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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-02864
Pioneer Bond Fund
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: June 30
Date of reporting period: July 1, 2015 through December 31, 2015
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Bond Fund
--------------------------------------------------------------------------------
Semiannual Report | December 31, 2015
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Ticker Symbols:
Class A PIOBX
Class C PCYBX
Class K PBFKX
Class R PBFRX
Class Y PICYX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 16
Schedule of Investments 18
Financial Statements 78
Notes to Financial Statements 87
Approval of Investment Advisory Agreement 101
Trustees, Officers and Service Providers 106
Pioneer Bond Fund | Semiannual Report | 12/31/15 1
President's Letter
Dear Shareowner,
Over the past several years, many investors experienced positive returns across
most major asset classes. However, 2015 was a tale of two markets, with
favorable market conditions in the first half of the year, followed by an abrupt
slowdown and increased volatility beginning in August. The global markets were
challenged by significant economic cross-currents in different geographic
regions and industrial sectors. While the U.S. economy gradually improved,
growth slowed in China. Emerging markets struggled following a decline in
commodity prices, especially oil. While lower energy prices are good for the
consumer, there were ripple effects throughout the global economy.
Against this backdrop, the Standard & Poor's 500 Index rose by just 1.4% in
2015, international equity markets were essentially flat, and emerging market
equities fell sharply. Across U.S. fixed-income sectors, U.S. government and
investment-grade corporate bonds were fairly flat for the year, while high-yield
bonds, as measured by the Bank of America Merrill Lynch Master II High Yield
Index, posted a -4.9% total return.
Entering 2016, we see the U.S. economy growing modestly, against an overall
global economic backdrop that remains fragile and points towards structurally
lower growth. As always in a Presidential election year, political rhetoric has
the potential to impact U.S. sectors such as health care in 2016. Economies
around the world in both developed and emerging markets are experiencing deep
structural change. Geopolitical instability on many fronts, the rising risk of
policy mistakes, and market liquidity issues all increase the possibility of
sharp swings in asset values. In this environment, financial markets remain
vulnerable to unusual levels of volatility. While divergences among regions and
industries is an important theme, we are generally optimistic about the outlook
for the U.S. economy, which we expect will see continued, positive growth led by
a strengthened consumer.
Throughout Pioneer's history, we have believed in the importance of active
management. In periods of market volatility, we believe that the value of active
management is even more compelling. Our experienced and tenured investment teams
focus on identifying value across global markets using proprietary research,
careful risk management, and a long-term perspective. Our ongoing goal is to
produce compelling returns consistent with the stated objectives of our
investment products, and with our shareowners' expectations. We believe our
shareowners can benefit from the experience and tenure of our investment teams
as well as the insights generated from our extensive research process.
2 Pioneer Bond Fund | Semiannual Report | 12/31/15
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA Inc.
December 31, 2015
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 | 12/31/15 3
Portfolio Management Discussion | 12/31/15
The domestic bond market generated low returns during the second half of 2015,
as growing concerns about credit-sensitive markets and rising interest rates
limited potential investment opportunities. In the following interview, Kenneth
J. Taubes and Charles Melchreit review the factors that affected the performance
of Pioneer Bond Fund during the six-month period ended December 31, 2015. Mr.
Taubes, Executive Vice President, Chief Investment Officer, U.S., and a
portfolio manager at Pioneer Investments, is responsible for the daily
management of the Portfolio, along with Mr. Melchreit, Director of Investment-
Grade Management, a senior vice president, and a portfolio manager at Pioneer.
Q How did the Fund perform during the six-month period ended December 31,
2015?
A Pioneer Bond Fund's Class A shares returned -0.11% at net asset value
during the six-month period ended December 31, 2015, while the Fund's
benchmark, the Barclays Aggregate Bond Index (the Barclays Index), returned
0.65%. During the same period, the average return of the 48 mutual funds in
Lipper's Corporate Debt, A-rated Underlying Funds Category was 0.01%, and
the average return of the 1,086 mutual funds in Morningstar's
Intermediate-Term Bond Funds Category was -0.26%.
Q How would you describe the investment environment in the fixed-income
market during the six-month period ended December 31, 2015?
A The backdrop for investing in bonds became increasingly challenging as the
period progressed. Although the U.S. economy appeared to be growing
steadily, rising market interest rates and heightened investor worries
about slowing economic growth trends outside the United States limited
total returns in the domestic fixed-income market.
Market conditions were relatively benign in the first half of the year,
prior to the start of the six-month period, as credit-sensitive debt
performed well and market interest rates declined, leading to price gains
by Treasuries and other high-quality debt securities. Global oil prices,
which had declined precipitously in the final few months of 2014, appeared
to strengthen early in 2015, lending support to corporate bond prices,
especially prices of domestic high-yield corporates, which included many
securities issued by energy companies. At the same time, solid job gains
and a strengthening housing market suggested domestic economic growth was
improving.
4 Pioneer Bond Fund | Semiannual Report | 12/31/15
Late in the second quarter, however, right around the beginning of the
period, oil prices started falling again at the same time investors were
growing concerned about global economic growth trends, as fundamentals
outside of the U.S. appeared to be weakening. Among the mounting issues
threatening global growth were a debt crisis in Greece, which led to
renewed anxieties about the European economy, especially in the banking
system, and new evidence pointing to slowing growth in China's economy.
Those anxieties were exacerbated by speculation that weakness in foreign
markets might lead to less demand for American-manufactured goods,
especially as the U.S. dollar gained strength -- a strong U.S. dollar makes
U.S.-made products more expensive overseas. Counter-balancing all the
negative factors was a very strong U.S. automotive industry, which
generated record production and sales.
One of two major developments resulting from the multitude of headline
worries during the six-month period was that the U.S. Federal Reserve (Fed)
chose to delay its plans to begin tightening monetary policy by raising
short-term rates, as a rate hike once widely anticipated to take effect in
September did not occur until December. A second consequence was the
deterioration of credit-market conditions, especially in the energy and
basic materials sectors. Credit spreads widened, which resulted in weak
performance by lower-quality bonds, notably high-yield corporates. (Credit
spreads are commonly defined as the differences in yield between Treasuries
and other types of fixed-income securities with similar maturities.)
Over the six-month period ended December 31, 2015, market interest rates
rose across the yield curve, with the largest increases at the shorter end
as the curve flattened. (The yield curve reflects the differences in yields
between shorter- and longer-maturity bonds.) The upward movement in
interest rates exerted downward pressure on bond prices, including the
prices of Treasuries and other higher-quality debt. During the six-month
period, the yields on the two-year Treasury rose by 41 basis points
(0.41%), while the yields on 10-year Treasuries gained 8 basis points
(0.08%), and the yields on 30-year Treasuries rose by 0.11%, or 11 basis
points.
High-yield corporates posted negative returns for the full six-month
period, with energy sector bonds performing especially poorly. Emerging
markets debt also struggled, with the sovereign bonds of many emerging
markets nations declining sharply. U.S. Treasuries posted slightly negative
results over the period as interest rates rose. Finally, the U.S. dollar
continued to strengthen against most all foreign currencies.
Pioneer Bond Fund | Semiannual Report | 12/31/15 5
Q What were the principal factors affecting the Fund's performance relative
to the benchmark Barclays Index during the six-month period ended December
31, 2015?
A The Fund's performance slightly lagged that of the Barclays Index during
the period. The main factor holding back relative results was an overweight
portfolio position in industrials bonds, including high-yield corporates.
Security selection, particularly in the energy industry, also detracted
from relative returns.
In addition, after the yield curve had steepened very early in the year,
prior to the beginning of the period, we had purchased some floating-rate
Treasury Inflation Protected Securities (TIPS) to add to the Fund's overall
duration. (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.) However, nominal Treasuries
outperformed TIPS during the six-month period, and so the Fund's TIPS
position did not help performance as much as would have comparable
purchases of nominal Treasuries.
Despite the fact that we added duration to the portfolio, the Fund still
had a short-duration position relative to the Barclays Index, and that
tended to help relative returns as interest rates climbed during the
period. Overall sector positioning also had a positive impact on the Fund's
benchmark-relative performance, especially the portfolio's non-benchmark
positions in insurance-linked securities and non-government-agency mortgage
obligations. Finally, portfolio allocations to securities issued by
financial companies, and to municipal bonds, contributed positively to the
Fund's relative results during the period; municipals were one of the best-
performing asset classes within fixed income over the six months, returning
3.80%.
At the end of the period, on December 31, 2015, the effective duration of
the Fund's investments was 4.59 years, and the top-three allocations in the
Fund's portfolio were to U.S. government securities (31% of assets), U.S.
corporate bonds (28%), and collateralized mortgage obligations, or CMOs
(17%).
6 Pioneer Bond Fund | Semiannual Report | 12/31/15
Q What factors affected the Fund's distributions to shareholders during the
six-month period ended December 31, 2015?
A As interest rates crept up during the period, the Fund was able to earn
additional current income; that, in turn, resulted in increased
distributions to shareholders.
Q Did the Fund invest in any derivative securities during the six-month
period ended December 31, 2015? If so, did the investments have any notable
effect on the Fund's benchmark-relative performance?
A Yes, we invested in some Treasury futures, which had a positive influence
on relative performance by helping to shorten the Fund's duration. We also
invested in some credit default swaps as a proxy for corporate bonds. The
swaps did not have a material effect on the Fund's results.
Q What is your investment outlook?
A We believe fixed-income markets will continue to be volatile and
challenging for investors in 2016. We anticipate that the Fed will follow
through on its decision to tighten monetary policy further in 2016. The
U.S. dollar also is likely to remain strong relative to other currencies.
If the domestic economy continues to expand at a moderate pace, investors
are likely to focus on growth, which could lead to a rally in
credit-sensitive debt, including corporate bonds. We anticipate that, in
spite of global pressures, the U.S. economy should still expand this year,
perhaps with gross domestic product growth in the 2.25% - 2.50% range. If,
however, domestic economic growth tapers off, we could see a more difficult
period for credit markets, and the Fed may be more likely to slow down the
pace of its rate hikes.
We think it is likely that the fixed-income market will continue to feature
yields that are relatively low by historic standards, and that total
returns will remain modest. In this environment, we may look for
opportunities to add higher-yielding debt to the Fund's portfolio, although
we plan to remain cautious in a low-return market.
While economic fundamentals in the United States appear to be good, we
anticipate that the capital markets will be more volatile, especially in
the early months of the year.
Pioneer Bond Fund | Semiannual Report | 12/31/15 7
Please refer to the Schedule of Investments on pages 18-77 for a full listing of
Fund securities.
When interest rates rise, the prices of fixed-income securities in the Fund will
generally fall. Conversely, when interest rates fall, the prices of fixed-income
securities in the Fund will generally rise.
Investments in the Fund are subject to possible loss due to the financial fail-
ure of the issuers of the underlying securities and their inability to meet
their debt obligations.
Prepayment risk is the chance that an issuer may exercise its right to prepay
its security, if falling interest rates prompt the issuer to do so. Forced to
reinvest the unanticipated proceeds at lower interest rates, the Fund would
experience a decline in income and lose the opportunity for additional price
appreciation.
Investments in high-yield or lower-rated securities are subject to greater-than-
average price volatility, illiquidity and possibility of default.
The securities issued by U.S. Government-sponsored entities (i.e., Fannie Mae,
Freddie Mac) are neither guaranteed nor issued by the U.S. Government.
The portfolio may invest in mortgage-backed securities, which during times of
fluctuating interest rates may increase or decrease more than other fixed-
income securities. Mortgage-backed securities are also subject to pre-payments.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making the Fund more susceptible to
any economic, political, or regulatory developments or other risks affecting
those industries and sectors.
These risks may increase share price volatility.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Pioneer Investments for a prospectus or
summary prospectus containing this information. Read it carefully.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
8 Pioneer Bond Fund | Semiannual Report | 12/31/15
Portfolio Summary | 12/31/15
Portfolio Diversification*
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Government Securities 31.3%
U.S. Corporate Bonds 28.3%
Collateralized Mortgage Obligations 17.0%
International Corporate Bonds 11.8%
Asset Backed Securities 4.8%
Senior Secured Loans 2.5%
Municipal Bonds 2.3%
Temporary Cash Investments 1.4%
U.S. Preferred Stocks 0.3%
Convertible Preferred Stocks 0.2%
Foreign Government Bond 0.1%
* Includes investments in insurance linked securities totaling 4.4% of total
investment portfolio.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. U.S. Treasury Inflation Indexed Bonds, 0.125%, 7/15/24 3.62%
--------------------------------------------------------------------------------
2. U.S. Treasury Inflation Indexed Bonds, 0.75%, 2/15/45 1.61
--------------------------------------------------------------------------------
3. U.S. Treasury Note, Floating Rate Note, 7/31/17 1.46
--------------------------------------------------------------------------------
4. Fannie Mae, 3.5%, 1/13/16 1.02
--------------------------------------------------------------------------------
5. Fannie Mae, 4.0%, 1/13/16 1.02
--------------------------------------------------------------------------------
6. Government National Mortgage Association I, 3.5%, 1/21/16 0.98
--------------------------------------------------------------------------------
7. Fannie Mae, 5.0%, 2/1/45 0.64
--------------------------------------------------------------------------------
8. Fannie Mae, 3.0%, 8/1/42 0.64
--------------------------------------------------------------------------------
9. Government National Mortgage Association I, 3.5%, 1/15/45 0.57
--------------------------------------------------------------------------------
10. U.S. Treasury Note Floating Rate Note, 10/31/17 0.51
--------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments.
The Fund is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
Pioneer Bond Fund | Semiannual Report | 12/31/15 9
Prices and Distributions | 12/31/15
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 12/31/15 6/30/15
--------------------------------------------------------------------------------
A $9.51 $9.68
--------------------------------------------------------------------------------
C $9.40 $9.57
--------------------------------------------------------------------------------
K $9.51 $9.68
--------------------------------------------------------------------------------
R $9.60 $9.77
--------------------------------------------------------------------------------
Y $9.42 $9.59
--------------------------------------------------------------------------------
Distributions per Share: 7/1/15-12/31/15
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1384 $-- $0.0211
--------------------------------------------------------------------------------
C $0.1015 $-- $0.0211
--------------------------------------------------------------------------------
K $0.1568 $-- $0.0211
--------------------------------------------------------------------------------
R $0.1274 $-- $0.0211
--------------------------------------------------------------------------------
Y $0.1504 $-- $0.0211
--------------------------------------------------------------------------------
Index Definition
--------------------------------------------------------------------------------
The Barclays Aggregate Bond Index is an unmanaged measure of the U.S. bond
market. Index returns are calculated monthly, assume reinvestment of dividends
and, unlike Fund returns, do not reflect any fees, expenses or sales charges. It
is not possible to invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 11-15.
10 Pioneer Bond Fund | Semiannual Report | 12/31/15
Performance Update | 12/31/15 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Bond Fund at public offering price
during the periods shown, compared to that of the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of December 31, 2015)
--------------------------------------------------------------------------------
Net Public Barclays
Asset Offering Aggregate
Value Price Bond
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
10 Years 5.10% 4.62% 4.51
5 Years 3.97 3.02 3.25
1 Year -0.01 -4.49 0.55
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2015)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.93% 0.85%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Bond Barclays Aggregate
Fund Bond Index
12/05 $ 9,550 $10,000
12/06 $ 9,892 $10,433
12/07 $10,494 $11,160
12/08 $10,037 $11,745
12/09 $11,813 $12,442
12/10 $12,928 $13,255
12/11 $13,585 $14,295
12/12 $14,761 $14,897
12/13 $14,832 $14,596
12/14 $15,711 $15,467
12/15 $15,709 $15,552
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 4.50% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through November 1, 2017, for Class A shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Bond Fund | Semiannual Report | 12/31/15 11
Performance Update | 12/31/15 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Bond Fund during the periods shown,
compared to that of the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of December 31, 2015)
--------------------------------------------------------------------------------
Barclays
Aggregate
If If Bond
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 Years 4.18% 4.18% 4.51%
5 Years 3.09 3.09 3.25
1 Year -0.80 -0.80 0.55
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.63%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Bond Barclays Aggregate
Fund Bond Index
12/05 $10,000 $10,000
12/06 $10,257 $10,433
12/07 $10,802 $11,160
12/08 $10,236 $11,745
12/09 $11,939 $12,442
12/10 $12,941 $13,255
12/11 $13,482 $14,295
12/12 $14,517 $14,897
12/13 $14,456 $14,596
12/14 $15,188 $15,467
12/15 $15,067 $15,552
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). If you paid a 1% sales charge, your returns would
be lower than those shown above. "If Held" results represent the percent change
in net asset value per share. Returns would have been lower had sales charges
been reflected. All results are historical and assume the reinvestment of
dividends and capital gains. Other share classes are available for which
performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer Bond Fund | Semiannual Report | 12/31/15
Performance Update | 12/31/15 Class K Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class K shares of Pioneer Bond Fund during the periods shown,
compared to that of the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of December 31, 2015)
--------------------------------------------------------------------------------
Net Barclays
Asset Aggregate
Value Bond
Period (NAV) Index
--------------------------------------------------------------------------------
10 Years 5.21% 4.51%
5 Years 4.18 3.25
1 Year 0.48 0.55
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.47%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Bond Barclays Aggregate
Fund Bond Index
12/05 $10,000 $10,000
12/06 $10,355 $10,433
12/07 $10,986 $11,160
12/08 $10,507 $11,745
12/09 $12,366 $12,442
12/10 $13,534 $13,255
12/11 $14,221 $14,295
12/12 $15,438 $14,897
12/13 $15,576 $14,596
12/14 $16,532 $15,467
12/15 $16,610 $15,552
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class K shares for the period prior to the
commencement of operations of Class K shares on December 20, 2012, is the net
asset value performance of the Fund's Class A shares, which has not been
restated to reflect any differences in expenses, including Rule 12b-1 fees
applicable to Class A shares. Since fees for Class A shares generally are higher
than those of Class K shares, the performance of Class K shares prior to their
inception would have been higher than the performance shown. Class K shares are
not subject to sales charges and are available for limited groups of eligible
investors, including institutional investors. All results are historical and
assume the reinvestment of dividends and capital gains.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Bond Fund | Semiannual Report | 12/31/15 13
Performance Update | 12/31/15 Class R Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class R shares of Pioneer Bond Fund during the periods shown,
compared to that of the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of December 31, 2015)
--------------------------------------------------------------------------------
Net Barclays
Asset Aggregate
Value Bond
Period (NAV) Index
--------------------------------------------------------------------------------
10 Years 4.75% 4.51%
5 Years 3.61 3.25
1 Year -0.24 0.55
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2015)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.21% 1.10%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Bond Barclays Aggregate
Fund Bond Index
12/05 $10,000 $10,000
12/06 $10,330 $10,433
12/07 $10,947 $11,160
12/08 $10,414 $11,745
12/09 $12,216 $12,442
12/10 $13,326 $13,255
12/11 $13,950 $14,295
12/12 $15,077 $14,897
12/13 $15,094 $14,596
12/14 $15,947 $15,467
12/15 $15,909 $15,552
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class R shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through November 1, 2017, for Class R shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
14 Pioneer Bond Fund | Semiannual Report | 12/31/15
Performance Update | 12/31/15 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Bond Fund during the periods shown,
compared to that of the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of December 31, 2015)
--------------------------------------------------------------------------------
Net Barclays
Asset Aggregate
Value Bond
Period (NAV) Index
--------------------------------------------------------------------------------
10 Years 5.38% 4.51%
5 Years 4.20 3.25
1 Year 0.24 0.55
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.58%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Bond Barclays Aggregate
Fund Bond Index
12/05 $5,000,000 $5,000,000
12/06 $5,199,263 $5,216,670
12/07 $5,536,696 $5,580,101
12/08 $5,312,135 $5,872,493
12/09 $6,265,780 $6,220,781
12/10 $6,876,903 $6,627,708
12/11 $7,244,136 $7,147,432
12/12 $7,883,601 $7,448,709
12/13 $7,935,440 $7,297,949
12/14 $8,426,940 $7,733,349
12/15 $8,447,525 $7,775,875
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Bond Fund | Semiannual Report | 12/31/15 15
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Bond Fund
Based on actual returns from July 1, 2015 through December 31, 2015.
--------------------------------------------------------------------------------
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 7/1/15
--------------------------------------------------------------------------------
Ending Account $ 998.90 $ 995.00 $1,000.80 $ 997.70 $1,000.10
Value (after
expenses)
on 12/31/15
--------------------------------------------------------------------------------
Expenses Paid $ 4.27 $ 7.97 $ 2.36 $ 5.52 $ 2.92
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.85%,
1.59%, 0.47%, 1.10%, and 0.58% for Class A, Class C, Class K, Class R, and
Class Y shares, respectively, multiplied by the average account value over
the period, multiplied by 184/365 (to reflect the one-half year period).
16 Pioneer Bond Fund | Semiannual Report | 12/31/15
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, 2015 through December 31, 2015.
--------------------------------------------------------------------------------
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 7/1/15
--------------------------------------------------------------------------------
Ending Account $1,020.86 $1,017.14 $1,022.77 $1,019.61 $1,022.22
Value (after
expenses)
on 12/31/15
--------------------------------------------------------------------------------
Expenses Paid $ 4.32 $ 8.06 $ 2.39 $ 5.58 $ 2.95
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.85%,
1.59%, 0.47%, 1.10%, and 0.58% for Class A, Class C, Class K, Class R, and
Class Y shares, respectively, multiplied by the average account value over
the period, multiplied by 184/365 (to reflect the one-half year period).
Pioneer Bond Fund | Semiannual Report | 12/31/15 17
Schedule of Investments | 12/31/15 (unaudited)
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 0.3%
BANKS -- 0.2%
Diversified Banks -- 0.2%
30,353 6.69 Citigroup Capital XIII, Floating Rate Note, 10/30/40 $ 788,874
171,525 7.12 Citigroup, Inc., Floating Rate Note (Perpetual) 4,804,415
-----------------
$ 5,593,289
-----------------
Total Banks $ 5,593,289
----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Asset Management & Custody Banks -- 0.0%+
54,200 5.90 State Street Corp., Floating Rate Note, 12/31/73 $ 1,500,256
----------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.1%
110,230 6.38 Morgan Stanley, Floating Rate Note (Perpetual) $ 2,925,504
-----------------
Total Diversified Financials $ 4,425,760
----------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $9,219,536) $ 10,019,049
----------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCK -- 0.2%
BANKS -- 0.2%
Diversified Banks -- 0.2%
5,610 Wells Fargo & Co., 7.5% (Perpetual) $ 6,524,346
----------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost $5,839,986) $ 6,524,346
----------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 4.8%
CONSUMER SERVICES -- 0.2%
Hotels, Resorts & Cruise Lines -- 0.2%
638,876 Westgate Resorts 2012-A LLC, 2.25%,
8/20/25 (144A) $ 638,454
870,468 Westgate Resorts 2012-A LLC, 3.75%,
8/20/25 (144A) 869,329
2,316,505 Westgate Resorts 2014-1 LLC, 2.15%,
12/20/26 (144A) 2,275,503
2,257,681 Westgate Resorts 2015-1 LLC, 2.75%,
5/20/27 (144A) 2,233,676
95,144 Westgate Resorts LLC, 2.5%, 3/20/25 (144A) 95,130
-----------------
$ 6,112,092
-----------------
Total Consumer Services $ 6,112,092
----------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.1%
Food Retail -- 0.1%
3,762,135 CKE Restaurant Holdings, Inc., 4.474%,
3/20/43 (144A) $ 3,740,629
-----------------
Total Food & Staples Retailing $ 3,740,629
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Bond Fund | Semiannual Report | 12/31/15
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.1%
Health Care Distributors -- 0.1%
1,600,000 OneMain Financial Issuance Trust 2015-1, 3.19%,
3/18/26 (144A) $ 1,590,080
-----------------
Total Health Care Equipment & Services $ 1,590,080
----------------------------------------------------------------------------------------------------------
BANKS -- 3.6%
Thrifts & Mortgage Finance -- 3.6%
1,611,951 Access Point Funding I 2015-A LLC, 2.61%,
4/15/20 (144A) $ 1,609,936
24,903 6.21 ACE Securities Corp., Manufactured Housing Trust
Series 2003-MH1, Floating Rate Note,
8/15/30 (144A) 24,861
2,200,000 1.68 American Homes 4 Rent 2014-SFR1, Floating
Rate Note, 6/17/31 2,143,218
2,800,000 American Homes 4 Rent 2014-SFR3 Trust,
4.596%, 12/18/36 (144A) 2,719,164
700,000 American Homes 4 Rent 2014-SFR3 Trust,
5.04%, 12/18/36 (144A) 692,241
1,300,000 American Homes 4 Rent 2015-SFR1, 4.11%,
4/18/52 (144A) 1,212,684
2,600,000 Applebee's Funding LLC/ IHOP Funding LLC,
4.277%, 9/5/44 (144A) 2,632,874
2,200,000 Ascentium Equipment Receivables 2015-1 LLC,
3.24%, 1/10/22 (144A) 2,201,659
699,990 Axis Equipment Finance Receivables III LLC,
3.41%, 4/20/20 (144A) 697,267
1,075,984 B2R Mortgage Trust 2015-1, 2.524%,
5/15/48 (144A) 1,052,382
266,274 0.92 Bayview Financial Mortgage Pass-Through Trust
2005-C, Floating Rate Note, 6/28/44 264,451
1,335,132 Bayview Financial Mortgage Pass-Through Trust
2006-A, 5.865%, 2/28/41 (Step) 1,398,794
622,696 0.87 Bayview Financial Mortgage Pass-Through Trust
Series 2005-B, Floating Rate Note, 4/28/39 618,948
1,650,000 BCC Funding Corp., X, 3.622%, 11/20/20 (144A) 1,647,162
1,195,858 0.92 Bear Stearns Asset Backed Securities I Trust
2005-FR1, Floating Rate Note, 6/25/35 1,186,545
734,498 0.91 Bear Stearns Asset Backed Securities Trust
2006-SD2, Floating Rate Note, 6/25/36 719,823
2,444,169 BXG Receivables Note Trust 2015-A, 2.88%,
5/2/30 (144A) 2,422,363
3,000,000 Capital Automotive Real Estate Investment Trust,
3.66%, 10/17/44 (144A) 3,014,199
7,006 0.82 Carrington Mortgage Loan Trust Series 2005-NC4,
Floating Rate Note, 9/25/35 6,998
400,000 1.39 Chesapeake Funding LLC, Floating Rate Note, 3/4/26 399,888
1,400,000 CIT Equipment Collateral 2014-VT1, 2.65%,
2/20/20 (144A) 1,406,080
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/15 19
Schedule of Investments | 12/31/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
831,292 1.17 Citigroup Mortgage Loan Trust, Inc., Floating Rate
Note, 5/25/35 (144A) $ 827,364
4,990,918 Colony American Finance 2015-1, Ltd., 2.896%,
10/17/47 (144A) 4,911,287
1,800,000 2.18 Colony American Homes 2014-1, Floating Rate
Note, 5/19/31 (144A) 1,747,017
1,262,048 Consumer Credit Origination Loan Trust 2015-1,
2.82%, 3/15/21 (144A) 1,261,856
1,935,480 4.75 Countrywide Asset-Backed Certificates, Floating
Rate Note, 12/25/35 1,974,020
774,985 0.52 Credit-Based Asset Servicing and Securitization
LLC, Floating Rate Note, 7/25/36 768,377
524,355 1.47 CWABS Asset-Backed Certificates Trust 2004-7,
Floating Rate Note, 12/25/34 522,606
4,962,500 DB Master Finance LLC 2015-1, 3.98%,
2/21/45 (144A) 4,947,307
1,004,633 3.17 Drug Royalty II LP 2, Floating Rate Note,
7/15/23 (144A) 1,016,496
719,625 GMAT 2013-1 Trust, 3.9669%, 8/25/53 (Step) 727,034
425,088 1.17 GSAMP Trust 2005-HE1, Floating Rate Note,
12/25/34 418,383
1,222,823 1.77 GSRPM Mortgage Loan Trust 2003-2, Floating
Rate Note, 6/25/33 1,179,275
584,752 0.72 GSRPM Mortgage Loan Trust 2006-2, Floating
Rate Note, 9/25/36 (144A) 557,969
2,973,750 HOA Funding LLC, 4.846%, 8/22/44 (144A) 2,703,232
265,499 0.80 Home Equity Asset Trust 2005-7, Floating Rate
Note, 1/25/36 264,676
1,269,306 0.79 Home Equity Mortgage Loan Asset-Backed Trust
Series INABS 2005-C, Floating Rate Note, 10/25/35 1,256,443
854,322 1.60 HSBC Home Equity Loan Trust USA 2007-3,
Floating Rate Note, 11/20/36 851,587
1,451,293 Icon Brand Holdings LLC, 4.229%, 1/26/43 (144A) 1,340,096
329,518 Icon Brand Holdings LLC, 4.352%, 1/25/43 (144A) 331,017
1,700,000 1.53 Invitation Homes 2014-SFR3 Trust, Floating Rate
Note, 12/18/31 (144A) 1,668,607
190,237 Irwin Home Equity Loan Trust 2005-1, 5.82%,
6/25/35 (Step) 188,586
2,965,893 0.66 Irwin Home Equity Loan Trust 2005-1, Floating
Rate Note, 6/25/25 2,779,003
528,492 1.92 Irwin Whole Loan Home Equity Trust 2003-C,
Floating Rate Note, 6/25/28 522,076
550,000 Leaf Receivables Funding 10 LLC, 2.74%,
3/15/21 (144A) 539,244
881,386 Leaf Receivables Funding 8 LLC, 1.92%,
9/15/20 (144A) 881,580
226,420 Lehman ABS Manufactured Housing Contract
Trust 2001-B, 3.01%, 5/15/41 227,402
The accompanying notes are an integral part of these financial statements.
