EX-99.17 (AS APPROP) 8 ex17d.txt BOND FUND ANNUAL REPORT Pioneer Bond Fund -------------------------------------------------------------------------------- Annual Report | June 30, 2015 -------------------------------------------------------------------------------- Ticker Symbols: Class A PIOBX Class C PCYBX Class K PBFKX Class R PBFRX Class Y PICYX Class Z PIBZX [LOGO] PIONEER Investments(R) visit us: us.pioneerinvestments.com Table of Contents President's Letter 2 Portfolio Management Discussion 4 Portfolio Summary 9 Prices and Distributions 10 Performance Update 11 Comparing Ongoing Fund Expenses 17 Schedule of Investments 19 Financial Statements 67 Notes to Financial Statements 77 Report of Independent Registered Public Accounting Firm 89 Trustees, Officers and Service Providers 91
Pioneer Bond Fund | Annual Report | 6/30/15 1 President's Letter Dear Shareowner, At mid-year, economic conditions and government policies around the world are far from homogeneous, and we expect them to continue to diverge. In the United States, an ongoing economic expansion has brought the unemployment rate down to levels where wage growth is likely to accelerate. Economic growth and fiscal austerity have dramatically reduced the Federal budget deficit, while very accommodative Federal Reserve System policies have kept interest rates exceptionally low. In Europe and Japan, cyclical economic recoveries/expansions appear to be gaining traction, buttressed by aggressive quantitative easing policies of central banks as well as cheaper currencies. China's ongoing transition from an infrastructure investment-driven to a consumer-driven economy and the dramatic decline in the price of oil -- largely a result of U.S. "fracking" -- have benefited some countries while burdening others. On balance, though, the global economic outlook has continued to improve, although economic and geopolitical "storm clouds" remain. Today's market environment presents numerous opportunities as well as challenges for investors. While we believe that the capital markets may already have priced in some recent trends, such as the U.S. dollar's appreciation against a basket of global currencies, it is worth noting that investment risks and opportunities are not always aligned with the economic outlook. Since 1928, Pioneer's investment professionals have focused on identifying and capitalizing on the investment opportunities that present themselves in a variety of ever-changing economic and market conditions, including those we face today, while seeking to limit the risk of the permanent impairment of our clients' capital. Our ongoing goal is to deliver competitive returns consistent with our strategies' stated style and objectives and consistent with our shareholders' expectations over a range of market conditions. We believe our shareowners benefit from the experience and tenure of our investment teams, the insights generated from extensive research resources, and our commitment to prudent risk management. 2 Pioneer Bond Fund | Annual Report | 6/30/15 We encourage you to work with your financial advisor to develop an overall investment plan that addresses both your short- and long-term goals, and to implement such a plan in a disciplined manner, as we do when managing the assets our clients have entrusted to us. We greatly appreciate your trust in us in the past and look forward to continuing to serve you in the future. Sincerely, /s/ Lisa M. Jones Lisa M. Jones President and CEO Pioneer Investment Management USA, Inc. Any information in this shareowner report regarding market or economic trends or the factors influencing the Fund's historical or future performance are statements of opinion as of the date of this report. These statements should not be relied upon for any other purposes. Past performance is no guarantee of future results, and there is no guarantee that market forecasts discussed will be realized. Pioneer Bond Fund | Annual Report | 6/30/15 3 Portfolio Management Discussion | 6/30/15 Longer-maturity Treasuries outperformed virtually all other fixed-income asset classes during the 12-month period ended June 30, 2015, despite strengthening performance from credit-sensitive debt during the final three months of the period. In the following interview, Kenneth J. Taubes and Charles Melchreit review the factors that affected the performance of Pioneer Bond Fund during the 12-month period ended June 30, 2015. Mr. Taubes, Executive Vice President, Chief Investment Officer, U.S., and a portfolio manager at Pioneer Investments, is responsible for the daily management of the Portfolio, along with Charles Melchreit, Director of Investment-Grade Management, a senior vice president and a portfolio manager at Pioneer. Q How did the Fund perform during the 12-month period ended June 30, 2015? A Pioneer Bond Fund's Class A shares returned 1.32% at net asset value during the 12-month period ended June 30, 2015, while the Fund's benchmark, the Barclays Aggregate Bond Index (the Barclays Index), returned 1.86%. During the same period, the average return of the 50 mutual funds in Lipper's Corporate Debt, A-rated Underlying Funds category was 0.99%, and the average return of the 1,043 mutual funds in Morningstar's Intermediate-Term Bond Funds category was 1.04%. Q How would you describe the investment environment in the fixed-income markets over the 12-month period ended June 30, 2015? A The distinguishing characteristic of the first nine months of the period was a brisk rally in interest rates, as longer-maturity rates declined and bond prices appreciated. During that time, longer-maturity U.S. Treasuries outperformed virtually all other fixed-income asset classes, while more credit-sensitive securities lagged in a market environment characterized by a flight to quality resulting from periodic bouts of market volatility. The volatility was spurred by investor anxieties over a number of issues, including: changes in expectations with regard to the monetary policies of the world's central banks, as the European Central Bank (ECB) initiated quantitative easing even as the Federal Reserve System (the Fed) ended it in the United States; a slowdown of economic growth in China; heightened geopolitical risks in the Middle East; a dramatic decline in world oil prices; a reduction in industrial capital investments as a consequence of the collapse of energy prices; and softness in consumer spending in the United States. Overall, however, the U.S. economy appeared to be strengthening 4 Pioneer Bond Fund | Annual Report | 6/30/15 during the period, despite a disappointing gross domestic product report for the first quarter of 2015, as employment figures improved and the housing market continued to rebound. The general market shift into Treasuries received a boost from declining interest rates in Europe, which resulted from the aforementioned quantitative easing program launched by the ECB. Global investors saw superior value in U.S. Treasuries and that, in turn, contributed to the strengthening of the U.S. dollar in world currency markets. The trends we witnessed over the first nine months of the Fund's fiscal year began to change over the final three months of the 12-month period, beginning in April. In the United States, investors became more optimistic about economic growth as they focused on the improving employment figures and the ongoing revival in the housing market. Within the U.S., the yield curve began steepening as market interest rates started rising, widening the difference between yields of shorter-maturity and longer-maturity debt instruments. Longer-maturity Treasuries began to weaken somewhat, while other asset classes, including corporate bonds, bank loans and government agency mortgages, started to show improved performance. Despite the changes in market trends over the final three months of the period, for the full 12 months ended June 30, 2015, Treasuries were still among the top-performing asset classes, and the U.S. dollar continued to outperform other major currencies, including the euro and the Japanese yen. Q What were the main factors that affected the Fund's performance relative to the Barclays Index benchmark during the 12-month period ended June 30, 2015? A The Fund underperformed the benchmark during the period, primarily because of the portfolio's shorter-duration stance, which, on average, was 1 1/2 years less than that of the Barclays Index. (Duration is a measure of the sensitivity of the price - the value of principal - of a fixed-income investment to a change in interest rates, expressed as a number of years.) We maintained a short-duration stance in the Fund's portfolio because we believed the U.S. economy's fundamentals were inconsistent with the low Treasury yields we were seeing. Nevertheless, Treasury yields continued to decline over the first nine months of the Fund's fiscal year, while bond prices rose. The negative effects of the low-duration stance on benchmark- relative performance were partially offset by our concentration of the Fund's investments in both the shorter and longer maturity ranges, and our avoidance of the poor-performing intermediate-term maturity range. Pioneer Bond Fund | Annual Report | 6/30/15 5 The Fund's benchmark-relative returns were helped by sector allocation decisions during the period, as the portfolio had helpful exposures to several groups that are not included in the Barclays Index, including non-government agency mortgages, floating-rate bank loans and insurance- linked securities. The allocations helped to diminish the negative impact on relative returns caused by a portfolio underweight to Treasuries and an overweight to industrial bonds, the performance of which was dragged down by weakness in the energy and basic materials markets. The performance of the Fund's industrials holdings also was held back by our emphasis on owning lower-rated credits, which underperformed in a market that favored higher-quality debt. Finally, good security selection results, particularly in the financials sector and among the Fund's holdings of government agency mortgages (where we emphasized owning securities with strong pre-payment protection), contributed to benchmark-relative returns over the 12-month period. Q What factors affected the Fund's distributions to shareholders over the 12-month period ended June 30, 2015? A Market yields began to increase during the latter months of the Fund's fiscal year, after falling during the first half of the 12-month period. We believe we are beginning to see an increase in the Fund's potential to earn current income for distribution to shareholders. This is a welcome reversal of the trend we had seen over the previous six-month period ended December 31, 2014, when lower market yields had resulted in a decline in the Fund's distributions to shareholders. Q Did the Fund use any derivative securities during the 12-month period ended June 30, 2015? If so, did they have any effect on the Fund's benchmark-relative performance? A Yes, we used Treasury futures as part of our strategy to maintain a low duration in the Fund's portfolio. As the direction of market rates changed, we did not see much of an impact on results for the 12-month period. The Fund also had some exposure to credit default swaps in an attempt to manage the risks associated with investments in credit-sensitive debt. The swaps exerted a very modest drag on the Fund's results. 