Taxable Senior Lien,
Series B, 4.532%, 1/1/35 1,104,583
2,830,000 Virginia Commonwealth Transportation Board,
Transportation Capital Projects, 3.0%, 5/15/39 2,567,206
2,325,000 Virginia Commonwealth Transportation Board,
Transportation Capital Projects, 4.0%, 5/15/31 2,464,267
2,335,000 Virginia Commonwealth Transportation Board,
Transportation Capital Projects, 4.0%, 5/15/32 2,466,507
--------------
Total Municipal General $ 15,788,897
---------------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
50 Pioneer Bond Fund | Semiannual Report | 12/31/18
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
Municipal General Obligation -- 0.5%
16,795,000(i) Commonwealth of Pennsylvania, 1st Series,
4.0%, 1/1/29 $ 17,980,895
2,425,000(i) State of Florida, Capital Outlay, Series C,
4.0%, 6/1/31 2,647,397
3,150,000(i) State of Texas, Transportation Commission Mobility
Fund, Series A, 4.0%, 10/1/44 3,213,095
--------------
Total Municipal General Obligation $ 23,841,387
---------------------------------------------------------------------------------------------------------------------------------
Municipal Higher Education -- 1.1%
525,000 Amherst College, 3.794%, 11/1/42 $ 510,840
1,025,000 Baylor University, Series A, 4.313%, 3/1/42 1,043,593
7,425,000 Massachusetts Development Finance Agency, Harvard
University, Series A, 5.0%, 7/15/40 9,493,160
10,400,000 New York State Dormitory Authority, Columbia
University, Series A-2, 5.0%, 10/1/46 13,596,336
8,345,000 Rhode Island Health & Educational Building Corp.,
Brown University, Series A, 4.0%, 9/1/47 8,622,555
16,810,000 University of California, Series AX, 3.063%, 7/1/25 16,590,293
3,100,000 University of Virginia, Revenue, Refunding General
Green, Series A-2, 5.0%, 4/1/45 3,488,089
--------------
Total Municipal Higher Education $ 53,344,866
---------------------------------------------------------------------------------------------------------------------------------
Municipal Medical -- 0.2%
4,775,000 Illinois Finance Authority, Northwestern Memorial
Healthcare, 4.0%, 7/15/47 $ 4,807,375
1,695,000 Massachusetts Development Finance Agency, Partners
Healthcare System, 4.0%, 7/1/36 1,753,291
2,910,000 Massachusetts Development Finance Agency, Partners
Healthcare System, 4.0%, 7/1/41 2,947,335
1,765,000 Ohio Higher Educational Facility Commission, Cleveland
Clinic Health, Series A-1, 5.0%, 1/1/42 1,908,000
--------------
Total Municipal Medical $ 11,416,001
---------------------------------------------------------------------------------------------------------------------------------
Municipal School District -- 0.1%
2,800,000(i) Frisco Independent School District, Refunding School
Building, 4.0%, 8/15/40 $ 2,862,468
1,750,000(i) Frisco Independent School District, Refunding School
Building, 4.0%, 8/15/45 1,782,287
--------------
Total Municipal School District $ 4,644,755
---------------------------------------------------------------------------------------------------------------------------------
Municipal Transportation -- 0.1%
2,350,000 Central Florida Expressway Authority, 5.0%, 7/1/38 $ 2,649,413
600,000 Port Authority of New York & New Jersey,
Consolidated-174TH, 4.458%, 10/1/62 610,446
--------------
Total Municipal Transportation $ 3,259,859
---------------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 51
Schedule of Investments | 12/31/18 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
Municipal Water -- 0.1%
2,410,000 JEA Water & Sewer System Revenue, Series A,
4.0%, 10/1/35 $ 2,557,854
2,435,000 JEA Water & Sewer System Revenue, Series A,
4.0%, 10/1/39 2,527,798
--------------
Total Municipal Water $ 5,085,652
---------------------------------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $119,600,372) $ 117,381,417
---------------------------------------------------------------------------------------------------------------------------------
SENIOR SECURED FLOATING RATE LOAN
INTERESTS -- 2.3% of Net Assets*(b)
Automobile -- 0.3%
613,855 Allison Transmission, Inc., New Term Loan, 4.26%
(LIBOR + 175 bps), 9/23/22 $ 607,103
4,119,375 American Axle & Manufacturing, Inc., Tranche B Term
Loan, 4.752% (LIBOR + 225 bps), 4/6/24 3,922,675
1,354,032 Cooper-Standard Automotive, Inc., Additional Term B-1
Loan, 4.522% (LIBOR + 200 bps), 11/2/23 1,289,716
1,968,085 CWGS Group LLC (aka Camping World, Inc.), Term Loan,
5.129% (LIBOR + 275 bps), 11/8/23 1,784,807
1,396,667 Goodyear Tire & Rubber Co., Second Lien Term Loan,
4.455% (LIBOR + 200 bps), 3/3/25 1,338,705
733,182 Navistar, Inc., Tranche B Term Loan, 5.89% (LIBOR +
350 bps), 11/6/24 705,687
1,424,519 TI Group Automotive Systems LLC, Initial US Term Loan,
5.022% (LIBOR + 250 bps), 6/30/22 1,362,196
--------------
Total Automobile $ 11,010,889
---------------------------------------------------------------------------------------------------------------------------------
Beverage, Food & Tobacco -- 0.1%
1,673,075 Darling Ingredients, Inc. (fka Darling International,
Inc.), Term B Loan, 4.57% (LIBOR + 200 bps/
PRIME + 100 bps), 12/18/24 $ 1,658,436
4,036,427 JBS USA Lux SA (fka JBS USA LLC), Initial Term Loan,
5.26% (LIBOR + 250 bps), 10/30/22 3,891,366
--------------
Total Beverage, Food & Tobacco $ 5,549,802
---------------------------------------------------------------------------------------------------------------------------------
Broadcasting & Entertainment -- 0.0%+
408,127 UPC Financing Partnership, Facility AR, 4.955%
(LIBOR + 250 bps), 1/15/26 $ 389,506
--------------
Total Broadcasting & Entertainment $ 389,506
---------------------------------------------------------------------------------------------------------------------------------
Buildings & Real Estate -- 0.0%+
417,880 Builders FirstSource, Inc., Refinancing Term Loan,
5.803% (LIBOR + 300 bps), 2/29/24 $ 393,644
1,600,800 Communications Sales & Leasing, Inc. (CSL Capital
LLC), Shortfall Term Loan, 5.522% (LIBOR +
300 bps), 10/24/22 1,442,053
--------------
Total Buildings & Real Estate $ 1,835,697
---------------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
52 Pioneer Bond Fund | Semiannual Report | 12/31/18
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
Chemicals -- 0.0%+
411,308 Allnex (Luxembourg) & Cy SCA (fka AI Chem &
Cy SCA), Tranche B-2 Term Loan, 5.956% (LIBOR +
325 bps), 9/13/23 $ 404,624
309,889 Allnex (Luxembourg) & Cy SCA (fka AI Chem &
Cy SCA), Tranche B-3 Term Loan, 5.956% (LIBOR +
325 bps), 9/13/23 304,853
--------------
Total Chemicals $ 709,477
---------------------------------------------------------------------------------------------------------------------------------
Chemicals, Plastics & Rubber -- 0.1%
491,250 Berry Global, Inc. (fka Berry Plastics Corp.), Term R
Loan, 4.387% (LIBOR + 200 bps), 1/19/24 $ 478,662
385,788 Infiltrator Water Technologies LLC, First Lien Term
B-2 Loan, 5.803% (LIBOR + 300 bps), 5/27/22 376,143
621,818 MacDermid, Inc. (Platform Specialty Products Corp.),
Tranche B-6 Term Loan, 5.522% (LIBOR +
300 bps), 6/7/23 612,491
585,116 Nexeo Solutions LLC, Term B-1 Loan, 5.926%
(LIBOR + 325 bps), 6/9/23 577,071
517,929 Omnova Solutions, Inc., Term B-2 Loan, 5.772%
(LIBOR + 325 bps), 8/25/23 506,275
236,398(j) Platform Specialty Products Corp., Term Loan, 11/14/25 229,306
478,884 Tronox Blocked Borrower LLC, First Lien Blocked Dollar
Term Loan, 5.522% (LIBOR + 300 bps), 9/23/24 466,826
1,105,116 Tronox Finance LLC, First Lien Initial Dollar Term
Loan, 5.522% (LIBOR + 300 bps), 9/23/24 1,077,291
140,809 W.R. Grace & Co-CONN, Term B-1 Loan, 4.553%
(LIBOR + 175 bps), 4/3/25 136,878
241,386 W.R. Grace & Co-CONN, Term B-2 Loan, 4.553%
(LIBOR + 175 bps), 4/3/25 234,647
--------------
Total Chemicals, Plastics & Rubber $ 4,695,590
---------------------------------------------------------------------------------------------------------------------------------
Computers & Electronics -- 0.1%
1,065,722 Energy Acquisition LP (aka Electrical Components
International), First Lien Initial Term Loan, 7.053%
(LIBOR + 425 bps), 6/26/25 $ 1,039,079
3,359,598 Microchip Technology, Inc., Initial Term Loan, 4.53%
(LIBOR + 200 bps), 5/29/25 3,195,818
798,040 ON Semiconductor Corp., 2018 New Replacement
Term B-3 Loan, 4.272% (LIBOR + 175 bps), 3/31/23 772,353
312,891 Rocket Software, Inc., First Lien Initial Term Loan,
6.772% (LIBOR + 425 bps), 11/28/25 307,415
--------------
Total Computers & Electronics $ 5,314,665
---------------------------------------------------------------------------------------------------------------------------------
Diversified & Conglomerate Manufacturing -- 0.0%+
318,384 Ranpak Corp., Tranche B-1 USD Term Loan, 5.772%
(LIBOR + 325 bps), 10/1/21 $ 315,996
--------------
Total Diversified & Conglomerate Manufacturing $ 315,996
---------------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 53
Schedule of Investments | 12/31/18 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
Diversified & Conglomerate Service -- 0.2%
568,039 Bright Horizons Family Solutions LLC (fka Bright
Horizons Family Solutions, Inc.), Term B Loan,
4.272% (LIBOR + 175 bps), 11/7/23 $ 548,631
1,251,250 Change Healthcare Holdings, Inc. (fka Emdeon, Inc.),
Closing Date Term Loan, 5.272% (LIBOR +
275 bps), 3/1/24 1,192,076
640,250 Constellis Holdings LLC, First Lien Term B Loan,
7.522% (LIBOR + 500 bps), 4/21/24 616,240
501,592 Filtration Group Corp., Initial Dollar Term Loan,
5.522% (LIBOR + 300 bps), 3/29/25 484,663
508,250 Iqvia, Inc. (Quintiles IMS), Term B-1 Dollar Loan,
4.803% (LIBOR + 200 bps), 3/7/24 492,621
2,339,848 NVA Holdings, Inc., First Lien Term B-3 Loan, 5.272%
(LIBOR + 275 bps), 2/2/25 2,213,106
1,080,750 Team Health Holdings, Inc., Initial Term Loan, 5.272%
(LIBOR + 275 bps), 2/6/24 975,377
--------------
Total Diversified & Conglomerate Service $ 6,522,714
---------------------------------------------------------------------------------------------------------------------------------
Electric & Electrical -- 0.0%+
225,515 Micron Technology, Inc., Term Loan, 4.28% (LIBOR +
175 bps), 4/26/22 $ 222,085
462,955 Rackspace Hosting, Inc., First Lien Term B Loan,
5.582% (LIBOR + 300 bps), 11/3/23 408,326
--------------
Total Electric & Electrical $ 630,411
---------------------------------------------------------------------------------------------------------------------------------
Electronics -- 0.4%
323,467 Avast Software BV, 2018 Refinancing Dollar Term
Loan, 5.303% (LIBOR + 250 bps), 9/29/23 $ 313,898
844,089 First Data Corp., 2022D New Dollar Term Loan,
4.504% (LIBOR + 200 bps), 7/8/22 811,732
6,591,848 First Data Corp., 2024-A New Dollar Term Loan,
4.504% (LIBOR + 200 bps), 4/26/24 6,315,814
3,129,898 Rovi Solutions Corp./Rovi Guides, Inc., Term B Loan,
5.03% (LIBOR + 250 bps), 7/2/21 2,981,228
4,973,240 Scientific Games International, Inc., Initial Term B-5
Loan, 5.25% (LIBOR + 275 bps), 8/14/24 4,682,305
1,083,722 Sensata Technologies BV (Sensata Technologies
Finance Co., LLC), Sixth Amendment Term Loan,
4.209% (LIBOR + 175 bps), 10/14/21 1,073,336
83,620 WESCO Distribution, Inc., Tranche B-1 Term Loan,
7.5% (PRIME + 200 bps), 12/12/19 83,201
--------------
Total Electronics $ 16,261,514
---------------------------------------------------------------------------------------------------------------------------------
Entertainment & Leisure -- 0.0%+
2,033,382 Live Nation Entertainment, Inc., Term B-3 Loan,
4.313% (LIBOR + 175 bps), 10/31/23 $ 1,992,714
--------------
Total Entertainment & Leisure $ 1,992,714
---------------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
54 Pioneer Bond Fund | Semiannual Report | 12/31/18
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
Environmental Services -- 0.0%+
960,441 GFL Environmental, Inc., Effective Date Incremental
Term Loan, 5.522% (LIBOR + 300 bps), 5/30/25 $ 900,414
--------------
Total Environmental Services $ 900,414
---------------------------------------------------------------------------------------------------------------------------------
Finance -- 0.0%+
1,399,799 Trans Union LLC, 2017 Replacement Term B-3 Loan,
4.522% (LIBOR + 200 bps), 4/10/23 $ 1,351,855
--------------
Total Finance $ 1,351,855
---------------------------------------------------------------------------------------------------------------------------------
Financial Services -- 0.1%
2,452,782 RPI Finance Trust, Initial Term Loan B-6, 4.522%
(LIBOR + 200 bps), 3/27/23 $ 2,381,242
--------------
Total Financial Services $ 2,381,242
---------------------------------------------------------------------------------------------------------------------------------
Healthcare & Pharmaceuticals -- 0.2%
721,530 Alkermes, Inc., 2023 Term Loan, 4.64% (LIBOR +
225 bps), 3/27/23 $ 707,099
493,750 Alphabet Holding Co., Inc. (aka Nature's Bounty),
First Lien Initial Term Loan, 6.022% (LIBOR +
350 bps), 9/26/24 448,901
1,053,281 CHS/Community Health Systems, Inc., Incremental 2021
Term H Loan, 5.957% (LIBOR + 325 bps), 1/27/21 1,011,939
242,262 DaVita, Inc. (fka DaVita HealthCare Partners, Inc.),
Tranche B Term Loan, 5.272% (LIBOR +
275 bps), 6/24/21 240,218
5,021,763 Endo Luxembourg Finance Co. I S.a r.l., Initial Term
Loan, 6.813% (LIBOR + 425 bps), 4/29/24 4,745,566
400,951 Gentiva Health Services, Inc., First Lien Closing
Date Initial Term Loan, 6.313% (LIBOR +
375 bps), 7/2/25 390,927
712,312 Grifols Worldwide Operations, Ltd., Tranche B Term
Loan, 4.669% (LIBOR + 225 bps), 1/31/25 684,710
1,416,158 HCA, Inc., Tranche B-11 Term Loan, 4.272% (LIBOR +
175 bps), 3/17/23 1,385,180
722,759 Sterigenics-Nordion Holdings LLC, Incremental Term
Loan, 5.522% (LIBOR + 300 bps), 5/15/22 693,849
--------------
Total Healthcare & Pharmaceuticals $ 10,308,389
---------------------------------------------------------------------------------------------------------------------------------
Healthcare, Education & Childcare -- 0.1%
780,000 Alliance HealthCare Services, Inc., First Lien Initial
Term Loan, 7.022% (LIBOR + 450 bps), 10/24/23 $ 768,300
600,673 Bausch Health Cos., Inc. (fka Valeant Pharmaceuticals
International, Inc.), Initial Term Loan, 5.379%
(LIBOR + 300 bps), 6/2/25 576,646
1,490,815 Catalent Pharma Solutions, Inc. (fka Cardinal Health
409, Inc.), Dollar Term Loan, 4.772% (LIBOR +
225 bps), 5/20/24 1,451,681
257,034 Kinetic Concepts, Inc., Dollar Term Loan, 6.053%
(LIBOR + 325 bps), 2/2/24 248,038
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 55
Schedule of Investments | 12/31/18 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
Healthcare, Education & Childcare -- (continued)
2,205,085 KUEHG Corp. (fka KC MergerSub, Inc.) (aka KinderCare),
Term B-3 Loan, 6.553% (LIBOR + 375 bps),
2/21/25 $ 2,132,317
1,145,780 Select Medical Corp., Tranche B Term Loan, 4.962%
(LIBOR + 250 bps/PRIME + 150 bps), 3/6/25 1,097,084
586,207 Vizient, Inc., Term B-4 Loan, 5.272% (LIBOR +
275 bps), 2/13/23 571,795
--------------
Total Healthcare, Education & Childcare $ 6,845,861
---------------------------------------------------------------------------------------------------------------------------------
Home & Office Furnishings -- 0.0%+
1,265,473 Serta Simmons Bedding LLC, First Lien Initial Term
