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, 2016 through December 31, 2016
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Bond Fund
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Semiannual Report | December 31, 2016
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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 91
Notes to Financial Statements 100
Approval of Investment Advisory Agreement 115
Trustees, Officers and Service Providers 120
Pioneer Bond Fund | Semiannual Report | 12/31/16 1
President's Letter
Dear Shareowner,
The 2016 calendar year featured many swings in market sentiment, both in the
equity and fixed-income markets. After a slow start to the year, the markets
began to rally in mid-February 2016 with a recovery in the prices of oil and
other commodities, as well as slow, positive progress in US employment figures.
The rally persisted throughout much of the remaining 10 months of 2016, gaining
further momentum in the second half of the year when US gross domestic product
(GDP) growth showed solid improvement during the third quarter and unemployment
continued to decline. Finally, in November, the election of Donald Trump as the
45th President of the United States sparked a dramatic late-year market upturn
that saw US equities briefly climb to all-time highs. Speculation that the new
Trump administration's policies would stimulate the US economy through reduced
taxes, less regulation, and increased government spending on infrastructure,
fueled the year-end rally. For the full 12 months ended December 31, 2016, the
Standard & Poor's 500 Index, a broad measure of US stock market performance,
returned a strong 11.9%.
In bond markets, the Federal Reserve Board's (the Fed's) 0.25% hike in the
Federal funds rate in December 2016, its first rate increase in a year,
contributed to a sell-off in US Treasuries. The pullback from Treasuries also
derived from the market's increased inflation and growth expectations under the
incoming Trump administration. Elsewhere within fixed income, corporate credit,
particularly in the high-yield segment of the market, performed well over the
fourth quarter and the full calendar year. US high-yield securities, as measured
by the Bank of America Merrill Lynch US High Yield Index, returned a robust
17.5% for the 12 months ended December 31, 2016, with a rally in the energy
sector following the recovery in oil and other commodity prices last February
bolstering the high-yield market's performance. Meanwhile, the Bloomberg
Barclays US Aggregate Bond Index, which tracks the performance of Treasury and
agency issues, corporate bond issues, and mortgage-backed securities, returned
2.7% for the same 12-month period, reflecting the relative weakness in
government bonds.
The US economy's underlying fundamentals seem solid, and growth prospects for
2017 appear healthy. However, we remain concerned about risks to the economy of
potentially disruptive trade policies pursued by the Trump administration.
Barring a damaging trade war, though, we anticipate the Fed will continue to
hike short-term interest rates gradually during 2017. In addition, we expect the
Fed to consider carefully the potential economic effects of any fiscal policies
enacted by the new Trump administration and the Republican-controlled Congress.
In that regard, we believe President Trump's economic policies, if they come to
fruition, could help boost real GDP growth. However, the impact of Trump's
policies on US GDP may be greater in 2018 rather than in 2017. Still, even prior
to the late-year "Trump rally," US GDP growth appeared to settling in at a
sustainable annual pace of more than 2% as 2016 drew to a close, following some
weaker performance in the first half of the year. Continued improvement in the
employment market driven in part by gains in manufacturing output were among the
factors behind the bounce-back in GDP.
2 Pioneer Bond Fund | Semiannual Report | 12/31/16
While economic conditions inside the US appear solid, many economies around the
world continue to experience slow growth rates. Moreover, several countries in
various regions face a number of challenges in 2017 and beyond, including the
shifting geopolitics driving "Brexit" - the United Kingdom's pending exit from
the European Union - as well as related populist movements in Europe, limited
productivity gains, aging populations, and transitioning economic models in
China and other emerging markets. In recent years, global central banks have
kept interest rates at close to zero in an effort to stimulate economic growth.
While financial markets often benefited from the low rates, it now appears that
those policies may be losing their effectiveness, leaving central banks little
room to maneuver going forward. Moreover, the low interest rates have caused
government bond yields to plummet, presenting a dilemma for the income-oriented
investor.
Against this backdrop of still-low global interest rates, shifting priorities of
central banks, evolving demographics, and numerous geopolitical concerns, we
believe investors are likely to face ongoing challenges and much uncertainty
when it comes to finding opportunities for both income and capital appreciation.
While much has been made of passive investing as a possible source of stability
in this uncertain environment, it is our view that all investment decisions are
active choices. Throughout Pioneer's history, we have believed in the importance
of active management. During challenging market conditions, we view the value of
active management as 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. 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.
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, 2016
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 | 12/31/16 3
Portfolio Management Discussion | 12/31/16
Market interest rates spiked following the U.S. election in November,
undermining the valuations of intermediate- and longer-maturity debt, especially
Treasuries and other higher-quality securities, and reducing the gains realized
earlier in the six-month period ended December 31, 2016. 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, 2016. 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 Fund, along with Mr. Melchreit, Director of
Investment-Grade Management, a senior vice president, and a portfolio manager at
Pioneer.
Q How did the Fund perform during the six-month period ended December 31,
2016?
A Pioneer Bond Fund's Class A shares returned 0.13% at net asset value during
the six-month period ended December 31, 2016, while the Fund's benchmark,
the Bloomberg Barclays Aggregate Bond Index (the Bloomberg Barclays Index),
returned -2.53%. During the same period, the average return of the 46
mutual funds in Lipper's Corporate Debt, A-rated Underlying Funds Category
was -2.11%, and the average return of the 1,009 mutual funds in
Morningstar's Intermediate-Term Bond Funds Category was -1.60%.
Q How would you describe the investment environment during the six-month
period ended December 31, 2016?
A Over the first four months of the period, the bond market produced
generally modest, positive results, with longer-maturity, higher-quality
securities performing well against a backdrop of declining market interest
rates and relatively modest inflation expectations. At the same time,
lower-quality debt benefited as sustainable economic growth trends appeared
to take hold. Investors remained cautiously optimistic for the most part,
while keeping an eye on the volatile political campaign season in the U.S.
leading up to the November elections. When the election resulted in the
victory of Donald Trump in the presidential contest, however, the market
reacted. Interest rates spiked quickly in the bond market, resulting in
4 Pioneer Bond Fund | Semiannual Report | 12/31/16
declines in the values of intermediate- and longer-term bonds, and
especially of higher-quality bonds such as Treasuries and investment-grade
corporates. In contrast, more credit-sensitive debt, including high-yield
securities, tended to rise in price in a "risk-on" rally that also pulled
stock market averages higher.
Powering the rally was the expectation that Mr. Trump's election would
usher in a period of greater fiscal stimulus for the economy, characterized
by potentially lower corporate and individual tax rates and the likely
easing of some regulatory controls over the business community. At the same
time, signals came from the nation's central bank, the U.S. Federal Reserve
(the Fed), that a nearly decade-long period of monetary easing, mostly via
very low interest rates, was coming to an end, and that further stimulus
would have to come from fiscal policies set by the new president and the
Congress. The Fed's newer position came in light of stronger economic data,
including reports that gross domestic product (GDP) growth in the third
calendar quarter of 2016 had increased to a 3.5% annual rate, that
manufacturing activity was increasing, and that employment was continuing
to grow at a healthy clip. The Fed members also indicated that the
possibility of increasing inflationary pressures would become more of a
focus for them. Near the end of December 2016, at its final meeting of the
year, the Fed followed through on its earlier indications by raising the
influential Federal funds rate by one-quarter of one percent (0.25%),
matching the increase of one year earlier.
Q What were the principal factors that affected the Fund's performance
relative to the benchmark Bloomberg Barclays Index during the six-month
period ended December 31, 2016?
A The Fund generated a modest, positive return during the period, and
outperformed the Bloomberg Barclays Index, which finished the period in
negative territory. The primary factor in the Fund's benchmark-relative
outperformance during the period was sector allocation, specifically, the
substantial portfolio underweight to highly interest-rate-sensitive
Treasuries. In addition, most of the Fund's exposure to Treasuries was in
Treasury Inflation Protected Securities (TIPS), which are not a benchmark
component. In fact, the Fund's allocation to TIPS, which outperformed
nominal Treasuries over the six-month period, was the second-biggest
contributor to benchmark-relative outperformance.
Pioneer Bond Fund | Semiannual Report | 12/31/16 5
The Fund's overweight position in corporate bonds also made a positive
contribution to benchmark-relative returns, as the down-in-credit bias in
the portfolio's corporate bond exposure benefited returns.
The Fund's short-duration position relative to the Bloomberg Barclays Index
also aided benchmark-relative results, most notably over the final two
months of the period. The portfolio's average duration was 1.1 years
shorter than that of the benchmark over the six-month period. (Duration is
a measure of the sensitivity of the price, or the value of principal, of a
fixed-income investment to a change in interest rates, expressed as a
number of years.) Neither the Fund's barbelled yield-curve positioning
(greater allocations to short- and longer-term securities than to
intermediates) nor its slight overweight in government-agency mortgages had
noteworthy effects on benchmark-relative performance during the period. As
of December 31, 2016, the average effective duration of the Fund's
portfolio was 5.25 years.
On the negative side, the Fund's allocation to collateralized mortgage
obligations (CMOs) detracted from benchmark-relative performance in the
fourth quarter of 2016, the final three months of the period, as the high-
quality non-agency residential mortgage-backed securities held in the
portfolio were hurt by extending durations caused by rising interest rates.
In December, the final month of the period, the TIPS allocation also
detracted from benchmark-relative returns as break-evens fell back from the
2016 highs achieved at the beginning of the month. Overall, however, the
Fund's allocation to TIPS was a positive contributor to relative results
over the full six-month period.
Q Did the Fund have any investments in derivative securities during the six-
month period ended December 31, 2016?
A Yes, the Fund had a position in Treasury futures during the period, as part
of our strategy to keep the portfolio's duration shorter than that of the
Bloomberg Barclays Index. The use of the Treasury futures in that way
contributed positively to the Fund's performance.
6 Pioneer Bond Fund | Semiannual Report | 12/31/16
Q What factors affected the Fund's yield during the six-month period ended
December 31, 2016?
A The Fund's yield, or distributions to shareholders, increased over the six
months, as the interest rates of Treasuries and other high-grade debt
securities moved higher.
Q What is your investment outlook?
A We believe the underlying fundamentals of credit-sensitive securities,
including high-yield bonds, remain firm, but their valuations are less
compelling than they were a year ago prior to the rally in high-yield debt.
Because of the U.S. economy's underlying strength, however, we have
retained a modest overweight in investment-grade corporate bonds, even
after upgrading the portfolio's overall credit quality. We expect to look
for opportunities to reduce credit risk in the portfolio even further,
without giving up too much yield.
Growth in U.S. GDP appears to be settling in at a sustainable annual pace
of more than 2% per year, with continued improvement in the employment
market fueled in part by gains in manufacturing output. The economy's
underlying fundamentals appear solid, and the growth prospects for 2017
appear healthy.
We anticipate that the Fed will continue to hike short-term interest rates
gradually during 2017, while carefully evaluating the effects of fiscal
policies enacted by the new Trump administration and the Congress. Given
our view, we expect to keep the Fund's overall duration shorter than the
Bloomberg Barclays Index's.
Pioneer Bond Fund | Semiannual Report | 12/31/16 7
Please refer to the Schedule of Investments on pages 18-90 for a full listing of
Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
When interest rates rise, the prices of fixed-income securities in the Fund will
generally fall. Conversely, when interest rates fall, the prices of fixed-income
securities in the Fund will generally rise.
Investments in the Fund are subject to possible loss due to the financial 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 | 12/31/16
Portfolio Summary | 12/31/16
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 35.6%
U.S. Corporate Bonds 24.6%
Collateralized Mortgage Obligations 19.2%
International Corporate Bonds 10.0%
Asset Backed Securities 4.0%
Senior Secured Loans 3.0%
Temporary Cash Investment 1.5%
Municipal Bonds 1.1%
Convertible Preferred Stocks 0.5%
Foreign Government Bonds 0.5%
* Includes investments in insurance linked securities totaling 3.9% of total
investment portfolio.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)**
1. U.S. Treasury Bills, 1/12/17 3.42%
--------------------------------------------------------------------------------
2. Fannie Mae, 3.5%, 1/18/17 3.25
--------------------------------------------------------------------------------
3. U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/46 1.68
--------------------------------------------------------------------------------
4. U.S. Treasury Inflation Indexed Bonds, 0.75%, 2/15/45 1.38
--------------------------------------------------------------------------------
5. Fannie Mae, 4.0%, 1/18/17 1.02
--------------------------------------------------------------------------------
6. Government National Mortgage Association I, 3.5%, 1/24/17 0.74
--------------------------------------------------------------------------------
7. U.S. Treasury Bills, 1/5/17 0.72
--------------------------------------------------------------------------------
8. Everglades Re, Ltd., Floating Rate Note, 4/28/17 (Cat Bond) (144A) 0.49
--------------------------------------------------------------------------------
9. Federal Home Loan Mortgage Corp., 3.0%, 1/18/17 0.46
--------------------------------------------------------------------------------
10. Fannie Mae, 3.0%, 8/1/42 0.44
--------------------------------------------------------------------------------
** This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed, and current holdings may be different.
The holdings listed should not be considered recommendations to buy or sell
any securities listed.
Pioneer Bond Fund | Semiannual Report | 12/31/16 9
Prices and Distributions | 12/31/16
Net Asset Value per Share
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--------------------------------------------------------------------------------
Class 12/31/16 6/30/16
--------------------------------------------------------------------------------
A $9.62 $9.76
--------------------------------------------------------------------------------
C $9.51 $9.66
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K $9.62 $9.76
--------------------------------------------------------------------------------
R $9.71 $9.85
--------------------------------------------------------------------------------
Y $9.53 $9.67
--------------------------------------------------------------------------------
Distributions per Share: 7/1/16-12/31/16
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1536 $ -- $ --
--------------------------------------------------------------------------------
C $0.1169 $ -- $ --
--------------------------------------------------------------------------------
K $0.1723 $ -- $ --
--------------------------------------------------------------------------------
R $0.1425 $ -- $ --
--------------------------------------------------------------------------------
Y $0.1662 $ -- $ --
--------------------------------------------------------------------------------
Index Definition
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The Bloomberg 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 | 12/31/16
Performance Update | 12/31/16 Class A Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Bond Fund at public offering price
during the periods shown, compared to that of the Bloomberg Barclays Aggregate
Bond Index.
Average Annual Total Returns
(As of December 31, 2016)
--------------------------------------------------------------------------------
Bloomberg
Net Public Barclays
Asset Offering Aggregate
Value Price Bond
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
10 years 5.16% 4.68% 4.34%
5 years 3.79 2.84 2.23
1 year 4.18 -0.53 2.65
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2016)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.98% 0.85%
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[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Bloomberg Barclays
Pioneer Bond Fund Aggregate Bond Index
12/06 $ 9,550 $10,000
12/07 $10,130 $10,697
12/08 $ 9,689 $11,257
12/09 $11,404 $11,925
12/10 $12,480 $12,705
12/11 $13,114 $13,701
12/12 $14,249 $14,279
12/13 $14,318 $13,990
12/14 $15,166 $14,824
12/15 $15,164 $14,906
12/16 $15,798 $15,300
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, 2018, 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.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Bond Fund | Semiannual Report | 12/31/16 11
Performance Update | 12/31/16 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Bond Fund during the periods shown,
compared to that of the Bloomberg Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of December 31, 2016)
--------------------------------------------------------------------------------
Bloomberg
Barclays
Aggregate
If If Bond
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 years 4.27% 4.27% 4.34%
5 years 2.94 2.94 2.23
1 year 3.43 3.43 2.65
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2016)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.60%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Bloomberg Barclays
Pioneer Bond Fund Aggregate Bond Index
12/06 $10,000 $10,000
12/07 $10,532 $10,697
12/08 $ 9,980 $11,257
12/09 $11,640 $11,925
12/10 $12,618 $12,705
12/11 $13,145 $13,701
12/12 $14,153 $14,279
12/13 $14,095 $13,990
12/14 $14,808 $14,824
12/15 $14,690 $14,906
12/16 $15,194 $15,300
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.
Please refer to the financial highlights for a more current expense ratio.
12 Pioneer Bond Fund | Semiannual Report | 12/31/16
Performance Update | 12/31/16 Class K Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class K shares of Pioneer Bond Fund during the periods shown,
compared to that of the Bloomberg Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of December 31, 2016)
--------------------------------------------------------------------------------
Bloomberg
Net Barclays
Asset Aggregate
Value Bond
Period (NAV) Index
--------------------------------------------------------------------------------
10 years 5.31% 4.34%
5 years 4.08 2.23
1 year 4.57 2.65
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2016)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.47%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Bloomberg Barclays
Pioneer Bond Fund Aggregate Bond Index
12/06 $5,000,000 $5,000,000
12/07 $5,304,522 $5,348,337
12/08 $5,073,258 $5,628,585
12/09 $5,971,194 $5,962,406
12/10 $6,534,881 $6,352,431
12/11 $6,866,797 $6,850,570
12/12 $7,454,472 $7,139,334
12/13 $7,521,019 $6,994,836
12/14 $7,982,493 $7,412,151
12/15 $8,020,456 $7,452,911
12/16 $8,387,390 $7,650,208
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.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Bond Fund | Semiannual Report | 12/31/16 13
Performance Update | 12/31/16 Class R Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class R shares of Pioneer Bond Fund during the periods shown,
compared to that of the Bloomberg Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of December 31, 2016)
--------------------------------------------------------------------------------
Bloomberg
Net Barclays
Asset Aggregate
Value Bond
Period (NAV) Index
--------------------------------------------------------------------------------
10 years 4.81% 4.34%
5 years 3.45 2.23
1 year 3.91 2.65
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2016)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.21% 1.10%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Bloomberg Barclays
Pioneer Bond Fund Aggregate Bond Index
12/06 $10,000 $10,000
12/07 $10,597 $10,697
12/08 $10,080 $11,257
12/09 $11,826 $11,925
12/10 $12,899 $12,705
12/11 $13,504 $13,701
12/12 $14,595 $14,279
12/13 $14,611 $13,990
12/14 $15,437 $14,824
12/15 $15,400 $14,906
12/16 $16,001 $15,300
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, 2018, 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.
Please refer to the financial highlights for a more current expense ratio.
14 Pioneer Bond Fund | Semiannual Report | 12/31/16
Performance Update | 12/31/16 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Bond Fund during the periods shown,
compared to that of the Bloomberg Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of December 31, 2016)
--------------------------------------------------------------------------------
Bloomberg
Net Barclays
Asset Aggregate
Value Bond
Period (NAV) Index
--------------------------------------------------------------------------------
10 years 5.43% 4.34%
5 years 4.03 2.23
1 year 4.48 2.65
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2016)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.59% 0.58%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Bloomberg Barclays
Pioneer Bond Fund Aggregate Bond Index
12/06 $5,000,000 $5,000,000
12/07 $5,324,500 $5,348,337
12/08 $5,108,545 $5,628,585
12/09 $6,025,642 $5,962,406
12/10 $6,613,343 $6,352,431
12/11 $6,966,502 $6,850,570
12/12 $7,581,459 $7,139,334
12/13 $7,631,311 $6,994,836
12/14 $8,103,974 $7,412,151
12/15 $8,123,771 $7,452,911
12/16 $8,487,617 $7,650,208
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 net expense ratio reflects the contractual expense limitation currently in
effect through November 1, 2018, for Class Y 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.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Bond Fund | Semiannual Report | 12/31/16 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, 2016 through December 31, 2016.
--------------------------------------------------------------------------------
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 7/1/16
--------------------------------------------------------------------------------
Ending Account $1,001.30 $ 996.50 $1,003.20 $1,000.20 $1,002.60
Value (after
expenses)
on 12/31/16
--------------------------------------------------------------------------------
Expenses Paid $ 4.29 $ 8.00 $ 2.37 $ 5.55 $ 2.93
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized 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 | 12/31/16
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, 2016 through December 31, 2016.
--------------------------------------------------------------------------------
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 7/1/16
--------------------------------------------------------------------------------
Ending Account $1,020.92 $1,017.19 $1,022.84 $1,019.66 $1,022.28
Value (after
expenses)
on 12/31/16
--------------------------------------------------------------------------------
Expenses Paid $ 4.33 $ 8.08 $ 2.40 $ 5.60 $ 2.96
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized 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 | 12/31/16 17
Schedule of Investments | 12/31/16 (unaudited)
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS -- 0.6%
BANKS -- 0.6%
Diversified Banks -- 0.6%
6,255 Bank of America Corp., 7.25% (Perpetual) $ 7,298,334
14,261 Wells Fargo & Co. (Perpetual) 16,970,590
---------------
$ 24,268,924
---------------
Total Banks $ 24,268,924
---------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $23,351,289) $ 24,268,924
---------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 4.2%
ENERGY -- 0.1%
Oil & Gas Exploration & Production -- 0.1%
2,400,000 Colony American Finance 2016-2, Ltd., 5.028%,
11/15/48 (Step) (144A) $ 2,263,455
---------------
Total Energy $ 2,263,455
---------------------------------------------------------------------------------------------------
MATERIALS -- 0.0%+
Steel -- 0.0%+
500,000 1.07 Home Equity Asset Trust 2005-6, Floating Rate
Note, 12/25/35 $ 491,374
---------------
Total Materials $ 491,374
---------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.0%+
Hotels, Resorts & Cruise Lines -- 0.0%+
366,519 Westgate Resorts 2012-A LLC, 3.75%,
8/20/25 (144A) $ 365,876
1,471,492 Westgate Resorts 2015-1 LLC, 2.75%,
5/20/27 (144A) 1,458,773
---------------
$ 1,824,649
---------------
Total Consumer Services $ 1,824,649
---------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.0%+
Food Retail -- 0.0%+
1,155,150 CKE Restaurant Holdings, Inc., 4.474%,
3/20/43 (144A) $ 1,140,784
---------------
Total Food & Staples Retailing $ 1,140,784
---------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.0%+
Health Care Distributors -- 0.0%+
1,500,000 OneMain Financial Issuance Trust 2015-1, 3.19%,
3/18/26 (144A) $ 1,510,646
---------------
Total Health Care Equipment & Services $ 1,510,646
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Bond Fund | Semiannual Report | 12/31/16
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
BANKS -- 3.4%
Thrifts & Mortgage Finance -- 3.4%
1,293,975 0.93 321 Henderson Receivables I LLC, Floating Rate
Note, 11/15/40 (144A) $ 1,228,245
499,053 Access Point Funding I 2015-A LLC, 2.61%,
4/15/20 (144A) 499,053
2,200,000 2.05 American Homes 4 Rent 2014-SFR1, Floating Rate
Note, 6/17/31 2,188,327
2,800,000 American Homes 4 Rent 2014-SFR3 Trust, 4.596%,
12/18/36 (144A) 2,877,823
700,000 American Homes 4 Rent 2014-SFR3 Trust, 5.04%,
12/18/36 (144A) 728,440
1,300,000 American Homes 4 Rent 2015-SFR1, 4.11%,
4/18/52 (144A) 1,289,935
2,600,000 Applebee's Funding LLC/ IHOP Funding LLC, 4.277%,
9/5/44 (144A) 2,572,283
2,200,000 Ascentium Equipment Receivables 2015-1 LLC, 3.24%,
1/10/22 (144A) 2,220,986
1,300,000 Ascentium Equipment Receivables 2016-2 Trust,
4.2%, 9/10/22 (144A) 1,277,782
699,990 Axis Equipment Finance Receivables III LLC, 3.41%,
4/20/20 (144A) 668,609
3,571,822 B2R Mortgage Trust 2015-1, 2.524%, 5/15/48 (144A) 3,537,933
138,721 1.34 Bayview Financial Mortgage Pass-Through Trust 2005-C,
Floating Rate Note, 6/28/44 138,306
4,890,000 Bayview Opportunity Master Fund IVa Trust 2016-SPL1,
4.0%, 4/28/55 (144A) 5,036,273
7,400,000 4.00 Bayview Opportunity Master Fund IVb Trust
2016-SPL2, Floating Rate Note, 6/28/53 (144A) 7,615,346
1,650,000 BCC Funding Corp., X, 3.622%, 11/20/20 (144A) 1,655,594
769,517 1.51 Bear Stearns Asset Backed Securities I Trust
2005-FR1, Floating Rate Note, 6/25/35 764,859
521,822 1.25 Bear Stearns Asset Backed Securities Trust
2006-SD2, Floating Rate Note, 6/25/36 512,589
1,910,088 BXG Receivables Note Trust 2015-A, 2.88%,
5/2/30 (144A) 1,911,826
1,800,000 Capital Automotive Real Estate Investment Trust,
3.66%, 10/17/44 (144A) 1,748,925
400,000 1.85 Chesapeake Funding LLC, Floating Rate Note,
3/9/26 (144A) 391,960
1,400,000 CIT Equipment Collateral 2014-VT1, 2.65%,
10/20/22 (144A) 1,403,999
358,323 1.51 Citigroup Mortgage Loan Trust, Inc., Floating Rate
Note, 5/25/35 (144A) 357,006
5,312,116 Colony American Finance 2015-1, Ltd., 2.896%,
10/18/47 (144A) 5,295,570
3,200,000 2.55 Colony American Homes 2014-1, Floating Rate
Note, 5/19/31 (144A) 3,196,348
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 19
Schedule of Investments | 12/31/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,554,040 Conn's Receivables Funding 2016-B LLC, 3.73%,
10/15/18 (144A) $ 1,557,877
199,894 Consumer Credit Origination Loan Trust 2015-1,
2.82%, 3/15/21 (144A) 200,019
1,500,000 Credit Acceptance Auto Loan Trust 2016-2, 4.29%,
11/15/24 (144A) 1,494,224
356,103 0.88 Credit-Based Asset Servicing & Securitization LLC,
Floating Rate Note, 7/25/36 355,428
1,248,776 CRG Issuer 2015-1, 4.07%, 7/11/22 (144A) 1,239,410
430,786 1.81 CWABS Asset-Backed Certificates Trust 2004-7,
Floating Rate Note, 12/25/34 429,703
491,250 DB Master Finance LLC 2015-1, 3.98%,
2/20/45 (144A) 491,941
1,897,648 2.56 DRB Prime Student Loan Trust 2016-B, Floating
Rate Note, 6/25/40 (144A) 1,922,731
742,629 3.73 Drug Royalty II LP 2, Floating Rate Note,
7/15/23 (144A) 747,761
2,000,000 DT Auto Owner Trust 2015-1, 4.26%,
2/15/22 (144A) 2,028,107
1,300,000 Engs Commercial Finance Trust 2016-1, 3.45%,
3/22/22 (144A) 1,299,852
1,900,000 Engs Commercial Finance Trust 2016-1, 5.22%,
1/22/24 (144A) 1,899,321
6,513,814 1.00 Fieldstone Mortgage Investment Trust Series
2005-3, Floating Rate Note, 2/25/36 6,397,648
452,414 GMAT 2013-1 Trust, 6.9669%, 8/25/53 (Step) 453,283
1,900,000 Green Tree Agency Advance Funding Trust I,
4.0575%, 10/15/48 (144A) 1,884,971
5,301,000 1.24 GSAA Trust, Floating Rate Note, 6/25/35 4,394,450
384,238 1.51 GSAMP Trust 2005-HE1, Floating Rate Note, 12/25/34 381,805
1,092,599 2.11 GSRPM Mortgage Loan Trust 2003-2, Floating Rate
Note, 6/25/33 1,057,625
414,536 1.06 GSRPM Mortgage Loan Trust 2006-2, Floating Rate
Note, 9/25/36 (144A) 409,998
2,912,750 HOA Funding LLC, 4.846%, 8/22/44 (144A) 2,578,561
102,883 1.14 Home Equity Asset Trust 2005-7, Floating Rate
Note, 1/25/36 102,790
861,945 1.13 Home Equity Mortgage Loan Asset-Backed Trust
Series INABS 2005-C, Floating Rate Note, 10/25/35 850,390
1,399,082 Icon Brand Holdings LLC, 4.229%, 1/26/43 (144A) 1,273,113
301,925 Icon Brand Holdings LLC, 4.352%, 1/25/43 (144A) 272,768
1,690,949 1.74 Invitation Homes 2014-SFR3 Trust, Floating Rate
Note, 12/17/31 (144A) 1,690,947
258,448 2.26 Irwin Whole Loan Home Equity Trust 2003-C, Floating
Rate Note, 6/25/28 255,836
2,000,000 3.41 Kabbage Funding 2014-1 Resecuritization Trust,
Floating Rate Note, 3/8/18 (144A) 1,994,844
The accompanying notes are an integral part of these financial statements.