6 Pioneer Bond Fund | Annual Report | 6/30/15 Q What is your investment outlook? A While the U.S. economy appears to be gaining strength, we still see some uncertainty in the financial markets. The fiscal situation in Greece remains a concern and clouds the economic outlook for Europe, while recent volatility in Chinese equities has been a source of anxiety for the world capital markets. In the U.S., however, the economy appeared to be gathering strength during the second calendar quarter of 2015 after a very disappointing gross domestic product (GDP) report for the first quarter, when GDP actually declined at a 0.2% annual rate (later revised upward into positive territory, after period end). As employment continues to improve and the housing market rebounds, the Fed, clearly, is thinking about tightening monetary policy through an increase in short-term interest rates sometime in 2015. At the start of the second half of 2015, the financial markets remain volatile due to the many uncertainties we have outlined, even though we see more positive signs than negative ones when we examine economic fundamentals. We are maintaining a shorter-than-benchmark duration in the Fund's portfolio, as we think the risks of rising interest rates are increasing, while we have continued to overweight credit-sensitive securities, including corporate bonds, as they generally perform well during periods of economic growth. We also see attractive relative value in the mortgage sector, both in government agency mortgages and non-agency securities. Given the reality that the Fed is moving toward tighter monetary policies than those of other major central banks, we think the U.S. dollar should continue to be strong, and we have continued to de-emphasize non-dollar- denominated securities in the Portfolio. Going forward, we think individual security selection should become an increasingly important performance factor. At the end of the 12-month period, on June 30, 2015, U.S. investment-grade corporate bonds represented the largest allocation among the Fund's investments, followed by government agency mortgages and non-agency mortgages. Other notable portfolio allocations at period end included commercial mortgage-backed securities, U.S. Treasuries, international investment-grade securities, asset-backed securities, floating-rate bank loans and insurance-linked securities. Pioneer Bond Fund | Annual Report | 6/30/15 7 Please refer to the Schedule of Investments on pages 19-66 for a full listing of Fund securities. When interest rates rise, the prices of fixed-income securities in the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed-income securities in the Fund will generally rise. Investments in the Fund are subject to possible loss due to the financial failure of the issuers of the underlying securities and their inability to meet their debt obligations. Prepayment risk is the chance that an issuer may exercise its right to prepay its security, if falling interest rates prompt the issuer to do so. Forced to reinvest the unanticipated proceeds at lower interest rates, the Fund would experience a decline in income and lose the opportunity for additional price appreciation. Investments in high-yield or lower-rated securities are subject to greater-than- average price volatility, illiquidity and possibility of default. The securities issued by U.S. Government-sponsored entities (i.e., Fannie Mae, Freddie Mac) are neither guaranteed nor issued by the U.S. Government. The portfolio may invest in mortgage-backed securities, which during times of fluctuating interest rates may increase or decrease more than other fixed- income securities. Mortgage-backed securities are also subject to pre-payments. At times, the Fund's investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. These risks may increase share price volatility. Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus or summary prospectus containing this information. Read it carefully. Any information in this shareholder report regarding market or economic trends or the factors influencing the Fund's historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results. 8 Pioneer Bond Fund | Annual Report | 6/30/15 Portfolio Summary | 6/30/15 Portfolio Diversification* -------------------------------------------------------------------------------- (As a percentage of total investment portfolio) [THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Corporate Bonds 30.2% U.S. Government Securities 27.9% Collateralized Mortgage Obligations 18.2% International Corporate Bonds 10.4% Asset Backed Securities 5.2% Senior Secured Loans 3.2% Municipal Bonds 2.6% U.S. Preferred Stocks 1.2% International Preferred Stocks 0.5% Temporary Cash Investments 0.4% Convertible Preferred Stocks 0.2%
* Includes investments in insurance linked securities totaling 3.2% of total investment portfolio. 10 Largest Holdings -------------------------------------------------------------------------------- (As a percentage of total long-term holdings)*
1. U.S. Treasury Inflation Indexed Bonds, 0.125%, 7/15/24 2.06% -------------------------------------------------------------------------------- 2. U.S. Treasury Bonds, 4.5%, 2/15/36 1.24 -------------------------------------------------------------------------------- 3. U.S. Treasury Bonds, 2.5%, 2/15/45 0.91 -------------------------------------------------------------------------------- 4. Fannie Mae, 5.0%, 2/1/45 0.79 -------------------------------------------------------------------------------- 5. Fannie Mae, 3.0%, 8/1/42 0.70 -------------------------------------------------------------------------------- 6. Government National Mortgage Association I, 3.5%, 1/15/45 0.68 -------------------------------------------------------------------------------- 7. Fannie Mae, 4.0%, 8/1/44 0.63 -------------------------------------------------------------------------------- 8. U.S. Treasury Note, Floating Rate Note, 1/31/17 0.54 -------------------------------------------------------------------------------- 9. U.S. Treasury Note, Floating Rate Note, 4/30/17 0.54 -------------------------------------------------------------------------------- 10. Fannie Mae, 4.5%, 12/1/43 0.53 --------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments. The Fund is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any security listed. Pioneer Bond Fund | Annual Report | 6/30/15 9 Prices and Distributions | 6/30/15 Net Asset Value per Share --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Class 6/30/15 6/30/14 -------------------------------------------------------------------------------- A $9.68 $9.88 -------------------------------------------------------------------------------- C $9.57 $9.77 -------------------------------------------------------------------------------- K $9.68 $9.87 -------------------------------------------------------------------------------- R $9.77 $9.97 -------------------------------------------------------------------------------- Y $9.59 $9.79 -------------------------------------------------------------------------------- Z $9.69 $9.90 --------------------------------------------------------------------------------
Distributions per Share: 7/1/14-6/30/15 --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Net Investment Short-Term Long-Term Class Income Capital Gains Capital Gains -------------------------------------------------------------------------------- A $0.2870 $ -- $0.0431 -------------------------------------------------------------------------------- C $0.2060 $ -- $0.0431 -------------------------------------------------------------------------------- K $0.3237 $ -- $0.0431 -------------------------------------------------------------------------------- R $0.2633 $ -- $0.0431 -------------------------------------------------------------------------------- Y $0.3117 $ -- $0.0431 -------------------------------------------------------------------------------- Z $0.3121 $ -- $0.0431 --------------------------------------------------------------------------------
Index Definition -------------------------------------------------------------------------------- The Barclays Aggregate Bond Index is an unmanaged measure of the U.S. bond market. Index returns are calculated monthly, assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees, expenses or sales charges. It is not possible to invest directly in an index. The index defined here pertains to the "Value of $10,000 Investment" and "Value of $5 Million Investment" charts on pages 11-16. 10 Pioneer Bond Fund | Annual Report | 6/30/15 Performance Update | 6/30/15 Class A Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class A shares of Pioneer Bond Fund at public offering price during the periods shown, compared to that of the Barclays Aggregate Bond Index.
Average Annual Total Returns (As of June 30, 2015) -------------------------------------------------------------------------------- Net Public Barclays Asset Offering Aggregate Value Price Bond Period (NAV) (POP) Index -------------------------------------------------------------------------------- 10 Years 5.10% 4.62% 4.44% 5 Years 4.72 3.77 3.35 1 Year 1.32 -3.29 1.86 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated October 1, 2014) -------------------------------------------------------------------------------- Gross Net -------------------------------------------------------------------------------- 0.92% 0.85% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Bond Fund Barclays Aggregate Bond Index 6/30/2005 $ 9,550 $ 10,000 6/30/2006 $ 9,434 $ 9,919 6/30/2007 $ 9,935 $ 10,527 6/30/2008 $ 10,594 $ 11,276 6/30/2009 $ 10,874 $ 11,958 6/30/2010 $ 12,474 $ 13,094 6/30/2011 $ 13,357 $ 13,605 6/30/2012 $ 14,146 $ 14,622 6/30/2013 $ 14,600 $ 14,521 6/30/2014 $ 15,504 $ 15,156 6/30/2015 $ 15,709 $ 15,438
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. NAV results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. POP returns reflect deduction of maximum 4.50% sales charge. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The net expense ratio reflects the contractual expense limitation currently in effect through November 1, 2015, for Class A shares. There can be no assurance that Pioneer will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Pioneer Bond Fund | Annual Report | 6/30/15 11 Performance Update | 6/30/15 Class C Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class C shares of Pioneer Bond Fund during the periods shown, compared to that of the Barclays Aggregate Bond Index.
Average Annual Total Returns (As of June 30, 2015) -------------------------------------------------------------------------------- Barclays Aggregate If If Bond Period Held Redeemed Index -------------------------------------------------------------------------------- 10 Years 4.18% 4.18% 4.44% 5 Years 3.82 3.82 3.35 1 Year 0.49 0.49 1.86 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated October 1, 2014) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 1.65% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Bond Fund Barclays Aggregate Bond Index 6/30/2005 $ 10,000 $ 10,000 6/30/2006 $ 9,792 $ 9,919 6/30/2007 $ 10,222 $ 10,527 6/30/2008 $ 10,814 $ 11,276 6/30/2009 $ 10,989 $ 11,958 6/30/2010 $ 12,487 $ 13,094 6/30/2011 $ 13,244 $ 13,605 6/30/2012 $ 13,922 $ 14,622 6/30/2013 $ 14,247 $ 14,521 6/30/2014 $ 14,987 $ 15,156 6/30/2015 $ 15,061 $ 15,438
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Class C shares held for less than one year are also subject to a 1% contingent deferred sales charge (CDSC). If you paid a 1% sales charge, your returns would be lower than those shown above. "If Held" results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. 12 Pioneer Bond Fund | Annual Report | 6/30/15 Performance Update | 6/30/15 Class K Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class K shares of Pioneer Bond Fund during the periods shown, compared to that of the Barclays Aggregate Bond Index.