20 Pioneer Bond Fund | Semiannual Report | 12/31/15
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
229,137 Lehman ABS Manufactured Housing Contract
Trust 2001-B, 5.873%, 5/15/41 $ 240,522
949,015 Nations Equipment Finance Funding II LLC,
3.276%, 1/22/19 (144A) 947,098
192,918 0.57 Nationstar Home Equity Loan Trust 2007-A,
Floating Rate Note, 3/25/37 189,377
908,073 1.12 New Century Home Equity Loan Trust 2005-1,
Floating Rate Note, 3/25/35 901,333
1,050,000 NextGear Floorplan Master Owner Trust, 1.92%,
10/15/19 (144A) 1,040,851
1,000,000 NextGear Floorplan Master Owner Trust, 2.61%,
10/15/19 (144A) 983,241
430,000 2.07 NovaStar Mortgage Funding Trust Series 2004-4,
Floating Rate Note, 3/25/35 424,392
493,061 5.91 Origen Manufactured Housing Contract Trust
2004-A, Floating Rate Note, 1/15/35 513,495
319,578 5.46 Origen Manufactured Housing Contract Trust
2004-B, Floating Rate Note, 11/15/35 323,584
1,600,000 Oxford Finance Funding Trust 2014-1, 3.475%,
12/15/22 (144A) 1,591,904
1,000,000 1.18 PFS Financing Corp., Floating Rate Note,
10/15/19 (144A) 988,346
3,200,000 Progreso Receivables Funding III LLC, 3.625%,
1/30/25 (144A) 3,193,546
2,000,000 Progreso Receivables Funding LLC, 3.0%,
7/8/20 (144A) 1,977,067
180,000 2.58 Progress Residential 2014-SFR1 Trust, Floating
Rate Note, 10/17/31 (144A) 176,034
2,700,000 2.73 Progress Residential 2015-SFR1 Trust, Floating
Rate Note, 2/20/32 (144A) 2,649,636
736,500 0.67 RAAC Series 2006-RP2 Trust, Floating Rate Note,
2/25/37 (144A) 727,689
3,360,000 2.38 Silver Bay Realty 2014-1 Trust, Floating Rate Note,
9/18/31 (144A) 3,263,986
786,404 Skopos Auto Receivables Trust 2015-1, 3.1%,
12/15/23 (144A) 782,888
1,557,036 SpringCastle America Funding LLC, 2.7%,
5/25/23 (144A) 1,553,596
1,200,000 Springleaf Funding Trust 2014-A, 2.41%,
12/15/22 (144A) 1,196,591
1,395,333 Store Master Funding I LLC, 3.75%, 4/20/45 (144A) 1,384,332
286,723 Store Master Funding LLC, 4.16%, 3/20/43 (144A) 293,526
1,994,577 Store Master Funding LLC, 5.77%, 8/20/42 (144A) 2,089,678
862,048 0.62 Structured Asset Investment Loan Trust 2006-1,
Floating Rate Note, 1/25/36 845,109
1,233,446 0.64 Structured Asset Securities Corp., Mortgage Loan
Trust 2006-GEL4, Floating Rate Note,
10/25/36 (144A) 1,224,246
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/15 21
Schedule of Investments | 12/31/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
54,519 Structured Asset Securities Corp., 4.77%,
10/25/34 (Step) $ 56,480
1,209,153 Sunset Mortgage Loan Co., 2014-NPL2 LLC,
3.721%, 11/16/44 (Step) (144A) 1,203,107
454,764 SVO 2012-A VOI Mortgage LLC, 2.0%,
9/20/29 (144A) 448,176
771,441 1.36 Terwin Mortgage Trust Series TMTS 2003-8HE,
Floating Rate Note, 12/25/34 751,315
282,362 Terwin Mortgage Trust Series TMTS 2005-12ALT,
4.94159%, 7/25/36 (Step) 285,001
2,358,271 Terwin Mortgage Trust Series TMTS 2005-16HE,
4.29956%, 9/25/36 (Step) 2,425,553
800,000 2.58 Trafigura Securitisation Finance Plc 2014-1,
Floating Rate Note, 4/16/18 (144A) 796,976
2,140,000 United Auto Credit Securitization Trust 2015-1,
2.92%, 6/17/19 (144A) 2,123,916
2,985,777 US Residential Opportunity Fund III Trust 2015-1,
3.7213%, 1/29/35 (144A) 2,966,378
1,596,818 VOLT XXXI LLC, 3.375%, 2/25/55 (Step) (144A) 1,574,485
3,425,235 VOLT XXXIII LLC, 3.5%, 3/25/55 (Step) (144A) 3,365,374
2,642,056 VOLT XXXVI LLC, 3.625%, 7/25/45 (Step) (144A) 2,604,510
3,237,069 VOLT XXXVII LLC, 3.625%, 7/25/45 (Step) (144A) 3,200,071
1,689,073 Welk Resorts 2015-A LLC, 2.79%, 6/16/31 (144A) 1,662,929
1,000,000 Westlake Automobile Receivables Trust 2015-3,
3.05%, 5/17/21 (144A) 992,867
4,118,073 3.50 WinWater Mortgage Loan Trust 2015-5, Floating
Rate Note, 8/20/45 (144A) 4,114,857
-----------------
$ 120,558,139
-----------------
Total Banks $ 120,558,139
----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.8%
Other Diversified Financial Services -- 0.3%
500,000 American Credit Acceptance Receivables Trust
2014-1, 5.2%, 4/12/21 (144A) $ 504,612
499,944 AXIS Equipment Finance Receivables II LLC,
4.94%, 7/20/18 (144A) 508,613
371,032 CNH Equipment Trust 2013-A, 0.69%, 6/15/18 370,843
745,741 Diamond Resorts Owner Trust 2015-1, 3.17%,
7/20/27 (144A) 737,784
630,641 Mid-State Capital Trust 2010-1, 5.25%,
12/15/45 (144A) 658,215
803,835 Sierra Timeshare 2012-2 Receivables Funding
LLC, 2.38%, 3/20/29 (144A) 803,983
158,959 Sierra Timeshare 2012-3 Receivables Funding
LLC, 1.87%, 8/20/29 (144A) 158,060
3,300,000 Spirit Master Funding LLC, 4.6291%,
1/20/45 (144A) 3,362,712
The accompanying notes are an integral part of these financial statements.
22 Pioneer Bond Fund | Semiannual Report | 12/31/15
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- (continued)
267,436 Spirit Master Funding LLC, 5.74%, 3/20/42 (144A) $ 285,034
875,000 Spirit Master Funding VII LLC, 3.8868%,
12/21/43 (144A) 892,344
-----------------
$ 8,282,200
----------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.3%
5,500,000 Domino's Pizza Master Issuer LLC, 3.484%,
10/25/45 (144A) $ 5,390,000
2,476,174 Domino's Pizza Master Issuer LLC, 5.216%,
1/27/42 (144A) 2,547,071
2,920,000 Hercules Capital Funding Trust 2014-1, 3.524%,
4/16/21 (144A) 2,908,138
617,956 JG Wentworth XXII LLC, 3.82%, 12/15/48 (144A) 633,218
-----------------
$ 11,478,427
----------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.1%
51,007 California Republic Auto Receivables Trust 2012-1,
1.18%, 8/15/17 (144A) $ 50,999
4,440 First Investors Auto Owner Trust 2012-2, 1.47%,
5/15/18 (144A) 4,441
1,200,000 First Investors Auto Owner Trust 2013-1, 2.02%,
1/15/19 (144A) 1,193,513
2,100,000 First Investors Auto Owner Trust 2014-3, 2.97%,
11/16/20 (144A) 2,090,367
510,000 First Investors Auto Owner Trust 2015-1, 3.59%,
1/18/22 (144A) 501,015
17,623 Santander Drive Auto Receivables Trust 2012-1,
3.78%, 11/15/17 17,637
637,599 Santander Drive Auto Receivables Trust 2012-5,
2.7%, 8/15/18 640,820
-----------------
$ 4,498,792
----------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.1%
492,637 Horizon Funding Trust 2013-1, 3.0%,
5/15/18 (144A) $ 497,255
1,195,544 Newstar Commercial Lease Funding 2015-1 LLC,
3.27%, 4/15/19 (144A) 1,190,026
-----------------
$ 1,687,281
----------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.0%+
1,600,000 2.02 Chesapeake Funding LLC, Floating Rate Note,
2/7/27 (144A) $ 1,602,948
-----------------
Total Diversified Financials $ 27,549,648
----------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $160,690,560) $ 159,550,588
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/15 23
Schedule of Investments | 12/31/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 17.0%
BANKS -- 16.2%
Thrifts & Mortgage Finance -- 16.2%
342,857 A10 Securitization 2013-1 LLC, 2.4%,
11/17/25 (144A) $ 342,931
1,772,845 A10 Term Asset Financing 2013-2 LLC, 2.62%,
11/15/27 (144A) 1,776,464
7,587,680 3.50 Agate Bay Mortgage Trust 2015-1, Floating Rate
Note, 1/25/45 (144A) 7,577,012
5,635,826 3.50 Agate Bay Mortgage Trust 2015-2, Floating Rate
Note, 3/25/45 (144A) 5,732,914
4,740,311 3.50 Agate Bay Mortgage Trust 2015-5, Floating Rate
Note, 7/25/45 (144A) 4,769,563
327,882 0.87 Alternative Loan Trust 2003-14T1, Floating Rate
Note, 8/25/18 285,502
1,396,382 Alternative Loan Trust 2003-21T1, 5.75%, 12/25/33 1,422,198
5,000,000 2.08 Arbor Realty Collateralized Loan Obligation
2015-FL1, Ltd., Floating Rate Note, 3/15/25 (144A) 5,000,000
2,580,000 2.53 BAMLL Commercial Mortgage Securities Trust
2014-FL1, Floating Rate Note, 12/17/31 (144A) 2,567,463
1,600,000 2.15 BAMLL Commercial Mortgage Securities Trust
2014-INLD, Floating Rate Note, 12/17/29 (144A) 1,595,922
4,200,000 1.91 BAMLL Commercial Mortgage Securities Trust
2015-ASHF, Floating Rate Note, 1/18/28 (144A) 4,194,834
5,250,000 2.47 BAMLL Re-REMIC Trust 2014-FRR7, Floating Rate
Note, 10/26/44 (144A) 5,160,900
534,737 Banc of America Alternative Loan Trust 2003-2,
5.75%, 4/25/33 553,735
964,394 Banc of America Alternative Loan Trust 2004-6,
5.0%, 7/25/19 987,876
549,724 Banc of America Funding 2003-3 Trust, 5.5%,
10/25/33 569,641
997,603 2.75 Banc of America Mortgage 2003-F Trust, Floating
Rate Note, 7/25/33 1,002,391
635,009 Banc of America Mortgage Trust 2004-11, 5.75%,
1/25/35 648,844
780,382 Banc of America Mortgage Trust 2004-9, 5.5%,
11/25/34 793,929
831,898 0.98 Bear Stearns ALT-A Trust 2005-1, Floating Rate
Note, 1/25/35 809,425
2,798,043 2.73 Bear Stearns ARM Trust 2003-6, Floating Rate
Note, 8/25/33 2,774,635
1,000,000 5.21 Bear Stearns Commercial Mortgage Securities
Trust 2005-PWR7, Floating Rate Note, 2/11/41 998,745
836,517 5.62 Bear Stearns Commercial Mortgage Securities
Trust 2006-TOP22, Floating Rate Note, 4/12/38 836,846
1,460,957 1.10 Bella Vista Mortgage Trust 2004-1, Floating Rate
Note, 11/20/34 1,300,248
The accompanying notes are an integral part of these financial statements.
24 Pioneer Bond Fund | Semiannual Report | 12/31/15
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,210,000 2.28 BLCP Hotel Trust, Floating Rate Note,
8/15/29 (144A) $ 2,167,714
2,460,000 2.18 Carefree Portfolio Trust 2014-CARE, Floating
Rate Note, 11/15/29 (144A) 2,473,827
4,000,000 2.83 CDGJ Commercial Mortgage Trust 2014-BXCH,
Floating Rate Note, 12/15/27 (144A) 3,952,334
430,734 2.86 CHL Mortgage Pass-Through Trust 2003-56,
Floating Rate Note, 12/25/33 434,174
5,000,000 Citigroup Commercial Mortgage Trust 2014-GC25
REMICS, 3.371%, 10/11/47 5,090,426
4,178,749 3.75 Citigroup Mortgage Loan Trust 2015-PS1, Floating
Rate Note, 9/25/42 (144A) 4,245,609
2,729,220 2.29 Citigroup Mortgage Loan Trust, Inc., REMICS,
Floating Rate Note, 8/25/34 2,705,617
977,319 Citigroup Mortgage Loan Trust, Inc., 5.5%, 9/25/34 1,050,704
1,000,000 4.65 City Center Trust 2011-CCHP, Floating Rate Note,
7/17/28 (144A) 1,004,926
2,677,338 Colony Multifamily Mortgage Trust 2014-1,
2.5432%, 4/22/50 (144A) 2,647,506
450,000 COMM 2012-CCRE2 Mortgage Trust REMICS,
3.791%, 8/17/45 464,099
850,000 COMM 2012-CCRE2 Mortgage Trust, 3.147%,
8/15/45 857,893
915,000 COMM 2012-CCRE4 Mortgage Trust, 2.436%,
10/17/45 910,610
4,000,000 COMM 2012-LC4 Mortgage Trust, 4.063%,
12/12/44 4,200,046
4,200,000 5.34 COMM 2013-CCRE11 Mortgage Trust, Floating
Rate Note, 8/12/50 (144A) 4,370,099
1,900,000 COMM 2013-LC6 Mortgage Trust, 2.941%, 1/12/46 1,889,699
3,800,000 2.48 COMM 2014-FL5 Mortgage Trust, Floating Rate
Note, 10/17/31 (144A) 3,809,096
4,150,000 2.08 COMM 2014-SAVA Mortgage Trust, Floating Rate
Note, 6/15/34 (144A) 4,136,946
1,750,000 3.81 COMM 2015-CCRE23 Mortgage Trust, Floating
Rate Note, 5/12/48 (144A) 1,770,862
5,204,000 4.70 COMM 2015-CCRE25 Mortgage Trust, Floating
Rate Note, 8/12/48 5,361,801
3,850,000 Commercial Mortgage Pass Through Certificates,
2.822%, 10/17/45 3,806,269
2,354,452 Credit Suisse Commercial Mortgage Trust Series
2007-C1, 5.361%, 2/15/40 2,418,572
160,549 Credit Suisse First Boston Mortgage Securities
Corp., 5.5%, 6/25/33 162,681
2,700,000 2.58 CSMC 2015-TWNI Trust, Floating Rate Note,
3/15/28 (144A) 2,675,939
7,381,207 1.55 CSMC Trust 2013-IVR2, Floating Rate Note,
4/27/43 (144A) 6,918,961
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/15 25
Schedule of Investments | 12/31/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,892,834 3.00 CSMC Trust 2013-IVR4, Floating Rate Note,
7/27/43 (144A) $ 2,894,539
2,094,285 3.00 CSMC Trust 2013-IVR4, Floating Rate Note,
7/27/43 (144A) 2,091,018
5,006,393 3.00 CSMC Trust 2014-WIN1, Floating Rate Note,
9/25/44 (144A) 5,019,690
8,254,780 CSMC Trust 2015-2, 3.0%, 2/25/45 8,293,442
4,782,550 CSMC Trust 2015-2, 3.5%, 2/25/45 (144A) 4,846,172
1,900,000 5.58 DBUBS 2011-LC3 Mortgage Trust, Floating Rate
Note, 8/12/44 (144A) 2,116,685
1,895,000 1.50 Del Coronado Trust 2013-DEL, Floating Rate
Note, 3/16/26 (144A) 1,893,638
4,012,912 3.50 EverBank Mortgage Loan Trust REMICS, Floating
Rate Note, 4/25/43 (144A) 4,000,299
4,630,000 3.38 GAHR Commercial Mortgage Trust 2015-NRF,
Floating Rate Note, 12/15/34 (144A) 4,519,024
747,310 Global Mortgage Securitization, Ltd., 5.25%, 4/25/32 722,979
1,799,294 0.69 Global Mortgage Securitization, Ltd., Floating
Rate Note, 4/25/32 1,723,653
2,800,000 GS Mortgage Securities Corp., Trust 2012-SHOP,
2.933%, 6/6/31 (144A) 2,836,554
1,250,000 GS Mortgage Securities Corp. II, 3.377%, 5/10/45 1,279,144
1,000,000 GS Mortgage Securities Corp. II, 3.682%,
2/10/46 (144A) 987,335
755,003 GS Mortgage Securities Corp. II, 5.56%, 11/10/39 753,704
876,715 2.86 GSR Mortgage Loan Trust 2005-AR1, Floating
Rate Note, 1/25/35 882,355
5,849,000 2.07 Homestar Mortgage Acceptance Corp., Floating
Rate Note, 1/25/35 5,694,168
2,100,000 2.03 Hyatt Hotel Portfolio Trust 2015-HYT, Floating Rate
Note, 11/15/29 (144A) 2,107,977
494,498 1.22 Impac CMB Trust Series 2004-6, Floating Rate
Note, 10/25/34 471,356
234,981 0.57 Impac Secured Assets Trust 2006-2, Floating
Rate Note, 8/25/36 229,625
923,989 0.62 Impac Secured Assets Trust 2006-5, Floating
Rate Note, 12/25/36 868,698
4,260,234 JP Morgan Chase Commercial Mortgage Securities
Corp., 2.84%, 12/17/47 4,198,769
4,800,000 5.56 JP Morgan Chase Commercial Mortgage Securities
Trust 2006-LDP6, Floating Rate Note, 4/15/43 4,817,550
382,804 0.49 JP Morgan Chase Commercial Mortgage Securities
Trust 2006-LDP9, Floating Rate Note, 5/15/47 380,016
1,600,000 JP Morgan Chase Commercial Mortgage Securities
Trust 2010-C2, 3.6159%, 11/15/43 (144A) 1,635,420
1,350,000 JP Morgan Chase Commercial Mortgage Securities
Trust 2011-C5, 4.1712%, 8/17/46 1,437,606
The accompanying notes are an integral part of these financial statements.
26 Pioneer Bond Fund | Semiannual Report | 12/31/15
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,200,000 3.98 JP Morgan Chase Commercial Mortgage Securities
Trust 2012-C8, Floating Rate Note,
10/17/45 (144A) $ 1,215,430
5,000,000 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-C20 REMICS, 3.8046%, 7/17/47 5,149,011
4,600,000 2.28 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-CBM, Floating Rate Note,
10/15/29 (144A) 4,552,466
2,200,000 2.53 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-FL4 REMICS, Floating Rate Note,
12/16/30 (144A) 2,194,681
900,000 2.43 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-FL5 REMICS, Floating Rate Note,
7/15/31 (144A) 891,927
1,260,000 1.68 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-FL5, Floating Rate Note, 7/15/31 (144A) 1,254,897
4,600,000 2.58 JP Morgan Chase Commercial Mortgage Securities
Trust 2015-COSMO, Floating Rate Note,
1/15/32 (144A) 4,563,694
4,000,000 3.08 JP Morgan Chase Commercial Mortgage Securities
Trust 2015-SGP, Floating Rate Note, 7/15/36 (144A) 3,993,245
186,976 2.62 JP Morgan Mortgage Trust 2003-A1, Floating Rate
Note, 10/25/33 186,032
1,316,610 2.65 JP Morgan Mortgage Trust 2004-A1, Floating Rate
Note, 2/25/34 1,341,692
493,255 2.57 JP Morgan Mortgage Trust 2004-A1, Floating Rate
Note, 2/25/34 499,785
596,258 JP Morgan Mortgage Trust 2004-S1, 5.0%, 9/25/34 615,124
2,309,471 3.00 JP Morgan Mortgage Trust 2013-1, Floating Rate
Note, 3/25/43 (144A) 2,347,846
5,550,115 3.00 JP Morgan Mortgage Trust 2013-1, Floating Rate
Note, 3/25/43 (144A) 5,426,903
7,051,363 2.50 JP Morgan Mortgage Trust 2013-1, Floating Rate
Note, 3/25/43 (144A) 6,986,709
1,777,955 3.53 JP Morgan Mortgage Trust 2013-1, Floating Rate
Note, 3/25/43 (144A) 1,760,221
1,359,818 3.50 JP Morgan Mortgage Trust 2013-2, Floating Rate
Note, 5/25/43 (144A) 1,368,531
1,379,336 3.50 JP Morgan Mortgage Trust 2014-1 REMICS,
Floating Rate Note, 1/25/44 (144A) 1,394,673
7,751,679 3.00 JP Morgan Mortgage Trust 2014-2, Floating Rate
Note, 6/25/29 (144A) 7,830,405
6,968,961 3.42 JP Morgan Mortgage Trust 2014-2, Floating Rate
Note, 6/25/29 (144A) 7,108,609
1,408,468 3.43 JP Morgan Mortgage Trust 2014-2, Floating Rate
Note, 6/25/29 (144A) 1,368,829
4,927,602 3.00 JP Morgan Mortgage Trust 2014-5, Floating Rate
Note, 10/25/29 (144A) 4,993,045
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/15 27
Schedule of Investments | 12/31/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,361,304 3.04 JP Morgan Mortgage Trust 2014-5, Floating Rate
Note, 10/25/29 (144A) $ 2,330,260
5,822,727 4.08 JP Morgan Mortgage Trust 2014-OAK4, Floating
Rate Note, 9/25/44 (144A) 6,031,124
8,999,940 3.50 JP Morgan Mortgage Trust 2015-4, Floating Rate
Note, 6/26/45 (144A) 9,130,814
7,014,007 0.92 JP Morgan Seasoned Mortgage Trust 2014-1,
Floating Rate Note, 5/25/33 (144A) 6,692,195
6,021,710 3.00 JP Morgan Trust 2015-3 REMICS, Floating Rate
Note, 5/25/45 (144A) 6,017,338
3,298,913 3.74 JP Morgan Trust 2015-3 REMICS, Floating Rate
Note, 5/25/45 (144A) 3,227,935
4,902,841 3.50 JP Morgan Trust 2015-6, Floating Rate Note,
10/25/45 (144A) 4,897,518
438,445 2.50 La Hipotecaria Panamanian Mortgage Trust 2010-1,
Floating Rate Note, 9/8/39 (144A) 453,133
3,801,808 3.26 La Hipotecaria Panamanian Mortgage Trust 2014-1,
Floating Rate Note, 11/24/42 (144A) 3,887,349
105,686 LB-UBS Commercial Mortgage Trust 2004-C1,
4.568%, 1/15/31 106,042
173,711 1.17 Lehman Brothers Small Balance Commercial
Mortgage Trust 2007-3 Class 1A4, Floating Rate
Note, 10/25/37 (144A) 172,948
3,690,000 3.47 LSTAR Commercial Mortgage Trust 2015-3, Floating
Rate Note, 4/22/48 (144A) 3,581,145
2,317,335 2.24 LSTAR Securities Investment Trust 2015-3, Floating
Rate Note, 3/1/20 (144A) 2,283,961
5,169,477 2.19 LSTAR Securities Investment Trust 2015-4, Floating
Rate Note, 4/1/20 (144A) 5,095,166
1,945,457 2.19 LSTAR Securities Investment Trust 2015-5, Floating
Rate Note, 4/1/20 (144A) 1,917,324
690,154 0.77 Mellon Residential Funding Corp. Mortgage
Pass-Through Trust Series 2000-TBC3, Floating
Rate Note, 12/15/30 658,187
1,477,606 0.78 Merrill Lynch Mortgage Investors Trust Series
MLCC 2004-G, Floating Rate Note, 1/25/30 1,390,988
3,000,000 3.00 Mill City Mortgage Trust 2015-2, Floating Rate
Note, 9/25/57 (144A) 3,011,490
3,899,736 Morgan Stanley Capital I Trust 2007-HQ13,
5.569%, 12/15/44 4,058,096
2,385,000 1.04 Morgan Stanley Mortgage Loan Trust 2005-6AR,
Floating Rate Note, 11/25/35 2,028,500
3,838,352 3.75 New Residential Mortgage Loan Trust 2014-2,
Floating Rate Note, 5/26/54 (144A) 3,897,783
2,868,701 3.75 New Residential Mortgage Loan Trust 2014-3,
Floating Rate Note, 11/25/54 (144A) 2,914,752
9,844,461 3.75 New Residential Mortgage Loan Trust 2015-1,
Floating Rate Note, 5/28/52 (144A) 9,835,828
The accompanying notes are an integral part of these financial statements.