20 Pioneer Bond Fund | Semiannual Report | 12/31/16
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
850,000 LEAF Receivables Funding 10 LLC, 2.74%,
3/15/21 (144A) $ 849,284
1,200,000 Leaf Receivables Funding 11 LLC, 4.89%,
1/15/23 (144A) 1,189,992
148,387 Lehman ABS Manufactured Housing Contract
Trust 2001-B, 3.01%, 5/15/41 149,195
949,015 Nations Equipment Finance Funding II LLC, 3.276%,
1/22/19 (144A) 950,638
470,620 0.91 Nationstar Home Equity Loan Trust 2007-A, Floating
Rate Note, 3/25/37 469,745
1,000,000 6.24 NCF Dealer Floorplan Master Trust, Floating Rate
Note, 3/21/22 (144A) 978,885
908,073 1.28 New Century Home Equity Loan Trust 2005-1,
Floating Rate Note, 3/25/35 903,496
1,050,000 NextGear Floorplan Master Owner Trust, 1.92%,
10/15/19 (144A) 1,049,999
1,000,000 NextGear Floorplan Master Owner Trust, 2.61%,
10/15/19 (144A) 998,889
1,200,000 1.80 NextGear Floorplan Master Owner Trust, Floating
Rate Note, 9/15/21 (144A) 1,200,610
222,717 2.41 NovaStar Mortgage Funding Trust Series 2004-4,
Floating Rate Note, 3/25/35 221,447
1,000,000 Ocwen Master Advance Receivables Trust, 2.5207%,
8/17/48 (144A) 996,060
1,600,000 Oportun Funding III LLC, 3.69%, 7/8/21 (144A) 1,598,872
2,100,000 Oxford Finance Funding 2016-1 LLC, 3.968%,
6/17/24 (144A) 2,091,326
1,000,000 1.55 PFS Financing Corp., Floating Rate Note,
10/15/19 (144A) 998,566
775,000 Prestige Auto Receivables Trust 2013-1, 3.04%,
7/15/20 (144A) 779,357
3,200,000 Progreso Receivables Funding III LLC, 3.625%,
1/30/25 (144A) 3,185,002
2,000,000 Progreso Receivables Funding IV LLC, 3.0%,
7/8/20 (144A) 1,998,828
434,585 1.01 RAAC Series 2006-RP2 Trust, Floating Rate Note,
2/25/37 (144A) 431,027
1,700,220 SCF Equipment Trust 2016-1 LLC, 3.62%,
11/20/21 (144A) 1,695,259
3,360,000 2.59 Silver Bay Realty 2014-1 Trust, Floating Rate Note,
9/18/31 (144A) 3,355,613
277,138 Skopos Auto Receivables Trust 2015-1, 3.1%,
12/15/23 (144A) 276,128
600,000 Skopos Auto Receivables Trust 2015-1, 5.43%,
12/15/23 (144A) 602,102
378,986 Springleaf Funding Trust 2014-A, 2.41%,
12/15/22 (144A) 379,126
1,388,333 Store Master Funding I LLC, 3.75%, 4/20/45 (144A) 1,354,530
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 21
Schedule of Investments | 12/31/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,960,695 STORE Master Funding LLC, 5.77%, 8/20/42 (144A) $ 2,031,124
344,187 0.96 Structured Asset Investment Loan Trust 2006-1,
Floating Rate Note, 1/25/36 341,117
185,282 0.98 Structured Asset Securities Corp., Mortgage Loan
Trust 2006-GEL4, Floating Rate Note,
10/25/36 (144A) 185,054
25,279 Structured Asset Securities Corp., 5.27%,
10/25/34 (Step) 25,986
541,394 Sunset Mortgage Loan Co., 2014-NPL2 LLC, 3.721%,
11/16/44 (Step) (144A) 540,718
333,062 SVO 2012-A VOI Mortgage LLC, 2.0%,
9/20/29 (144A) 327,130
37,793 Terwin Mortgage Trust Series TMTS 2005-12ALT,
4.79595%, 7/25/36 (Step) 37,724
1,566,385 Terwin Mortgage Trust Series TMTS 2005-16HE,
4.2899%, 9/25/36 (Step) 1,590,654
800,000 2.79 Trafigura Securitisation Finance Plc 2014-1,
Floating Rate Note, 4/16/18 (144A) 795,487
2,140,000 United Auto Credit Securitization Trust 2015-1,
2.92%, 6/17/19 (144A) 2,146,108
855,857 VOLT XXXI LLC, 3.375%, 2/25/55 (Step) (144A) 857,921
2,168,918 VOLT XXXIII LLC, 3.5%, 3/25/55 (Step) (144A) 2,175,155
1,522,844 VOLT XXXVI LLC, 3.625%, 7/25/45 (Step) (144A) 1,524,698
2,020,372 VOLT XXXVII LLC, 3.625%, 7/25/45 (Step) (144A) 2,018,424
1,312,492 Welk Resorts 2015-A LLC, 2.79%, 6/16/31 (144A) 1,295,357
3,327,090 Westgate Resorts 2016-1 LLC, 4.5%,
12/20/28 (144A) 3,332,025
1,000,000 Westlake Automobile Receivables Trust 2015-3,
3.05%, 5/17/21 (144A) 1,007,437
1,000,000 Westlake Automobile Receivables Trust 2016-1,
3.29%, 9/15/21 (144A) 1,010,162
3,194,039 3.50 WinWater Mortgage Loan Trust 2015-5, Floating
Rate Note, 8/20/45 (144A) 3,217,745
---------------
$ 139,947,422
---------------
Total Banks $ 139,947,422
---------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.5%
Other Diversified Financial Services -- 0.2%
500,000 American Credit Acceptance Receivables Trust
2014-1, 5.2%, 4/12/21 (144A) $ 506,114
411,424 Diamond Resorts Owner Trust 2015-1, 3.17%,
7/20/27 (144A) 410,141
749,242 PFS Tax Lien Trust 2014-1, 1.44%, 5/15/29 (144A) 744,217
105,549 Sierra Timeshare 2012-3 Receivables Funding LLC,
1.87%, 8/20/29 (144A) 104,882
244,136 Small Business Administration Participation
Certificates, 4.2%, 9/1/29 258,171
The accompanying notes are an integral part of these financial statements.
22 Pioneer Bond Fund | Semiannual Report | 12/31/16
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- (continued)
340,911 Small Business Administration Participation
Certificates, 4.625%, 2/1/25 $ 359,406
336,819 Small Business Administration Participation
Certificates, 4.84%, 5/1/25 356,621
430,942 Small Business Administration Participation
Certificates, 5.37%, 4/1/28 468,603
326,458 Small Business Administration Participation
Certificates, 5.63%, 10/1/28 358,037
108,582 Small Business Administration Participation
Certificates, 5.72%, 1/1/29 119,255
499,712 Small Business Administration Participation
Certificates, 6.02%, 8/1/28 556,445
103,966 Small Business Administration Participation
Certificates, 6.14%, 1/1/22 110,538
264,731 Small Business Administration Participation
Certificates, 6.22%, 12/1/28 294,272
3,300,000 Spirit Master Funding LLC, 4.6291%,
1/20/45 (144A) 3,101,212
---------------
$ 7,747,914
---------------------------------------------------------------------------------------------------
Specialized Finance -- 0.2%
3,539,250 Domino's Pizza Master Issuer LLC, 3.484%,
10/25/45 (144A) $ 3,502,442
1,804,782 Domino's Pizza Master Issuer LLC, 5.216%,
1/27/42 (144A) 1,840,811
2,466,198 Hercules Capital Funding Trust 2014-1, 3.524%,
4/16/21 (144A) 2,470,051
530,393 JG Wentworth XXII LLC, 3.82%, 12/15/48 (144A) 535,739
---------------
$ 8,349,043
---------------------------------------------------------------------------------------------------
Consumer Finance -- 0.1%
2,100,000 First Investors Auto Owner Trust 2014-3, 2.97%,
11/16/20 (144A) $ 2,111,668
510,000 First Investors Auto Owner Trust 2015-1, 3.59%,
1/18/22 (144A) 510,733
---------------
$ 2,622,401
---------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.0%+
1,600,000 2.40 Chesapeake Funding LLC, Floating Rate Note,
2/8/27 (144A) $ 1,564,650
---------------
Total Diversified Financials $ 20,284,008
---------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.0%+
Residential REIT -- 0.0%+
1,250,000 2.45 American Homes 4 Rent 2014-SFR1 REMICS,
Floating Rate Note, 6/17/31 (144A) $ 1,247,145
---------------
Total Real Estate $ 1,247,145
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 23
Schedule of Investments | 12/31/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.2%
Wireless Telecommunication Services -- 0.2%
6,975,000 3.87 Small Business Administration Participation
Certificates, Floating Rate Note, 10/15/49 (144A) $ 7,026,261
---------------
Total Telecommunication Services $ 7,026,261
---------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $176,456,479) $ 175,735,744
---------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 20.1%
ENERGY -- 0.2%
Oil & Gas Exploration & Production -- 0.2%
7,428,167 N/A Shellpoint Co-Originator Trust 2016-1, Floating
Rate Note, 10/25/31 (144A) $ 7,471,693
---------------
Total Energy $ 7,471,693
---------------------------------------------------------------------------------------------------
BANKS -- 19.1%
Thrifts & Mortgage Finance -- 19.1%
19,562 A10 Securitization 2013-1 LLC, 2.4%,
11/17/25 (144A) $ 19,560
534,988 A10 Term Asset Financing 2013-2 LLC, 2.62%,
11/15/27 (144A) 532,785
7,151,705 3.61 Agate Bay Mortgage Trust 2013-1, Floating Rate
Note, 7/25/43 (144A) 6,996,092
1,788,326 3.90 Agate Bay Mortgage Trust 2014-1 REMICS, Floating
Rate Note, 7/25/44 (144A) 1,753,480
5,226,311 3.50 Agate Bay Mortgage Trust 2015-1, Floating Rate
Note, 1/25/45 (144A) 5,268,367
3,269,573 3.50 Agate Bay Mortgage Trust 2015-2, Floating Rate
Note, 3/27/45 (144A) 3,308,144
3,935,055 3.50 Agate Bay Mortgage Trust 2015-5, Floating Rate
Note, 7/25/45 (144A) 3,966,720
6,860,824 3.50 Agate Bay Mortgage Trust 2015-7, Floating Rate
Note, 10/25/45 (144A) 7,000,078
3,990,461 3.50 Agate Bay Mortgage Trust 2016-1, Floating Rate
Note, 12/25/45 (144A) 4,005,114
185,171 1.21 Alternative Loan Trust 2003-14T1, Floating Rate
Note, 8/25/18 166,928
5,000,000 2.29 Arbor Realty Collateralized Loan Obligation
2015-FL1, Ltd., Floating Rate Note, 3/17/25 (144A) 4,935,741
2,580,000 2.90 BAMLL Commercial Mortgage Securities Trust
2014-FL1, Floating Rate Note, 12/17/31 (144A) 2,588,323
1,600,000 2.49 BAMLL Commercial Mortgage Securities Trust
2014-INLD, Floating Rate Note, 12/17/29 (144A) 1,585,130
4,200,000 2.25 BAMLL Commercial Mortgage Securities Trust
2015-ASHF, Floating Rate Note, 1/18/28 (144A) 4,199,874
2,701,202 2.87 BAMLL Re-REMIC Trust 2014-FRR7, Floating Rate
Note, 10/26/44 (144A) 2,698,820
606,322 Banc of America Alternative Loan Trust 2004-6,
5.0%, 7/25/19 611,068
The accompanying notes are an integral part of these financial statements.
24 Pioneer Bond Fund | Semiannual Report | 12/31/16
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,900,000 5.81 Banc of America Commercial Mortgage Trust
2007-4, Floating Rate Note, 2/10/51 (144A) $ 1,886,075
503,739 Banc of America Mortgage Trust 2004-11,
5.75%, 1/25/35 510,925
594,454 Banc of America Mortgage Trust 2004-9,
5.5%, 11/25/34 608,680
6,995,240 Bayview Commercial Asset Trust 2007-2, 7/27/37
(Step) (144A) (c) 7
785,471 2.51 Bayview Opportunity Master Fund IVb Trust
2016-CRT1, Floating Rate Note, 10/27/27 (144A) 784,098
887,993 5.21 Bear Stearns Commercial Mortgage Securities
Trust 2005-PWR7, Floating Rate Note, 2/11/41 886,750
2,500,000 5.09 Bellemeade Re II, Ltd., Floating Rate Note,
4/25/26 (144A) 2,512,714
2,210,000 2.65 BLCP Hotel Trust, Floating Rate Note,
8/15/29 (144A) 2,186,477
3,250,000 CCRESG Commercial Mortgage Trust 2016-HEAT,
3.357%, 4/10/29 (144A) 3,270,973
4,000,000 3.20 CDGJ Commercial Mortgage Trust 2014-BXCH,
Floating Rate Note, 12/15/27 (144A) 3,984,942
13,451,514 3.75 Chase Mortgage Trust 2016-2, Floating Rate Note,
2/25/44 (144A) 13,336,843
341,002 3.41 CHL Mortgage Pass-Through Trust 2003-56, Floating
Rate Note, 12/25/33 343,693
5,000,000 Citigroup Commercial Mortgage Trust 2014-GC25
REMICS, 3.371%, 10/11/47 5,118,323
1,149,159 3.50 Citigroup Mortgage Loan Trust 2013-J1, Floating
Rate Note, 10/25/43 (144A) 1,146,122
6,853,806 3.75 Citigroup Mortgage Loan Trust 2015-PS1, Floating
Rate Note, 9/25/42 (144A) 7,047,993
2,400,000 Colony American Finance 2016-1, Ltd., 5.972%,
6/15/48 (Step) (144A) 2,416,355
2,100,000 2.49 Colony Starwood Homes 2016-2 Trust, Floating
Rate Note, 12/19/33 (144A) 2,103,418
450,000 COMM 2012-CCRE2 Mortgage Trust REMICS,
3.791%, 8/17/45 469,883
915,000 COMM 2012-CCRE4 Mortgage Trust,
2.436%, 10/17/45 921,150
4,000,000 COMM 2012-LC4 Mortgage Trust, 4.063%, 12/12/44 4,223,548
5,000,000 5.17 COMM 2013-CCRE11 Mortgage Trust, Floating
Rate Note, 8/12/50 (144A) 5,272,286
1,900,000 COMM 2013-LC6 Mortgage Trust, 2.941%, 1/10/46 1,922,588
7,325,000 4.51 COMM 2014-CCRE20 Mortgage Trust, Floating
Rate Note, 11/10/47 7,204,448
3,800,000 2.85 COMM 2014-FL5 Mortgage Trust, Floating Rate
Note, 10/15/31 (144A) 3,771,745
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 25
Schedule of Investments | 12/31/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
4,500,000 4.78 COMM 2014-UBS3 Mortgage Trust, Floating Rate
Note, 6/12/47 $ 4,331,385
4,100,000 COMM 2014-UBS4 Mortgage Trust, 3.42%, 8/10/47 4,174,357
1,750,000 3.68 COMM 2015-CCRE23 Mortgage Trust, Floating Rate
Note, 5/12/48 (144A) 1,737,938
3,104,000 4.55 COMM 2015-CCRE25 Mortgage Trust, Floating Rate
Note, 8/12/48 3,242,213
3,375,000 COMM 2015-CCRE26 Mortgage Trust REMICS,
3.63%, 10/13/48 3,473,844
4,225,000 COMM 2015-LC23 Mortgage Trust REMICS,
3.774%, 10/10/53 4,403,773
3,850,000 Commercial Mortgage Pass Through Certificates,
2.822%, 10/17/45 3,897,502
4,699,547 5.54 Credit Suisse Commercial Mortgage Trust Series
2006-C4, Floating Rate Note, 9/15/39 4,705,422
401,979 Credit Suisse Commercial Mortgage Trust Series
2007-C1, 5.361%, 2/15/40 401,490
119,206 Credit Suisse First Boston Mortgage Securities
Corp., 5.5%, 6/25/33 120,514
5,700,000 4.54 CSAIL 2016-C5 Commercial Mortgage Trust
REMICS, Floating Rate Note, 11/15/48 5,734,581
1,890,000 CSAIL 2016-C6 Commercial Mortgage Trust,
3.0898%, 1/15/49 1,867,490
2,700,000 2.95 CSMC 2015-TWNI Trust, Floating Rate Note,
3/15/28 (144A) 2,647,775
6,413,738 3.00 CSMC Trust 2012-CIM2, Floating Rate Note,
6/25/42 (144A) 6,245,626
5,296,105 3.58 CSMC Trust 2013-7, Floating Rate Note,
8/25/43 (144A) 5,135,022
6,072,918 1.55 CSMC Trust 2013-IVR2, Floating Rate Note,
4/27/43 (144A) 5,723,740
2,803,303 1.55 CSMC Trust 2013-IVR3, Floating Rate Note,
5/25/43 (144A) 2,692,243
3,299,469 3.46 CSMC Trust 2013-IVR3, Floating Rate Note,
5/25/43 (144A) 3,243,930
3,845,715 3.46 CSMC Trust 2013-IVR3, Floating Rate Note,
5/25/43 (144A) 3,646,596
2,331,379 3.00 CSMC Trust 2013-IVR4, Floating Rate Note,
7/27/43 (144A) 2,331,312
1,603,760 3.00 CSMC Trust 2013-IVR4, Floating Rate Note,
7/27/43 (144A) 1,587,795
3,669,971 3.50 CSMC Trust 2014-IVR3 REMICS, Floating Rate Note,
7/25/44 (144A) 3,692,622
1,979,009 3.00 CSMC Trust 2014-OAK1, Floating Rate Note,
11/25/44 (144A) 1,976,179
2,062,304 3.00 CSMC Trust 2014-WIN1, Floating Rate Note,
9/25/44 (144A) 2,059,566
The accompanying notes are an integral part of these financial statements.
26 Pioneer Bond Fund | Semiannual Report | 12/31/16
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
5,402,997 3.94 CSMC Trust 2014-WIN1, Floating Rate Note,
9/25/44 (144A) $ 5,333,089
5,936,765 3.50 CSMC Trust 2014-WIN2, Floating Rate Note,
10/25/44 (144A) 5,911,142
2,888,778 4.01 CSMC Trust 2014-WIN2, Floating Rate Note,
10/25/44 (144A) 2,857,788
11,791,489 CSMC Trust 2015-2, 3.0%, 2/25/45 (144A) 11,671,459
5,017,934 CSMC Trust 2015-2, 3.0%, 2/25/45 (144A) 5,009,288
3,388,370 CSMC Trust 2015-2, 3.5%, 2/25/45 (144A) 3,391,814
2,805,975 3.88 CSMC Trust 2015-WIN1, Floating Rate Note,
12/25/44 (144A) 2,688,941
9,396,555 3.50 CSMLT 2015-1 Trust, Floating Rate Note,
5/25/45 (144A) 9,478,042
3,907,909 3.92 CSMLT 2015-2 Trust, Floating Rate Note,
8/25/45 (144A) 3,713,568
4,584,732 3.50 CSMLT 2015-2 Trust, Floating Rate Note,
8/28/45 (144A) 4,624,491
3,100,000 DBJPM 16-C3 Mortgage Trust, 2.89%, 9/10/49 3,022,173
3,859,960 3.49 EverBank Mortgage Loan Trust REMICS, Floating Rate
Note, 4/25/43 (144A) 3,846,865
4,630,000 3.38 GAHR Commercial Mortgage Trust 2015-NRF, Floating
Rate Note, 12/15/34 (144A) 4,653,259
897,315 Global Mortgage Securitization, Ltd., 5.25%,
4/25/32 (144A) 878,140
1,216,974 1.03 Global Mortgage Securitization, Ltd., Floating Rate
Note, 4/25/32 (144A) 1,146,086
2,000,000 4.63 Government National Mortgage Association, Floating
Rate Note, 1/16/50 2,126,743
2,800,000 GS Mortgage Securities Corp., Trust 2012-SHOP,
2.933%, 6/5/31 (144A) 2,839,286
1,250,000 GS Mortgage Securities Corp. II, 3.377%, 5/10/45 1,301,901
1,000,000 GS Mortgage Securities Corp. II, 3.682%,
2/10/46 (144A) 1,019,274
3,500,000 GS Mortgage Securities Trust 2013-GCJ14
REMICS, 4.507%, 8/10/46 (144A) 3,767,946
3,821,536 1.00 HomeBanc Mortgage Trust 2005-3, Floating Rate
Note, 7/25/35 3,733,191
2,100,000 2.40 Hyatt Hotel Portfolio Trust 2015-HYT, Floating Rate
Note, 11/15/29 (144A) 2,103,536
344,537 0.86 JP Morgan Chase Commercial Mortgage Securities
Trust 2006-LDP9, Floating Rate Note, 5/15/47 342,342
1,150,172 JP Morgan Chase Commercial Mortgage Securities
Trust 2010-C2, 3.6159%, 11/15/43 (144A) 1,167,380
1,142,174 JP Morgan Chase Commercial Mortgage Securities
Trust 2011-C5, 4.1712%, 8/15/46 1,225,014
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 27
Schedule of Investments | 12/31/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
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) $ 1,236,547
4,260,234 JP Morgan Chase Commercial Mortgage Securities
Trust 2012-LC9, 2.84%, 12/15/47 4,312,593
4,600,000 2.65 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-CBM, Floating Rate Note,
10/15/29 (144A) 4,562,182
2,200,000 2.90 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-FL4 REMICS, Floating Rate Note,
12/16/30 (144A) 2,177,359
900,000 2.80 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-FL5 REMICS, Floating Rate Note,
7/15/31 (144A) 887,869
1,260,000 2.05 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-FL5, Floating Rate Note,
7/15/31 (144A) 1,264,823
4,000,000 3.45 JP Morgan Chase Commercial Mortgage Securities
Trust 2015-SGP, Floating Rate Note,
7/15/36 (144A) 4,024,914
178,131 2.99 JP Morgan Mortgage Trust 2003-A1, Floating Rate
Note, 10/25/33 176,657
386,040 JP Morgan Mortgage Trust 2004-S1, 5.0%, 9/25/34 395,523
5,227,176 3.00 JP Morgan Mortgage Trust 2013-1, Floating Rate
Note, 3/25/43 (144A) 5,062,498
13,127,693 2.50 JP Morgan Mortgage Trust 2013-1, Floating Rate
Note, 3/25/43 (144A) 12,951,296
1,797,074 3.00 JP Morgan Mortgage Trust 2013-1, Floating Rate
Note, 3/25/43 (144A) 1,825,598
3,597,591 3.52 JP Morgan Mortgage Trust 2013-1, Floating Rate
Note, 3/25/43 (144A) 3,523,951
995,465 3.50 JP Morgan Mortgage Trust 2013-2, Floating Rate
Note, 5/25/43 (144A) 1,003,475
5,121,404 3.50 JP Morgan Mortgage Trust 2014-1 REMICS, Floating
Rate Note, 1/25/44 (144A) 5,162,616
1,079,530 3.50 JP Morgan Mortgage Trust 2014-1 REMICS, Floating
Rate Note, 1/25/44 (144A) 1,086,193
3,183,423 3.76 JP Morgan Mortgage Trust 2014-1 REMICS, Floating
Rate Note, 1/25/44 (144A) 3,069,982
6,380,442 3.00 JP Morgan Mortgage Trust 2014-2, Floating Rate
Note, 6/25/29 (144A) 6,419,822
5,537,894 3.42 JP Morgan Mortgage Trust 2014-2, Floating Rate
Note, 6/25/29 (144A) 5,589,703
1,286,038 3.43 JP Morgan Mortgage Trust 2014-2, Floating Rate
Note, 6/25/29 (144A) 1,218,711
3,987,520 3.00 JP Morgan Mortgage Trust 2014-5, Floating Rate
Note, 10/25/29 (144A) 4,024,592
The accompanying notes are an integral part of these financial statements.
28 Pioneer Bond Fund | Semiannual Report | 12/31/16
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,172,108 3.02 JP Morgan Mortgage Trust 2014-5, Floating Rate
Note, 10/25/29 (144A) $ 2,075,672
5,692,164 4.06 JP Morgan Mortgage Trust 2014-OAK4, Floating
Rate Note, 9/25/44 (144A) 5,859,725
7,178,910 3.50 JP Morgan Mortgage Trust 2015-4, Floating Rate
Note, 6/26/45 (144A) 7,236,678
11,527,553 JP Morgan Mortgage Trust 2016-1, 3.5%,
5/25/46 (144A) 11,627,520
4,253,720 3.90 JP Morgan Mortgage Trust 2016-1, Floating Rate
Note, 5/25/46 (144A) 4,222,919
11,652,977 2.69 JP Morgan Mortgage Trust 2016-2, Floating Rate
Note, 6/25/46 (144A) 11,527,094
13,315,508 3.00 JP Morgan Mortgage Trust 2016-3, Floating Rate
Note, 10/25/46 (144A) 13,430,980
10,561,294 3.50 JP Morgan Mortgage Trust 2016-4, Floating Rate
Note, 10/25/46 (144A) 10,732,091
12,400,000 2.60 JP Morgan Mortgage Trust, Floating Rate Note,
12/25/46 (144A) 12,343,812
5,833,983 1.26 JP Morgan Seasoned Mortgage Trust 2014-1,
Floating Rate Note, 5/25/33 (144A) 5,539,822
7,455,424 2.64 JP Morgan Trust 2015-1 REMICS, Floating Rate
Note, 12/25/44 (144A) 7,382,125
4,076,080 3.00 JP Morgan Trust 2015-3 REMICS, Floating Rate
Note, 5/25/45 (144A) 4,056,882
3,235,502 3.70 JP Morgan Trust 2015-3 REMICS, Floating Rate
Note, 5/25/45 (144A) 3,265,847
4,422,014 3.70 JP Morgan Trust 2015-3 REMICS, Floating Rate
Note, 5/25/45 (144A) 4,197,978
3,906,399 3.50 JP Morgan Trust 2015-6, Floating Rate Note,
10/25/45 (144A) 3,937,834
4,021,774 5.05 JPMBB Commercial Mortgage Securities Trust
2013-C15, Floating Rate Note, 11/15/45 (144A) 3,829,485
3,500,000 JPMBB Commercial Mortgage Securities Trust
2014-C22 REMICS, 3.8012%, 9/15/47 3,651,992
2,000,000 3.10 JPMDB Commercial Mortgage Securities Trust
2016-C4, Floating Rate Note, 12/15/49 (144A) 1,447,265
2,211,288 La Hipotecaria El Salvadorian Mortgage Trust
2016-1, 3.3575%, 1/15/46 (144A) 2,227,528
1,377,298 2.25 La Hipotecaria Panamanian Mortgage Trust
2010-1, Floating Rate Note, 9/8/39 (144A) 1,423,781
3,664,191 3.01 La Hipotecaria Panamanian Mortgage Trust
2014-1, Floating Rate Note, 11/24/42 (144A) 3,703,123
84,217 LB-UBS Commercial Mortgage Trust 2004-C1,
4.568%, 1/15/31 84,195
3,690,000 3.24 LSTAR Commercial Mortgage Trust 2015-3, Floating
Rate Note, 4/20/48 (144A) 3,601,582
7,800,000 2.61 LSTAR Commercial Mortgage Trust 2016-7, Floating
Rate Note, 12/1/21 (144A) 7,702,500
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 29
Schedule of Investments | 12/31/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
875,182 2.62 LSTAR Securities Investment, Ltd. 2016-1, Floating
Rate Note, 1/1/21 (144A) $ 859,955
3,538,942 2.53 LSTAR Securities Investment, Ltd. 2016-3, Floating
Rate Note, 9/1/21 (144A) 3,495,811
8,080,670 2.62 LSTAR Securities Investment, Ltd. 2016-4, Floating
Rate Note, 10/1/21 (144A) 7,982,768
596,128 1.14 Mellon Residential Funding Corp., Mortgage
Pass-Through Trust Series 2000-TBC3, Floating
Rate Note, 12/15/30 567,090
1,225,350 1.32 Merrill Lynch Mortgage Investors Trust Series
MLCC 2004-G, Floating Rate Note, 1/25/30 1,152,597
6,881,000 Morgan Stanley Bank of America Merrill Lynch
Trust 2016-C31, 3.527%, 10/15/26 6,695,847
4,061,212 Morgan Stanley Capital I Trust 2007-HQ13,
5.569%, 12/15/44 4,140,086
5,309,000 Morgan Stanley Capital I Trust 2016-UBS12,
3.596%, 12/15/49 5,419,376
7,156,654 3.75 New Residential Mortgage Loan Trust 2015-1,
Floating Rate Note, 5/28/52 (144A) 7,289,193
4,622,601 3.32 NRP Mortgage Trust 2013-1, Floating Rate Note,
7/25/43 (144A) 4,387,445
6,786,087 3.25 NRP Mortgage Trust 2013-1, Floating Rate Note,
7/25/43 (144A) 6,610,986
4,114,180 3.25 NRP Mortgage Trust 2013-1, Floating Rate Note,
7/25/43 (144A) 4,130,645
6,102,462 3.32 NRP Mortgage Trust 2013-1, Floating Rate Note,
7/25/43 (144A) 5,836,152
5,079,404 3.57 PMT Loan Trust 2013-J1, Floating Rate Note,
9/25/43 (144A) 4,812,361
278,809 RAAC Series 2004-SP2 Trust, 6.0%, 1/25/32 280,043
135,808 RALI Series 2003-QS14 Trust, 5.0%, 7/25/18 136,161
390,734 RALI Series 2004-QS3 Trust, 5.0%, 3/25/19 389,435
2,338,787 2.31 RESI Finance LP 2003-CB1, Floating Rate Note,
7/9/35 2,087,601
324,459 RREF 2015-LT7 LLC, 3.0%, 12/27/32 (144A) 324,459
12,500,000 Seasoned Credit Risk Transfer Trust Series 2016-1,
3.0%, 9/25/55 12,068,362
6,108,178 3.50 Sequoia Mortgage Trust 2012-2, Floating Rate
Note, 4/25/42 6,111,177
3,889,220 1.81 Sequoia Mortgage Trust 2012-6, Floating Rate
Note, 12/26/42 3,585,538
4,191,620 3.65 Sequoia Mortgage Trust 2013-1, Floating Rate
Note, 2/25/43 4,081,343
6,796,966 3.57 Sequoia Mortgage Trust 2013-10, Floating Rate
Note, 8/25/43 (144A) 6,748,439
2,138,261 1.87 Sequoia Mortgage Trust 2013-2, Floating Rate
Note, 2/25/43 2,042,875
The accompanying notes are an integral part of these financial statements.