Average Annual Total Returns (As of June 30, 2015) -------------------------------------------------------------------------------- Net Barclays Asset Aggregate Value Bond Period (NAV) Index -------------------------------------------------------------------------------- 10 Years 5.18% 4.44% 5 Years 4.89 3.35 1 Year 1.80 1.86 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated October 1, 2014) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 0.48% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Bond Fund Barclays Aggregate Bond Index 6/30/2005 $ 10,000 $ 10,000 6/30/2006 $ 9,875 $ 9,919 6/30/2007 $ 10,400 $ 10,527 6/30/2008 $ 11,090 $ 11,276 6/30/2009 $ 11,383 $ 11,958 6/30/2010 $ 13,058 $ 13,094 6/30/2011 $ 13,982 $ 13,605 6/30/2012 $ 14,809 $ 14,622 6/30/2013 $ 15,310 $ 14,521 6/30/2014 $ 16,285 $ 15,156 6/30/2015 $ 16,578 $ 15,438
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. The performance shown for Class K shares for the period prior to the commencement of operations of Class K shares on December 20, 2012, is the net asset value performance of the Fund's Class A shares, which has not been restated to reflect any differences in expenses, including Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares generally are higher than those of Class K shares, the performance of Class K shares prior to their inception would have been higher than the performance shown. Class K shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Pioneer Bond Fund | Annual Report | 6/30/15 13 Performance Update | 6/30/15 Class R Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class R shares of Pioneer Bond Fund during the periods shown, compared to that of the Barclays Aggregate Bond Index.
Average Annual Total Returns (As of June 30, 2015) -------------------------------------------------------------------------------- Net Barclays Asset Aggregate Value Bond Period (NAV) Index -------------------------------------------------------------------------------- 10 Years 4.74% 4.44% 5 Years 4.35 3.35 1 Year 1.06 1.86 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated October 1, 2014) -------------------------------------------------------------------------------- Gross Net -------------------------------------------------------------------------------- 1.24% 1.10% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Bond Fund Barclays Aggregate Bond Index 6/30/2005 $ 10,000 $ 10,000 6/30/2006 $ 9,857 $ 9,919 6/30/2007 $ 10,354 $ 10,527 6/30/2008 $ 10,991 $ 11,276 6/30/2009 $ 11,249 $ 11,958 6/30/2010 $ 12,844 $ 13,094 6/30/2011 $ 13,701 $ 13,605 6/30/2012 $ 14,466 $ 14,622 6/30/2013 $ 14,871 $ 14,521 6/30/2014 $ 15,725 $ 15,156 6/30/2015 $ 15,893 $ 15,438
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Class R shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The net expense ratio reflects the contractual expense limitation currently in effect through November 1, 2016, for Class R shares. There can be no assurance that Pioneer will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. 14 Pioneer Bond Fund | Annual Report | 6/30/15 Performance Update | 6/30/15 Class Y Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $5 million investment made in Class Y shares of Pioneer Bond Fund during the periods shown, compared to that of the Barclays Aggregate Bond Index.
Average Annual Total Returns (As of June 30, 2015) -------------------------------------------------------------------------------- Net Barclays Asset Aggregate Value Bond Period (NAV) Index -------------------------------------------------------------------------------- 10 Years 5.39% 4.44% 5 Years 4.95 3.35 1 Year 1.59 1.86 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated October 1, 2014) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 0.58% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $5 Million Investment
Pioneer Bond Fund Barclays Aggregate Bond Index 6/30/2005 $ 5,000,000 $ 5,000,000 6/30/2006 $ 4,961,201 $ 4,959,729 6/30/2007 $ 5,241,647 $ 5,263,299 6/30/2008 $ 5,604,041 $ 5,638,210 6/30/2009 $ 5,769,357 $ 5,979,145 6/30/2010 $ 6,638,193 $ 6,547,062 6/30/2011 $ 7,119,503 $ 6,802,492 6/30/2012 $ 7,566,089 $ 7,310,888 6/30/2013 $ 7,818,536 $ 7,260,610 6/30/2014 $ 8,319,878 $ 7,578,141 6/30/2015 $ 8,451,829 $ 7,718,929
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Class Y shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Pioneer Bond Fund | Annual Report | 6/30/15 15 Performance Update | 6/30/15 Class Z Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class Z shares of Pioneer Bond Fund during the periods shown, compared to that of the Barclays Aggregate Bond Index.
Average Annual Total Returns (As of June 30, 2015) -------------------------------------------------------------------------------- Net Barclays Asset Aggregate Value Bond Period (NAV) Index -------------------------------------------------------------------------------- 10 Years 5.31% 4.44% 5 Years 4.92 3.35 1 Year 1.47 1.86 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated October 1, 2014) -------------------------------------------------------------------------------- Gross Net -------------------------------------------------------------------------------- 0.74% 0.65% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Bond Fund Barclays Aggregate Bond Index 6/30/2005 $ 10,000 $ 10,000 6/30/2006 $ 9,875 $ 9,919 6/30/2007 $ 10,400 $ 10,527 6/30/2008 $ 11,128 $ 11,276 6/30/2009 $ 11,509 $ 11,958 6/30/2010 $ 13,198 $ 13,094 6/30/2011 $ 14,161 $ 13,605 6/30/2012 $ 15,043 $ 14,622 6/30/2013 $ 15,556 $ 14,521 6/30/2014 $ 16,535 $ 15,156 6/30/2015 $ 16,777 $ 15,438
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Performance shown for periods prior to the inception of Class Z shares on July 6, 2007, reflects the NAV performance of the Fund's Class A shares. The performance does not reflect differences in expenses, including the Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares are generally higher than those of Class Z shares, the performance for Class Z shares prior to their inception on July 6, 2007 would have been higher than that shown. Class Z shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The net expense ratio reflects the contractual expense limitation currently in effect through November 1, 2015, for Class Z shares. There can be no assurance that Pioneer will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. 16 Pioneer Bond Fund | Annual Report | 6/30/15 Comparing Ongoing Fund Expenses As a shareowner in the Fund, you incur two types of costs: (1) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses; and (2) transaction costs, including sales charges (loads) on purchase payments. This example is intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 at the beginning of the Fund's latest six-month period and held throughout the six months. Using the Tables -------------------------------------------------------------------------------- Actual Expenses The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period as follows: (1) Divide your account value by $1,000 Example: an $8,600 account value (divided by) $1,000 = 8.6 (2) Multiply the result in (1) above by the corresponding share class's number in the third row under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. Expenses Paid on a $1,000 Investment in Pioneer Bond Fund Based on actual returns from January 1, 2015 through June 30, 2015.
-------------------------------------------------------------------------------- Share Class A C K R Y Z -------------------------------------------------------------------------------- Beginning $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 Account Value on 1/1/15 -------------------------------------------------------------------------------- Ending Account $1,013.20 $1,004.90 $1,018.00 $1,010.60 $1,015.90 $1,014.70 Value (after expenses) on 6/30/15 -------------------------------------------------------------------------------- Expenses Paid $ 4.22 $ 8.07 $ 2.34 $ 5.45 $ 2.88 $ 3.23 During Period* --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.85%, 1.63%, 0.47%, 1.10%, 0.58%, and 0.65% for Class A, Class C, Class K, Class R, Class Y, and Class Z shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Pioneer Bond Fund | Annual Report | 6/30/15 17 Hypothetical Example for Comparison Purposes The table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. Expenses Paid on a $1,000 Investment in Pioneer Bond Fund Based on a hypothetical 5% per year return before expenses, reflecting the period from January 1, 2015 through June 30, 2015.