Loan, 5.891% (LIBOR + 350 bps), 11/8/23 $ 1,056,670
--------------
Total Home & Office Furnishings $ 1,056,670
---------------------------------------------------------------------------------------------------------------------------------
Hotel, Gaming & Leisure -- 0.0%+
1,678,902 1011778 BC Unlimited Liability Co. (New Red
Finance, Inc.) (aka Burger King/Tim Hortons),
Term B-3 Loan, 4.772% (LIBOR + 225 bps), 2/16/24 $ 1,601,938
--------------
Total Hotel, Gaming & Leisure $ 1,601,938
---------------------------------------------------------------------------------------------------------------------------------
Insurance -- 0.1%
3,848,778 Asurion LLC (fka Asurion Corp.), New B-7 Term Loan,
5.522% (LIBOR + 300 bps), 11/3/24 $ 3,685,205
436,335 MPH Acquisition Holdings LLC, Initial Term Loan,
5.553% (LIBOR + 275 bps), 6/7/23 412,664
839,375 USI, Inc. (fka Compass Investors, Inc.), 2017 New
Term Loan, 5.803% (LIBOR + 300 bps), 5/16/24 794,888
--------------
Total Insurance $ 4,892,757
---------------------------------------------------------------------------------------------------------------------------------
Leasing -- 0.1%
1,370,597 Avolon TLB Borrower 1 (US) LLC, Term B-3 Loan, 4.47%
(LIBOR + 200 bps), 1/15/25 $ 1,322,937
2,729,375 IBC Capital I, Ltd. (aka Goodpack, Ltd.), First Lien
Tranche B-1 Term Loan, 6.551% (LIBOR + 375 bps),
9/11/23 2,640,670
--------------
Total Leasing $ 3,963,607
---------------------------------------------------------------------------------------------------------------------------------
Leisure & Entertainment -- 0.0%+
554,516 AMC Entertainment Holdings, Inc. (fka AMC
Entertainment, Inc.), Initial Term Loan, 4.705%
(LIBOR + 225 bps), 12/15/22 $ 535,801
398,227 Fitness International LLC, Term B Loan, 5.772%
(LIBOR + 325 bps), 4/18/25 380,306
1,292,915 Six Flags Theme Parks, Inc., Tranche B Term Loan,
4.26% (LIBOR + 175 bps), 6/30/22 1,269,481
--------------
Total Leisure & Entertainment $ 2,185,588
---------------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
56 Pioneer Bond Fund | Semiannual Report | 12/31/18
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
Machinery -- 0.1%
1,165,942 NN, Inc., Tranche B Term Loan, 6.272% (LIBOR +
375 bps), 10/19/22 $ 1,136,794
--------------
Total Machinery $ 1,136,794
---------------------------------------------------------------------------------------------------------------------------------
Metals & Mining -- 0.0%+
503,333 BWay Holding Co., Initial Term Loan, 5.658% (LIBOR +
325 bps), 4/3/24 $ 475,335
6,880 Zekelman Industries, Inc. (fka JMC Steel Group, Inc.),
Term Loan, 4.862% (LIBOR + 225 bps), 6/14/21 6,672
--------------
Total Metals & Mining $ 482,007
---------------------------------------------------------------------------------------------------------------------------------
Oil & Gas -- 0.0%+
1,110,467 Energy Transfer Equity LP, Refinanced Term Loan,
4.522% (LIBOR + 200 bps), 2/2/24 $ 1,085,655
--------------
Total Oil & Gas $ 1,085,655
---------------------------------------------------------------------------------------------------------------------------------
Printing & Publishing -- 0.0%+
1,280,500 Nielsen Finance LLC (VNU, Inc.), Class B-4 Term Loan,
4.387% (LIBOR + 200 bps), 10/4/23 $ 1,243,685
--------------
Total Printing & Publishing $ 1,243,685
---------------------------------------------------------------------------------------------------------------------------------
Professional & Business Services -- 0.0%+
590,531 GW Honos Security Corp. (Garda World Security Corp.),
Term B Loan, 6.241% (LIBOR + 350 bps/PRIME +
250 bps), 5/24/24 $ 564,696
992,500 Lamar Media Corp., Term B Loan, 4.313% (LIBOR +
175 bps), 3/14/25 966,447
--------------
Total Professional & Business Services $ 1,531,143
---------------------------------------------------------------------------------------------------------------------------------
Retail -- 0.0%+
2,673,000 Staples, Inc., Closing Date Term Loan, 6.541%
(LIBOR + 400 bps), 9/12/24 $ 2,567,751
--------------
Total Retail $ 2,567,751
---------------------------------------------------------------------------------------------------------------------------------
Retail Store -- 0.1%
5,836 PetSmart, Inc., Tranche B-2 Term Loan, 5.38%
(LIBOR + 300 bps), 3/11/22 $ 4,625
--------------
Total Retail Store $ 4,625
---------------------------------------------------------------------------------------------------------------------------------
Telecommunications -- 0.2%
3,716,842 CenturyLink, Inc., Initial Term B Loan, 5.272% (LIBOR +
275 bps), 1/31/25 $ 3,481,053
900,000 Ciena Corp., Refinancing Term Loan, 4.47% (LIBOR +
200 bps), 9/26/25 861,750
1,168,784 GCI Holdings, Inc., New Term B Loan, 4.772% (LIBOR +
225 bps), 2/2/22 1,133,721
1,205,310 Go Daddy Operating Co., LLC (GD Finance Co., Inc.),
Tranche B-1 Term Loan, 4.772% (LIBOR +
225 bps), 2/15/24 1,155,591
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 57
Schedule of Investments | 12/31/18 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
Telecommunications -- (continued)
1,200,000 Level 3 Financing, Inc., Tranche B 2024 Term Loan,
4.754% (LIBOR + 225 bps), 2/22/24 $ 1,137,000
1,277,250 Sprint Communications, Inc., Initial Term Loan,
5.063% (LIBOR + 250 bps), 2/2/24 1,222,967
--------------
Total Telecommunications $ 8,992,082
---------------------------------------------------------------------------------------------------------------------------------
Utilities -- 0.1%
960,164 Eastern Power LLC (Eastern Covert Midco LLC) (aka
TPF II LC LLC), Term Loan, 6.272% (LIBOR +
375 bps), 10/2/23 $ 941,259
927,855 NRG Energy, Inc., Term Loan, 4.272% (LIBOR +
175 bps), 6/30/23 895,251
2,182,026 Vistra Operations Co., LLC (fka Tex Operations Co.,
LLC), Initial Term Loan, 4.522% (LIBOR +
200 bps), 8/4/23 2,108,983
--------------
Total Utilities $ 3,945,493
---------------------------------------------------------------------------------------------------------------------------------
TOTAL SENIOR SECURED FLOATING RATE
LOAN INTERESTS
(Cost $116,201,379) $ 111,706,531
---------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS --
29.8% of Net Assets
1,147,151 Fannie Mae, 2.5%, 7/1/30 $ 1,121,823
1,167,524 Fannie Mae, 2.5%, 7/1/30 1,143,189
2,004,308 Fannie Mae, 2.5%, 7/1/30 1,962,564
227,562 Fannie Mae, 2.5%, 12/1/42 215,390
237,662 Fannie Mae, 2.5%, 12/1/42 225,424
221,660 Fannie Mae, 2.5%, 1/1/43 210,248
89,431 Fannie Mae, 2.5%, 2/1/43 84,827
114,016 Fannie Mae, 2.5%, 2/1/43 107,688
2,431,918 Fannie Mae, 2.5%, 2/1/43 2,306,715
335,032 Fannie Mae, 2.5%, 3/1/43 317,783
121,139 Fannie Mae, 2.5%, 4/1/43 114,902
302,778 Fannie Mae, 2.5%, 8/1/43 287,190
230,415 Fannie Mae, 2.5%, 12/1/43 218,552
164,693 Fannie Mae, 2.5%, 3/1/44 156,214
211,325 Fannie Mae, 2.5%, 4/1/45 199,589
309,107 Fannie Mae, 2.5%, 4/1/45 291,940
443,180 Fannie Mae, 2.5%, 4/1/45 418,565
445,586 Fannie Mae, 2.5%, 4/1/45 420,841
511,425 Fannie Mae, 2.5%, 4/1/45 483,370
530,069 Fannie Mae, 2.5%, 4/1/45 500,629
1,206,447 Fannie Mae, 2.5%, 4/1/45 1,139,448
1,425,791 Fannie Mae, 2.5%, 4/1/45 1,346,614
71,193 Fannie Mae, 2.5%, 5/1/45 67,240
79,630 Fannie Mae, 2.5%, 7/1/45 75,208
The accompanying notes are an integral part of these financial statements.
58 Pioneer Bond Fund | Semiannual Report | 12/31/18
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
253,440 Fannie Mae, 2.5%, 8/1/45 $ 239,366
87,665 Fannie Mae, 2.5%, 1/1/46 82,801
219,929 Fannie Mae, 3.0%, 12/1/21 222,817
3,234,104 Fannie Mae, 3.0%, 9/1/28 3,236,249
2,896,218 Fannie Mae, 3.0%, 10/1/30 2,898,159
1,162,886 Fannie Mae, 3.0%, 4/1/31 1,160,797
15,523,809 Fannie Mae, 3.0%, 8/1/42 15,273,486
3,665,208 Fannie Mae, 3.0%, 9/1/42 3,604,734
1,146,615 Fannie Mae, 3.0%, 12/1/42 1,126,896
2,254,150 Fannie Mae, 3.0%, 2/1/43 2,215,589
620,003 Fannie Mae, 3.0%, 5/1/43 609,412
8,502,874 Fannie Mae, 3.0%, 5/1/43 8,355,905
583,192 Fannie Mae, 3.0%, 7/1/43 573,050
1,442,121 Fannie Mae, 3.0%, 8/1/43 1,417,095
4,050,956 Fannie Mae, 3.0%, 9/1/43 3,980,658
747,432 Fannie Mae, 3.0%, 3/1/45 732,357
6,327,255 Fannie Mae, 3.0%, 6/1/45 6,205,030
633,065 Fannie Mae, 3.0%, 5/1/46 620,263
835,033 Fannie Mae, 3.0%, 5/1/46 816,335
4,590,444 Fannie Mae, 3.0%, 9/1/46 4,476,980
8,440,661 Fannie Mae, 3.0%, 10/1/46 8,232,031
8,457,837 Fannie Mae, 3.0%, 11/1/46 8,248,776
7,308,046 Fannie Mae, 3.0%, 1/1/47 7,160,257
2,607,630 Fannie Mae, 3.0%, 3/1/47 2,543,145
583,002 Fannie Mae, 3.5%, 4/1/26 590,126
361,667 Fannie Mae, 3.5%, 9/1/26 366,153
856,686 Fannie Mae, 3.5%, 12/1/26 867,156
2,403,924 Fannie Mae, 3.5%, 6/1/28 2,441,830
992,647 Fannie Mae, 3.5%, 11/1/40 1,000,391
510,574 Fannie Mae, 3.5%, 10/1/41 514,561
433,606 Fannie Mae, 3.5%, 6/1/42 436,960
2,688,253 Fannie Mae, 3.5%, 7/1/42 2,709,198
2,753,123 Fannie Mae, 3.5%, 8/1/42 2,774,615
221,879 Fannie Mae, 3.5%, 11/1/42 223,611
478,284 Fannie Mae, 3.5%, 12/1/42 482,017
517,368 Fannie Mae, 3.5%, 12/1/42 521,405
4,839,234 Fannie Mae, 3.5%, 2/1/44 4,862,228
2,535,590 Fannie Mae, 3.5%, 9/1/44 2,545,172
5,238,849 Fannie Mae, 3.5%, 2/1/45 5,264,742
1,568,441 Fannie Mae, 3.5%, 4/1/45 1,574,371
6,035,864 Fannie Mae, 3.5%, 6/1/45 6,058,064
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 59
Schedule of Investments | 12/31/18 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
2,306,217 Fannie Mae, 3.5%, 8/1/45 $ 2,313,862
7,425,299 Fannie Mae, 3.5%, 8/1/45 7,491,326
5,502,169 Fannie Mae, 3.5%, 9/1/45 5,503,997
6,671,153 Fannie Mae, 3.5%, 9/1/45 6,695,002
1,405,778 Fannie Mae, 3.5%, 10/1/45 1,410,732
11,441,877 Fannie Mae, 3.5%, 11/1/45 11,540,079
2,311,776 Fannie Mae, 3.5%, 12/1/45 2,317,057
2,458,195 Fannie Mae, 3.5%, 12/1/45 2,463,811
4,417,660 Fannie Mae, 3.5%, 12/1/45 4,432,313
5,031,768 Fannie Mae, 3.5%, 1/1/46 5,047,410
6,727,803 Fannie Mae, 3.5%, 1/1/46 6,749,078
2,819,119 Fannie Mae, 3.5%, 2/1/46 2,827,596
4,576,038 Fannie Mae, 3.5%, 2/1/46 4,590,034
1,883,621 Fannie Mae, 3.5%, 3/1/46 1,889,285
3,948,271 Fannie Mae, 3.5%, 4/1/46 3,960,143
2,435,467 Fannie Mae, 3.5%, 5/1/46 2,444,676
5,725,542 Fannie Mae, 3.5%, 7/1/46 5,735,960
8,455,250 Fannie Mae, 3.5%, 9/1/46 8,477,184
492,813 Fannie Mae, 3.5%, 10/1/46 494,066
993,451 Fannie Mae, 3.5%, 10/1/46 995,772
1,125,014 Fannie Mae, 3.5%, 11/1/46 1,127,410
4,344,964 Fannie Mae, 3.5%, 12/1/46 4,355,113
2,209,872 Fannie Mae, 3.5%, 1/1/47 2,214,581
4,446,848 Fannie Mae, 3.5%, 1/1/47 4,456,323
6,136,559 Fannie Mae, 3.5%, 1/1/47 6,155,972
10,321,051 Fannie Mae, 3.5%, 1/1/47 10,345,175
5,662,903 Fannie Mae, 3.5%, 2/1/47 5,674,969
7,130,017 Fannie Mae, 3.5%, 5/1/47 7,140,793
8,031,874 Fannie Mae, 3.5%, 5/1/47 8,040,695
273,450 Fannie Mae, 3.5%, 7/1/47 273,575
2,681,585 Fannie Mae, 3.5%, 7/1/47 2,685,084
8,166,592 Fannie Mae, 3.5%, 7/1/47 8,175,560
11,044,875 Fannie Mae, 3.5%, 7/1/47 11,053,460
1,368,945 Fannie Mae, 3.5%, 8/1/47 1,369,883
17,900,482 Fannie Mae, 3.5%, 8/1/47 17,909,045
2,993,206 Fannie Mae, 3.5%, 11/1/47 2,997,110
7,165,014 Fannie Mae, 3.5%, 12/1/47 7,165,504
11,902,952 Fannie Mae, 3.5%, 12/1/47 11,903,804
15,610,828 Fannie Mae, 3.5%, 12/1/47 15,624,918
3,966,709 Fannie Mae, 3.5%, 1/1/48 3,967,035
3,074,312 Fannie Mae, 3.5%, 2/1/48 3,074,564
The accompanying notes are an integral part of these financial statements.
60 Pioneer Bond Fund | Semiannual Report | 12/31/18
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
902,364 Fannie Mae, 3.771%, 12/1/20 $ 916,619
14,572 Fannie Mae, 4.0%, 9/1/20 14,922
225,453 Fannie Mae, 4.0%, 4/1/25 230,880
225,832 Fannie Mae, 4.0%, 11/1/34 234,290
2,236,950 Fannie Mae, 4.0%, 4/1/39 2,299,895
5,985,806 Fannie Mae, 4.0%, 10/1/40 6,171,779
1,092,958 Fannie Mae, 4.0%, 12/1/40 1,125,001
646,753 Fannie Mae, 4.0%, 4/1/41 664,963
1,055,446 Fannie Mae, 4.0%, 4/1/41 1,085,269
686,105 Fannie Mae, 4.0%, 5/1/41 701,689
1,378,597 Fannie Mae, 4.0%, 10/1/41 1,419,884
949,538 Fannie Mae, 4.0%, 12/1/41 976,370
348,689 Fannie Mae, 4.0%, 1/1/42 358,527
2,481,969 Fannie Mae, 4.0%, 1/1/42 2,552,094
2,117,109 Fannie Mae, 4.0%, 2/1/42 2,176,926
5,804,938 Fannie Mae, 4.0%, 2/1/42 5,968,929
1,017,792 Fannie Mae, 4.0%, 3/1/42 1,046,545
118,853 Fannie Mae, 4.0%, 4/1/42 122,212
531,662 Fannie Mae, 4.0%, 4/1/42 546,683
2,356,015 Fannie Mae, 4.0%, 4/1/42 2,422,577
4,453,604 Fannie Mae, 4.0%, 5/1/42 4,579,434
93,276 Fannie Mae, 4.0%, 6/1/42 95,378
285,574 Fannie Mae, 4.0%, 6/1/42 291,960
139,944 Fannie Mae, 4.0%, 7/1/42 143,898
3,195,887 Fannie Mae, 4.0%, 7/1/42 3,286,172
6,822,350 Fannie Mae, 4.0%, 8/1/42 7,015,085
1,304,424 Fannie Mae, 4.0%, 10/1/42 1,341,274
4,040,675 Fannie Mae, 4.0%, 8/1/43 4,138,168
4,957,548 Fannie Mae, 4.0%, 9/1/43 5,087,384
9,241,426 Fannie Mae, 4.0%, 10/1/43 9,483,797
3,072,317 Fannie Mae, 4.0%, 11/1/43 3,162,150
3,543,483 Fannie Mae, 4.0%, 12/1/43 3,642,834
110,518 Fannie Mae, 4.0%, 1/1/44 113,070
4,760,708 Fannie Mae, 4.0%, 2/1/44 4,872,722
70,794 Fannie Mae, 4.0%, 6/1/44 72,340
87,231 Fannie Mae, 4.0%, 6/1/44 89,116
242,389 Fannie Mae, 4.0%, 7/1/44 247,519
4,653,409 Fannie Mae, 4.0%, 7/1/44 4,754,653
191,855 Fannie Mae, 4.0%, 8/1/44 195,955
215,018 Fannie Mae, 4.0%, 8/1/44 219,679
1,126,795 Fannie Mae, 4.0%, 8/1/44 1,151,045
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 61
Schedule of Investments | 12/31/18 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
3,374,225 Fannie Mae, 4.0%, 8/1/44 $ 3,446,339
36,649 Fannie Mae, 4.0%, 9/1/44 37,438
277,578 Fannie Mae, 4.0%, 9/1/44 283,510
370,136 Fannie Mae, 4.0%, 9/1/44 378,104
6,443,979 Fannie Mae, 4.0%, 9/1/44 6,612,976
1,497,409 Fannie Mae, 4.0%, 10/1/44 1,530,101
87,699 Fannie Mae, 4.0%, 11/1/44 89,574
98,856 Fannie Mae, 4.0%, 11/1/44 100,969
181,221 Fannie Mae, 4.0%, 11/1/44 185,080
4,575,153 Fannie Mae, 4.0%, 11/1/44 4,672,928
35,854 Fannie Mae, 4.0%, 12/1/44 36,621
470,536 Fannie Mae, 4.0%, 12/1/44 480,592
65,023 Fannie Mae, 4.0%, 1/1/45 66,362
184,590 Fannie Mae, 4.0%, 1/1/45 188,534
301,235 Fannie Mae, 4.0%, 1/1/45 307,603
45,218 Fannie Mae, 4.0%, 2/1/45 46,167
161,647 Fannie Mae, 4.0%, 2/1/45 165,234
346,989 Fannie Mae, 4.0%, 2/1/45 354,590
3,788,704 Fannie Mae, 4.0%, 3/1/45 3,868,369
2,749,389 Fannie Mae, 4.0%, 8/1/45 2,821,489
2,513,355 Fannie Mae, 4.0%, 10/1/45 2,565,055
3,834,563 Fannie Mae, 4.0%, 10/1/45 3,913,437
4,442,811 Fannie Mae, 4.0%, 10/1/45 4,534,433
64,809 Fannie Mae, 4.0%, 11/1/45 66,113
3,153,200 Fannie Mae, 4.0%, 11/1/45 3,217,879
7,651,238 Fannie Mae, 4.0%, 11/1/45 7,862,928
5,392,919 Fannie Mae, 4.0%, 12/1/45 5,504,129
2,092,523 Fannie Mae, 4.0%, 1/1/46 2,135,353
5,699,054 Fannie Mae, 4.0%, 2/1/46 5,819,938
1,437,462 Fannie Mae, 4.0%, 4/1/46 1,466,445
4,916,215 Fannie Mae, 4.0%, 6/1/46 5,015,309
5,239,895 Fannie Mae, 4.0%, 7/1/46 5,344,984
7,096,407 Fannie Mae, 4.0%, 7/1/46 7,238,908
4,093,513 Fannie Mae, 4.0%, 8/1/46 4,175,382
5,083,192 Fannie Mae, 4.0%, 8/1/46 5,184,869
1,427,139 Fannie Mae, 4.0%, 11/1/46 1,455,620
12,180,315 Fannie Mae, 4.0%, 1/1/47 12,429,379
400,747 Fannie Mae, 4.0%, 2/1/47 409,060
3,094,375 Fannie Mae, 4.0%, 4/1/47 3,165,542
3,163,445 Fannie Mae, 4.0%, 4/1/47 3,225,927
4,764,922 Fannie Mae, 4.0%, 4/1/47 4,875,103
521,664 Fannie Mae, 4.0%, 6/1/47 533,727
1,877,930 Fannie Mae, 4.0%, 6/1/47 1,921,355
The accompanying notes are an integral part of these financial statements.