30 Pioneer Bond Fund | Semiannual Report | 12/31/16
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
7,314,673 3.53 Sequoia Mortgage Trust 2013-3, Floating Rate
Note, 3/25/43 $ 7,319,024
6,802,352 2.33 Sequoia Mortgage Trust 2013-4 REMICS, Floating
Rate Note, 4/27/43 6,515,960
1,384,216 1.55 Sequoia Mortgage Trust 2013-4, Floating Rate
Note, 4/27/43 1,353,569
6,066,188 3.49 Sequoia Mortgage Trust 2013-4, Floating Rate
Note, 4/27/43 6,019,326
2,476,050 2.50 Sequoia Mortgage Trust 2013-5 REMICS, Floating
Rate Note, 5/25/43 (144A) 2,441,132
2,211,955 3.00 Sequoia Mortgage Trust 2013-5 REMICS, Floating
Rate Note, 5/25/43 (144A) 2,180,762
7,276,366 2.50 Sequoia Mortgage Trust 2013-6, Floating Rate
Note, 5/26/43 6,969,834
10,348,880 2.50 Sequoia Mortgage Trust 2013-7, Floating Rate
Note, 6/25/43 9,697,904
3,295,618 3.00 Sequoia Mortgage Trust 2013-7, Floating Rate
Note, 6/25/43 3,240,904
464,804 2.25 Sequoia Mortgage Trust 2013-8, Floating Rate
Note, 6/25/43 445,595
10,211,273 3.00 Sequoia Mortgage Trust 2013-8, Floating Rate
Note, 6/25/43 10,054,244
6,148,618 3.54 Sequoia Mortgage Trust 2013-8, Floating Rate
Note, 6/25/43 6,083,284
1,395,836 Sequoia Mortgage Trust 2013-9, 3.5%,
7/27/43 (144A) 1,390,493
675,917 Sequoia Mortgage Trust 2013-9, 3.5%,
7/27/43 (144A) 668,676
7,640,007 4.00 Sequoia Mortgage Trust 2014-2, Floating Rate
Note, 7/25/44 (144A) 7,773,157
4,894,962 3.00 Sequoia Mortgage Trust 2015-1, Floating Rate
Note, 1/25/45 (144A) 4,770,742
8,920,635 3.50 Sequoia Mortgage Trust 2015-2, Floating Rate
Note, 5/25/45 (144A) 8,997,995
3,824,275 3.73 Sequoia Mortgage Trust 2015-3, Floating Rate
Note, 7/25/45 (144A) 3,776,452
8,809,871 3.00 Sequoia Mortgage Trust 2015-4, Floating Rate
Note, 11/25/30 (144A) 8,886,270
5,050,648 3.50 Sequoia Mortgage Trust 2016-2, Floating Rate
Note, 8/25/46 (144A) 5,035,395
3,953,899 3.77 Sequoia Mortgage Trust 2016-2, Floating Rate
Note, 8/25/46 (144A) 3,812,870
10,072,029 Sequoia Mortgage Trust, 3.5%, 11/25/46 10,134,193
33,117 3.00 Sequoia Mortgage Trust, Floating Rate Note, 9/25/42 32,650
3,642,873 3.50 Sequoia Mortgage Trust, Floating Rate Note, 9/25/42 3,680,839
3,250,000 3.00 Sofi Mortgage Trust 2016-1, Floating Rate Note,
11/25/46 (144A) 3,100,195
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 31
Schedule of Investments | 12/31/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
463,660 0.88 Structured Asset Securities Corp. Trust 2005-14,
Floating Rate Note, 7/25/35 $ 373,089
2,120,419 3.02 Velocity Commercial Capital Loan Trust 2015-1,
Floating Rate Note, 6/25/45 (144A) 2,129,930
1,013,870 VOLT XXX LLC, 3.625%, 10/25/57 (Step) (144A) 1,013,962
1,179,220 Wells Fargo Commercial Mortgage Trust 2010-C1,
3.349%, 11/18/43 (144A) 1,208,198
1,927,000 Wells Fargo Commercial Mortgage Trust 2012-LC5
REMICS, 3.539%, 10/15/45 1,981,248
4,500,000 Wells Fargo Commercial Mortgage Trust 2014-LC16
REMICS, 3.477%, 8/15/50 4,668,923
5,300,000 2.55 Wells Fargo Commercial Mortgage Trust 2014-TISH
REMICS, Floating Rate Note, 2/15/27 (144A) 5,302,158
3,810,000 Wells Fargo Commercial Mortgage Trust 2015-NXS3,
3.617%, 9/17/57 3,924,283
1,493,521 3.51 Wells Fargo Credit Risk Transfer Securities Trust 2015,
Floating Rate Note, 11/25/25 (144A) 1,500,023
2,267,050 3.61 Wells Fargo Credit Risk Transfer Securities Trust 2015,
Floating Rate Note, 11/25/25 (144A) 2,273,898
1,435,000 5.60 WF-RBS Commercial Mortgage Trust 2011-C2,
Floating Rate Note, 2/15/44 (144A) 1,469,019
3,900,000 4.35 WFRBS Commercial Mortgage Trust 2013-C12,
Floating Rate Note, 3/15/48 (144A) 3,589,794
6,200,000 WFRBS Commercial Mortgage Trust 2013-C16,
4.136%, 9/17/46 6,644,269
459,362 3.50 WinWater Mortgage Loan Trust 2014-1, Floating
Rate Note, 6/20/44 (144A) 462,771
8,434,416 3.91 WinWater Mortgage Loan Trust 2015-2, Floating
Rate Note, 2/20/45 (144A) 8,161,127
5,008,412 3.50 WinWater Mortgage Loan Trust 2015-3 REMICS,
Floating Rate Note, 3/20/45 (144A) 4,992,996
9,301,502 3.50 WinWater Mortgage Loan Trust 2015-4, Floating
Rate Note, 6/20/45 (144A) 9,389,140
6,805,372 3.50 WinWater Mortgage Loan Trust 2015-5, Floating
Rate Note, 8/20/45 (144A) 6,798,461
4,790,991 3.80 WinWater Mortgage Loan Trust 2015-5, Floating
Rate Note, 8/20/45 (144A) 4,851,793
4,552,061 3.80 WinWater Mortgage Loan Trust 2015-5, Floating
Rate Note, 8/20/45 (144A) 4,354,125
3,884,784 3.50 WinWater Mortgage Loan Trust 2016-1, Floating
Rate Note, 1/22/46 (144A) 3,850,070
---------------
$ 798,133,754
---------------
Total Banks $ 798,133,754
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer Bond Fund | Semiannual Report | 12/31/16
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.2%
Other Diversified Financial Services -- 0.0%+
1,102,352 3.52 JP Morgan Mortgage Trust 2013-1, Floating Rate
Note, 3/25/43 (144A) $ 1,033,568
---------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
1,980,000 2.54 BAMLL Commercial Mortgage Securities Trust
2015-ASHF REMICS, Floating Rate Note,
1/15/28 (144A) $ 1,975,604
---------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.1%
5,062,189 3.62 Agate Bay Mortgage Trust 2015-5, Floating Rate
Note, 7/25/45 (144A) $ 4,771,739
---------------
Total Diversified Financials $ 7,780,911
---------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.6%
77,174 0.94 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 12/15/20 $ 77,561
802,223 3.73 Federal National Mortgage Association 2004-T2,
Floating Rate Note, 7/25/43 851,887
1,141 Federal National Mortgage Association REMICS,
10.3%, 4/25/19 1,206
1,410,169 Federal National Mortgage Association REMICS,
3.0%, 6/25/23 1,447,985
465,024 Federal National Mortgage Association REMICS,
4.5%, 6/25/29 494,320
3,482,251 Freddie Mac Whole Loan Securities Trust
2015-SC01, 3.5%, 5/25/45 3,492,507
600,000 5.25 FREMF Mortgage Trust 2010-K8, Floating Rate Note,
9/25/43 (144A) 644,775
890,000 5.20 FREMF Mortgage Trust 2010-K9 REMICS, Floating
Rate Note, 9/25/45 (144A) 959,722
5,380,000 4.77 FREMF Mortgage Trust 2011-K702, Floating Rate
Note, 4/25/44 (144A) 5,538,891
1,250,000 4.88 FREMF Mortgage Trust 2011-K703, Floating Rate
Note, 7/25/44 (144A) 1,293,692
3,004,204 4.62 FREMF Mortgage Trust 2014-KF05 REMICS, Floating
Rate Note, 9/25/21 (144A) 3,006,066
3,808,130 5.59 FREMF Mortgage Trust 2014-KS02 REMICS, Floating
Rate Note, 8/25/23 (144A) 3,795,334
2,010,000 3.82 FREMF Mortgage Trust Class B, Floating Rate Note,
6/25/47 (144A) 2,061,731
806,139 Government National Mortgage Association
REMICS, 3.25%, 4/16/27 827,696
1,065,300 Government National Mortgage Association,
3.0%, 4/20/41 1,090,709
950,607 Government National Mortgage Association,
5.25%, 8/16/35 1,034,605
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 33
Schedule of Investments | 12/31/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
Government -- (continued)
416,122 Vendee Mortgage Trust 2008-1, 5.25%, 1/15/32 $ 443,308
783,067 Vendee Mortgage Trust 2010-1, 4.25%, 2/15/35 805,998
---------------
$ 27,867,993
---------------
Total Government $ 27,867,993
---------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $853,447,893) $ 841,254,351
---------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 36.1%
ENERGY -- 4.7%
Oil & Gas Drilling -- 0.4%
7,241,000 Ensco Plc, 4.5%, 10/1/24 $ 6,209,158
6,185,000 Rowan Companies, Inc., 4.75%, 1/15/24 5,581,962
5,505,000 Rowan Companies, Inc., 5.85%, 1/15/44 4,266,375
---------------
$ 16,057,495
---------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.1%
2,250,000 Halliburton Co., 7.6%, 8/15/96 (144A) $ 2,804,366
---------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.7%
4,175,000 BP Capital Markets Plc, 3.062%, 3/17/22 $ 4,223,021
5,965,000 Petroleos Mexicanos, 3.5%, 1/30/23 5,475,870
3,525,000 Petroleos Mexicanos, 6.5%, 3/13/27 (144A) 3,636,038
4,750,000 Sinopec Group Overseas Development 2014,
Ltd., 4.375%, 4/10/24 (144A) 4,936,000
10,050,000 Sinopec Group Overseas Development 2015,
Ltd., 2.5%, 4/28/20 (144A) 9,983,379
---------------
$ 28,254,308
---------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.6%
6,585,000 Canadian Natural Resources, Ltd., 6.25%, 3/15/38 $ 7,491,517
2,830,000 Canadian Natural Resources, Ltd., 6.75%, 2/1/39 3,302,262
5,275,000 CNOOC Nexen Finance 2014 ULC, 4.25%, 4/30/24 5,396,837
2,360,000 Newfield Exploration Co., 5.375%, 1/1/26 2,406,256
1,400,000 Newfield Exploration Co., 5.625%, 7/1/24 1,459,500
4,150,000 WPX Energy, Inc., 7.5%, 8/1/20 4,461,250
---------------
$ 24,517,622
---------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.4%
5,827,000 EnLink Midstream Partners LP, 4.4%, 4/1/24 $ 5,789,631
1,800,000 EnLink Midstream Partners LP, 4.85%, 7/15/26 1,815,719
3,800,000 Motiva Enterprises LLC, 6.85%, 1/15/40 (144A) 4,593,957
3,180,000 Valero Energy Corp., 6.625%, 6/15/37 3,721,758
2,890,000 Valero Energy Corp., 9.375%, 3/15/19 3,328,124
---------------
$ 19,249,189
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Bond Fund | Semiannual Report | 12/31/16
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 2.5%
10,945,000 Boardwalk Pipelines LP, 4.95%, 12/15/24 $ 11,237,987
2,575,000 Boardwalk Pipelines LP, 5.95%, 6/1/26 2,797,058
2,900,000 DCP Midstream LLC, 9.75%, 3/15/19 (144A) 3,248,000
4,095,000 5.85 DCP Midstream LLC, Floating Rate Note,
5/21/43 (144A) 3,480,750
8,585,000 Enbridge Energy Partners LP, 7.375%, 10/15/45 10,648,370
3,275,000 Energy Transfer Equity LP, 5.875%, 1/15/24 3,381,438
4,675,000 Kinder Morgan Energy Partners LP, 4.25%, 9/1/24 4,774,316
8,235,000 Kinder Morgan, Inc. Delaware, 5.05%, 2/15/46 8,151,868
7,335,000 Kinder Morgan, Inc. Delaware, 5.55%, 6/1/45 7,714,755
3,875,000 MPLX LP, 4.875%, 12/1/24 3,990,064
1,720,000 MPLX LP, 4.875%, 6/1/25 1,768,413
3,875,000 MPLX LP, 5.5%, 2/15/23 4,031,387
9,165,000 Plains All American Pipeline LP, 4.65%, 10/15/25 9,468,664
5,300,000 Plains All American Pipeline LP, 4.7%, 6/15/44 4,722,470
6,180,000 Sabine Pass Liquefaction LLC, 5.0%, 3/15/27 (144A) 6,234,075
2,475,000 Spectra Energy Capital LLC, 6.2%, 4/15/18 2,587,417
1,500,000 Spectra Energy Capital LLC, 6.75%, 7/15/18 1,582,626
786,000 Sunoco Logistics Partners Operations LP,
6.1%, 2/15/42 812,441
2,475,000 The Williams Companies, Inc., 7.75%, 6/15/31 2,821,500
5,115,000 TransCanada PipeLines, Ltd., 1.875%, 1/12/18 5,123,031
8,230,000 Williams Partners LP, 5.1%, 9/15/45 7,822,195
---------------
$ 106,398,825
---------------
Total Energy $ 197,281,805
---------------------------------------------------------------------------------------------------
MATERIALS -- 1.0%
Fertilizers & Agricultural Chemicals -- 0.3%
2,800,000 Agrium, Inc., 4.125%, 3/15/35 $ 2,567,300
10,800,000 Agrium, Inc., 5.25%, 1/15/45 11,246,872
---------------
$ 13,814,172
---------------------------------------------------------------------------------------------------
Construction Materials -- 0.3%
10,600,000 CRH America, Inc., 3.875%, 5/18/25 (144A) $ 10,793,323
---------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.1%
2,275,000 Ball Corp., 4.0%, 11/15/23 $ 2,229,500
4,000,000 Ball Corp., 5.25%, 7/1/25 4,180,000
---------------
$ 6,409,500
---------------------------------------------------------------------------------------------------
Paper Packaging -- 0.1%
2,575,000 International Paper Co., 6.0%, 11/15/41 $ 2,891,756
---------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.1%
1,375,000 Amsted Industries, Inc., 5.375%, 9/15/24 (144A) $ 1,350,938
1,850,000 Freeport-McMoRan, Inc., 3.875%, 3/15/23 1,697,375
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 35
Schedule of Investments | 12/31/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- (continued)
1,650,000 Freeport-McMoRan, Inc., 4.55%, 11/14/24 $ 1,546,875
---------------
$ 4,595,188
---------------------------------------------------------------------------------------------------
Steel -- 0.1%
3,550,000 Commercial Metals Co., 4.875%, 5/15/23 $ 3,567,750
---------------
Total Materials $ 42,071,689
---------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.8%
Aerospace & Defense -- 0.8%
7,472,000 L3 Technologies, Inc., 3.95%, 5/28/24 $ 7,599,442
7,680,000 Lockheed Martin Corp., 3.1%, 1/15/23 7,763,965
7,855,000 Spirit AeroSystems, Inc., 3.85%, 6/15/26 7,749,429
10,344,000 United Technologies Corp., 1.778%, 5/4/18 (Step) 10,346,255
---------------
$ 33,459,091
---------------------------------------------------------------------------------------------------
Building Products -- 0.7%
7,680,000 Fortune Brands Home & Security, Inc.,
3.0%, 6/15/20 $ 7,729,359
8,595,000 Masco Corp., 4.375%, 4/1/26 8,680,950
1,050,000 Masco Corp., 4.45%, 4/1/25 1,065,750
825,000 Masco Corp., 5.95%, 3/15/22 911,625
5,675,000 Owens Corning, 3.4%, 8/15/26 5,390,870
5,150,000 Owens Corning, 4.2%, 12/1/24 5,275,557
---------------
$ 29,054,111
---------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.0%+
1,368,000 Amsted Industries, Inc., 5.0%, 3/15/22 (144A) $ 1,368,000
---------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.1%
1,392,000 General Electric Co., 5.3%, 2/11/21 $ 1,543,809
2,950,000 Tyco Electronics Group SA, 6.55%, 10/1/17 3,059,888
---------------
$ 4,603,697
---------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.2%
5,660,000 GATX Corp., 6.0%, 2/15/18 $ 5,889,536
---------------
Total Capital Goods $ 74,374,435
---------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.2%
Environmental & Facilities Services -- 0.1%
2,678,000 Republic Services, Inc., 2.9%, 7/1/26 $ 2,567,265
---------------------------------------------------------------------------------------------------
Research & Consulting Services -- 0.1%
5,942,000 Verisk Analytics, Inc., 5.5%, 6/15/45 $ 6,318,972
---------------
Total Commercial Services & Supplies $ 8,886,237
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Bond Fund | Semiannual Report | 12/31/16
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.1%
Railroads -- 0.9%
14,485,000 Burlington Northern Santa Fe LLC, 4.15%, 4/1/45 $ 14,689,325
6,650,000 TTX Co., 3.6%, 1/15/25 (144A) 6,638,269
3,250,000 TTX Co., 4.2%, 7/1/46 (144A) 3,080,292
13,215,000 Union Pacific Corp., 3.375%, 2/1/35 12,497,994
---------------
$ 36,905,880
---------------------------------------------------------------------------------------------------
Highways & Railtracks -- 0.2%
3,950,000 ERAC USA Finance LLC, 3.3%, 12/1/26 (144A) $ 3,790,096
1,300,000 ERAC USA Finance LLC, 3.8%, 11/1/25 (144A) 1,309,104
4,600,000 ERAC USA Finance LLC, 4.5%, 2/15/45 (144A) 4,386,473
---------------
$ 9,485,673
---------------
Total Transportation $ 46,391,553
---------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.5%
Automobile Manufacturers -- 0.5%
4,975,000 Ford Motor Credit Co., LLC, 2.24%, 6/15/18 $ 4,981,741
6,425,000 Ford Motor Credit Co., LLC, 3.219%, 1/9/22 6,353,021
10,045,000 Toyota Motor Credit Corp., 2.125%, 7/18/19 10,088,585
---------------
$ 21,423,347
---------------
Total Automobiles & Components $ 21,423,347
---------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.1%
Homebuilding -- 0.1%
5,120,000 Lennar Corp., 4.75%, 4/1/21 $ 5,286,400
---------------
Total Consumer Durables & Apparel $ 5,286,400
---------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.2%
Education Services -- 0.2%
2,600,000 President & Fellows of Harvard College,
2.3%, 10/1/23 $ 2,530,172
3,550,000 Tufts University, 5.017%, 4/15/12 3,705,703
---------------
$ 6,235,875
---------------
Total Consumer Services $ 6,235,875
---------------------------------------------------------------------------------------------------
MEDIA -- 0.8%
Cable & Satellite -- 0.6%
6,995,000 Charter Communications Operating LLC,
6.384%, 10/23/35 $ 7,987,115
10,310,000 Comcast Corp., 5.65%, 6/15/35 12,321,966
2,440,000 Sirius XM Radio, Inc., 5.375%, 7/15/26 (144A) 2,385,100
650,000 Time Warner Cable LLC, 6.55%, 5/1/37 735,834
675,000 Videotron, Ltd., 5.375%, 6/15/24 (144A) 692,719
---------------
$ 24,122,734
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 37
Schedule of Investments | 12/31/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.2%
8,300,000 Time Warner, Inc., 4.7%, 1/15/21 $ 8,871,679
---------------
Total Media $ 32,994,413
---------------------------------------------------------------------------------------------------
RETAILING -- 0.7%
Internet Retail -- 0.5%
5,900,000 Expedia, Inc., 4.5%, 8/15/24 $ 5,995,739
950,000 Expedia, Inc., 5.0%, 2/15/26 979,361
3,800,000 Expedia, Inc., 5.95%, 8/15/20 4,153,670
1,925,000 The Priceline Group, Inc., 3.6%, 6/1/26 1,903,833
7,375,000 The Priceline Group, Inc., 3.65%, 3/15/25 7,354,505
---------------
$ 20,387,108
---------------------------------------------------------------------------------------------------
Home Improvement Retail -- 0.1%
4,520,000 The Home Depot, Inc., 2.625%, 6/1/22 $ 4,541,782
---------------------------------------------------------------------------------------------------
Automotive Retail -- 0.1%
3,994,000 AutoZone, Inc., 2.5%, 4/15/21 $ 3,949,123
---------------
Total Retailing $ 28,878,013
---------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.5%
Drug Retail -- 0.3%
650,000 CVS Health Corp., 2.25%, 8/12/19 $ 653,568
582,839 CVS Pass-Through Trust, 5.298%, 1/11/27 (144A) 625,270
2,795,422 CVS Pass-Through Trust, 5.773%, 1/10/33 (144A) 3,129,956
1,913,216 CVS Pass-Through Trust, 5.926%, 1/10/34 (144A) 2,185,513
3,737,896 CVS Pass-Through Trust, 6.036%, 12/10/28 4,190,544
---------------
$ 10,784,851
---------------------------------------------------------------------------------------------------
Food Retail -- 0.2%
1,635,000 The Kroger Co., 1.5%, 9/30/19 $ 1,610,155
6,172,000 The Kroger Co., 2.95%, 11/1/21 6,210,322
1,300,000 The Kroger Co., 3.4%, 4/15/22 1,325,169
---------------
$ 9,145,646
---------------
Total Food & Staples Retailing $ 19,930,497
---------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.0%
Brewers -- 0.1%
4,350,000 2.14 Anheuser-Busch InBev Finance, Inc., Floating Rate
Note, 2/1/21 $ 4,426,508
---------------------------------------------------------------------------------------------------
Distillers & Vintners -- 0.2%
2,180,000 Constellation Brands, Inc., 3.7%, 12/6/26 $ 2,129,947
9,100,000 Pernod Ricard SA, 3.25%, 6/8/26 (144A) 8,731,714
---------------
$ 10,861,661
---------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.5%
9,100,000 Grupo Bimbo SAB de CV, 3.875%, 6/27/24 (144A) $ 9,053,199
10,040,000 Kraft Heinz Foods Co., 3.5%, 6/6/22 10,210,389
---------------
$ 19,263,588
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
38 Pioneer Bond Fund | Semiannual Report | 12/31/16
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
Tobacco -- 0.2%
7,275,000 Reynolds American, Inc., 4.45%, 6/12/25 $ 7,681,025
---------------
Total Food, Beverage & Tobacco $ 42,232,782
---------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.2%
Health Care Equipment -- 0.1%
5,219,000 Becton Dickinson and Co., 3.734%, 12/15/24 $ 5,337,064
---------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.1%
1,150,000 HCA, Inc., 5.25%, 6/15/26 $ 1,188,812
2,400,000 NYU Hospitals Center, 4.428%, 7/1/42 2,294,102
---------------
$ 3,482,914
---------------
Total Health Care Equipment & Services $ 8,819,978
---------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 2.0%
Biotechnology -- 1.0%
925,000 AbbVie, Inc., 2.85%, 5/14/23 $ 897,321
1,370,000 AbbVie, Inc., 3.2%, 5/14/26 1,303,455
8,430,000 AbbVie, Inc., 3.6%, 5/14/25 8,349,814
8,035,000 Amgen, Inc., 4.4%, 5/1/45 7,701,917
2,350,000 Amgen, Inc., 5.375%, 5/15/43 2,567,147
12,900,000 Baxalta, Inc., 3.6%, 6/23/22 12,998,724
3,550,000 Biogen, Inc., 3.625%, 9/15/22 3,643,954
4,275,000 Biogen, Inc., 4.05%, 9/15/25 4,401,386
---------------
$ 41,863,718
---------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.7%
3,150,000 Johnson & Johnson, 4.375%, 12/5/33 $ 3,463,308
11,155,000 Mylan NV, 3.95%, 6/15/26 (144A) 10,439,384
3,300,000 Perrigo Finance Unlimited Co., 3.5%, 3/15/21 3,334,416
1,755,000 Perrigo Finance Unlimited Co., 3.9%, 12/15/24 1,718,006
2,481,000 Perrigo Finance Unlimited Co., 4.375%, 3/15/26 2,483,533
10,140,000 Teva Pharmaceutical Finance Netherlands III BV,
2.8%, 7/21/23 9,598,433
---------------
$ 31,037,080
---------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.3%
894,000 Agilent Technologies, Inc., 6.5%, 11/1/17 $ 927,474
11,200,000 Thermo Fisher Scientific, Inc., 3.0%, 4/15/23 11,008,110
---------------
$ 11,935,584
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 84,836,382
---------------------------------------------------------------------------------------------------
BANKS -- 4.8%
Diversified Banks -- 4.3%
6,485,000 Australia & New Zealand Banking Group, Ltd.,
4.5%, 3/19/24 (144A) $ 6,640,361
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 39
Schedule of Investments | 12/31/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
4,600,000 9.00 Banco Bilbao Vizcaya Argentaria SA, Floating Rate
Note, 12/31/49 (Perpetual) $ 4,788,582
1,150,000 Bank of America Corp., 4.2%, 8/26/24 1,171,510
3,950,000 6.10 Bank of America Corp., Floating Rate Note,
12/31/49 (Perpetual) 3,971,725
2,375,000 1.73 Banque Federative du Credit Mutuel SA, Floating
Rate Note, 1/20/17 (144A) 2,375,826
4,450,000 Banque Ouest Africaine de Developpement,
5.5%, 5/6/21 (144A) 4,572,375
2,565,000 Barclays Bank Plc, 6.05%, 12/4/17 (144A) 2,649,868
5,250,000 Barclays Plc, 3.65%, 3/16/25 5,075,816
3,000,000 Barclays Plc, 4.375%, 1/12/26 3,038,466
2,400,000 BBVA Bancomer SA Texas, 4.375%, 4/10/24 (144A) 2,418,000
3,815,000 BBVA Bancomer SA Texas, 6.5%, 3/10/21 (144A) 4,108,755
9,775,000 7.62 BNP Paribas SA, Floating Rate Note, 12/31/49
(Perpetual) (144A) 10,313,602
3,860,000 BPCE SA, 4.875%, 4/1/26 (144A) 3,857,217
3,650,000 1.73 BPCE SA, Floating Rate Note, 2/10/17 3,653,062
3,044,000 5.95 Citigroup, Inc., Floating Rate Note (Perpetual) 3,085,855
8,176,000 6.25 Citigroup, Inc., Floating Rate Note,
12/31/49 (Perpetual) 8,413,104
4,485,000 5.90 Citigroup, Inc., Floating Rate Note,
12/31/49 (Perpetual) 4,535,456
3,435,000 Cooperatieve Rabobank UA, 3.875%, 2/8/22 3,626,721
6,425,000 Cooperatieve Rabobank UA, 3.95%, 11/9/22 6,609,520
7,300,000 7.88 Credit Agricole SA, Floating Rate Note, 12/31/49
(Perpetual) (144A) 7,373,657
9,525,000 8.12 Credit Agricole SA, Floating Rate Note, 12/31/49
(Perpetual) (144A) 10,024,682
11,200,000 Credit Suisse Group Funding Guernsey, Ltd.,
3.8%, 9/15/22 11,299,322
1,305,000 HSBC Bank Plc, 7.65%, 5/1/25 1,593,468
4,525,000 6.88 HSBC Holdings Plc, Floating Rate Note,
12/31/49 (Perpetual) 4,773,875
8,166,000 6.50 ING Groep NV, Floating Rate Note, 12/29/49 7,875,086
10,434,000 7.70 Intesa Sanpaolo S.p.A., Floating Rate Note,
12/29/49 (Perpetual) (144A) 9,794,918
5,125,000 Macquarie Bank, Ltd., 4.875%, 6/10/25 (144A) 5,186,454
840,000 Macquarie Bank, Ltd., 6.625%, 4/7/21 (144A) 944,307
4,500,000 Nordea Bank AB, 4.25%, 9/21/22 (144A) 4,687,618
5,600,000 6.12 Nordea Bank AB, Floating Rate Note,
12/31/49 (Perpetual) (144A) 5,419,120
7,005,000 8.62 Royal Bank of Scotland Group Plc, Floating Rate
Note, 12/31/49 (Perpetual) 7,145,100
The accompanying notes are an integral part of these financial statements.
40 Pioneer Bond Fund | Semiannual Report | 12/31/16
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
8,075,000 7.50 Royal Bank of Scotland Group Plc, Floating Rate
Note, 12/31/49 (Perpetual) $ 7,651,062
105,263 3.71 SBP DPR Finance Co., Floating Rate Note,
3/15/17 (144A) 105,229
2,600,000 4.50 Scotiabank Peru SAA, Floating Rate Note,
12/13/27 (144A) 2,593,760
4,800,000 Standard Chartered Plc, 3.95%, 1/11/23 (144A) 4,690,699
3,540,000 Wells Fargo Bank NA, 6.0%, 11/15/17 3,673,784
---------------
$ 179,737,962
---------------------------------------------------------------------------------------------------
Regional Banks -- 0.4%
7,000,000 Credit Suisse AG New York NY, 1.75%, 1/29/18 $ 6,986,105
7,378,000 KeyCorp, 5.1%, 3/24/21 8,068,094
1,435,000 PNC Bank NA, 6.0%, 12/7/17 1,490,801
---------------
$ 16,545,000
---------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.1%
2,300,000 Astoria Financial Corp., 5.0%, 6/19/17 $ 2,328,589
---------------
Total Banks $ 198,611,551
---------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 3.4%
Other Diversified Financial Services -- 0.4%
5,930,000 Carlyle Holdings II Finance LLC, 5.625%,
3/30/43 (144A) $ 5,867,385
7,189,000 6.75 JPMorgan Chase & Co., Floating Rate Note,
8/29/49 (Perpetual) 7,746,148
1,250,000 0.00 Tiers Trust, Floating Rate Note, 10/15/97 (144A) (d) 1,246,369
---------------
$ 14,859,902
---------------------------------------------------------------------------------------------------
Specialized Finance -- 0.5%
3,200,000 BM&FBovespa SA -- Bolsa de Valores
Mercadorias e Futuros, 5.5%, 7/16/20 (144A) $ 3,305,600
2,980,000 Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) 3,299,924
2,000,000 National Rural Utilities Cooperative Finance Corp.,
5.45%, 2/1/18 2,085,858
11,625,000 USAA Capital Corp., 2.45%, 8/1/20 (144A) 11,660,584
---------------
$ 20,351,966
---------------------------------------------------------------------------------------------------
Consumer Finance -- 1.0%
2,250,000 Ally Financial, Inc., 4.625%, 3/30/25 $ 2,216,250
5,050,000 Ally Financial, Inc., 5.125%, 9/30/24 5,138,375
1,125,000 Ally Financial, Inc., 5.75%, 11/20/25 1,122,188
7,695,000 American Honda Finance Corp., 1.2%, 7/14/17 7,701,895
1,465,000 Capital One Bank USA NA, 8.8%, 7/15/19 1,677,769
7,275,000 Capital One Financial Corp., 3.75%, 4/24/24 7,369,720
2,300,000 General Motors Financial Co., Inc., 3.7%, 11/24/20 2,339,675
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 41
Schedule of Investments | 12/31/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
7,785,000 General Motors Financial Co., Inc., 4.0%, 1/15/25 $ 7,595,365
2,245,000 Hyundai Capital America, 1.45%, 2/6/17 (144A) 2,245,382
6,200,000 Hyundai Capital America, 2.0%, 3/19/18 (144A) 6,198,872
---------------
$ 43,605,491
---------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.8%
1,725,000 Blackstone Holdings Finance Co., LLC, 5.0%,
6/15/44 (144A) $ 1,701,533
6,445,000 Blackstone Holdings Finance Co., LLC, 6.25%,
8/15/42 (144A) 7,374,124
733,000 Eaton Vance Corp., 6.5%, 10/2/17 760,584
7,475,000 KKR Group Finance Co. II LLC, 5.5%, 2/1/43 (144A) 7,502,942
2,400,000 Legg Mason, Inc., 3.95%, 7/15/24 2,408,626
2,175,000 Legg Mason, Inc., 4.75%, 3/15/26 2,251,264
10,345,000 1.94 The Bank of New York Mellon Corp., Floating Rate
Note, 10/30/23 10,505,120
---------------
$ 32,504,193
---------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.4%
1,650,000 KKR Group Finance Co., III LLC, 5.125%,
6/1/44 (144A) $ 1,557,869
5,450,000 Morgan Stanley, 4.1%, 5/22/23 5,594,545
300,000 Morgan Stanley, 4.875%, 11/1/22 321,522
4,020,000 5.55 Morgan Stanley, Floating Rate Note,
12/31/49 (Perpetual) 4,065,225
643,000 North American Development Bank, 2.3%, 10/10/18 650,547
4,400,000 UBS AG, 7.625%, 8/17/22 4,988,500
---------------
$ 17,178,208
---------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 0.3%
4,031,000 GE Capital International Funding Co., Unlimited
Co., 2.342%, 11/15/20 $ 4,029,077
6,900,000 2.49 ICBCIL Finance Co., Ltd., Floating Rate
Note, 11/13/18 (144A) 6,915,049
2,730,000 Macquarie Group, Ltd., 6.0%, 1/14/20 (144A) 2,957,723
---------------
$ 13,901,849
---------------
Total Diversified Financials $ 142,401,609
---------------------------------------------------------------------------------------------------
INSURANCE -- 6.0%
Insurance Brokers -- 0.1%
5,400,000 Brown & Brown, Inc., 4.2%, 9/15/24 $ 5,439,874
---------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.9%
7,000,000 Aflac, Inc., 3.625%, 11/15/24 $ 7,204,393
2,425,000 Principal Life Global Funding II, 1.5%,
4/18/19 (144A) 2,394,523
4,250,000 Protective Life Corp., 7.375%, 10/15/19 4,813,660
The accompanying notes are an integral part of these financial statements.