-------------------------------------------------------------------------------- Share Class A C K R Y Z -------------------------------------------------------------------------------- Beginning $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 Account Value on 1/1/15 -------------------------------------------------------------------------------- Ending Account $1,020.58 $1,016.71 $1,022.46 $1,019.34 $1,021.92 $1,021.57 Value (after expenses) on 6/30/15 -------------------------------------------------------------------------------- Expenses Paid $ 4.26 $ 8.15 $ 2.36 $ 5.51 $ 2.91 $ 3.26 During Period* --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.85%, 1.63%, 0.47%, 1.10%, 0.58%, and 0.65% for Class A, Class C, Class K, Class R, Class Y, and Class Z shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). 18 Pioneer Bond Fund | Annual Report | 6/30/15 Schedule of Investments | 6/30/15
------------------------------------------------------------------------------------------------------ Floating Rate (b) Shares (unaudited) Value ------------------------------------------------------------------------------------------------------ PREFERRED STOCKS -- 1.2% BANKS -- 0.5% Diversified Banks -- 0.3% 87,990 7.88 Citigroup Capital XIII, Floating Rate Note, 10/30/40 $ 2,284,220 197,000 7.12 Citigroup, Inc., Floating Rate Note (Perpetual) 5,391,890 95,890 6.00 US Bancorp, Floating Rate Note (Perpetual) 2,553,551 ----------------- $ 10,229,661 ------------------------------------------------------------------------------------------------------ Regional Banks -- 0.2% 85,000 BB&T Corp., 5.625% (Perpetual) $ 2,051,050 28,000 6.25 CoBank ACB, Floating Rate Note (Perpetual) (144A) 2,884,876 17,380 6.62 Fifth Third Bancorp, Floating Rate Note (Perpetual) 490,116 ----------------- $ 5,426,042 ----------------- Total Banks $ 15,655,703 ------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIALS -- 0.3% Specialized Finance -- 0.1% 167,900 5.75 SCE Trust III, Floating Rate Note (Perpetual) $ 4,469,498 ------------------------------------------------------------------------------------------------------ Consumer Finance -- 0.0%+ 1,250 Ally Financial, Inc., 7.0% (Perpetual) (144A) $ 1,269,336 ------------------------------------------------------------------------------------------------------ Asset Management & Custody Banks -- 0.1% 54,200 5.90 State Street Corp., Floating Rate Note, 12/31/73 $ 1,391,314 ------------------------------------------------------------------------------------------------------ Investment Banking & Brokerage -- 0.1% 110,230 6.38 Morgan Stanley, Floating Rate Note (Perpetual) $ 2,806,456 ----------------- Total Diversified Financials $ 9,936,604 ------------------------------------------------------------------------------------------------------ INSURANCE -- 0.3% Property & Casualty Insurance -- 0.3% 50,000 5.95 Aspen Insurance Holdings, Ltd., Floating Rate Note (Perpetual) $ 1,260,000 153,800 7.38 Delphi Financial Group, Inc., Floating Rate Note, 5/15/37 3,854,612 147,475 5.10 The Allstate Corp., Floating Rate Note, 1/15/53 3,697,198 ----------------- $ 8,811,810 ------------------------------------------------------------------------------------------------------ Reinsurance -- 0.0%+ 2,000,000 Pangaea Re., Variable Rate Notes, 7/1/18 (g) $ 36,000 ----------------- Total Insurance $ 8,847,810 ------------------------------------------------------------------------------------------------------ UTILITIES -- 0.1% Electric Utilities -- 0.1% 164,000 PPL Capital Funding, Inc., 5.9%, 4/30/73 $ 4,062,280 ----------------- Total Utilities $ 4,062,280 ------------------------------------------------------------------------------------------------------ TOTAL PREFERRED STOCKS (Cost $37,519,082) $ 38,502,397 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund | Annual Report | 6/30/15 19 Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------ Floating Rate (b) Shares (unaudited) Value ------------------------------------------------------------------------------------------------------ CONVERTIBLE PREFERRED STOCK -- 0.2% BANKS -- 0.2% Diversified Banks -- 0.2% 5,610 Wells Fargo & Co., 7.5% (Perpetual) $ 6,591,750 ------------------------------------------------------------------------------------------------------ TOTAL CONVERTIBLE PREFERRED STOCK (Cost $5,839,986) $ 6,591,750 ------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) ------------------------------------------------------------------------------------------------------ ASSET BACKED SECURITIES -- 5.1% CONSUMER SERVICES -- 0.1% Hotels, Resorts & Cruise Lines -- 0.1% 843,904 Westgate Resorts 2012-A LLC, 2.25%, 8/20/25 (144A) $ 845,592 854,453 Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A) 863,478 2,670,865 Westgate Resorts 2015-1 LLC, 2.75%, 5/20/27 (144A) 2,672,842 153,667 Westgate Resorts LLC, 2.5%, 3/20/25 (144A) 154,074 ----------------- $ 4,535,986 ----------------- Total Consumer Services $ 4,535,986 ------------------------------------------------------------------------------------------------------ FOOD & STAPLES RETAILING -- 0.1% Food Retail -- 0.1% 3,791,565 CKE Restaurant Holdings, Inc., 4.474%, 3/20/43 (144A) $ 3,850,228 ----------------- Total Food & Staples Retailing $ 3,850,228 ------------------------------------------------------------------------------------------------------ HEALTH CARE EQUIPMENT & SERVICES -- 0.1% Health Care Distributors -- 0.1% 1,600,000 OneMain Financial Issuance Trust 2015-1, 3.19%, 3/18/26 (144A) $ 1,622,736 ----------------- Total Health Care Equipment & Services $ 1,622,736 ------------------------------------------------------------------------------------------------------ BANKS -- 3.9% Thrifts & Mortgage Finance -- 3.9% 2,500,000 Access Point Funding I 2015-A LLC, 2.61%, 4/15/20 (144A) $ 2,499,750 161,712 6.49 ACE Securities Corp., Manufactured Housing Trust Series 2003-MH1, Floating Rate Note, 8/15/30 (144A) 162,229 2,200,000 1.60 American Homes 4 Rent 2014-SFR1, Floating Rate Note, 6/17/31 (144A) 2,187,515 2,800,000 American Homes 4 Rent 2014-SFR3 Trust, 4.596%, 12/18/36 (144A) 2,900,761 700,000 American Homes 4 Rent 2014-SFR3 Trust, 5.04%, 12/18/36 (144A) 730,056
The accompanying notes are an integral part of these financial statements. 20 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 1,300,000 American Homes 4 Rent 2015-SFR1, 4.11%, 4/17/45 (144A) $ 1,289,547 2,600,000 Applebee's Funding LLC/IHOP Funding LLC, 4.277%, 9/5/44 (144A) 2,635,357 2,200,000 Ascentium Equipment Receivables 2015-1 LLC, 3.24%, 1/10/22 (144A) 2,209,291 700,000 Axis Equipment Finance Receivables III LLC, 3.41%, 4/20/20 (144A) 696,730 1,095,494 B2R Mortgage Trust 2015-1, 2.524%, 5/15/48 (144A) 1,089,677 320,232 0.69 Bayview Financial Mortgage Pass-Through Trust 2005-C, Floating Rate Note, 6/28/44 317,765 1,462,628 Bayview Financial Mortgage Pass-Through Trust 2006-A, 5.865%, 2/28/41 (Step) 1,515,955 1,007,894 0.64 Bayview Financial Mortgage Pass-Through Trust Series 2005-B, Floating Rate Note, 4/28/39 999,777 1,650,000 BCC Funding X LLC, 3.622%, 11/20/20 (144A) 1,654,125 1,432,128 0.69 Bear Stearns Asset Backed Securities I Trust 2005-FR1, Floating Rate Note, 6/25/35 1,425,168 883,245 0.68 Bear Stearns Asset Backed Securities Trust 2006-SD2, Floating Rate Note, 6/25/36 865,108 2,775,208 BXG Receivables Note Trust 2015-A, 2.88%, 5/2/30 (144A) 2,768,593 3,000,000 Capital Automotive Real Estate Investment Trust, 3.66%, 10/17/44 (144A) 2,989,260 60,062 0.58 Carrington Mortgage Loan Trust Series 2005-NC4, Floating Rate Note, 9/25/35 59,666 400,000 1.38 Chesapeake Funding LLC, Floating Rate Note, 3/4/26 398,506 1,400,000 CIT Equipment Collateral 2014-VT1, 2.65%, 10/20/22 (144A) 1,407,252 618,859 4.00 Citigroup Mortgage Loan Trust 2014-A, Floating Rate Note, 1/1/35 (144A) 643,025 1,001,603 0.94 Citigroup Mortgage Loan Trust, Inc., Floating Rate Note, 5/25/35 (144A) 996,618 1,800,000 2.10 Colony American Homes 2014-1, Floating Rate Note, 5/19/31 (144A) 1,783,449 1,997,916 Consumer Credit Origination Loan Trust 2015-1, 2.82%, 3/15/21 (144A) 2,009,732 1,935,480 4.81 Countrywide Asset-Backed Certificates, Floating Rate Note, 12/25/35 1,997,516 1,000,000 0.49 Credit-Based Asset Servicing and Securitization LLC, Floating Rate Note, 7/25/36 987,865 610,393 1.24 CWABS Asset-Backed Certificates Trust 2004-7, Floating Rate Note, 12/25/34 607,049 4,987,500 DB Master Finance LLC 2015-1, 3.98%, 2/21/45 (144A) 4,967,395 1,133,357 3.13 Drug Royalty II LP 2, Floating Rate Note, 7/15/23 (144A) 1,148,595