62 Pioneer Bond Fund | Semiannual Report | 12/31/18
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
2,873,048 Fannie Mae, 4.0%, 6/1/47 $ 2,929,794
4,635,114 Fannie Mae, 4.0%, 6/1/47 4,726,427
8,382,111 Fannie Mae, 4.0%, 6/1/47 8,547,023
2,631,694 Fannie Mae, 4.0%, 7/1/47 2,692,549
2,972,336 Fannie Mae, 4.0%, 7/1/47 3,030,891
2,599,361 Fannie Mae, 4.0%, 8/1/47 2,650,568
4,979,241 Fannie Mae, 4.0%, 8/1/47 5,076,948
6,368,723 Fannie Mae, 4.0%, 12/1/47 6,493,540
8,747,539 Fannie Mae, 4.0%, 4/1/48 8,918,903
5,500 Fannie Mae, 4.5%, 11/1/20 5,602
80,598 Fannie Mae, 4.5%, 11/1/20 82,409
159,056 Fannie Mae, 4.5%, 10/1/35 165,016
406,196 Fannie Mae, 4.5%, 8/1/40 425,465
832,189 Fannie Mae, 4.5%, 8/1/40 871,671
1,447,768 Fannie Mae, 4.5%, 11/1/40 1,516,201
145,266 Fannie Mae, 4.5%, 12/1/40 152,156
551,764 Fannie Mae, 4.5%, 2/1/41 577,938
1,323,367 Fannie Mae, 4.5%, 4/1/41 1,386,148
69,328 Fannie Mae, 4.5%, 5/1/41 72,617
1,794,956 Fannie Mae, 4.5%, 5/1/41 1,880,117
2,415,470 Fannie Mae, 4.5%, 5/1/41 2,530,068
3,124,082 Fannie Mae, 4.5%, 5/1/41 3,272,259
883,516 Fannie Mae, 4.5%, 7/1/41 925,432
957,474 Fannie Mae, 4.5%, 7/1/41 1,002,844
1,171,768 Fannie Mae, 4.5%, 7/1/41 1,223,019
3,436,027 Fannie Mae, 4.5%, 1/1/42 3,598,922
4,433,778 Fannie Mae, 4.5%, 1/1/42 4,643,846
445,332 Fannie Mae, 4.5%, 11/1/43 463,679
3,086,716 Fannie Mae, 4.5%, 12/1/43 3,235,933
3,893,418 Fannie Mae, 4.5%, 12/1/43 4,054,114
6,268,162 Fannie Mae, 4.5%, 12/1/43 6,525,779
4,408,569 Fannie Mae, 4.5%, 1/1/44 4,590,519
2,484,189 Fannie Mae, 4.5%, 2/1/44 2,586,525
3,001,733 Fannie Mae, 4.5%, 2/1/44 3,125,540
4,882,125 Fannie Mae, 4.5%, 5/1/46 5,060,008
607,877 Fannie Mae, 4.5%, 1/1/47 629,969
431,095 Fannie Mae, 4.5%, 2/1/47 446,575
3,528,650 Fannie Mae, 4.5%, 2/1/47 3,656,993
10,635 Fannie Mae, 5.0%, 1/1/20 10,820
24,201 Fannie Mae, 5.0%, 1/1/20 24,623
4,197 Fannie Mae, 5.0%, 2/1/20 4,270
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 63
Schedule of Investments | 12/31/18 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
56,686 Fannie Mae, 5.0%, 10/1/20 $ 57,674
4,227 Fannie Mae, 5.0%, 2/1/22 4,303
52,579 Fannie Mae, 5.0%, 2/1/22 53,521
48,257 Fannie Mae, 5.0%, 3/1/23 49,220
178,234 Fannie Mae, 5.0%, 5/1/23 185,277
91,840 Fannie Mae, 5.0%, 7/1/34 94,266
149,338 Fannie Mae, 5.0%, 10/1/34 155,317
609,763 Fannie Mae, 5.0%, 2/1/39 647,386
458,699 Fannie Mae, 5.0%, 6/1/40 486,654
529,410 Fannie Mae, 5.0%, 6/1/40 561,975
359,081 Fannie Mae, 5.0%, 7/1/40 381,170
510,437 Fannie Mae, 5.0%, 7/1/40 541,836
815,542 Fannie Mae, 5.0%, 7/1/40 865,702
627,604 Fannie Mae, 5.0%, 8/1/40 666,211
2,279,301 Fannie Mae, 5.0%, 2/1/41 2,419,603
8,618,077 Fannie Mae, 5.0%, 12/1/44 9,160,531
26,368 Fannie Mae, 5.5%, 9/1/19 26,393
15,333 Fannie Mae, 5.5%, 6/1/33 16,470
69,060 Fannie Mae, 5.5%, 7/1/33 74,240
432,825 Fannie Mae, 5.5%, 7/1/34 466,055
240,234 Fannie Mae, 5.5%, 3/1/36 258,401
83,731 Fannie Mae, 5.5%, 5/1/36 88,829
130,428 Fannie Mae, 5.5%, 6/1/36 140,450
46,085 Fannie Mae, 5.72%, 11/1/28 46,550
24,667 Fannie Mae, 5.72%, 6/1/29 24,693
21,208 Fannie Mae, 5.9%, 11/1/27 21,235
70,848 Fannie Mae, 5.9%, 4/1/28 72,037
671 Fannie Mae, 6.0%, 9/1/29 731
2,937 Fannie Mae, 6.0%, 1/1/32 3,200
11,916 Fannie Mae, 6.0%, 2/1/32 12,977
4,153 Fannie Mae, 6.0%, 3/1/32 4,531
2,839 Fannie Mae, 6.0%, 8/1/32 3,097
333 Fannie Mae, 6.0%, 9/1/32 363
37,381 Fannie Mae, 6.0%, 10/1/32 40,777
5,913 Fannie Mae, 6.0%, 2/1/33 6,346
54,333 Fannie Mae, 6.0%, 3/1/33 59,249
57,951 Fannie Mae, 6.0%, 4/1/33 62,183
75,482 Fannie Mae, 6.0%, 7/1/33 81,011
107,097 Fannie Mae, 6.0%, 7/1/33 114,972
24,404 Fannie Mae, 6.0%, 11/1/33 26,610
92,154 Fannie Mae, 6.0%, 8/1/34 100,504
4,928 Fannie Mae, 6.0%, 9/1/34 5,373
17,879 Fannie Mae, 6.0%, 9/1/34 19,374
The accompanying notes are an integral part of these financial statements.
64 Pioneer Bond Fund | Semiannual Report | 12/31/18
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
28,686 Fannie Mae, 6.0%, 9/1/34 $ 30,949
87,050 Fannie Mae, 6.0%, 9/1/34 93,479
9,012 Fannie Mae, 6.0%, 10/1/34 9,831
8,065 Fannie Mae, 6.0%, 11/1/34 8,797
117,655 Fannie Mae, 6.0%, 11/1/34 126,335
2,876 Fannie Mae, 6.0%, 2/1/35 3,132
6,704 Fannie Mae, 6.0%, 2/1/35 7,275
129,154 Fannie Mae, 6.0%, 4/1/35 140,854
18,939 Fannie Mae, 6.0%, 5/1/35 20,322
82,173 Fannie Mae, 6.0%, 10/1/35 88,227
151,844 Fannie Mae, 6.0%, 12/1/35 165,231
16,565 Fannie Mae, 6.0%, 12/1/37 18,004
184,409 Fannie Mae, 6.0%, 6/1/38 199,456
29,398 Fannie Mae, 6.0%, 7/1/38 31,545
6,181 Fannie Mae, 6.5%, 7/1/29 6,637
1,512 Fannie Mae, 6.5%, 1/1/31 1,624
1,767 Fannie Mae, 6.5%, 4/1/31 1,919
3,544 Fannie Mae, 6.5%, 5/1/31 3,806
63,355 Fannie Mae, 6.5%, 6/1/31 68,034
8,051 Fannie Mae, 6.5%, 8/1/31 8,645
3,068 Fannie Mae, 6.5%, 9/1/31 3,306
4,021 Fannie Mae, 6.5%, 9/1/31 4,318
2,529 Fannie Mae, 6.5%, 10/1/31 2,715
116,260 Fannie Mae, 6.5%, 12/1/31 124,978
4,337 Fannie Mae, 6.5%, 2/1/32 4,658
36,584 Fannie Mae, 6.5%, 3/1/32 39,480
78,802 Fannie Mae, 6.5%, 7/1/32 86,737
65,696 Fannie Mae, 6.5%, 10/1/32 70,548
27,208 Fannie Mae, 6.5%, 7/1/34 29,217
83,015 Fannie Mae, 6.5%, 11/1/37 93,831
20,352 Fannie Mae, 6.5%, 11/1/47 21,216
597 Fannie Mae, 7.0%, 12/1/30 614
6,199 Fannie Mae, 7.0%, 12/1/30 6,788
5,935 Fannie Mae, 7.0%, 4/1/31 6,854
7,147 Fannie Mae, 7.0%, 9/1/31 8,108
14,658 Fannie Mae, 7.0%, 12/1/31 14,858
13,283 Fannie Mae, 7.0%, 1/1/32 15,202
2,473,427 Federal Home Loan Mortgage Corp., 3.0%, 8/1/29 2,476,332
2,329,554 Federal Home Loan Mortgage Corp., 3.0%, 10/1/29 2,332,291
919,203 Federal Home Loan Mortgage Corp., 3.0%, 9/1/42 904,144
5,989,190 Federal Home Loan Mortgage Corp., 3.0%, 11/1/42 5,890,989
689,149 Federal Home Loan Mortgage Corp., 3.0%, 2/1/43 676,994
1,746,234 Federal Home Loan Mortgage Corp., 3.0%, 2/1/43 1,716,609
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 65
Schedule of Investments | 12/31/18 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
2,012,917 Federal Home Loan Mortgage Corp., 3.0%, 5/1/43 $ 1,977,359
1,470,678 Federal Home Loan Mortgage Corp., 3.0%, 5/1/45 1,441,661
1,188,385 Federal Home Loan Mortgage Corp., 3.0%, 8/1/45 1,161,912
4,759,703 Federal Home Loan Mortgage Corp., 3.0%, 6/1/46 4,651,274
3,798,370 Federal Home Loan Mortgage Corp., 3.0%, 9/1/46 3,706,535
1,290,074 Federal Home Loan Mortgage Corp., 3.0%, 12/1/46 1,260,685
1,908,552 Federal Home Loan Mortgage Corp., 3.0%, 12/1/46 1,861,944
5,525,460 Federal Home Loan Mortgage Corp., 3.0%, 2/1/47 5,391,378
764,536 Federal Home Loan Mortgage Corp., 3.0%, 3/1/47 745,627
359,613 Federal Home Loan Mortgage Corp., 3.0%, 7/1/47 350,607
205,624 Federal Home Loan Mortgage Corp., 3.5%, 3/1/26 208,278
1,433,789 Federal Home Loan Mortgage Corp., 3.5%, 4/1/42 1,444,424
2,515,662 Federal Home Loan Mortgage Corp., 3.5%, 8/1/43 2,534,186
6,098,895 Federal Home Loan Mortgage Corp., 3.5%, 7/1/44 6,135,159
706,083 Federal Home Loan Mortgage Corp., 3.5%, 8/1/44 710,081
525,669 Federal Home Loan Mortgage Corp., 3.5%, 9/1/44 528,795
2,144,964 Federal Home Loan Mortgage Corp., 3.5%, 10/1/44 2,155,892
106,817 Federal Home Loan Mortgage Corp., 3.5%, 11/1/44 107,240
5,646,182 Federal Home Loan Mortgage Corp., 3.5%, 12/1/44 5,670,141
2,762,177 Federal Home Loan Mortgage Corp., 3.5%, 3/1/45 2,771,551
678,957 Federal Home Loan Mortgage Corp., 3.5%, 4/1/45 681,261
6,796,235 Federal Home Loan Mortgage Corp., 3.5%, 6/1/45 6,825,611
181,331 Federal Home Loan Mortgage Corp., 3.5%, 7/1/45 182,157
5,904,908 Federal Home Loan Mortgage Corp., 3.5%, 10/1/45 5,930,433
6,659,083 Federal Home Loan Mortgage Corp., 3.5%, 10/1/45 6,681,682
6,851,087 Federal Home Loan Mortgage Corp., 3.5%, 11/1/45 6,874,337
3,581,644 Federal Home Loan Mortgage Corp., 3.5%, 3/1/46 3,593,428
5,916,070 Federal Home Loan Mortgage Corp., 3.5%, 5/1/46 5,933,091
6,029,460 Federal Home Loan Mortgage Corp., 3.5%, 7/1/46 6,062,056
8,586,167 Federal Home Loan Mortgage Corp., 3.5%, 8/1/46 8,633,939
8,965,744 Federal Home Loan Mortgage Corp., 3.5%, 8/1/46 8,991,539
10,692,279 Federal Home Loan Mortgage Corp., 3.5%, 8/1/46 10,771,553
3,486,949 Federal Home Loan Mortgage Corp., 3.5%, 12/1/46 3,493,786
10,403,173 Federal Home Loan Mortgage Corp., 3.5%, 12/1/46 10,432,030
2,086,022 Federal Home Loan Mortgage Corp., 3.5%, 1/1/47 2,089,710
662,686 Federal Home Loan Mortgage Corp., 3.5%, 6/1/47 663,807
1,918,978 Federal Home Loan Mortgage Corp., 3.5%, 6/1/47 1,920,141
3,830,974 Federal Home Loan Mortgage Corp., 3.5%, 6/1/47 3,834,039
9,078,863 Federal Home Loan Mortgage Corp., 3.5%, 7/1/47 9,084,368
8,491,688 Federal Home Loan Mortgage Corp., 3.5%, 8/1/47 8,493,548
10,268,033 Federal Home Loan Mortgage Corp., 3.5%, 10/1/47 10,266,205
3,466,242 Federal Home Loan Mortgage Corp., 3.5%, 11/1/47 3,465,591
4,687,760 Federal Home Loan Mortgage Corp., 3.5%, 11/1/47 4,688,786
The accompanying notes are an integral part of these financial statements.