28 Pioneer Bond Fund | Semiannual Report | 12/31/15
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
6,253,508 3.32 NRP Mortgage Trust 2013-1, Floating Rate
Note, 7/25/43 $ 6,158,816
4,122,117 3.32 NRP Mortgage Trust 2013-1, Floating Rate Note,
7/25/43 (144A) 4,018,451
4,748,881 3.25 NRP Mortgage Trust 2013-1, Floating Rate Note,
7/25/43 (144A) 4,658,623
4,866,034 3.25 NRP Mortgage Trust 2013-1, Floating Rate Note,
7/25/43 (144A) 4,860,221
5,784,060 0.81 Opteum Mortgage Acceptance Corp Trust 2005-4,
Floating Rate Note, 11/25/35 5,343,818
433,628 ORES 2014-LV3 LLC, 3.0%, 3/27/24 (144A) 432,934
292,598 RAAC Series 2004-SP2 Trust, 6.0%, 1/25/32 297,593
856,181 0.77 RALI Series 2003-QS13 Trust, Floating Rate
Note, 7/25/33 792,322
259,139 RALI Series 2003-QS14 Trust, 5.0%, 7/25/18 262,079
693,521 RALI Series 2004-QS3 Trust, 5.0%, 3/25/19 695,118
2,854,792 1.94 RESI Finance LP 2003-CB1, Floating Rate
Note, 7/9/35 2,698,478
2,919,922 RREF 2015-LT7 LLC, 3.0%, 12/25/32 (144A) 2,918,103
5,031,915 1.81 Sequoia Mortgage Trust 2012-6, Floating Rate
Note, 12/26/42 4,607,548
6,975,666 3.58 Sequoia Mortgage Trust 2013-10, Floating Rate
Note, 8/25/43 (144A) 6,888,662
4,301,266 1.87 Sequoia Mortgage Trust 2013-2, Floating Rate
Note, 2/25/43 3,928,435
7,480,661 3.53 Sequoia Mortgage Trust 2013-3, Floating Rate
Note, 3/25/43 7,492,523
7,527,716 2.33 Sequoia Mortgage Trust 2013-4 REMICS, Floating
Rate Note, 4/27/43 7,013,297
283,692 1.55 Sequoia Mortgage Trust 2013-4, Floating Rate
Note, 4/27/43 274,587
6,233,115 3.50 Sequoia Mortgage Trust 2013-4, Floating Rate
Note, 4/27/43 6,205,206
2,960,268 2.50 Sequoia Mortgage Trust 2013-5 REMICS, Floating
Rate Note, 5/25/43 (144A) 2,787,856
2,644,528 3.00 Sequoia Mortgage Trust 2013-5 REMICS, Floating
Rate Note, 5/25/43 (144A) 2,583,373
7,221,373 2.50 Sequoia Mortgage Trust 2013-6, Floating Rate
Note, 5/26/43 6,918,133
11,239,235 2.50 Sequoia Mortgage Trust 2013-7, Floating Rate
Note, 6/25/43 10,567,106
3,817,677 3.00 Sequoia Mortgage Trust 2013-7, Floating Rate
Note, 6/25/43 3,730,586
636,786 2.25 Sequoia Mortgage Trust 2013-8, Floating Rate
Note, 6/25/43 611,962
714,286 3.00 Sequoia Mortgage Trust 2013-8, Floating Rate
Note, 6/25/43 691,518
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/15 29
Schedule of Investments | 12/31/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
6,316,706 3.55 Sequoia Mortgage Trust 2013-8, Floating Rate
Note, 6/25/43 $ 6,333,981
1,690,986 Sequoia Mortgage Trust 2013-9, 3.5%, 7/27/43
(144A) 1,698,120
6,449,946 3.00 Sequoia Mortgage Trust 2015-1, Floating Rate Note,
1/25/45 (144A) 6,280,435
9,146,593 3.50 Sequoia Mortgage Trust 2015-2, Floating Rate Note,
5/25/45 (144A) 9,116,583
4,975,000 3.00 Sequoia Mortgage Trust 2015-4, Floating Rate Note,
11/25/30 (144A) 5,024,748
44,839 3.00 Sequoia Mortgage Trust, Floating Rate Note, 9/25/42 43,662
750,000 3.79 Springleaf Mortgage Loan Trust 2013-1, Floating
Rate Note, 6/25/58 (144A) 751,889
1,317,280 2.10 Springleaf Mortgage Loan Trust 2013-1, Floating
Rate Note, 6/25/58 (144A) 1,315,986
597,273 2.47 Structured Adjustable Rate Mortgage Loan Trust,
Floating Rate Note, 1/25/35 590,403
452,883 2.54 Structured Adjustable Rate Mortgage Loan Trust,
Floating Rate Note, 11/25/34 447,818
1,938,942 0.94 Structured Asset Mortgage Investments Trust
2003-AR2, Floating Rate Note, 12/19/33 1,862,907
3,502,782 Structured Asset Securities Corp., Trust 2005-17,
5.5%, 10/25/35 3,603,727
555,650 2.59 Structured Asset Securities Corp., Mortgage
Certificates Series 2003-31A, Floating Rate
Note, 10/25/33 551,264
604,951 0.52 Structured Asset Securities Corp., Trust 2005-14,
Floating Rate Note, 7/25/35 510,804
648,368 2.25 Thornburg Mortgage Securities Trust 2003-3,
Floating Rate Note, 6/25/43 640,853
4,470,000 TimberStar Trust I REMICS, 5.668%, 10/15/36 (144A) 4,584,533
1,435,000 TimberStar Trust I, 5.7467%, 10/15/36 (144A) 1,467,216
6,663,479 Towd Point Mortgage Trust 2015-1, 2.75%,
11/25/60 (144A) 6,585,587
5,100,000 UBS Commercial Mortgage Trust 2012-C1,
3.4%, 5/12/45 5,193,346
1,769,106 2.42 Velocity Commercial Capital Loan Trust 2014-1,
Floating Rate Note, 9/25/44 (144A) 1,751,415
3,356,821 2.83 Velocity Commercial Capital Loan Trust 2015-1,
Floating Rate Note, 6/25/45 (144A) 3,373,606
433,123 VFC 2015-3 LLC, 2.75%, 12/20/31 (144A) 432,635
1,907,693 VOLT XXX LLC, 3.625%, 10/25/57 (Step) (144A) 1,901,465
1,753,994 WaMu Mortgage Pass-Through Certificates Series
2003-S10, 4.5%, 10/25/18 1,764,315
1,489,040 Wells Fargo Commercial Mortgage Trust 2010-C1,
3.349%, 11/18/43 (144A) 1,527,903
1,927,000 Wells Fargo Commercial Mortgage Trust 2012-LC5
REMICS, 3.539%, 10/17/45 1,958,978
The accompanying notes are an integral part of these financial statements.
30 Pioneer Bond Fund | Semiannual Report | 12/31/15
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
4,500,000 Wells Fargo Commercial Mortgage Trust 2014-LC16
REMICS, 3.477%, 8/17/50 $ 4,602,401
5,300,000 2.18 Wells Fargo Commercial Mortgage Trust 2014-TISH
REMICS, Floating Rate Note, 2/16/27 (144A) 5,193,590
2,500,094 2.95 Wells Fargo Credit Risk Transfer Securities Trust
2015, Floating Rate Note, 11/25/25 (144A) 2,501,144
350,000 5.39 WF-RBS Commercial Mortgage Trust 2011-C2,
Floating Rate Note, 2/15/44 (144A) 371,055
1,323,000 5.65 WF-RBS Commercial Mortgage Trust 2011-C2,
Floating Rate Note, 2/15/44 (144A) 1,389,702
4,800,000 WFRBS Commercial Mortgage Trust 2013-C16,
4.136%, 9/17/46 5,093,984
6,893,205 3.50 WinWater Mortgage Loan Trust 2015-3 REMICS,
Floating Rate Note, 3/20/45 (144A) 6,918,841
7,994,790 3.50 WinWater Mortgage Loan Trust 2015-4, Floating
Rate Note, 6/20/45 (144A) 7,980,552
-----------------
$ 539,396,271
-----------------
Total Banks $ 539,396,271
----------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.8%
1,250,000 4.30 Federal Home Loan Mortgage Corp., Floating Rate
Note, 9/26/44 (144A) $ 1,272,222
2,380 Federal National Mortgage Association REMICS,
10.3%, 4/25/19 2,572
542,848 Federal National Mortgage Association REMICS,
4.5%, 6/25/29 580,133
2,311,340 Freddie Mac Whole Loan Securities Trust 2015-SC01,
3.5%, 5/25/45 2,335,320
850,000 5.44 FREMF Mortgage Trust 2010-K7, Floating Rate
Note, 5/25/29 (144A) 922,968
600,000 5.42 FREMF Mortgage Trust 2010-K8, Floating Rate
Note, 9/25/43 (144A) 647,764
890,000 5.20 FREMF Mortgage Trust 2010-K9 REMICS, Floating
Rate Note, 9/25/45 (144A) 960,298
5,380,000 4.93 FREMF Mortgage Trust 2011-K702, Floating Rate
Note, 4/25/44 (144A) 5,596,009
1,250,000 4.88 FREMF Mortgage Trust 2011-K703, Floating Rate
Note, 7/25/44 (144A) 1,303,949
900,000 3.30 FREMF Mortgage Trust 2013-K502, Floating Rate
Note, 3/27/45 (144A) 906,889
3,000,000 3.27 FREMF Mortgage Trust 2013-K713, Floating Rate
Note, 4/25/46 (144A) 2,982,634
2,401,000 3.08 FREMF Mortgage Trust 2014-K503, Floating Rate
Note, 10/25/47 (144A) 2,381,205
1,897,326 4.24 FREMF Mortgage Trust 2014-KF05 REMICS,
Floating Rate Note, 9/25/21 (144A) 1,898,578
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/15 31
Schedule of Investments | 12/31/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
Government -- (continued)
650,000 3.40 FREMF Mortgage Trust Class B, Floating Rate
Note, 11/25/46 (144A) $ 654,346
2,010,000 3.95 FREMF Mortgage Trust Class B, Floating Rate
Note, 6/25/47 (144A) 2,050,803
1,333,333 Government National Mortgage Association,
3.0%, 4/20/41 1,370,777
773,221 Government National Mortgage Association,
5.25%, 8/16/35 853,729
-----------------
$ 26,720,196
-----------------
Total Government $ 26,720,196
----------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $570,178,801) $ 566,116,467
----------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 39.8%
ENERGY -- 4.6%
Oil & Gas Drilling -- 0.4%
4,725,000 Ensco Plc, 4.5%, 10/1/24 $ 3,252,553
1,025,000 Pride International, Inc., 6.875%, 8/15/20 951,717
6,185,000 Rowan Companies, Inc., 4.75%, 1/15/24 4,398,265
5,505,000 Rowan Companies, Inc., 5.85%, 1/15/44 3,321,970
-----------------
$ 11,924,505
----------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.2%
2,250,000 Halliburton Co., 7.6%, 8/15/96 (144A) $ 2,787,394
675,000 Weatherford International, Ltd., Bermuda,
5.95%, 4/15/42 474,188
2,815,000 Weatherford International, Ltd., Bermuda,
9.625%, 3/1/19 2,741,106
-----------------
$ 6,002,688
----------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.6%
4,175,000 BP Capital Markets Plc, 3.062%, 3/17/22 $ 4,091,012
5,350,000 ConocoPhillips Co., 3.35%, 11/15/24 4,892,661
1,000,000 Rosneft Finance SA, 7.875%, 3/13/18 (144A) 1,063,984
10,050,000 Sinopec Group Overseas Development 2015,
Ltd., 2.5%, 4/28/20 (144A) 9,886,698
-----------------
$ 19,934,355
----------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.3%
1,500,000 Approach Resources, Inc., 7.0%, 6/15/21 $ 532,500
1,096,000 Canadian Natural Resources, Ltd., 6.5%, 2/15/37 1,021,045
1,010,000 EP Energy LLC, 9.375%, 5/1/20 643,875
901,000 Marathon Oil Corp., 5.9%, 3/15/18 911,206
2,360,000 Newfield Exploration Co., 5.375%, 1/1/26 1,952,900
1,400,000 Newfield Exploration Co., 5.625%, 7/1/24 1,193,500
345,396 Ras Laffan Liquefied Natural Gas Co., Ltd., III,
5.832%, 9/30/16 (144A) 352,290
The accompanying notes are an integral part of these financial statements.
32 Pioneer Bond Fund | Semiannual Report | 12/31/15
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- (continued)
4,150,000 WPX Energy, Inc., 7.5%, 8/1/20 $ 3,361,500
-----------------
$ 9,968,816
----------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.4%
4,198,000 EnLink Midstream Partners LP, 4.4%, 4/1/24 $ 3,323,968
3,800,000 Motiva Enterprises LLC, 6.85%, 1/15/40 (144A) 3,898,409
2,825,000 Valero Energy Corp., 6.625%, 6/15/37 2,840,309
2,890,000 Valero Energy Corp., 9.375%, 3/15/19 3,414,333
-----------------
$ 13,477,019
----------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 2.4%
5,550,000 Boardwalk Pipelines LP, 4.95%, 12/15/24 $ 4,825,892
5,425,000 Buckeye Partners LP, 4.15%, 7/1/23 4,648,129
2,900,000 DCP Midstream LLC, 9.75%, 3/15/19 (144A) 2,952,922
3,340,000 5.85 DCP Midstream LLC, Floating Rate Note,
5/21/43 (144A) 2,555,100
9,250,000 Enbridge Energy Partners LP, 7.375%, 10/15/45 8,862,212
3,825,000 Enterprise Products Operating LLC, 3.7%, 2/15/26 3,431,033
5,310,000 Enterprise Products Operating LLC, 3.9%, 2/15/24 4,954,272
4,675,000 Kinder Morgan Energy Partners LP, 4.25%, 9/1/24 3,976,728
7,100,000 Kinder Morgan, Inc. Delaware, 5.05%, 2/15/46 5,265,445
7,335,000 Kinder Morgan, Inc. Delaware, 5.55%, 6/1/45 5,725,921
5,325,000 Plains All American Pipeline LP, 4.65%, 10/15/25 4,648,464
5,300,000 Plains All American Pipeline LP, 4.9%, 2/15/45 3,811,654
3,500,000 Sabine Pass LNG LP, 6.5%, 11/1/20 3,395,000
2,475,000 Spectra Energy Capital LLC, 6.2%, 4/15/18 2,619,590
1,500,000 Spectra Energy Capital LLC, 6.75%, 7/15/18 1,612,944
2,200,000 Sunoco Logistics Partners Operations LP,
6.1%, 2/15/42 1,757,041
16,525,000 The Williams Companies, Inc., 5.75%, 6/24/44 9,811,818
2,475,000 The Williams Companies, Inc., 7.75%, 6/15/31 1,752,812
4,425,000 TransCanada PipeLines, Ltd., 1.875%, 1/12/18 4,407,526
-----------------
$ 81,014,503
----------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- 0.3%
5,275,000 CNOOC Nexen Finance 2014 ULC, 4.25%, 4/30/24 $ 5,316,799
4,750,000 Sinopec Group Overseas Development 2014, Ltd.,
4.375%, 4/10/24 (144A) 4,907,429
-----------------
$ 10,224,228
-----------------
Total Energy $ 152,546,114
----------------------------------------------------------------------------------------------------------
MATERIALS -- 2.1%
Commodity Chemicals -- 0.1%
2,625,000 Methanex Corp., 4.25%, 12/1/24 $ 2,327,320
40,000 NOVA Chemicals Corp., 5.0%, 5/1/25 (144A) 38,600
-----------------
$ 2,365,920
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/15 33
Schedule of Investments | 12/31/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.2%
4,845,000 CF Industries, Inc., 5.15%, 3/15/34 $ 4,262,214
980,000 Eastman Chemical Co., 4.8%, 9/1/42 899,761
1,130,000 WR Grace & Co-Conn, 5.125%, 10/1/21 (144A) 1,141,300
-----------------
$ 6,303,275
----------------------------------------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 0.4%
2,800,000 Agrium, Inc., 4.125%, 3/15/35 $ 2,381,814
7,600,000 Agrium, Inc., 5.25%, 1/15/45 7,084,370
2,675,000 Monsanto Co., 3.375%, 7/15/24 2,550,350
-----------------
$ 12,016,534
----------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.1%
3,025,000 The Valspar Corp., 3.3%, 2/1/25 $ 2,880,556
----------------------------------------------------------------------------------------------------------
Construction Materials -- 0.4%
3,328,000 CEMEX Espana SA, 9.875%, 4/30/19 (144A) $ 3,519,360
10,600,000 CRH America, Inc., 3.875%, 5/18/25 (144A) 10,526,065
475,000 Holcim US Finance S.a.r.l. & Cie SCS, 6.0%,
12/30/19 (144A) 526,836
-----------------
$ 14,572,261
----------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.2%
2,275,000 Ball Corp., 4.0%, 11/15/23 $ 2,169,781
4,000,000 Ball Corp., 5.25%, 7/1/25 4,090,000
-----------------
$ 6,259,781
----------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.3%
6,975,000 International Paper Co., 3.65%, 6/15/24 $ 6,821,913
1,025,000 International Paper Co., 3.8%, 1/15/26 1,009,876
2,400,000 International Paper Co., 6.0%, 11/15/41 2,516,947
-----------------
$ 10,348,736
----------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.1%
1,850,000 Freeport-McMoRan, Inc., 3.875%, 3/15/23 $ 1,054,500
1,650,000 Freeport-McMoRan, Inc., 4.55%, 11/14/24 944,625
4,000,000 Gold Fields Orogen Holdings BVI, Ltd., 4.875%,
10/7/20 (144A) 2,980,000
-----------------
$ 4,979,125
----------------------------------------------------------------------------------------------------------
Steel -- 0.2%
3,550,000 Commercial Metals Co., 4.875%, 5/15/23 $ 2,946,500
1,175,000 Glencore Funding LLC, 4.125%, 5/30/23 (144A) 866,574
3,135,000 Worthington Industries, Inc., 4.55%, 4/15/26 3,097,095
-----------------
$ 6,910,169
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Bond Fund | Semiannual Report | 12/31/15
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
Paper Products -- 0.1%
1,285,000 Clearwater Paper Corp., 4.5%, 2/1/23 $ 1,207,900
3,930,000 Resolute Forest Products, Inc., 5.875%, 5/15/23 2,859,075
-----------------
$ 4,066,975
-----------------
Total Materials $ 70,703,332
----------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.7%
Aerospace & Defense -- 0.4%
2,600,000 DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) $ 2,184,000
1,915,000 Lockheed Martin Corp., 3.1%, 1/15/23 1,913,734
10,250,000 United Technologies Corp., 1.778%, 5/4/18 (Step) 10,146,526
-----------------
$ 14,244,260
----------------------------------------------------------------------------------------------------------
Building Products -- 0.7%
7,225,000 Fortune Brands Home & Security, Inc.,
3.0%, 6/15/20 $ 7,185,573
1,050,000 Masco Corp., 4.45%, 4/1/25 1,029,000
825,000 Masco Corp., 5.95%, 3/15/22 891,000
4,260,000 Masco Corp., 7.125%, 3/15/20 4,920,300
5,150,000 Owens Corning, 4.2%, 12/1/24 5,012,238
3,600,000 5.75 Stanley Black & Decker, Inc., Floating Rate
Note, 12/15/53 3,780,000
-----------------
$ 22,818,111
----------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.1%
2,950,000 Tyco Electronics Group SA, 6.55%, 10/1/17 $ 3,179,168
----------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy
Trucks -- 0.1%
3,727,000 Cummins, Inc., 5.65%, 3/1/98 $ 3,891,122
----------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.0%+
604,000 Valmont Industries, Inc., 6.625%, 4/20/20 $ 669,204
----------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.4%
2,800,000 Aircastle, Ltd., 6.75%, 4/15/17 $ 2,920,764
2,260,000 GATX Corp., 5.2%, 3/15/44 2,157,104
5,660,000 GATX Corp., 6.0%, 2/15/18 6,064,588
-----------------
$ 11,142,456
-----------------
Total Capital Goods $ 55,944,321
----------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.1%
Research & Consulting Services -- 0.1%
4,740,000 Verisk Analytics, Inc., 5.5%, 6/15/45 $ 4,525,581
-----------------
Total Commercial Services & Supplies $ 4,525,581
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/15 35
Schedule of Investments | 12/31/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.7%
Airlines -- 0.7%
4,523,057 Air Canada 2013-1 Class A Pass Through Trust,
4.125%, 11/15/26 (144A) $ 4,517,403
4,025,000 Air Canada 2015-1 Class A Pass Through Trust,
3.6%, 9/15/28 (144A) 3,894,188
4,300,000 American Airlines 2015-2 Class AA Pass Through
Trust, 3.6%, 9/22/27 4,343,000
2,575,000 American Airlines 2015-2 Class B Pass Through
Trust, 4.4%, 9/22/25 2,555,688
4,370,000 Southwest Airlines Co., 2.65%, 11/5/20 4,347,787
2,350,000 Southwest Airlines Co., 2.75%, 11/6/19 2,368,217
1,356,928 US Airways 2013-1 Class A Pass Through Trust,
3.95%, 5/15/27 1,367,105
-----------------
$ 23,393,388
----------------------------------------------------------------------------------------------------------
Railroads -- 0.5%
12,160,000 Burlington Northern Santa Fe LLC, 4.15%, 4/1/45 $ 11,020,936
6,650,000 TTX Co., 3.6%, 1/15/25 (144A) 6,590,782
-----------------
$ 17,611,718
----------------------------------------------------------------------------------------------------------
Trucking -- 0.3%
529,000 Asciano Finance, Ltd., 4.625%, 9/23/20 (144A) $ 533,965
1,400,000 Penske Truck Leasing Co., LP, 3.3%, 4/1/21 (144A) 1,380,260
8,850,000 Penske Truck Leasing Co., LP, 3.375%,
2/1/22 (144A) 8,593,235
-----------------
$ 10,507,460
----------------------------------------------------------------------------------------------------------
Highways & Railtracks -- 0.2%
1,300,000 ERAC USA Finance LLC, 3.8%, 11/1/25 (144A) $ 1,286,396
4,600,000 ERAC USA Finance LLC, 4.5%, 2/15/45 (144A) 4,277,577
-----------------
$ 5,563,973
-----------------
Total Transportation $ 57,076,539
----------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.5%
Automobile Manufacturers -- 0.5%
4,975,000 Ford Motor Credit Co., LLC, 2.24%, 6/15/18 $ 4,929,767
6,425,000 Ford Motor Credit Co., LLC, 3.219%, 1/9/22 6,288,482
5,000,000 Toyota Motor Credit Corp., 2.125%, 7/18/19 5,008,960
-----------------
$ 16,227,209
-----------------
Total Automobiles & Components $ 16,227,209
----------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.0%+
Home Furnishings -- 0.0%+
800,000 Mohawk Industries, Inc., 3.85%, 2/1/23 $ 809,989
-----------------
Total Consumer Durables & Apparel $ 809,989
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Bond Fund | Semiannual Report | 12/31/15
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.4%
Casinos & Gaming -- 0.2%
1,010,000 GLP Capital LP, 4.375%, 11/1/18 $ 999,900
3,550,000 MGM Resorts International, 6.0%, 3/15/23 3,523,375
-----------------
$ 4,523,275
----------------------------------------------------------------------------------------------------------
Education Services -- 0.2%
2,600,000 President and Fellows of Harvard College,
2.3%, 10/1/23 $ 2,457,122
3,550,000 Tufts University, 5.017%, 4/15/12 3,652,535
-----------------
$ 6,109,657
----------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.0%+
1,300,000 Sotheby's, 5.25%, 10/1/22 (144A) $ 1,183,000
-----------------
Total Consumer Services $ 11,815,932
----------------------------------------------------------------------------------------------------------
MEDIA -- 1.0%
Broadcasting -- 0.2%
6,200,000 DIRECTV Holdings LLC, 3.8%, 3/15/22 $ 6,239,203
----------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.6%
7,645,000 CCO Safari II LLC, 6.384%, 10/23/35 (144A) $ 7,723,980
9,690,000 DIRECTV Holdings LLC, 3.95%, 1/15/25 9,552,499
1,900,000 Intelsat Jackson Holdings SA, 7.25%, 4/1/19 1,743,250
-----------------
$ 19,019,729
----------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.2%
8,300,000 Time Warner, Inc., 4.7%, 1/15/21 $ 8,932,958
-----------------
Total Media $ 34,191,890
----------------------------------------------------------------------------------------------------------
RETAILING -- 1.0%
Catalog Retail -- 0.2%
7,300,000 QVC, Inc., 4.45%, 2/15/25 $ 6,770,261
----------------------------------------------------------------------------------------------------------
Internet Retail -- 0.5%
5,900,000 Expedia, Inc., 4.5%, 8/15/24 $ 5,694,385
3,800,000 Expedia, Inc., 5.95%, 8/15/20 4,146,233
7,375,000 The Priceline Group, Inc., 3.65%, 3/15/25 7,177,807
-----------------
$ 17,018,425
----------------------------------------------------------------------------------------------------------
Home Improvement Retail -- 0.1%
4,520,000 The Home Depot, Inc., 2.625%, 6/1/22 $ 4,515,277
----------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.1%
2,575,000 AutoZone, Inc., 2.5%, 4/15/21 $ 2,512,600
----------------------------------------------------------------------------------------------------------
Homefurnishing Retail -- 0.1%
2,000,000 Bed Bath & Beyond, Inc., 3.749%, 8/1/24 $ 1,950,788
-----------------
Total Retailing $ 32,767,351
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/15 37
Schedule of Investments | 12/31/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.3%
Drug Retail -- 0.1%
650,000 CVS Health Corp., 2.25%, 8/12/19 $ 649,145
627,001 CVS Pass-Through Trust, 5.298%, 1/11/27 (144A) 675,041
1,353,348 CVS Pass-Through Trust, 5.773%, 1/10/33 (144A) 1,456,626
-----------------
$ 2,780,812
----------------------------------------------------------------------------------------------------------
Food Retail -- 0.2%
7,472,000 The Kroger Co., 2.95%, 11/1/21 $ 7,395,651
-----------------
Total Food & Staples Retailing $ 10,176,463
----------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.4%
Distillers & Vintners -- 0.0%+
630,000 Constellation Brands, Inc., 3.75%, 5/1/21 $ 631,575
----------------------------------------------------------------------------------------------------------
Agricultural Products -- 0.2%
5,175,000 Viterra, Inc., 5.95%, 8/1/20 (144A) $ 4,398,750
----------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.2%
4,200,000 Grupo Bimbo SAB de CV, 3.875%,
6/27/24 (144A) $ 4,081,930
3,240,000 Kraft Foods Group, Inc., 3.5%, 6/6/22 3,275,465
-----------------
$ 7,357,395
----------------------------------------------------------------------------------------------------------
Tobacco -- 0.0%+
1,050,000 Reynolds American, Inc., 3.75%, 5/20/23 $ 1,047,591
-----------------
Total Food, Beverage & Tobacco $ 13,435,311
----------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.7%
Health Care Equipment -- 0.5%
10,525,000 Becton Dickinson and Co., 3.734%, 12/15/24 $ 10,614,736
7,300,000 Medtronic, Inc., 4.625%, 3/15/45 7,529,614
-----------------
$ 18,144,350
----------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.0%+
1,600,000 Fresenius US Finance II, Inc., 4.5%,
1/15/23 (144A) $ 1,616,000
----------------------------------------------------------------------------------------------------------
Health Care Services -- 0.1%
2,600,000 Catholic Health Initiatives, 4.35%, 11/1/42 $ 2,431,803
----------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.1%
2,400,000 NYU Hospitals Center, 4.428%, 7/1/42 $ 2,281,030
-----------------
Total Health Care Equipment & Services $ 24,473,183
----------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.9%
Biotechnology -- 0.8%
11,025,000 Baxalta, Inc., 3.6%, 6/23/22 (144A) $ 11,022,056
3,550,000 Biogen, Inc., 3.625%, 9/15/22 3,589,320
The accompanying notes are an integral part of these financial statements.
38 Pioneer Bond Fund | Semiannual Report | 12/31/15
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
Biotechnology -- (continued)
4,275,000 Biogen, Inc., 4.05%, 9/15/25 $ 4,294,400
7,550,000 Gilead Sciences, Inc., 4.5%, 2/1/45 7,385,138
-----------------
$ 26,290,914
----------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.1%
520,000 Endo, Ltd., 6.0%, 2/1/25 (144A) $ 512,200
3,150,000 Johnson & Johnson, 4.375%, 12/5/33 3,474,390
-----------------
$ 3,986,590
----------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.0%+
894,000 Agilent Technologies, Inc., 6.5%, 11/1/17 $ 954,230
-----------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 31,231,734
----------------------------------------------------------------------------------------------------------
BANKS -- 6.4%
Diversified Banks -- 5.5%
5,215,000 Australia & New Zealand Banking Group, Ltd.,
4.5%, 3/19/24 (144A) $ 5,233,524
4,600,000 9.00 Banco Bilbao Vizcaya Argentaria SA, Floating
Rate Note (Perpetual) 4,924,953
1,150,000 Bank of America Corp., 4.2%, 8/26/24 1,141,005
3,950,000 6.10 Bank of America Corp., Floating Rate Note
(Perpetual) 4,004,312
6,975,000 6.50 Bank of America Corp., Floating Rate Note,
10/23/49 7,349,906
2,200,000 6.25 Bank of America Corp., Floating Rate Note,
9/29/49 2,205,500
3,515,000 Barclays Bank Plc, 6.05%, 12/4/17 (144A) 3,749,331
5,250,000 Barclays Plc, 3.65%, 3/16/25 5,045,381
2,400,000 BBVA Bancomer SA Texas, 4.375%, 4/10/24 (144A) 2,370,000
3,815,000 BBVA Bancomer SA Texas, 6.5%, 3/10/21 (144A) 4,043,900
7,800,000 BNP Paribas SA, 4.375%, 9/28/25 (144A) 7,638,712
2,925,000 5.88 Citigroup, Inc., Floating Rate Note (Perpetual) 2,903,062
2,850,000 5.90 Citigroup, Inc., Floating Rate Note (Perpetual) 2,800,125
2,295,000 5.95 Citigroup, Inc., Floating Rate Note (Perpetual) 2,245,658
3,435,000 Cooperatieve Rabobank UA, 3.875%, 2/8/22 3,625,244
6,425,000 Cooperatieve Rabobank UA, 3.95%, 11/9/22 6,503,539
11,575,000 6.62 Credit Agricole SA, Floating Rate Note
(Perpetual) (144A) 11,378,225
4,825,000 7.88 Credit Agricole SA, Floating Rate Note
(Perpetual) (144A) 4,933,562
11,200,000 Credit Suisse Group Funding Guernsey, Ltd., 3.8%,
9/15/22 (144A) 11,191,163
7,475,000 Export-Import Bank of Korea, 2.25%, 1/21/20 7,360,266
5,425,000 First Tennessee Bank NA, 2.95%, 12/1/19 5,383,732
1,305,000 HSBC Bank Plc, 7.65%, 5/1/25 1,655,546
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/15 39
Schedule of Investments | 12/31/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
3,940,000 HSBC Holdings Plc, 4.25%, 3/14/24 $ 3,954,286
11,836,000 6.50 ING Groep NV, Floating Rate Note, 12/29/49 11,562,292
1,400,000 Intesa Sanpaolo S.p.A., 6.5%, 2/24/21 (144A) 1,588,009
8,125,000 7.70 Intesa Sanpaolo S.p.A., Floating Rate Note
(Perpetual) (144A) 8,277,344
5,125,000 Macquarie Bank, Ltd., 4.875%, 6/10/25 (144A) 5,058,150
840,000 Macquarie Bank, Ltd., 6.625%, 4/7/21 (144A) 941,036
4,500,000 Nordea Bank AB, 4.25%, 9/21/22 (144A) 4,609,665
5,600,000 6.12 Nordea Bank AB, Floating Rate Note (Perpetual)
(144A) 5,468,120
6,325,000 7.50 Royal Bank of Scotland Group Plc, Floating Rate
Note (Perpetual) 6,585,906
526,316 3.26 SBP DPR Finance Co., Floating Rate Note,
3/15/17 (144A) 525,994
2,600,000 4.50 Scotiabank Peru SAA, Floating Rate Note,
12/13/27 (144A) 2,496,000
2,200,000 Standard Chartered Bank, 6.4%, 9/26/17 (144A) 2,338,728
4,800,000 Standard Chartered Plc, 3.95%, 1/11/23 (144A) 4,617,590
1,800,000 Sumitomo Mitsui Banking Corp., 1.75%, 1/16/18 1,793,144
11,675,000 The Bank of Tokyo-Mitsubishi UFJ, Ltd., 2.3%,
3/5/20 (144A) 11,508,258
3,400,000 5.88 Wells Fargo & Co., Floating Rate Note (Perpetual) 3,578,500
-----------------
$ 182,589,668
----------------------------------------------------------------------------------------------------------
Regional Banks -- 0.8%
1,190,000 CoBank ACB, 7.875%, 4/16/18 (144A) $ 1,332,123
7,000,000 Credit Suisse AG New York NY, 1.75%, 1/29/18 6,980,337
3,350,000 HSBC Bank USA NA New York NY, 6.0%, 8/9/17 3,563,539
7,378,000 KeyCorp, 5.1%, 3/24/21 8,063,763
1,435,000 PNC Bank NA, 6.0%, 12/7/17 1,536,427
1,025,000 SunTrust Banks, Inc., 3.5%, 1/20/17 1,042,692
890,000 6.75 The PNC Financial Services Group, Inc., Floating
Rate Note (Perpetual) 946,738
3,540,000 Wells Fargo Bank NA, 6.0%, 11/15/17 3,817,982
-----------------
$ 27,283,601
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.1%
2,300,000 Astoria Financial Corp., 5.0%, 6/19/17 $ 2,378,906
-----------------
Total Banks $ 212,252,175
----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.6%
Other Diversified Financial Services -- 0.6%
5,930,000 Carlyle Holdings II Finance LLC, 5.625%,
3/30/43 (144A) $ 6,298,472
1,392,000 General Electric Capital Corp., 5.3%, 2/11/21 1,569,647
1,857,079 Grain Spectrum Funding II LLC, 3.29%,
10/10/19 (144A) 1,853,364
The accompanying notes are an integral part of these financial statements.