The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund | Annual Report | 6/30/15 21 Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 458,245 0.59 First NLC Trust 2005-2, Floating Rate Note, 9/25/35 $ 457,365 879,658 GMAT 2013-1 Trust, 3.9669%, 8/25/53 (Step) 881,737 425,088 0.93 GSAMP Trust 2005-HE1, Floating Rate Note, 12/25/34 416,867 1,275,287 1.54 GSRPM Mortgage Loan Trust 2003-2, Floating Rate Note, 6/25/33 1,228,255 723,599 0.48 GSRPM Mortgage Loan Trust 2006-2, Floating Rate Note, 9/25/36 (144A) 687,455 1,620,000 HLSS Servicer Advance Receivables Trust, 1.7436%, 1/16/46 (144A) 1,618,380 224,000 HLSS Servicer Advance Receivables Trust, 3.96%, 10/15/45 (144A) 223,798 3,004,250 HOA Funding LLC, 4.846%, 8/22/44 (144A) 2,968,794 348,312 0.57 Home Equity Asset Trust 2005-7, Floating Rate Note, 1/25/36 346,467 1,052,124 1.39 HSBC Home Equity Loan Trust USA 2007-3, Floating Rate Note, 11/20/36 1,046,678 1,514,198 Icon Brand Holdings LLC, 4.229%, 1/26/43 (144A) 1,516,885 343,314 Icon Brand Holdings LLC, 4.352%, 1/25/43 (144A) 342,470 1,700,000 1.38 Invitation Homes 2014-SFR3 Trust, Floating Rate Note, 12/17/31 (144A) 1,684,236 352,643 Irwin Home Equity Loan Trust 2005-1, 5.32%, 6/25/35 (Step) 348,669 3,114,951 0.41 Irwin Home Equity Loan Trust 2005-1, Floating Rate Note, 6/25/25 2,901,075 637,415 1.69 Irwin Whole Loan Home Equity Trust 2003-C, Floating Rate Note, 6/25/28 630,042 550,000 Leaf Receivables Funding 10 LLC, 2.74%, 3/15/21 (144A) 544,994 552,742 Leaf Receivables Funding 8 LLC, 1.55%, 11/15/17 (144A) 553,278 2,203,000 Leaf Receivables Funding 8 LLC, 1.92%, 9/15/20 (144A) 2,208,155 270,900 Lehman ABS Manufactured Housing Contract Trust 2001-B, 3.01%, 5/15/41 272,238 274,151 Lehman ABS Manufactured Housing Contract Trust 2001-B, 5.873%, 5/15/41 289,425 345,086 2.44 Madison Avenue Manufactured Housing Contract Trust 2002-A, Floating Rate Note, 3/25/32 345,049 949,015 Nations Equipment Finance Funding II LLC, 3.276%, 1/22/19 (144A) 956,009 260,801 0.34 Nationstar Home Equity Loan Trust 2007-A, Floating Rate Note, 3/25/37 254,922 908,073 0.88 New Century Home Equity Loan Trust 2005-1, Floating Rate Note, 3/25/35 900,495 1,050,000 NextGear Floorplan Master Owner Trust, 1.92%, 10/15/19 (144A) 1,053,554
The accompanying notes are an integral part of these financial statements. 22 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 1,000,000 NextGear Floorplan Master Owner Trust, 2.61%, 10/15/19 (144A) $ 1,004,597 430,000 1.84 NovaStar Mortgage Funding Trust Series 2004-4, Floating Rate Note, 3/25/35 422,875 508,369 5.91 Origen Manufactured Housing Contract Trust 2004-A, Floating Rate Note, 1/15/35 533,804 358,040 5.46 Origen Manufactured Housing Contract Trust 2004-B, Floating Rate Note, 11/15/35 364,583 1,600,000 Oxford Finance Funding Trust 2014-1, 3.475%, 12/15/22 (144A) 1,604,352 1,000,000 1.04 PFS Financing Corp., Floating Rate Note, 10/15/19 (144A) 996,886 2,700,000 Progreso Receivables Funding I LLC, 4.0%, 7/9/18 (144A) 2,703,375 3,200,000 Progreso Receivables Funding III LLC, 3.625%, 2/8/20 (144A) 3,200,000 2,000,000 Progreso Receivables Funding LLC, 3.0%, 7/28/20 2,000,000 180,000 2.44 Progress Residential 2014-SFR1 Trust, Floating Rate Note, 10/17/31 (144A) 180,731 2,700,000 2.59 Progress Residential 2015-SFR1 Trust, Floating Rate Note, 2/20/32 (144A) 2,715,684 864,705 0.44 RAAC Series 2006-RP2 Trust, Floating Rate Note, 2/25/37 (144A) 853,243 227,289 2.66 SASCO Mortgage Pass-Through Certificates Series 2004-S4, Floating Rate Note, 12/25/34 227,264 3,360,000 2.24 Silver Bay Realty 2014-1 Trust, Floating Rate Note, 9/18/31 (144A) 3,353,287 1,093,574 Skopos Auto Receivables Trust 2015-1, 3.1%, 12/15/23 (144A) 1,093,574 1,938,332 SpringCastle America Funding LLC, 2.7%, 5/25/23 1,950,330 1,640,868 Springleaf Funding Trust 2013-A, 2.58%, 9/15/21 (144A) 1,647,008 1,200,000 Springleaf Funding Trust 2014-A, 2.41%, 12/15/22 (144A) 1,201,500 565,000 2.66 Springleaf Mortgage Loan Trust 2012-3, Floating Rate Note, 12/26/59 (144A) 567,462 1,398,833 Store Master Funding I LLC, 3.75%, 4/20/45 (144A) 1,378,278 289,268 STORE Master Funding LLC, 4.16%, 3/20/43 (144A) 296,216 2,010,839 STORE Master Funding LLC, 5.77%, 8/20/42 (144A) 2,157,389 1,098,011 0.39 Structured Asset Investment Loan Trust 2006-1, Floating Rate Note, 1/25/36 1,067,366 1,554,441 0.41 Structured Asset Securities Corp., Mortgage Loan Trust 2006-GEL4, Floating Rate Note, 10/25/36 (144A) 1,542,316 79,224 Structured Asset Securities Corp., 4.77%, 10/25/34 (Step) 82,182
The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund | Annual Report | 6/30/15 23 Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 1,709,071 Sunset Mortgage Loan Co., 2014-NPL2 LLC, 3.721%, 11/16/44 (Step) (144A) $ 1,702,645 528,007 SVO 2012-A VOI Mortgage LLC, 2.0%, 9/20/29 (144A) 522,530 771,441 1.13 Terwin Mortgage Trust Series TMTS 2003-8HE, Floating Rate Note, 12/25/34 750,553 400,378 Terwin Mortgage Trust Series TMTS 2005-12ALT, 4.98598%, 7/25/36 (Step) 406,152 2,578,253 Terwin Mortgage Trust Series TMTS 2005-16HE, 4.35892%, 9/25/36 (Step) 2,656,170 800,000 2.44 Trafigura Securitisation Finance Plc, 2014-1, Floating Rate Note, 10/15/21 (144A) 801,518 2,140,000 United Auto Credit Securitization Trust 2015-1, 2.92%, 6/17/19 (144A) 2,144,575 3,845,763 US Residential Opportunity Fund III Trust 2015-1, 3.7213%, 1/29/35 (144A) 3,846,540 1,749,792 VOLT XXXI LLC, 3.375%, 2/25/55 (Step) (144A) 1,745,145 3,856,371 VOLT XXXIII LLC, 3.5%, 3/25/55 (Step) (144A) 3,857,628 1,938,000 Welk Resorts 2015-A LLC, 2.79%, 6/16/31 (144A) 1,938,310 ----------------- $ 124,136,692 ----------------- Total Banks $ 124,136,692 ------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIALS -- 0.9% Other Diversified Financial Services -- 0.3% 499,944 AXIS Equipment Finance Receivables II LLC, 4.94%, 7/20/18 (144A) $ 512,648 2,900,000 Capital Auto Receivables Asset Trust 2013-1, 1.74%, 10/22/18 2,907,882 612,985 CNH Equipment Trust 2013-A, 0.69%, 6/15/18 613,381 667,209 Mid-State Capital Trust 2010-1, 5.25%, 12/15/45 (144A) 697,365 1,017,039 Sierra Timeshare 2012-2 Receivables Funding LLC, 2.38%, 3/20/29 (144A) 1,026,603 197,953 Sierra Timeshare 2012-3 Receivables Funding LLC, 1.87%, 8/20/29 (144A) 198,549 3,300,000 Spirit Master Funding LLC, 4.6291%, 1/20/45 (144A) 3,288,972 267,623 Spirit Master Funding LLC, 5.74%, 3/20/42 (144A) 290,780 700,000 Spirit Master Funding VII LLC, 3.8868%, 12/21/43 716,653 ----------------- $ 10,252,833 ------------------------------------------------------------------------------------------------------ Specialized Finance -- 0.3% 3,914,279 Domino's Pizza Master Issuer LLC, 5.216%, 1/27/42 (144A) $ 4,040,401 2,920,000 Hercules Capital Funding Trust 2014-1, 3.524%, 4/16/21 (144A) 2,925,475