66 Pioneer Bond Fund | Semiannual Report | 12/31/18
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
3,271,656 Federal Home Loan Mortgage Corp., 3.5%, 1/1/48 $ 3,270,948
6,755,951 Federal Home Loan Mortgage Corp., 3.5%, 1/1/48 6,754,620
8,498,943 Federal Home Loan Mortgage Corp., 4.0%, 11/1/41 8,764,392
275,363 Federal Home Loan Mortgage Corp., 4.0%, 6/1/42 282,907
98,358 Federal Home Loan Mortgage Corp., 4.0%, 7/1/42 101,205
3,760,563 Federal Home Loan Mortgage Corp., 4.0%, 10/1/42 3,865,497
58,958 Federal Home Loan Mortgage Corp., 4.0%, 11/1/42 60,303
1,457,054 Federal Home Loan Mortgage Corp., 4.0%, 1/1/44 1,491,108
460,223 Federal Home Loan Mortgage Corp., 4.0%, 2/1/44 471,855
4,166,969 Federal Home Loan Mortgage Corp., 4.0%, 5/1/44 4,259,198
3,866,874 Federal Home Loan Mortgage Corp., 4.0%, 6/1/44 3,952,461
850,241 Federal Home Loan Mortgage Corp., 4.0%, 7/1/44 871,730
1,257,501 Federal Home Loan Mortgage Corp., 4.0%, 7/1/44 1,289,280
1,757,454 Federal Home Loan Mortgage Corp., 4.0%, 7/1/44 1,801,870
5,590,958 Federal Home Loan Mortgage Corp., 4.0%, 7/1/44 5,714,707
2,222,397 Federal Home Loan Mortgage Corp., 4.0%, 9/1/44 2,271,588
5,807,195 Federal Home Loan Mortgage Corp., 4.0%, 9/1/44 5,953,964
1,526,577 Federal Home Loan Mortgage Corp., 4.0%, 12/1/44 1,560,298
1,090,409 Federal Home Loan Mortgage Corp., 4.0%, 4/1/45 1,114,204
4,225,936 Federal Home Loan Mortgage Corp., 4.0%, 12/1/45 4,314,084
1,554,549 Federal Home Loan Mortgage Corp., 4.0%, 1/1/46 1,587,007
226,041 Federal Home Loan Mortgage Corp., 4.0%, 5/1/46 230,485
540,707 Federal Home Loan Mortgage Corp., 4.0%, 5/1/46 551,993
3,673,040 Federal Home Loan Mortgage Corp., 4.0%, 6/1/46 3,749,754
4,504,919 Federal Home Loan Mortgage Corp., 4.0%, 7/1/46 4,598,895
4,031,075 Federal Home Loan Mortgage Corp., 4.0%, 8/1/46 4,115,119
55,921 Federal Home Loan Mortgage Corp., 4.0%, 10/1/46 57,020
1,169,403 Federal Home Loan Mortgage Corp., 4.0%, 3/1/47 1,193,484
2,127,848 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 2,176,958
3,200,362 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 3,274,223
6,343,326 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 6,473,456
7,002,128 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 7,163,727
9,820,481 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 10,022,705
11,768,440 Federal Home Loan Mortgage Corp., 4.0%, 5/1/47 12,018,947
1,317,205 Federal Home Loan Mortgage Corp., 4.0%, 6/1/47 1,343,820
3,054,365 Federal Home Loan Mortgage Corp., 4.0%, 7/1/47 3,116,318
6,845,496 Federal Home Loan Mortgage Corp., 4.0%, 10/1/47 6,982,052
23,961 Federal Home Loan Mortgage Corp., 4.5%, 3/1/20 24,403
64,170 Federal Home Loan Mortgage Corp., 4.5%, 10/1/20 65,355
2,312,418 Federal Home Loan Mortgage Corp., 4.5%, 11/1/40 2,421,237
1,443,115 Federal Home Loan Mortgage Corp., 4.5%, 3/1/42 1,511,005
3,370,574 Federal Home Loan Mortgage Corp., 4.5%, 3/1/42 3,529,171
126,431 Federal Home Loan Mortgage Corp., 4.5%, 11/1/43 131,085
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 67
Schedule of Investments | 12/31/18 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
6,013,468 Federal Home Loan Mortgage Corp., 4.5%, 5/1/47 $ 6,230,211
130,320 Federal Home Loan Mortgage Corp., 5.0%, 10/1/20 130,956
6,159 Federal Home Loan Mortgage Corp., 5.0%, 12/1/21 6,213
8,909 Federal Home Loan Mortgage Corp., 5.0%, 11/1/34 9,461
83,359 Federal Home Loan Mortgage Corp., 5.0%, 6/1/35 87,284
247,431 Federal Home Loan Mortgage Corp., 5.0%, 9/1/38 261,926
237,514 Federal Home Loan Mortgage Corp., 5.0%, 10/1/38 251,398
153,276 Federal Home Loan Mortgage Corp., 5.5%, 9/1/33 165,242
8,623 Federal Home Loan Mortgage Corp., 5.5%, 1/1/34 9,294
9,450 Federal Home Loan Mortgage Corp., 5.5%, 11/1/34 9,979
77,530 Federal Home Loan Mortgage Corp., 5.5%, 11/1/34 83,657
89,483 Federal Home Loan Mortgage Corp., 5.5%, 8/1/35 96,173
18,416 Federal Home Loan Mortgage Corp., 5.5%, 11/1/35 19,854
828,491 Federal Home Loan Mortgage Corp., 5.5%, 6/1/41 893,786
43,124 Federal Home Loan Mortgage Corp., 6.0%, 1/1/33 46,396
75,419 Federal Home Loan Mortgage Corp., 6.0%, 1/1/33 81,738
3,391 Federal Home Loan Mortgage Corp., 6.0%, 2/1/33 3,693
35,137 Federal Home Loan Mortgage Corp., 6.0%, 2/1/33 38,372
22,805 Federal Home Loan Mortgage Corp., 6.0%, 3/1/33 24,535
110,073 Federal Home Loan Mortgage Corp., 6.0%, 3/1/33 120,146
76,751 Federal Home Loan Mortgage Corp., 6.0%, 9/1/33 83,812
12,013 Federal Home Loan Mortgage Corp., 6.0%, 11/1/33 13,118
30,155 Federal Home Loan Mortgage Corp., 6.0%, 11/1/33 32,581
8,413 Federal Home Loan Mortgage Corp., 6.0%, 12/1/33 9,051
113,021 Federal Home Loan Mortgage Corp., 6.0%, 12/1/33 121,595
21,699 Federal Home Loan Mortgage Corp., 6.0%, 1/1/34 23,690
33,632 Federal Home Loan Mortgage Corp., 6.0%, 1/1/34 36,184
123,186 Federal Home Loan Mortgage Corp., 6.0%, 5/1/34 132,532
330,642 Federal Home Loan Mortgage Corp., 6.0%, 5/1/34 361,167
60,774 Federal Home Loan Mortgage Corp., 6.0%, 8/1/34 65,384
14,970 Federal Home Loan Mortgage Corp., 6.0%, 4/1/35 16,106
45,060 Federal Home Loan Mortgage Corp., 6.0%, 6/1/35 48,479
49,529 Federal Home Loan Mortgage Corp., 6.0%, 4/1/36 53,287
7,873 Federal Home Loan Mortgage Corp., 6.0%, 7/1/36 8,595
32,092 Federal Home Loan Mortgage Corp., 6.0%, 7/1/36 34,526
27,632 Federal Home Loan Mortgage Corp., 6.0%, 12/1/36 30,154
48,943 Federal Home Loan Mortgage Corp., 6.0%, 1/1/38 53,389
54,382 Federal Home Loan Mortgage Corp., 6.0%, 7/1/38 58,754
297 Federal Home Loan Mortgage Corp., 6.5%, 11/1/30 322
145 Federal Home Loan Mortgage Corp., 6.5%, 1/1/31 158
325 Federal Home Loan Mortgage Corp., 6.5%, 3/1/31 352
1,191 Federal Home Loan Mortgage Corp., 6.5%, 3/1/31 1,292
4,809 Federal Home Loan Mortgage Corp., 6.5%, 5/1/31 5,220
The accompanying notes are an integral part of these financial statements.
68 Pioneer Bond Fund | Semiannual Report | 12/31/18
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
5,315 Federal Home Loan Mortgage Corp., 6.5%, 5/1/31 $ 5,860
500 Federal Home Loan Mortgage Corp., 6.5%, 8/1/31 551
3,692 Federal Home Loan Mortgage Corp., 6.5%, 8/1/31 4,007
132 Federal Home Loan Mortgage Corp., 6.5%, 6/1/32 144
8,337 Federal Home Loan Mortgage Corp., 6.5%, 7/1/32 9,364
109 Federal Home Loan Mortgage Corp., 6.5%, 1/1/33 119
27,109 Federal Home Loan Mortgage Corp., 6.5%, 10/1/33 30,706
8,424 Federal Home Loan Mortgage Corp., 7.0%, 8/1/22 8,429
47,407 Federal Home Loan Mortgage Corp., 7.0%, 9/1/22 48,761
2,108 Federal Home Loan Mortgage Corp., 7.0%, 11/1/30 2,374
1,752 Federal Home Loan Mortgage Corp., 7.0%, 6/1/31 1,753
73,049 Federal Home Loan Mortgage Corp., 7.0%, 10/1/46 74,946
7,257,741 Government National Mortgage Association I,
3.5%, 11/15/41 7,344,007
5,614,839 Government National Mortgage Association I,
3.5%, 7/15/42 5,701,073
1,305,751 Government National Mortgage Association I,
3.5%, 10/15/42 1,323,850
786,999 Government National Mortgage Association I,
3.5%, 1/15/44 793,431
8,887,954 Government National Mortgage Association I,
3.5%, 1/15/45 8,953,560
2,414,106 Government National Mortgage Association I,
3.5%, 8/15/46 2,431,925
7,434 Government National Mortgage Association I,
4.0%, 5/15/39 7,623
3,240 Government National Mortgage Association I,
4.0%, 6/15/39 3,322
5,140 Government National Mortgage Association I,
4.0%, 8/15/40 5,300
219,966 Government National Mortgage Association I,
4.0%, 8/15/40 225,533
5,504 Government National Mortgage Association I,
4.0%, 9/15/40 5,676
94,155 Government National Mortgage Association I,
4.0%, 9/15/40 96,538
5,373 Government National Mortgage Association I,
4.0%, 10/15/40 5,509
5,951 Government National Mortgage Association I,
4.0%, 11/15/40 6,102
33,826 Government National Mortgage Association I,
4.0%, 11/15/40 34,778
16,190 Government National Mortgage Association I,
4.0%, 1/15/41 16,639
53,957 Government National Mortgage Association I,
4.0%, 1/15/41 55,618
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 69
Schedule of Investments | 12/31/18 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
7,822 Government National Mortgage Association I,
4.0%, 2/15/41 $ 8,066
47,714 Government National Mortgage Association I,
4.0%, 6/15/41 49,177
118,646 Government National Mortgage Association I,
4.0%, 7/15/41 122,325
2,135 Government National Mortgage Association I,
4.0%, 9/15/41 2,189
328,273 Government National Mortgage Association I,
4.0%, 9/15/41 338,482
5,369 Government National Mortgage Association I,
4.0%, 10/15/41 5,505
6,196 Government National Mortgage Association I,
4.0%, 10/15/41 6,368
3,239 Government National Mortgage Association I,
4.0%, 11/15/41 3,321
3,328 Government National Mortgage Association I,
4.0%, 11/15/41 3,421
5,324 Government National Mortgage Association I,
4.0%, 12/15/41 5,489
18,268 Government National Mortgage Association I,
4.0%, 2/15/42 18,774
207,777 Government National Mortgage Association I,
4.0%, 2/15/42 213,036
997,826 Government National Mortgage Association I,
4.0%, 8/15/43 1,028,807
18,796 Government National Mortgage Association I,
4.0%, 11/15/43 19,313
9,943 Government National Mortgage Association I,
4.0%, 3/15/44 10,194
178,359 Government National Mortgage Association I,
4.0%, 3/15/44 182,873
618,088 Government National Mortgage Association I,
4.0%, 3/15/44 633,732
3,305,989 Government National Mortgage Association I,
4.0%, 3/15/44 3,389,667
3,335 Government National Mortgage Association I,
4.0%, 4/15/44 3,419
22,650 Government National Mortgage Association I,
4.0%, 4/15/44 23,228
2,411,266 Government National Mortgage Association I,
4.0%, 4/15/44 2,472,298
318,471 Government National Mortgage Association I,
4.0%, 8/15/44 326,531
56,723 Government National Mortgage Association I,
4.0%, 9/15/44 58,169
192,130 Government National Mortgage Association I,
4.0%, 9/15/44 196,993
The accompanying notes are an integral part of these financial statements.
70 Pioneer Bond Fund | Semiannual Report | 12/31/18
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
246,389 Government National Mortgage Association I,
4.0%, 9/15/44 $ 252,625
426,358 Government National Mortgage Association I,
4.0%, 9/15/44 438,250
2,103,452 Government National Mortgage Association I,
4.0%, 9/15/44 2,156,692
91,140 Government National Mortgage Association I,
4.0%, 10/15/44 93,635
411,356 Government National Mortgage Association I,
4.0%, 11/15/44 421,768
1,603,419 Government National Mortgage Association I,
4.0%, 12/15/44 1,644,003
400,370 Government National Mortgage Association I,
4.0%, 1/15/45 412,941
1,114,090 Government National Mortgage Association I,
4.0%, 1/15/45 1,142,415
1,136,631 Government National Mortgage Association I,
4.0%, 1/15/45 1,165,400
1,962,084 Government National Mortgage Association I,
4.0%, 1/15/45 2,011,747
777,733 Government National Mortgage Association I,
4.0%, 2/15/45 797,418
1,310,982 Government National Mortgage Association I,
4.0%, 2/15/45 1,344,164
129,009 Government National Mortgage Association I,
4.0%, 3/15/45 132,274
1,501,566 Government National Mortgage Association I,
4.0%, 3/15/45 1,539,572
2,950,949 Government National Mortgage Association I,
4.0%, 4/15/45 3,025,943
1,386,280 Government National Mortgage Association I,
4.0%, 5/15/45 1,421,369
4,306,853 Government National Mortgage Association I,
4.0%, 6/15/45 4,415,864
632,441 Government National Mortgage Association I,
4.0%, 7/15/45 648,449
548,656 Government National Mortgage Association I,
4.0%, 8/15/45 563,130
580 Government National Mortgage Association I,
4.5%, 6/15/19 591
696 Government National Mortgage Association I,
4.5%, 8/15/19 711
3,972 Government National Mortgage Association I,
4.5%, 12/15/19 4,080
3,532 Government National Mortgage Association I,
4.5%, 4/15/20 3,631
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 71
Schedule of Investments | 12/31/18 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
157,159 Government National Mortgage Association I,
4.5%, 6/15/25 $ 163,735
43,377 Government National Mortgage Association I,
4.5%, 7/15/33 45,177
142,485 Government National Mortgage Association I,
4.5%, 9/15/33 150,148
140,685 Government National Mortgage Association I,
4.5%, 10/15/33 145,677
156,741 Government National Mortgage Association I,
4.5%, 10/15/33 163,243
21,833 Government National Mortgage Association I,
4.5%, 2/15/34 22,624
15,193 Government National Mortgage Association I,
4.5%, 3/15/35 15,732
52,672 Government National Mortgage Association I,
4.5%, 3/15/35 54,542
19,718 Government National Mortgage Association I,
4.5%, 4/15/35 20,417
137,863 Government National Mortgage Association I,
4.5%, 4/15/35 143,403
9,591 Government National Mortgage Association I,
4.5%, 9/15/35 9,931
72,332 Government National Mortgage Association I,
4.5%, 10/15/35 75,340
46,642 Government National Mortgage Association I,
4.5%, 4/15/38 48,297
855,875 Government National Mortgage Association I,
4.5%, 12/15/39 893,796
312,619 Government National Mortgage Association I,
4.5%, 1/15/40 326,773
180,297 Government National Mortgage Association I,
4.5%, 9/15/40 188,346
744,620 Government National Mortgage Association I,
4.5%, 10/15/40 777,861
354,532 Government National Mortgage Association I,
4.5%, 4/15/41 369,918
775,681 Government National Mortgage Association I,
4.5%, 5/15/41 809,897
714,846 Government National Mortgage Association I,
4.5%, 6/15/41 746,224
257,707 Government National Mortgage Association I,
4.5%, 7/15/41 269,074
753,151 Government National Mortgage Association I,
4.5%, 8/15/41 786,350
396 Government National Mortgage Association I,
5.0%, 2/15/19 395
The accompanying notes are an integral part of these financial statements.
72 Pioneer Bond Fund | Semiannual Report | 12/31/18
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
123 Government National Mortgage Association I,
5.0%, 7/15/19 $ 127
4,774 Government National Mortgage Association I,
5.0%, 7/15/19 4,772
51,425 Government National Mortgage Association I,
5.0%, 7/15/33 54,418
58,655 Government National Mortgage Association I,
5.0%, 9/15/33 62,149
61,947 Government National Mortgage Association I,
5.0%, 4/15/34 65,631
349,311 Government National Mortgage Association I,
5.0%, 4/15/35 371,466
151,964 Government National Mortgage Association I,
5.0%, 7/15/40 159,031
79 Government National Mortgage Association I,
5.5%, 4/15/19 78
5,382 Government National Mortgage Association I,
5.5%, 8/15/19 5,385
6,048 Government National Mortgage Association I,
5.5%, 8/15/19 6,052
10,454 Government National Mortgage Association I,
5.5%, 9/15/19 10,460
4,943 Government National Mortgage Association I,
5.5%, 10/15/19 4,957
25,541 Government National Mortgage Association I,
5.5%, 11/15/19 25,594
45,014 Government National Mortgage Association I,
5.5%, 1/15/29 47,796
11,089 Government National Mortgage Association I,
5.5%, 6/15/33 11,965
50,887 Government National Mortgage Association I,
5.5%, 7/15/33 55,086
51,916 Government National Mortgage Association I,
5.5%, 7/15/33 55,993
14,802 Government National Mortgage Association I,
5.5%, 8/15/33 16,012
23,854 Government National Mortgage Association I,
5.5%, 8/15/33 25,806
118,543 Government National Mortgage Association I,
5.5%, 8/15/33 128,103
41,282 Government National Mortgage Association I,
5.5%, 9/15/33 43,834
47,609 Government National Mortgage Association I,
5.5%, 9/15/33 50,576
40,855 Government National Mortgage Association I,
5.5%, 10/15/33 43,516
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 73
Schedule of Investments | 12/31/18 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
46,331 Government National Mortgage Association I,
5.5%, 10/15/33 $ 50,112
249,220 Government National Mortgage Association I,
5.5%, 7/15/34 269,653
22,525 Government National Mortgage Association I,
5.5%, 10/15/34 24,108
293,873 Government National Mortgage Association I,
5.5%, 11/15/34 317,920
99,587 Government National Mortgage Association I,
5.5%, 1/15/35 107,685
18,668 Government National Mortgage Association I,
5.5%, 2/15/35 19,833
36,421 Government National Mortgage Association I,
5.5%, 2/15/35 38,671
29,517 Government National Mortgage Association I,
5.5%, 6/15/35 31,341
342,851 Government National Mortgage Association I,
5.5%, 7/15/35 379,564
40,486 Government National Mortgage Association I,
5.5%, 10/15/35 43,103
118,817 Government National Mortgage Association I,
5.5%, 10/15/35 128,601
28,885 Government National Mortgage Association I,
5.5%, 2/15/37 31,177
8,588 Government National Mortgage Association I,
5.72%, 4/15/29 9,141
6,838 Government National Mortgage Association I,
6.0%, 9/15/19 6,845
90,820 Government National Mortgage Association I,
6.0%, 12/15/23 95,803
8,009 Government National Mortgage Association I,
6.0%, 1/15/24 8,593
29,037 Government National Mortgage Association I,
6.0%, 4/15/28 31,606
117,664 Government National Mortgage Association I,
6.0%, 9/15/28 127,070
5,793 Government National Mortgage Association I,
6.0%, 10/15/28 6,215
49,910 Government National Mortgage Association I,
6.0%, 2/15/29 54,293
56,177 Government National Mortgage Association I,
6.0%, 2/15/29 60,460
51,820 Government National Mortgage Association I,
6.0%, 6/15/31 55,595
16,090 Government National Mortgage Association I,
6.0%, 11/15/31 17,486
1,001 Government National Mortgage Association I,
6.0%, 3/15/32 1,087
The accompanying notes are an integral part of these financial statements.