40 Pioneer Bond Fund | Semiannual Report | 12/31/15
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- (continued)
9,100,000 6.75 JPMorgan Chase & Co., Floating Rate Note, 8/29/49 $ 9,919,000
1,250,000 0.00 Tiers Trust, Floating Rate Note, 10/15/97 (144A) (d) 1,150,830
-----------------
$ 20,791,313
----------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.9%
3,725,000 Aviation Capital Group Corp., 6.75%, 4/6/21 (144A) $ 4,172,000
3,200,000 BM&FBovespa SA - Bolsa de Valores Mercadorias e
Futuros, 5.5%, 7/16/20 (144A) 3,144,000
2,980,000 Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) 3,270,583
2,000,000 National Rural Utilities Cooperative Finance Corp.,
5.45%, 2/1/18 2,152,498
5,480,000 Nationstar Mortgage LLC, 6.5%, 6/1/22 4,740,200
11,625,000 USAA Capital Corp., 2.45%, 8/1/20 (144A) 11,620,803
-----------------
$ 29,100,084
----------------------------------------------------------------------------------------------------------
Consumer Finance -- 1.2%
1,500,000 Ally Financial, Inc., 3.6%, 5/21/18 $ 1,500,000
800,000 Ally Financial, Inc., 4.625%, 3/30/25 790,000
5,050,000 Ally Financial, Inc., 5.125%, 9/30/24 5,169,938
1,125,000 Ally Financial, Inc., 5.75%, 11/20/25 1,139,062
7,695,000 American Honda Finance Corp., 1.2%, 7/14/17 7,661,042
1,465,000 Capital One Bank USA NA, 8.8%, 7/15/19 1,745,241
6,650,000 Capital One Financial Corp., 3.75%, 4/24/24 6,693,045
2,300,000 General Motors Financial Co., Inc., 3.7%, 11/24/20 2,306,222
6,525,000 General Motors Financial Co., Inc., 4.0%, 1/15/25 6,190,639
2,245,000 Hyundai Capital America, 1.45%, 2/6/17 (144A) 2,234,523
3,125,000 Hyundai Capital America, 2.0%, 3/19/18 (144A) 3,087,859
-----------------
$ 38,517,571
----------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.9%
2,525,000 Affiliated Managers Group, Inc., 4.25%, 2/15/24 $ 2,550,578
1,725,000 Blackstone Holdings Finance Co., LLC, 5.0%,
6/15/44 (144A) 1,761,196
6,925,000 Blackstone Holdings Finance Co., LLC, 6.25%,
8/15/42 (144A) 8,182,435
733,000 Eaton Vance Corp., 6.5%, 10/2/17 782,702
5,025,000 KKR Group Finance Co., II LLC, 5.5%,
2/1/43 (144A) 5,238,844
2,400,000 Legg Mason, Inc., 3.95%, 7/15/24 2,360,714
4,290,000 Legg Mason, Inc., 5.625%, 1/15/44 4,261,287
4,250,000 Neuberger Berman Group LLC, 4.875%,
4/15/45 (144A) 3,583,506
1,250,000 4.50 The Bank of New York Mellon Corp., Floating
Rate Note (Perpetual) 1,143,750
-----------------
$ 29,865,012
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/15 41
Schedule of Investments | 12/31/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.7%
1,650,000 KKR Group Finance Co., III LLC, 5.125%,
6/1/44 (144A) $ 1,615,932
2,730,000 Macquarie Group, Ltd., 6.0%, 1/14/20 (144A) 3,013,068
5,100,000 Morgan Stanley, 4.1%, 5/22/23 5,152,025
300,000 Morgan Stanley, 4.875%, 11/1/22 318,376
2,900,000 5.55 Morgan Stanley, Floating Rate Note (Perpetual) 2,900,000
643,000 North American Development Bank, 2.3%, 10/10/18 647,431
6,025,000 TD Ameritrade Holding Corp., 3.625%, 4/1/25 6,097,095
4,400,000 UBS AG, 7.625%, 8/17/22 5,016,000
-----------------
$ 24,759,927
----------------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 0.3%
4,031,000 GE Capital International Funding Co., 2.342%,
11/15/20 (144A) $ 3,997,381
6,900,000 2.01 ICBCIL Finance Co., Ltd., Floating Rate Note,
11/13/18 (144A) 6,894,349
-----------------
$ 10,891,730
-----------------
Total Diversified Financials $ 153,925,637
----------------------------------------------------------------------------------------------------------
INSURANCE -- 6.2%
Insurance Brokers -- 0.1%
5,000,000 Brown & Brown, Inc., 4.2%, 9/15/24 $ 4,937,275
----------------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.9%
7,000,000 Aflac, Inc., 3.625%, 11/15/24 $ 7,124,026
4,250,000 Protective Life Corp., 7.375%, 10/15/19 4,916,370
1,090,000 Prudential Financial, Inc., 4.5%, 11/16/21 1,176,943
1,500,000 5.62 Prudential Financial, Inc., Floating Rate
Note, 6/15/43 1,533,750
2,140,000 8.88 Prudential Financial, Inc., Floating Rate
Note, 6/15/68 2,407,500
1,800,000 5.88 Prudential Financial, Inc., Floating Rate
Note, 9/15/42 1,871,100
6,830,000 Teachers Insurance & Annuity Association of
America, 6.85%, 12/16/39 (144A) 8,444,469
-----------------
$ 27,474,158
----------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.5%
5,985,000 AIG, 3.875%, 1/15/35 $ 5,278,962
2,335,000 AXA SA, 8.6%, 12/15/30 3,137,654
5,325,000 Liberty Mutual Insurance Co., 7.697%
(Perpetual) (144A) 6,572,679
2,650,000 Loews Corp., 5.25%, 3/15/16 2,671,892
-----------------
$ 17,661,187
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
42 Pioneer Bond Fund | Semiannual Report | 12/31/15
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.3%
1,850,000 Delphi Financial Group, Inc., 7.875%, 1/31/20 $ 2,150,723
945,000 OneBeacon US Holdings, Inc., 4.6%, 11/9/22 949,823
1,300,000 The Allstate Corp., 5.95%, 4/1/36 1,567,398
5,455,000 6.50 The Allstate Corp., Floating Rate Note, 5/15/57 6,000,500
-----------------
$ 10,668,444
----------------------------------------------------------------------------------------------------------
Reinsurance -- 4.5%
1,500,000 3.66 Acorn Re, Ltd., Floating Rate Note, 7/17/18
(Cat Bond) (144A) $ 1,511,550
2,750,000 6.12 Alamo Re, Ltd., Floating Rate Note, 6/7/18
(Cat Bond) (144A) 2,816,275
937,930 Altair Re, Variable Rate Notes, 6/30/16 (e)(g) 65,655
974,064 Altair Re, Variable Rate Notes, 6/30/17 (e)(g) 1,155,435
900,000 Arlington Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 8/31/16 (e)(g) 979,920
500,000 3.52 Atlas IX Capital DAC, Floating Rate Note, 1/17/19
(Cat Bond) (144A) 509,050
250,000 8.33 Atlas Reinsurance VII, Ltd., Floating Rate Note,
1/7/16 (Cat Bond) (144A) 249,850
800,000 Berwick Segregated Account (Kane SAC Ltd.),
Variable Rate Note, 1/22/16 (e)(g) 933,200
1,200,000 Berwick Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/1/18 (e)(g) 1,200,000
3,050,000 4.56 Blue Danube II, Ltd., Floating Rate Note, 5/23/18
(Cat Bond) (144A) 3,041,765
1,250,000 5.25 Caelus Re, Ltd., Floating Rate Note, 3/7/16
(Cat Bond) (144A) 1,249,500
1,850,000 6.99 Caelus Re, Ltd., Floating Rate Note, 4/7/17
(Cat Bond) (144A) 1,891,995
600,000 Carnoustie Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 11/30/20 (e)(g) 600,000
3,000,000 Carnoustie Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 2/19/16 (e)(g) 3,490,500
250,000 4.47 Citrus Re, Ltd., Floating Rate Note, 4/18/17
(Cat Bond) (144A) 249,225
550,000 4.29 Citrus Re, Ltd., Floating Rate Note, 4/24/17
(Cat Bond) (144A) 550,000
1,200,000 Clarendon Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 6/15/16 (e)(g) 1,199,520
250,000 9.23 East Lane Re V, Ltd., Floating Rate Note, 3/16/16
(Cat Bond) (144A) 252,900
925,000 Eden Re II, Ltd., Variable Rate Notes, 4/23/19
(144A) (e)(g) 925,000
2,500,000 Eden Re II, Ltd., Variable Rate Notes, 4/19/18
(144A) (e)(g) 2,662,500
7,550,000 10.22 Everglades Re, Ltd., Floating Rate Note, 3/28/16
(Cat Bond) (144A) 7,670,045
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/15 43
Schedule of Investments | 12/31/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
3,654,000 Exeter Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/7/16 (e)(g) $ 4,000,034
1,000,000 Fairfield Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 2/2/16 (e)(g) 1,000,000
1,200,000 7.41 Galileo Re, Ltd., Floating Rate Note, 1/9/17 (Cat
Bond) (144A) 1,208,400
2,800,000 2.20 Golden State Re II, Ltd., Floating Rate Note,
1/8/19 (Cat Bond) (144A) 2,779,840
3,700,000 Gullane Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/22/17 (e)(g) 4,210,970
1,009,200 Hereford Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/7/16 (e)(g) 1,200,040
1,150,000 4.08 Ibis Re II, Ltd., Floating Rate Note, 6/28/16 (Cat
Bond) (144A) 1,157,360
1,000,000 4.56 Ibis Re II, Ltd., Floating Rate Note, 6/28/16 (Cat
Bond) (144A) 1,008,800
1,700,000 3.74 Kilimanjaro Re, Ltd., Floating Rate Note, 11/25/19
(Cat Bond) (144A) 1,684,190
3,000,000 6.75 Kilimanjaro Re, Ltd., Floating Rate Note, 12/6/19
(Cat Bond) (144A) 3,004,500
1,500,000 9.25 Kilimanjaro Re, Ltd., Floating Rate Note, 12/6/19
(Cat Bond) (144A) 1,505,850
3,700,000 4.74 Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18
(Cat Bond) (144A) 3,677,430
350,000 4.49 Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18
(Cat Bond) (144A) 345,380
500,000 Lahinch Re, Variable Rate Notes, 6/15/16 (e)(g) 505,150
250,000 9.76 Loma Reinsurance, Ltd. Bermuda, Floating Rate
Note, 1/8/18 (Cat Bond) (144A) 256,800
5,950,000 4.30 Longpoint Re, Ltd. III, Floating Rate Note, 5/18/16
(Cat Bond) (144A) 5,977,370
4,000,000 3.75 Longpoint Re, Ltd. III, Floating Rate Note, 5/23/18
(Cat Bond) (144A) 4,040,400
1,300,000 Lorenz Re, Ltd., Variable Rate Notes, 3/31/18 (e)(g) 1,449,240
1,000,000 2.00 Merna Re V, Ltd., Floating Rate Note, 4/7/17
(Cat Bond) (144A) 997,800
1,956,533 Muirfield Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/12/16 (e)(g) 2,199,926
1,000,000 8.73 Mythen Re, Ltd., Series 2012-2 Class A, Floating
Rate Note, 1/5/17 (Cat Bond) (144A) 1,028,100
1,100,000 7.24 Northshore Re, Ltd., Floating Rate Note, 7/5/16
(Cat Bond) (144A) 1,113,420
900,000 Pangaea Re Series 2016-1 Principal-at-Risk
Notes, 11/30/20 (e)(g) 900,000
3,600,000 Pangaea Re, Series 2015-1, Principal at Risk
Notes, 2/1/19 (e)(g) 4,187,160
4,000,000 Pangaea Re, Series 2015-2, Principal at Risk
Notes, 11/30/19 (e)(g) 4,238,400
The accompanying notes are an integral part of these financial statements.
44 Pioneer Bond Fund | Semiannual Report | 12/31/15
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
2,000,000 Pangaea Re, Variable Rate Notes, 7/1/18 (e)(g) $ 36,000
3,200,000 4.77 PennUnion Re, Ltd., Floating Rate Note, 12/7/18
(Cat Bond) (144A) 3,186,560
1,000,000 Prestwick Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 7/1/16 (e)(g) 1,116,300
2,000,000 6.39 Queen Street XI RE Dac, Floating Rate Note, 6/7/19
(Cat Bond) (144A) 1,998,600
1,650,000 8.76 Queen Street VII Re, Ltd., Floating Rate Note,
4/8/16 (Cat Bond) (144A) 1,657,590
1,650,000 6.00 Residential Reinsurance 2012, Ltd., Floating Rate
Note, 12/6/16 (Cat Bond) (144A) 1,671,615
2,800,000 4.75 Residential Reinsurance 2012, Ltd., Floating Rate
Note, 12/6/16 (Cat Bond) (144A) 2,816,520
800,000 8.25 Residential Reinsurance 2012, Ltd., Floating Rate
Note, 6/6/16 (Cat Bond) (144A) 814,720
275,000 10.27 Residential Reinsurance 2012, Ltd., Floating Rate
Note, 6/6/16 (Cat Bond) (144A) 282,425
250,000 9.52 Residential Reinsurance 2013, Ltd., Floating Rate
Note, 6/6/17 (Cat Bond) (144A) 262,925
2,550,000 2.99 Sanders Re, Ltd., Floating Rate Note, 5/25/18
(Cat Bond) (144A) 2,490,330
1,250,000 4.00 Sanders Re, Ltd., Floating Rate Note, 5/5/17
(Cat Bond) (144A) 1,246,375
1,200,000 3.49 Sanders Re, Ltd., Floating Rate Note, 5/5/17
(Cat Bond) (144A) 1,190,040
2,000,000 4.05 Sanders Re, Ltd., Floating Rate Note, 6/7/17
(Cat Bond) (144A) 1,994,800
3,000,000 Sector Re V, Ltd., Variable Rate Notes, 3/1/20
(144A) (e)(g) 3,362,700
400,000 Sector Re V, Ltd., Variable Rate Notes, 3/1/20
(144A) (e) (g) 479,920
1,100,000 Sector Re V, Ltd., Variable Rate Notes, 12/1/20
(144A) (e)(g) 1,105,170
250,000 Silverton Re, Ltd., Variable Rate Notes, 9/16/16
(144A) (e)(g) 2,350
1,000,000 Silverton Re, Ltd., Variable Rate Notes, 9/18/17
(144A) (e)(g) 1,290,000
1,700,000 Silverton Re, Ltd., Variable Rate Notes, 9/18/18
(144A) (e)(g) 1,700,000
700,000 St Andrews Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 2/1/18 (e)(g) 700,000
1,300,000 St. Andrews Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/22/16 (e)(g) 1,463,410
7,300,000 8.66 Tar Heel Re, Ltd., Floating Rate Note, 5/9/16
(Cat Bond) (144A) 7,452,570
2,018,867 Troon Segregated Account (Kane SAC Ltd.), Variable
Rate Notes, 1/12/16 (e)(g) 2,199,959
1,012,000 Turnberry Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/15/16 (e)(g) 1,030,924
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/15 45
Schedule of Investments | 12/31/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
1,500,000 5.00 Ursa Re, Ltd., Floating Rate Note, 9/21/18 (Cat
Bond) (144A) $ 1,496,850
1,125,000 Versutus 2016 Class A-1, Variable Rate Notes,
11/30/20 (e)(g) 1,125,000
2,500,000 Versutus Ltd., Series 2015-A, Variable Rate Notes,
12/31/2017 (e)(g) 2,920,000
8,850,000 0.00 Vita Capital V, Ltd., Floating Rate Note, 1/15/17
(Cat Bond) (144A) 8,920,800
1,500,000 2.86 Vita Capital V, Ltd., Floating Rate Note, 1/15/17
(Cat Bond) (144A) 1,509,750
500,000 2.75 Vitality Re IV, Ltd., Floating Rate Note, 1/9/17
(Cat Bond) (144A) 502,700
1,750,000 1.75 Vitality Re V, Ltd., Floating Rate Note, 1/7/19
(Cat Bond) (144A) 1,728,475
1,400,000 5.88 Wilton Re Finance LLC, Floating Rate Note,
3/30/33 (144A) 1,468,866
-----------------
$ 148,104,689
-----------------
Total Insurance $ 208,845,753
----------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.4%
Diversified REIT -- 0.7%
4,225,000 Brixmor Operating Partnership LP, 3.85%, 2/1/25 $ 4,104,938
1,175,000 Brixmor Operating Partnership LP, 3.875%, 8/15/22 1,169,602
1,475,000 DCT Industrial Operating Partnership LP,
4.5%, 10/15/23 1,476,080
2,175,000 Duke Realty LP, 3.625%, 4/15/23 2,125,121
5,300,000 Duke Realty LP, 3.75%, 12/1/24 5,154,875
9,125,000 Essex Portfolio LP, 3.5%, 4/1/25 8,778,432
-----------------
$ 22,809,048
----------------------------------------------------------------------------------------------------------
Office REIT -- 0.3%
75,000 Alexandria Real Estate Equities, Inc.,
2.75%, 1/15/20 $ 73,732
1,093,000 Alexandria Real Estate Equities, Inc., 3.9%, 6/15/23 1,079,495
2,670,000 Alexandria Real Estate Equities, Inc., 4.6%, 4/1/22 2,769,975
2,032,000 Highwoods Realty LP, 3.2%, 6/15/21 1,976,835
2,100,000 Highwoods Realty LP, 3.625%, 1/15/23 2,034,526
2,550,000 Piedmont Operating Partnership LP, 3.4%, 6/1/23 2,391,074
-----------------
$ 10,325,637
----------------------------------------------------------------------------------------------------------
Healthcare REIT -- 0.2%
3,750,000 Healthcare Realty Trust, Inc., 3.875%, 5/1/25 $ 3,627,022
3,945,000 Omega Healthcare Investors, Inc., 4.95%, 4/1/24 3,984,162
-----------------
$ 7,611,184
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
46 Pioneer Bond Fund | Semiannual Report | 12/31/15
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
Specialized REIT -- 0.2%
2,700,000 CubeSmart LP, 4.0%, 11/15/25 $ 2,679,237
730,000 CubeSmart LP, 4.8%, 7/15/22 777,360
1,675,000 DuPont Fabros Technology LP, 5.875%, 9/15/21 1,742,000
1,875,000 Equinix, Inc., 5.75%, 1/1/25 1,917,188
-----------------
$ 7,115,785
-----------------
Total Real Estate $ 47,861,654
----------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 1.0%
Data Processing & Outsourced Services -- 0.4%
3,750,000 Automatic Data Processing, Inc., 2.25%, 9/15/20 $ 3,764,201
3,000,000 Cardtronics, Inc., 5.125%, 8/1/22 2,895,000
4,550,000 Visa, Inc., 2.2%, 12/14/20 4,541,532
-----------------
$ 11,200,733
----------------------------------------------------------------------------------------------------------
Application Software -- 0.3%
8,100,000 Adobe Systems, Inc., 3.25%, 2/1/25 $ 7,905,446
2,875,000 Igloo Holdings Corp., 8.25%, 12/15/17 (8.25%
Cash, 9.00% PIK) (144A) (PIK) 2,875,000
-----------------
$ 10,780,446
----------------------------------------------------------------------------------------------------------
Systems Software -- 0.3%
10,600,000 Oracle Corp., 2.5%, 5/15/22 $ 10,404,038
----------------------------------------------------------------------------------------------------------
Home Entertainment Software -- 0.0%+
650,000 Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) $ 689,000
-----------------
Total Software & Services $ 33,074,217
----------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.5%
Communications Equipment -- 0.1%
2,860,000 Brocade Communications Systems, Inc.,
4.625%, 1/15/23 $ 2,717,000
----------------------------------------------------------------------------------------------------------
Computer Hardware Storage & Peripherals -- 0.2%
4,600,000 NCR Corp., 4.625%, 2/15/21 $ 4,381,500
1,425,000 NCR Corp., 6.375%, 12/15/23 1,403,625
-----------------
$ 5,785,125
----------------------------------------------------------------------------------------------------------
Electronic Components -- 0.1%
3,675,000 Amphenol Corp., 3.125%, 9/15/21 $ 3,633,715
----------------------------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 0.1%
2,750,000 Flextronics International, Ltd., 4.75%,
6/15/25 (144A) $ 2,677,812
-----------------
Total Technology Hardware & Equipment $ 14,813,652
----------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.4%
Semiconductor Equipment -- 0.1%
2,500,000 Entegris, Inc., 6.0%, 4/1/22 (144A) $ 2,531,250
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/15 47
Schedule of Investments | 12/31/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
Semiconductors -- 0.3%
11,075,000 Intel Corp., 4.8%, 10/1/41 $ 11,545,433
-----------------
Total Semiconductors & Semiconductor
Equipment $ 14,076,683
----------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.4%
Integrated Telecommunication Services -- 0.9%
2,250,000 AT&T, Inc., 4.75%, 5/15/46 $ 2,060,091
130,000 Frontier Communications Corp., 10.5%,
9/15/22 (144A) 129,512
4,300,000 Frontier Communications Corp., 7.125%, 1/15/23 3,708,750
130,000 Frontier Communications Corp., 8.875%,
9/15/20 (144A) 131,625
4,800,000 GTP Acquisition Partners I LLC, 2.35%,
6/15/45 (144A) 4,654,752
763,103 GTP Cellular Sites LLC, 3.721%, 3/15/17 (144A) 765,270
2,750,000 Telefonica Emisiones SAU, 6.221%, 7/3/17 2,922,590
1,500,000 Unison Ground Lease Funding LLC, 2.981%,
3/16/43 (144A) 1,491,790
1,938,000 Verizon Communications, Inc., 5.012%, 8/21/54 1,774,415
5,100,000 Verizon Communications, Inc., 5.15%, 9/15/23 5,606,563
7,254,000 Verizon Communications, Inc., 6.55%, 9/15/43 8,612,021
-----------------
$ 31,857,379
----------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.5%
1,675,000 Altice Financing SA, 7.875%, 12/15/19 (144A) $ 1,742,000
3,015,000 Crown Castle Towers LLC, 4.883%, 8/15/20 (144A) 3,223,100
1,625,000 Crown Castle Towers LLC, 6.113%, 1/15/20 (144A) 1,772,314
6,975,000 SBA Tower Trust, 3.869%, 10/15/49 (144A) 6,891,671
1,500,000 Sprint Corp., 7.125%, 6/15/24 1,081,875
1,500,000 Sprint Corp., 7.25%, 9/15/21 1,132,050
-----------------
$ 15,843,010
-----------------
Total Telecommunication Services $ 47,700,389
----------------------------------------------------------------------------------------------------------
UTILITIES -- 2.5%
Electric Utilities -- 1.7%
980,000 Commonwealth Edison Co., 6.15%, 9/15/17 $ 1,052,122
514,347 Crockett Cogeneration LP, 5.869%, 3/30/25 (144A) 533,392
4,250,000 Electricite de France SA, 6.0%, 1/22/14 (144A) 4,158,540
2,150,000 5.25 Electricite de France SA, Floating Rate Note
(Perpetual) (144A) 2,021,000
2,825,000 Empresa Electrica Angamos SA, 4.875%,
5/25/29 (144A) 2,520,146
3,365,000 Enel Finance International NV, 5.125%,
10/7/19 (144A) 3,635,724
2,320,000 8.13 Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 2,641,900
4,250,000 Exelon Corp., 2.85%, 6/15/20 4,226,765
The accompanying notes are an integral part of these financial statements.