The accompanying notes are an integral part of these financial statements. 24 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Specialized Finance -- (continued) 660,979 JG Wentworth XXII LLC, 3.82%, 12/15/48 (144A) $ 694,721 ----------------- $ 7,660,597 ------------------------------------------------------------------------------------------------------ Consumer Finance -- 0.2% 800,000 AmeriCredit Automobile Receivables Trust 2013-1, 1.57%, 1/8/19 $ 801,206 243,637 California Republic Auto Receivables Trust 2012-1, 1.18%, 8/15/17 (144A) 243,937 129,775 First Investors Auto Owner Trust 2012-2, 1.47%, 5/15/18 (144A) 129,902 1,200,000 First Investors Auto Owner Trust 2013-1, 2.02%, 1/15/19 (144A) 1,200,431 2,100,000 First Investors Auto Owner Trust 2014-3, 2.97%, 11/16/20 (144A) 2,111,071 510,000 First Investors Auto Owner Trust 2015-1, 3.59%, 1/18/22 (144A) 506,652 588,352 Santander Drive Auto Receivables Trust 2012-1, 3.78%, 11/15/17 592,073 850,000 Santander Drive Auto Receivables Trust 2012-5, 2.7%, 8/15/18 859,570 ----------------- $ 6,444,842 ------------------------------------------------------------------------------------------------------ Asset Management & Custody Banks -- 0.0%+ 831,842 Horizon Funding Trust 2013-1, 3.0%, 5/15/18 (144A) $ 835,741 ------------------------------------------------------------------------------------------------------ Investment Banking & Brokerage -- 0.1% 1,600,000 1.93 Chesapeake Funding LLC, Floating Rate Note, 2/7/27 (144A) $ 1,601,584 ----------------- Total Diversified Financials $ 26,795,597 ------------------------------------------------------------------------------------------------------ TOTAL ASSET BACKED SECURITIES (Cost $160,143,023) $ 160,941,239 ------------------------------------------------------------------------------------------------------ COLLATERALIZED MORTGAGE OBLIGATIONS -- 17.6% CONSUMER SERVICES -- 0.1% Hotels, Resorts & Cruise Lines -- 0.1% 2,706,389 Westgate Resorts 2014-1 LLC, 2.15%, 12/20/26 (144A) $ 2,706,389 ----------------- Total Consumer Services $ 2,706,389 ------------------------------------------------------------------------------------------------------ BANKS -- 16.3% Thrifts & Mortgage Finance -- 16.3% 390,823 A10 Securitization 2013-1 LLC, 2.4%, 11/17/25 (144A) $ 391,925 2,028,820 A10 Term Asset Financing 2013-2 LLC, 2.62%, 11/15/27 (144A) 2,040,502
The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund | Annual Report | 6/30/15 25 Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 8,490,073 3.50 Agate Bay Mortgage Trust 2015-1, Floating Rate Note, 1/25/45 (144A) $ 8,468,186 6,398,334 3.50 Agate Bay Mortgage Trust 2015-2, Floating Rate Note, 3/25/45 (144A) 6,556,041 416,799 0.64 Alternative Loan Trust 2003-14T1, Floating Rate Note, 8/25/18 399,108 1,528,055 Alternative Loan Trust 2003-21T1, 5.75%, 12/25/33 1,598,688 143,748 Alternative Loan Trust 2004-4CB, 4.25%, 4/25/34 145,058 9,407,000 1.09 Alternative Loan Trust 2004-J5, Floating Rate Note, 8/25/34 8,679,030 4,200,000 1.93 Arbor Realty Collateralized Loan Obligation 2015-FL1, Ltd., Floating Rate Note, 3/15/25 (144A) 4,200,000 2,580,000 2.39 BAMLL Commercial Mortgage Securities Trust 2014-FL1, Floating Rate Note, 12/17/31 (144A) 2,584,910 1,600,000 2.14 BAMLL Commercial Mortgage Securities Trust 2014-INLD, Floating Rate Note, 12/17/29 1,604,067 4,200,000 1.90 BAMLL Commercial Mortgage Securities Trust 2015-ASHF, Floating Rate Note, 1/18/28 (144A) 4,200,089 608,106 Banc of America Alternative Loan Trust 2003-2, 5.75%, 4/25/33 630,060 1,197,579 Banc of America Alternative Loan Trust 2004-6, 5.0%, 7/25/19 1,230,546 3,477,221 5.37 Banc of America Commercial Mortgage Trust 2006-1, Floating Rate Note, 9/10/45 3,494,976 612,532 Banc of America Funding 2003-3 Trust, 5.5%, 10/25/33 634,979 25,199 0.31 Banc of America Funding 2010-R4 Trust REMICS, Floating Rate Note, 8/26/36 (144A) 25,165 1,082,648 2.71 Banc of America Mortgage 2003-F Trust, Floating Rate Note, 7/25/33 1,089,163 781,482 Banc of America Mortgage Trust 2004-11, 5.75%, 1/25/35 798,939 901,590 Banc of America Mortgage Trust 2004-9, 5.5%, 11/25/34 917,137 5,813,066 Bayview Commercial Asset Trust 2007-4, 3.49%, 9/25/37 (Step) (144A) (c) 197,644 1,308,405 1.19 Bayview Commercial Asset Trust 2008-1, Floating Rate Note, 1/25/38 (144A) 1,306,837 2,228,842 0.89 Bear Stearns ALT-A Trust 2004-12, Floating Rate Note, 1/25/35 2,163,608 1,633,817 0.89 Bear Stearns ALT-A Trust 2004-12, Floating Rate Note, 1/25/35 1,579,729 2,647,992 0.79 Bear Stearns ALT-A Trust 2004-4, Floating Rate Note, 6/25/34 2,535,219 936,870 0.75 Bear Stearns ALT-A Trust 2005-1, Floating Rate Note, 1/25/35 911,455
The accompanying notes are an integral part of these financial statements. 26 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 3,093,773 2.60 Bear Stearns ARM Trust 2003-6, Floating Rate Note, 8/25/33 $ 3,074,654 1,000,000 5.21 Bear Stearns Commercial Mortgage Securities Trust 2005-PWR7, Floating Rate Note, 2/11/41 999,736 2,050,256 5.77 Bear Stearns Commercial Mortgage Securities Trust 2006-TOP22, Floating Rate Note, 4/12/38 2,089,451 1,685,668 0.89 Bella Vista Mortgage Trust 2004-1, Floating Rate Note, 11/20/34 1,499,297 2,210,000 2.14 BLCP Hotel Trust, Floating Rate Note, 8/15/29 (144A) 2,216,345 2,460,000 2.04 Carefree Portfolio Trust 2014-CARE, Floating Rate Note, 11/15/29 (144A) 2,470,172 3,990,000 2.69 CDGJ Commercial Mortgage Trust 2014-BXCH, Floating Rate Note, 12/15/27 (144A) 3,999,480 468,209 2.60 CHL Mortgage Pass-Through Trust 2003-56, Floating Rate Note, 12/25/33 470,815 5,000,000 Citigroup Commercial Mortgage Trust 2014-GC25 REMICS, 3.371%, 10/10/47 5,140,285 468,382 1.18 Citigroup Mortgage Loan Trust 2010-7 REMICS, Floating Rate Note, 9/25/37 (144A) 468,180 2,981,269 2.24 Citigroup Mortgage Loan Trust, Inc., REMICS, Floating Rate Note, 8/25/34 2,954,584 1,048,497 Citigroup Mortgage Loan Trust, Inc., 5.5%, 9/25/34 1,126,727 1,000,000 4.65 City Center Trust 2011-CCHP, Floating Rate Note, 7/17/28 (144A) 1,000,594 443,990 0.63 CNL Commercial Mortgage Loan Trust 2003-2, Floating Rate Note, 10/25/30 (144A) 385,674 3,155,141 Colony Multifamily Mortgage Trust 2014-1, 2.5432%, 4/22/50 (144A) 3,154,002 450,000 COMM 2012-CCRE2 Mortgage Trust REMICS, 3.791%, 8/17/45 470,418 850,000 COMM 2012-CCRE2 Mortgage Trust, 3.147%, 8/15/45 865,933 915,000 COMM 2012-CCRE4 Mortgage Trust, 2.436%, 10/17/45 917,071 4,000,000 COMM 2012-LC4 Mortgage Trust, 4.063%, 12/12/44 4,254,704 4,200,000 5.17 COMM 2013-CCRE11 Mortgage Trust, Floating Rate Note, 12/8/50 (144A) 4,471,454 1,900,000 COMM 2013-LC6 Mortgage Trust, 2.941%, 1/12/46 1,898,432 3,800,000 2.34 COMM 2014-FL5 Mortgage Trust, Floating Rate Note, 10/17/31 (144A) 3,795,246 4,150,000 1.94 COMM 2014-SAVA Mortgage Trust, Floating Rate Note, 6/15/34 (144A) 4,143,439 1,750,000 COMM 2015-CCRE23 Mortgage Trust, 3.807%, 5/12/48 (144A) 1,779,430 3,850,000 Commercial Mortgage Pass-Through Certificates, 2.822%, 10/17/45 3,833,703