74 Pioneer Bond Fund | Semiannual Report | 12/31/18
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
4,865 Government National Mortgage Association I,
6.0%, 8/15/32 $ 5,290
53,076 Government National Mortgage Association I,
6.0%, 9/15/32 56,942
85,191 Government National Mortgage Association I,
6.0%, 9/15/32 91,397
121,816 Government National Mortgage Association I,
6.0%, 9/15/32 130,690
10,123 Government National Mortgage Association I,
6.0%, 10/15/32 10,860
28,055 Government National Mortgage Association I,
6.0%, 10/15/32 30,265
5,972 Government National Mortgage Association I,
6.0%, 11/15/32 6,406
6,430 Government National Mortgage Association I,
6.0%, 11/15/32 6,898
7,829 Government National Mortgage Association I,
6.0%, 12/15/32 8,399
8,355 Government National Mortgage Association I,
6.0%, 12/15/32 8,999
61,483 Government National Mortgage Association I,
6.0%, 12/15/32 65,961
112,418 Government National Mortgage Association I,
6.0%, 12/15/32 120,607
153,564 Government National Mortgage Association I,
6.0%, 12/15/32 164,750
183,270 Government National Mortgage Association I,
6.0%, 12/15/32 196,620
274,030 Government National Mortgage Association I,
6.0%, 12/15/32 294,505
18,620 Government National Mortgage Association I,
6.0%, 1/15/33 19,976
31,945 Government National Mortgage Association I,
6.0%, 1/15/33 34,624
114,932 Government National Mortgage Association I,
6.0%, 1/15/33 126,506
22,382 Government National Mortgage Association I,
6.0%, 2/15/33 24,357
65,002 Government National Mortgage Association I,
6.0%, 2/15/33 69,737
69,708 Government National Mortgage Association I,
6.0%, 2/15/33 76,155
98,219 Government National Mortgage Association I,
6.0%, 2/15/33 106,920
40,074 Government National Mortgage Association I,
6.0%, 3/15/33 43,526
47,817 Government National Mortgage Association I,
6.0%, 3/15/33 51,301
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 75
Schedule of Investments | 12/31/18 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
71,862 Government National Mortgage Association I,
6.0%, 3/15/33 $ 77,935
72,668 Government National Mortgage Association I,
6.0%, 3/15/33 77,962
82,186 Government National Mortgage Association I,
6.0%, 3/15/33 89,431
97,013 Government National Mortgage Association I,
6.0%, 3/15/33 105,712
173,660 Government National Mortgage Association I,
6.0%, 3/15/33 188,868
275,960 Government National Mortgage Association I,
6.0%, 3/15/33 303,282
14,325 Government National Mortgage Association I,
6.0%, 4/15/33 15,369
17,126 Government National Mortgage Association I,
6.0%, 4/15/33 18,373
33,814 Government National Mortgage Association I,
6.0%, 4/15/33 36,278
17,321 Government National Mortgage Association I,
6.0%, 5/15/33 18,583
103,829 Government National Mortgage Association I,
6.0%, 5/15/33 112,000
9,099 Government National Mortgage Association I,
6.0%, 6/15/33 9,900
12,583 Government National Mortgage Association I,
6.0%, 9/15/33 13,547
14,223 Government National Mortgage Association I,
6.0%, 9/15/33 15,259
42,632 Government National Mortgage Association I,
6.0%, 9/15/33 46,359
36,661 Government National Mortgage Association I,
6.0%, 10/15/33 39,800
91,481 Government National Mortgage Association I,
6.0%, 11/15/33 98,145
166,301 Government National Mortgage Association I,
6.0%, 3/15/34 184,270
38,235 Government National Mortgage Association I,
6.0%, 6/15/34 41,078
29,085 Government National Mortgage Association I,
6.0%, 8/15/34 31,656
43,204 Government National Mortgage Association I,
6.0%, 8/15/34 46,351
22,860 Government National Mortgage Association I,
6.0%, 9/15/34 24,864
36,129 Government National Mortgage Association I,
6.0%, 9/15/34 38,761
111,093 Government National Mortgage Association I,
6.0%, 9/15/34 120,887
The accompanying notes are an integral part of these financial statements.
76 Pioneer Bond Fund | Semiannual Report | 12/31/18
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
46,111 Government National Mortgage Association I,
6.0%, 10/15/34 $ 49,469
56,766 Government National Mortgage Association I,
6.0%, 10/15/34 60,901
96,687 Government National Mortgage Association I,
6.0%, 10/15/34 103,730
89,037 Government National Mortgage Association I,
6.0%, 11/15/34 96,149
621,857 Government National Mortgage Association I,
6.0%, 9/15/35 675,878
161,711 Government National Mortgage Association I,
6.0%, 8/15/36 175,834
109,829 Government National Mortgage Association I,
6.0%, 10/15/36 119,388
32,638 Government National Mortgage Association I,
6.0%, 11/15/37 35,016
31,247 Government National Mortgage Association I,
6.0%, 8/15/38 33,893
14,253 Government National Mortgage Association I,
6.5%, 10/15/24 15,258
4,729 Government National Mortgage Association I,
6.5%, 2/15/28 5,093
6,144 Government National Mortgage Association I,
6.5%, 4/15/28 6,617
32,633 Government National Mortgage Association I,
6.5%, 4/15/28 35,143
6,663 Government National Mortgage Association I,
6.5%, 6/15/28 7,411
5,507 Government National Mortgage Association I,
6.5%, 8/15/28 5,931
3,081 Government National Mortgage Association I,
6.5%, 10/15/28 3,318
13,353 Government National Mortgage Association I,
6.5%, 10/15/28 14,380
20,441 Government National Mortgage Association I,
6.5%, 1/15/29 22,013
918 Government National Mortgage Association I,
6.5%, 2/15/29 989
4,479 Government National Mortgage Association I,
6.5%, 2/15/29 4,824
11,297 Government National Mortgage Association I,
6.5%, 2/15/29 12,191
5,257 Government National Mortgage Association I,
6.5%, 3/15/29 5,661
6,244 Government National Mortgage Association I,
6.5%, 3/15/29 6,724
9,510 Government National Mortgage Association I,
6.5%, 3/15/29 10,242
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 77
Schedule of Investments | 12/31/18 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
16,456 Government National Mortgage Association I,
6.5%, 3/15/29 $ 17,722
69,820 Government National Mortgage Association I,
6.5%, 3/15/29 75,191
1,665 Government National Mortgage Association I,
6.5%, 5/15/29 1,794
3,234 Government National Mortgage Association I,
6.5%, 5/15/29 3,482
44,440 Government National Mortgage Association I,
6.5%, 5/15/29 49,601
22,625 Government National Mortgage Association I,
6.5%, 6/15/29 24,366
48,302 Government National Mortgage Association I,
6.5%, 4/15/31 54,322
11,605 Government National Mortgage Association I,
6.5%, 5/15/31 13,058
12,952 Government National Mortgage Association I,
6.5%, 5/15/31 14,729
35,713 Government National Mortgage Association I,
6.5%, 5/15/31 38,461
5,800 Government National Mortgage Association I,
6.5%, 6/15/31 6,259
12,101 Government National Mortgage Association I,
6.5%, 7/15/31 13,032
33,482 Government National Mortgage Association I,
6.5%, 8/15/31 36,057
16,683 Government National Mortgage Association I,
6.5%, 9/15/31 17,967
4,512 Government National Mortgage Association I,
6.5%, 10/15/31 4,859
12,565 Government National Mortgage Association I,
6.5%, 10/15/31 13,532
57,505 Government National Mortgage Association I,
6.5%, 10/15/31 61,929
2,738 Government National Mortgage Association I,
6.5%, 11/15/31 2,948
40,624 Government National Mortgage Association I,
6.5%, 11/15/31 43,749
17,073 Government National Mortgage Association I,
6.5%, 1/15/32 18,386
76,294 Government National Mortgage Association I,
6.5%, 1/15/32 85,057
7,714 Government National Mortgage Association I,
6.5%, 2/15/32 8,352
12,643 Government National Mortgage Association I,
6.5%, 2/15/32 14,026
15,092 Government National Mortgage Association I,
6.5%, 2/15/32 17,275
The accompanying notes are an integral part of these financial statements.
78 Pioneer Bond Fund | Semiannual Report | 12/31/18
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
18,958 Government National Mortgage Association I,
6.5%, 2/15/32 $ 20,417
27,511 Government National Mortgage Association I,
6.5%, 2/15/32 31,372
9,734 Government National Mortgage Association I,
6.5%, 3/15/32 10,483
73,613 Government National Mortgage Association I,
6.5%, 3/15/32 80,392
4,501 Government National Mortgage Association I,
6.5%, 4/15/32 4,847
8,385 Government National Mortgage Association I,
6.5%, 4/15/32 9,119
8,632 Government National Mortgage Association I,
6.5%, 4/15/32 9,296
52,489 Government National Mortgage Association I,
6.5%, 4/15/32 58,922
4,069 Government National Mortgage Association I,
6.5%, 5/15/32 4,394
5,110 Government National Mortgage Association I,
6.5%, 5/15/32 5,504
8,388 Government National Mortgage Association I,
6.5%, 5/15/32 9,408
8,844 Government National Mortgage Association I,
6.5%, 5/15/32 9,577
9,524 Government National Mortgage Association I,
6.5%, 6/15/32 10,257
9,529 Government National Mortgage Association I,
6.5%, 6/15/32 10,375
12,106 Government National Mortgage Association I,
6.5%, 6/15/32 13,037
8,237 Government National Mortgage Association I,
6.5%, 7/15/32 8,870
9,362 Government National Mortgage Association I,
6.5%, 7/15/32 10,082
99,902 Government National Mortgage Association I,
6.5%, 7/15/32 114,617
3,545 Government National Mortgage Association I,
6.5%, 8/15/32 3,820
28,398 Government National Mortgage Association I,
6.5%, 8/15/32 32,489
41,062 Government National Mortgage Association I,
6.5%, 8/15/32 44,699
14,708 Government National Mortgage Association I,
6.5%, 9/15/32 16,411
36,436 Government National Mortgage Association I,
6.5%, 9/15/32 39,736
38,809 Government National Mortgage Association I,
6.5%, 9/15/32 42,201
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 79
Schedule of Investments | 12/31/18 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
39,189 Government National Mortgage Association I,
6.5%, 10/15/32 $ 42,204
39,910 Government National Mortgage Association I,
6.5%, 11/15/32 45,471
243,438 Government National Mortgage Association I,
6.5%, 12/15/32 278,612
2,586 Government National Mortgage Association I,
6.5%, 1/15/33 2,904
262,191 Government National Mortgage Association I,
6.5%, 1/15/33 299,792
28,844 Government National Mortgage Association I,
6.5%, 5/15/33 31,063
1,527 Government National Mortgage Association I,
6.5%, 10/15/33 1,653
3,391 Government National Mortgage Association I,
6.5%, 2/15/34 3,652
104,695 Government National Mortgage Association I,
6.5%, 6/15/34 113,066
3,790 Government National Mortgage Association I,
6.5%, 9/15/34 4,081
38,000 Government National Mortgage Association I,
6.5%, 4/15/35 40,924
6,112 Government National Mortgage Association I,
6.5%, 6/15/35 6,582
17,173 Government National Mortgage Association I,
6.5%, 7/15/35 18,494
61,033 Government National Mortgage Association I,
6.5%, 7/15/35 65,728
1,906 Government National Mortgage Association I,
6.75%, 4/15/26 2,052
12,240 Government National Mortgage Association I,
7.0%, 8/15/23 12,702
39,931 Government National Mortgage Association I,
7.0%, 9/15/24 42,793
15,276 Government National Mortgage Association I,
7.0%, 7/15/25 16,244
5,808 Government National Mortgage Association I,
7.0%, 11/15/26 6,345
14,138 Government National Mortgage Association I,
7.0%, 6/15/27 15,594
15,702 Government National Mortgage Association I,
7.0%, 1/15/28 16,831
12,780 Government National Mortgage Association I,
7.0%, 2/15/28 13,569
11,502 Government National Mortgage Association I,
7.0%, 3/15/28 11,666
The accompanying notes are an integral part of these financial statements.
80 Pioneer Bond Fund | Semiannual Report | 12/31/18
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
4,803 Government National Mortgage Association I,
7.0%, 4/15/28 $ 4,834
11,552 Government National Mortgage Association I,
7.0%, 7/15/28 12,439
977 Government National Mortgage Association I,
7.0%, 8/15/28 1,066
11,883 Government National Mortgage Association I,
7.0%, 11/15/28 13,446
33,804 Government National Mortgage Association I,
7.0%, 11/15/28 37,916
20,483 Government National Mortgage Association I,
7.0%, 4/15/29 20,881
22,955 Government National Mortgage Association I,
7.0%, 4/15/29 24,318
21,036 Government National Mortgage Association I,
7.0%, 5/15/29 21,311
3,251 Government National Mortgage Association I,
7.0%, 6/15/29 3,254
8,016 Government National Mortgage Association I,
7.0%, 7/15/29 8,770
40,721 Government National Mortgage Association I,
7.0%, 11/15/29 43,916
1,839 Government National Mortgage Association I,
7.0%, 12/15/30 1,862
5,936 Government National Mortgage Association I,
7.0%, 12/15/30 6,118
27,024 Government National Mortgage Association I,
7.0%, 12/15/30 30,785
35,638 Government National Mortgage Association I,
7.0%, 12/15/30 35,987
39,890 Government National Mortgage Association I,
7.0%, 1/15/31 40,192
4,938 Government National Mortgage Association I,
7.0%, 3/15/31 5,001
20,464 Government National Mortgage Association I,
7.0%, 6/15/31 23,571
2,461 Government National Mortgage Association I,
7.0%, 7/15/31 2,842
111,362 Government National Mortgage Association I,
7.0%, 8/15/31 127,634
11,078 Government National Mortgage Association I,
7.0%, 9/15/31 11,446
28,156 Government National Mortgage Association I,
7.0%, 9/15/31 30,650
7,610 Government National Mortgage Association I,
7.0%, 11/15/31 7,853
47,150 Government National Mortgage Association I,
7.0%, 3/15/32 51,229
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 81
Schedule of Investments | 12/31/18 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
41,875 Government National Mortgage Association I,
7.0%, 4/15/32 $ 45,840
70,384 Government National Mortgage Association I,
7.0%, 5/15/32 81,599
5,408 Government National Mortgage Association I,
7.5%, 3/15/23 5,611
22,031 Government National Mortgage Association I,
7.5%, 10/15/23 23,164
1,196 Government National Mortgage Association I,
7.5%, 6/15/24 1,209
8,203 Government National Mortgage Association I,
7.5%, 8/15/25 8,274
3,602 Government National Mortgage Association I,
7.5%, 9/15/25 3,823
3,347 Government National Mortgage Association I,
7.5%, 12/15/25 3,399
554 Government National Mortgage Association I,
7.5%, 2/15/26 555
9,248 Government National Mortgage Association I,
7.5%, 2/15/27 9,890
25,033 Government National Mortgage Association I,
7.5%, 3/15/27 28,386
34,788 Government National Mortgage Association I,
7.5%, 10/15/27 37,847
14,173 Government National Mortgage Association I,
7.5%, 6/15/29 15,412
2,520 Government National Mortgage Association I,
7.5%, 8/15/29 2,546
7,576 Government National Mortgage Association I,
7.5%, 8/15/29 7,636
15,607 Government National Mortgage Association I,
7.5%, 9/15/29 15,627
5,395 Government National Mortgage Association I,
7.5%, 10/15/29 5,526
7,570 Government National Mortgage Association I,
7.5%, 10/15/29 8,242
13,366 Government National Mortgage Association I,
7.5%, 2/15/31 13,470
14,776 Government National Mortgage Association I,
7.5%, 2/15/31 15,092
6,688 Government National Mortgage Association I,
7.5%, 3/15/31 6,821
40,919 Government National Mortgage Association I,
7.5%, 12/15/31 42,204
2,048 Government National Mortgage Association I,
7.75%, 2/15/30 2,068
1,330 Government National Mortgage Association I,
8.25%, 5/15/20 1,331
The accompanying notes are an integral part of these financial statements.