42 Pioneer Bond Fund | Semiannual Report | 12/31/16
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
Life & Health Insurance -- (continued)
1,090,000 Prudential Financial, Inc., 4.5%, 11/16/21 $ 1,178,713
1,500,000 5.62 Prudential Financial, Inc., Floating Rate Note,
6/15/43 1,558,125
8,043,000 5.88 Prudential Financial, Inc., Floating Rate Note,
9/15/42 8,435,096
8,186,000 Teachers Insurance & Annuity Association of
America, 6.85%, 12/16/39 (144A) 10,623,169
---------------
$ 36,207,679
---------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.4%
5,985,000 AIG, 3.875%, 1/15/35 $ 5,621,914
2,335,000 AXA SA, 8.6%, 12/15/30 3,210,625
5,325,000 Liberty Mutual Insurance Co., 7.697%, 10/15/97
(Perpetual) (144A) 6,536,091
---------------
$ 15,368,630
---------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.6%
9,000,000 CNA Financial Corp., 4.5%, 3/1/26 $ 9,411,660
1,850,000 Delphi Financial Group, Inc., 7.875%, 1/31/20 2,078,390
5,573,000 6.50 The Allstate Corp., Floating Rate Note, 5/15/57 6,325,355
7,990,000 The Hanover Insurance Group, Inc., 4.5%, 4/15/26 8,028,847
---------------
$ 25,844,252
---------------------------------------------------------------------------------------------------
Reinsurance -- 4.0%
450,000 4.18 Acorn Re, Ltd., Floating Rate Note, 7/17/18
(Cat Bond) (144A) $ 460,305
1,450,000 6.88 Alamo Re, Ltd., Floating Rate Note, 6/7/17
(Cat Bond) (144A) 1,467,110
2,750,000 6.11 Alamo Re, Ltd., Floating Rate Note, 6/7/18
(Cat Bond) (144A) 2,833,325
500,000 3.11 Aozora Re, Ltd., Floating Rate Note, 4/7/23
(Cat Bond) (144A) 504,150
900,000 Arlington Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 8/31/16 (e)(f) 43,740
750,000 Arlington Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 8/31/17 (e)(f) 785,550
500,000 4.04 Atlas IX Capital DAC, Floating Rate Note,
1/17/19 (Cat Bond) (144A) 507,200
2,000,000 Berwick 2016-1 Segregated Account (Artex SAC
Ltd.), Variable Rate Notes, 2/1/18 (e)(f) 2,262,600
800,000 Berwick Segregated Account (Artex SAC Ltd.),
Variable Rate Note, 1/22/16 (e)(f) 24,000
1,200,000 14.11 Blue Halo Re, Ltd., Floating Rate Note, 6/21/19
(Cat Bond) (144A) 1,243,560
1,350,000 5.50 Caelus Re IV, Ltd., Floating Rate Note, 3/6/20
(Cat Bond) (144A) 1,408,320
2,350,000 7.06 Caelus Re, Ltd., Floating Rate Note, 4/7/17
(Cat Bond) (144A) 2,377,260
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 43
Schedule of Investments | 12/31/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
3,600,000 Carnosutie 2016-N, Segregated Account (Artex
SAC Ltd.), Variable Rate Notes, 11/30/20 (e)(f) $ 4,030,920
3,000,000 Carnoustie Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 2/19/16 (e)(f) 61,200
3,750,000 5.01 Citrus Re, Ltd., Floating Rate Note, 4/18/17
(Cat Bond) (144A) 3,778,125
2,650,000 4.48 Citrus Re, Ltd., Floating Rate Note, 4/24/17
(Cat Bond) (144A) 2,665,370
1,900,000 Denning 2016 Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 7/7/17 (e)(f) 1,879,670
840,000 Eden Re II, Ltd., Variable Rate Notes, 3/22/21
(144A) (e)(f) 840,000
925,000 Eden Re II, Ltd., Variable Rate Notes, 4/23/19
(144A) (e)(f) 1,046,360
2,475,000 Eden Re II, Variable Rate Notes, 4/23/19 (e)(f) 2,798,730
20,650,000 7.30 Everglades Re, Ltd., Floating Rate Note, 4/28/17
(Cat Bond) (144A) 20,959,750
1,400,000 N/A Galilei Re, Ltd., Floating Rate Note,
1/8/20 (Cat Bond) 1,400,000
1,300,000 N/A Galilei Re, Ltd., Floating Rate Note,
1/8/20 (Cat Bond) 1,300,000
1,300,000 N/A Galilei Re, Ltd., Floating Rate Note,
1/8/20 (Cat Bond) (144A) 1,300,000
1,200,000 7.74 Galileo Re, Ltd., Floating Rate Note, 1/9/17
(Cat Bond) (144A) 1,199,760
3,500,000 Gleneagles Segregated Account (Artex SAC Ltd),
Variable Rate Notes, 11/30/20 (e)(f) 4,088,700
2,800,000 2.42 Golden State Re II, Ltd., Floating Rate Note,
1/8/19 (Cat Bond) (144A) 2,791,040
5,100,000 Gullane Segregated Account (Artex SAC Ltd.),
Variable Rate Note 11/30/20 (e)(f) 5,580,930
700,000 4.06 Kilimanjaro Re, Ltd., Floating Rate Note,
11/25/19 (144A) (e)(f) 708,330
3,000,000 6.75 Kilimanjaro Re, Ltd., Floating Rate Note,
12/6/19 (144A) (e)(f) 3,098,700
1,500,000 9.25 Kilimanjaro Re, Ltd., Floating Rate Note,
12/6/19 (144A) (e)(f) 1,560,900
3,700,000 5.06 Kilimanjaro Re, Ltd., Floating Rate Note,
4/30/18 (Cat Bond) (144A) 3,780,660
350,000 4.81 Kilimanjaro Re, Ltd., Floating Rate Note,
4/30/18 (Cat Bond) (144A) 356,335
3,600,000 Kingsbarns Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 5/15/17 (e)(f) 3,504,600
1,000,000 Lahinch Re, Variable Rate Notes, 5/10/21 (e)(f) 17,800
600,000 Limestone Re, Ltd., 8/31/21 (Cat Bond) (c) 600,000
1,750,000 Limestone Re, Ltd., 8/31/21 (Cat Bond) (c) 1,750,000
250,000 10.09 Loma Reinsurance Bermuda, Ltd., Floating Rate
Note, 1/8/18 (Cat Bond) (144A) 256,700
The accompanying notes are an integral part of these financial statements.
44 Pioneer Bond Fund | Semiannual Report | 12/31/16
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
4,000,000 3.75 Long Point Re III, Ltd., Floating Rate Note,
5/23/18 (Cat Bond) (144A) $ 4,069,200
1,300,000 Lorenz Re, Ltd., Variable Rate Notes, 3/31/18 (e)(f) 7,540
4,050,000 Lorenz Re, Ltd., Variable Rate Notes, 3/31/19 (e)(f) 4,258,980
2,000,000 Madison Re, Variable Rate Notes, 3/31/19 (e)(f) 2,097,600
1,000,000 2.25 Merna Re V, Ltd., Floating Rate Note,
4/7/17 (Cat Bond) (144A) 998,000
6,350,000 9.10 Mythen Re, Ltd., Series 2012-2 Class A, Floating
Rate Note, 1/5/17 (Cat Bond) (144A) 6,350,000
3,600,000 Pangaea Re, Series 2015-1, Principal at Risk
Notes, 2/1/19 (e)(f) 141,120
4,000,000 Pangaea Re, Series 2015-2, Principal at Risk
Notes, 11/30/19 (e)(f) 368,000
3,000,000 Pangaea Re, Series 2016-2, Principal at Risk
Notes, 11/30/20 (e)(f) 3,323,100
4,500,000 Pangaea Re., Variable Rate Notes, 2/1/20 (e)(f) 5,080,950
2,500,000 6.50 Pelican Re, Ltd., Floating Rate Note, 5/15/17
(Cat Bond) (144A) 2,532,500
3,200,000 4.81 PennUnion Re, Ltd., Floating Rate Note, 12/7/18
(Cat Bond) (144A) 3,245,760
2,000,000 Port Rush Re, Variable Rate Notes, 6/15/17 (e)(f) 1,988,400
1,000,000 Prestwick Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 7/1/16 (e)(f) 74,900
1,900,000 3.67 Queen City Re, Ltd., Floating Rate Note, 1/6/17
(Cat Bond) (144A) 1,898,290
2,000,000 6.15 Queen Street XI Re Dac, Floating Rate Note,
6/7/19 (Cat Bond) (144A) 2,044,400
600,000 9.75 Residential Reinsurance 2013, Ltd., Floating Rate
Note, 6/6/17 (Cat Bond) (144A) 612,660
2,500,000 0.00 Residential Reinsurance 2016, Ltd., Floating Rate
Note, 12/6/23 (Cat Bond) (144A) 2,472,000
3,600,000 Resilience Re, Ltd., Variable Rate Notes, 4/7/17
(Cat Bond) 3,588,120
1,800,000 Resilience Re, Ltd., Variable Rate Notes, 6/12/17
(Cat Bond) 1,791,000
1,799,960 4.50 Resilience Re, Ltd., Variable Rate Note,
1/9/17 (Cat Bond) 1,799,960
2,550,000 3.31 Sanders Re, Ltd., Floating Rate Note, 5/25/18
(Cat Bond) (144A) 2,567,340
1,250,000 4.21 Sanders Re, Ltd., Floating Rate Note, 5/5/17
(Cat Bond) (144A) 1,249,625
1,200,000 3.81 Sanders Re, Ltd., Floating Rate Note, 5/5/17
(Cat Bond) (144A) 1,198,320
2,000,000 3.97 Sanders Re, Ltd., Floating Rate Note, 6/7/17
(Cat Bond) (144A) 2,011,200
1,100,000 Sector Re V, Ltd., Variable Rate Notes,
12/1/21 (144A) (e)(f) 1,102,860
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 45
Schedule of Investments | 12/31/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
2,400,000 Sector Re V, Ltd., Variable Rate Notes, 3/1/21 (e)(f) $ 2,594,880
400,000 Sector Re V, Ltd., Variable Rate Notes,
3/1/21 (144A) (e)(f) 447,760
5,213 Sector Re V, Ltd., Variable Rate Notes,
12/1/20 (144A) (e)(f) 189,021
1,711 Sector Re V, Ltd., Variable Rate Notes,
3/1/20 (144A) (e)(f) 4,458
12,500 Sector Re V, Ltd., Variable Rate Notes,
3/1/20 (144A) (e)(f) 265,288
2,000,000 Shenandoah 2017-1 Segregated Account (Artex
SAC Ltd.), Variable Rate Notes, 7/7/17 (e)(f) 1,940,800
2,000,000 Silverton Re, Ltd., Variable Rate Notes,
9/18/19 (144A) (e)(f) 2,000,000
1,000,000 Silverton Re, Ltd., Variable Rate Notes,
9/18/17 (144A) (e)(f) 24,700
1,700,000 Silverton Re, Ltd., Variable Rate Notes,
9/18/18 (144A) (e)(f) 1,943,440
1,300,000 St. Andrews Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 1/22/16 (e)(f) 25,610
2,000,000 St. Andrews Segregated Account (Artex SAC Ltd.),
Variance Rate Notes, 2/1/18 (e)(f) 2,331,200
500,000 5.10 Ursa Re, Ltd., Floating Rate Note, 9/21/18
(Cat Bond) (144A) 509,500
3,500,000 N/A Ursa Re, Ltd., Floating Rate Note, 12/10/19
(Cat Bond) (144A) 3,502,100
4,000,000 Versutus 2016, Class A-1, Variable Rate Notes,
11/30/20 (e)(f) 4,393,200
2,500,000 Versutus Ltd., Series 2015-A, Variable Rate
Notes, 12/31/2017 (e)(f) 64,000
500,000 2.92 Vitality Re IV, Ltd., Floating Rate Note, 1/9/17
(Cat Bond) (144A) 499,600
1,750,000 2.01 Vitality Re V, Ltd., Floating Rate Note, 1/7/19
(Cat Bond) (144A) 1,735,825
2,900,000 2.47 Vitality Re VII, Ltd., Floating Rate Note, 1/7/20
(Cat Bond) (144A) 2,901,160
1,000,000 2.76 Vitality Re VII, Ltd., Floating Rate Note, 1/7/20
(Cat Bond) (144A) 1,012,800
---------------
$ 168,528,867
---------------
Total Insurance $ 251,389,302
---------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.4%
Diversified REIT -- 0.6%
1,475,000 DCT Industrial Operating Partnership LP,
4.5%, 10/15/23 $ 1,497,172
2,175,000 Duke Realty LP, 3.625%, 4/15/23 2,209,315
7,560,000 Duke Realty LP, 3.75%, 12/1/24 7,658,703
9,500,000 Essex Portfolio LP, 3.5%, 4/1/25 9,356,588
3,985,000 Ventas Realty LP, 3.125%, 6/15/23 3,911,931
---------------
$ 24,633,709
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
46 Pioneer Bond Fund | Semiannual Report | 12/31/16
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
Office REIT -- 0.3%
2,681,000 Alexandria Real Estate Equities, Inc., 2.75%, 1/15/20 $ 2,674,812
1,093,000 Alexandria Real Estate Equities, Inc., 3.9%, 6/15/23 1,109,635
1,350,000 Alexandria Real Estate Equities, Inc., 3.95%, 1/15/27 1,344,030
3,415,000 Alexandria Real Estate Equities, Inc., 4.6%, 4/1/22 3,612,838
2,032,000 Highwoods Realty LP, 3.2%, 6/15/21 2,039,516
3,390,000 Highwoods Realty LP, 3.625%, 1/15/23 3,352,195
---------------
$ 14,133,026
---------------------------------------------------------------------------------------------------
Health Care REIT -- 0.3%
4,905,000 Healthcare Realty Trust, Inc., 3.875%, 5/1/25 $ 4,836,536
605,000 Healthcare Realty Trust, Inc., 5.75%, 1/15/21 664,928
6,805,000 Healthcare Trust of America Holdings LP,
3.5%, 8/1/26 6,503,069
---------------
$ 12,004,533
---------------------------------------------------------------------------------------------------
Residential REIT -- 0.2%
9,260,000 UDR, Inc., 4.0%, 10/1/25 $ 9,478,471
---------------
Total Real Estate $ 60,249,739
---------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.8%
Data Processing & Outsourced Services -- 0.2%
3,000,000 Cardtronics, Inc., 5.125%, 8/1/22 $ 3,022,500
4,550,000 Visa, Inc., 2.2%, 12/14/20 4,564,146
---------------
$ 7,586,646
---------------------------------------------------------------------------------------------------
Application Software -- 0.2%
8,560,000 Adobe Systems, Inc., 3.25%, 2/1/25 $ 8,564,160
---------------------------------------------------------------------------------------------------
Systems Software -- 0.4%
5,225,000 Microsoft Corp., 2.0%, 8/8/23 $ 4,994,071
10,600,000 Oracle Corp., 2.5%, 5/15/22 10,526,383
---------------
$ 15,520,454
---------------
Total Software & Services $ 31,671,260
---------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.6%
Communications Equipment -- 0.1%
3,840,000 Brocade Communications Systems, Inc.,
4.625%, 1/15/23 $ 3,801,600
---------------------------------------------------------------------------------------------------
Computer Hardware Storage & Peripherals -- 0.2%
4,600,000 NCR Corp., 4.625%, 2/15/21 $ 4,682,800
1,425,000 NCR Corp., 6.375%, 12/15/23 1,531,875
---------------
$ 6,214,675
---------------------------------------------------------------------------------------------------
Electronic Components -- 0.2%
8,412,000 Amphenol Corp., 3.125%, 9/15/21 $ 8,542,150
---------------------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 0.1%
5,780,000 Flex, Ltd., 4.75%, 6/15/25 $ 6,115,361
---------------
Total Technology Hardware & Equipment $ 24,673,786
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 47
Schedule of Investments | 12/31/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.3%
Semiconductors -- 0.3%
11,075,000 Intel Corp., 4.8%, 10/1/41 $ 12,191,659
---------------
Total Semiconductors & Semiconductor Equipment $ 12,191,659
---------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.4%
Integrated Telecommunication Services -- 1.1%
6,200,000 AT&T, Inc., 3.8%, 3/15/22 $ 6,355,862
9,690,000 AT&T, Inc., 3.95%, 1/15/25 9,706,783
2,250,000 AT&T, Inc., 4.75%, 5/15/46 2,131,693
1,445,000 Frontier Communications Corp., 10.5%, 9/15/22 1,519,128
4,300,000 Frontier Communications Corp., 7.125%, 1/15/23 3,891,500
130,000 Frontier Communications Corp., 8.875%, 9/15/20 138,450
4,800,000 GTP Acquisition Partners I LLC, 2.35%,
6/15/45 (144A) 4,677,792
2,750,000 Telefonica Emisiones SAU, 6.221%, 7/3/17 2,811,716
1,500,000 Unison Ground Lease Funding LLC, 2.981%,
3/16/43 (144A) 1,467,568
5,100,000 Verizon Communications, Inc., 5.15%, 9/15/23 5,639,289
7,254,000 Verizon Communications, Inc., 6.55%, 9/15/43 9,060,079
---------------
$ 47,399,860
---------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.3%
2,200,000 Crown Castle Towers LLC, 4.883%, 8/15/20 (144A) $ 2,342,716
1,625,000 Crown Castle Towers LLC, 6.113%, 1/15/20 (144A) 1,760,624
3,100,000 SBA Tower Trust, 2.877%, 7/15/21 (144A) 3,073,588
3,585,000 T-Mobile USA, Inc., 6.0%, 4/15/24 3,777,694
---------------
$ 10,954,622
---------------
Total Telecommunication Services $ 58,354,482
---------------------------------------------------------------------------------------------------
UTILITIES -- 2.6%
Electric Utilities -- 1.9%
980,000 Commonwealth Edison Co., 6.15%, 9/15/17 $ 1,012,207
4,250,000 Electricite de France SA, 6.0%, 1/22/14 (144A) 4,123,388
2,150,000 5.25 Electricite de France SA, Floating Rate Note
(Perpetual) (144A) 2,021,000
3,365,000 Enel Finance International NV, 5.125%,
10/7/19 (144A) 3,597,098
2,320,000 8.13 Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 2,639,000
4,570,000 Exelon Corp., 2.85%, 6/15/20 4,618,785
507,799 FPL Energy American Wind LLC, 6.639%,
6/20/23 (144A) 520,494
4,655,000 Iberdrola International BV, 6.75%, 7/15/36 5,693,400
2,725,000 Indiana Michigan Power Co., 4.55%, 3/15/46 2,826,294
5,450,000 Israel Electric Corp., Ltd., 5.0%, 11/12/24 5,671,106
1,925,000 Israel Electric Corp., Ltd., 7.25%, 1/15/19 (144A) 2,078,792
The accompanying notes are an integral part of these financial statements.
48 Pioneer Bond Fund | Semiannual Report | 12/31/16
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
Electric Utilities -- (continued)
610,000 Israel Electric Corp., Ltd., 9.375%, 1/28/20 (144A) $ 721,356
910,000 Nevada Power Co., 6.5%, 8/1/18 978,516
6,536,000 NextEra Energy Capital Holdings, Inc., 2.3%, 4/1/19 6,585,752
368,865 OrCal Geothermal, Inc., 6.21%, 12/30/20 (144A) 363,332
8,540,000 PPL Capital Funding, Inc., 3.1%, 5/15/26 8,170,030
2,690,000 Public Service Co. of New Mexico, 7.95%, 5/15/18 2,903,995
4,871,380 Southern California Edison Co., 1.845%, 2/1/22 4,792,094
5,720,000 6.25 Southern California Edison Co., Floating
Rate Note (Perpetual) 6,342,050
10,800,000 Southwestern Electric Power Co., 3.9%, 4/1/45 10,059,606
5,251,000 Talen Energy Supply LLC, 6.5%, 6/1/25 4,056,398
---------------
$ 79,774,693
---------------------------------------------------------------------------------------------------
Gas Utilities -- 0.2%
2,215,000 AmeriGas Partners LP, 5.5%, 5/20/25 $ 2,237,150
2,125,000 DCP Midstream Operating LP, 5.6%, 4/1/44 1,939,062
2,113,073 Nakilat, Inc., 6.267%, 12/31/33 (144A) 2,430,034
---------------
$ 6,606,246
---------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.4%
8,385,000 Consolidated Edison Co. of New York, Inc.,
4.625%, 12/1/54 $ 8,796,385
5,055,000 New York State Electric & Gas Corp., 6.15%,
12/15/17 (144A) 5,251,377
163,937 Ormat Funding Corp., 8.25%, 12/30/20 162,297
2,632,143 San Diego Gas & Electric Co., 1.914%, 2/1/22 2,599,799
---------------
$ 16,809,858
---------------------------------------------------------------------------------------------------
Independent Power Producers & Energy
Traders -- 0.1%
496,003 Alta Wind Holdings LLC, 7.0%, 6/30/35 (144A) $ 541,176
1,106,934 Kiowa Power Partners LLC, 5.737%, 3/30/21 (144A) 1,159,793
3,295,000 NRG Energy, Inc., 6.625%, 3/15/23 3,303,238
750,000 NRG Energy, Inc., 7.25%, 5/15/26 (144A) 746,250
182,000 NRG Energy, Inc., 7.875%, 5/15/21 189,735
---------------
$ 5,940,192
---------------
Total Utilities $ 109,130,989
---------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $1,489,743,266) $ 1,508,317,783
---------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 37.3%
293,894 Fannie Mae, 2.5%, 12/1/42 $ 281,112
2,955,434 Fannie Mae, 2.5%, 2/1/43 2,826,861
2,735,282 Fannie Mae, 2.5%, 7/1/30 2,743,495
1,642,420 Fannie Mae, 2.5%, 7/1/30 1,646,909
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 49
Schedule of Investments | 12/31/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
1,605,603 Fannie Mae, 2.5%, 7/1/30 $ 1,610,427
9,860,000 Fannie Mae, 3.0%, 1/18/17 (TBA) 9,795,060
3,900,000 Fannie Mae, 3.0%, 1/23/17 (TBA) 4,002,070
3,532,641 Fannie Mae, 3.0%, 10/1/30 3,631,051
9,852,140 Fannie Mae, 3.0%, 10/1/46 9,798,092
9,996,929 Fannie Mae, 3.0%, 11/1/46 9,942,086
1,558,382 Fannie Mae, 3.0%, 12/1/42 1,557,939
2,826,759 Fannie Mae, 3.0%, 2/1/43 2,825,953
1,129,114 Fannie Mae, 3.0%, 3/1/45 1,123,498
8,809,102 Fannie Mae, 3.0%, 5/1/30 9,047,627
8,063,308 Fannie Mae, 3.0%, 5/1/31 8,298,888
10,904,051 Fannie Mae, 3.0%, 5/1/43 10,900,933
784,302 Fannie Mae, 3.0%, 5/1/43 784,078
1,144,752 Fannie Mae, 3.0%, 5/1/46 1,140,523
713,547 Fannie Mae, 3.0%, 5/1/46 712,238
7,881,598 Fannie Mae, 3.0%, 6/1/45 7,856,353
2,507,740 Fannie Mae, 3.0%, 7/1/30 2,575,643
759,242 Fannie Mae, 3.0%, 7/1/43 759,026
19,003,330 Fannie Mae, 3.0%, 8/1/42 18,997,922
1,817,476 Fannie Mae, 3.0%, 8/1/43 1,816,959
4,414,211 Fannie Mae, 3.0%, 9/1/28 4,540,916
5,255,862 Fannie Mae, 3.0%, 9/1/42 5,254,366
5,117,912 Fannie Mae, 3.0%, 9/1/43 5,116,454
5,263,149 Fannie Mae, 3.0%, 9/1/46 5,234,276
8,611,349 Fannie Mae, 3.5%, 1/1/46 8,832,880
6,993,450 Fannie Mae, 3.5%, 1/1/46 7,173,353
136,205,000 Fannie Mae, 3.5%, 1/18/17 (TBA) 139,599,487
663,188 Fannie Mae, 3.5%, 10/1/41 684,057
1,861,178 Fannie Mae, 3.5%, 10/1/45 1,911,170
1,119,784 Fannie Mae, 3.5%, 10/1/46 1,149,138
622,544 Fannie Mae, 3.5%, 10/1/46 639,440
1,345,138 Fannie Mae, 3.5%, 11/1/40 1,387,127
285,879 Fannie Mae, 3.5%, 11/1/42 294,703
14,103,225 Fannie Mae, 3.5%, 11/1/45 14,554,201
1,238,221 Fannie Mae, 3.5%, 11/1/46 1,270,681
1,348,136 Fannie Mae, 3.5%, 12/1/26 1,406,736
672,208 Fannie Mae, 3.5%, 12/1/42 693,357
635,283 Fannie Mae, 3.5%, 12/1/42 655,243
5,695,060 Fannie Mae, 3.5%, 12/1/45 5,841,818
3,227,285 Fannie Mae, 3.5%, 12/1/45 3,310,188
2,832,030 Fannie Mae, 3.5%, 12/1/45 2,904,957
2,533,087 Fannie Mae, 3.5%, 2/1/29 2,639,742
The accompanying notes are an integral part of these financial statements.
50 Pioneer Bond Fund | Semiannual Report | 12/31/16
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
6,521,321 Fannie Mae, 3.5%, 2/1/44 $ 6,717,527
6,103,909 Fannie Mae, 3.5%, 2/1/46 6,260,950
3,654,115 Fannie Mae, 3.5%, 2/1/46 3,747,893
2,316,190 Fannie Mae, 3.5%, 3/1/46 2,376,051
964,428 Fannie Mae, 3.5%, 4/1/26 1,006,050
8,232,844 Fannie Mae, 3.5%, 4/1/45 8,444,348
4,921,748 Fannie Mae, 3.5%, 4/1/46 5,048,179
2,996,114 Fannie Mae, 3.5%, 5/1/46 3,082,899
3,284,521 Fannie Mae, 3.5%, 6/1/28 3,427,213
3,393,356 Fannie Mae, 3.5%, 7/1/42 3,499,448
3,878,673 Fannie Mae, 3.5%, 7/1/45 3,978,383
12,975,660 Fannie Mae, 3.5%, 7/1/46 13,311,790
3,675,851 Fannie Mae, 3.5%, 8/1/42 3,790,210
9,424,082 Fannie Mae, 3.5%, 8/1/45 9,728,849
3,304,123 Fannie Mae, 3.5%, 8/1/45 3,389,006
2,284,161 Fannie Mae, 3.5%, 8/1/45 2,342,703
9,409,281 Fannie Mae, 3.5%, 8/1/46 9,653,020
548,111 Fannie Mae, 3.5%, 9/1/26 572,702
3,506,257 Fannie Mae, 3.5%, 9/1/44 3,598,636
9,288,903 Fannie Mae, 3.5%, 9/1/45 9,528,709
5,938,556 Fannie Mae, 3.5%, 9/1/45 6,090,739
9,712,458 Fannie Mae, 3.5%, 9/1/46 9,964,053
1,208,282 Fannie Mae, 3.763%, 12/1/20 1,275,285
3,802,199 Fannie Mae, 4.0%, 1/1/42 3,999,973
470,611 Fannie Mae, 4.0%, 1/1/42 495,435
150,493 Fannie Mae, 4.0%, 1/1/44 158,190
533,994 Fannie Mae, 4.0%, 1/1/45 561,568
229,059 Fannie Mae, 4.0%, 1/1/45 240,891
110,488 Fannie Mae, 4.0%, 1/1/45 116,199
3,060,871 Fannie Mae, 4.0%, 1/1/46 3,220,504
41,570,000 Fannie Mae, 4.0%, 1/18/17 (TBA) 43,702,898
1,883,065 Fannie Mae, 4.0%, 10/1/41 1,987,186
6,348,617 Fannie Mae, 4.0%, 10/1/45 6,679,197
5,868,504 Fannie Mae, 4.0%, 10/1/45 6,174,041
3,779,600 Fannie Mae, 4.0%, 10/1/45 3,976,460
6,919,703 Fannie Mae, 4.0%, 11/1/44 7,276,095
333,156 Fannie Mae, 4.0%, 11/1/44 350,370
170,368 Fannie Mae, 4.0%, 11/1/44 179,142
118,193 Fannie Mae, 4.0%, 11/1/44 124,319
4,851,455 Fannie Mae, 4.0%, 11/1/45 5,104,380
118,690 Fannie Mae, 4.0%, 11/1/45 124,842
1,466,822 Fannie Mae, 4.0%, 12/1/40 1,559,511
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 51
Schedule of Investments | 12/31/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
1,490,133 Fannie Mae, 4.0%, 12/1/41 $ 1,573,623
4,990,406 Fannie Mae, 4.0%, 12/1/43 5,283,845
562,175 Fannie Mae, 4.0%, 12/1/44 591,273
66,927 Fannie Mae, 4.0%, 12/1/44 70,383
7,510,306 Fannie Mae, 4.0%, 2/1/42 7,914,222
3,023,052 Fannie Mae, 4.0%, 2/1/42 3,189,901
7,060,313 Fannie Mae, 4.0%, 2/1/44 7,422,734
526,674 Fannie Mae, 4.0%, 2/1/45 553,810
252,870 Fannie Mae, 4.0%, 2/1/45 266,023
54,107 Fannie Mae, 4.0%, 2/1/45 56,905
7,677,057 Fannie Mae, 4.0%, 2/1/46 8,091,945
1,400,795 Fannie Mae, 4.0%, 3/1/42 1,480,436
384,436 Fannie Mae, 4.0%, 4/1/25 406,127
3,286,710 Fannie Mae, 4.0%, 4/1/39 3,469,219
1,305,147 Fannie Mae, 4.0%, 4/1/41 1,378,334
904,419 Fannie Mae, 4.0%, 4/1/41 957,379
3,130,225 Fannie Mae, 4.0%, 4/1/42 3,305,620
730,544 Fannie Mae, 4.0%, 4/1/42 771,012
359,059 Fannie Mae, 4.0%, 4/1/42 377,657
1,905,295 Fannie Mae, 4.0%, 4/1/46 2,004,912
1,044,988 Fannie Mae, 4.0%, 5/1/41 1,103,290
7,608,221 Fannie Mae, 4.0%, 5/1/46 8,005,491
534,180 Fannie Mae, 4.0%, 6/1/42 562,114
173,399 Fannie Mae, 4.0%, 6/1/42 182,749
158,447 Fannie Mae, 4.0%, 6/1/44 166,593
110,975 Fannie Mae, 4.0%, 6/1/44 116,662
7,362,409 Fannie Mae, 4.0%, 6/1/46 7,747,358
9,029 Fannie Mae, 4.0%, 7/1/18 9,290
4,280,388 Fannie Mae, 4.0%, 7/1/42 4,531,591
231,763 Fannie Mae, 4.0%, 7/1/42 244,617
6,783,244 Fannie Mae, 4.0%, 7/1/44 7,132,098
412,763 Fannie Mae, 4.0%, 7/1/44 434,086
7,525,984 Fannie Mae, 4.0%, 7/1/46 7,919,887
9,735,214 Fannie Mae, 4.0%, 8/1/42 10,282,677
5,501,646 Fannie Mae, 4.0%, 8/1/44 5,786,526
1,758,564 Fannie Mae, 4.0%, 8/1/44 1,849,217
306,242 Fannie Mae, 4.0%, 8/1/44 322,069
302,932 Fannie Mae, 4.0%, 8/1/44 318,517
3,904,239 Fannie Mae, 4.0%, 8/1/45 4,125,413
7,662,378 Fannie Mae, 4.0%, 8/1/46 8,063,422
7,389,551 Fannie Mae, 4.0%, 8/1/46 7,776,411
36,592 Fannie Mae, 4.0%, 9/1/20 37,696
The accompanying notes are an integral part of these financial statements.