48 Pioneer Bond Fund | Semiannual Report | 12/31/15
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
Electric Utilities -- (continued)
586,325 FPL Energy American Wind LLC, 6.639%,
6/20/23 (144A) $ 589,764
69,922 FPL Energy Wind Funding LLC, 6.876%,
6/27/17 (144A) 68,523
4,475,000 Iberdrola International BV, 6.75%, 7/15/36 5,484,193
1,925,000 Israel Electric Corp., Ltd., 7.25%, 1/15/19 (144A) 2,133,501
610,000 Israel Electric Corp., Ltd., 9.375%, 1/28/20 (144A) 743,285
910,000 Nevada Power Co., 6.5%, 8/1/18 1,009,905
454,331 Orcal Geothermal, Inc., 6.21%, 12/30/20 (144A) 465,689
2,690,000 Public Service Co. of New Mexico, 7.95%, 5/15/18 3,010,255
5,757,143 Southern California Edison Co., 1.845%, 2/1/22 5,703,889
2,200,000 6.25 Southern California Edison Co., Floating Rate Note
(Perpetual) 2,423,850
10,800,000 Southwestern Electric Power Co., 3.9%, 4/1/45 9,456,761
4,556,000 Talen Energy Supply LLC, 6.5%, 6/1/25 (144A) 3,006,960
-----------------
$ 54,886,164
----------------------------------------------------------------------------------------------------------
Gas Utilities -- 0.1%
2,125,000 DCP Midstream Operating LP, 5.6%, 4/1/44 $ 1,290,559
2,146,148 Nakilat, Inc., 6.267%, 12/31/33 (144A) 2,361,836
-----------------
$ 3,652,395
----------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.4%
5,475,000 Consolidated Edison Co. of New York, Inc.,
4.625%, 12/1/54 $ 5,387,132
5,055,000 New York State Electric & Gas Corp., 6.15%,
12/15/17 (144A) 5,385,188
214,387 Ormat Funding Corp., 8.25%, 12/30/20 214,387
2,925,000 San Diego Gas & Electric Co., 1.914%, 2/1/22 2,873,722
-----------------
$ 13,860,429
----------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy
Traders -- 0.3%
532,140 Alta Wind Holdings LLC, 7.0%, 6/30/35 (144A) $ 570,054
4,300,000 Colbun SA, 4.5%, 7/10/24 (144A) 4,194,061
1,427,668 Kiowa Power Partners LLC, 5.737%, 3/30/21
(144A) 1,506,190
2,000,000 NRG Energy, Inc., 8.25%, 9/1/20 1,940,000
2,161,541 Panoche Energy Center LLC, 6.885%, 7/31/29
(144A) 2,485,731
-----------------
$ 10,696,036
-----------------
Total Utilities $ 83,095,024
----------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $1,362,825,677) $ 1,331,570,133
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/15 49
Schedule of Investments | 12/31/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 31.1%
1,822,631 Fannie Mae, 2.5%, 7/1/30 $ 1,839,676
1,834,344 Fannie Mae, 2.5%, 7/1/30 1,850,966
3,058,472 Fannie Mae, 2.5%, 7/1/30 3,087,068
3,900,000 Fannie Mae, 3.0%, 1/19/16 (TBA) 4,017,558
1,804,917 Fannie Mae, 3.0%, 12/1/42 1,814,702
2,958,388 Fannie Mae, 3.0%, 7/1/30 3,050,168
867,688 Fannie Mae, 3.0%, 7/1/43 869,535
20,720,268 Fannie Mae, 3.0%, 8/1/42 20,798,407
5,401,343 Fannie Mae, 3.0%, 9/1/28 5,584,126
6,163,461 Fannie Mae, 3.0%, 9/1/42 6,185,584
5,794,345 Fannie Mae, 3.0%, 9/1/43 5,806,003
32,475,000 Fannie Mae, 3.5%, 1/13/16 (TBA) 33,505,211
292,100 Fannie Mae, 3.5%, 11/1/42 302,579
15,216,591 Fannie Mae, 3.5%, 11/1/45 15,809,948
1,725,932 Fannie Mae, 3.5%, 12/1/26 1,810,725
735,481 Fannie Mae, 3.5%, 12/1/42 761,877
757,244 Fannie Mae, 3.5%, 12/1/42 784,414
3,270,396 Fannie Mae, 3.5%, 2/1/29 3,427,663
14,411,376 Fannie Mae, 3.5%, 2/1/44 14,879,531
9,809,068 Fannie Mae, 3.5%, 4/1/45 10,127,716
3,905,456 Fannie Mae, 3.5%, 6/1/28 4,095,836
4,561,601 Fannie Mae, 3.5%, 9/1/44 4,709,785
2,975,795 Fannie Mae, 3.5%, 9/1/45 3,072,728
634,446 Fannie Mae, 4.0%, 1/1/42 673,071
724,942 Fannie Mae, 4.0%, 1/1/42 769,105
190,195 Fannie Mae, 4.0%, 1/1/44 201,347
151,634 Fannie Mae, 4.0%, 1/1/45 160,510
410,348 Fannie Mae, 4.0%, 1/1/45 434,437
720,512 Fannie Mae, 4.0%, 1/1/45 762,695
31,650,000 Fannie Mae, 4.0%, 1/13/16 (TBA) 33,491,141
152,692 Fannie Mae, 4.0%, 11/1/44 161,694
198,548 Fannie Mae, 4.0%, 11/1/44 210,171
450,114 Fannie Mae, 4.0%, 11/1/44 476,548
3,331,880 Fannie Mae, 4.0%, 11/1/44 3,527,994
9,732,161 Fannie Mae, 4.0%, 11/1/44 10,301,856
1,058,164 Fannie Mae, 4.0%, 12/1/40 1,132,940
1,967,997 Fannie Mae, 4.0%, 12/1/41 2,087,831
41,931 Fannie Mae, 4.0%, 12/1/42 44,490
5,976,229 Fannie Mae, 4.0%, 12/1/43 6,354,812
87,291 Fannie Mae, 4.0%, 12/1/44 92,416
423,909 Fannie Mae, 4.0%, 12/1/44 448,811
782,333 Fannie Mae, 4.0%, 12/1/44 828,260
The accompanying notes are an integral part of these financial statements.
50 Pioneer Bond Fund | Semiannual Report | 12/31/15
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
9,803,089 Fannie Mae, 4.0%, 2/1/42 $ 10,400,366
9,784,327 Fannie Mae, 4.0%, 2/1/44 10,358,735
70,019 Fannie Mae, 4.0%, 2/1/45 74,138
359,261 Fannie Mae, 4.0%, 2/1/45 380,353
715,533 Fannie Mae, 4.0%, 2/1/45 757,419
1,665,608 Fannie Mae, 4.0%, 3/1/42 1,770,286
1,557,897 Fannie Mae, 4.0%, 4/1/39 1,649,092
1,069,422 Fannie Mae, 4.0%, 4/1/41 1,138,594
566,892 Fannie Mae, 4.0%, 4/1/42 601,270
838,212 Fannie Mae, 4.0%, 4/1/42 889,227
1,207,570 Fannie Mae, 4.0%, 5/1/41 1,281,056
2,580,635 Fannie Mae, 4.0%, 5/1/44 2,731,699
845,247 Fannie Mae, 4.0%, 6/1/42 895,176
168,777 Fannie Mae, 4.0%, 6/1/44 178,657
224,034 Fannie Mae, 4.0%, 6/1/44 237,148
20,218 Fannie Mae, 4.0%, 7/1/18 21,077
334,166 Fannie Mae, 4.0%, 7/1/42 354,566
5,152,583 Fannie Mae, 4.0%, 7/1/42 5,485,721
559,314 Fannie Mae, 4.0%, 7/1/44 592,055
8,618,685 Fannie Mae, 4.0%, 7/1/44 9,123,201
12,469,383 Fannie Mae, 4.0%, 8/1/42 13,236,982
384,230 Fannie Mae, 4.0%, 8/1/44 407,376
450,484 Fannie Mae, 4.0%, 8/1/44 476,855
2,423,148 Fannie Mae, 4.0%, 8/1/44 2,568,396
7,263,236 Fannie Mae, 4.0%, 8/1/44 7,695,968
74,735 Fannie Mae, 4.0%, 9/1/44 79,110
629,812 Fannie Mae, 4.0%, 9/1/44 666,680
750,995 Fannie Mae, 4.0%, 9/1/44 794,957
11,124,503 Fannie Mae, 4.0%, 9/1/44 11,823,524
6,588,061 Fannie Mae, 4.5%, 1/1/42 7,127,643
8,535,399 Fannie Mae, 4.5%, 1/1/42 9,233,489
10,196,919 Fannie Mae, 4.5%, 1/1/44 11,012,951
255,363 Fannie Mae, 4.5%, 10/1/35 276,844
282,903 Fannie Mae, 4.5%, 10/1/35 305,543
318,551 Fannie Mae, 4.5%, 11/1/20 331,212
2,415,367 Fannie Mae, 4.5%, 11/1/40 2,614,138
348,387 Fannie Mae, 4.5%, 11/1/43 379,555
702,513 Fannie Mae, 4.5%, 11/1/43 768,521
1,060,858 Fannie Mae, 4.5%, 12/1/41 1,147,725
10,655,652 Fannie Mae, 4.5%, 12/1/43 11,508,395
13,379,079 Fannie Mae, 4.5%, 12/1/43 14,499,954
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/15 51
Schedule of Investments | 12/31/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
1,071,991 Fannie Mae, 4.5%, 2/1/41 $ 1,160,281
395,846 Fannie Mae, 4.5%, 2/1/44 428,393
2,502,533 Fannie Mae, 4.5%, 4/1/41 2,708,213
136,773 Fannie Mae, 4.5%, 5/1/41 147,992
3,308,243 Fannie Mae, 4.5%, 5/1/41 3,579,183
4,652,324 Fannie Mae, 4.5%, 5/1/41 5,033,807
306,413 Fannie Mae, 4.5%, 7/1/41 333,263
1,658,426 Fannie Mae, 4.5%, 7/1/41 1,792,922
2,234,420 Fannie Mae, 4.5%, 7/1/41 2,418,195
796,969 Fannie Mae, 4.5%, 8/1/40 862,544
1,257,994 Fannie Mae, 4.5%, 8/1/40 1,361,373
212,704 Fannie Mae, 5.0%, 1/1/20 220,278
337,479 Fannie Mae, 5.0%, 10/1/20 358,393
43,216 Fannie Mae, 5.0%, 2/1/20 45,133
16,305 Fannie Mae, 5.0%, 2/1/22 17,502
253,434 Fannie Mae, 5.0%, 2/1/22 270,915
4,841,750 Fannie Mae, 5.0%, 2/1/41 5,344,893
19,062,836 Fannie Mae, 5.0%, 2/1/45 21,060,213
428,824 Fannie Mae, 5.0%, 5/1/23 460,996
920,283 Fannie Mae, 5.0%, 6/1/40 1,019,213
992,982 Fannie Mae, 5.0%, 6/1/40 1,095,091
754,766 Fannie Mae, 5.0%, 7/1/40 832,566
1,110,136 Fannie Mae, 5.0%, 7/1/40 1,224,877
1,445,585 Fannie Mae, 5.0%, 7/1/40 1,593,706
101,528 Fannie Mae, 5.5%, 12/1/17 104,237
388,424 Fannie Mae, 5.5%, 3/1/36 436,639
188,493 Fannie Mae, 5.5%, 5/1/36 209,869
33,720 Fannie Mae, 5.5%, 6/1/33 37,905
271,784 Fannie Mae, 5.5%, 6/1/36 303,734
119,713 Fannie Mae, 5.5%, 7/1/33 134,592
844,748 Fannie Mae, 5.5%, 7/1/34 952,108
189,044 Fannie Mae, 5.5%, 9/1/19 196,579
4,615 Fannie Mae, 6.0%, 1/1/32 5,270
70,003 Fannie Mae, 6.0%, 10/1/32 79,934
18,608 Fannie Mae, 6.0%, 10/1/34 21,079
171,835 Fannie Mae, 6.0%, 10/1/35 193,980
35,792 Fannie Mae, 6.0%, 11/1/33 40,812
15,129 Fannie Mae, 6.0%, 11/1/34 17,206
365,046 Fannie Mae, 6.0%, 12/1/35 412,353
25,401 Fannie Mae, 6.0%, 2/1/32 28,955
17,304 Fannie Mae, 6.0%, 2/1/33 19,565
5,612 Fannie Mae, 6.0%, 2/1/35 6,383
The accompanying notes are an integral part of these financial statements.
52 Pioneer Bond Fund | Semiannual Report | 12/31/15
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
13,394 Fannie Mae, 6.0%, 2/1/35 $ 15,202
7,714 Fannie Mae, 6.0%, 3/1/32 8,809
98,673 Fannie Mae, 6.0%, 3/1/33 112,671
98,205 Fannie Mae, 6.0%, 4/1/33 111,402
246,542 Fannie Mae, 6.0%, 4/1/35 280,945
58,916 Fannie Mae, 6.0%, 5/1/35 66,485
2,378 Fannie Mae, 6.0%, 6/1/16 2,395
347,938 Fannie Mae, 6.0%, 6/1/38 396,798
197,500 Fannie Mae, 6.0%, 7/1/33 225,075
457,202 Fannie Mae, 6.0%, 7/1/33 519,788
62,694 Fannie Mae, 6.0%, 7/1/38 70,948
4,952 Fannie Mae, 6.0%, 8/1/32 5,653
175,374 Fannie Mae, 6.0%, 8/1/34 199,923
1,285 Fannie Mae, 6.0%, 9/1/29 1,466
565 Fannie Mae, 6.0%, 9/1/32 643
13,030 Fannie Mae, 6.0%, 9/1/34 14,805
35,815 Fannie Mae, 6.0%, 9/1/34 40,714
60,037 Fannie Mae, 6.0%, 9/1/34 68,305
96,513 Fannie Mae, 6.0%, 9/1/34 108,912
3,037 Fannie Mae, 6.5%, 1/1/31 3,471
11,242 Fannie Mae, 6.5%, 10/1/31 12,847
74,143 Fannie Mae, 6.5%, 10/1/32 84,734
177,890 Fannie Mae, 6.5%, 11/1/37 203,301
134,330 Fannie Mae, 6.5%, 12/1/31 153,519
4,916 Fannie Mae, 6.5%, 2/1/32 5,618
77,961 Fannie Mae, 6.5%, 3/1/32 89,098
2,854 Fannie Mae, 6.5%, 4/1/31 3,262
6,588 Fannie Mae, 6.5%, 5/1/31 7,529
74,653 Fannie Mae, 6.5%, 6/1/31 85,317
8,749 Fannie Mae, 6.5%, 7/1/29 9,999
30,159 Fannie Mae, 6.5%, 7/1/34 34,467
9,155 Fannie Mae, 6.5%, 8/1/31 10,462
5,397 Fannie Mae, 6.5%, 9/1/31 6,168
8,334 Fannie Mae, 6.5%, 9/1/31 9,524
21,046 Fannie Mae, 7.0%, 1/1/32 24,014
755 Fannie Mae, 7.0%, 12/1/30 802
7,378 Fannie Mae, 7.0%, 12/1/30 8,261
25,673 Fannie Mae, 7.0%, 12/1/31 27,366
9,952 Fannie Mae, 7.0%, 4/1/31 11,946
13,771 Fannie Mae, 7.0%, 9/1/31 15,328
162 Fannie Mae, 8.0%, 5/1/31 161
449,519 Federal Home Loan Mortgage Corp., 2.5%, 1/1/30 454,287
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/15 53
Schedule of Investments | 12/31/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
260,354 Federal Home Loan Mortgage Corp., 2.5%, 4/1/30 $ 263,119
4,312,214 Federal Home Loan Mortgage Corp., 3.0%, 10/1/29 4,448,309
4,154,346 Federal Home Loan Mortgage Corp., 3.0%, 8/1/29 4,292,981
1,707,287 Federal Home Loan Mortgage Corp., 3.5%, 11/1/28 1,796,519
185,002 Federal Home Loan Mortgage Corp., 3.5%, 11/1/44 190,599
9,984,861 Federal Home Loan Mortgage Corp., 3.5%, 11/1/45 10,299,031
9,359,478 Federal Home Loan Mortgage Corp., 3.5%, 12/1/44 9,642,379
4,731,874 Federal Home Loan Mortgage Corp., 3.5%, 3/1/45 4,874,900
2,318,388 Federal Home Loan Mortgage Corp., 3.5%, 4/1/42 2,390,189
255,797 Federal Home Loan Mortgage Corp., 3.5%, 7/1/45 264,250
3,792,887 Federal Home Loan Mortgage Corp., 3.5%, 8/1/43 3,908,633
807,330 Federal Home Loan Mortgage Corp., 3.5%, 9/1/44 833,622
2,829,029 Federal Home Loan Mortgage Corp., 4.0%, 1/1/44 2,991,335
13,992,804 Federal Home Loan Mortgage Corp., 4.0%, 11/1/41 14,959,671
168,620 Federal Home Loan Mortgage Corp., 4.0%, 11/1/42 178,513
2,532,941 Federal Home Loan Mortgage Corp., 4.0%, 12/1/44 2,679,636
593,436 Federal Home Loan Mortgage Corp., 4.0%, 2/1/44 629,682
2,306,730 Federal Home Loan Mortgage Corp., 4.0%, 4/1/45 2,439,179
8,611,832 Federal Home Loan Mortgage Corp., 4.0%, 5/1/44 9,107,739
7,944,647 Federal Home Loan Mortgage Corp., 4.0%, 6/1/44 8,398,749
183,289 Federal Home Loan Mortgage Corp., 4.0%, 7/1/42 194,118
1,012,092 Federal Home Loan Mortgage Corp., 4.0%, 7/1/44 1,073,624
1,339,863 Federal Home Loan Mortgage Corp., 4.0%, 7/1/44 1,421,406
1,394,153 Federal Home Loan Mortgage Corp., 4.0%, 7/1/44 1,478,928
11,203,056 Federal Home Loan Mortgage Corp., 4.0%, 7/1/44 11,844,713
4,555,812 Federal Home Loan Mortgage Corp., 4.0%, 9/1/44 4,816,818
10,487,080 Federal Home Loan Mortgage Corp., 4.0%, 9/1/44 11,125,333
308,395 Federal Home Loan Mortgage Corp., 4.5%, 10/1/20 320,981
4,518,294 Federal Home Loan Mortgage Corp., 4.5%, 11/1/40 4,873,815
299,826 Federal Home Loan Mortgage Corp., 4.5%, 11/1/43 322,882
134,356 Federal Home Loan Mortgage Corp., 4.5%, 3/1/20 139,147
2,690,991 Federal Home Loan Mortgage Corp., 4.5%, 3/1/42 2,902,604
6,831,214 Federal Home Loan Mortgage Corp., 4.5%, 3/1/42 7,367,731
869,959 Federal Home Loan Mortgage Corp., 5.0%, 10/1/20 918,441
412,025 Federal Home Loan Mortgage Corp., 5.0%, 10/1/38 449,675
18,117 Federal Home Loan Mortgage Corp., 5.0%, 11/1/34 19,991
24,643 Federal Home Loan Mortgage Corp., 5.0%, 12/1/21 26,459
351,477 Federal Home Loan Mortgage Corp., 5.0%, 6/1/35 384,783
437,369 Federal Home Loan Mortgage Corp., 5.0%, 9/1/38 477,469
29,592 Federal Home Loan Mortgage Corp., 5.5%, 11/1/34 32,886
143,200 Federal Home Loan Mortgage Corp., 5.5%, 11/1/34 159,391
46,018 Federal Home Loan Mortgage Corp., 5.5%, 11/1/35 51,031
The accompanying notes are an integral part of these financial statements.
54 Pioneer Bond Fund | Semiannual Report | 12/31/15
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
166,816 Federal Home Loan Mortgage Corp., 5.5%, 12/1/18 $ 172,530
1,762,364 Federal Home Loan Mortgage Corp., 5.5%, 6/1/41 1,959,526
195,306 Federal Home Loan Mortgage Corp., 5.5%, 8/1/35 215,806
295,638 Federal Home Loan Mortgage Corp., 5.5%, 9/1/33 328,801
61,284 Federal Home Loan Mortgage Corp., 6.0%, 1/1/33 68,841
37,346 Federal Home Loan Mortgage Corp., 6.0%, 1/1/34 41,955
38,374 Federal Home Loan Mortgage Corp., 6.0%, 1/1/34 43,854
21,960 Federal Home Loan Mortgage Corp., 6.0%, 11/1/33 25,097
9,337 Federal Home Loan Mortgage Corp., 6.0%, 12/1/33 10,494
120,392 Federal Home Loan Mortgage Corp., 6.0%, 12/1/33 135,319
125,789 Federal Home Loan Mortgage Corp., 6.0%, 12/1/33 141,331
47,974 Federal Home Loan Mortgage Corp., 6.0%, 12/1/36 54,353
4,906 Federal Home Loan Mortgage Corp., 6.0%, 2/1/33 5,603
68,995 Federal Home Loan Mortgage Corp., 6.0%, 2/1/33 78,718
38,600 Federal Home Loan Mortgage Corp., 6.0%, 3/1/33 43,362
209,419 Federal Home Loan Mortgage Corp., 6.0%, 3/1/33 239,066
13,766 Federal Home Loan Mortgage Corp., 6.0%, 4/1/33 15,464
57,697 Federal Home Loan Mortgage Corp., 6.0%, 4/1/35 65,548
292,779 Federal Home Loan Mortgage Corp., 6.0%, 4/1/36 328,853
32,464 Federal Home Loan Mortgage Corp., 6.0%, 5/1/17 33,073
200,238 Federal Home Loan Mortgage Corp., 6.0%, 5/1/34 228,220
610,806 Federal Home Loan Mortgage Corp., 6.0%, 5/1/34 698,040
112,604 Federal Home Loan Mortgage Corp., 6.0%, 6/1/35 126,534
125,564 Federal Home Loan Mortgage Corp., 6.0%, 6/1/35 140,942
166,576 Federal Home Loan Mortgage Corp., 6.0%, 8/1/34 190,163
143,339 Federal Home Loan Mortgage Corp., 6.0%, 9/1/33 163,668
168 Federal Home Loan Mortgage Corp., 6.5%, 1/1/31 191
354 Federal Home Loan Mortgage Corp., 6.5%, 1/1/33 403
43,986 Federal Home Loan Mortgage Corp., 6.5%, 10/1/33 52,184
354 Federal Home Loan Mortgage Corp., 6.5%, 11/1/30 403
49,117 Federal Home Loan Mortgage Corp., 6.5%, 11/1/33 55,938
3,576 Federal Home Loan Mortgage Corp., 6.5%, 2/1/33 4,073
507 Federal Home Loan Mortgage Corp., 6.5%, 3/1/31 577
6,874 Federal Home Loan Mortgage Corp., 6.5%, 3/1/31 7,828
3,662 Federal Home Loan Mortgage Corp., 6.5%, 4/1/34 4,170
5,488 Federal Home Loan Mortgage Corp., 6.5%, 5/1/31 6,250
240 Federal Home Loan Mortgage Corp., 6.5%, 6/1/32 274
14,433 Federal Home Loan Mortgage Corp., 6.5%, 7/1/32 16,917
931 Federal Home Loan Mortgage Corp., 6.5%, 8/1/31 1,077
4,237 Federal Home Loan Mortgage Corp., 6.5%, 8/1/31 4,825
3,147 Federal Home Loan Mortgage Corp., 7.0%, 11/1/30 3,690
77,833 Federal Home Loan Mortgage Corp., 7.0%, 8/1/22 84,036
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/15 55
Schedule of Investments | 12/31/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
204,177 Federal Home Loan Mortgage Corp., 7.0%, 9/1/22 $ 220,481
4,753,766 Federal National Mortgage Association, 4.0%,
10/1/45 5,034,185
421,105 Federal National Mortgage Association, 4.0%,
11/1/34 450,605
1,152,220 Federal National Mortgage Association, 5.0%, 8/1/40 1,267,278
18,062,267 Government National Mortgage Association I,
3.5%, 1/15/45 18,808,789
30,710,000 Government National Mortgage Association I,
3.5%, 1/21/16 (TBA) 31,949,766
11,147,817 Government National Mortgage Association I,
3.5%, 7/15/42 11,609,777
34,419 Government National Mortgage Association I,
4.0%, 1/15/41 36,541
121,744 Government National Mortgage Association I,
4.0%, 1/15/41 129,230
3,068,956 Government National Mortgage Association I,
4.0%, 1/15/45 3,257,271
3,494,107 Government National Mortgage Association I,
4.0%, 1/15/45 3,708,128
4,304,815 Government National Mortgage Association I,
4.0%, 1/15/45 4,568,963
10,490 Government National Mortgage Association I,
4.0%, 10/15/40 11,137
6,342 Government National Mortgage Association I,
4.0%, 10/15/41 6,731
8,861 Government National Mortgage Association I,
4.0%, 10/15/41 9,406
9,318 Government National Mortgage Association I,
4.0%, 10/15/41 9,893
258,151 Government National Mortgage Association I,
4.0%, 10/15/44 273,977
12,200 Government National Mortgage Association I,
4.0%, 11/15/40 12,957
57,663 Government National Mortgage Association I,
4.0%, 11/15/40 61,211
6,732 Government National Mortgage Association I,
4.0%, 11/15/41 7,147
6,949 Government National Mortgage Association I,
4.0%, 11/15/41 7,374
30,925 Government National Mortgage Association I,
4.0%, 11/15/43 33,031
1,100,507 Government National Mortgage Association I,
4.0%, 11/15/44 1,168,032
9,812 Government National Mortgage Association I,
4.0%, 12/15/41 10,414
The accompanying notes are an integral part of these financial statements.
56 Pioneer Bond Fund | Semiannual Report | 12/31/15
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
3,908,447 Government National Mortgage Association I,
4.0%, 12/15/44 $ 4,148,267
15,039 Government National Mortgage Association I,
4.0%, 2/15/41 15,981
50,189 Government National Mortgage Association I,
4.0%, 2/15/42 53,260
490,777 Government National Mortgage Association I,
4.0%, 2/15/42 521,057
3,773,443 Government National Mortgage Association I,
4.0%, 2/15/45 4,007,494
4,372,069 Government National Mortgage Association I,
4.0%, 2/15/45 4,639,993
24,379 Government National Mortgage Association I,
4.0%, 3/15/44 26,011
753,480 Government National Mortgage Association I,
4.0%, 3/15/44 799,683
1,608,590 Government National Mortgage Association I,
4.0%, 3/15/44 1,707,310
6,718,751 Government National Mortgage Association I,
4.0%, 3/15/44 7,130,980
444,529 Government National Mortgage Association I,
4.0%, 3/15/45 471,807
4,333,768 Government National Mortgage Association I,
4.0%, 3/15/45 4,599,695
15,148 Government National Mortgage Association I,
4.0%, 4/15/44 16,080
62,835 Government National Mortgage Association I,
4.0%, 4/15/44 66,701
4,468,667 Government National Mortgage Association I,
4.0%, 4/15/44 4,742,311
13,265 Government National Mortgage Association I,
4.0%, 5/15/39 14,083
4,478,417 Government National Mortgage Association I,
4.0%, 5/15/45 4,762,204
7,751 Government National Mortgage Association I,
4.0%, 6/15/39 8,226
101,487 Government National Mortgage Association I,
4.0%, 6/15/41 107,752
11,925 Government National Mortgage Association I,
4.0%, 8/15/40 12,658
2,191,935 Government National Mortgage Association I,
4.0%, 8/15/43 2,326,408
757,949 Government National Mortgage Association I,
4.0%, 8/15/44 805,640
10,531 Government National Mortgage Association I,
4.0%, 9/15/40 11,181
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/15 57
Schedule of Investments | 12/31/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
7,823 Government National Mortgage Association I,
4.0%, 9/15/41 $ 8,302
729,168 Government National Mortgage Association I,
4.0%, 9/15/41 773,800
152,834 Government National Mortgage Association I,
4.0%, 9/15/44 162,452
461,498 Government National Mortgage Association I,
4.0%, 9/15/44 489,870
640,924 Government National Mortgage Association I,
4.0%, 9/15/44 680,249
795,658 Government National Mortgage Association I,
4.0%, 9/15/44 844,436
4,653,237 Government National Mortgage Association I,
4.0%, 9/15/44 4,938,747
561,996 Government National Mortgage Association I,
4.5%, 1/15/40 614,556
222,783 Government National Mortgage Association I,
4.5%, 10/15/33 242,275
279,840 Government National Mortgage Association I,
4.5%, 10/15/33 302,110
165,144 Government National Mortgage Association I,
4.5%, 10/15/35 178,849
1,740,935 Government National Mortgage Association I,
4.5%, 12/15/39 1,884,754
45,714 Government National Mortgage Association I,
4.5%, 2/15/34 49,704
16,929 Government National Mortgage Association I,
4.5%, 3/15/35 18,248
79,529 Government National Mortgage Association I,
4.5%, 3/15/35 85,723
21,923 Government National Mortgage Association I,
4.5%, 4/15/35 23,648
236,830 Government National Mortgage Association I,
4.5%, 4/15/35 256,711
119,024 Government National Mortgage Association I,
4.5%, 4/15/38 128,303
1,233,808 Government National Mortgage Association I,
4.5%, 4/15/41 1,331,398
1,605,814 Government National Mortgage Association I,
4.5%, 5/15/41 1,733,514
1,353,323 Government National Mortgage Association I,
4.5%, 6/15/41 1,461,113
100,612 Government National Mortgage Association I,
4.5%, 7/15/33 109,171
515,245 Government National Mortgage Association I,
4.5%, 7/15/41 556,350
The accompanying notes are an integral part of these financial statements.
58 Pioneer Bond Fund | Semiannual Report | 12/31/15
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
1,722,272 Government National Mortgage Association I,
4.5%, 8/15/41 $ 1,857,073
251,453 Government National Mortgage Association I,
4.5%, 9/15/33 274,648
25,822 Government National Mortgage Association I,
4.5%, 9/15/35 27,956
373,042 Government National Mortgage Association I,
4.5%, 9/15/40 406,994
92,078 Government National Mortgage Association I,
5.0%, 10/15/18 96,705
125,758 Government National Mortgage Association I,
5.0%, 4/15/34 140,191
518,690 Government National Mortgage Association I,
5.0%, 4/15/35 581,338
1,076 Government National Mortgage Association I,
5.0%, 7/15/19 1,135
91,490 Government National Mortgage Association I,
5.0%, 7/15/19 96,686
116,204 Government National Mortgage Association I,
5.0%, 7/15/33 127,335
118,247 Government National Mortgage Association I,
5.0%, 9/15/33 131,884
152,808 Government National Mortgage Association I,
5.5%, 1/15/35 172,027
26,748 Government National Mortgage Association I,
5.5%, 10/15/17 27,339
84,976 Government National Mortgage Association I,
5.5%, 10/15/17 87,016
87,449 Government National Mortgage Association I,
5.5%, 10/15/33 99,445
121,969 Government National Mortgage Association I,
5.5%, 10/15/35 137,409
215,156 Government National Mortgage Association I,
5.5%, 10/15/35 242,222
38,946 Government National Mortgage Association I,
5.5%, 11/15/18 40,232
252,435 Government National Mortgage Association I,
5.5%, 11/15/19 264,284
536,776 Government National Mortgage Association I,
5.5%, 11/15/34 604,290
25,317 Government National Mortgage Association I,
5.5%, 12/15/18 26,193
76,810 Government National Mortgage Association I,
5.5%, 2/15/18 78,829
109,821 Government National Mortgage Association I,
5.5%, 2/15/18 112,457
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/15 59
Schedule of Investments | 12/31/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
43,341 Government National Mortgage Association I,
5.5%, 2/15/35 $ 49,123
58,094 Government National Mortgage Association I,
5.5%, 2/15/35 64,634
55,422 Government National Mortgage Association I,
5.5%, 2/15/37 62,165
1,614 Government National Mortgage Association I,
5.5%, 4/15/19 1,675
16,340 Government National Mortgage Association I,
5.5%, 6/15/33 18,592
132,103 Government National Mortgage Association I,
5.5%, 6/15/35 146,977
89,328 Government National Mortgage Association I,
5.5%, 7/15/33 101,502
96,846 Government National Mortgage Association I,
5.5%, 7/15/33 110,157
446,759 Government National Mortgage Association I,
5.5%, 7/15/34 507,583
614,470 Government National Mortgage Association I,
5.5%, 7/15/35 713,670
138,125 Government National Mortgage Association I,
5.5%, 8/15/19 143,952
144,561 Government National Mortgage Association I,
5.5%, 8/15/19 149,959
25,132 Government National Mortgage Association I,
5.5%, 8/15/33 28,596
25,876 Government National Mortgage Association I,
5.5%, 8/15/33 29,375
41,947 Government National Mortgage Association I,
5.5%, 8/15/33 47,682
145,658 Government National Mortgage Association I,
5.5%, 9/15/19 151,814
182,264 Government National Mortgage Association I,
5.5%, 9/15/33 205,732
3,602 Government National Mortgage Association I,
6.0%, 1/15/17 3,654
17,567 Government National Mortgage Association I,
6.0%, 1/15/19 18,116
46,638 Government National Mortgage Association I,
6.0%, 1/15/33 52,332
140,112 Government National Mortgage Association I,
6.0%, 1/15/33 161,763
42,441 Government National Mortgage Association I,
6.0%, 10/15/32 48,937
54,937 Government National Mortgage Association I,
6.0%, 10/15/33 63,444
The accompanying notes are an integral part of these financial statements.