82 Pioneer Bond Fund | Semiannual Report | 12/31/18
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
1,028 Government National Mortgage Association I,
8.5%, 8/15/21 $ 1,030
120 Government National Mortgage Association I,
9.0%, 12/15/19 120
54 Government National Mortgage Association I,
9.0%, 1/15/20 54
84 Government National Mortgage Association I,
9.0%, 9/15/21 85
1,320 Government National Mortgage Association I,
9.0%, 6/15/22 1,335
592,085 Government National Mortgage Association II,
3.5%, 3/20/45 596,149
499,654 Government National Mortgage Association II,
3.5%, 4/20/45 503,292
844,315 Government National Mortgage Association II,
3.5%, 4/20/45 850,529
1,119,917 Government National Mortgage Association II,
3.5%, 4/20/45 1,126,889
1,447,698 Government National Mortgage Association II,
3.5%, 3/20/46 1,461,003
6,453,006 Government National Mortgage Association II,
4.0%, 7/20/44 6,656,797
174,498 Government National Mortgage Association II,
4.0%, 9/20/44 180,008
1,506,423 Government National Mortgage Association II,
4.0%, 10/20/44 1,547,960
5,938,623 Government National Mortgage Association II,
4.0%, 10/20/46 6,104,067
2,040,684 Government National Mortgage Association II,
4.0%, 2/20/48 2,102,193
2,046,943 Government National Mortgage Association II,
4.0%, 4/20/48 2,108,645
11,385,000 Government National Mortgage Association II,
4.0%, 1/1/49 (TBA) 11,657,173
54,558 Government National Mortgage Association II,
4.5%, 12/20/34 56,833
209,032 Government National Mortgage Association II,
4.5%, 1/20/35 217,800
33,752 Government National Mortgage Association II,
4.5%, 3/20/35 35,217
1,009,169 Government National Mortgage Association II,
4.5%, 9/20/41 1,058,765
5,240,537 Government National Mortgage Association II,
4.5%, 9/20/44 5,405,924
1,482,450 Government National Mortgage Association II,
4.5%, 10/20/44 1,554,419
3,120,732 Government National Mortgage Association II,
4.5%, 11/20/44 3,272,458
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 83
Schedule of Investments | 12/31/18 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
8,143,455 Government National Mortgage Association II,
4.5%, 2/20/48 $ 8,450,536
341 Government National Mortgage Association II,
5.0%, 2/20/19 348
3,537 Government National Mortgage Association II,
5.0%, 1/20/20 3,652
14,651 Government National Mortgage Association II,
5.5%, 10/20/19 14,659
148,006 Government National Mortgage Association II,
5.5%, 3/20/34 158,108
127,560 Government National Mortgage Association II,
5.5%, 4/20/34 136,237
89,432 Government National Mortgage Association II,
5.5%, 10/20/37 94,484
137,292 Government National Mortgage Association II,
5.75%, 6/20/33 144,663
23,229 Government National Mortgage Association II,
5.9%, 1/20/28 24,559
58,653 Government National Mortgage Association II,
5.9%, 7/20/28 61,562
2,074 Government National Mortgage Association II,
6.0%, 7/20/19 2,074
14,073 Government National Mortgage Association II,
6.0%, 10/20/31 15,235
68,070 Government National Mortgage Association II,
6.0%, 1/20/33 75,452
74,753 Government National Mortgage Association II,
6.0%, 10/20/33 81,039
42,677 Government National Mortgage Association II,
6.0%, 6/20/34 46,280
45,048 Government National Mortgage Association II,
6.45%, 7/20/32 47,719
78,877 Government National Mortgage Association II,
6.45%, 1/20/33 83,552
15,290 Government National Mortgage Association II,
6.5%, 1/20/24 15,878
31,004 Government National Mortgage Association II,
6.5%, 8/20/28 34,592
1,482 Government National Mortgage Association II,
6.5%, 2/20/29 1,671
592 Government National Mortgage Association II,
6.5%, 3/20/29 664
18,060 Government National Mortgage Association II,
6.5%, 4/20/29 20,236
9,799 Government National Mortgage Association II,
6.5%, 4/20/31 11,161
6,948 Government National Mortgage Association II,
6.5%, 6/20/31 7,924
The accompanying notes are an integral part of these financial statements.
84 Pioneer Bond Fund | Semiannual Report | 12/31/18
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
33,748 Government National Mortgage Association II,
6.5%, 10/20/32 $ 38,494
43,523 Government National Mortgage Association II,
6.5%, 3/20/34 49,984
5,170 Government National Mortgage Association II,
7.0%, 5/20/26 5,734
13,634 Government National Mortgage Association II,
7.0%, 8/20/27 15,278
15,134 Government National Mortgage Association II,
7.0%, 6/20/28 17,118
49,880 Government National Mortgage Association II,
7.0%, 11/20/28 56,455
52,050 Government National Mortgage Association II,
7.0%, 1/20/29 59,029
5,040 Government National Mortgage Association II,
7.0%, 2/20/29 5,715
1,482 Government National Mortgage Association II,
7.0%, 12/20/30 1,690
7,836 Government National Mortgage Association II,
7.0%, 1/20/31 9,072
3,821 Government National Mortgage Association II,
7.0%, 3/20/31 4,406
20,900 Government National Mortgage Association II,
7.0%, 7/20/31 24,281
8,333 Government National Mortgage Association II,
7.0%, 11/20/31 9,675
8,701 Government National Mortgage Association II,
7.5%, 5/20/30 10,230
2,601 Government National Mortgage Association II,
7.5%, 6/20/30 3,000
6,413 Government National Mortgage Association II,
7.5%, 7/20/30 7,169
9,362 Government National Mortgage Association II,
7.5%, 8/20/30 11,083
4,605 Government National Mortgage Association II,
7.5%, 12/20/30 5,410
15 Government National Mortgage Association II,
8.0%, 5/20/25 16
271 Government National Mortgage Association II,
9.0%, 9/20/21 271
1,597 Government National Mortgage Association II,
9.0%, 3/20/22 1,600
219 Government National Mortgage Association II,
9.0%, 4/20/22 219
1,955 Government National Mortgage Association II,
9.0%, 11/20/24 1,959
648,043 Tennessee Valley Authority, 4.929%, 1/15/21 663,785
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 85
Schedule of Investments | 12/31/18 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
14,000,000 U.S. Treasury Bonds, 3.125%, 5/15/48 $ 14,265,781
65,658,857 U.S. Treasury Inflation Indexed Bonds, 0.75%, 2/15/45 58,699,703
63,238,978 U.S. Treasury Inflation Indexed Bonds,
0.875%, 2/15/47 58,047,288
74,949,738 U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/46 71,050,010
63,452,813 U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/48 60,130,628
45,000,000 U.S. Treasury Notes, 2.5%, 6/30/20 44,964,844
12,430,000 U.S. Treasury Notes, 2.875%, 5/15/28 12,620,819
---------------------------------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $1,513,038,980) $1,467,134,872
---------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED
ISSUERS -- 99.7%
(Cost $5,023,113,368) $4,903,586,259
---------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 0.3% $ 14,382,282
---------------------------------------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $4,917,968,541
=================================================================================================================================
bps Basis Points.
FREMF Freddie Mac Multifamily Fixed-Rate Mortgage Loans.
FRESB Freddie Mac Multifamily Small Balance Certificates.
ICE Intercontinental Exchange.
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, 2018, the value of these securities
amounted to $1,687,177,161, or 34.3% of net assets.
+ 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, 2018.
+ 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, 2018.
The accompanying notes are an integral part of these financial statements.
86 Pioneer Bond Fund | Semiannual Report | 12/31/18
(c) The interest rate is subject to change periodically. The interest
rate and/or reference index and spread shown at December 31, 2018.
(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, 2018.
(e) Security represents the interest-only portion payments on a pool of
underlying mortgages or mortgage-backed securities.
(f) Security issued with a zero coupon. Income is recognized through
accretion of discount.
(g) Rate to be determined.
(h) Consists of Revenue Bonds unless otherwise indicated.
(i) Represents a General Obligation Bond.
(j) This term loan will settle after December 31, 2018, at which time
the interest rate will be determined.
(k) Securities are restricted as to resale.
FUTURES CONTRACTS
FIXED INCOME INDEX FUTURES CONTRACTS
-----------------------------------------------------------------------------------------------
Number of
Contracts Expiration Notional Unrealized
Long Description Date Amount Market Value Appreciation
-----------------------------------------------------------------------------------------------
1,062 U.S. 2 Year 3/29/19 $223,948,861 $225,475,875 $ 1,527,014
Note (CBT)
4,484 U.S. 5 Year 3/29/19 505,569,844 514,258,750 8,688,906
Note (CBT)
-----------------------------------------------------------------------------------------------
$729,518,705 $739,734,625 $10,215,920
===============================================================================================
-----------------------------------------------------------------------------------------------
Number of
Contracts Expiration Notional Unrealized
Short Description Date Amount Market Value Depreciation
-----------------------------------------------------------------------------------------------
1,548 U.S. 10 Year 3/20/19 $184,241,543 $188,880,187 $ (4,638,644)
Note (CBT)
2,381 U.S. 10 Year 3/20/19 302,066,552 309,716,016 (7,649,464)
Ultra
442 U.S. Long 3/20/19 61,531,909 64,532,000 (3,000,091)
Bond (CBT)
129 U.S. Ultra 3/20/19 19,637,617 20,724,656 (1,087,039)
Bond (CBT)
-----------------------------------------------------------------------------------------------
$567,477,621 $583,852,859 $(16,375,238)
-----------------------------------------------------------------------------------------------
TOTAL FUTURES CONTRACTS $162,041,084 $155,881,766 $ (6,159,318)
===============================================================================================
SWAP CONTRACTS
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT -- SELL PROTECTION
--------------------------------------------------------------------------------------------------------------------------
Obligation Annual
Notional Reference/ Pay/ Fixed Expiration Premiums Unrealized Market
Amount ($)(1) Index Receive(2) Rate Date Paid Appreciation Value
--------------------------------------------------------------------------------------------------------------------------
24,481,245 Markit CDX North
America High Yield
Index Series 31 Receive 5.00% 12/20/23 $378,970 $151,665 $530,635
--------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 87
Schedule of Investments | 12/31/18 (unaudited)(continued)
OVER THE COUNTER (OTC) CREDIT DEFAULT SWAP CONTRACTS -- SELL PROTECTION
------------------------------------------------------------------------------------------------------------------------------------
Obligation Annual
Notional Reference/ Pay/ Fixed Expiration Premiums Unrealized Market
Amount ($)(1) Counterparty Index Receive(2) Rate Date (Received) Appreciation Value
------------------------------------------------------------------------------------------------------------------------------------
3,979,000 JPMorgan Chase Simon Receive 1.00% 6/20/22 $ (13,137) $ 81,964 $ 68,827
Bank NA Property
Group LP
2,851,000 JPMorgan Chase Simon Receive 1.00% 6/20/22 (8,072) 57,386 49,314
Bank NA Property
Group LP
------------------------------------------------------------------------------------------------------------------------------------
TOTAL OVER THE COUNTER (OTC) CREDIT DEFAULT SWAP CONTRACTS --
SELL PROTECTION $(21,209) $139,350 $118,141
------------------------------------------------------------------------------------------------------------------------------------
TOTAL SWAP CONTRACTS $357,761 $291,015 $648,776
====================================================================================================================================
(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.
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended December 31, 2018, were as follows:
-----------------------------------------------------------------------------------------------------
Purchases Sales
-----------------------------------------------------------------------------------------------------
Long-Term U.S. Government Securities $355,878,243 $296,559,938
Other Long-Term Securities $841,595,856 $818,166,589
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., (the "Adviser"), serves as the 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 effected at current market prices. During the six months ended
December 31, 2018, the Fund did not engaged in any cross trade activity.
At December 31, 2018, the net unrealized depreciation on investments based on
cost for federal tax purposes of $5,026,181,878 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 33,770,978
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (161,877,139)
-------------
Net unrealized depreciation $(128,106,161)
=============
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 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments). See Notes to
Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
88 Pioneer Bond Fund | Semiannual Report | 12/31/18
The following is a summary of the inputs used as of December 31, 2018, in
valuing the Fund's investments.
-------------------------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------------------------------------------------
Convertible Preferred Stocks $26,615,862 $ -- $ -- $ 26,615,862
Asset Backed Securities -- 357,626,512 -- 357,626,512
Collateralized Mortgage
Obligations -- 1,186,634,745 -- 1,186,634,745
Corporate Bonds -- 1,422,020,927 -- 1,422,020,927
Foreign Government Bonds -- 16,414,264 -- 16,414,264
Insurance-Linked Securities
Catastrophe Linked Bonds
Multiperil - U.S. -- 21,592,455 1,267,750 22,860,205
Multiperil - Worldwide -- 8,083,880 2,515,616 10,599,496
Collateralized Reinsurance
Earthquakes - California -- -- 7,499,360 7,499,360
Hurricane - U.S. -- -- 27,120 27,120
Multiperil - Massachusetts -- -- 4,970,892 4,970,892
Multiperil - U.S. -- -- 428,960 428,960
Multiperil - U.S. Regional -- -- 976,000 976,000
Multiperil - Worldwide -- -- 11,486,400 11,486,400
Windstorm - Florida -- -- 2,029,262 2,029,262
Windstorm - U.S. Regional -- -- 3,666,659 3,666,659
Industry Loss Warranties
Multiperil - U.S. -- -- 10,222,572 10,222,572
Reinsurance Sidecars
Multiperil - U.S. -- -- 11,719,782 11,719,782
Multiperil - Worldwide -- -- 75,737,701 75,737,701
All Other Insurance-Linked
Securities -- 35,826,720 -- 35,826,720
Municipal Bonds -- 117,381,417 -- 117,381,417
Senior Secured Floating Rate
Loan Interests -- 111,706,531 -- 111,706,531
U.S. Government and Agency
Obligations -- 1,467,134,872 -- 1,467,134,872
-------------------------------------------------------------------------------------------------------------------------
Total Investments in Securities $26,615,862 $4,744,422,323 $132,548,074 $ 4,903,586,259
-------------------------------------------------------------------------------------------------------------------------
Other Financial Instruments
Net unrealized depreciation
on futures contracts $(6,159,318) $ -- $ -- $ (6,159,318)
Swap contracts, at value -- 648,776 -- 648,776
-------------------------------------------------------------------------------------------------------------------------
Total Other
Financial Instruments $(6,159,318) $ 648,776 $ -- $ (5,510,542)
=========================================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 89
Schedule of Investments | 12/31/18 (unaudited)(continued)
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
------------------------------------------------------------------------------
Insurance-
Linked
Securities
------------------------------------------------------------------------------
Balance as of 6/30/18(a) $107,644,478
Realized gain (loss)(1) (16,150)
Change in unrealized appreciation (depreciation)(2) (3,201,812)
Accrued discounts/premiums (57,161)
Purchases 45,830,328
Sales (17,651,609)
Transfers in to Level 3* --
Transfers out of Level 3* --
------------------------------------------------------------------------------
Balance as of 12/31/18 $132,548,074
==============================================================================
(a) Securities were classified as Corporate Bonds on the June 30, 2018
financial statements.
(1) Realized gain (loss) on these securities is included in the realized gain
(loss) from investments on the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) from investments on
the Statement of Operations.
* Transfers are calculated on the beginning of period value. For the six
months ended December 31, 2018, there were no transfers between Levels 1,
2 and 3.
Net change in unrealized appreciation (depreciation) of Level 3 investments still held and considered
Level 3 at December 31, 2018: $(3,285,291)
-----------
The accompanying notes are an integral part of these financial statements.
90 Pioneer Bond Fund | Semiannual Report | 12/31/18
Statement of Assets and Liabilities | 12/31/18 (unaudited)
ASSETS:
Investments in unaffiliated issuers, at value (cost $5,023,113,368) $4,903,586,259
Futures collateral 4,670,150
Swaps collateral 1,448,074
To be announced securities collateral 565,000
Due from broker for futures 6,159,316
Variation margin for swap contracts 47,491
Swap contracts, at value (net premiums paid $357,761) 648,776
Receivables --
Investment securities sold 78,548,070
Fund shares sold 46,684,989
Dividends 202,583
Interest 26,089,329
Other assets 150,163
-----------------------------------------------------------------------------------------------------------
Total assets $5,068,800,200
===========================================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 80,876,225
Fund shares repurchased 38,744,886
Distributions 1,861,608
Trustees' fees 1,944
Due to Custodian 19,483,266
Due to broker for swaps 528,787
Variation margin for futures contracts 734,220
Net unrealized depreciation on futures contracts 6,159,318
Due to affiliates 329,651
Accrued expenses 2,111,754
-----------------------------------------------------------------------------------------------------------
Total liabilities $ 150,831,659
===========================================================================================================
NET ASSETS:
Paid-in capital $5,080,818,147
Distributable earnings (loss) (162,849,606)
-----------------------------------------------------------------------------------------------------------
Net assets $4,917,968,541
===========================================================================================================
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $968,540,476/103,540,505 shares) $ 9.35
Class C (based on $64,826,698/7,006,410 shares) $ 9.25
Class K (based on $1,029,581,481/110,125,572 shares) $ 9.35
Class R (based on $183,360,078/19,423,959 shares) $ 9.44
Class Y (based on $2,671,659,808/288,285,721 shares) $ 9.27
MAXIMUM OFFERING PRICE PER SHARE:
Class A (based on $9.35 net asset value per share/100%-4.50%
maximum sales charge) $ 9.79
===========================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 91
Statement of Operations (unaudited)
FOR THE SIX MONTHS ENDED 12/31/18
INVESTMENT INCOME:
Interest from unaffiliated issuers $ 92,441,079
Dividends from unaffiliated issuers 1,173,468
-----------------------------------------------------------------------------------------------------------------
Total investment income $ 93,614,547
=================================================================================================================
EXPENSES:
Management fees $ 8,635,377
Administrative expense 655,148
Transfer agent fees
Class A 1,277,542
Class C 45,144
Class K 2,597
Class R 233,203
Class Y 1,610,498
Distribution fees
Class A 1,311,273
Class C 349,241
Class R 460,664
Shareowner communications expense 80,005
Custodian fees 122,069
Registration fees 97,996
Professional fees 155,951
Printing expense 22,830
Pricing expense 133,829
Trustees' fees 111,587
Insurance expense 31,647
Miscellaneous 32,113
-----------------------------------------------------------------------------------------------------------------
Total expenses $ 15,368,714
Less fees waived and expenses reimbursed
by the Adviser (290,627)
-----------------------------------------------------------------------------------------------------------------
Net expenses $ 15,078,087
-----------------------------------------------------------------------------------------------------------------
Net investment income $ 78,536,460
-----------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers $(14,722,322)
Futures contracts 646,820
Swap contracts 750,239 $(13,325,263)
-----------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers $(23,801,892)
Futures contracts (3,837,636)
Swap contracts 75,676
Unfunded loan commitments (1,444) $(27,565,296)
-----------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $(40,890,559)
-----------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 37,645,901
=================================================================================================================
The accompanying notes are an integral part of these financial statements.
92 Pioneer Bond Fund | Semiannual Report | 12/31/18
Statements of Changes in Net Assets
-----------------------------------------------------------------------------------------------------------------
Six Months
Ended
12/31/18 Year Ended
(unaudited) 6/30/18
-----------------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 78,536,460 $ 143,173,744
Net realized gain (loss) on investments (13,325,263) 10,923,996
Change in net unrealized appreciation (depreciation)
on investments (27,565,296) (140,359,697)
-----------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 37,645,901 $ 13,738,043
-----------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Class A ($0.16 and $0.28 per share, respectively) $ (17,672,235) $ (32,824,981)*
Class C ($0.13 and $0.20 per share, respectively) (919,554) (1,902,820)*
Class K ($0.18 and $0.31 per share, respectively) (19,553,604) (27,240,137)*
Class R ($0.15 and $0.25 per share, respectively) (2,910,046) (4,692,437)*
Class Y ($0.17 and $0.30 per share, respectively) (49,870,260) (84,440,366)*
-----------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (90,925,699) $ (151,100,741)
-----------------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales of shares $ 1,066,649,605 $ 1,964,162,519
Reinvestment of distributions 73,182,017 119,480,660
Cost of shares repurchased (1,156,778,865) (1,674,666,408)
-----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
Fund share transactions $ (16,947,243) $ 408,976,771
-----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ (70,227,041) $ 271,614,073
NET ASSETS:**
Beginning of period $ 4,988,195,582 $ 4,716,581,509
-----------------------------------------------------------------------------------------------------------------
End of period $ 4,917,968,541 $ 4,988,195,582
=================================================================================================================
* For the year ended June 30, 2018, distributions to shareowners were
presented as net investment income.