52 Pioneer Bond Fund | Semiannual Report | 12/31/16
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
7,208,586 Fannie Mae, 4.0%, 9/1/43 $ 7,577,263
8,694,095 Fannie Mae, 4.0%, 9/1/44 9,171,406
526,366 Fannie Mae, 4.0%, 9/1/44 553,451
486,875 Fannie Mae, 4.0%, 9/1/44 512,030
52,017 Fannie Mae, 4.0%, 9/1/44 54,697
6,476,233 Fannie Mae, 4.5%, 1/1/42 6,982,153
4,844,212 Fannie Mae, 4.5%, 1/1/42 5,213,534
7,076,073 Fannie Mae, 4.5%, 1/1/44 7,610,660
228,636 Fannie Mae, 4.5%, 10/1/35 246,890
121,637 Fannie Mae, 4.5%, 10/1/35 130,827
217,405 Fannie Mae, 4.5%, 11/1/20 225,961
15,740 Fannie Mae, 4.5%, 11/1/20 16,251
2,164,044 Fannie Mae, 4.5%, 11/1/40 2,332,064
214,032 Fannie Mae, 4.5%, 12/1/40 231,453
9,500,490 Fannie Mae, 4.5%, 12/1/43 10,218,238
7,094,399 Fannie Mae, 4.5%, 12/1/43 7,630,370
3,880,811 Fannie Mae, 4.5%, 12/1/43 4,209,555
805,846 Fannie Mae, 4.5%, 2/1/41 869,460
291,219 Fannie Mae, 4.5%, 2/1/44 313,220
1,929,239 Fannie Mae, 4.5%, 4/1/41 2,079,958
3,537,432 Fannie Mae, 4.5%, 5/1/41 3,813,593
2,719,716 Fannie Mae, 4.5%, 5/1/41 2,930,454
99,504 Fannie Mae, 4.5%, 5/1/41 107,116
1,484,782 Fannie Mae, 4.5%, 7/1/41 1,600,665
1,442,141 Fannie Mae, 4.5%, 7/1/41 1,555,652
1,370,931 Fannie Mae, 4.5%, 7/1/41 1,475,807
1,069,351 Fannie Mae, 4.5%, 8/1/40 1,154,734
599,155 Fannie Mae, 4.5%, 8/1/40 645,878
126,768 Fannie Mae, 5.0%, 1/1/20 129,735
53,357 Fannie Mae, 5.0%, 1/1/20 55,208
209,399 Fannie Mae, 5.0%, 10/1/20 217,959
219,362 Fannie Mae, 5.0%, 10/1/34 235,704
24,377 Fannie Mae, 5.0%, 2/1/20 24,948
167,870 Fannie Mae, 5.0%, 2/1/22 179,192
10,846 Fannie Mae, 5.0%, 2/1/22 11,100
940,418 Fannie Mae, 5.0%, 2/1/39 1,031,588
3,365,647 Fannie Mae, 5.0%, 2/1/41 3,674,567
13,965,399 Fannie Mae, 5.0%, 2/1/45 15,267,119
80,438 Fannie Mae, 5.0%, 3/1/23 85,706
352,960 Fannie Mae, 5.0%, 5/1/23 376,867
774,269 Fannie Mae, 5.0%, 6/1/40 845,498
707,281 Fannie Mae, 5.0%, 6/1/40 773,252
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 53
Schedule of Investments | 12/31/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
158,796 Fannie Mae, 5.0%, 7/1/34 $ 169,809
1,087,893 Fannie Mae, 5.0%, 7/1/40 1,188,003
798,077 Fannie Mae, 5.0%, 7/1/40 871,493
552,537 Fannie Mae, 5.0%, 7/1/40 603,231
33,366 Fannie Mae, 5.0%, 8/1/18 34,147
33,371 Fannie Mae, 5.5%, 12/1/17 33,727
360,043 Fannie Mae, 5.5%, 3/1/36 403,148
161,687 Fannie Mae, 5.5%, 5/1/36 180,685
24,067 Fannie Mae, 5.5%, 6/1/33 26,730
201,076 Fannie Mae, 5.5%, 6/1/36 224,379
97,544 Fannie Mae, 5.5%, 7/1/33 109,363
664,100 Fannie Mae, 5.5%, 7/1/34 744,862
141,629 Fannie Mae, 5.5%, 9/1/19 146,248
56,305 Fannie Mae, 5.72%, 11/1/28 58,188
38,444 Fannie Mae, 5.72%, 6/1/29 38,815
27,414 Fannie Mae, 5.9%, 11/1/27 27,567
82,247 Fannie Mae, 5.9%, 4/1/28 86,164
4,224 Fannie Mae, 6.0%, 1/1/32 4,839
56,467 Fannie Mae, 6.0%, 10/1/32 64,774
14,443 Fannie Mae, 6.0%, 10/1/34 16,457
87,213 Fannie Mae, 6.0%, 10/1/35 98,749
30,396 Fannie Mae, 6.0%, 11/1/33 34,791
251,746 Fannie Mae, 6.0%, 11/1/34 286,940
11,922 Fannie Mae, 6.0%, 11/1/34 13,640
200,109 Fannie Mae, 6.0%, 12/1/35 226,901
29,750 Fannie Mae, 6.0%, 12/1/37 33,685
16,962 Fannie Mae, 6.0%, 2/1/32 19,202
8,643 Fannie Mae, 6.0%, 2/1/33 9,780
10,199 Fannie Mae, 6.0%, 2/1/35 11,643
4,549 Fannie Mae, 6.0%, 2/1/35 5,195
6,478 Fannie Mae, 6.0%, 3/1/32 7,415
81,789 Fannie Mae, 6.0%, 3/1/33 93,748
91,128 Fannie Mae, 6.0%, 4/1/33 103,784
197,307 Fannie Mae, 6.0%, 4/1/35 226,086
32,272 Fannie Mae, 6.0%, 5/1/35 36,518
339,595 Fannie Mae, 6.0%, 6/1/38 389,297
340,046 Fannie Mae, 6.0%, 7/1/33 386,171
188,405 Fannie Mae, 6.0%, 7/1/33 215,795
60,948 Fannie Mae, 6.0%, 7/1/38 69,008
3,993 Fannie Mae, 6.0%, 8/1/32 4,572
138,925 Fannie Mae, 6.0%, 8/1/34 159,597
The accompanying notes are an integral part of these financial statements.
54 Pioneer Bond Fund | Semiannual Report | 12/31/16
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
1,045 Fannie Mae, 6.0%, 9/1/29 $ 1,195
498 Fannie Mae, 6.0%, 9/1/32 570
93,557 Fannie Mae, 6.0%, 9/1/34 106,193
43,547 Fannie Mae, 6.0%, 9/1/34 49,757
28,720 Fannie Mae, 6.0%, 9/1/34 32,772
9,207 Fannie Mae, 6.0%, 9/1/34 10,500
2,557 Fannie Mae, 6.5%, 1/1/31 2,892
8,158 Fannie Mae, 6.5%, 10/1/31 9,230
71,512 Fannie Mae, 6.5%, 10/1/32 80,906
136,622 Fannie Mae, 6.5%, 11/1/37 156,347
37,161 Fannie Mae, 6.5%, 11/1/47 40,932
128,807 Fannie Mae, 6.5%, 12/1/31 145,728
4,738 Fannie Mae, 6.5%, 2/1/32 5,360
60,255 Fannie Mae, 6.5%, 3/1/32 68,170
2,049 Fannie Mae, 6.5%, 4/1/31 2,319
5,008 Fannie Mae, 6.5%, 5/1/31 5,666
71,142 Fannie Mae, 6.5%, 6/1/31 80,488
7,922 Fannie Mae, 6.5%, 7/1/29 8,963
104,660 Fannie Mae, 6.5%, 7/1/32 118,409
29,231 Fannie Mae, 6.5%, 7/1/34 33,071
8,815 Fannie Mae, 6.5%, 8/1/31 9,973
7,877 Fannie Mae, 6.5%, 9/1/31 8,912
3,947 Fannie Mae, 6.5%, 9/1/31 4,465
18,871 Fannie Mae, 7.0%, 1/1/32 22,305
7,029 Fannie Mae, 7.0%, 12/1/30 7,864
706 Fannie Mae, 7.0%, 12/1/30 747
24,691 Fannie Mae, 7.0%, 12/1/31 26,238
8,516 Fannie Mae, 7.0%, 4/1/31 10,055
9,937 Fannie Mae, 7.0%, 9/1/31 11,686
389,601 Federal Home Loan Mortgage Corp., 2.5%, 1/1/30 391,110
229,452 Federal Home Loan Mortgage Corp., 2.5%, 4/1/30 230,335
19,815,000 Federal Home Loan Mortgage Corp., 3.0%,
1/18/17 (TBA) 19,675,788
3,474,417 Federal Home Loan Mortgage Corp., 3.0%, 10/1/29 3,568,644
1,463,438 Federal Home Loan Mortgage Corp., 3.0%, 11/1/30 1,504,376
7,830,432 Federal Home Loan Mortgage Corp., 3.0%, 11/1/42 7,827,242
2,258,467 Federal Home Loan Mortgage Corp., 3.0%, 2/1/43 2,257,547
2,623,940 Federal Home Loan Mortgage Corp., 3.0%, 5/1/43 2,620,703
1,961,252 Federal Home Loan Mortgage Corp., 3.0%, 5/1/45 1,950,428
5,552,956 Federal Home Loan Mortgage Corp., 3.0%, 6/1/46 5,523,148
3,515,918 Federal Home Loan Mortgage Corp., 3.0%, 8/1/29 3,616,507
1,442,492 Federal Home Loan Mortgage Corp., 3.0%, 8/1/45 1,433,918
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 55
Schedule of Investments | 12/31/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
1,111,220 Federal Home Loan Mortgage Corp., 3.0%, 9/1/42 $ 1,110,767
4,386,443 Federal Home Loan Mortgage Corp., 3.0%, 9/1/46 4,360,176
2,903,440 Federal Home Loan Mortgage Corp., 3.5%, 10/1/44 2,976,653
8,762,396 Federal Home Loan Mortgage Corp., 3.5%, 10/1/45 8,978,878
3,286,774 Federal Home Loan Mortgage Corp., 3.5%, 10/1/45 3,378,325
1,848,598 Federal Home Loan Mortgage Corp., 3.5%, 11/1/28 1,943,761
146,659 Federal Home Loan Mortgage Corp., 3.5%, 11/1/44 150,276
8,951,938 Federal Home Loan Mortgage Corp., 3.5%, 11/1/45 9,184,353
7,771,283 Federal Home Loan Mortgage Corp., 3.5%, 12/1/44 7,963,032
349,140 Federal Home Loan Mortgage Corp., 3.5%, 3/1/26 364,697
3,751,479 Federal Home Loan Mortgage Corp., 3.5%, 3/1/45 3,844,249
4,587,016 Federal Home Loan Mortgage Corp., 3.5%, 3/1/46 4,700,957
1,904,673 Federal Home Loan Mortgage Corp., 3.5%, 4/1/42 1,961,521
932,629 Federal Home Loan Mortgage Corp., 3.5%, 4/1/45 955,696
7,531,825 Federal Home Loan Mortgage Corp., 3.5%, 5/1/46 7,721,356
8,339,350 Federal Home Loan Mortgage Corp., 3.5%, 7/1/44 8,544,866
249,985 Federal Home Loan Mortgage Corp., 3.5%, 7/1/45 257,080
3,288,775 Federal Home Loan Mortgage Corp., 3.5%, 8/1/43 3,385,860
950,811 Federal Home Loan Mortgage Corp., 3.5%, 8/1/44 975,156
11,265,503 Federal Home Loan Mortgage Corp., 3.5%, 8/1/46 11,572,923
701,986 Federal Home Loan Mortgage Corp., 3.5%, 9/1/44 721,816
2,078,887 Federal Home Loan Mortgage Corp., 4.0%, 1/1/44 2,183,697
316,699 Federal Home Loan Mortgage Corp., 4.0%, 10/1/46 333,318
11,356,835 Federal Home Loan Mortgage Corp., 4.0%, 11/1/41 12,073,825
127,245 Federal Home Loan Mortgage Corp., 4.0%, 11/1/42 133,760
1,902,177 Federal Home Loan Mortgage Corp., 4.0%, 12/1/44 1,998,837
6,580,308 Federal Home Loan Mortgage Corp., 4.0%, 12/1/45 6,915,718
618,586 Federal Home Loan Mortgage Corp., 4.0%, 2/1/44 653,562
6,790,847 Federal Home Loan Mortgage Corp., 4.0%, 3/1/46 7,137,387
1,768,949 Federal Home Loan Mortgage Corp., 4.0%, 4/1/45 1,858,894
6,130,234 Federal Home Loan Mortgage Corp., 4.0%, 5/1/44 6,438,353
608,503 Federal Home Loan Mortgage Corp., 4.0%, 5/1/46 639,661
286,432 Federal Home Loan Mortgage Corp., 4.0%, 5/1/46 301,108
411,848 Federal Home Loan Mortgage Corp., 4.0%, 6/1/42 432,937
5,665,211 Federal Home Loan Mortgage Corp., 4.0%, 6/1/44 5,950,910
5,326,485 Federal Home Loan Mortgage Corp., 4.0%, 6/1/46 5,604,337
153,392 Federal Home Loan Mortgage Corp., 4.0%, 7/1/42 162,004
8,188,985 Federal Home Loan Mortgage Corp., 4.0%, 7/1/44 8,602,830
2,030,091 Federal Home Loan Mortgage Corp., 4.0%, 7/1/44 2,144,322
1,665,236 Federal Home Loan Mortgage Corp., 4.0%, 7/1/44 1,755,605
1,312,010 Federal Home Loan Mortgage Corp., 4.0%, 7/1/44 1,385,588
8,150,509 Federal Home Loan Mortgage Corp., 4.0%, 9/1/44 8,592,514
3,309,481 Federal Home Loan Mortgage Corp., 4.0%, 9/1/44 3,476,706
The accompanying notes are an integral part of these financial statements.
56 Pioneer Bond Fund | Semiannual Report | 12/31/16
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
210,687 Federal Home Loan Mortgage Corp., 4.5%, 10/1/20 $ 221,087
3,488,433 Federal Home Loan Mortgage Corp., 4.5%, 11/1/40 3,756,537
224,587 Federal Home Loan Mortgage Corp., 4.5%, 11/1/43 241,405
87,424 Federal Home Loan Mortgage Corp., 4.5%, 3/1/20 90,756
5,066,020 Federal Home Loan Mortgage Corp., 4.5%, 3/1/42 5,439,032
2,067,015 Federal Home Loan Mortgage Corp., 4.5%, 3/1/42 2,224,576
562,145 Federal Home Loan Mortgage Corp., 5.0%, 10/1/20 588,455
378,812 Federal Home Loan Mortgage Corp., 5.0%, 10/1/38 412,368
13,381 Federal Home Loan Mortgage Corp., 5.0%, 11/1/34 14,649
17,079 Federal Home Loan Mortgage Corp., 5.0%, 12/1/21 18,118
167,541 Federal Home Loan Mortgage Corp., 5.0%, 6/1/35 182,365
389,722 Federal Home Loan Mortgage Corp., 5.0%, 9/1/38 424,208
11,802 Federal Home Loan Mortgage Corp., 5.5%, 1/1/34 13,074
113,159 Federal Home Loan Mortgage Corp., 5.5%, 11/1/34 127,206
22,767 Federal Home Loan Mortgage Corp., 5.5%, 11/1/34 25,564
32,456 Federal Home Loan Mortgage Corp., 5.5%, 11/1/35 36,410
98,546 Federal Home Loan Mortgage Corp., 5.5%, 12/1/18 100,782
1,328,298 Federal Home Loan Mortgage Corp., 5.5%, 6/1/41 1,483,069
133,854 Federal Home Loan Mortgage Corp., 5.5%, 8/1/35 148,262
234,470 Federal Home Loan Mortgage Corp., 5.5%, 9/1/33 263,605
100,339 Federal Home Loan Mortgage Corp., 6.0%, 1/1/33 114,745
48,076 Federal Home Loan Mortgage Corp., 6.0%, 1/1/33 54,312
36,184 Federal Home Loan Mortgage Corp., 6.0%, 1/1/34 40,878
31,830 Federal Home Loan Mortgage Corp., 6.0%, 1/1/34 36,418
87,582 Federal Home Loan Mortgage Corp., 6.0%, 1/1/38 99,210
34,889 Federal Home Loan Mortgage Corp., 6.0%, 11/1/33 39,415
16,372 Federal Home Loan Mortgage Corp., 6.0%, 11/1/33 18,495
121,828 Federal Home Loan Mortgage Corp., 6.0%, 12/1/33 137,633
116,371 Federal Home Loan Mortgage Corp., 6.0%, 12/1/33 131,467
9,048 Federal Home Loan Mortgage Corp., 6.0%, 12/1/33 10,222
41,186 Federal Home Loan Mortgage Corp., 6.0%, 12/1/36 46,847
54,316 Federal Home Loan Mortgage Corp., 6.0%, 2/1/33 62,335
4,707 Federal Home Loan Mortgage Corp., 6.0%, 2/1/33 5,394
163,943 Federal Home Loan Mortgage Corp., 6.0%, 3/1/33 187,852
37,095 Federal Home Loan Mortgage Corp., 6.0%, 3/1/33 41,907
34,088 Federal Home Loan Mortgage Corp., 6.0%, 4/1/35 38,511
196,017 Federal Home Loan Mortgage Corp., 6.0%, 4/1/36 221,446
5,252 Federal Home Loan Mortgage Corp., 6.0%, 5/1/17 5,273
468,118 Federal Home Loan Mortgage Corp., 6.0%, 5/1/34 533,300
144,559 Federal Home Loan Mortgage Corp., 6.0%, 5/1/34 164,219
109,547 Federal Home Loan Mortgage Corp., 6.0%, 6/1/35 123,759
85,826 Federal Home Loan Mortgage Corp., 6.0%, 6/1/35 96,960
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 57
Schedule of Investments | 12/31/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
52,686 Federal Home Loan Mortgage Corp., 6.0%, 7/1/36 $ 59,521
13,965 Federal Home Loan Mortgage Corp., 6.0%, 7/1/36 15,881
99,902 Federal Home Loan Mortgage Corp., 6.0%, 7/1/38 113,712
5,449 Federal Home Loan Mortgage Corp., 6.0%, 8/1/18 6,156
95,159 Federal Home Loan Mortgage Corp., 6.0%, 8/1/34 107,504
114,754 Federal Home Loan Mortgage Corp., 6.0%, 9/1/33 131,290
161 Federal Home Loan Mortgage Corp., 6.5%, 1/1/31 182
258 Federal Home Loan Mortgage Corp., 6.5%, 1/1/33 292
38,847 Federal Home Loan Mortgage Corp., 6.5%, 10/1/33 45,302
337 Federal Home Loan Mortgage Corp., 6.5%, 11/1/30 381
3,451 Federal Home Loan Mortgage Corp., 6.5%, 2/1/33 3,898
5,542 Federal Home Loan Mortgage Corp., 6.5%, 3/1/31 6,259
487 Federal Home Loan Mortgage Corp., 6.5%, 3/1/31 550
7,991 Federal Home Loan Mortgage Corp., 6.5%, 5/1/31 9,026
5,278 Federal Home Loan Mortgage Corp., 6.5%, 5/1/31 5,961
207 Federal Home Loan Mortgage Corp., 6.5%, 6/1/32 234
11,386 Federal Home Loan Mortgage Corp., 6.5%, 7/1/32 12,944
4,068 Federal Home Loan Mortgage Corp., 6.5%, 8/1/31 4,595
793 Federal Home Loan Mortgage Corp., 6.5%, 8/1/31 908
74,515 Federal Home Loan Mortgage Corp., 7.0%, 10/1/46 84,254
2,862 Federal Home Loan Mortgage Corp., 7.0%, 11/1/30 3,359
3,337 Federal Home Loan Mortgage Corp., 7.0%, 6/1/31 3,347
12,099 Federal Home Loan Mortgage Corp., 7.0%, 8/1/22 12,136
93,140 Federal Home Loan Mortgage Corp., 7.0%, 9/1/22 98,762
563,848 Federal National Mortgage Association,
3.0%, 12/1/21 579,830
1,556,906 Federal National Mortgage Association,
3.0%, 4/1/31 1,599,063
7,712,798 Federal National Mortgage Association,
3.5%, 7/1/46 7,912,476
6,533,327 Federal National Mortgage Association,
4.0%, 10/1/45 6,872,920
341,866 Federal National Mortgage Association,
4.0%, 11/1/34 363,296
899,840 Federal National Mortgage Association,
5.0%, 8/1/40 983,666
888,277 Government National Mortgage Association I,
3.5%, 1/15/44 930,955
13,838,852 Government National Mortgage Association I,
3.5%, 1/15/45 14,400,642
30,710,000 Government National Mortgage Association I,
3.5%, 1/24/17 (TBA) 31,932,344
The accompanying notes are an integral part of these financial statements.
58 Pioneer Bond Fund | Semiannual Report | 12/31/16
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
9,291,711 Government National Mortgage Association I,
3.5%, 7/15/42 $ 9,691,894
92,996 Government National Mortgage Association I,
4.0%, 1/15/41 98,796
26,408 Government National Mortgage Association I,
4.0%, 1/15/41 28,096
2,865,254 Government National Mortgage Association I,
4.0%, 1/15/45 3,043,998
2,034,922 Government National Mortgage Association I,
4.0%, 1/15/45 2,160,050
1,837,458 Government National Mortgage Association I,
4.0%, 1/15/45 1,950,735
533,355 Government National Mortgage Association I,
4.0%, 1/15/45 570,033
8,045 Government National Mortgage Association I,
4.0%, 10/15/40 8,572
7,281 Government National Mortgage Association I,
4.0%, 10/15/41 7,733
5,630 Government National Mortgage Association I,
4.0%, 10/15/41 5,979
142,446 Government National Mortgage Association I,
4.0%, 10/15/44 151,297
41,810 Government National Mortgage Association I,
4.0%, 11/15/40 44,410
11,926 Government National Mortgage Association I,
4.0%, 11/15/40 12,671
5,739 Government National Mortgage Association I,
4.0%, 11/15/41 6,107
4,285 Government National Mortgage Association I,
4.0%, 11/15/41 4,548
26,119 Government National Mortgage Association I,
4.0%, 11/15/43 27,890
671,894 Government National Mortgage Association I,
4.0%, 11/15/44 713,815
7,960 Government National Mortgage Association I,
4.0%, 12/15/41 8,480
2,626,678 Government National Mortgage Association I,
4.0%, 12/15/44 2,791,210
10,507 Government National Mortgage Association I,
4.0%, 2/15/41 11,197
218,219 Government National Mortgage Association I,
4.0%, 2/15/42 231,830
33,288 Government National Mortgage Association I,
4.0%, 2/15/42 35,467
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 59
Schedule of Investments | 12/31/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
2,553,801 Government National Mortgage Association I,
4.0%, 2/15/45 $ 2,712,677
1,494,433 Government National Mortgage Association I,
4.0%, 2/15/45 1,587,043
4,977,774 Government National Mortgage Association I,
4.0%, 3/15/44 5,286,254
1,146,100 Government National Mortgage Association I,
4.0%, 3/15/44 1,217,270
505,504 Government National Mortgage Association I,
4.0%, 3/15/44 536,700
16,237 Government National Mortgage Association I,
4.0%, 3/15/44 17,245
3,330,554 Government National Mortgage Association I,
4.0%, 3/15/45 3,539,237
248,339 Government National Mortgage Association I,
4.0%, 3/15/45 263,724
3,383,710 Government National Mortgage Association I,
4.0%, 4/15/44 3,593,169
38,337 Government National Mortgage Association I,
4.0%, 4/15/44 40,727
9,660 Government National Mortgage Association I,
4.0%, 4/15/44 10,259
7,879 Government National Mortgage Association I,
4.0%, 5/15/39 8,369
2,512,036 Government National Mortgage Association I,
4.0%, 5/15/45 2,668,779
5,224 Government National Mortgage Association I,
4.0%, 6/15/39 5,547
71,003 Government National Mortgage Association I,
4.0%, 6/15/41 75,421
177,776 Government National Mortgage Association I,
4.0%, 7/15/41 189,006
873,842 Government National Mortgage Association I,
4.0%, 7/15/45 929,305
286,614 Government National Mortgage Association I,
4.0%, 8/15/40 304,489
8,939 Government National Mortgage Association I,
4.0%, 8/15/40 9,524
1,418,439 Government National Mortgage Association I,
4.0%, 8/15/43 1,506,544
523,522 Government National Mortgage Association I,
4.0%, 8/15/44 556,098
750,304 Government National Mortgage Association I,
4.0%, 8/15/45 800,032
99,090 Government National Mortgage Association I,
4.0%, 9/15/40 105,311
The accompanying notes are an integral part of these financial statements.
60 Pioneer Bond Fund | Semiannual Report | 12/31/16
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
8,004 Government National Mortgage Association I,
4.0%, 9/15/40 $ 8,528
527,199 Government National Mortgage Association I,
4.0%, 9/15/41 559,488
4,765 Government National Mortgage Association I,
4.0%, 9/15/41 5,062
3,387,769 Government National Mortgage Association I,
4.0%, 9/15/44 3,598,297
864,686 Government National Mortgage Association I,
4.0%, 9/15/44 918,233
455,559 Government National Mortgage Association I,
4.0%, 9/15/44 483,889
359,531 Government National Mortgage Association I,
4.0%, 9/15/44 381,920
71,887 Government National Mortgage Association I,
4.0%, 9/15/44 76,365
445,267 Government National Mortgage Association I,
4.5%, 1/15/40 487,267
188,857 Government National Mortgage Association I,
4.5%, 10/15/33 205,867
161,752 Government National Mortgage Association I,
4.5%, 10/15/33 175,133
132,748 Government National Mortgage Association I,
4.5%, 10/15/35 143,946
17,241 Government National Mortgage Association I,
4.5%, 12/15/19 17,950
1,069,813 Government National Mortgage Association I,
4.5%, 12/15/39 1,161,298
35,621 Government National Mortgage Association I,
4.5%, 2/15/34 38,717
59,577 Government National Mortgage Association I,
4.5%, 3/15/35 64,463
16,386 Government National Mortgage Association I,
4.5%, 3/15/35 17,733
8,712 Government National Mortgage Association I,
4.5%, 4/15/18 8,924
37,260 Government National Mortgage Association I,
4.5%, 4/15/20 39,046
206,229 Government National Mortgage Association I,
4.5%, 4/15/35 224,739
21,225 Government National Mortgage Association I,
4.5%, 4/15/35 22,972
116,010 Government National Mortgage Association I,
4.5%, 4/15/38 125,621
563,415 Government National Mortgage Association I,
4.5%, 4/15/41 609,889
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 61
Schedule of Investments | 12/31/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
1,175,714 Government National Mortgage Association I,
4.5%, 5/15/41 $ 1,272,681
26,580 Government National Mortgage Association I,
4.5%, 6/15/19 27,471
224,265 Government National Mortgage Association I,
4.5%, 6/15/25 237,136
1,068,375 Government National Mortgage Association I,
4.5%, 6/15/41 1,158,757
80,315 Government National Mortgage Association I,
4.5%, 7/15/33 87,402
395,308 Government National Mortgage Association I,
4.5%, 7/15/41 428,120
6,144 Government National Mortgage Association I,
4.5%, 8/15/19 6,367
1,122,758 Government National Mortgage Association I,
4.5%, 8/15/41 1,215,186
216,904 Government National Mortgage Association I,
4.5%, 9/15/33 238,220
20,617 Government National Mortgage Association I,
4.5%, 9/15/35 22,305
270,139 Government National Mortgage Association I,
4.5%, 9/15/40 294,158
49,579 Government National Mortgage Association I,
5.0%, 10/15/18 51,912
31,919 Government National Mortgage Association I,
5.0%, 2/15/19 33,562
96,956 Government National Mortgage Association I,
5.0%, 4/15/34 106,468
448,248 Government National Mortgage Association I,
5.0%, 4/15/35 500,895
53,522 Government National Mortgage Association I,
5.0%, 7/15/19 56,293
628 Government National Mortgage Association I,
5.0%, 7/15/19 658
92,273 Government National Mortgage Association I,
5.0%, 7/15/33 101,974
226,741 Government National Mortgage Association I,
5.0%, 7/15/40 249,265
79,083 Government National Mortgage Association I,
5.0%, 9/15/33 87,497
52,054 Government National Mortgage Association I,
5.5%, 1/15/29 58,066
137,335 Government National Mortgage Association I,
5.5%, 1/15/35 155,223
The accompanying notes are an integral part of these financial statements.