60 Pioneer Bond Fund | Semiannual Report | 12/31/15
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
278,747 Government National Mortgage Association I,
6.0%, 10/15/34 $ 315,927
129,400 Government National Mortgage Association I,
6.0%, 10/15/36 149,086
37,485 Government National Mortgage Association I,
6.0%, 11/15/31 43,049
147,429 Government National Mortgage Association I,
6.0%, 11/15/34 166,162
164,721 Government National Mortgage Association I,
6.0%, 12/15/32 186,729
120,134 Government National Mortgage Association I,
6.0%, 2/15/29 138,645
41,318 Government National Mortgage Association I,
6.0%, 2/15/33 47,722
12,228 Government National Mortgage Association I,
6.0%, 3/15/17 12,417
16,551 Government National Mortgage Association I,
6.0%, 3/15/17 16,721
2,359 Government National Mortgage Association I,
6.0%, 3/15/32 2,722
111,723 Government National Mortgage Association I,
6.0%, 3/15/33 128,964
131,590 Government National Mortgage Association I,
6.0%, 3/15/33 150,635
142,395 Government National Mortgage Association I,
6.0%, 3/15/33 164,314
187,217 Government National Mortgage Association I,
6.0%, 3/15/33 216,195
315,539 Government National Mortgage Association I,
6.0%, 3/15/33 364,320
421,172 Government National Mortgage Association I,
6.0%, 3/15/33 493,545
3,588 Government National Mortgage Association I,
6.0%, 4/15/18 3,596
24,023 Government National Mortgage Association I,
6.0%, 4/15/33 27,344
39,096 Government National Mortgage Association I,
6.0%, 4/15/33 44,027
49,695 Government National Mortgage Association I,
6.0%, 4/15/33 56,104
8,703 Government National Mortgage Association I,
6.0%, 5/15/17 8,765
22,428 Government National Mortgage Association I,
6.0%, 5/15/17 22,853
158,486 Government National Mortgage Association I,
6.0%, 5/15/33 182,330
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/15 61
Schedule of Investments | 12/31/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
2,298 Government National Mortgage Association I,
6.0%, 6/15/17 $ 2,314
13,154 Government National Mortgage Association I,
6.0%, 6/15/33 15,196
8,690 Government National Mortgage Association I,
6.0%, 8/15/32 10,028
323,786 Government National Mortgage Association I,
6.0%, 8/15/36 371,567
88,523 Government National Mortgage Association I,
6.0%, 9/15/19 92,306
244,122 Government National Mortgage Association I,
6.0%, 9/15/28 281,743
96,500 Government National Mortgage Association I,
6.0%, 9/15/32 108,259
18,130 Government National Mortgage Association I,
6.0%, 9/15/33 20,598
62,426 Government National Mortgage Association I,
6.0%, 9/15/33 72,025
68,043 Government National Mortgage Association I,
6.0%, 9/15/34 76,795
201,309 Government National Mortgage Association I,
6.0%, 9/15/34 232,571
882,251 Government National Mortgage Association I,
6.0%, 9/15/35 1,018,717
25,139 Government National Mortgage Association I,
6.5%, 1/15/29 28,762
93,879 Government National Mortgage Association I,
6.5%, 1/15/32 107,410
4,521 Government National Mortgage Association I,
6.5%, 1/15/33 5,278
446,169 Government National Mortgage Association I,
6.5%, 1/15/33 524,617
15,459 Government National Mortgage Association I,
6.5%, 1/15/34 17,687
685 Government National Mortgage Association I,
6.5%, 1/15/35 784
7,848 Government National Mortgage Association I,
6.5%, 10/15/31 8,979
34,105 Government National Mortgage Association I,
6.5%, 10/15/31 39,021
104,314 Government National Mortgage Association I,
6.5%, 10/15/31 119,349
107,750 Government National Mortgage Association I,
6.5%, 10/15/32 123,281
2,112 Government National Mortgage Association I,
6.5%, 10/15/33 2,416
The accompanying notes are an integral part of these financial statements.
62 Pioneer Bond Fund | Semiannual Report | 12/31/15
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
5,350 Government National Mortgage Association I,
6.5%, 11/15/31 $ 6,121
67,729 Government National Mortgage Association I,
6.5%, 11/15/32 80,172
426,232 Government National Mortgage Association I,
6.5%, 12/15/32 500,977
1,430 Government National Mortgage Association I,
6.5%, 2/15/29 1,637
9,546 Government National Mortgage Association I,
6.5%, 2/15/29 10,922
31,123 Government National Mortgage Association I,
6.5%, 2/15/32 36,139
47,959 Government National Mortgage Association I,
6.5%, 2/15/34 54,872
9,881 Government National Mortgage Association I,
6.5%, 3/15/29 11,306
81,477 Government National Mortgage Association I,
6.5%, 3/15/29 93,220
12,172 Government National Mortgage Association I,
6.5%, 3/15/31 13,927
16,655 Government National Mortgage Association I,
6.5%, 3/15/32 19,056
79,485 Government National Mortgage Association I,
6.5%, 4/15/31 90,942
9,857 Government National Mortgage Association I,
6.5%, 4/15/32 11,277
41,986 Government National Mortgage Association I,
6.5%, 4/15/35 48,038
4,634 Government National Mortgage Association I,
6.5%, 5/15/29 5,302
78,809 Government National Mortgage Association I,
6.5%, 5/15/29 90,715
20,401 Government National Mortgage Association I,
6.5%, 5/15/31 23,773
23,456 Government National Mortgage Association I,
6.5%, 5/15/31 27,375
12,080 Government National Mortgage Association I,
6.5%, 5/15/32 13,822
32,401 Government National Mortgage Association I,
6.5%, 5/15/33 37,071
15,574 Government National Mortgage Association I,
6.5%, 6/15/32 17,819
162,022 Government National Mortgage Association I,
6.5%, 6/15/34 185,375
6,718 Government National Mortgage Association I,
6.5%, 6/15/35 7,686
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/15 63
Schedule of Investments | 12/31/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
31,644 Government National Mortgage Association I,
6.5%, 7/15/32 $ 36,205
154,271 Government National Mortgage Association I,
6.5%, 7/15/32 181,688
52,562 Government National Mortgage Association I,
6.5%, 7/15/35 60,138
66,342 Government National Mortgage Association I,
6.5%, 7/15/35 75,904
63,121 Government National Mortgage Association I,
6.5%, 8/15/31 72,219
3,969 Government National Mortgage Association I,
6.5%, 8/15/32 4,541
25,006 Government National Mortgage Association I,
6.5%, 8/15/32 28,610
4,157 Government National Mortgage Association I,
6.5%, 9/15/34 4,756
7,158 Government National Mortgage Association I,
7.0%, 10/15/31 7,418
19,197 Government National Mortgage Association I,
7.0%, 11/15/28 22,294
57,499 Government National Mortgage Association I,
7.0%, 11/15/28 68,091
4,296 Government National Mortgage Association I,
7.0%, 12/15/30 4,560
11,187 Government National Mortgage Association I,
7.0%, 12/15/30 12,414
17,476 Government National Mortgage Association I,
7.0%, 3/15/31 19,543
24,223 Government National Mortgage Association I,
7.0%, 4/15/29 25,189
89,829 Government National Mortgage Association I,
7.0%, 5/15/32 109,767
34,906 Government National Mortgage Association I,
7.0%, 6/15/31 40,950
4,135 Government National Mortgage Association I,
7.0%, 7/15/31 4,933
1,551 Government National Mortgage Association I,
7.0%, 8/15/28 1,740
171,455 Government National Mortgage Association I,
7.0%, 8/15/31 207,399
13,725 Government National Mortgage Association I,
7.0%, 9/15/31 14,612
6,310 Government National Mortgage Association I,
7.5%, 10/15/29 6,649
46,201 Government National Mortgage Association I,
7.5%, 12/15/31 48,916
The accompanying notes are an integral part of these financial statements.
64 Pioneer Bond Fund | Semiannual Report | 12/31/15
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
1,829 Government National Mortgage Association I,
7.5%, 2/15/26 $ 1,913
15,120 Government National Mortgage Association I,
7.5%, 2/15/31 15,378
18,207 Government National Mortgage Association I,
7.5%, 8/15/29 19,308
2,346 Government National Mortgage Association I,
7.75%, 2/15/30 2,398
1,272,076 Government National Mortgage Association II,
3.5%, 3/20/45 1,328,667
564,723 Government National Mortgage Association II,
3.5%, 4/20/45 589,624
1,503,356 Government National Mortgage Association II,
3.5%, 4/20/45 1,572,041
6,009,585 Government National Mortgage Association II,
3.5%, 8/20/45 6,273,956
3,286,415 Government National Mortgage Association II,
4.0%, 10/20/44 3,492,067
14,041,149 Government National Mortgage Association II,
4.0%, 7/20/44 14,943,798
389,932 Government National Mortgage Association II,
4.0%, 9/20/44 414,511
339,247 Government National Mortgage Association II,
4.5%, 1/20/35 367,387
127,980 Government National Mortgage Association II,
4.5%, 12/20/34 138,789
60,957 Government National Mortgage Association II,
4.5%, 3/20/35 66,004
2,038,016 Government National Mortgage Association II,
4.5%, 9/20/41 2,220,039
293,217 Government National Mortgage Association II,
5.5%, 10/20/19 306,203
258,274 Government National Mortgage Association II,
5.5%, 3/20/34 288,157
228,755 Government National Mortgage Association II,
5.5%, 4/20/34 255,199
2,526 Government National Mortgage Association II,
6.5%, 2/20/29 2,925
1,073 Government National Mortgage Association II,
6.5%, 3/20/29 1,228
33,098 Government National Mortgage Association II,
6.5%, 4/20/29 38,053
84,263 Government National Mortgage Association II,
7.0%, 1/20/29 100,083
79,270 Government National Mortgage Association II,
7.0%, 11/20/28 93,738
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/15 65
Schedule of Investments | 12/31/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
2,395 Government National Mortgage Association II,
7.0%, 12/20/30 $ 2,891
18,862 Government National Mortgage Association,
6.5%, 3/15/29 21,580
16,800,000 U.S. Treasury Bills, 7/21/16 (c) 16,752,674
6,865,000 U.S. Treasury Bonds, 4.375%, 11/15/39 8,631,934
3,700,000 U.S. Treasury Bonds, 4.375%, 5/15/40 4,655,640
124,785,557 U.S. Treasury Inflation Indexed Bonds,
0.125%, 7/15/24 118,511,578
60,423,848 U.S. Treasury Inflation Indexed Bonds,
0.75%, 2/15/45 52,696,182
16,800,000 0.43 U.S. Treasury Note, Floating Rate Note, 10/31/17 16,784,678
16,395,000 0.33 U.S. Treasury Note, Floating Rate Note, 4/30/17 16,380,556
48,000,000 0.33 U.S. Treasury Note, Floating Rate Note, 7/31/17 47,922,432
4,400,000 U.S. Treasury Notes, 2.0%, 2/15/25 4,301,172
4,250,000 U.S. Treasury Notes, 2.125%, 5/15/25 4,194,550
-----------------
$ 1,038,192,208
----------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY
OBLIGATIONS
(Cost $1,037,954,585) $ 1,038,192,208
----------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BOND -- 0.1%
4,550,000 Africa Finance Corp., 4.375%, 4/29/20 (144A) $ 4,562,649
----------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BOND
(Cost $4,511,144) $ 4,562,649
----------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 2.3% (f)
Municipal Airport -- 0.0%+
1,000,000 Indianapolis Airport Authority, 5.1%, 1/15/17 $ 1,042,150
----------------------------------------------------------------------------------------------------------
Municipal Development -- 0.5%
2,925,000 California Statewide Communities Development
Authority, 6.0%, 8/15/42 $ 3,480,340
2,350,000 Louisiana Local Government Environmental
Facilities & Community Development Authority,
6.5%, 11/1/35 2,783,598
4,500,000 New Jersey Economic Development Authority,
2/15/18 (c) 4,227,660
2,560,000 Parish of St. John the Baptist Louisiana,
5.125%, 6/1/37 2,594,867
2,310,000 Selma Industrial Development Board,
5.8%, 5/1/34 2,583,850
-----------------
$ 15,670,315
----------------------------------------------------------------------------------------------------------
Municipal Education -- 0.0%+
525,000 Amherst College, 3.794%, 11/1/42 $ 498,875
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
66 Pioneer Bond Fund | Semiannual Report | 12/31/15
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
Municipal General -- 0.5%
4,075,000 JobsOhio Beverage System, 3.985%, 1/1/29 $ 4,241,504
1,035,000 JobsOhio Beverage System, 4.532%, 1/1/35 1,095,289
2,750,000 New Jersey Transportation Trust Fund Authority,
Transportation System-Series A, 5.5%, 6/15/41 2,978,332
1,050,000 Texas Municipal Gas Acquisition & Supply Corp. III,
5.0%, 12/15/30 1,156,690
2,100,000 Texas Municipal Gas Acquisition & Supply Corp. III,
5.0%, 12/15/31 2,306,535
2,200,000 Virginia Commonwealth Transportation Board,
4.0%, 5/15/31 2,402,620
2,210,000 Virginia Commonwealth Transportation Board,
4.0%, 5/15/32 2,401,496
-----------------
$ 16,582,466
----------------------------------------------------------------------------------------------------------
Municipal Higher Education -- 0.6%
1,025,000 Baylor University, 4.313%, 3/1/42 $ 1,032,667
1,425,000 Massachusetts Health & Educational Facilities
Authority, Massachusetts Institute of
Technology -Series K, 5.5%, 7/1/32 1,977,758
1,100,000 Massachusetts Institute of Technology,
5.6%, 7/1/11 1,345,640
3,100,000 New Jersey Educational Facilities Authority,
Princeton University Series D, 4.0%, 7/1/45 3,343,970
800,000 Permanent University Fund, 5.0%, 7/1/30 972,720
3,095,000 President and Fellows of Harvard College,
6.3%, 10/1/37 3,135,600
1,900,000 The George Washington University, 1.827%, 9/15/17 1,894,437
525,000 The University of Texas System, 5.0%, 8/15/43 606,480
2,600,000 University of California, 3.38%, 5/15/28 2,637,076
3,100,000 University of Virginia, Green Bond Series A,
5.0%, 4/1/45 3,652,265
-----------------
$ 20,598,613
----------------------------------------------------------------------------------------------------------
Municipal Medical -- 0.1%
325,000 Massachusetts Development Finance Agency,
5.25%, 4/1/37 $ 376,197
550,000 Massachusetts Development Finance Agency,
Broad Institute -Series A, 5.375%, 4/1/41 631,125
1,765,000 Ohio Higher Educational Facility Commission,
5.0%, 1/1/42 1,961,656
-----------------
$ 2,968,978
----------------------------------------------------------------------------------------------------------
Municipal Pollution -- 0.1%
3,965,000 Port Freeport Texas, 5.95%, 5/15/33 $ 4,353,491
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/15 67
Schedule of Investments | 12/31/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
Municipal School District -- 0.1%
2,700,000 Frisco Independent School District,
4.0%, 8/15/40 (h) $ 2,878,443
1,700,000 Frisco Independent School District,
4.0%, 8/15/45 (h) 1,801,286
-----------------
$ 4,679,729
----------------------------------------------------------------------------------------------------------
Municipal Transportation -- 0.1%
600,000 Port Authority of New York & New Jersey, 4.458%,
10/1/62 $ 571,296
1,000,000 Texas Transportation Commission State Highway
Fund, 5.0%, 4/1/33 1,182,020
-----------------
$ 1,753,316
----------------------------------------------------------------------------------------------------------
Municipal Obligation -- 0.3%
3,000,000 State of Texas, 4.0%, 10/1/44 (h) $ 3,167,700
1,600,000 State of Washington, 5.0%, 7/1/30 (h) 1,922,736
1,620,000 Washington Suburban Sanitary Commission,
4.0%, 6/1/43 (h) 1,721,072
1,565,000 Washington Suburban Sanitary Commission,
4.0%, 6/1/44 (h) 1,661,451
-----------------
$ 8,472,959
----------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $71,610,997) $ 76,620,892
----------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 2.5%**
ENERGY -- 0.0%+
Integrated Oil & Gas -- 0.0%+
269,232 4.50 Glenn Pool Oil & Gas Trust, Term Loan, 5/2/16 $ 268,559
-----------------
Total Energy $ 268,559
----------------------------------------------------------------------------------------------------------
MATERIALS -- 0.2%
Commodity Chemicals -- 0.0%+
760,962 4.50 Tronox Pigments Holland BV, New Term
Loan, 3/19/20 $ 678,683
----------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.0%+
193,149 4.25 OXEA Sarl, Tranche B-2 Term Loan (First Lien),
1/15/20 $ 186,630
----------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.1%
154,286 3.50 Chemtura Corp., New Term Loan, 8/29/16 $ 154,157
252,086 3.32 Huntsman International LLC 2015, Extended
Term B Dollar Loan, 4/19/19 249,145
906,873 5.50 MacDermid, Inc., Tranche B Term Loan
(First Lien), 6/7/20 879,856
475,000 4.25 OMNOVA Solutions, Inc., Term B-1 Loan, 5/31/18 468,766
237,546 2.75 WR Grace & Co-Conn, Term Loan, 1/23/21 236,061
The accompanying notes are an integral part of these financial statements.
68 Pioneer Bond Fund | Semiannual Report | 12/31/15
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
Specialty Chemicals -- (continued)
660,089 2.75 WR Grace & Co-Conn, U.S. Term Loan, 1/23/21 $ 655,963
-----------------
$ 2,643,948
----------------------------------------------------------------------------------------------------------
Construction Materials -- 0.1%
1,011,286 4.25 CeramTec Service GmbH, Initial Dollar Term B-1
Loan, 8/30/20 $ 1,005,387
----------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.0%+
197,000 5.50 BWay Intermediate, Initial Term Loan, 8/14/20 $ 190,762
----------------------------------------------------------------------------------------------------------
Aluminum -- 0.0%+
696,500 4.00 Novelis, Inc., Initial Term Loan, 5/28/22 $ 666,681
----------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.0%+
414,883 4.25 Fortescue Metals Group, Ltd., Bank Loan, 6/30/19 $ 311,450
-----------------
Total Materials $ 5,683,541
----------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.2%
Aerospace & Defense -- 0.1%
2,556,756 4.75 DigitalGlobe, Inc., Term Loan, 1/25/20 $ 2,514,795
425,419 6.25 DynCorp International, Inc., Term Loan, 7/7/16 409,466
591,352 7.00 TASC, Inc., First Lien Term Loan, 2/28/17 593,071
-----------------
$ 3,517,332
----------------------------------------------------------------------------------------------------------
Building Products -- 0.1%
1,369,026 3.50 Nortek, Inc., Incremental Loan, 10/30/20 $ 1,345,068
----------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.0%+
105,355 4.25 CeramTec Acquisition Corp., Initial Dollar Term
B-2 Loan, 8/30/20 $ 104,741
307,740 4.25 CeramTec GmbH, Dollar Term B-3 Loan, 8/30/20 305,945
-----------------
$ 410,686
----------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.0%+
590,405 3.75 WESCO Distribution, Inc., Tranche B-1 Loan, 12/12/19 $ 588,929
-----------------
Total Capital Goods $ 5,862,015
----------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.0%+
Security & Alarm Services -- 0.0%+
201,723 4.00 Garda World Security Corp., Term B Delayed
Draw Loan, 11/8/20 $ 193,339
788,554 4.00 Garda World Security Corp., Term B Loan, 11/1/20 755,780
-----------------
$ 949,119
-----------------
Total Commercial Services & Supplies $ 949,119
----------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.0%+
Airlines -- 0.0%+
798,000 3.25 Delta Air Lines, Inc., Term Loan, 8/24/22 $ 798,250
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/15 69
Schedule of Investments | 12/31/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
Marine -- 0.0%+
653,165 5.25 Navios Maritime Partners LP, Term Loan, 6/27/18 $ 640,102
-----------------
Total Transportation $ 1,438,352
----------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.3%
Auto Parts & Equipment -- 0.1%
1,125,688 3.50 Allison Transmission, Inc., Term B-3 Loan, 8/23/19 $ 1,121,265
1,728,070 4.00 Cooper Standard Intermediate Holdco 2 LLC, Term
Loan, 3/28/21 1,705,749
531,005 4.50 TI Group Automotive Systems LLC, Initial US Term
Loan, 6/25/22 520,385
-----------------
$ 3,347,399
----------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.1%
2,095,000 3.75 The Goodyear Tire & Rubber Co., Term Loan
(Second Lien), 3/27/19 $ 2,099,347
----------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.1%
3,738,825 3.50 Chrysler Group LLC, Term Loan B, 5/24/17 $ 3,732,189
-----------------
Total Automobiles & Components $ 9,178,935
----------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.0%+
Apparel, Accessories & Luxury Goods -- 0.0%+
496,250 3.25 Hanesbrands, Inc., New Term B Loan, 4/15/22 $ 498,731
306,034 3.25 PVH Corp., Tranche B Term Loan, 12/19/19 307,839
-----------------
$ 806,570
-----------------
Total Consumer Durables & Apparel $ 806,570
----------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Casinos & Gaming -- 0.1%
288,511 3.75 Pinnacle Entertainment, Inc., Tranche B-2 Term
Loan, 8/13/20 $ 288,082
4,306,500 6.00 Scientific Games, Initial Term B-2, 10/1/21 3,945,831
-----------------
$ 4,233,913
----------------------------------------------------------------------------------------------------------
Restaurants -- 0.0%+
362,475 3.75 1011778 BC ULC, Term B-2 Loan, 12/12/21 $ 360,776
-----------------
Total Consumer Services $ 4,594,689
----------------------------------------------------------------------------------------------------------
MEDIA -- 0.3%
Advertising -- 0.0%+
1,054,201 6.75 Affinion Group, Inc., Tranche B Term Loan, 4/30/18 $ 976,454
----------------------------------------------------------------------------------------------------------
Broadcasting -- 0.1%
2,242,029 4.00 Univision Communications, Inc., Replacement
First-Lien Term Loan, 3/1/20 $ 2,199,525
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
70 Pioneer Bond Fund | Semiannual Report | 12/31/15
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.1%
1,681,875 3.00 Charter Communications Operating LLC, Term F
Loan, 1/1/21 $ 1,652,792
146,464 4.50 WideOpenWest Finance LLC, Replacement Term B
Loan, 4/1/19 141,484
-----------------
$ 1,794,276
----------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.0%+
230,629 3.75 Cinedigm Digital Funding 1 LLC, Term Loan, 2/28/18 $ 230,052
1,392,938 3.50 Live Nation Entertainment, Inc., Term B-1
Loan, 8/17/20 1,391,777
-----------------
$ 1,621,829
-----------------
Total Media $ 6,592,084
----------------------------------------------------------------------------------------------------------
RETAILING -- 0.1%
General Merchandise Stores -- 0.0%+
665,000 3.50 Dollar Tree, Inc., Term B-1 Loan, 3/9/22 $ 664,050
----------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.1%
1,925,000 3.50 Staples, Inc., Initial Loan, 4/24/21 $ 1,907,074
-----------------
Total Retailing $ 2,571,124
----------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.0%+
Agricultural Products -- 0.0%+
1,233,038 3.25 Darling International, Inc., Term B USD Loan,
12/19/20 $ 1,208,377
----------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.0%+
20,755 3.00 Pinnacle Foods Finance LLC, New Term Loan G,
4/29/20 $ 20,459
-----------------
Total Food, Beverage & Tobacco $ 1,228,836
----------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Personal Products -- 0.1%
1,415,164 4.75 Federal-Mogul Corp., Tranche C Term, 4/15/21 $ 1,251,713
828,016 3.50 NBTY, Inc., Term B-2 Loan, 10/1/17 810,680
972,098 4.00 Revlon Consumer Products Corp., Acquisition Term
Loan, 8/19/19 969,365
-----------------
$ 3,031,758
-----------------
Total Household & Personal Products $ 3,031,758
----------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.3%
Health Care Equipment -- 0.1%
1,978,551 4.50 Kinetic Concepts, Inc., Term DTL-E1 loan, 5/4/18 $ 1,907,654
----------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.0%+
1,909,924 5.00 Immucor, Inc., Term B-2 Loan, 8/19/18 $ 1,819,203
----------------------------------------------------------------------------------------------------------
Health Care Services -- 0.0%+
184,686 6.50 Ardent Legacy Acquisitions, Inc. (Ardent Mergeco
LLC) Term Loan, 7/31/21 $ 183,763
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/15 71
Schedule of Investments | 12/31/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
Health Care Services -- (continued)
249,873 3.50 DaVita HealthCare Partners, Inc., Tranche B Loan
(First Lien), 6/19/21 $ 249,122
-----------------
$ 432,885
----------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.2%
589,688 3.66 CHS, Incremental 2018 Term F Loans, 12/31/18 $ 582,211
1,114,278 3.36 CHS, Incremental 2019 Term G Loan, 12/31/19 1,087,988
2,050,243 4.00 CHS, Incremental 2021 Term H Loan, 1/27/21 2,017,568
731,072 3.36 HCA, Inc., Tranche B-4 Term Loan, 5/1/18 731,174
1,753,257 3.17 HCA, Inc., Tranche B-5 Term Loan, 3/31/17 1,753,136
-----------------
$ 6,172,077
----------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.0%+
449,239 3.50 IMS Health, Inc., Term B Dollar Loan, 3/17/21 $ 437,259
-----------------
Total Health Care Equipment & Services $ 10,769,078
----------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE
SCIENCES -- 0.2%
Biotechnology -- 0.0%+
742,327 3.50 Alkermes, Inc., 2019 Term Loan, 9/25/19 $ 740,008
----------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.1%
383,175 3.42 Grifols Worldwide Operations USA, Inc., U.S.