The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund | Annual Report | 6/30/15 27 Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 1,319,265 2.13 Commercial Mortgage Pass-Through Certificates, Floating Rate Note, 11/19/26 (144A) $ 1,318,887 2,360,130 Credit Suisse Commercial Mortgage Trust Series 2007-C1, 5.361%, 2/15/40 2,467,197 180,802 Credit Suisse First Boston Mortgage Securities Corp., 5.5%, 6/25/33 183,255 2,736,297 5.23 Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 12/17/40 2,742,929 533,859 2.78 Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 6/25/34 517,984 2,700,000 2.44 Credit Suisse Mortgage Capital Certificates, Floating Rate Note, 3/15/28 (144A) 2,688,266 7,146,516 1.55 CSMC Trust 2013-IVR2, Floating Rate Note, 4/27/43 (144A) 6,685,480 3,201,995 3.00 CSMC Trust 2013-IVR4, Floating Rate Note, 7/27/43 (144A) 3,204,781 2,365,882 3.00 CSMC Trust 2013-IVR4, Floating Rate Note, 7/27/43 (144A) 2,385,652 6,565,759 3.00 CSMC Trust 2014-WIN1, Floating Rate Note, 9/25/44 (144A) 6,621,673 9,396,127 CSMC Trust 2015-2, 3.0%, 2/25/45 9,537,069 1,900,000 5.42 DBUBS 2011-LC3 Mortgage Trust, Floating Rate Note, 8/12/44 (144A) 2,158,970 1,895,000 1.49 Del Coronado Trust 2013-DEL, Floating Rate Note, 3/16/26 (144A) 1,893,179 4,085,597 3.50 EverBank Mortgage Loan Trust REMICS, Floating Rate Note, 4/25/43 (144A) 4,074,345 191,663 1.28 Extended Stay America Trust 2013-ESH, Floating Rate Note, 12/5/31 (144A) 190,593 4,630,000 3.38 GAHR Commercial Mortgage Trust 2015-NRF, Floating Rate Note, 12/15/34 (144A) 4,596,956 842,113 Global Mortgage Securitization, Ltd., 5.25%, 4/25/32 813,680 2,154,984 0.46 Global Mortgage Securitization, Ltd., Floating Rate Note, 4/25/32 2,071,325 2,800,000 GS Mortgage Securities Corp., Trust 2012-SHOP, 2.933%, 6/6/31 (144A) 2,876,121 1,250,000 GS Mortgage Securities Corp., II, 3.377%, 5/10/45 1,295,909 1,000,000 GS Mortgage Securities Corp., II, 3.682%, 2/10/46 (144A) 1,002,827 812,364 GS Mortgage Securities Corp., II, 5.56%, 11/10/39 842,195 930,735 2.45 GSR Mortgage Loan Trust 2003-9, Floating Rate Note, 8/25/33 926,482 1,670,191 2.82 GSR Mortgage Loan Trust 2004-7, Floating Rate Note, 6/25/34 1,628,287 928,696 2.64 GSR Mortgage Loan Trust 2005-AR1, Floating Rate Note, 1/25/35 934,179 2,340,000 1.29 Homestar Mortgage Acceptance Corp., Floating Rate Note, 1/25/35 2,280,388
The accompanying notes are an integral part of these financial statements. 28 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 1,809,878 0.54 Homestar Mortgage Acceptance Corp., Floating Rate Note, 6/25/34 $ 1,781,995 2,100,000 1.89 Hyatt Hotel Portfolio Trust 2015-HYT, Floating Rate Note, 11/15/29 (144A) 2,103,965 529,697 0.99 Impac CMB Trust Series 2004-6, Floating Rate Note, 10/25/34 503,757 264,967 0.53 Impac Secured Assets Trust 2006-2, Floating Rate Note, 8/25/36 261,299 1,033,178 0.39 Impac Secured Assets Trust 2006-5, Floating Rate Note, 12/25/36 971,443 3,910,234 JP Morgan Chase Commercial Mortgage Securities Corp., 2.84%, 12/17/47 3,897,803 2,800,000 5.13 JP Morgan Chase Commercial Mortgage Securities Trust 2005-LDP3, Floating Rate Note, 8/15/42 2,799,110 4,800,000 5.56 JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP6, Floating Rate Note, 4/15/43 4,888,147 402,224 0.34 JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP9, Floating Rate Note, 5/15/47 398,840 1,600,000 JP Morgan Chase Commercial Mortgage Securities Trust 2010-C2, 3.6159%, 11/15/43 (144A) 1,670,771 1,350,000 JP Morgan Chase Commercial Mortgage Securities Trust 2011-C5, 4.1712%, 8/17/46 1,464,782 1,200,000 3.98 JP Morgan Chase Commercial Mortgage Securities Trust 2012-C8, Floating Rate Note, 10/17/45 (144A) 1,245,614 5,000,000 JP Morgan Chase Commercial Mortgage Securities Trust 2014-C20 REMICS, 3.8046%, 7/15/47 5,198,555 4,600,000 2.14 JP Morgan Chase Commercial Mortgage Securities Trust 2014-CBM, Floating Rate Note, 10/15/29 (144A) 4,583,932 2,200,000 2.39 JP Morgan Chase Commercial Mortgage Securities Trust 2014-FL4 REMICS, Floating Rate Note, 12/16/30 (144A) 2,196,968 900,000 2.29 JP Morgan Chase Commercial Mortgage Securities Trust 2014-FL5 REMICS, Floating Rate Note, 7/15/31 (144A) 896,804 1,260,000 1.54 JP Morgan Chase Commercial Mortgage Securities Trust 2014-FL5, Floating Rate Note, 7/15/31 (144A) 1,263,523 4,600,000 2.44 JP Morgan Chase Commercial Mortgage Securities Trust 2015-COSMO, Floating Rate Note, 1/15/32 (144A) 4,586,292 423,188 2.49 JP Morgan Mortgage Trust 2003-A1, Floating Rate Note, 10/25/33 421,885 1,569,010 2.51 JP Morgan Mortgage Trust 2004-A1, Floating Rate Note, 2/25/34 1,601,283 505,193 2.49 JP Morgan Mortgage Trust 2004-A1, Floating Rate Note, 2/25/34 512,646 759,006 JP Morgan Mortgage Trust 2004-S1, 5.0%, 9/25/34 786,253 1,657,984 JP Morgan Mortgage Trust 2004-S1, 6.0%, 9/25/34 1,747,367
The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund | Annual Report | 6/30/15 29 Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 6,120,456 3.00 JP Morgan Mortgage Trust 2013-1, Floating Rate Note, 3/25/43 (144A) $ 5,961,630 5,451,046 2.50 JP Morgan Mortgage Trust 2013-1, Floating Rate Note, 3/25/43 (144A) 5,387,590 1,822,120 3.54 JP Morgan Mortgage Trust 2013-1, Floating Rate Note, 3/25/43 (144A) 1,806,865 1,485,537 3.50 JP Morgan Mortgage Trust 2013-2, Floating Rate Note, 5/25/43 (144A) 1,493,312 862,796 3.50 JP Morgan Mortgage Trust 2014-1 REMICS, Floating Rate Note, 1/25/44 (144A) 871,378 8,382,688 3.00 JP Morgan Mortgage Trust 2014-2, Floating Rate Note, 6/25/29 (144A) 8,516,945 7,677,897 3.43 JP Morgan Mortgage Trust 2014-2, Floating Rate Note, 6/25/29 (144A) 7,848,359 5,352,903 3.00 JP Morgan Mortgage Trust 2014-5, Floating Rate Note, 10/25/29 (144A) 5,455,363 2,452,388 3.04 JP Morgan Mortgage Trust 2014-5, Floating Rate Note, 10/25/29 (144A) 2,404,183 5,885,953 0.00 JP Morgan Mortgage Trust, 2014-OAK4-B1, Floating Rate Note, 9/25/44 (f) 5,868,555 469,971 2.50 La Hipotecaria Panamanian Mortgage Trust 2010-1, Floating Rate Note, 9/8/39 (144A) 487,736 3,995,339 3.26 La Hipotecaria Panamanian Mortgage Trust 2014-1, Floating Rate Note, 11/24/42 (144A) 4,095,222 177,179 LB-UBS Commercial Mortgage Trust 2004-C1, 4.568%, 1/15/31 179,104 220,827 1.13 Lehman Brothers Small Balance Commercial Mortgage Trust 2007-3 Class 1A4, Floating Rate Note, 10/25/37 (144A) 219,599 2,177,781 0.43 Lehman Brothers Small Balance Commercial, Floating Rate Note, 2/25/30 (144A) 2,058,262 445,193 0.43 Lehman Brothers Small Balance Commercial, Floating Rate Note, 9/25/30 (144A) 419,855 3,690,000 0.00 LSTAR Commercial Mortgage Trust 2015-3, Floating Rate Note, 4/20/48 (144A) (d) 3,566,226 4,609,206 2.18 LSTAR Securities Investment Trust 2014-2, Floating Rate Note, 11/1/19 (144A) 4,575,907 4,820,132 2.18 LSTAR Securities Investment Trust 2015-1, Floating Rate Note, 1/1/20 (144A) 4,767,713 2,449,047 2.18 LSTAR Securities Investment Trust 2015-3, Floating Rate Note, 3/1/20 (144A) 2,437,659 5,516,857 2.18 LSTAR Securities Investment Trust 2015-4, Floating Rate Note, 4/1/20 (144A) 5,449,618 2,848,138 2.18 LSTAR Securities Investment Trust 2015-5, Floating Rate Note, 4/1/20 (144A) 2,837,099 543,066 2.86 MASTR Adjustable Rate Mortgages Trust, Floating Rate Note, 1/25/35 540,735 2,207,925 MASTR Alternative Loan Trust 2004-6, 6.0%, 7/25/34 2,247,056