62 Pioneer Bond Fund | Semiannual Report | 12/31/16
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
20,219 Government National Mortgage Association I,
5.5%, 10/15/17 $ 20,390
8,553 Government National Mortgage Association I,
5.5%, 10/15/17 8,624
33,796 Government National Mortgage Association I,
5.5%, 10/15/19 34,870
71,312 Government National Mortgage Association I,
5.5%, 10/15/33 80,284
62,973 Government National Mortgage Association I,
5.5%, 10/15/33 71,439
49,001 Government National Mortgage Association I,
5.5%, 10/15/34 55,378
188,062 Government National Mortgage Association I,
5.5%, 10/15/35 212,610
96,145 Government National Mortgage Association I,
5.5%, 10/15/35 107,250
19,991 Government National Mortgage Association I,
5.5%, 11/15/18 20,424
180,628 Government National Mortgage Association I,
5.5%, 11/15/19 186,710
401,314 Government National Mortgage Association I,
5.5%, 11/15/34 448,464
11,319 Government National Mortgage Association I,
5.5%, 12/15/18 11,558
43,688 Government National Mortgage Association I,
5.5%, 2/15/18 44,210
35,920 Government National Mortgage Association I,
5.5%, 2/15/18 36,390
38,990 Government National Mortgage Association I,
5.5%, 2/15/35 43,509
31,422 Government National Mortgage Association I,
5.5%, 2/15/35 35,051
43,855 Government National Mortgage Association I,
5.5%, 2/15/37 49,337
10,966 Government National Mortgage Association I,
5.5%, 4/15/19 11,188
1,135 Government National Mortgage Association I,
5.5%, 4/15/19 1,166
37,442 Government National Mortgage Association I,
5.5%, 4/15/31 41,766
11,364 Government National Mortgage Association I,
5.5%, 6/15/18 11,488
12,590 Government National Mortgage Association I,
5.5%, 6/15/33 14,221
66,012 Government National Mortgage Association I,
5.5%, 6/15/35 73,664
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 63
Schedule of Investments | 12/31/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
73,856 Government National Mortgage Association I,
5.5%, 7/15/33 $ 83,424
71,432 Government National Mortgage Association I,
5.5%, 7/15/33 80,676
364,391 Government National Mortgage Association I,
5.5%, 7/15/34 410,089
471,154 Government National Mortgage Association I,
5.5%, 7/15/35 547,061
83,091 Government National Mortgage Association I,
5.5%, 8/15/19 85,388
82,461 Government National Mortgage Association I,
5.5%, 8/15/19 84,957
178,898 Government National Mortgage Association I,
5.5%, 8/15/33 202,180
32,882 Government National Mortgage Association I,
5.5%, 8/15/33 37,057
22,163 Government National Mortgage Association I,
5.5%, 8/15/33 25,034
90,928 Government National Mortgage Association I,
5.5%, 9/15/19 93,717
115,998 Government National Mortgage Association I,
5.5%, 9/15/33 129,395
63,251 Government National Mortgage Association I,
5.5%, 9/15/33 71,200
16,376 Government National Mortgage Association I,
5.72%, 4/15/29 18,373
54 Government National Mortgage Association I,
6.0%, 1/15/17 54
7,109 Government National Mortgage Association I,
6.0%, 1/15/19 7,163
14,432 Government National Mortgage Association I,
6.0%, 1/15/24 16,361
174,117 Government National Mortgage Association I,
6.0%, 1/15/33 201,707
35,119 Government National Mortgage Association I,
6.0%, 1/15/33 40,469
35,435 Government National Mortgage Association I,
6.0%, 1/15/33 40,186
7,324 Government National Mortgage Association I,
6.0%, 10/15/28 8,395
40,839 Government National Mortgage Association I,
6.0%, 10/15/32 47,454
35,112 Government National Mortgage Association I,
6.0%, 10/15/32 39,821
11,395 Government National Mortgage Association I,
6.0%, 10/15/32 12,917
The accompanying notes are an integral part of these financial statements.
64 Pioneer Bond Fund | Semiannual Report | 12/31/16
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
40,717 Government National Mortgage Association I,
6.0%, 10/15/33 $ 46,158
313,361 Government National Mortgage Association I,
6.0%, 10/15/34 360,797
83,034 Government National Mortgage Association I,
6.0%, 10/15/34 96,005
64,808 Government National Mortgage Association I,
6.0%, 10/15/34 73,616
125,782 Government National Mortgage Association I,
6.0%, 10/15/36 144,794
31,514 Government National Mortgage Association I,
6.0%, 11/15/31 36,546
7,330 Government National Mortgage Association I,
6.0%, 11/15/32 8,311
6,666 Government National Mortgage Association I,
6.0%, 11/15/32 7,558
132,592 Government National Mortgage Association I,
6.0%, 11/15/33 150,982
130,672 Government National Mortgage Association I,
6.0%, 11/15/34 151,466
43,036 Government National Mortgage Association I,
6.0%, 11/15/37 48,787
151,498 Government National Mortgage Association I,
6.0%, 12/15/23 171,607
400,902 Government National Mortgage Association I,
6.0%, 12/15/32 465,054
221,304 Government National Mortgage Association I,
6.0%, 12/15/32 251,215
200,600 Government National Mortgage Association I,
6.0%, 12/15/32 227,733
143,576 Government National Mortgage Association I,
6.0%, 12/15/32 162,780
87,495 Government National Mortgage Association I,
6.0%, 12/15/32 99,768
18,453 Government National Mortgage Association I,
6.0%, 12/15/32 21,399
14,709 Government National Mortgage Association I,
6.0%, 12/15/32 16,949
103,561 Government National Mortgage Association I,
6.0%, 2/15/29 120,127
66,878 Government National Mortgage Association I,
6.0%, 2/15/29 77,696
146,341 Government National Mortgage Association I,
6.0%, 2/15/33 171,943
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 65
Schedule of Investments | 12/31/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
98,075 Government National Mortgage Association I,
6.0%, 2/15/33 $ 111,729
85,399 Government National Mortgage Association I,
6.0%, 2/15/33 99,034
34,801 Government National Mortgage Association I,
6.0%, 2/15/33 40,145
25,767 Government National Mortgage Association I,
6.0%, 2/15/33 29,221
2,119 Government National Mortgage Association I,
6.0%, 3/15/17 2,121
369 Government National Mortgage Association I,
6.0%, 3/15/17 370
24,180 Government National Mortgage Association I,
6.0%, 3/15/19 24,542
1,926 Government National Mortgage Association I,
6.0%, 3/15/32 2,234
389,533 Government National Mortgage Association I,
6.0%, 3/15/33 462,293
260,271 Government National Mortgage Association I,
6.0%, 3/15/33 301,281
175,320 Government National Mortgage Association I,
6.0%, 3/15/33 198,749
154,440 Government National Mortgage Association I,
6.0%, 3/15/33 179,127
120,708 Government National Mortgage Association I,
6.0%, 3/15/33 139,783
99,164 Government National Mortgage Association I,
6.0%, 3/15/33 115,016
54,426 Government National Mortgage Association I,
6.0%, 3/15/33 62,010
43,907 Government National Mortgage Association I,
6.0%, 3/15/33 50,851
182,525 Government National Mortgage Association I,
6.0%, 3/15/34 216,285
998 Government National Mortgage Association I,
6.0%, 4/15/18 1,000
46,099 Government National Mortgage Association I,
6.0%, 4/15/28 53,159
45,527 Government National Mortgage Association I,
6.0%, 4/15/33 52,027
32,082 Government National Mortgage Association I,
6.0%, 4/15/33 36,369
17,661 Government National Mortgage Association I,
6.0%, 4/15/33 20,029
3,709 Government National Mortgage Association I,
6.0%, 5/15/17 3,720
The accompanying notes are an integral part of these financial statements.
66 Pioneer Bond Fund | Semiannual Report | 12/31/16
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
1,846 Government National Mortgage Association I,
6.0%, 5/15/17 $ 1,848
152,019 Government National Mortgage Association I,
6.0%, 5/15/33 177,427
18,729 Government National Mortgage Association I,
6.0%, 5/15/33 21,232
365 Government National Mortgage Association I,
6.0%, 6/15/17 366
109,427 Government National Mortgage Association I,
6.0%, 6/15/31 124,197
11,986 Government National Mortgage Association I,
6.0%, 6/15/33 13,898
66,209 Government National Mortgage Association I,
6.0%, 6/15/34 76,807
7,121 Government National Mortgage Association I,
6.0%, 8/15/32 8,267
132,121 Government National Mortgage Association I,
6.0%, 8/15/34 149,776
37,008 Government National Mortgage Association I,
6.0%, 8/15/34 42,064
249,796 Government National Mortgage Association I,
6.0%, 8/15/36 287,312
70,550 Government National Mortgage Association I,
6.0%, 8/15/38 79,978
33,535 Government National Mortgage Association I,
6.0%, 9/15/19 34,087
212,923 Government National Mortgage Association I,
6.0%, 9/15/28 247,546
236,929 Government National Mortgage Association I,
6.0%, 9/15/32 268,947
92,920 Government National Mortgage Association I,
6.0%, 9/15/32 105,338
60,696 Government National Mortgage Association I,
6.0%, 9/15/32 69,571
58,042 Government National Mortgage Association I,
6.0%, 9/15/33 67,303
17,413 Government National Mortgage Association I,
6.0%, 9/15/33 20,031
16,292 Government National Mortgage Association I,
6.0%, 9/15/33 18,469
158,605 Government National Mortgage Association I,
6.0%, 9/15/34 184,027
66,012 Government National Mortgage Association I,
6.0%, 9/15/34 75,212
26,933 Government National Mortgage Association I,
6.0%, 9/15/34 31,245
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 67
Schedule of Investments | 12/31/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
818,561 Government National Mortgage Association I,
6.0%, 9/15/35 $ 947,972
23,714 Government National Mortgage Association I,
6.5%, 1/15/29 27,088
90,025 Government National Mortgage Association I,
6.5%, 1/15/32 102,833
27,108 Government National Mortgage Association I,
6.5%, 1/15/32 30,964
374,992 Government National Mortgage Association I,
6.5%, 1/15/33 435,177
3,596 Government National Mortgage Association I,
6.5%, 1/15/33 4,115
8,860 Government National Mortgage Association I,
6.5%, 1/15/34 10,121
558 Government National Mortgage Association I,
6.5%, 1/15/35 599
25,346 Government National Mortgage Association I,
6.5%, 10/15/24 28,376
16,688 Government National Mortgage Association I,
6.5%, 10/15/28 19,062
4,129 Government National Mortgage Association I,
6.5%, 10/15/28 4,717
83,834 Government National Mortgage Association I,
6.5%, 10/15/31 95,761
27,716 Government National Mortgage Association I,
6.5%, 10/15/31 31,659
7,450 Government National Mortgage Association I,
6.5%, 10/15/31 8,510
103,556 Government National Mortgage Association I,
6.5%, 10/15/32 118,288
2,040 Government National Mortgage Association I,
6.5%, 10/15/33 2,330
44,282 Government National Mortgage Association I,
6.5%, 11/15/31 50,582
5,113 Government National Mortgage Association I,
6.5%, 11/15/31 5,840
57,597 Government National Mortgage Association I,
6.5%, 11/15/32 67,593
359,067 Government National Mortgage Association I,
6.5%, 12/15/32 419,491
8,464 Government National Mortgage Association I,
6.5%, 2/15/28 9,668
20,206 Government National Mortgage Association I,
6.5%, 2/15/29 23,080
7,377 Government National Mortgage Association I,
6.5%, 2/15/29 8,427
The accompanying notes are an integral part of these financial statements.
68 Pioneer Bond Fund | Semiannual Report | 12/31/16
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
1,125 Government National Mortgage Association I,
6.5%, 2/15/29 $ 1,285
42,306 Government National Mortgage Association I,
6.5%, 2/15/32 49,064
29,514 Government National Mortgage Association I,
6.5%, 2/15/32 33,713
19,106 Government National Mortgage Association I,
6.5%, 2/15/32 22,319
16,786 Government National Mortgage Association I,
6.5%, 2/15/32 19,547
9,879 Government National Mortgage Association I,
6.5%, 2/15/32 11,285
8,036 Government National Mortgage Association I,
6.5%, 2/15/34 9,180
82,676 Government National Mortgage Association I,
6.5%, 3/15/29 94,438
65,422 Government National Mortgage Association I,
6.5%, 3/15/29 74,730
13,595 Government National Mortgage Association I,
6.5%, 3/15/29 15,529
8,585 Government National Mortgage Association I,
6.5%, 3/15/29 9,806
5,159 Government National Mortgage Association I,
6.5%, 3/15/31 5,893
83,199 Government National Mortgage Association I,
6.5%, 3/15/32 95,036
15,913 Government National Mortgage Association I,
6.5%, 3/15/32 18,177
536 Government National Mortgage Association I,
6.5%, 4/15/17 537
37,632 Government National Mortgage Association I,
6.5%, 4/15/28 42,986
8,312 Government National Mortgage Association I,
6.5%, 4/15/28 9,495
64,960 Government National Mortgage Association I,
6.5%, 4/15/31 74,202
71,738 Government National Mortgage Association I,
6.5%, 4/15/32 83,585
13,479 Government National Mortgage Association I,
6.5%, 4/15/32 15,397
9,478 Government National Mortgage Association I,
6.5%, 4/15/32 10,827
7,048 Government National Mortgage Association I,
6.5%, 4/15/32 8,050
23,461 Government National Mortgage Association I,
6.5%, 4/15/33 26,799
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 69
Schedule of Investments | 12/31/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
40,697 Government National Mortgage Association I,
6.5%, 4/15/35 $ 46,487
64,349 Government National Mortgage Association I,
6.5%, 5/15/29 73,669
4,747 Government National Mortgage Association I,
6.5%, 5/15/29 5,422
3,391 Government National Mortgage Association I,
6.5%, 5/15/29 3,874
39,134 Government National Mortgage Association I,
6.5%, 5/15/31 44,702
18,283 Government National Mortgage Association I,
6.5%, 5/15/31 21,434
16,926 Government National Mortgage Association I,
6.5%, 5/15/31 19,611
15,255 Government National Mortgage Association I,
6.5%, 5/15/32 17,778
11,575 Government National Mortgage Association I,
6.5%, 5/15/32 13,222
5,780 Government National Mortgage Association I,
6.5%, 5/15/32 6,603
4,694 Government National Mortgage Association I,
6.5%, 5/15/32 5,361
31,360 Government National Mortgage Association I,
6.5%, 5/15/33 35,822
2,764 Government National Mortgage Association I,
6.5%, 6/15/17 2,769
9,313 Government National Mortgage Association I,
6.5%, 6/15/28 10,762
25,850 Government National Mortgage Association I,
6.5%, 6/15/29 29,527
7,413 Government National Mortgage Association I,
6.5%, 6/15/31 8,467
13,690 Government National Mortgage Association I,
6.5%, 6/15/32 15,638
13,166 Government National Mortgage Association I,
6.5%, 6/15/32 15,039
10,329 Government National Mortgage Association I,
6.5%, 6/15/32 11,798
112,394 Government National Mortgage Association I,
6.5%, 6/15/34 128,385
6,539 Government National Mortgage Association I,
6.5%, 6/15/35 7,469
24,736 Government National Mortgage Association I,
6.5%, 7/15/31 28,255
136,358 Government National Mortgage Association I,
6.5%, 7/15/32 159,623
The accompanying notes are an integral part of these financial statements.
70 Pioneer Bond Fund | Semiannual Report | 12/31/16
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
30,167 Government National Mortgage Association I,
6.5%, 7/15/32 $ 34,459
10,188 Government National Mortgage Association I,
6.5%, 7/15/32 11,638
8,939 Government National Mortgage Association I,
6.5%, 7/15/32 10,211
64,694 Government National Mortgage Association I,
6.5%, 7/15/35 73,898
39,785 Government National Mortgage Association I,
6.5%, 7/15/35 45,445
7,087 Government National Mortgage Association I,
6.5%, 8/15/28 8,096
51,051 Government National Mortgage Association I,
6.5%, 8/15/31 58,314
53,678 Government National Mortgage Association I,
6.5%, 8/15/32 61,315
41,156 Government National Mortgage Association I,
6.5%, 8/15/32 47,814
3,837 Government National Mortgage Association I,
6.5%, 8/15/32 4,383
18,645 Government National Mortgage Association I,
6.5%, 9/15/31 21,298
43,021 Government National Mortgage Association I,
6.5%, 9/15/32 49,142
39,924 Government National Mortgage Association I,
6.5%, 9/15/32 45,603
18,829 Government National Mortgage Association I,
6.5%, 9/15/32 21,508
4,045 Government National Mortgage Association I,
6.5%, 9/15/34 4,621
5,705 Government National Mortgage Association I,
6.75%, 4/15/26 6,517
18,002 Government National Mortgage Association I,
7.0%, 1/15/28 19,816
43,665 Government National Mortgage Association I,
7.0%, 1/15/31 44,293
6,912 Government National Mortgage Association I,
7.0%, 10/15/31 7,139
9,683 Government National Mortgage Association I,
7.0%, 11/15/26 11,120
50,194 Government National Mortgage Association I,
7.0%, 11/15/28 59,103
15,964 Government National Mortgage Association I,
7.0%, 11/15/28 18,496
63,998 Government National Mortgage Association I,
7.0%, 11/15/29 71,297
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 71
Schedule of Investments | 12/31/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
8,304 Government National Mortgage Association I,
7.0%, 11/15/31 $ 8,732
37,953 Government National Mortgage Association I,
7.0%, 12/15/30 44,803
39,216 Government National Mortgage Association I,
7.0%, 12/15/30 40,068
10,452 Government National Mortgage Association I,
7.0%, 12/15/30 11,501
3,699 Government National Mortgage Association I,
7.0%, 12/15/30 3,906
19,618 Government National Mortgage Association I,
7.0%, 2/15/28 21,388
13,135 Government National Mortgage Association I,
7.0%, 3/15/28 13,501
10,520 Government National Mortgage Association I,
7.0%, 3/15/31 10,961
54,369 Government National Mortgage Association I,
7.0%, 3/15/32 60,091
12,793 Government National Mortgage Association I,
7.0%, 4/15/28 13,911
26,784 Government National Mortgage Association I,
7.0%, 4/15/29 29,264
23,070 Government National Mortgage Association I,
7.0%, 4/15/29 23,919
7,188 Government National Mortgage Association I,
7.0%, 4/15/31 7,383
45,920 Government National Mortgage Association I,
7.0%, 4/15/32 51,119
37,985 Government National Mortgage Association I,
7.0%, 5/15/29 39,978
8,276 Government National Mortgage Association I,
7.0%, 5/15/31 8,730
82,105 Government National Mortgage Association I,
7.0%, 5/15/32 99,138
21,556 Government National Mortgage Association I,
7.0%, 6/15/27 24,854
4,449 Government National Mortgage Association I,
7.0%, 6/15/29 4,463
29,366 Government National Mortgage Association I,
7.0%, 6/15/31 34,586
26,495 Government National Mortgage Association I,
7.0%, 7/15/25 29,600
17,685 Government National Mortgage Association I,
7.0%, 7/15/28 19,405
5,725 Government National Mortgage Association I,
7.0%, 7/15/28 5,743
The accompanying notes are an integral part of these financial statements.
72 Pioneer Bond Fund | Semiannual Report | 12/31/16
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
11,932 Government National Mortgage Association I,
7.0%, 7/15/29 $ 13,481
3,432 Government National Mortgage Association I,
7.0%, 7/15/31 4,019
20,401 Government National Mortgage Association I,
7.0%, 8/15/23 21,973
1,363 Government National Mortgage Association I,
7.0%, 8/15/28 1,550
155,320 Government National Mortgage Association I,
7.0%, 8/15/31 185,947
60,855 Government National Mortgage Association I,
7.0%, 9/15/24 68,501
35,006 Government National Mortgage Association I,
7.0%, 9/15/31 38,700
12,908 Government National Mortgage Association I,
7.0%, 9/15/31 13,693
35,605 Government National Mortgage Association I,
7.5%, 10/15/23 39,007
49,035 Government National Mortgage Association I,
7.5%, 10/15/27 55,372
12,777 Government National Mortgage Association I,
7.5%, 10/15/29 14,270
6,029 Government National Mortgage Association I,
7.5%, 10/15/29 6,315
4,095 Government National Mortgage Association I,
7.5%, 12/15/25 4,241
44,580 Government National Mortgage Association I,
7.5%, 12/15/31 46,960
1,708 Government National Mortgage Association I,
7.5%, 2/15/26 1,778
14,878 Government National Mortgage Association I,
7.5%, 2/15/27 16,454
16,108 Government National Mortgage Association I,
7.5%, 2/15/31 16,705
14,582 Government National Mortgage Association I,
7.5%, 2/15/31 14,803
8,430 Government National Mortgage Association I,
7.5%, 3/15/23 9,061
35,659 Government National Mortgage Association I,
7.5%, 3/15/27 42,075
7,464 Government National Mortgage Association I,
7.5%, 3/15/31 7,737
1,540 Government National Mortgage Association I,
7.5%, 6/15/24 1,593
16,359 Government National Mortgage Association I,
7.5%, 6/15/29 18,280
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 73
Schedule of Investments | 12/31/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
10,252 Government National Mortgage Association I,
7.5%, 8/15/25 $ 10,515
17,415 Government National Mortgage Association I,
7.5%, 8/15/29 18,359
2,814 Government National Mortgage Association I,
7.5%, 8/15/29 2,880
950 Government National Mortgage Association I,
7.5%, 8/15/29 953
5,334 Government National Mortgage Association I,
7.5%, 9/15/25 5,880
1,894 Government National Mortgage Association I,
7.5%, 9/15/25 1,900
19,274 Government National Mortgage Association I,
7.5%, 9/15/29 19,342
2,255 Government National Mortgage Association I,
7.75%, 2/15/30 2,300
19,282 Government National Mortgage Association I,
8.25%, 5/15/20 20,324
1,712 Government National Mortgage Association I,
8.5%, 8/15/21 1,719
5,763 Government National Mortgage Association I,
9.0%, 1/15/20 5,849
890 Government National Mortgage Association I,
9.0%, 12/15/19 947
1,933 Government National Mortgage Association I,
9.0%, 6/15/22 2,001
210 Government National Mortgage Association I,
9.0%, 9/15/21 216
4,391,128 Government National Mortgage Association II,
3.0%, 8/20/46 4,452,466
13,818,331 Government National Mortgage Association II,
3.0%, 9/20/46 14,011,352
7,253,368 Government National Mortgage Association II,
3.5%, 1/20/46 7,548,116
907,570 Government National Mortgage Association II,
3.5%, 3/20/45 944,985
1,761,558 Government National Mortgage Association II,
3.5%, 3/20/46 1,842,522
1,567,835 Government National Mortgage Association II,
3.5%, 4/20/45 1,634,110
1,197,036 Government National Mortgage Association II,
3.5%, 4/20/45 1,245,675
523,331 Government National Mortgage Association II,
3.5%, 4/20/45 545,129
4,630,202 Government National Mortgage Association II,
3.5%, 8/20/45 4,818,157
2,427,390 Government National Mortgage Association II,
4.0%, 10/20/44 2,580,023
The accompanying notes are an integral part of these financial statements.
74 Pioneer Bond Fund | Semiannual Report | 12/31/16
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
10,247,157 Government National Mortgage Association II,
4.0%, 10/20/46 $ 10,895,782
10,223,843 Government National Mortgage Association II,
4.0%, 7/20/44 10,866,711
278,102 Government National Mortgage Association II,
4.0%, 9/20/44 295,589
299,839 Government National Mortgage Association II,
4.5%, 1/20/35 322,713
96,663 Government National Mortgage Association II,
4.5%, 12/20/34 104,081
50,200 Government National Mortgage Association II,
4.5%, 3/20/35 54,017
1,546,730 Government National Mortgage Association II,
4.5%, 9/20/41 1,667,047
21,457 Government National Mortgage Association II,
5.0%, 1/20/20 22,620
53,870 Government National Mortgage Association II,
5.0%, 12/20/18 55,688
27,342 Government National Mortgage Association II,
5.0%, 2/20/19 28,702
172,957 Government National Mortgage Association II,
5.5%, 10/20/19 178,225
147,506 Government National Mortgage Association II,
5.5%, 10/20/37 163,573
209,304 Government National Mortgage Association II,
5.5%, 3/20/34 240,338
185,652 Government National Mortgage Association II,
5.5%, 4/20/34 208,401
148,672 Government National Mortgage Association II,
5.75%, 6/20/33 164,185
26,894 Government National Mortgage Association II,
5.9%, 1/20/28 29,848
46,057 Government National Mortgage Association II,
5.9%, 11/20/27 51,095
86,059 Government National Mortgage Association II,
5.9%, 7/20/28 94,844
94,428 Government National Mortgage Association II,
6.0%, 1/20/33 110,084
20,599 Government National Mortgage Association II,
6.0%, 10/20/31 23,965
105,822 Government National Mortgage Association II,
6.0%, 10/20/33 123,141
22,199 Government National Mortgage Association II,
6.0%, 12/20/18 22,485
59,273 Government National Mortgage Association II,
6.0%, 6/20/34 68,962
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 75
Schedule of Investments | 12/31/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
1,492 Government National Mortgage Association II,
6.0%, 7/20/17 $ 1,500
9,797 Government National Mortgage Association II,
6.0%, 7/20/19 9,876
86,113 Government National Mortgage Association II,
6.45%, 1/20/33 98,112
45,474 Government National Mortgage Association II,
6.45%, 11/20/32 51,795
48,830 Government National Mortgage Association II,
6.45%, 7/20/32 55,619
25,289 Government National Mortgage Association II,
6.5%, 1/20/24 27,357
46,274 Government National Mortgage Association II,
6.5%, 10/20/32 54,241
2,157 Government National Mortgage Association II,
6.5%, 2/20/29 2,485
866 Government National Mortgage Association II,
6.5%, 3/20/29 997
61,774 Government National Mortgage Association II,
6.5%, 3/20/34 72,762
27,016 Government National Mortgage Association II,
6.5%, 4/20/29 30,644
14,136 Government National Mortgage Association II,
6.5%, 4/20/31 16,482
9,951 Government National Mortgage Association II,
6.5%, 6/20/31 11,537
45,209 Government National Mortgage Association II,
6.5%, 8/20/28 51,440
72,428 Government National Mortgage Association II,
7.0%, 1/20/29 85,204
10,996 Government National Mortgage Association II,
7.0%, 1/20/31 12,833
70,065 Government National Mortgage Association II,
7.0%, 11/20/28 82,162
10,526 Government National Mortgage Association II,
7.0%, 11/20/31 12,370
2,089 Government National Mortgage Association II,
7.0%, 12/20/30 2,498
6,983 Government National Mortgage Association II,
7.0%, 2/20/29 8,025
5,390 Government National Mortgage Association II,
7.0%, 3/20/31 6,305
9,731 Government National Mortgage Association II,
7.0%, 5/20/26 11,086
21,776 Government National Mortgage Association II,
7.0%, 6/20/28 25,584
The accompanying notes are an integral part of these financial statements.