Tranche B Term Loam, 4/1/21 $ 380,110
1,640,289 3.50 RPI Finance Trust, Term B-4 Term Loan, 11/9/20 1,634,479
532,996 3.75 Valeant Pharmaceuticals International, Inc.,
Series C-2 Tranche B Term Loan, 12/11/19 514,508
992,500 4.00 Valeant Pharmaceuticals, Series F-1, 3/11/22 958,797
-----------------
$ 3,487,894
----------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.1%
1,628,854 4.25 Catalent Pharma Solutions, Dollar Term
Loan, 5/20/21 $ 1,617,995
-----------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 5,845,897
----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Specialized Finance -- 0.1%
1,484,887 3.50 Trans Union LLC 2015, Term B-2 Loan, 4/9/21 $ 1,445,166
-----------------
Total Diversified Financials $ 1,445,166
----------------------------------------------------------------------------------------------------------
INSURANCE -- 0.2%
Insurance Brokers -- 0.2%
1,155,382 4.50 National Financial Partners Corp., Tranche B Term
Loan (First Lien), 7/1/20 $ 1,114,943
6,146,019 4.25 USI Insurance Services LLC, Term B Loan, 12/30/19 5,940,515
-----------------
$ 7,055,458
-----------------
Total Insurance $ 7,055,458
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
72 Pioneer Bond Fund | Semiannual Report | 12/31/15
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.0%+
Systems Software -- 0.0%+
603,900 5.75 AVG Technologies N.V., Term Loan, 10/15/20 $ 601,635
----------------------------------------------------------------------------------------------------------
Home Entertainment Software -- 0.0%+
1,146,608 3.25 Activision Blizzard, Inc., Term Loan, 7/26/20 $ 1,147,324
-----------------
Total Software & Services $ 1,748,959
----------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.0%+
Communications Equipment -- 0.0%+
248,023 3.31 Commscope, Inc., Tranche 4 Term Loan, 1/14/18 $ 247,403
-----------------
Total Technology Hardware & Equipment $ 247,403
----------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.1%
Semiconductor Equipment -- 0.1%
1,160,357 2.86 Sensata Technologies B.V. (Sensata Technologies
Finance Co., LLC) Sixth Amendment Term
Loan, 10/14/21 $ 1,141,791
----------------------------------------------------------------------------------------------------------
Semiconductors -- 0.0%+
325,000 4.25 Avago Technologies Cayman, Ltd., (Avago
Technologies Holdings Luxembourg S.a r.l.) Term
Loan, 11/13/22 $ 321,524
322,619 3.75 Avago Technologies Ltd., Tranche B Term Loan
(First Lien), 4/16/21 322,418
350,189 3.25 Microsemi Corp., Term Loan (First Lien), 3/14/21 349,751
350,189 5.25 Microsemi Corp., Term Loan (2014), 12/17/22 344,761
-----------------
$ 1,338,454
-----------------
Total Semiconductors & Semiconductor Equipment $ 2,480,245
----------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.2%
Integrated Telecommunication Services -- 0.1%
1,911,013 4.00 Cincinnati Bell, Inc., Tranche B Term Loan, 9/10/20 $ 1,851,293
1,205,888 4.00 GCI Holdings, Inc., New Term B Loan, 2/2/22 1,208,149
-----------------
$ 3,059,442
----------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.1%
1,484,848 3.00 Crown Castle International Corp., Tranche B-2
Term Loan (First Lien), 1/31/21 $ 1,475,568
333,333 4.00 Syniverse Holdings, Inc., Initial Term Loan, 4/23/19 247,500
666,667 4.00 Syniverse Holdings, Inc., Tranche B Term
Loan, 4/23/19 495,000
-----------------
$ 2,218,068
-----------------
Total Telecommunication Services $ 5,277,510
----------------------------------------------------------------------------------------------------------
UTILITIES -- 0.1%
Electric Utilities -- 0.0%+
1,285,660 3.75 Texas Competitive Electric Holdings Co., LLC, DIP
Delayed Draw Term Loan (2014), 5/5/16 $ 1,279,232
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/15 73
Schedule of Investments | 12/31/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy
Traders -- 0.1%
1,013,391 4.00 Dynegy, Inc., Tranche B-2 Term Loan, 4/23/20 $ 982,356
1,309,009 2.75 NRG Energy, Inc., Term Loan (2013), 7/1/18 1,278,330
722,016 3.75 NSG Holdings LLC, New Term Loan, 12/11/19 711,822
-----------------
$ 2,972,508
-----------------
Total Utilities $ 4,251,740
----------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
(Cost $82,493,442) $ 81,327,038
----------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 1.4%
Commercial Paper -- 0.3%
8,370,000 Prudential Funding LLC, Commercial Paper,
1/4/16 (c) $ 8,369,766
----------------------------------------------------------------------------------------------------------
Repurchase Agreements -- 1.1%
5,375,000 $5,375,000 Bank of Nova Scotia, 0.33%, dated
12/31/15 plus accrued interest on 1/4/16
collateralized by the following:
$2,850 Federal Home Loan Mortgage Corp,
2.179% - 3.166%, 6/1/42 - 9/1/44
$2,257,755 Federal National Mortgage
Association (ARM), 1.793% - 3.341%,
2/1/25 - 4/1/44
$3,222,097 Federal National Mortgage
Association, 2.5%-5.0%, 12/1/23-8/1/45 $ 5,375,000
30,930,000 $30,930,000 RBC Capital Markets LLC, 0.30%,
dated 12/31/15 plus accrued interest on 1/4/16
collateralized by the following:
$4,327,067 Federal Home Loan Mortgage Corp,
2.202% - 2.68%, 5/1/36 - 5/1/45
$20,545,672 Federal National Mortgage
Association (ARM), 0% - 4.866%,
9/1/33 - 12/1/45
$6,675,862 Federal National Mortgage
Association, 2.5%-4.0%, 12/1/32-12/1/45 30,930,000
1,690,000 $1,690,000 TD Securities USA LLC, 0.31%,
dated 12/31/15 plus accrued interest on 1/4/16
collateralized by $1,723,801 Freddie Mac Giant,
4.0%, 7/1/45 1,690,000
-----------------
$ 37,995,000
----------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $46,364,791) $ 46,364,766
----------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 99.5%
(Cost $3,351,689,519) (a) $ 3,320,848,136
----------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 0.5% $ 17,485,462
----------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 3,338,333,598
==========================================================================================================
The accompanying notes are an integral part of these financial statements.
74 Pioneer Bond Fund | Semiannual Report | 12/31/15
REIT Real Estate Investment Trust.
+ Rounds to less than 0.01%.
(PIK) Represents a pay-in kind security.
(Perpetual) Security with no stated maturity date.
(Cat Bond) Catastrophe or event linked bond. At December 31, 2015 the value of
these securities amounted to $91,001,440 or 2.7% of total net
assets. See Notes to Financial Statements -- 1F.
REMICS Real Estate Mortgage Investment Conduits.
ARM Adjustable Rate Mortgage.
(Step) Bond issued with an initial coupon rate which converts to a higher
rate at a later date.
(TBA) "To Be Announced" Securities.
(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, 2015, the value of these securities
amounted to $79,033,486 or 29.3% of total net assets.
** Senior floating rate loan interests in which the Fund invests
generally pay interest at rates that are periodically redetermined
by reference to a base lending rate plus a premium. These base
lending rates are generally (i) the lending rate offered by one or
more major European banks, such as LIBOR (London InterBank Offered
Rate), (ii) the prime rate offered by one or more major U.S. banks,
(iii) the rate of a certificate of deposit or (iv) other base
lending rates used by commercial lenders. The rate shown is the
coupon rate at period end.
(a) At December 31, 2015, the net unrealized depreciation on investments
based on cost for federal income tax purposes of $3,356,292,658 was
as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 34,954,302
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (70,398,824)
------------
Net unrealized depreciation $(35,444,522)
============
(b) Debt obligation with a variable interest rate. Rate shown is rate at
end of period.
(c) Security issued with a zero coupon. Income is earned through
accretion of discount.
(d) Security is valued using fair value methods (other than prices
supplied by independent pricing services or broker-dealers). See
Notes to Financial Statements -- Note 1A.
(e) Structured reinsurance investment. At December 31, 2015, the value
of these securities amounted to $55,634,383 or 1.7% of total net
assets. See Notes To Financial Statements -- Note 1F.
(f) Consists of revenue bonds unless otherwise indicated.
(g) Rate to be determined.
(h) Represents a General Obligation Bond.
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended December 31, 2015 were as follows:
--------------------------------------------------------------------------------
Purchases Sales
--------------------------------------------------------------------------------
Long-Term U.S. Government Securities $438,842,864 $319,212,417
Other Long-Term Securities 445,495,732 364,952,674
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/15 75
Schedule of Investments | 12/31/15 (unaudited) (continued)
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of December 31, 2015, in
valuing the Fund's assets:
--------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------------------------------
Preferred Stocks $10,019,049 $ -- $ -- $ 10,019,049
Convertible Preferred Stock 6,524,346 -- -- 6,524,346
Asset Backed Securities -- 159,550,588 -- 159,550,588
Collateralized Mortgage Obligations -- 566,116,467 -- 566,116,467
Corporate Bonds
Diversified Financials
Other Diversified Financial Services -- -- 1,150,830 1,150,830
Insurance
Reinsurance -- 92,470,306 55,634,383 148,104,689
All Other Corporate Bonds -- 1,182,314,614 -- 1,182,314,614
U.S. Government Agency Obligations -- 1,038,192,208 -- 1,038,192,208
Foreign Government Bond -- 4,562,649 -- 4,562,649
Municipal Bonds -- 76,620,892 -- 76,620,892
Senior Floating Rate Loan Interests -- 81,327,038 -- 81,327,038
Commercial Paper -- 8,369,766 -- 8,369,766
Repurchase Agreements -- 37,995,000 -- 37,995,000
--------------------------------------------------------------------------------------------------------
Total $16,543,395 $ 3,247,519,528 $ 56,785,213 $3,320,848,136
========================================================================================================
Other Financial Instruments
Net unrealized appreciation on
Futures Contracts $ 2,203,831 $ -- $ -- $ 2,203,831
--------------------------------------------------------------------------------------------------------
Total Other Financial
Instruments $ 2,203,831 $ -- $ -- $ 2,203,831
========================================================================================================
The following is a summary of the fair valuation of certain Fund's assets and
liabilities as of December 31, 2015.
--------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------------------------------
Assets:
Restricted cash $ -- $ 2,861,626 $ -- $ 2,861,626
Liabilities:
Variation margin on
Futures contracts -- (1,080,250) -- (1,080,250)
--------------------------------------------------------------------------------------------------------
Total: $ -- $ 1,781,376 $ -- $ 1,781,376
========================================================================================================
The accompanying notes are an integral part of these financial statements.
76 Pioneer Bond Fund | Semiannual Report | 12/31/15
Following is a reconciliation of assets using significant unobservable inputs
(Level 3):
--------------------------------------------------------------------------------------------------------
Preferred Corporate
Stocks Bonds Total
--------------------------------------------------------------------------------------------------------
Balance as of 6/30/15 $ 36,000 $45,277,300 $45,313,300
Realized gain (loss)(1) -- 3,068 3,068
Change in unrealized appreciation (depreciation)(2) -- 3,575,733 3,575,733
Net purchases -- 11,259,048 11,259,048
Net sales -- (5,925,936) (5,925,936)
Transfers in to Level 3* -- 2,560,000 2,560,000
Transfers out of Level 3* -- -- --
Transfers in and out of Level 3 categories (36,000) 36,000 --
--------------------------------------------------------------------------------------------------------
Balance as of 12/31/15 $ -- $56,785,213 $56,785,213
========================================================================================================
(1) Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) on investments in the
Statement of Operations.
* Transfers are calculated on the beginning of period values.
During the six months ending December 31, 2015, one security having a value
of $2,560,000 was transferred from Level 2 to Level 3. The change in the
level designation within the fair value hierarchy was due to an improper
classification of the investment type in the prior reporting period. There
were no other transfers between levels 1, 2 and 3.
Net change in unrealized appreciation (depreciation) of investments still
held as of 12/31/15 $3,478,698
----------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/15 77
Statement of Assets and Liabilities | 12/31/15 (unaudited)
ASSETS:
Investment in securities (cost $3,351,689,519) $3,320,848,136
Cash 132,492,663
Restricted Cash* 2,861,626
Receivables --
Investment securities sold 7,456,634
Fund shares sold 14,772,445
Dividends 49,524
Interest 20,271,266
Due from Pioneer Investment Management, Inc. 165,654
Net unrealized appreciation on futures contracts 2,203,831
Other assets 120,370
--------------------------------------------------------------------------------------------------------
$3,501,242,149
========================================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 142,714,403
Fund shares repurchased 16,384,668
Dividends 2,157,594
Variation margin on futures contracts 1,080,250
Due to affiliates 390,260
Accrued expenses 181,376
--------------------------------------------------------------------------------------------------------
$ 162,908,551
========================================================================================================
NET ASSETS:
Paid-in capital $3,384,812,673
Distributions in excess of net investment income (7,521,503)
Accumulated net realized loss on investments, swap contracts
and futures contracts (10,320,020)
Net unrealized depreciation on investments (30,841,383)
Net unrealized appreciation on futures contracts 2,203,831
--------------------------------------------------------------------------------------------------------
$3,338,333,598
========================================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $1,029,070,556/108,200,167 shares) $ 9.51
Class C (based on $118,690,138/12,620,720 shares) $ 9.40
Class K (based on $295,797,586/31,111,203 shares) $ 9.51
Class R (based on $133,869,221/13,948,527 shares) $ 9.60
Class Y (based on $1,760,906,097/186,889,070 shares) $ 9.42
MAXIMUM OFFERING PRICE:
Class A ($9.51 (divided by) 95.5%) $ 9.96
========================================================================================================
* Represents restricted cash deposited at the custodian and/or counterparty
for derivative trading.
The accompanying notes are an integral part of these financial statements.
78 Pioneer Bond Fund | Semiannual Report | 12/31/15
Statement of Operations (unaudited)
For the Six Months Ended 12/31/15
INVESTMENT INCOME:
Interest $ 52,494,757
Dividends 914,127
--------------------------------------------------------------------------------------------------------
Total investment income $ 53,408,884
========================================================================================================
EXPENSES:
Management fees $ 6,545,222
Transfer agent fees
Class A 122,710
Class C 14,971
Class K 1,366
Class R 5,268
Class Y 22,079
Class Z* 488
Distribution fees
Class A 1,312,488
Class C 579,340
Class R 321,571
Shareholder communications expense 2,253,210
Administrative expense 508,600
Custodian fees 112,168
Registration fees 124,301
Professional fees 95,548
Printing expense 25,061
Fees and expenses of nonaffiliated Trustees 78,784
Miscellaneous 172,029
--------------------------------------------------------------------------------------------------------
Total expenses $ 12,295,204
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (591,010)
--------------------------------------------------------------------------------------------------------
Net expenses $ 11,704,194
--------------------------------------------------------------------------------------------------------
Net investment income $ 41,704,690
--------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS AND SWAP CONTRACTS:
Net realized gain (loss) on:
Investments $ (2,218,219)
Futures contracts (320,340)
Swap contracts 183 $ (2,538,376)
--------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ (40,313,376)
Futures contracts (2,624,825)
Swap contracts (34,098) $ (42,972,299)
--------------------------------------------------------------------------------------------------------
Net gain(loss) on investments, futures contracts and swap contracts $ (45,510,675)
--------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $ (3,805,985)
========================================================================================================
* Class Z shares converted to Class Y shares on August 7, 2015.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/15 79
Statements of Changes in Net Assets
--------------------------------------------------------------------------------------------------------
Six Months
Ended
12/31/15 Year Ended
(unaudited) 6/30/15
--------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 41,704,690 $ 68,993,276
Net realized gain (loss) on investments, futures
contracts and swap contracts (2,538,376) 23,395,756
Change in net unrealized appreciation (depreciation)
on investments, futures contracts and swap contracts (42,972,299) (65,942,035)
--------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations $ (3,805,985) $ 26,446,997
--------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.14 and $0.29 per share, respectively) $ (14,989,368) $ (26,434,196)
Class B ($0.00 and $0.07 per share, respectively)* -- (34,683)
Class C ($0.10 and $0.21 per share, respectively) (1,229,707) (2,016,609)
Class K ($0.16 and $0.32 per share, respectively) (3,670,783) (2,711,408)
Class R ($0.13 and $0.26 per share, respectively) (1,679,403) (2,060,446)
Class Y ($0.15 and $0.31 per share, respectively) (27,282,454) (39,612,426)
Class Z ($0.03 and $0.31 per share, respectively)** (184,669) (1,526,702)
Net realized gain:
Class A ($0.02 and $0.04 per share, respectively) (2,297,989) (3,819,881)
Class C ($0.02 and $0.04 per share, respectively) (256,680) (406,576)
Class K ($0.02 and $0.04 per share, respectively) (632,921) (45,156)
Class R ($0.02 and $0.04 per share, respectively) (289,802) (285,304)
Class Y ($0.02 and $0.04 per share, respectively) (3,842,000) (4,943,141)
Class Z ($0.00 and $0.04 per share, respectively)** -- (218,854)
--------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (56,355,776) $ (84,115,382)
--------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS
Net proceeds from sale or exchange of shares $ 832,457,213 $2,251,662,439
Reinvestment of distributions 42,697,119 65,229,520
Cost of shares repurchased (637,087,406) (813,633,836)
--------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 238,066,926 $1,503,258,123
--------------------------------------------------------------------------------------------------------
Net increase in net assets $ 177,905,165 $1,445,589,738
NET ASSETS:
Beginning of period $3,160,428,433 $1,714,838,695
--------------------------------------------------------------------------------------------------------
End of period $3,338,333,598 $3,160,428,433
--------------------------------------------------------------------------------------------------------
Distributions in excess of net investment income $ (7,521,503) $ (189,809)
--------------------------------------------------------------------------------------------------------
* Class B shares converted to Class A shares on November 10, 2014.
** Class Z shares converted to Class Y shares on August 7, 2015.
The accompanying notes are an integral part of these financial statements.
80 Pioneer Bond Fund | Semiannual Report | 12/31/15
Statements of Changes in Net Assets (continued)
--------------------------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
12/31/15 12/31/15 Year Ended Year Ended
Shares Amount 6/30/15 6/30/15
(unaudited) (unaudited) Shares Amount
--------------------------------------------------------------------------------------------------------
Class A
Shares sold 18,828,223 $ 182,576,931 73,397,739 $ 722,362,397
Reinvestment of distributions 1,300,746 12,497,065 2,437,923 23,964,170
Less shares repurchased (19,823,490) (190,724,284) (39,490,108) (388,662,183)
--------------------------------------------------------------------------------------------------------
Net increase 305,479 $ 4,349,712 36,345,554 $ 357,664,384
========================================================================================================
Class B*
Shares exchanged -- $ -- 12,531 $ 122,811
Reinvestment of distributions -- -- 2,761 27,063
Less shares repurchased -- -- (561,244) (5,495,479)
--------------------------------------------------------------------------------------------------------
Net decrease -- $ -- (545,952) $ (5,345,605)
========================================================================================================
Class C
Shares sold 2,017,591 $ 19,156,185 6,453,693 $ 62,788,125
Reinvestment of distributions 90,205 856,541 159,439 1,549,668
Less shares repurchased (1,417,036) (13,477,190) (2,176,700) (21,155,723)
--------------------------------------------------------------------------------------------------------
Net increase 690,760 $ 6,535,536 4,436,432 $ 43,182,070
========================================================================================================
Class K
Shares sold 15,014,115 $ 144,658,427 19,313,507 $ 189,643,402
Reinvestment of distributions 198,271 1,903,779 110,358 1,081,971
Less shares repurchased (2,609,044) (25,103,597) (1,361,429) (13,348,774)
--------------------------------------------------------------------------------------------------------
Net increase 12,603,342 $ 121,458,609 18,062,436 $ 177,376,599
========================================================================================================
Class R
Shares sold 4,103,850 $ 39,888,941 8,339,063 $ 82,666,234
Reinvestment of distributions 179,037 1,735,529 217,675 2,158,016
Less shares repurchased (2,291,430) (22,232,097) (1,440,815) (14,287,736)
--------------------------------------------------------------------------------------------------------
Net increase 1,991,457 $ 19,392,373 7,115,923 $ 70,536,514
========================================================================================================
Class Y
Shares sold 46,589,690 $ 444,966,047 116,221,047 $1,131,771,954
Reinvestment of distributions 2,685,440 25,554,747 3,565,174 34,708,672
Less shares repurchased (33,799,950) (322,656,229) (37,432,755) (364,339,899)
--------------------------------------------------------------------------------------------------------
Net increase 15,475,180 $ 147,864,565 82,353,466 $ 802,140,727
========================================================================================================
Class Z**
Shares sold 125,037 $ 1,210,682 6,317,443 $ 62,307,516
Reinvestment of distributions 15,392 149,458 176,815 1,739,960
Less shares repurchased (6,477,629) (62,894,009) (644,582) (6,344,042)
--------------------------------------------------------------------------------------------------------
Net increase (decrease) (6,337,200) $ (61,533,869) 5,849,676 $ 57,703,434
========================================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
** Class Z shares converted to Class Y shares on August 7, 2015.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/15 81
Financial Highlights
-----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/15 Ended Ended Ended Ended Ended
(unaudited) 6/30/15 6/30/14 6/30/13 6/30/12 6/30/11
-----------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.68 $ 9.88 $ 9.67 $ 9.73 $ 9.66 $ 9.44
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.12(a) $ 0.27 $ 0.35 $ 0.38 $ 0.42 $ 0.45
Net realized and unrealized gain (loss) on investments (0.13) (0.14) 0.24 (0.07) 0.13 0.21
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.01) $ 0.13 $ 0.59 $ 0.31 $ 0.55 $ 0.66
-----------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.14) $ (0.29) $ (0.38) $ (0.37) $ (0.43) $ (0.44)
Net realized gain (0.02) (0.04) -- -- (0.05) --
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.16) $ (0.33) $ (0.38) $ (0.37) $ (0.48) $ (0.44)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.17) $ (0.20) $ 0.21 $ (0.06) $ 0.07 $ 0.22
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.51 $ 9.68 $ 9.88 $ 9.67 $ 9.73 $ 9.66
===================================================================================================================================
Total return* (0.11)% 1.32% 6.19% 3.21% 5.91% 7.08%
Ratio of net expenses to average net assets 0.85%** 0.85% 0.85% 0.85% 0.85% 0.85%
Ratio of net investment income (loss) to average net assets 2.41%** 2.68% 3.52% 3.77% 4.35% 4.63%
Portfolio turnover rate 44%** 81% 41% 28% 21% 36%
Net assets, end of period (in thousands) $1,029,071 $1,044,659 $706,962 $565,569 $453,772 $500,905
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 0.95%** 0.93% 1.00% 1.01% 1.03% 1.06%
Net investment income (loss) to average net assets 2.31%** 2.60% 3.37% 3.61% 4.17% 4.42%
===================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
(a) The per share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
82 Pioneer Bond Fund | Semiannual Report | 12/31/15
-----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/15 Ended Ended Ended Ended Ended
(unaudited) 6/30/15 6/30/14 6/30/13 6/30/12 6/30/11
-----------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.57 $ 9.77 $ 9.57 $ 9.63 $ 9.55 $ 9.34
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.08(a) $ 0.19 $ 0.26 $ 0.29 $ 0.33 $ 0.36
Net realized and unrealized gain (loss) on investments (0.13) (0.14) 0.23 (0.06) 0.15 0.20
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.05) $ 0.05 $ 0.49 $ 0.23 $ 0.48 $ 0.56
-----------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.10) $ (0.21) $ (0.29) $ (0.29) $ (0.35) $ (0.35)
Net realized gain (0.02) (0.04) -- -- (0.05) --
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.12) $ (0.25) $ (0.29) $ (0.29) $ (0.40) $ (0.35)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.17) $ (0.20) $ 0.20 $ (0.06) $ 0.08 $ 0.21
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.40 $ 9.57 $ 9.77 $ 9.57 $ 9.63 $ 9.55
===================================================================================================================================
Total return* (0.50)% 0.49% 5.20% 2.33% 5.12% 6.06%
Ratio of net expenses to average net assets 1.59%** 1.63% 1.73% 1.72% 1.73% 1.73%
Ratio of net investment income (loss) to average net assets 1.67%** 1.89% 2.69% 2.93% 3.47% 3.75%
Portfolio turnover rate 44%** 81% 41% 28% 21% 36%
Net assets, end of period (in thousands) $118,690 $114,222 $73,224 $87,763 $93,737 $82,915
===================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
(a) The per share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/15 83
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended 12/20/12
12/31/15 Year Ended Year Ended to
(unaudited) 6/30/15 6/30/14 6/30/13
-----------------------------------------------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 9.68 $ 9.87 $ 9.67 $ 9.94
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.13(b) $ 0.30 $ 0.40 $ 0.20
Net realized and unrealized gain (loss) on investments (0.12) (0.13) 0.20 (0.26)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.01 $ 0.17 $ 0.60 $ (0.06)
-----------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.16) $ (0.32) $ (0.40) $ (0.21)
Net realized gain (0.02) (0.04) -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.18) $ (0.36) $ (0.40) $ (0.21)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.17) $ (0.19) $ 0.20 $ (0.27)
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.51 $ 9.68 $ 9.87 $ 9.67
===================================================================================================================================
Total return* 0.08% 1.80% 6.37% (0.61)%(a)
Ratio of net expenses to average net assets 0.47%** 0.47% 0.56% 0.57%**
Ratio of net investment income (loss) to average net assets 2.79%** 3.03% 3.59% 3.86%**
Portfolio turnover rate 44%** 81% 41% 28%
Net assets, end of period (in thousands) $295,798 $179,135 $ 4,398 $ 10
===================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
(a) Not Annualized.
(b) The per share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
84 Pioneer Bond Fund | Semiannual Report | 12/31/15
-----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/15 Ended Ended Ended Ended Ended
(unaudited) 6/30/15 6/30/14 6/30/13 6/30/12 6/30/11
-----------------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 9.77 $ 9.97 $ 9.76 $ 9.82 $ 9.74 $ 9.52
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.11(a) $ 0.25 $ 0.32 $ 0.34 $ 0.39 $ 0.41
Net realized and unrealized gain (loss) on investments (0.13) (0.15) 0.23 (0.06) 0.14 0.22
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.02) $ 0.10 $ 0.55 $ 0.28 $ 0.53 $ 0.63
-----------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.13) $ (0.26) $ (0.34) $ (0.34) $ (0.40) $ (0.41)
Net realized gain (0.02) (0.04) -- -- (0.05) --
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.15) $ (0.30) $ (0.34) $ (0.34) $ (0.45) $ (0.41)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.17) $ (0.20) $ 0.21 $ (0.06) $ 0.08 $ 0.22
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.60 $ 9.77 $ 9.97 $ 9.76 $ 9.82 $ 9.74
===================================================================================================================================
Total return* (0.23)% 1.06% 5.75% 2.80% 5.58% 6.67%
Ratio of net expenses to average net assets 1.10%** 1.10% 1.25% 1.25% 1.25% 1.24%
Ratio of net investment income (loss) to average net assets 2.16%** 2.43% 3.12% 3.36% 3.94% 4.25%
Portfolio turnover rate 44%** 81% 41% 28% 21% 36%
Net assets, end of period (in thousands) $133,869 $116,815 $48,264 $31,169 $23,892 $20,508
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 1.17%** 1.21% 1.32% 1.35% 1.35% 1.24%
Net investment income (loss) to average net assets 2.09%** 2.32% 3.05% 3.26% 3.84% 4.25%
===================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
(a) The per share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/15 85
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/15 Ended Ended Ended Ended Ended
(unaudited) 6/30/15 6/30/14 6/30/13 6/30/12 6/30/11
-----------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.59 $ 9.79 $ 9.58 $ 9.65 $ 9.57 $ 9.36
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.13(a) $ 0.30 $ 0.36 $ 0.39 $ 0.44 $ 0.47
Net realized and unrealized gain (loss)
on investments (0.13) (0.15) 0.24 (0.07) 0.14 0.20
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ -- $ 0.15 $ 0.60 $ 0.32 $ 0.58 $ 0.67
-----------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.15) $ (0.31) $ (0.39) $ (0.39) $ (0.45) $ (0.46)
Net realized gain (0.02) (0.04) -- -- (0.05) --
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.17) $ (0.35) $ (0.39) $ (0.39) $ (0.50) $ (0.46)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.17) $ (0.20) $ 0.21 $ (0.07) $ 0.08 $ 0.21
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.42 $ 9.59 $ 9.79 $ 9.58 $ 9.65 $ 9.57
===================================================================================================================================
Total return* 0.01% 1.59% 6.41% 3.34% 6.27% 7.25%
Ratio of net expenses to average net assets 0.58%** 0.58% 0.66% 0.66% 0.65% 0.61%
Ratio of net investment income (loss)
to average net assets 2.68%** 2.95% 3.72% 3.97% 4.55% 4.88%
Portfolio turnover rate 44%** 81% 41% 28% 21% 36%
Net assets, end of period (in thousands) $ 1,760,906 $1,644,161 $871,801 $916,182 $847,072 $717,433
===================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
(a) The per share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
86 Pioneer Bond Fund | Semiannual Report | 12/31/15
Notes to Financial Statements | 12/31/15 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Bond Fund (the Fund) is a Delaware statutory trust. The Fund is
registered under the Investment Company Act of 1940 as a diversified, open-end
management investment company. The investment objective of the Fund is to seek
current income consistent with preservation of capital.