** For the year ended June 30, 2018, undistributed net investment income was
presented as follows: $6,240,063.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 93
Statements of Changes in Net Assets (continued)
------------------------------------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
12/31/18 12/31/18 Year Ended Year Ended
Shares Amount 6/30/18 6/30/18
(unaudited) (unaudited) Shares Amount
------------------------------------------------------------------------------------------------------------------
Class A
Shares sold 13,511,206 $ 127,062,964 32,509,729 $ 313,658,795
Reinvestment of distributions 1,355,081 12,706,075 2,370,359 22,839,925
Less shares repurchased (25,679,887) (240,932,617) (39,650,187) (381,172,700)
------------------------------------------------------------------------------------------------------------------
Net decrease (10,813,600) $(101,163,578) (4,770,099) $ (44,673,980)
==================================================================================================================
Class C
Shares sold 910,247 $ 8,446,638 1,175,621 $ 11,253,310
Reinvestment of distributions 74,816 694,029 152,545 1,453,906
Less shares repurchased (2,462,080) (22,901,406) (2,897,968) (27,587,924)
------------------------------------------------------------------------------------------------------------------
Net decrease (1,477,017) $ (13,760,739) (1,569,802) $ (14,880,708)
==================================================================================================================
Class K
Shares sold 45,291,489 $ 425,982,589 45,145,368 $ 434,364,284
Reinvestment of distributions 1,645,457 15,419,665 2,183,632 20,998,540
Less shares repurchased (36,230,111) (340,166,485) (22,716,260) (217,864,913)
------------------------------------------------------------------------------------------------------------------
Net increase 10,706,835 $ 101,235,769 24,612,740 $ 237,497,911
==================================================================================================================
Class R
Shares sold 2,434,501 $ 23,143,935 6,423,616 $ 62,506,249
Reinvestment of distributions 282,331 2,671,266 411,975 4,003,314
Less shares repurchased (2,131,268) (20,189,637) (6,238,265) (60,823,043)
------------------------------------------------------------------------------------------------------------------
Net increase 585,564 $ 5,625,564 597,326 $ 5,686,520
==================================================================================================================
Class Y
Shares sold 51,812,162 $ 482,013,479 119,625,124 $1,142,379,881
Reinvestment of distributions 4,488,201 41,690,982 7,353,829 70,184,975
Less shares repurchased (57,265,923) (532,588,720) (103,621,965) (987,217,828)
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) (965,560) $ (8,884,259) 23,356,988 $ 225,347,028
==================================================================================================================
The accompanying notes are an integral part of these financial statements.
94 Pioneer Bond Fund | Semiannual Report | 12/31/18
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/18 Ended Ended Ended Ended Ended
(unaudited) 6/30/18 6/30/17 6/30/16* 6/30/15* 6/30/14*
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.45 $ 9.71 $ 9.76 $ 9.68 $ 9.88 $ 9.67
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.14(a) $ 0.26(a) $ 0.25(a) $ 0.25(a) $ 0.27 $ 0.35
Net realized and unrealized gain (loss) on
investments (0.08) (0.24) (0.01) 0.12 (0.14) 0.24
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.06 $ 0.02 $ 0.24 $ 0.37 $ 0.13 $ 0.59
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.16) $ (0.28) $ (0.29) $ (0.27) $ (0.29) $ (0.38)
Net realized gain -- -- -- (0.02) (0.04) --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.16) $ (0.28) $ (0.29) $ (0.29) $ (0.33) $ (0.38)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.10) $ (0.26) $ (0.05) $ 0.08 $ (0.20) $ 0.21
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.35 $ 9.45 $ 9.71 $ 9.76 $ 9.68 $ 9.88
====================================================================================================================================
Total return (b) 0.66%(c) 0.14% 2.48% 3.93% 1.32% 6.19%
Ratio 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 2.87%(d) 2.71% 2.60% 2.58% 2.68% 3.52%
Portfolio turnover rate 23%(c) 45% 44% 43% 81% 41%
Net assets, end of period (in thousands) $968,540 $1,081,121 $1,156,940 $1,177,941 $1,044,659 $706,962
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 0.90%(d) 0.96% 0.99% 0.98% 0.93% 1.00%
Net investment income (loss) to average net assets 2.82%(d) 2.60% 2.46% 2.45% 2.60% 3.37%
====================================================================================================================================
* 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 period 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 | 12/31/18 95
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/18 Ended Ended Ended Ended Ended
(unaudited) 6/30/18 6/30/17 6/30/16* 6/30/15* 6/30/14*
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.35 $ 9.60 $ 9.66 $ 9.57 $ 9.77 $ 9.57
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.10(a) $ 0.19(a) $ 0.18(a) $ 0.17(a) $ 0.19 $ 0.26
Net realized and unrealized gain (loss) on investments (0.07) (0.24) (0.03) 0.14 (0.14) 0.23
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.03 $ (0.05) $ 0.15 $ 0.31 $ 0.05 $ 0.49
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.13) $ (0.20) $ (0.21) $ (0.20) $ (0.21) $ (0.29)
Net realized gain -- -- -- (0.02) (0.04) --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.13) $ (0.20) $ (0.21) $ (0.22) $ (0.25) $ (0.29)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.10) $ (0.25) $ (0.06) $ 0.09 $ (0.20) $ 0.20
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.25 $ 9.35 $ 9.60 $ 9.66 $ 9.57 $ 9.77
====================================================================================================================================
Total return (b) 0.27%(c) (0.52)% 1.62% 3.28% 0.49% 5.20%
Ratio of net expenses to average net assets 1.54%(d) 1.60% 1.59% 1.60% 1.63% 1.73%
Ratio of net investment income (loss) to average net assets 2.18%(d) 1.96% 1.84% 1.84% 1.89% 2.69%
Portfolio turnover rate 23%(c) 45% 44% 43% 81% 41%
Net assets, end of period (in thousands) $64,827 $79,308 $96,547 $134,299 $114,222 $73,224
====================================================================================================================================
* 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 period 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.
96 Pioneer Bond Fund | Semiannual Report | 12/31/18
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/18 Ended Ended Ended Ended Ended
(unaudited) 6/30/18 6/30/17 6/30/16* 6/30/15* 6/30/14*
------------------------------------------------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 9.45 $ 9.71 $ 9.76 $ 9.68 $ 9.87 $ 9.67
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.16(a) $ 0.30(a) $ 0.29(a) $ 0.29(a) $ 0.30 $ 0.40
Net realized and unrealized gain (loss) on investments (0.08) (0.25) (0.01) 0.12 (0.13) 0.20
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.08 $ 0.05 $ 0.28 $ 0.41 $ 0.17 $ 0.60
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.18) $ (0.31) $ (0.33) $ (0.31) $ (0.32) $(0.40)
Net realized gain -- -- -- (0.02) (0.04) --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.18) $ (0.31) $ (0.33) $ (0.33) $ (0.36) $(0.40)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.10) $ (0.26) $ (0.05) $ 0.08 $ (0.19) $ 0.20
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.35 $ 9.45 $ 9.71 $ 9.76 $ 9.68 $ 9.87
====================================================================================================================================
Total return (b) 0.87%(c) 0.54% 2.87% 4.32% 1.80% 6.37%
Ratio of net expenses to average net assets 0.40%(d) 0.46% 0.47% 0.47% 0.47% 0.56%
Ratio of net investment income (loss) to average net assets 3.32%(d) 3.11% 3.01% 2.98% 3.03% 3.59%
Portfolio turnover rate 23%(c) 45% 44% 43% 81% 41%
Net assets, end of period (in thousands) $1,029,581 $939,272 $726,063 $340,096 $179,135 $4,398
====================================================================================================================================
* 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 period presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
(c) Not annualized.
(d) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 97
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/18 Ended Ended Ended Ended Ended
(unaudited) 6/30/18 6/30/17 6/30/16* 6/30/15* 6/30/14*
------------------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 9.54 $ 9.80 $ 9.85 $ 9.77 $ 9.97 $ 9.76
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.13(a) $ 0.24(a) $ 0.23(a) $ 0.23(a) $ 0.25 $ 0.32
Net realized and unrealized gain (loss) on investments (0.08) (0.25) (0.01) 0.12 (0.15) 0.23
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.05 $ (0.01) $ 0.22 $ 0.35 $ 0.10 $ 0.55
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.15) $ (0.25) $ (0.27) $ (0.25) $ (0.26) $ (0.34)
Net realized gain -- -- -- (0.02) (0.04) --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.15) $ (0.25) $ (0.27) $ (0.27) $ (0.30) $ (0.34)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.10) $ (0.26) $ (0.05) $ 0.08 $ (0.20) $ 0.21
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.44 $ 9.54 $ 9.80 $ 9.85 $ 9.77 $ 9.97
====================================================================================================================================
Total return (b) 0.55%(c) (0.08)% 2.23% 3.66% 1.06% 5.75%
Ratio of net expenses to average net assets 1.10%(d) 1.10% 1.10% 1.10% 1.10% 1.25%
Ratio of net investment income (loss) to average net assets 2.63%(d) 2.46% 2.35% 2.33% 2.43% 3.12%
Portfolio turnover rate 23%(c) 45% 44% 43% 81% 41%
Net assets, end of period (in thousands) $183,360 $179,729 $178,770 $156,110 $116,815 $48,264
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 1.15%(d) 1.21% 1.24% 1.21% 1.21% 1.32%
Net investment income (loss) to average net assets 2.58%(d) 2.35% 2.21% 2.22% 2.32% 3.05%
====================================================================================================================================
* 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 period presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
(c) Not annualized.
(d) Annualized.
The accompanying notes are an integral part of these financial statements.
98 Pioneer Bond Fund | Semiannual Report | 12/31/18
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/18 Ended Ended Ended Ended Ended
(unaudited) 6/30/18 6/30/17 6/30/16* 6/30/15* 6/30/14*
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.36 $ 9.62 $ 9.67 $ 9.59 $ 9.79 $ 9.58
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.15(a) $ 0.28(a) $ 0.28(a) $ 0.27(a) $ 0.30 $ 0.36
Net realized and unrealized gain (loss)
on investments (0.07) (0.24) (0.02) 0.12 (0.15) 0.24
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.08 $ 0.04 $ 0.26 $ 0.39 $ 0.15 $ 0.60
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.17) $ (0.30) $ (0.31) $ (0.29) $ (0.31) $ (0.39)
Net realized gain -- -- -- (0.02) (0.04) --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.17) $ (0.30) $ (0.31) $ (0.31) $ (0.35) $ (0.39)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.09) $ (0.26) $ (0.05) $ 0.08 $ (0.20) $ 0.21
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.27 $ 9.36 $ 9.62 $ 9.67 $ 9.59 $ 9.79
====================================================================================================================================
Total return (b) 0.91%(c) 0.40% 2.76% 4.22% 1.59% 6.41%
Ratio of net expenses to average net assets 0.52%(d) 0.58% 0.58% 0.58% 0.58% 0.66%
Ratio of net investment income (loss) to average
net assets 3.20%(d) 2.98% 2.87% 2.85% 2.95% 3.72%
Portfolio turnover rate 23%(c) 45% 44% 43% 81% 41%
Net assets, end of period (in thousands) $2,671,660 $2,708,766 $2,558,262 $2,136,681 $1,644,161 $871,801
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 0.52%(d) 0.58% 0.59% 0.59% 0.58% 0.66%
Net investment income (loss) to average
net assets 3.20%(d) 2.98% 2.86% 2.84% 2.95% 3.72%
====================================================================================================================================
* 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 period presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
(c) Not annualized.
(d) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/18 99
Notes to Financial Statements | 12/31/18 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Bond Fund (the "Fund") is a Delaware statutory trust. The Fund is
registered under the Investment Company Act of 1940 as a diversified, open-end
management investment company. The investment objective of the Fund is to seek
current income consistent with preservation of capital.
The Fund offers six classes of shares designated as Class A, Class C, Class K,
Class R, Class T and Class Y shares. Class T shares had not commenced
operations as of December 31, 2018. 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 shareowner approval. Under
per-share voting, each share of a class of the Fund is entitled to one vote.
Under dollar-weighted voting, a shareowner'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.
Amundi Pioneer Asset Management, Inc., an indirect wholly owned subsidiary of
Amundi and Amundi's wholly owned subsidiary, Amundi USA, Inc., serves as the
Fund's investment adviser (the "Adviser"). Amundi Pioneer Distributor, Inc., an
affiliate of Amundi Pioneer Asset Management, Inc., serves as the Fund's
distributor (the "Distributor").
In August 2018, the Securities and Exchange Commission ("SEC") released a
Disclosure Update and Simplification Final Rule. The Final Rule amends
Regulation S-X disclosures requirements to conform them to U.S. Generally
Accepted Accounting Principles ("U.S. GAAP") for investment companies. The
Fund's financial statements were prepared in compliance with the new amendments
to Regulation S-X.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. U.S. GAAP requires the management of the
Fund to make estimates and assumptions that affect the reported amounts of
assets and liabilities, the disclosure of contingent assets
100 Pioneer Bond Fund | Semiannual Report | 12/31/18
and liabilities at the date of the financial statements, and the reported
amounts of income, expenses and gain or loss on investments during the
reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements:
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 third party pricing services are unable to
supply prices, or when prices or 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.
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
Pioneer Bond Fund | Semiannual Report | 12/31/18 101
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.
Repurchase agreements are valued at par. Cash may include overnight time
deposits at approved financial institutions.
Futures contracts are generally valued at the closing settlement price
established by the exchange on which they are traded.
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 Dealers Association members.
Centrally cleared swaps are valued at the daily settlement price provided
by the central clearing counterparty.
Securities or loan interests 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 Fund'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 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, 2018, no securities were valued using fair value methods
(other than securities valued using prices supplied by independent pricing
services, broker-dealers or using a third party insurance industry pricing
model).
102 Pioneer Bond Fund | Semiannual Report | 12/31/18
B. Investment Income and Transactions
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence.
Interest income, including interest on income-bearing cash accounts, is
recorded on the accrual basis. Dividend and interest income are reported
net of unrecoverable foreign taxes withheld at the applicable country
rates 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.
Principal amounts of mortgage-backed securities 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.
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 June 30, 2018, 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 on the Statement of
Operations. Tax returns filed within the prior three years remain subject
to examination by federal and state tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. 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
Pioneer Bond Fund | Semiannual Report | 12/31/18 103
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, 2018 was as follows:
--------------------------------------------------------------------------
2018
--------------------------------------------------------------------------
Distributions paid from:
Ordinary income $151,100,741
--------------------------------------------------------------------------
Total $151,100,741
==========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at June 30, 2018:
--------------------------------------------------------------------------
2018
--------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 13,924,346
Capital Loss Carryforward (14,858,738)
Capital Loss Carryforward Limited (676,688)
Current year dividends payable (2,499,401)
Net unrealized depreciation (105,459,327)
--------------------------------------------------------------------------
Total $(109,569,808)
==========================================================================
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 and swap contracts.
D. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The
Distributor earned $15,873 in underwriting commissions on the sale of
Class A shares during the six months ended December 31, 2018.
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.
104 Pioneer Bond Fund | Semiannual Report | 12/31/18
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. 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 investments
in foreign markets and countries with limited developing markets may
subject the Fund to a greater degree of risk than investments in a
developed market. These risks include disruptive political or economic
conditions and the imposition of adverse governmental laws or currency
exchange restrictions.
Interest rates in the U.S. have been historically low and have begun to
rise, so the Fund faces a heightened risk that interest rates may continue
to 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.
Pioneer Bond Fund | Semiannual Report | 12/31/18 105
The Fund invests in below investment grade (high yield) debt securities
and preferred stocks. Some of these high yield securities may be
convertible into equity securities of the issuer. Debt securities rated
below investment grade are commonly referred to as "junk bonds" and are
considered speculative. These securities involve greater risk of loss, are
subject to greater price volatility, and are less liquid, especially
during periods of economic uncertainty or change, than higher rated debt
securities.
With the increased use of technologies such as the Internet to conduct
business, the Fund is susceptible to operational, information security and
related risks. While the Fund's Adviser has established business
continuity plans in the event of, and risk management systems to prevent,
limit or mitigate, such cyber-attacks, there are inherent limitations in
such plans and systems including the possibility that certain risks have
not been identified. Furthermore, the Fund cannot control the
cybersecurity plans and systems put in place by service providers to the
Fund such as Brown Brothers Harriman & Co., the Fund's custodian and
accounting agent, and DST Asset Manager Solutions, Inc., the Fund's
transfer agent. In addition, many beneficial owners of Fund shares hold
them through accounts at broker-dealers, retirement platforms and other
financial market participants over which neither the Fund nor Amundi
Pioneer exercises control. Each of these may in turn rely on service
providers to them, which are also subject to the risk of cyber-attacks.
Cybersecurity failures or breaches at Amundi Pioneer or the Fund's service
providers or intermediaries have the ability to cause disruptions and
impact business operations, potentially resulting in financial losses,
interference with the Fund's ability to calculate its net asset value,
impediments to trading, the inability of Fund shareowners to effect share
purchases, redemptions or exchanges, or receive distributions, loss of or
unauthorized access to private shareowners information and violations of
applicable privacy and other laws, regulatory fines, penalties,
reputational damage, or additional compliance costs. Such costs and losses
may not be covered under any insurance. In addition, maintaining vigilance
against cyber-attacks may involve substantial costs over time, and system
enhancements may themselves be subject to cyber-attacks.
The Fund's prospectus contains unaudited information regarding the Fund's
principal risks. Please refer to that document when considering the Fund's
principal risks.