76 Pioneer Bond Fund | Semiannual Report | 12/31/16
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
27,063 Government National Mortgage Association II,
7.0%, 7/20/31 $ 32,205
20,817 Government National Mortgage Association II,
7.0%, 8/20/27 24,341
6,777 Government National Mortgage Association II,
7.5%, 12/20/30 8,166
11,139 Government National Mortgage Association II,
7.5%, 5/20/30 13,538
3,389 Government National Mortgage Association II,
7.5%, 6/20/30 3,948
9,307 Government National Mortgage Association II,
7.5%, 7/20/30 10,528
12,429 Government National Mortgage Association II,
7.5%, 8/20/30 15,107
42 Government National Mortgage Association II,
8.0%, 5/20/25 47
2,476 Government National Mortgage Association II,
9.0%, 11/20/24 2,487
2,397 Government National Mortgage Association II,
9.0%, 3/20/22 2,407
336 Government National Mortgage Association II,
9.0%, 4/20/22 337
433 Government National Mortgage Association II,
9.0%, 9/20/21 434
17,425 Government National Mortgage Association,
6.5%, 3/15/29 19,904
968,184 Tennessee Valley Authority, 4.929%, 1/15/21 1,036,379
147,025,000 U.S. Treasury Bills, 1/12/17 (c) 147,010,284
30,720,000 U.S. Treasury Bills, 1/5/17 (c) 30,719,386
2,500,000 U.S. Treasury Bonds, 4.25%, 5/15/39 3,035,255
6,865,000 U.S. Treasury Bonds, 4.375%, 11/15/39 8,474,520
1,600,000 U.S. Treasury Bonds, 4.375%, 5/15/40 1,976,813
62,762,044 U.S. Treasury Inflation Indexed Bonds, 0.75%, 2/15/45 59,055,381
71,642,843 U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/46 71,945,605
1,500,000 U.S. Treasury Notes, 0.625%, 5/31/17 1,500,117
1,500,000 U.S. Treasury Notes, 1.125%, 1/15/19 1,497,129
5,200,000 U.S. Treasury Notes, 1.875%, 8/31/17 5,238,189
5,400,000 U.S. Treasury Notes, 2.625%, 11/15/20 5,581,408
---------------
$ 1,555,944,926
---------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY
OBLIGATIONS
(Cost $1,565,358,269) $ 1,555,944,926
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 77
Schedule of Investments | 12/31/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 0.1%
4,550,000 Africa Finance Corp., 4.375%, 4/29/20 (144A) $ 4,656,925
1,075,000 Provincia de Cordoba, 7.125%, 6/10/21 (144A) 1,104,562
---------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $5,594,472) $ 5,761,487
---------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 1.2%
Municipal Development -- 0.1%
4,500,000 New Jersey Economic Development
Authority, 2/15/18 (c) $ 4,396,095
---------------------------------------------------------------------------------------------------
Municipal Education -- 0.0%+
525,000 Amherst College, 3.794%, 11/1/42 $ 508,015
---------------------------------------------------------------------------------------------------
Municipal General -- 0.3%
4,075,000 JobsOhio Beverage System, 3.985%, 1/1/29 $ 4,303,282
1,035,000 JobsOhio Beverage System, 4.532%, 1/1/35 1,117,200
2,325,000 Virginia Commonwealth Transportation Board,
4.0%, 5/15/31 2,471,405
2,335,000 Virginia Commonwealth Transportation Board,
4.0%, 5/15/32 2,472,532
---------------
$ 15,268,529
---------------------------------------------------------------------------------------------------
Higher Municipal Education -- 0.4%
1,025,000 Baylor University, 4.313%, 3/1/42 $ 1,035,270
7,425,000 Massachusetts Development Finance Agency,
Harvard University-Series A, 5.0%, 7/15/40 9,380,968
1,100,000 Massachusetts Institute of Technology, 5.6%, 7/1/11 1,333,333
1,900,000 The George Washington University, 1.827%, 9/15/17 1,906,549
3,100,000 University of Virginia, Green Bond Series A,
5.0%, 4/1/45 3,537,968
---------------
$ 17,194,088
---------------------------------------------------------------------------------------------------
Municipal Medical -- 0.1%
1,765,000 Ohio Higher Educational Facility Commission,
5.0%, 1/1/42 $ 1,943,336
---------------------------------------------------------------------------------------------------
Municipal School District -- 0.1%
2,800,000 Frisco Independent School District, 4.0%, 8/15/40 $ 2,872,240
1,750,000 Frisco Independent School District, 4.0%, 8/15/45 1,787,730
---------------
$ 6,603,306
---------------------------------------------------------------------------------------------------
Municipal Transportation -- 0.1%
600,000 Port Authority of New York & New Jersey,
4.458%, 10/1/62 $ 601,998
1,000,000 Texas Transportation Commission State Highway
Fund, 5.0%, 4/1/33 1,142,750
2,830,000 Virginia Commonwealth Transportation Board,
3.0%, 5/15/39 2,500,956
---------------
$ 4,245,704
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
78 Pioneer Bond Fund | Semiannual Report | 12/31/16
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
Municipal Obligation -- 0.1%
3,150,000 State of Texas, 4.0%, 10/1/44 $ 3,255,998
1,600,000 State of Washington, 5.0%, 7/1/30 1,855,776
---------------
$ 5,111,774
---------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $48,629,341) $ 48,423,401
---------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 3.2%**
ENERGY -- 0.1%
Oil & Gas Refining & Marketing -- 0.0%+
569,261 3.52 Pilot Travel Centers LLC, 2016 Refinancing
Tranche B Term Loan, 5/18/23 $ 574,420
---------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.1%
1,904,228 6.25 Gulf Finance LLC, Tranche B Term Loan, 8/17/23 $ 1,923,270
---------------
Total Energy $ 2,497,690
---------------------------------------------------------------------------------------------------
MATERIALS -- 0.1%
Commodity Chemicals -- 0.0%+
755,108 4.50 Tronox Pigments Holland BV, New Term Loan, 3/19/20 $ 758,197
---------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.1%
164,825 3.75 Huntsman International LLC, 2015 Extended
Term B Dollar Loan, 4/19/19 $ 165,787
805,860 5.00 MacDermid, Inc., Tranche B-4 Term Loan, 10/13/23 816,716
598,500 5.25 OMNOVA Solutions, Inc., Term B-2 Loan, 8/17/23 609,722
391,974 2.88 WR Grace & Co-Conn, U.S. Term Loan, 1/23/21 394,816
---------------
$ 1,987,041
---------------------------------------------------------------------------------------------------
Construction Materials -- 0.0%+
104,280 4.25 CeramTec Acquisition Corp., Initial Dollar Term B-2
Loan, 8/30/20 $ 105,258
278,570 4.25 CeramTec GmbH, Dollar Term B-3 Loan, 8/30/20 281,182
920,537 4.25 CeramTec Service GmbH, Initial Dollar Term B-1
Loan, 8/30/20 929,167
---------------
$ 1,315,607
---------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.0%+
762,456 4.75 BWAY Holding Co., Initial Term Loan (2016), 8/14/23 $ 766,649
---------------------------------------------------------------------------------------------------
Aluminum -- 0.0%+
689,500 4.02 Novelis, Inc., Initial Term Loan, 5/28/22 $ 693,994
---------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.0%+
125,209 3.75 Fortescue Metals Group, Ltd., Bank Loan, 6/30/19 $ 125,616
---------------
Total Materials $ 5,647,104
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 79
Schedule of Investments | 12/31/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.4%
Aerospace & Defense -- 0.1%
2,351,468 3.50 DigitalGlobe, Inc., Term Loan, 12/22/23 $ 2,372,044
1,432,316 5.75 The SI Organization, Inc., Term Loan (First
Lien), 11/19/19 1,451,115
---------------
$ 3,823,159
---------------------------------------------------------------------------------------------------
Building Products -- 0.1%
1,575,667 4.25 NCI Building Systems, Inc., Tranche B Term
Loan, 6/24/19 $ 1,578,621
1,966,314 4.25 Unifrax Corp., New Term B Loan, 12/31/19 1,963,243
---------------
$ 3,541,864
---------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.1%
1,100,000 4.25 Dell International LLC, Term B Loan, 6/2/23 $ 1,120,052
2,012,396 3.25 Southwire Co., Term Loan, 1/31/21 2,025,813
471,578 5.00 Sybil Software LLC, Initial Dollar Term Loan, 8/3/22 478,416
---------------
$ 3,624,281
---------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy
Trucks -- 0.0%+
744,361 6.50 Navistar, Inc., Tranche B Term Loan, 8/17/17 $ 755,061
---------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.1%
3,460,697 5.00 NN, Inc., Tranche B Term Loan, 10/19/22 $ 3,476,378
---------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.0%+
597,000 5.25 Nexeo Solutions LLC, Initial Term Loan, 5/17/23 $ 602,970
489,048 3.75 WESCO Distribution, Inc., Tranche B-1
Loan, 12/12/19 490,577
---------------
$ 1,093,547
---------------
Total Capital Goods $ 16,314,290
---------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.0%+
Security & Alarm Services -- 0.0%+
780,508 4.00 Garda World Security Corp., Term B Loan, 11/1/20 $ 782,785
199,665 4.00 Garda World Security Corp., Term B Loan, 11/8/20 200,247
---------------
$ 983,032
---------------
Total Commercial Services & Supplies $ 983,032
---------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.0%+
Airlines -- 0.0%+
792,000 3.25 Delta Air Lines, Inc., Term Loan (First Lien),
8/24/22 $ 801,900
---------------------------------------------------------------------------------------------------
Marine -- 0.0%+
308,737 5.25 Navios Maritime Partners LP, Term Loan, 6/27/18 $ 300,247
---------------
Total Transportation $ 1,102,147
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
80 Pioneer Bond Fund | Semiannual Report | 12/31/16
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.3%
Auto Parts & Equipment -- 0.2%
635,186 3.26 Allison Transmission, Inc., Term B-3 Loan, 8/23/19 $ 644,431
1,203,132 5.75 Electrical Components International, Inc.,
Loan, 4/17/21 1,209,147
1,400,834 4.75 Federal-Mogul Corp., Tranche C Term, 4/15/21 1,389,452
4,493,250 3.75 MPG Holdco I, Inc., Tranche B-1 Term Loan
(2015), 10/20/21 4,511,034
1,763,150 4.50 TI Group Automotive Systems LLC, Initial US Term
Loan, 6/25/22 1,789,598
---------------
$ 9,543,662
---------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.0%+
1,396,667 3.75 The Goodyear Tire & Rubber Co., Term Loan
(Second Lien), 3/27/19 $ 1,412,554
---------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.1%
2,190,335 3.50 Chrysler Group LLC, Term Loan B, 5/24/17 $ 2,198,822
---------------
Total Automobiles & Components $ 13,155,038
---------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.0%+
Apparel, Accessories & Luxury Goods -- 0.0%+
374,853 3.25 Hanesbrands, Inc., New Term B Loan, 4/15/22 $ 378,367
---------------------------------------------------------------------------------------------------
Footwear -- 0.0%+
895,494 3.25 Regal Cinemas Corp., Refinancing Term
Loan, 4/1/22 $ 901,091
---------------
Total Consumer Durables & Apparel $ 1,279,458
---------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.2%
Casinos & Gaming -- 0.1%
110,167 3.84 Pinnacle Entertainment, Inc., Term B Facility
Loan, 3/30/23 $ 110,901
4,263,000 6.00 Scientific Games, Initial Term B-2, 10/1/21 4,320,094
---------------
$ 4,430,995
---------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.0%+
598,500 6.00 L.A. Fitness International, LLC, Tranche B Term
Loan (First Lien), 4/25/20 $ 599,921
1,292,915 3.09 Six Flags Theme Parks, Inc., Tranche B Term
Loan, 6/30/22 1,305,642
---------------
$ 1,905,563
---------------------------------------------------------------------------------------------------
Restaurants -- 0.0%+
358,806 3.75 Burger King BC ULC, Term B-2 Loan, 12/12/21 $ 362,319
---------------------------------------------------------------------------------------------------
Education Services -- 0.1%
576,689 3.50 Bright Horizons Family Solutions LLC (f.k.a. Bright
Horizons Family Solutions, Inc.), Effective Date
Incremental Term Loan, 11/3/23 $ 582,216
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 81
Schedule of Investments | 12/31/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
Education Services -- (continued)
992,443 4.00 Houghton Mifflin Harcourt Publishers, Inc., Term
Loan, 5/11/21 $ 947,783
992,366 5.00 Nord Anglia Education, Initial Term Loan, 3/31/21 1,009,113
---------------
$ 2,539,112
---------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.0%+
245,565 5.25 GENEX Holdings, Inc., Term B Loan (First
Lien), 5/22/21 $ 244,645
---------------
Total Consumer Services $ 9,482,634
---------------------------------------------------------------------------------------------------
MEDIA -- 0.3%
Advertising -- 0.0%+
1,043,471 6.75 Affinion Group, Inc., Tranche B Term Loan, 4/30/18 $ 1,039,015
---------------------------------------------------------------------------------------------------
Broadcasting -- 0.1%
2,218,283 4.00 Univision Communications, Inc., Replacement
First-Lien Term Loan (C-4), 3/1/20 $ 2,231,377
---------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.1%
1,664,625 3.02 Charter Communications Operating LLC, Term F
Loan, 1/1/21 $ 1,672,254
720,343 3.75 Intelsat Jackson Holdings SA, Tranche B-2 Term
Loan, 6/30/19 698,604
---------------
$ 2,370,858
---------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.1%
408,365 5.00 CDS US Intermediate Holdings, Inc., Initial Term
Loan (First Lien), 6/25/22 $ 412,550
2,074,800 3.31 Live Nation Entertainment, Inc., Term B-2
Loan, 10/27/23 2,098,142
3,195,445 3.75 Rovi Solutions Corp., Term B Loan, 7/2/21 3,224,738
---------------
$ 5,735,430
---------------------------------------------------------------------------------------------------
Publishing -- 0.0%+
1,442,009 3.38 MTL Publishing LLC, Term B-4 Loan, 8/20/22 $ 1,452,644
---------------
Total Media $ 12,829,324
---------------------------------------------------------------------------------------------------
RETAILING -- 0.1%
General Merchandise Stores -- 0.0%+
151,515 3.25 Dollar Tree, Inc., Term B-3 Loan, 7/6/22 $ 153,093
---------------------------------------------------------------------------------------------------
Specialty Stores -- 0.0%+
1,149,756 4.00 PetSmart, Inc., Tranche B-2 Loan, 3/10/22 $ 1,155,439
---------------------------------------------------------------------------------------------------
Automotive Retail -- 0.1%
1,381,665 3.59 Cooper-Standard Automotive, Inc., Additional
Term B-1 Loan, 10/28/23 $ 1,399,800
1,008,250 4.50 CWGS Group LLC, Term Loan, 11/3/23 1,018,018
---------------
$ 2,417,818
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
82 Pioneer Bond Fund | Semiannual Report | 12/31/16
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
Homefurnishing Retail -- 0.0%+
1,667,477 4.50 Serta Simmons Bedding LLC, Initial Term Loan
(Second Lien), 10/21/23 $ 1,684,152
---------------
Total Retailing $ 5,410,502
---------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.2%
Agricultural Products -- 0.1%
1,967,900 3.25 Darling International, Inc., Term B USD
Loan, 12/19/20 $ 1,986,965
---------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.1%
3,552,767 4.00 JBS USA LUX SA, 2015 Incremental Term
Loan, 9/18/22 $ 3,586,814
1,887,433 5.29 Keurig Green Mountain, Inc., Term B USD
Loan, 2/10/23 1,920,054
20,755 3.39 Pinnacle Foods Finance LLC, Tranche G Term
Loan, 4/29/20 20,955
---------------
$ 5,527,823
---------------
Total Food, Beverage & Tobacco $ 7,514,788
---------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.0%+
Personal Products -- 0.0%+
738,150 4.37 Revlon Consumer Products Corp., Initial Term B
Loan, 7/22/23 $ 746,085
508,911 5.00 The Nature's Bounty Co., Dollar Term B Loan, 4/27/23 513,841
---------------
$ 1,259,926
---------------
Total Household & Personal Products $ 1,259,926
---------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.4%
Health Care Supplies -- 0.1%
2,877,067 5.00 Kinetic Concepts, Inc., Dollar Term F Loan, 11/30/20 $ 2,889,294
---------------------------------------------------------------------------------------------------
Health Care Services -- 0.0%+
916,345 4.25 Alliance HealthCare Services, Inc., Initial Term
Loan, 6/3/19 $ 907,182
182,835 6.50 Ardent Legacy Acquisitions, Inc., Term
Loan, 7/31/21 182,949
247,336 3.50 DaVita HealthCare Partners, Inc., Tranche B
Loan (First Lien), 6/19/21 250,222
---------------
$ 1,340,353
---------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.2%
504,481 4.16 CHS, Incremental 2018 Term F Loan, 12/31/18 $ 497,307
1,069,174 3.59 CHS, Incremental 2019 Term G Loan, 12/31/19 1,038,268
1,967,265 4.00 CHS, Incremental 2021 Term H Loan, 1/27/21 1,906,491
1,722,196 4.02 HCA, Inc., Tranche B-6 Term Loan, 3/8/23 1,744,126
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 83
Schedule of Investments | 12/31/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
Health Care Facilities -- (continued)
629,507 3.52 HCA, Inc., Tranche B-7 Term Loan, 2/5/24 $ 637,095
544,420 4.25 Kindred Healthcare, Inc., Tranche B Loan (First
Lien), 4/10/21 544,874
1,166,188 6.01 Select Medical Corp., Series F Tranche B Term
Loan, 3/4/21 1,189,511
1,737,710 5.00 Vizient, Inc., Term B-2 Loan, 2/11/23 1,767,395
---------------
$ 9,325,067
---------------------------------------------------------------------------------------------------
Health Care Technology -- 0.1%
1,582,961 3.50 Quintiles IMS, Inc., Term B Dollar Loan, 3/17/21 $ 1,596,812
---------------
Total Health Care Equipment & Services $ 15,151,526
---------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE
SCIENCES -- 0.2%
Biotechnology -- 0.0%+
734,655 3.50 Alkermes, Inc., 2021 Term Loan, 9/25/19 $ 737,869
---------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.1%
1,633,500 5.25 Concordia Healthcare Corp., Initial Dollar Term
Loan, 10/20/21 $ 1,283,830
379,275 3.71 Grifols Worldwide Operations USA, Inc., U.S.
Tranche B Term Loam, 4/1/21 382,375
841,349 3.34 Mallinckrodt International Finance SA, Initial
Term B Loan, 3/6/21 844,579
1,330,279 3.18 RPI Finance Trust, Term B-5 Term Loan, 10/5/22 1,346,789
512,927 5.25 Valeant Pharmaceuticals International, Inc.,
Series C-2 Tranche B Term Loan, 12/11/19 513,034
935,882 5.50 Valeant Pharmaceuticals, Series F-1, 3/11/22 938,047
---------------
$ 5,308,654
---------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.1%
1,243,703 6.01 Albany Molecular Research, Inc., Term
Loan, 7/14/21 $ 1,260,804
1,405,016 3.75 Catalent Pharma Solutions, Dollar Term
Loan, 5/20/21 1,417,164
---------------
$ 2,677,968
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 8,724,491
---------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Other Diversified Financial Services -- 0.0%+
426,452 4.75 Builders FirstSource, Inc., Initial Term Loan,
7/31/22 $ 430,770
1,209,268 3.64 Fly Funding II Sarl, Loan, 8/9/19 1,221,361
---------------
$ 1,652,131
---------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
218,734 3.70 Avago Technologies Cayman Holdings, Ltd.,
Term B-3 Loan, 2/1/23 $ 222,084
The accompanying notes are an integral part of these financial statements.
84 Pioneer Bond Fund | Semiannual Report | 12/31/16
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
Specialized Finance -- (continued)
1,469,790 3.50 Trans Union LLC, 2016 Incremental Term B-2
Commitment, 4/9/21 $ 1,481,995
---------------
$ 1,704,079
---------------
Total Diversified Financials $ 3,356,210
---------------------------------------------------------------------------------------------------
INSURANCE -- 0.2%
Insurance Brokers -- 0.2%
1,146,613 4.50 NFP Corp., Term Loan B, 12/9/23 $ 1,159,274
1,143,690 4.50 National Financial Partners Corp., Tranche B Term
Loan (First Lien), 7/1/20 1,150,005
4,490,177 4.25 USI Insurance Services LLC, Term B Loan, 12/30/19 4,513,561
---------------
$ 6,822,840
---------------
Total Insurance $ 6,822,840
---------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Retail REIT -- 0.0%+
992,443 4.25 DTZ US Borrower LLC, 2015-1 Additional Term
Loan (First Lien), 11/4/21 $ 997,509
---------------------------------------------------------------------------------------------------
Specialized REIT -- 0.1%
1,633,469 5.00 Communications Sales & Leasing, Inc., Term
Loan, 10/16/22 $ 1,654,704
---------------
Total Real Estate $ 2,652,213
---------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.1%
IT Consulting & Other Services -- 0.0%+
478,681 3.27 NXP B.V. (NXP Funding LLC), Tranche F Loan, 12/7/20 $ 481,822
412,366 7.00 TaxAct, Inc., Initial Term Loan, 12/31/22 415,458
---------------
$ 897,280
---------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.1%
217,563 3.76 First Data Corp., 2021C New Dollar Term
Loan, 3/24/21 $ 220,341
1,282,811 3.76 First Data Corp., 2022C New Dollar Term
Loan, 7/10/22 1,298,525
---------------
$ 1,518,866
---------------------------------------------------------------------------------------------------
Application Software -- 0.0%+
350,000 6.25 STG-Fairway Acquisitions, Inc., Term Loan (First
Lien), 6/30/22 $ 342,125
---------------
Total Software & Services $ 2,758,271
---------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.0%+
Communications Equipment -- 0.0%+
1,117,223 3.75 Ciena Corp., Term Loan, 7/15/19 $ 1,124,206
105,957 3.31 CommScope, Inc., Tranche 4 Term Loan, 1/14/18 106,520
---------------
$ 1,230,726
---------------
Total Technology Hardware & Equipment $ 1,230,726
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 85
Schedule of Investments | 12/31/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.1%
Semiconductor Equipment -- 0.0%+
1,107,338 3.09 Sensata Technologies BV, Sixth Amendment
Term Loan, 10/14/21 $ 1,116,248
---------------------------------------------------------------------------------------------------
Semiconductors -- 0.1%
396,957 3.75 Microsemi Corp., Closing Date Term B
Loan, 12/17/22 $ 401,547
1,720,688 3.90 On Semiconductor Corp., Term Loan (First
Lien), 3/31/23 1,743,390
---------------
$ 2,144,937
---------------
Total Semiconductors & Semiconductor Equipment $ 3,261,185
---------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.1%
Integrated Telecommunication Services -- 0.1%
1,143,313 4.00 Cincinnati Bell, Inc., Tranche B Term Loan, 9/10/20 $ 1,149,148
1,193,429 4.68 GCI Holdings, Inc., New Term B Loan (2016), 2/2/22 1,195,666
---------------
$ 2,344,814
---------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.0%+
1,853,687 3.88 Altice US Finance I Corp., 2016 Refinancing Term
Loan, 10/25/24 $ 1,878,016
---------------
Total Telecommunication Services $ 4,222,830
---------------------------------------------------------------------------------------------------
UTILITIES -- 0.2%
Electric Utilities -- 0.1%
1,674,351 3.09 Calpine Construction Finance Co. LP, Term B-1
Loan, 5/3/20 $ 1,676,444
947,747 5.00 TPF II Power, LLC, Term Loan, 10/2/21 957,698
415,194 5.00 Vistra Operations Co., LLC, Initial Term C Loan,
8/4/23 420,968
1,820,466 5.00 Vistra Operations Co., LLC, Initial Term Loan,
8/4/23 1,837,533
---------------
$ 4,892,643
---------------------------------------------------------------------------------------------------
Independent Power Producers & Energy
Traders -- 0.1%
1,000,000 5.00 Dynegy, Inc., Term Loan, 6/27/23 $ 1,013,929
291,025 4.00 Dynegy, Inc., Tranche B-2 Term Loan, 4/23/20 292,510
1,299,116 3.50 NRG Energy, Inc., Term Loan, 6/30/23 1,314,138
---------------
$ 2,620,577
---------------
Total Utilities $ 7,513,220
---------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
(Cost $130,462,286) $ 133,169,445
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
86 Pioneer Bond Fund | Semiannual Report | 12/31/16
---------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
---------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 1.6%
Repurchase Agreements -- 1.0%
19,210,000 $19,210,000 ScotiaBank, 0.50%, dated 12/30/16
plus accrued interest on 1/3/17
collateralized by the following
$15,114,900 Freddie Mac Giant, 2.5%, 6/1/31
$4,295,385 Federal National Mortgage
Association (ARM), 2.688%, 6/1/42
$185,004 Government National Mortgage
Association, 2.0%, 3/20/42 $ 19,210,000
22,120,000 $22,120,000 RBC Capital Markets LLC, 0.43%,
dated 12/30/16 plus accrued interest on 1/3/17
collateralized by the following:
$293,345 Freddie Mac Giant, 3.0% --
3.5%, 12/1/46
$8,946,268 Federal Home Loan Mortgage Corp.,
2.758% -- 3.352%, 1/1/37-9/1/41
$2,631,995 Federal National Mortgage
Association (ARM), 2.638% -- 3.71%,
1/1/41 -- 5/1/41
$8,159,025 Federal National Mortgage
Association, 3.5% -- 4.0%, 5/1/44-12/1/46
$2,531,767 Government National Mortgage
Association, 3.5%, 9/20/46 22,120,000
---------------
$ 41,330,000
---------------------------------------------------------------------------------------------------
Commercial Paper -- 0.1%
5,250,000 Prudential Funding Corp., Commercial
Paper, 1/3/17 (c) $ 5,249,733
---------------------------------------------------------------------------------------------------
Certificates of Deposit -- 0.5%
10,186,000 1.16 Skandinaviska Enskilda Banken, Floating Rate
Note, 12/24/17 $ 10,194,778
10,600,000 1.26 Sumitomo Mitsui, Floating Rate Note, 11/1/16 10,608,118
---------------
$ 20,802,896
---------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $67,365,848) $ 67,382,629
---------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 104.4%
(Cost $4,360,409,143) (a) $ 4,360,258,690
---------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- (4.4)% $ (182,939,014)
---------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 4,177,319,676
===================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 87
Schedule of Investments | 12/31/16 (unaudited) (continued)
REIT Real Estate Investment Trust.
+ Rounds to less than 0.01%.
(Perpetual) Security with no stated maturity date.
(ARM) Adjustable Rate Mortgage.
(Cat Bond) Catastrophe or event linked bond. At December 31, 2016 the value of
these securities amounted to $102,631,190 or 2.5% of net assets. See
Notes to Financial Statements -- 1F.
REMICS Real Estate Mortgage Investment Conduits.
(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 30, 2016, the value of these securities
amounted to $1,189,245,074 or 28.5% of 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, 2016, the net unrealized depreciation on investments
based on cost for federal income tax purposes of $4,366,718,399 was
as follows:
Aggregate gross unrealized appreciation for all investments in
which there is an excess of value over tax cost $ 45,472,089
Aggregate gross unrealized depreciation for all investments in
which there is an excess of tax cost over value (51,931,798)
------------
Net unrealized depreciation $ (6,459,709)
============
(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, 2016, the value
of these securities amounted to $65,897,677 or 1.6% of net assets.
See Notes to Financial Statements -- Note 1F.
(f) Rate to be determined.
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended December 31, 2016 were as follows:
--------------------------------------------------------------------
Purchases Sales
--------------------------------------------------------------------
Long-Term U.S. Government Securities $280,906,435 $117,953,650
Other Long-Term Securities 726,264,381 831,740,759
The accompanying notes are an integral part of these financial statements.
88 Pioneer Bond Fund | Semiannual Report | 12/31/16
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain funds and accounts for which Pioneer Investment
Management, Inc. serves as the Fund's investment adviser, as set forth in Rule
17a-7 under the Investment Company Act of 1940, pursuant to procedures adopted
by the Board of Trustees. Under these procedures, cross trades are effected at
current market prices. During the six months ended December 31, 2016, the Fund
engaged in purchases and sales pursuant to these procedures amounting to
$91,277,110 and $7,937,725, respectively, resulting in a net realized gain
(loss) of $94,838.
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, 2016, in
valuing the Fund's assets:
-------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------------------------
Convertible Preferred Stock $24,268,924 $ -- $ -- $ 24,268,924
Asset Backed Securities -- 175,735,744 -- 175,735,744
Collateralized Mortgage Obligations -- 841,254,351 -- 841,254,351
Corporate Bonds
Diversified Financials
Other Diversified Financial
Services -- 13,613,533 1,246,369 14,859,902
Insurance
Reinsurance -- 89,865,080 71,161,687 161,026,767
All Other Corporate Bonds -- 1,332,431,114 -- 1,332,431,114
U.S. Government Agency Obligations -- 1,555,944,926 -- 1,555,944,926
Foreign Government Bonds -- 5,761,487 -- 5,761,487
Municipal Bonds -- 48,423,401 -- 48,423,401
Senior Floating Rate Loan Interests -- 133,169,445 -- 133,169,445
Commercial Paper -- 5,249,733 -- 5,249,733
Repurchase Agreements -- 41,330,000 -- 41,330,000
Certificates of Deposit -- 20,802,896 -- 20,802,896
-------------------------------------------------------------------------------------------------
Total $24,268,924 $ 4,263,581,710 $72,408,056 $4,360,258,690
=================================================================================================
Other Financial Instruments
Net unrealized depreciation
on Futures Contracts $ 4,182,036 $ -- $ -- $ 4,182,036
-------------------------------------------------------------------------------------------------
Total Other Financial
Instruments $ 4,182,036 $ -- $ -- $ 4,182,036
=================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 89
Schedule of Investments | 12/31/16 (unaudited) (continued)
Following is a reconciliation of assets using significant unobservable inputs
(Level 3):
--------------------------------------------------------------------------------
Corporate
Bonds
--------------------------------------------------------------------------------
Balance as of 6/30/16 $61,501,798
Realized gain (loss)(1) 2,055
Change in unrealized appreciation (depreciation)(2) 3,995,894
Net purchases 13,770,962
Net sales(3) (6,862,653)
Transfers in between Level 3* --
--------------------------------------------------------------------------------
Balance as of 12/31/16 $72,408,056
================================================================================
(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.
(3) Amount represents return of capital on Insurance-Linked Securities.
* Transfers are calculated on the beginning of period values.
During the six months ended December 31, 2016, there were no transfers
between Levels 1, 2 and 3.
Net change in unrealized appreciation (depreciation) of investments
still held as of 12/31/16 $4,152,059
----------
The accompanying notes are an integral part of these financial statements.
90 Pioneer Bond Fund | Semiannual Report | 12/31/16
Statement of Assets and Liabilities | 12/31/16 (unaudited)
ASSETS:
Investment in securities (cost $4,360,409,143) $4,360,258,690
Cash 77,793,497
Restricted cash* 5,901,702
Receivables --
Investment securities sold 42,147,538
Fund shares sold 28,726,511
Interest 23,329,645
Due from Pioneer Investment Management, Inc. 496,794
Futures receivable 252,171
Other assets 136,116
--------------------------------------------------------------------------------------
Total Assets $4,539,042,664
======================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 314,955,098
Fund shares repurchased 40,349,127
Dividends 3,610,574
Variation margin on futures contracts 1,077,313
Due to affiliates 186,186
Accrued expenses 1,544,690
--------------------------------------------------------------------------------------
Total Liabilities $ 361,722,988
======================================================================================
NET ASSETS:
Paid-in capital $4,190,362,655
Distributions in excess of net investment income (10,813,572)
Accumulated net realized loss on investments and futures contracts (6,260,990)
Net unrealized depreciation on investments (150,453)
Net unrealized appreciation on futures contracts 4,182,036
--------------------------------------------------------------------------------------
Net Assets $4,177,319,676
======================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $1,186,677,093/123,323,737 shares) $ 9.62
Class C (based on $119,281,758/12,537,376 shares) $ 9.51
Class K (based on $388,716,491/40,412,269 shares) $ 9.62
Class R (based on $166,500,268/17,147,913 shares) $ 9.71
Class Y (based on $2,316,144,066/242,989,033 shares) $ 9.53
MAXIMUM OFFERING PRICE:
Class A ($9.62 / 95.5% ) $ 10.07
======================================================================================
* Represents restricted cash deposited at the counterparty for derivative
contracts.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/16 91
Statement of Operations (unaudited)
For the Six Months Ended 12/31/16
INVESTMENT INCOME:
Interest $ 67,087,296
Dividends 525,931
---------------------------------------------------------------------------------------------
Total investment income $ 67,613,227
=============================================================================================
EXPENSES:
Management fees $ 8,233,886
Transfer agent fees
Class A 1,660,615
Class C 73,912
Class K 1,071
Class R 220,347
Class Y 1,482,420
Distribution fees
Class A 1,503,083
Class C 664,537
Class R 408,885
Shareholder communications expense 33,198
Administrative expense 655,988
Custodian fees 145,565
Registration fees 187,272
Professional fees 92,480
Printing expense 34,027
Fees and expenses of nonaffiliated Trustees 93,263
Miscellaneous 243,271
---------------------------------------------------------------------------------------------
Total expenses $ 15,733,820
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (1,270,433)
---------------------------------------------------------------------------------------------
Net expenses $ 14,463,387
---------------------------------------------------------------------------------------------
Net investment income $ 53,149,840
---------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FUTURES CONTRACTS:
Net realized gain (loss) on:
Investments $ 16,284,783
Futures contracts 10,339,991 $ 26,624,774
---------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ (95,375,043)
Futures contracts 21,484,834 $ (73,890,209)
---------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments and
futures contracts $ (47,265,435)
---------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 5,884,405
=============================================================================================
The accompanying notes are an integral part of these financial statements.