The Fund offers five classes of shares designated as Class A, Class C, Class K,
Class R and Class Y shares. Class B shares were converted to Class A shares as
of the close of business on November 10, 2014. Class Z shares were converted to
Class Y shares on August 7, 2015. Each class of shares represents an interest in
the same portfolio of investments of the Fund and has identical rights (based on
relative net asset values) to assets and liquidation proceeds. Share classes can
bear different rates of class-specific fees and expenses such as transfer agent
and distribution fees. Differences in class-specific fees and expenses will
result in differences in net investment income and, therefore, the payment of
different dividends from net investment income earned by each class. The Amended
and Restated Declaration of Trust of the Fund gives the Board the flexibility to
specify either per-share voting or dollar-weighted voting when submitting
matters for shareholder approval. Under per-share voting, each share of a class
of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class K or Class Y shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gains and losses on investments during the reporting
period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements:
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.
Pioneer Bond Fund | Semiannual Report | 12/31/15 87
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. Valuations may be supplemented by dealers and other sources, as
required. 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.
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.
Swap contracts, including interest rate swaps, caps and floors (other than
centrally cleared swap contracts) are valued at the dealer quotations
obtained from reputable International Swap Dealer association members.
Centrally cleared swaps are valued at the daily settlement price provided
by the central clearing counterparty.
Futures contracts are generally valued at the closing settlement price
established by the exchange on which they are traded.
Shares of open-end registered investment companies (including money market
mutual funds) are valued at such funds' net asset value. Repurchase
agreements are valued at par. Cash may include overnight time deposits at
approved financial institutions.
Securities or loan interests for which independent pricing services are
unable to supply prices or for which market prices and/or quotations are
not readily available or are considered to be unreliable are valued by a
fair valuation team
88 Pioneer Bond Fund | Semiannual Report | 12/31/15
comprised of certain personnel of Pioneer Investment Management, Inc.
(PIM), the Fund's investment adviser, pursuant to procedures adopted by the
Fund's Board of Trustees. PIM's fair valuation team uses fair value methods
approved by the Valuation Committee of the Board of Trustees. PIM's fair
valuation team is responsible for monitoring developments that may impact
fair valued securities and for discussing and assessing fair values on an
ongoing basis, and at least quarterly, with the Valuation Committee of the
Board of Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after the
close of the 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, 2015, one security was valued using fair value methods (in
addition to securities valued using prices supplied by independent pricing
services, broker-dealers or using a third party insurance industry pricing
model) representing less than 0.1% of net assets.
B. Investment Income and Transactions
Principal amounts of mortgage-backed securities, asset-backed securities
and corporate bonds are adjusted for monthly paydowns. Premiums and
discounts related to certain mortgage-backed securities are amortized or
accreted in proportion to the monthly paydowns. All discounts/premiums on
purchase prices of debt securities are accreted/amortized for financial
reporting purposes over the life of the respective securities, and such
accretion/amortization is included in interest income.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence. Interest income, including
interest on income bearing cash accounts, is recorded on the accrual basis.
Dividend and interest income are reported net of unrecoverable foreign
taxes withheld at the applicable country rates.
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.
Pioneer Bond Fund | Semiannual Report | 12/31/15 89
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, 2015, the Fund did not accrue any interest or
penalties with respect to uncertain tax positions, which, if applicable,
would be recorded as an income tax expense in the Statement of Operations.
Tax returns filed within the prior three years remain subject to
examination by Federal and State tax authorities.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax character, but are not adjusted for temporary differences.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the year ended June 30, 2015 was as follows:
---------------------------------------------------------------------------
2015
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $74,396,470
Long-term capital gain 9,718,912
---------------------------------------------------------------------------
Total $84,115,382
===========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at June 30, 2015:
---------------------------------------------------------------------------
2015
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 3,028,838
Undistributed long-term capital gain 7,303,607
Dividends payable (1,560,199)
Net unrealized appreciation 4,910,440
---------------------------------------------------------------------------
Total $13,682,686
===========================================================================
The difference between book-basis and tax-basis net unrealized appreciation
is attributable to the tax deferral of losses on wash sales, adjustments
relating to catastrophe bonds, the tax treatment of premium and
amortization, the mark-to-market of futures contracts and credit default
swaps.
90 Pioneer Bond Fund | Semiannual Report | 12/31/15
D. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A.
(UniCredit), earned $35,221 in underwriting commissions on the sale of
Class A shares during the six months ended December 31, 2015.
E. Class Allocations
Income, common expenses, and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class C, and Class R shares of the Fund,
respectively (see Note 4). Class K and Class Y shares do not pay
distribution fees. All expenses and fees paid to the Fund's transfer agent,
for its services are allocated among the classes of shares based on the
number of accounts in each class and the ratable allocation of related
out-of-pocket expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net
investment income. All dividends are paid on a monthly basis. Short-term
capital gain distributions, if any, may be declared with the daily
dividends. Distributions to shareowners are recorded as of the ex-dividend
date. Distributions paid by the Fund with respect to each class of shares
are calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C, Class K, Class R and Class
Y shares can reflect different transfer agent and distribution expense
rates.
F. Insurance Linked Securities (ILS)
Event-linked bonds are floating rate debt obligations for which the return
of principal and the payment of interest are contingent on the
non-occurrence of a pre-defined "trigger" event, such as a hurricane or an
earthquake of a specific magnitude. The trigger event's magnitude may be
based on losses to a company or industry, industry indexes or readings of
scientific instruments, or may be based on specified actual losses. If a
trigger event, as defined within the terms of an event-linked bond occurs,
the Fund may lose a portion or all of its accrued interest and/or principal
invested in such event-linked bond. The Fund is entitled to receive
principal and interest payments so long as no trigger event occurs of the
description and magnitude specified by the instrument. In addition to the
specified trigger events, event-linked bonds may expose the Fund to other
risks, including but not limited to issuer (credit) default, adverse
regulatory or jurisdictional interpretations and adverse tax consequences.
Pioneer Bond Fund | Semiannual Report | 12/31/15 91
The Fund's investments in ILS may include special purpose vehicles ("SPVs")
or similar instruments structured to comprise a portion of a reinsurer's
catastrophe-oriented business, known as quota share instruments (sometimes
referred to as reinsurance sidecars), or to provide reinsurance relating to
specific risks to insurance or reinsurance companies through a
collateralized instrument, known as collateralized reinsurance. Structured
reinsurance investments also may include industry loss warranties ("ILWs"),
are subject to the same risks as event-linked bonds. In addition, because
quota share instruments represent an interest in a basket of underlying
reinsurance contracts, the Fund has limited transparency into the
individual underlying contracts and therefore must rely upon the risk
assessment and sound underwriting practices of the issuer. Accordingly, it
may be more difficult for PIM to fully evaluate the underlying risk profile
of the Fund's investment in quota share instruments and therefore place the
Fund's assets at greater risk of loss than if PIM had more complete
information.
Quota share instruments and other structured reinsurance instruments
generally will be considered illiquid securities by the Fund. These
securities may be difficult to purchase, sell or unwind. Illiquid
securities also may be difficult to value. If the Fund is forced to sell an
illiquid asset, the Fund may be forced to sell at a loss.
G. Risks
At times, the Fund's investments may represent industries or industry
sectors that are interrelated or have common risks, making the Fund more
susceptible to any economic, political, or regulatory developments or other
risks affecting those industries and sectors. The Fund's prospectus
contains unaudited information regarding the Fund's principal risks. Please
refer to that document when considering the Fund's principal risks.
H. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge
against changes in interest rates, securities prices and currency exchange
rates or to seek to increase total return. Futures contracts are types of
derivatives. All futures contracts entered into by the Fund are traded on a
futures exchange. Upon entering into a futures contract, the Fund is
required to 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, 2015 was $5,065,450 and is included in "Restricted Cash" in
the Statement of Assets and Liabilities. Subsequent payments for futures
contracts ("variation margin") are paid or received by the Fund, depending
on the daily fluctuation in the value of the contracts, and are recorded by
the Fund as unrealized appreciation or depreciation. When the contract is
closed, the Fund realizes a
92 Pioneer Bond Fund | Semiannual Report | 12/31/15
gain or loss equal to the difference between the opening and closing value
of the contract as well as any fluctuation in foreign currency exchange
rates where applicable. The use of futures contracts are subject to market
risk, interest rate risk and currency exchange rate risk. Changes in value
of the contracts may not directly correlate to the changes in value of the
underlying securities. The average value of contracts open during the six
months ended December 31, 2015 was $(567,911,300).
At December 31, 2015, open futures contracts were as follows:
--------------------------------------------------------------------------------------------------
Number of
Contracts Unrealized
Long/ Settlement Appreciation
Type Counterparty (Short) Month Value (Depreciation)
--------------------------------------------------------------------------------------------------
U.S. Long Bond (CBT) Citibank NA 449 3/16 $ 69,033,750 $ (79,608)
U.S. Ultra Bond (CBT) Citibank NA 36 3/16 5,712,750 (33,500)
U.S. 10 Year Note (CBT) Citibank NA (4,457) 3/16 (561,164,156) 2,206,289
U.S. 2 Year Note (CBT) Citibank NA (477) 3/16 (103,620,798) 124,348
U.S. 5 Year Note (CBT) Citibank NA 34 3/16 4,022,891 (13,698)
--------------------------------------------------------------------------------------------------
Total $ (586,015,563) $ 2,203,831
==================================================================================================
I. Repurchase Agreements
Repurchase agreements are arrangements under which the Fund purchases
securities from a broker-dealer or a bank, called the counterparty, upon
the agreement of the counterparty to repurchase the securities from the
Fund at a later date, and at a specific price, which is typically higher
than the purchase price paid by the Fund. The securities purchased serve as
the Fund's collateral for the obligation of the counterparty to repurchase
the securities. The value of the collateral, including accrued interest, is
required to be equal to or in excess of the repurchase price. The
collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian or a subcustodian of the
Fund. The Fund's investment adviser, PIM 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.
J. Credit Default Swap Agreements
A credit default swap is a contract between a buyer of protection and a
seller of protection against a pre-defined credit event. The Fund may sell
or buy 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
Pioneer Bond Fund | Semiannual Report | 12/31/15 93
entities or indices. As a seller of protection, the Fund would be required
to pay the notional (or other agreed-upon) value of the referenced debt
obligation to the counterparty in the event of a default by a U.S. or
foreign corporate issuer of a debt obligation, which would likely result in
a loss to the Fund. In return, the Fund would receive from the counterparty
a periodic stream of payments during the term of the contract provided that
no event of default occurred. The maximum exposure of loss to the seller
would be the notional value of the credit default swaps outstanding. If no
default occurs, the Fund would keep the stream of payments and would have
no payment obligation. The Fund may also buy credit default swap contracts
in order to hedge against the risk of default of debt securities, in which
case the Fund would function as the counterparty referenced above.
When the Fund enters into a credit default swap contract, the protection
buyer makes an upfront or periodic payment to the protection seller in
exchange for the right to receive a contingent payment. An upfront payment
made by the Fund, as the protection buyer, is recorded as an asset in the
Statement of Assets and Liabilities. Periodic payments received or paid by
the Fund are recorded as realized gains or losses in the Statement of
Operations.
Credit default swap contracts are marked-to-market daily using valuations
supplied by independent sources and the change in value, if any, is
recorded as unrealized appreciation or depreciation in the Statement of
Assets and Liabilities. Payments received or made as a result of a credit
event or upon termination of the contract are recognized, net of the
appropriate amount of the upfront payment, as realized gains or losses in
the Statement of Operations.
Credit default swap contracts involving the sale of protection may involve
greater risks than if the Fund had invested in the referenced debt
instrument directly. Credit default swap contracts are subject to general
market risk, liquidity risk, counterparty risk and credit risk. If the Fund
is a protection buyer and no credit event occurs, it will lose its
investment. If the Fund is a protection seller and a credit event occurs,
the value of the referenced debt instrument received by the Fund, together
with the periodic payments received, may be less than the amount the Fund
pays to the protection buyer, resulting in a loss to the Fund.
Certain swap contracts that are cleared through a central clearinghouse are
referred to as centrally cleared swaps. All payments made or received by
the Fund are pursuant to a centrally cleared swap contract with the central
clearing party rather than the original counterparty. Upon entering into a
centrally cleared swap contract, the Fund is required to make an initial
94 Pioneer Bond Fund | Semiannual Report | 12/31/15
margin deposit, either in cash or in securities. The daily change in value
on open centrally cleared contracts is recorded as variation margin on
centrally cleared swaps on the Statement of Assets and Liabilities.
There were no open credit default swap contracts as of December 31, 2015.
The average value of swap contracts open during the six months ended
December 31, 2015 was $95,639.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.40% of
the Fund's average daily net assets. Prior to July 1, 2014, the annual fee paid
by the fund was 0.50% of the fund's average daily net assets up to $1 billion,
0.45% of the fund's average daily net assets between $1 billion and $2 billion,
and 0.40% of the fund's average daily net assets over $2 billion. For the six
months ended December 31, 2015, the effective management fee (excluding waivers
and/or assumption of expenses) was equal to 0.40% of the Fund's average daily
net assets.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 0.85%, 1.10%, and 0.58% of the average daily
net assets attributable to Class A, Class R and Class Y shares, respectively.
Fees waived and expenses reimbursed during the six months ended December 31,
2015 are reflected on the Statement of Operations. These expense limitations are
in effect through November 1, 2017. There can be no assurance that PIM will
extend the expense limitation agreement for a class of shares beyond the dates
referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting, and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$65,856 in management fees, administrative costs and certain other
reimbursements payable to PIM at December 31, 2015.
3. Transfer Agent
Prior to November 2, 2015, Pioneer Investment Management Shareholder Services,
Inc. (PIMSS), a wholly owned indirect subsidiary of UniCredit, provided
substantially all transfer agent and shareowner services to the Fund at
negotiated rates.
Effective November 2, 2015, Boston Financial Data services serves as the
transfer agent to the fund at negotiated rates.
Pioneer Bond Fund | Semiannual Report | 12/31/15 95
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareholder communications activities
such as proxy and statement mailings, outgoing phone calls and omnibus
relationship contracts. For the six months ended December 31, 2015, such out-
of-pocket expenses by class of shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $1,108,347
Class C 56,665
Class K 160
Class R 122,267
Class Y 958,746
Class Z 7,025
--------------------------------------------------------------------------------
Total $2,253,210
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $300,249 in transfer agent fees and out-of-pocket reimbursements
payable to the transfer agent at December 31, 2015.
4. Distribution and Service Plans
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class C and Class R
shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net
assets attributable to Class A shares as compensation for personal services
and/or account maintenance services or distribution services with regard to
Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the
average daily net assets attributable to Class C shares. The fee for Class C
shares consists of a 0.25% service fee and a 0.75% distribution fee paid as
compensation for personal services and/or account maintenance services or
distribution services with regard to Class C shares. Pursuant to the Plan, the
Fund further pays PFD 0.50% of the average daily net assets attributable to
Class R shares for distribution services. Included in "Due to affiliates"
reflected on the Statement of Assets and Liabilities is $24,155 in distribution
fees payable to PFD at December 31, 2015.
The Fund also has adopted a separate service plan for Class R shares (Service
Plan). The Service Plan authorizes the Fund to pay securities dealers, plan
administrators or other service organizations that agree to provide certain
services to retirement plans or plan participants holding shares of the Fund a
service fee of up to 0.25% of the Fund's average daily net assets attributable
to Class R shares held by such plans.
In addition, redemptions of each class of shares (except Class K, Class R 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
96 Pioneer Bond Fund | Semiannual Report | 12/31/15
Class C shares within 12 months of purchase are subject to a CDSC of 1.00%,
based on the lower of cost or market value of shares being redeemed. Shares
purchased as part of an exchange remain subject to any CDSC that applied to the
original purchase of those shares. There is no CDSC for Class R or Class Y
shares. Proceeds from the CDSC are paid to PFD. For the six months ended
December 31, 2015, CDSC in the amount of $13,322 were paid to PFD.
5. Expense Offset Arrangements
The Fund entered into certain expense offset arrangements with PIMSS. For the
six months ended December 31, 2015, the Fund's expenses were not reduced under
such arrangements.
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect until June 9, 2015 was in the amount of $215 million.
As of June 9, 2015, the facility is in the amount of $240 million. Under such
facility, depending on the type of loan, interest on borrowings is payable at
the London Interbank Offered Rate (LIBOR) plus 0.85% on an annualized basis, or
the alternate base rate, which is the greater of (a) the facility's
administrative agent's daily announced prime rate on the borrowing date, (b) 2%
plus the federal funds rate on the borrowing date and (c) 2% plus the overnight
eurodollar rate on the borrowing date. The Funds pay an annual commitment fee to
participate in the credit facility. The commitment fee is allocated among
participating Funds based on an allocation schedule set forth in the credit
agreement. During the six months ended December 31, 2015, the Fund had no
borrowings under the credit agreement.
7. Additional Disclosures about Derivative Instruments and Hedging Activities:
The Fund's use of derivatives subjects it 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.
Pioneer Bond Fund | Semiannual Report | 12/31/15 97
Equity risk relates to the fluctuations in the value of financial instruments as
a result of changes in market prices (other than those arising from interest
rate risk or foreign exchange risk), whether caused by factors specific to an
individual investment, its issuer, or all factors affecting all instruments
traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity
index will fluctuate based on increases or decreases in the commodities market
and factors specific to a particular industry or commodity.
The fair value of open derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) by risk exposure at December 31,
2015 was as follows:
----------------------------------------------------------------------------------
Foreign
Statement of Assets Interest Exchange Equity Commodity
and Liabilities Rate Risk Credit Risk Rate Risk Risk Risk
----------------------------------------------------------------------------------
Assets
Net unrealized
appreciation on
futures contracts $ 2,203,831 $ -- $ -- $ -- $ --
----------------------------------------------------------------------------------
Total Value $ 2,203,831 $ -- $ -- $ -- $ --
----------------------------------------------------------------------------------
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, 2015 was as follows:
----------------------------------------------------------------------------------
Foreign
Statement of Interest Credit Exchange Equity Commodity
Operations Rate Risk Risk Rate Risk Risk Risk
----------------------------------------------------------------------------------
Net realized
gain (loss):
Futures contracts $ (320,340) $ -- $ -- $ -- $ --
Swap contracts -- 183 -- -- --
----------------------------------------------------------------------------------
Total Value $ (320,340) $ 183 $ -- $ -- $ --
==================================================================================
Change in net
unrealized
appreciation
(depreciation) on
Futures contracts $(2,624,825) $ -- $ -- $ -- $ --
Swap contracts -- (34,098) -- -- --
----------------------------------------------------------------------------------
Total Value $(2,624,825) $(34,098) $ -- $ -- $ --
==================================================================================
8. Bridge Loan Commitments
Bridge loans are designed to provide temporary or "bridge" financing to a
borrower pending the sale of identified assets or the arrangement of longer term
loans or the issuance and sale of debt obligations.
98 Pioneer Bond Fund | Semiannual Report | 12/31/15
As of December 31, 2015, the Fund had one bridge loan commitment of $3,685,000,
which could be extended at the option of the borrower, pursuant to the following
loan agreement:
----------------------------------------------------------------------------------
Unrealized
Loan Principal Cost Value Appreciation
----------------------------------------------------------------------------------
Charter Communications
Operating Co., Bridge Loan 3,685,000 $3,685,000 $3,685,000 $ --
----------------------------------------------------------------------------------
Total 3,685,000 $3,685,000 $3,685,000 $ --
==================================================================================
9. Conversion of Class Z Shares
As of the close of business on August 7, 2015 (the "Conversion Date"), all
outstanding Class Z shares of the Fund were converted to Class Y shares.
Pioneer Bond Fund | Semiannual Report | 12/31/15 99
ADDITIONAL INFORMATION
Pioneer Investment Management, Inc. (the "Adviser"), each fund's investment
adviser, is currently an indirect, wholly owned subsidiary of UniCredit S.p.A.
("UniCredit"). On November 11, 2015, UniCredit announced that it signed a
binding master agreement with Banco Santander and affiliates of Warburg Pincus
and General Atlantic (the "Private Equity Firms") with respect to Pioneer
Investments ("Pioneer") and Santander Asset Management ("SAM") (the
"Transaction").
The Transaction, as previously announced by UniCredit, will establish a holding
company, with the name Pioneer Investments, to be owned by UniCredit (50%) and
the Private Equity Firms (50% between them). The holding company will control
Pioneer's U.S. operations, including PIM. The holding company also will own
66.7% of Pioneer's and SAM's combined operations outside the U.S., while Banco
Santander will own directly the remaining 33.3% stake. The closing of the
Transaction is expected to happen in 2016, subject to certain regulatory and
other approvals.
Under the Investment Company Act of 1940, completion of the Transaction will
cause each fund's current investment advisory agreement with PIM to terminate.
Accordingly, each fund's Board of Trustees will be asked to approve a new
investment advisory agreement. If approved by the Board, each fund's new
investment advisory agreement will be submitted to the shareholders of the fund
for their approval.
100 Pioneer Bond Fund | Semiannual Report | 12/31/15
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Bond Fund (the Fund) pursuant to an investment advisory agreement
between PIM and the Fund. In order for PIM to remain the investment adviser of
the Fund, the Trustees of the Fund must determine annually whether to renew the
investment advisory agreement for the Fund.
The contract review process began in January 2015 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 2015 and July
2015. Supplemental contract review materials were provided to the Trustees in
September 2015. In addition, the Trustees reviewed and discussed the Fund's
performance at regularly scheduled meetings throughout the year, and took into
account other information related to the Fund provided to the Trustees at
regularly scheduled meetings, in connection with the review of the Fund's
investment advisory agreement.
In March 2015, the Trustees, among other things, discussed the memorandum
provided by Fund counsel that summarized the legal standards and other
considerations that are relevant to the Trustees in their deliberations
regarding the renewal of the investment advisory agreement, and reviewed and
discussed the qualifications of the investment management teams, as well as the
level of investment by the Fund's portfolio managers in the Fund. In July 2015,
the Trustees, among other things, reviewed the Fund's management fee and total
expense ratios, the financial statements of PIM and its parent companies, the
profitability analyses provided by PIM, and possible economies of scale. The
Trustees also reviewed the profitability of the institutional business of PIM
and PIM's affiliate, Pioneer Institutional Asset Management, Inc. (together with
PIM, "Pioneer"), as compared to that of PIM's fund management business, and
considered the differences between the fees and expenses of the Fund and the
fees and expenses of Pioneer's institutional accounts, as well as the different
services provided by PIM to the Fund and by Pioneer to the institutional
accounts. The Trustees further considered contract review materials in September
2015.
At a meeting held on September 15, 2015, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In approving the
renewal of the investment advisory agreement, the Trustees 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.
Pioneer Bond Fund | Semiannual Report | 12/31/15 101
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees also reviewed PIM's investment approach
for the Fund and its research process. The Trustees considered the resources of
PIM and the personnel of PIM who provide investment management services to the
Fund. They also reviewed the amount of non-Fund assets managed by the portfolio
managers of the Fund. The Trustees considered the non-investment resources and
personnel of PIM involved in PIM's services to the Fund, including PIM's
compliance and legal resources and personnel. The Trustees noted the substantial
attention and high priority given by PIM's senior management to the Pioneer fund
complex.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory agreement.
Performance of the Fund
In considering the Fund's performance, the Trustees regularly review and discuss
throughout the year data prepared by PIM and information comparing the Fund's
performance with the performance of its peer group of funds as classified by
each of Morningstar, Inc. (Morningstar) and Lipper, and with the performance of
the Fund's benchmark index. They also discuss the Fund's performance with PIM on
a regular basis. The Trustees' regular reviews and discussions were factored
into the Trustees' deliberations concerning the renewal of the advisory
agreement.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the Independent Trustees
for this purpose using data provided by Strategic Insight Mutual Fund Research
and Consulting, LLC (Strategic Insight), an independent third party. In all
quintile rankings referred to below, first quintile is most favorable to the
Fund's shareowners.
102 Pioneer Bond Fund | Semiannual Report | 12/31/15
The Trustees considered that the Fund's management fee for the most recent
fiscal year was in the third quintile relative to the management fees paid by
other funds in its Morningstar peer group for the comparable period. The
Trustees also considered the breakpoints in the management fee schedule and the
reduced fee rates above certain asset levels. The Trustees considered that the
expense ratio of the Fund's Class A shares for the most recent fiscal year was
in the third quintile relative to its Morningstar peer group and in the third
quintile relative its Strategic Insight peer group, in each case for the
comparable period. The Trustees considered that the expense ratio of the Fund's
Class Y shares for the most recent fiscal year was in the third quintile
relative to its Morningstar peer group and in the third quintile relative its
Strategic Insight peer group, in each case for the comparable period. The
Trustees noted that PIM was waiving fees and/or reimbursing expenses in order to
limit the ordinary operating expenses of the Fund. The Trustees considered the
impact of transfer agency, sub-transfer agency, and other non-management fee
expenses on the expense ratios of the Fund. The Trustees noted that they
separately review the Fund's transfer agency, sub-transfer agency and
intermediary arrangements.
The Trustees reviewed management fees charged by Pioneer to institutional and
other clients, including publicly offered European funds sponsored by affiliates
of Pioneer, unaffiliated U.S. registered investment companies (in a sub-advisory
capacity), and unaffiliated foreign and domestic separate accounts. The Trustees
also considered PIM's costs in providing services to the Fund and Pioneer's
costs in providing services to the other clients and considered the differences
in management fees and profit margins for Fund and non-Fund services. In
evaluating the fees associated with Pioneer's client accounts, the Trustees took
into account the respective demands, resources and complexity associated with
the Fund and client accounts. The Trustees noted that, in some instances, the
fee rates for those clients were lower than the management fee for the Fund and
considered that, under the investment advisory agreement with the Fund, PIM
performs additional services for the Fund that it does not provide to those
other clients or services that are broader in scope, including oversight of the
Fund's other service providers and activities related to compliance and the
extensive regulatory and tax regimes to which the Fund is subject. The Trustees
also considered the different entrepreneurial risks associated with PIM's
management of the Fund and Pioneer's management of the other client accounts.
The Trustees concluded that the management fee payable by the Fund to PIM was
reasonable in relation to the nature and quality of the services provided by PIM
to the Fund.
Pioneer Bond Fund | Semiannual Report | 12/31/15 103
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
noted the breakpoints in the management fee schedule. The Trustees recognize
that economies of scale are difficult to identify and quantify, and that, among
other factors that may be relevant, are the following: fee levels, expense
subsidization, investment by PIM in research and analytical capabilities and
PIM's commitment and resource allocation to the Fund. The Trustees noted that
profitability also may be an indicator of the availability of any economies of
scale, although profitability may vary for other reasons including reductions in
expenses. The Trustees concluded that economies of scale, if any, were being
appropriately shared with the Funds.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with the
Fund. The Trustees considered the character and amount of fees paid by the Fund,
other than under the investment advisory agreement, for services provided by PIM
and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. Pioneer is the
principal U.S. asset management business of Pioneer Global Asset Management, the
worldwide asset management business of UniCredit Group, which manages over $150
billion in assets (including the Funds). Pioneer and the Funds receive
reciprocal intangible benefits from the relationship, including mutual brand
recognition and, for the Funds, direct and indirect access to the resources of a
large global asset manager. The Trustees concluded that any such benefits
received by Pioneer as a result of its relationship with the Funds were
reasonable and their consideration of the advisory agreement between the Fund
and PIM and the fees thereunder were unaffected by Pioneer's possible receipt of
any such intangible benefits.
104 Pioneer Bond Fund | Semiannual Report | 12/31/15
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
Pioneer Bond Fund | Semiannual Report | 12/31/15 105
Trustees, Officers and Service Providers
Trustees Advisory Trustee
Thomas J. Perna, Chairman Lorraine H. Monchak*
David R. Bock
Benjamin M. Friedman Officers
Margaret B.W. Graham Lisa M. Jones, President and Chief
Marguerite A. Piret Executive Officer
Fred J. Ricciardi Mark E. Bradley, Treasurer and
Kenneth J. Taubes Chief Financial Officer
Christopher J. Kelley, Secretary and
Chief Legal Officer
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Boston Financial Data Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
* Ms. Monchak is a non-voting Advisory Trustee.
106 Pioneer Bond Fund | Semiannual Report | 12/31/15
This page for your notes.
Pioneer Bond Fund | Semiannual Report | 12/31/15 107
This page for your notes.
108 Pioneer Bond Fund | Semiannual Report | 12/31/15
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
Pioneer Funds
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2016 Pioneer Investments 18633-10-0216
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 12(a)(1), a copy of
its code of ethics that applies to the registrant's principal
executive officer,principal financial officer, principal accounting
officer or controller, or persons performing similar functions,
as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees
has considered whether the provision of non-audit
services that were rendered to the Affiliates (as
defined) that were not pre- approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal accountant's
independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's business experience during the past 5 years.
Not applicable to open-end management investment companies.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
Not applicable to open-end management investment companies.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Bond Fund
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date February 29, 2016
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date February 29, 2016
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date February 29, 2016
* Print the name and title of each signing officer under his or her signature.