G. Insurance-Linked Securities ("ILS")
The Fund invests in event-linked bonds and other ILS. The Fund could lose
a portion or all of the principal it has invested in an ILS, and the right
to additional interest payments with respect to the security, upon the
occurrence of one or more trigger events, as defined within the terms of
an
106 Pioneer Bond Fund | Semiannual Report | 12/31/18
insurance-linked security. Trigger events, generally, are hurricanes,
earthquakes, or other natural events of a specific size or magnitude that
occur in a designated geographic region during a specified time period,
and/or that involve losses or other metrics that exceed a specific amount.
There is no way to accurately predict whether a trigger event will occur
and, accordingly, ILS carry significant risk. 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, ILS 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 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.
Where the ILS 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.
H. 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
Pioneer Bond Fund | Semiannual Report | 12/31/18 107
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.
As of December 31, 2018, the Fund had no open repurchase agreements.
I. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge
against changes in interest rates, securities prices and currency exchange
rates or to seek to increase total return. Futures contracts are types of
derivatives. All futures contracts entered into by the Fund are traded on
a futures exchange. Upon entering into a futures contract, the Fund is
required to deposit with a broker an amount of cash or securities equal to
the minimum "initial margin" requirements of the associated futures
exchange. The amount of cash deposited with the broker as collateral at
December 31, 2018, is recorded as "Futures collateral" on 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" on 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
reduced 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 market value of contracts open during the six months ended
December 31, 2018, was $196,900,913. Open futures contracts outstanding at
December 31, 2018 are listed in the Schedule of Investments.
108 Pioneer Bond Fund | Semiannual Report | 12/31/18
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 or 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 on the Statement
of Assets and Liabilities. Periodic payments received or paid by the Fund
are recorded as realized gains or losses on 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 the "Swap contracts, at value" line item on 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
on 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
Pioneer Bond Fund | Semiannual Report | 12/31/18 109
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. In addition, obligations under
sell protection credit default swaps may be partially offset by net
amounts received from settlement of buy protection credit default swaps
entered into by the Fund for the same reference obligation with the same
counterparty.
Certain swap contracts that are cleared through a central clearinghouse
are referred to as centrally cleared swaps. All payments made or received
by the Fund are pursuant to a centrally cleared swap contract with the
central clearing party rather than the original counterparty. Upon
entering into a centrally cleared swap contract, the Fund is required to
make an initial margin deposit, either in cash or in securities. The daily
change in value on open centrally cleared contracts is recorded as
"Variation margin for centrally cleared swaps" on 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" on the Statement of Assets and Liabilities. The amount of cash
deposited with a broker as collateral at December 31, 2018, is recorded as
"Swaps collateral" on the Statement of Assets and Liabilities.
The average market value of credit default swap contracts open during the
six months ended December 31, 2018 was $(4,520,924). Open credit default
swap contracts at December 31, 2018 are listed in the Schedule of
Investments.
2. Management Agreement
The Adviser manages the Fund's portfolio. Effective October 1, 2018, management
fees are calculated daily at the annual rate of 0.40% of the Fund's average
daily net assets up to $500 million, 0.35% of the next $500 million of the
Fund's average daily net assets, 0.30% of the next $1 billion of the Fund's
average daily net assets, 0.25% of the next $8 billion of the Fund's average
daily net assets, and 0.225% of the Fund's average daily net assets over $10
billion. The fee is accrued daily and paid monthly. Prior to October 1, 2018,
the management fee was calculated daily at the annual rate of 0.40% of the
Fund's average daily net assets. For the six months ended December 31, 2018,
the effective management fee (excluding waivers and/or assumption of expenses)
was equivalent to 0.34% (annualized) of the Fund's average daily net assets.
The Adviser has contractually agreed to limit ordinary operating expenses
(ordinary operating expenses means all fund expenses other than extraordinary
expenses, such as litigation, taxes, brokerage commissions and acquired fund
fees and expenses) of the Fund to the extent required to reduce Fund expenses
to 0.85%, 1.10%, and 0.58% of the average daily net assets
110 Pioneer Bond Fund | Semiannual Report | 12/31/18
attributable to Class A, Class R and Class Y shares, respectively. Fees waived
and expenses reimbursed during the six months ended December 31, 2018 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
date 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
$274,702 in management fees, administrative costs and certain other
reimbursements payable to the Adviser at December 31, 2018.
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 shareowner communications activities
such as proxy and statement mailings, and outgoing phone calls. For the six
months ended December 31, 2018, such out-of-pocket expenses by class of shares
were as follows:
--------------------------------------------------------------------------------
Shareowner Communications
--------------------------------------------------------------------------------
Class A $26,242
Class C 2,632
Class K 7,961
Class R 725
Class Y 42,445
--------------------------------------------------------------------------------
Total $80,005
================================================================================
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
Pioneer Bond Fund | Semiannual Report | 12/31/18 111
maintenance services or distribution services with regard to Class C shares.
Pursuant to the Plan, the Fund also 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 $54,949 in distribution fees payable to the Distributor at
December 31, 2018.
The Fund also has adopted a separate service plan for Class R shares (the
"Service Plan"). The Service Plan authorizes the Fund to pay securities
dealers, plan administrators or other service organizations that agree to
provide certain services to retirement plans or plan participants holding
shares of the Fund a service fee of up to 0.25% of the Fund's average daily net
assets attributable to Class R shares held by such plans.
In addition, redemptions of each class of shares (except Class K, Class R 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 K, Class R or Class Y
shares. Proceeds from the CDSCs are paid to the Distributor. For the six months
ended December 31, 2018, CDSCs in the amount of $2,891 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 credit
facility or the limits set for borrowing by the Fund's prospectus and the 1940
Act. Prior to August 1, 2018 the credit facility was in the amount of
$195 million. Effective August 1, 2018 the Fund participates in a credit
facility that is in the amount of $250 million. Under such credit facility,
depending on the type of loan, interest on borrowings is payable at the London
Interbank Offered Rate ("LIBOR") plus 0.90% 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
112 Pioneer Bond Fund | Semiannual Report | 12/31/18
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, 2018, the Fund had no borrowings under the
credit facility.
6. Master Netting Agreements
The Fund has entered into an International Swaps and Derivatives Association,
Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with
substantially all of its derivative counterparties. An ISDA Master Agreement is
a bilateral agreement between the Fund and a counterparty that governs the
trading of certain Over the Counter ("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.
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 setoff may be restricted or prohibited by the bankruptcy or
insolvency laws of the particular jurisdiction to which each specific ISDA
Master Agreement of each 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 on 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.
Pioneer Bond Fund | Semiannual Report | 12/31/18 113
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, 2018.
-------------------------------------------------------------------------------------------------------------------
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
Bank NA $139,350 $ -- $ -- $ -- $139,350
-------------------------------------------------------------------------------------------------------------------
Total $139,350 $ -- $ -- $ -- $139,350
===================================================================================================================
-------------------------------------------------------------------------------------------------------------------
Derivative Liabilities Derivatives Non-Cash Cash Net Amount
Subject to Master Available for Collateral Collateral of Derivative
Counterparty Netting Agreement Offset Pledged (a) Pledged (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.
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 rate 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.
114 Pioneer Bond Fund | Semiannual Report | 12/31/18
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, 2018 was as follows:
------------------------------------------------------------------------------------------------------------
Foreign
Statement of Assets Interest Credit Exchange Equity Commodity
and Liabilities Rate Risk Risk Rate Risk Risk Risk
------------------------------------------------------------------------------------------------------------
Assets:
Swap contracts,
at value $ -- $648,776 $ -- $ -- $ --
------------------------------------------------------------------------------------------------------------
Total Value $ -- $648,776 $ -- $ -- $ --
============================================================================================================
Liabilities:
Net unrealized
depreciation on
futures contracts (6,159,318) $ -- -- -- --
------------------------------------------------------------------------------------------------------------
Total Value $(6,159,318) $ -- $ -- $ -- $ --
============================================================================================================
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, 2018 was as follows:
------------------------------------------------------------------------------------------------------------
Foreign
Interest Credit Exchange Equity Commodity
Statement of Operations Rate Risk Risk Rate Risk Risk Risk
------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on:
Futures contracts $ 646,820 $ -- $ -- $ -- $ --
Swap contracts -- 750,239 -- -- --
------------------------------------------------------------------------------------------------------------
Total Value $ 646,820 $750,239 $ -- $ -- $ --
============================================================================================================
Change in net
unrealized appreciation
(depreciation) on:
Futures contracts $(3,837,636) $ -- $ -- $ -- $ --
Swap contracts -- 75,676 -- -- --
------------------------------------------------------------------------------------------------------------
Total Value $(3,837,636) $ 75,676 $ -- $ -- $ --
============================================================================================================
Pioneer Bond Fund | Semiannual Report | 12/31/18 115
ADDITIONAL INFORMATION (unaudited)
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, 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
an independent registered public accounting firm, Ernst & Young LLP ("EY").
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
116 Pioneer Bond Fund | Semiannual Report | 12/31/18
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.
Pioneer Bond Fund | Semiannual Report | 12/31/18 117
Approval of Investment Management Agreement
Amundi Pioneer Asset Management, Inc. ("APAM") serves as the investment adviser
to Pioneer Bond Fund (the "Fund") pursuant to an investment management
agreement between APAM and the Fund. In order for APAM to remain the investment
adviser of the Fund, the Trustees of the Fund must determine annually whether
to renew the investment management agreement for the Fund.
The contract review process began in January 2018 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the
process. Contract review materials were provided to the Trustees in March 2018,
July 2018 and September 2018. In addition, the Trustees reviewed and discussed
the Fund's performance at regularly scheduled meetings throughout the year, and
took into account other information related to the Fund provided to the
Trustees at regularly scheduled meetings, in connection with the review of the
Fund's investment management agreement.
In March 2018, the Trustees, among other things, discussed the memorandum
provided by Fund counsel that summarized the legal standards and other
considerations that are relevant to the Trustees in their deliberations
regarding the renewal of the investment management agreement, and reviewed and
discussed the qualifications of the investment management teams for the Fund,
as well as the level of investment by the Fund's portfolio managers in the
Fund. In July 2018, the Trustees, among other things, reviewed the Fund's
management fees and total expense ratios, the financial statements of APAM and
its parent companies, profitability analyses provided by APAM, and analyses
from APAM as to possible economies of scale. The Trustees also reviewed the
profitability of the institutional business of APAM and APAM's affiliate,
Amundi Pioneer Institutional Asset Management, Inc. ("APIAM" and, together with
APAM, "Amundi Pioneer"), as compared to that of APAM's fund management
business, and considered the differences between the fees and expenses of the
Fund and the fees and expenses of APAM's and APIAM's institutional accounts, as
well as the different services provided by APAM to the Fund and by APAM and
APIAM to the institutional accounts. The Trustees further considered contract
review materials, including additional materials received in response to the
Trustees' request, in September 2018.
At a meeting held on September 18, 2018, based on their evaluation of the
information provided by APAM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment management agreement for another year. In approving
the renewal of the investment management agreement, the Trustees
118 Pioneer Bond Fund | Semiannual Report | 12/31/18
considered various factors that they determined were relevant, including the
factors described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by APAM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees also reviewed APAM's investment approach
for the Fund and its research process. The Trustees considered the resources of
APAM and the personnel of APAM who provide investment management services to
the Fund. They also reviewed the amount of non-Fund assets managed by the
portfolio managers of the Fund. They considered the non-investment resources
and personnel of APAM that are involved in APAM's services to the Fund,
including APAM's compliance, risk management, and legal resources and
personnel. The Trustees noted the substantial attention and high priority given
by APAM's senior management to the Pioneer Fund complex.
The Trustees considered that APAM supervises and monitors the performance of
the Fund's service providers and provides the Fund with personnel (including
Fund officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
APAM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to APAM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by APAM to the Fund were
satisfactory and consistent with the terms of the investment management
agreement.
Performance of the Fund
In considering the Fund's performance, the Trustees regularly review and
discuss throughout the year data prepared by APAM and information comparing the
Fund's performance with the performance of its peer group of funds, as
classified by Morningstar, Inc. (Morningstar), and the performance of the
Fund's benchmark index. They also discuss the Fund's performance with APAM on a
regular basis. The Trustees' regular reviews and discussions were factored into
the Trustees' deliberations concerning the renewal of the investment management
agreement.
Pioneer Bond Fund | Semiannual Report | 12/31/18 119
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund
in comparison to the management fees of its peer group of funds as classified
by Morningstar and also to the expense ratios of a peer group of funds selected
on the basis of criteria determined by the Independent Trustees for this
purpose using data provided by Strategic Insight Mutual Fund Research and
Consulting, LLC (Strategic Insight), an independent third party. The peer group
comparisons referred to below are organized in quintiles. Each quintile
represents one-fifth of the peer group. In all peer group comparisons referred
to below, first quintile is most favorable to the Fund's shareowners. The
Trustees noted that they separately review and consider the impact of the
Fund's transfer agency and Fund- and APAM-paid expenses for sub-transfer agency
and intermediary arrangements, and that the results of the most recent such
review were considered in the consideration of the Fund's expense ratio.
The Trustees considered that the Fund's management fee for the most recent
fiscal year was in the second quintile relative to the management fees paid by
other funds in its Morningstar category for the comparable period. The Trustees
considered breakpoints that would be added to the Fund's management fee
schedule, effective October 1, 2018. The Trustees considered that the expense
ratio of the Fund's Class A shares for the most recent fiscal year was in the
fourth quintile relative to its Strategic Insight peer group for the comparable
period. The Trustees considered that the expense ratio of the Fund's Class Y
shares for the most recent fiscal year was in the fifth quintile relative to
its Strategic Insight peer group for the comparable period. The Trustees noted
the impact of expenses relating to small accounts and omnibus accounts on
transfer and sub-transfer agency expenses generally. The Trustees noted that
APAM had agreed to waive fees and/or reimburse expenses in order to limit the
ordinary operating expenses of the Fund.
The Trustees reviewed management fees charged by APAM and APIAM to
institutional and other clients, including publicly offered European funds
sponsored by APAM's affiliates, unaffiliated U.S. registered investment
companies (in a sub-advisory capacity), and unaffiliated foreign and domestic
separate accounts. The Trustees also considered APAM's costs in providing
services to the Fund and APAM's and APIAM's costs in providing services to the
other clients and considered the differences in management fees and profit
margins for fund and non-fund services. In evaluating the fees associated with
APAM's and APIAM's client accounts, the Trustees took into account the
respective demands, resources and complexity associated with the Fund and other
client accounts. The Trustees noted that, in some instances, the fee rates for
those clients were lower than the management fee for the Fund and considered
that, under the investment management agreement with the Fund,
120 Pioneer Bond Fund | Semiannual Report | 12/31/18
APAM performs additional services for the Fund that it does not provide to
those other clients or services that are broader in scope, including oversight
of the Fund's other service providers and activities related to compliance and
the extensive regulatory and tax regimes to which the Fund is subject. The
Trustees also considered the entrepreneurial risks associated with APAM's
management of the Fund.
The Trustees concluded that the management fee payable by the Fund to APAM was
reasonable in relation to the nature and quality of the services provided by
APAM.
Profitability
The Trustees considered information provided by APAM regarding the
profitability of APAM with respect to the advisory services provided by APAM to
the Fund, including the methodology used by APAM in allocating certain of its
costs to the management of the Fund. The Trustees also considered APAM's profit
margin in connection with the overall operation of the Fund. They further
reviewed the financial results, including the profit margins, realized by APAM
and APIAM from non-fund businesses. The Trustees considered APAM's profit
margins in comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that APAM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered APAM's views relating to economies of scale in
connection with the Pioneer Funds as fund assets grow and the extent to which
any such economies of scale are shared with the Fund and Fund shareholders. The
Trustees noted the breakpoints in the management fee schedule. The Trustees
recognize that economies of scale are difficult to identify and quantify, and
that, among other factors that may be relevant, are the following: fee levels,
expense subsidization, investment by APAM in research and analytical
capabilities and APAM's commitment and resource allocation to the Fund. The
Trustees noted that profitability also may be an indicator of the availability
of any economies of scale, although profitability may vary for other reasons
including due to reductions in expenses. The Trustees concluded that economies
of scale, if any, were being appropriately shared with the Fund.
Pioneer Bond Fund | Semiannual Report | 12/31/18 121
Other Benefits
The Trustees considered the other benefits that APAM enjoys from its
relationship with the Fund. The Trustees considered the character and amount of
fees paid or to be paid by the Fund, other than under the investment management
agreement, for services provided by APAM and its affiliates. The Trustees
further considered the revenues and profitability of APAM's businesses other
than the Fund business. To the extent applicable, the Trustees also considered
the benefits to the Fund and to APAM and its affiliates from the use of "soft"
commission dollars generated by the Fund to pay for research and brokerage
services.
The Trustees considered that Amundi Pioneer is the principal U.S. asset
management business of Amundi, which is one of the largest asset managers
globally. Amundi's worldwide asset management business manages over $1.7
trillion in assets (including the Pioneer Funds). The Trustees considered
that APAM's relationship with Amundi creates potential opportunities for APAM,
APIAM and Amundi that derive from APAM's relationships with the Fund, including
Amundi's ability to market the services of APAM globally. The Trustees noted
that APAM has access to additional research and portfolio management
capabilities as a result of its relationship with Amundi and Amundi's enhanced
global presence that may contribute to an increase in the resources available
to APAM. The Trustees considered that APAM and the Fund receive reciprocal
intangible benefits from the relationship, including mutual brand recognition
and, for the Fund, direct and indirect access to the resources of a large
global asset manager. The Trustees concluded that any such benefits received by
APAM as a result of its relationship with the Fund were reasonable.
Conclusion
After consideration of the factors described above as well as other factors,
the Trustees, including the Independent Trustees, concluded that the investment
management agreement for the Fund, including the fees payable thereunder, was
fair and reasonable and voted to approve the proposed renewal of the investment
management agreement.
122 Pioneer Bond Fund | Semiannual Report | 12/31/18
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Lisa M. Jones, President and
David R. Bock Chief 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 | 12/31/18 123
This page is for your notes.
124 Pioneer Bond Fund | Semiannual Report | 12/31/18
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
FactFoneSM 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 219427
Kansas City, MO 64121-9427
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 https://www.sec.gov.
[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] 2019 Amundi Pioneer Asset Management 18633-13-0219
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)).
Mr. David R. Bock, 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 March 5, 2019
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 March 5, 2019
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date March 5, 2019
* Print the name and title of each signing officer under his or her signature.