92 Pioneer Bond Fund | Semiannual Report | 12/31/16
Statements of Changes in Net Assets
---------------------------------------------------------------------------------------------
Six Months
Ended
12/31/16 Year Ended
(unaudited) 6/30/16
---------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 53,149,840 $ 93,820,785
Net realized gain (loss) on investments, futures contracts
and swap contracts 26,624,774 (6,243,404)
Change in net unrealized appreciation (depreciation)
on investments, futures contracts and swap contracts (73,890,209) 59,491,707
---------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 5,884,405 $ 147,069,088
---------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.15 and $0.27 per share, respectively) $ (18,747,182) $ (30,130,801)
Class C ($0.12 and $0.20 per share, respectively) (1,576,036) (2,503,533)
Class K ($0.17 and $0.31 per share, respectively) (6,533,751) (8,577,930)
Class R ($0.14 and $0.25 per share, respectively) (2,354,580) (3,514,545)
Class Y ($0.17 and $0.29 per share, respectively) (38,436,789) (56,701,826)
Class Z* ($0.00 and $0.03 per share, respectively) -- (184,669)
Net realized gains
Class A ($0.00 and $0.02 per share, respectively) -- (2,297,989)
Class C ($0.00 and $0.02 per share, respectively) -- (256,680)
Class K ($0.00 and $0.02 per share, respectively) -- (632,921)
Class R ($0.00 and $0.02 per share, respectively) -- (289,802)
Class Y ($0.00 and $0.02 per share, respectively) -- (3,842,000)
---------------------------------------------------------------------------------------------
Total distributions to shareowners $ (67,648,338) $ (108,932,696)
---------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS
Net proceeds from sale or exchange of shares $ 860,272,534 $ 1,673,600,863
Shares issued in reorganization -- 103,289,215
Reinvestment of distributions 51,996,631 82,738,583
Cost of shares repurchased (618,312,826) (1,113,066,216)
---------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 293,956,339 $ 746,562,445
---------------------------------------------------------------------------------------------
Net increase in net assets $ 232,192,406 $ 784,698,837
NET ASSETS:
Beginning of period $3,945,127,270 $ 3,160,428,433
---------------------------------------------------------------------------------------------
End of period $4,177,319,676 $ 3,945,127,270
---------------------------------------------------------------------------------------------
Undistributed (distributions in excess of)
net investment income $ (10,813,572) $ 3,684,926
=============================================================================================
* 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 | 12/31/16 93
Statements of Changes in Net Assets (continued)
------------------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
12/31/16 12/31/16 Year Ended Year Ended
Shares Amount 6/30/16 6/30/16
(unaudited) (unaudited) Shares Amount
------------------------------------------------------------------------------------------------
Class A
Shares sold 19,966,849 $ 195,120,799 39,520,516 $ 381,082,323
Shares issued in reorganization -- -- 8,687,202 83,223,137
Reinvestment of distributions 1,357,929 13,239,826 2,429,101 23,363,971
Less shares repurchased (18,636,607) (181,842,109) (37,895,940) (364,153,575)
------------------------------------------------------------------------------------------------
Net increase 2,688,171 $ 26,518,516 12,740,879 $ 123,515,856
================================================================================================
Class C
Shares sold 969,095 $ 9,373,937 3,590,552 $ 34,068,700
Shares issued in reorganization -- -- 1,566,042 14,846,083
Reinvestment of distributions 103,476 997,416 171,403 1,630,270
Less shares repurchased (2,444,041) (23,466,959) (3,349,111) (31,797,823)
------------------------------------------------------------------------------------------------
Net increase (decrease) (1,371,470) $ (13,095,606) 1,978,886 $ 18,747,230
================================================================================================
Class K
Shares sold 9,898,567 $ 96,741,440 22,645,768 $ 217,799,806
Reinvestment of distributions 330,413 3,219,513 418,685 4,026,426
Less shares repurchased (4,658,204) (45,514,447) (6,730,820) (64,517,198)
------------------------------------------------------------------------------------------------
Net increase 5,570,776 $ 54,446,506 16,333,633 $ 157,309,034
================================================================================================
Class R
Shares sold 3,117,023 $ 30,693,371 7,857,134 $ 76,161,586
Reinvestment of distributions 190,141 1,870,389 332,632 3,227,431
Less shares repurchased (2,002,845) (19,733,775) (4,303,242) (41,715,627)
------------------------------------------------------------------------------------------------
Net increase 1,304,319 $ 12,829,985 3,886,524 $ 37,673,390
================================================================================================
Class Y
Shares sold 54,744,846 $ 528,342,987 101,127,077 $ 963,277,766
Shares issued in reorganization -- -- 550,053 5,219,995
Reinvestment of distributions 3,382,380 32,669,487 5,283,365 50,341,027
Less shares repurchased (36,019,368) (347,755,536) (57,493,210) (547,987,984)
------------------------------------------------------------------------------------------------
Net increase 22,107,858 $ 213,256,938 49,467,285 $ 470,850,804
================================================================================================
Class Z*
Shares sold -- $ -- 125,036 $ 1,210,682
Reinvestment of distributions -- -- 15,392 149,458
Less shares repurchased -- -- (6,477,629) (62,894,009)
------------------------------------------------------------------------------------------------
Net decrease -- $ -- (6,337,201) $ (61,533,869)
================================================================================================
* Class Z shares converted to Class Y shares on August 7, 2015.
The accompanying notes are an integral part of these financial statements.
94 Pioneer Bond Fund | Semiannual Report | 12/31/16
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/16 Ended Ended Ended Ended Ended
(unaudited) 6/30/16 6/30/15 6/30/14 6/30/13 6/30/12
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.76 $ 9.68 $ 9.88 $ 9.67 $ 9.73 $ 9.66
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.12(a) $ 0.25(a) $ 0.27 $ 0.35 $ 0.38 $ 0.42
Net realized and unrealized gain (loss) on investments (0.11) 0.12 (0.14) 0.24 (0.07) 0.13
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.01 $ 0.37 $ 0.13 $ 0.59 $ 0.31 $ 0.55
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.15) $ (0.27) $ (0.29) $ (0.38) $ (0.37) $ (0.43)
Net realized gain -- (0.02) (0.04) -- -- (0.05)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.15) $ (0.29) $ (0.33) $ (0.38) $ (0.37) $ (0.48)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.14) $ 0.08 $ (0.20) $ 0.21 $ (0.06) $ 0.07
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.62 $ 9.76 $ 9.68 $ 9.88 $ 9.67 $ 9.73
====================================================================================================================================
Total return* 0.13% 3.93% 1.32% 6.19% 3.21% 5.91%
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 2.43%** 2.58% 2.68% 3.52% 3.77% 4.35%
Portfolio turnover rate 48%** 43% 81% 41% 28% 21%
Net assets, end of period (in thousands) $1,186,677 $1,177,941 $1,044,659 $706,962 $565,569 $453,772
Ratios with no waiver of fees and assumption of
expenses by
PIM and no reduction for fees paid indirectly:
Total expenses to average net assets 1.00%** 0.98% 0.93% 1.00% 1.01% 1.03%
Net investment income (loss) to average net assets 2.29%** 2.45% 2.60% 3.37% 3.61% 4.17%
====================================================================================================================================
* 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 | 12/31/16 95
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/16 Ended Ended Ended Ended Ended
(unaudited) 6/30/16 6/30/15 6/30/14 6/30/13 6/30/12
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.66 $ 9.57 $ 9.77 $ 9.57 $ 9.63 $ 9.55
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.08(a) $ 0.17(a) $ 0.19 $ 0.26 $ 0.29 $ 0.33
Net realized and unrealized gain (loss) on investments (0.11) 0.14 (0.14) 0.23 (0.06) 0.15
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.03) $ 0.31 $ 0.05 $ 0.49 $ 0.23 $ 0.48
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.12) $ (0.20) $ (0.21) $ (0.29) $ (0.29) $ (0.35)
Net realized gain -- (0.02) (0.04) -- -- (0.05)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.12) $ (0.22) $ (0.25) $ (0.29) $ (0.29) $ (0.40)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.15) $ 0.09 $ (0.20) $ 0.20 $ (0.06) $ 0.08
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.51 $ 9.66 $ 9.57 $ 9.77 $ 9.57 $ 9.63
====================================================================================================================================
Total return* (0.35)% 3.28% 0.49% 5.20% 2.33% 5.12%
Ratio of net expenses to average net assets 1.59%** 1.60% 1.63% 1.73% 1.72% 1.73%
Ratio of net investment income (loss) to average net
assets 1.69%** 1.84% 1.89% 2.69% 2.93% 3.47%
Portfolio turnover rate 48%** 43% 81% 41% 28% 21%
Net assets, end of period (in thousands) $ 119,282 $ 134,299 $ 114,222 $ 73,224 $ 87,763 $ 93,737
====================================================================================================================================
* 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.
96 Pioneer Bond Fund | Semiannual Report | 12/31/16
-----------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year 12/20/12
12/31/16 Ended Ended Ended to
(unaudited) 6/30/16 6/30/15 6/30/14 6/30/13
-----------------------------------------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 9.76 $ 9.68 $ 9.87 $ 9.67 $ 9.94
-----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.14(b) $ 0.29(b) $ 0.30 $ 0.40 $ 0.20
Net realized and unrealized gain (loss) on investments (0.11) 0.12 (0.13) 0.20 (0.26)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.03 $ 0.41 $ 0.17 $ 0.60 $ (0.06)
-----------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.17) $ (0.31) $ (0.32) $ (0.40) $ (0.21)
Net realized gain -- (0.02) (0.04) -- --
-----------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.17) $ (0.33) $ (0.36) $ (0.40) $ (0.21)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.14) $ 0.08 $ (0.19) $ 0.20 $ (0.27)
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.62 $ 9.76 $ 9.68 $ 9.87 $ 9.67
=============================================================================================================================
Total return* 0.32% 4.32% 1.80% 6.37% (0.61)%(a)
Ratio of net expenses to average net assets 0.47%** 0.47% 0.47% 0.56% 0.57%**
Ratio of net investment income (loss) to average net
assets 2.81%** 2.98% 3.03% 3.59% 3.86%**
Portfolio turnover rate 48%** 43% 81% 41% 28%
Net assets, end of period (in thousands) $ 388,716 $ 340,096 $ 179,135 $ 4,398 $ 10
=============================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
** 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.
Pioneer Bond Fund | Semiannual Report | 12/31/16 97
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/16 Ended Ended Ended Ended Ended
(unaudited) 6/30/16 6/30/15 6/30/14 6/30/13 6/30/12
------------------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 9.85 $ 9.77 $ 9.97 $ 9.76 $ 9.82 $ 9.74
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.11(a) $ 0.23(a) $ 0.25 $ 0.32 $ 0.34 $ 0.39
Net realized and unrealized gain (loss) on investments (0.11) 0.12 (0.15) 0.23 (0.06) 0.14
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ -- $ 0.35 $ 0.10 $ 0.55 $ 0.28 $ 0.53
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.14) $ (0.25) $ (0.26) $ (0.34) $ (0.34) $ (0.40)
Net realized gain -- (0.02) (0.04) -- -- (0.05)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.14) $ (0.27) $ (0.30) $ (0.34) $ (0.34) $ (0.45)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.14) $ 0.08 $ (0.20) $ 0.21 $ (0.06) $ 0.08
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.71 $ 9.85 $ 9.77 $ 9.97 $ 9.76 $ 9.82
====================================================================================================================================
Total return* 0.02% 3.66% 1.06% 5.75% 2.80% 5.58%
Ratio of net expenses to average net assets 1.10%** 1.10% 1.10% 1.25% 1.25% 1.25%
Ratio of net investment income (loss) to average net
assets 2.18%** 2.33% 2.43% 3.12% 3.36% 3.94%
Portfolio turnover rate 48%** 43% 81% 41% 28% 21%
Net assets, end of period (in thousands) $ 166,500 $ 156,110 $ 116,815 $ 48,264 $ 31,169 $ 23,892
Ratios with no waiver of fees and assumption of expenses
by
PIM and no reduction for fees paid indirectly:
Total expenses to average net assets 1.24%** 1.21% 1.21% 1.32% 1.35% 1.35%
Net investment income (loss) to average net assets 2.04%** 2.22% 2.32% 3.05% 3.26% 3.84%
====================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
** 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.
98 Pioneer Bond Fund | Semiannual Report | 12/31/16
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/16 Ended Ended Ended Ended Ended
(unaudited) 6/30/16 6/30/15 6/30/14 6/30/13 6/30/12
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.67 $ 9.59 $ 9.79 $ 9.58 $ 9.65 $ 9.57
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.13(a) $ 0.27(a) $ 0.30 $ 0.36 $ 0.39 $ 0.44
Net realized and unrealized gain (loss) on investments (0.10) 0.12 (0.15) 0.24 (0.07) 0.14
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.03 $ 0.39 $ 0.15 $ 0.60 $ 0.32 $ 0.58
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.17) $ (0.29) $ (0.31) $ (0.39) $ (0.39) $ (0.45)
Net realized gain -- (0.02) (0.04) -- -- (0.05)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.17) $ (0.31) $ (0.35) $ (0.39) $ (0.39) $ (0.50)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.14) $ 0.08 $ (0.20) $ 0.21 $ (0.07) $ 0.08
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.53 $ 9.67 $ 9.59 $ 9.79 $ 9.58 $ 9.65
====================================================================================================================================
Total return* 0.26% 4.22% 1.59% 6.41% 3.34% 6.27%
Ratio of net expenses to average net assets 0.58%** 0.58% 0.58% 0.66% 0.66% 0.65%
Ratio of net investment income (loss) to average net
assets 2.70%** 2.85% 2.95% 3.72% 3.97% 4.55%
Portfolio turnover rate 48%** 43% 81% 41% 28% 21%
Net assets, end of period (in thousands) $2,316,144 $2,136,681 $1,644,161 $871,801 $916,182 $847,072
Ratios with no waiver of fees and assumption of expenses
by
PIM and no reduction for fees paid indirectly:
Total expenses to average net assets 0.60%** 0.59% 0.58% 0.66% 0.66% 0.65%
Net investment income (loss) to average net assets 2.68%** 2.84% 2.95% 3.72% 3.97% 4.55%
====================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
** 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 | 12/31/16 99
Notes to Financial Statements | 12/31/16 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Bond Fund (the Fund) is a Delaware statutory trust. The Fund is
registered under the Investment Company Act of 1940 as a diversified, open-end
management investment company. The investment objective of the Fund is to seek
current income consistent with preservation of capital.
The Fund offers five classes of shares designated as Class A, Class C, Class K,
Class R and Class Y shares. Class Z shares were converted to Class Y shares on
August 7, 2015. Each class of shares represents an interest in the same
portfolio of investments of the Fund and has identical rights (based on relative
net asset values) to assets and liquidation proceeds. Share classes can bear
different rates of class-specific fees and expenses such as transfer agent and
distribution fees. Differences in class-specific fees and expenses will result
in differences in net investment income and, therefore, the payment of different
dividends from net investment income earned by each class. The Amended and
Restated Declaration of Trust of the Fund gives the Board of Trustees the
flexibility to specify either per-share voting or dollar-weighted voting when
submitting matters for shareholder approval. Under per-share voting, each share
of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class K or Class Y shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles (U.S. GAAP) that require the management
of the Fund to make estimates and assumptions that affect the reported amounts
of assets and liabilities, the disclosure of contingent assets and liabilities
at the date of the financial statements, and the reported amounts of income,
expenses and gains and losses on investments during the reporting period. Actual
results could differ from those estimates.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. The following is a summary of significant
accounting policies followed by the Fund in the preparation of its financial
statements:
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the New
York Stock Exchange (NYSE) is open, as of the close of regular trading on
the NYSE.
100 Pioneer Bond Fund | Semiannual Report | 12/31/16
Fixed income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed income securities and/or other
factors. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service. When independent third party pricing services are unable to supply
prices, or when prices or market quotations are considered to be
unreliable, the value of that security may be determined using quotations
from one or more broker-dealers.
Loan interests are valued in accordance with guidelines established by the
Board of Trustees at the mean between the last available bid and asked
prices from one or more brokers or dealers as obtained from Loan Pricing
Corporation, an independent third party pricing service. If price
information is not available from Loan Pricing Corporation, or if the price
information is deemed to be unreliable, price information will be obtained
from an alternative loan interest pricing service. If no reliable price
quotes are available from either the primary or alternative pricing
service, broker quotes will be solicited.
Event-linked bonds or catastrophe bonds are valued at the bid price
obtained from an independent third party pricing service. Other insurance
linked securities (including sidecars, collateralized reinsurance and
industry loss warranties) may be valued at the bid price obtained from an
independent pricing service, or through a third party using a pricing
matrix, insurance industry valuation models, or other fair value methods or
techniques to provide an estimated value of the instrument.
Equity securities that have traded on an exchange are valued by using the
last sale price on the principal exchange where they are traded. Equity
securities that have not traded on the date of valuation, or securities for
which sale prices are not available, generally are valued using the mean
between the last bid and asked prices or, if both last bid and asked prices
are not available, at the last quoted bid price. Last sale and bid and
asked prices are provided by independent third party pricing services. In
the case of equity securities not traded on an exchange, prices are
typically determined by independent third party pricing services using a
variety of techniques and methods.
Swap contracts, including interest rate swaps, caps and floors (other than
centrally cleared swap contracts) are valued at the dealer quotations
obtained from reputable International Swap Dealer association members.
Centrally cleared swaps are valued at the daily settlement price provided
by the central clearing counterparty.
Pioneer Bond Fund | Semiannual Report | 12/31/16 101
Futures contracts are generally valued at the closing settlement price
established by the exchange on which they are traded.
Repurchase agreements are valued at par. Cash may include overnight time
deposits at approved financial institutions.
Securities or loan interests for which independent pricing services or
broker-dealers are unable to supply prices or for which market prices
and/or quotations are not readily available or are considered to be
unreliable are valued by a fair valuation team comprised of certain
personnel of Pioneer Investment Management, Inc. (PIM), the Fund's
investment adviser and a wholly owned indirect subsidiary of UniCredit
S.p.A. (UniCredit), 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, 2016, 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.
102 Pioneer Bond Fund | Semiannual Report | 12/31/16
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.
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, 2016, the Fund did not accrue any interest or
penalties with respect to uncertain tax positions, which, if applicable,
would be recorded as an income tax expense in the Statement of Operations.
Tax returns filed within the prior three years remain subject to
examination by Federal and State tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. GAAP. 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, 2016 was as follows:
---------------------------------------------------------------------------
2016
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $101,613,304
Long-term capital gain 7,319,392
---------------------------------------------------------------------------
Total $108,932,696
===========================================================================
Pioneer Bond Fund | Semiannual Report | 12/31/16 103
The following shows the components of distributable earnings on a federal
income tax basis at June 30, 2016:
---------------------------------------------------------------------------
2016
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 8,887,736
Capital Loss Carryforward (47,095,232)
Current year dividends payable (1,986,884)
Net unrealized appreciation 88,915,334
---------------------------------------------------------------------------
Total $ 48,720,954
===========================================================================
The difference between book-basis and tax-basis net unrealized appreciation
is attributable to the tax deferral of losses on wash sales, adjustments
relating to catastrophe bonds, the tax treatment of premium and
amortization and the mark-to-market of futures contracts.
D. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A.
(UniCredit), earned $34,894 in underwriting commissions on the sale of
Class A shares during the six months ended December 31, 2016.
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.
104 Pioneer Bond Fund | Semiannual Report | 12/31/16
F. Insurance-Linked Securities (ILS)
The Fund invests in event-linked bonds. Event-linked bonds are floating
rate debt obligations for which the return of principal and the payment of
interest are contingent on the non-occurrence of a pre-defined "trigger"
event, such as a hurricane or an earthquake of a specific magnitude. The
trigger event's magnitude may be based on losses to a company or industry,
industry indexes or readings of scientific instruments, or may be based on
specified actual losses. If a trigger event, 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.
The Fund's investments in ILS may include special purpose vehicles ("SPVs")
or similar instruments structured to comprise a portion of a reinsurer's
catastrophe-oriented business, known as quota share instruments (sometimes
referred to as reinsurance sidecars), or to provide reinsurance relating to
specific risks to insurance or reinsurance companies through a
collateralized instrument, known as collateralized reinsurance. Structured
reinsurance investments also may include industry loss warranties ("ILWs").
A traditional ILW takes the form of a bilateral reinsurance contract, but
there are also products that take the form of derivatives, collateralized
structures, or exchange traded instruments.
Structured reinsurance investments, including quota share instruments,
collateralized reinsurance investments and ILWs, generally are subject to
the same risks as event-linked bonds. In addition, where the instruments
are based on the performance of underlying reinsurance contracts, the Fund
has limited transparency into the individual underlying contracts and
therefore must rely upon the risk assessment and sound underwriting
practices of the issuer. Accordingly, it may be more difficult for PIM to
fully evaluate the underlying risk profile of the Fund's structured
reinsurance investments and therefore the Fund's assets are placed at
greater risk of loss than if PIM had more complete information. Structured
reinsurance instruments generally will be considered illiquid securities by
the Fund. These securities may be difficult to purchase, sell or unwind.
Illiquid securities also may be difficult to value. If the Fund is forced
to sell an illiquid asset, the Fund may be forced to sell at a loss.
Pioneer Bond Fund | Semiannual Report | 12/31/16 105
G. Risks
Interest rates in the U.S. recently have been historically low, so the Fund
faces a heightened risk that interest rates may rise. A general rise in
interest rates may cause investors to move out of fixed income securities
on a large scale, which could adversely affect the price and liquidity of
fixed income securities and could also result in increased redemptions from
the Fund.
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, 2016 was $5,985,450 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 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, 2016 was
$(623,080,913).
106 Pioneer Bond Fund | Semiannual Report | 12/31/16
At December 31, 2016, open futures contracts were as follows:
--------------------------------------------------------------------------------------------
Number of
Contracts Unrealized
Long/ Settlement Appreciation
Description Counterparty (Short) Month Value (Depreciation)
--------------------------------------------------------------------------------------------
U.S. Long Bond (CBT) Citibank NA 451 3/17 $ 67,945,969 $ (325,569)
U.S. Ultra Bond (CBT) Citibank NA 204 3/17 32,691,000 580,942
U.S. 10 Year Ultra
Bond (CBT) Citibank NA 598 3/17 80,169,375 (109,437)
U.S. 10 Year Note (CBT) Citibank NA (5,731) 3/17 (712,255,844) 3,959,144
U.S. 2 Year Note (CBT) Citibank NA 745 3/17 161,432,188 (32,731)
U.S. 5 Year Note (CBT) Citibank NA (216) 3/17 (25,415,438) 109,687
--------------------------------------------------------------------------------------------
Total $(395,432,750) $4,182,036
============================================================================================
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. 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. Open repurchase agreements at December 31, 2016 are listed at
the end of the Schedule of Investments.
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 on an underlying
reference obligation, which may be a single security or a basket or index
of securities. 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 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
Pioneer Bond Fund | Semiannual Report | 12/31/16 107
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
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, 2016.
The average value of swap contracts open during the six months ended
December 31, 2016 was $51,498.
108 Pioneer Bond Fund | Semiannual Report | 12/31/16
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. For the six months ended December 31, 2016,
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,
2016 are reflected on the Statement of Operations. These expense limitations are
in effect through November 1, 2018. There can be no assurance that PIM will
extend the expense limitation agreement for a class of shares beyond the dates
referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting, and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$145,346 in management fees, administrative costs and certain other
reimbursements payable to PIM at December 31, 2016.
3. Transfer Agent
Boston Financial Data Services serves as the transfer agent to the Fund at
negotiated rates. Transfer agent fees and payables shown on the Statement of
Operations and the Statement of Assets and Liabilities, respectively, include
sub-transfer agent expenses incurred through the Fund's omnibus relationship
contracts.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareholder communications activities
such as proxy and statement mailings, outgoing phone calls and omnibus
relationship contracts. For the six months ended December 31, 2016, such
out-of-pocket expenses by class of shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 8,781
Class C 5,239
Class K 1,608
Class R 68
Class Y 17,502
--------------------------------------------------------------------------------
Total $33,198
================================================================================
Pioneer Bond Fund | Semiannual Report | 12/31/16 109
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 $41,040 in distribution
fees payable to PFD at December 31, 2016.
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 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, 2016, CDSC in the
amount of $5,263 were paid to PFD.
5. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect until February 9, 2016 was in the amount of $240
million. As of February 10, 2016, the facility is in the amount of $220 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
110 Pioneer Bond Fund | Semiannual Report | 12/31/16
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, 2016, the Fund had no
borrowings under the credit agreement.
6. 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.
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,
2016 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* $4,182,036 $ -- $ -- $ -- $ --
--------------------------------------------------------------------------------------------------
Total Value $4,182,036 $ -- $ -- $ -- $ --
==================================================================================================
* Reflects net unrealized appreciation/depreciation of futures contracts (see
Note 1H). The current day's variation margin is disclosed on the Statement
of Assets and Liabilities.
Pioneer Bond Fund | Semiannual Report | 12/31/16 111
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, 2016 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 $ 10,339,991 $ -- $ -- $ -- $ --
--------------------------------------------------------------------------------
Total Value $ 10,339,991 $ -- $ -- $ -- $ --
================================================================================
Change in net
unrealized
appreciation
(depreciation) on
Futures contracts $(21,484,834) $ -- $ -- $ -- $ --
--------------------------------------------------------------------------------
Total Value $(21,484,834) $ -- $ -- $ -- $ --
================================================================================
7. Reorganization Information
On March 18, 2016 ("Closing Date"), Pioneer Government Income Fund (the
"predecessor fund") was reorganized into the Fund. The purpose of this
transaction was to combine two funds (managed by PIM) with similar investment
objectives.
This tax-free reorganization was accomplished by exchanging the assets and
liabilities of the predecessor fund for shares of the Fund. Shareowners holding
Class A, Class C and Class Y of the predecessor fund received Class A, Class C
and Class Y shares of the Fund, respectively, in the reorganization. The
investment portfolio of the predecessor fund, with an aggregate value of
$100,781,776 and an identified cost of $96,686,438 at March 18, 2016, was the
principal asset acquired by the Fund.
For financial reporting purposes, assets received and shares issued by the Fund
were recorded at net asset value, however, the cost basis of the investments
received from the predecessor fund was carried forward to align ongoing
reporting of the Fund's realized and unrealized gains and losses with amounts
distributable to shareowners for tax reporting purposes.
112 Pioneer Bond Fund | Semiannual Report | 12/31/16
The following charts shows the details of the reorganization as of the Closing
Date:
-------------------------------------------------------------------------------------------
Pioneer Government
Income Fund Pioneer Bond Fund Pioneer Bond Fund
(Pre-Reorganization) (Pre-Reorganization) (Post-Reorganization)
-------------------------------------------------------------------------------------------
Net Assets
Class A $ 83,223,137 $1,052,667,521 $1,135,890,658
Class C 14,846,083 117,661,581 132,507,664
Class K -- 311,330,352 311,330,352
Class R -- 146,651,259 146,651,259
Class Y 5,219,995 1,927,283,548 1,932,503,543
-------------------------------------------------------------------------------------------
Total Net Assets $103,289,215 $3,555,594,261 $3,658,883,476
-------------------------------------------------------------------------------------------
Shares Outstanding
Class A 8,893,098 109,849,580 118,536,782
Class C 1,584,984 12,417,206 13,983,248
Class K -- 32,499,467 32,499,467
Class R -- 15,165,715 15,165,715
Class Y 558,355 203,011,669 203,561,722
--------------------------------------------------------------------------------------------
Shares issued
Exchange Ratio in reorganization
--------------------------------------------------------------------------------------------
Class A 0.9768 8,687,202
Class C 0.9880 1,566,042
Class Y 0.9851 550,053
--------------------------------------------------------------------------------------------
Unrealized
Appreciation on Accumulated Gain
Closing Date (Loss) on Closing Date
--------------------------------------------------------------------------------------------
Fund $11,796,814 $ 818,031
Predecessor Fund 4,095,338 (9,616,481)
Assuming the Reorganization had been completed on July 1, 2015, the pro-forma
results of operations for the fiscal six months ended December 31, 2016, were as
follows:
Net Investment income (loss) $ 95,529,990
Net realized and unrealized gain (loss) 51,270,329
--------------------------------------------------------------------------------
Change in net assets resulting from operations $146,800,319
--------------------------------------------------------------------------------
Because the combined investment portfolios have been managed as a single
integrated portfolio since the reorganization was completed, it is not practical
to separate the amounts of revenue and earnings of the Fund that have been
included in the Statements of Operations since the Reorganization was
consummated.
Pioneer Bond Fund | Semiannual Report | 12/31/16 113
ADDITIONAL INFORMATION
Pioneer Investment Management, Inc. (the "Adviser"), the Fund's investment
adviser, is currently an indirect, wholly owned subsidiary of UniCredit S.p.A.
("UniCredit"). On December 12, 2016, UniCredit announced that it has entered
into a binding agreement for the sale of its Pioneer Investments business, which
includes the Adviser, to Amundi (the "Transaction"). Amundi is headquartered in
Paris, France, and, as of September 30, 2016, had more than $1.1 trillion in
assets under management worldwide. The closing of the Transaction is expected to
happen in 2017, subject to certain regulatory and antitrust approvals, and other
conditions.
Under the Investment Company Act of 1940, the closing of the Transaction will
cause the Fund's current investment advisory agreement with the Adviser to
terminate. Accordingly, the Fund's Board of Trustees will be asked to approve a
new investment advisory agreement for the Fund. If approved by the Board, the
Fund's new investment advisory agreement will be submitted to the shareholders
of the Fund for their approval.
114 Pioneer Bond Fund | Semiannual Report | 12/31/16
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 2016 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 2016 and May
2016. 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 2016, 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 May 2016,
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 July and
September 2016.
At a meeting held on September 13, 2016, 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 | 12/31/16 115
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.
116 Pioneer Bond Fund | Semiannual Report | 12/31/16
The Trustees considered that the Fund's management fee for the most recent
fiscal year was in the second quintile relative to the management fees paid by
other funds in its Morningstar 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 to 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 to 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 and that the results of the most recent such review
were considered in the consideration of the Fund's expense ratio.
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 | 12/31/16 117
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, including the profit margins, 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
118 Pioneer Bond Fund | Semiannual Report | 12/31/16
relationship with the Funds were reasonable and their consideration of the
advisory agreement between the Fund and PIM and the fees thereunder were
unaffected by Pioneer's possible receipt of any such intangible benefits.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
Pioneer Bond Fund | Semiannual Report | 12/31/16 119
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.
120 Pioneer Bond Fund | Semiannual Report | 12/31/16
This page for your notes.
Pioneer Bond Fund | Semiannual Report | 12/31/16 121
This page for your notes.
122 Pioneer Bond Fund | Semiannual Report | 12/31/16
This page for your notes.
Pioneer Bond Fund | Semiannual Report | 12/31/16 123
This page for your notes.
124 Pioneer Bond Fund | Semiannual Report | 12/31/16
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) 2017 Pioneer Investments 18633-11-0217
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.
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(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 March 1, 2017
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date March 1, 2017
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date March 1, 2017
* Print the name and title of each signing officer under his or her signature.