The accompanying notes are an integral part of these financial statements. 30 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 524,257 0.67 Mellon Residential Funding Corp., Mortgage Pass-Through Trust Series 2000 TBC2, Floating Rate Note, 6/15/30 $ 497,545 747,661 0.63 Mellon Residential Funding Corp., Mortgage Pass-Through Trust Series 2000-TBC3, Floating Rate Note, 12/15/30 712,793 235,821 2.35 Merrill Lynch Mortgage Investors Trust Series 2005-2, Floating Rate Note, 10/25/35 237,387 2,972,582 0.46 Merrill Lynch Mortgage Investors Trust Series 2005-A3, Floating Rate Note, 4/25/35 2,850,905 1,821,224 0.75 Merrill Lynch Mortgage Investors Trust Series MLCC 2004-G, Floating Rate Note, 1/25/30 1,711,150 3,212,768 5.29 Merrill Lynch Mortgage Trust 2005-LC1, Floating Rate Note, 1/12/44 3,228,736 2,241,153 5.65 ML-CFC Commercial Mortgage Trust 2006-1, Floating Rate Note, 2/12/39 2,271,218 3,263,268 0.97 MortgageIT Trust 2004-1, Floating Rate Note, 11/25/34 3,118,819 4,056,322 3.75 New Residential Mortgage Loan Trust 2014-1, Floating Rate Note, 1/25/54 (144A) 4,172,799 4,015,026 3.75 New Residential Mortgage Loan Trust 2014-2, Floating Rate Note, 5/26/54 (144A) 4,147,188 3,379,110 3.75 New Residential Mortgage Loan Trust 2014-3, Floating Rate Note, 11/25/54 (144A) 3,465,118 11,695,000 0.00 New Residential Mortgage Loan Trust 2015-1, Floating Rate Note, 4/25/52 (144A) (d) 11,896,154 6,326,690 3.32 NRP Mortgage Trust 2013-1, Floating Rate Note, 7/25/43 6,253,332 3,771,126 3.32 NRP Mortgage Trust 2013-1, Floating Rate Note, 7/25/43 (144A) 3,671,772 4,975,951 3.25 NRP Mortgage Trust 2013-1, Floating Rate Note, 7/25/43 (144A) 4,895,326 5,220,783 3.25 NRP Mortgage Trust 2013-1, Floating Rate Note, 7/25/43 (144A) 5,321,915 6,511,679 0.58 Opteum Mortgage Acceptance Corp., Trust 2005-4, Floating Rate Note, 11/25/35 5,998,461 745,975 ORES 2014-LV3 LLC, 3.0%, 3/27/24 (144A) 745,975 116,908 PHH Mortgage Capital LLC, 6.600001%, 12/25/27 (Step) (144A) 117,098 337,124 RAAC Series 2004-SP2 Trust, 6.0%, 1/25/32 343,149 946,266 0.73 RALI Series 2003-QS13 Trust, Floating Rate Note, 7/25/33 873,765 346,509 RALI Series 2003-QS14 Trust, 5.0%, 7/25/18 351,328 886,965 RALI Series 2004-QS3 Trust, 5.0%, 3/25/19 907,125 3,151,428 1.84 RESI Finance LP 2003-CB1, Floating Rate Note, 7/9/35 2,984,944
The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund | Annual Report | 6/30/15 31 Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 483,011 Residential Asset Securitization Trust 2004-A8, 5.25%, 11/25/34 $ 489,429 1,130,756 Residential Asset Securitization Trust 2004-A9, 5.75%, 12/25/34 1,165,810 783,185 RFMSI Series 2005-S5 Trust, 5.25%, 7/25/35 808,145 4,000,000 RREF 2015-LT7 LLC, 3.0%, 12/25/32 (144A) 3,996,868 2,890,298 0.85 Sequoia Mortgage Trust 2003-2, Floating Rate Note, 6/20/33 2,751,431 5,566,931 1.81 Sequoia Mortgage Trust 2012-6, Floating Rate Note, 12/26/42 5,063,085 3,177,255 1.45 Sequoia Mortgage Trust 2013-1, Floating Rate Note, 2/25/43 3,067,687 7,061,569 3.59 Sequoia Mortgage Trust 2013-10, Floating Rate Note, 8/25/43 (144A) 6,877,544 7,560,287 3.54 Sequoia Mortgage Trust 2013-3, Floating Rate Note, 3/25/43 7,581,917 7,992,370 2.33 Sequoia Mortgage Trust 2013-4 REMICS, Floating Rate Note, 4/27/43 7,396,867 4,491,103 3.51 Sequoia Mortgage Trust 2013-4, Floating Rate Note, 4/25/43 4,472,694 12,030,370 2.50 Sequoia Mortgage Trust 2013-7, Floating Rate Note, 6/25/43 11,236,679 1,573,846 3.00 Sequoia Mortgage Trust 2013-7, Floating Rate Note, 6/25/43 1,516,794 728,341 2.25 Sequoia Mortgage Trust 2013-8, Floating Rate Note, 6/25/43 701,853 777,703 3.00 Sequoia Mortgage Trust 2013-8, Floating Rate Note, 6/25/43 749,997 6,397,420 3.56 Sequoia Mortgage Trust 2013-8, Floating Rate Note, 6/25/43 6,414,891 1,820,253 Sequoia Mortgage Trust 2013-9, 3.5%, 7/27/43 (144A) 1,825,799 7,043,883 3.00 Sequoia Mortgage Trust 2015-1, Floating Rate Note, 1/25/45 (144A) 6,850,507 8,657,691 3.50 Sequoia Mortgage Trust 2015-2, Floating Rate Note, 5/25/45 (144A) 8,672,574 50,829 3.00 Sequoia Mortgage Trust, Floating Rate Note, 9/25/42 49,304 1,093,633 2.22 Springleaf Mortgage Loan Trust 2012-2, Floating Rate Note, 10/25/57 (144A) 1,096,340 750,000 3.79 Springleaf Mortgage Loan Trust 2013-1, Floating Rate Note, 6/25/58 (144A) 755,066 1,533,923 2.00 Springleaf Mortgage Loan Trust 2013-1, Floating Rate Note, 6/25/58 (144A) 1,535,537 664,050 2.59 Structured Adjustable Rate Mortgage Loan Trust, Floating Rate Note, 1/25/35 659,252
The accompanying notes are an integral part of these financial statements. 32 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 525,334 2.46 Structured Adjustable Rate Mortgage Loan Trust, Floating Rate Note, 11/25/34 $ 518,184 3,954,307 0.87 Structured Asset Mortgage Investments II Trust 2004-AR8, Floating Rate Note, 5/19/35 3,843,417 2,045,110 0.93 Structured Asset Mortgage Investments Trust 2003-AR2, Floating Rate Note, 12/19/33 1,960,958 4,207,144 Structured Asset Securities Corp., Trust 2005-17, 5.5%, 10/25/35 4,329,189 569,211 2.56 Structured Asset Securities Corp., Mortgage Certificates Series 2003-31A, Floating Rate Note, 10/25/33 563,886 678,993 0.48 Structured Asset Securities Corp., Trust 2005-14, Floating Rate Note, 7/25/35 596,659 738,105 2.16 Thornburg Mortgage Securities Trust 2003-3, Floating Rate Note, 6/25/43 733,460 5,451,526 0.93 Thornburg Mortgage Securities Trust 2004-3, Floating Rate Note, 9/25/34 5,224,525 4,470,000 TimberStar Trust I REMICS, 5.668%, 10/15/36 (144A) 4,682,017 1,435,000 TimberStar Trust I, 5.7467%, 10/15/36 (144A) 1,495,851 5,040,000 UBS Commercial Mortgage Trust 2012-C1, 3.4%, 5/12/45 5,212,585 2,272,971 2.19 Velocity Commercial Capital Loan Trust 2014-1, Floating Rate Note, 9/25/44 (144A) 2,261,606 1,770,802 VFC 2015-3 LLC, 2.75%, 12/20/31 (144A) 1,768,810 2,065,969 VOLT XXX LLC, 3.625%, 10/25/57 (Step) 2,064,438 1,233,457 1.01 Wells Fargo Alternative Loan 2005-2 Trust, Floating Rate Note, 10/25/35 1,228,495 2,513,687 Wells Fargo Commercial Mortgage Trust 2010-C1, 3.349%, 11/18/43 (144A) 2,576,001 1,927,000 Wells Fargo Commercial Mortgage Trust 2012-LC5 REMICS, 3.539%, 10/17/45 1,983,731 4,500,000 Wells Fargo Commercial Mortgage Trust 2014-LC16 REMICS, 3.477%, 8/17/50 4,681,764 5,300,000 2.04 Wells Fargo Commercial Mortgage Trust 2014-TISH REMICS, Floating Rate Note, 2/16/27 (144A) 5,269,737 350,000 5.39 WF-RBS Commercial Mortgage Trust 2011-C2, Floating Rate Note, 2/15/44 (144A) 381,800 1,323,000 5.47 WF-RBS Commercial Mortgage Trust 2011-C2, Floating Rate Note, 2/15/44 (144A) 1,418,134 ----------------- $ 516,385,820 ----------------- Total Banks $ 516,385,820 ------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIALS -- 0.2% Other Diversified Financial Services -- 0.2% 2,385,601 0.44 GE Business Loan Trust 2005-1, Floating Rate Note, 6/15/33 (144A) $ 2,312,549 2,015,577 0.36 GE Business Loan Trust 2007-1, Floating Rate Note, 4/16/35 (144A) 1,911,113
The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund | Annual Report | 6/30/15 33 Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Other Diversified Financial Services -- (continued) 1,000,000 Morgan Stanley Capital I Trust 2007-HQ13, 5.569%, 12/15/44 $ 1,061,142 ----------------- $ 5,284,804 ----------------- Total Diversified Financials $ 5,284,804 ------------------------------------------------------------------------------------------------------ Government -- 1.0% 1,250,000 4.30 Federal Home Loan Mortgage Corp., Floating Rate Note, 9/26/44 (144A) $ 1,298,206 3,023 Federal National Mortgage Association REMICS, 10.3%, 4/25/19 3,326 649,508 Federal National Mortgage Association REMICS, 4.5%, 6/25/29 697,090 313,644 Federal National Mortgage Association REMICS, 5.0%, 7/25/33 315,002 75,154 Federal National Mortgage Association REMICS, 5.0%, 9/25/39 77,572 1,330,472 1.54 Freddie Mac Structured Agency Credit Risk Debt Notes, Floating Rate Note, 8/25/24 1,330,243 850,000 5.62 FREMF Mortgage Trust 2010-K7, Floating Rate Note, 5/25/29 (144A) 951,131 600,000 5.41 FREMF Mortgage Trust 2010-K8, Floating Rate Note, 9/25/43 (144A) 666,954 890,000 5.36 FREMF Mortgage Trust 2010-K9 REMICS, Floating Rate Note, 9/25/45 (144A) 988,599 1,500,000 4.78 FREMF Mortgage Trust 2011-K10 , Floating Rate Note, 11/25/49 (144A) 1,625,508 5,380,000 4.93 FREMF Mortgage Trust 2011-K702, Floating Rate Note, 4/25/44 (144A) 5,739,319 1,250,000 5.05 FREMF Mortgage Trust 2011-K703, Floating Rate Note, 7/25/44 (144A) 1,339,785 900,000 3.30 FREMF Mortgage Trust 2013-K502, Floating Rate Note, 3/27/45 (144A) 914,338 3,000,000 3.16 FREMF Mortgage Trust 2013-K713, Floating Rate Note, 4/25/46 (144A) 3,022,392 2,401,000 3.08 FREMF Mortgage Trust 2014-K503, Floating Rate Note, 10/25/47 (144A) 2,418,028 650,000 3.55 FREMF Mortgage Trust Class B, Floating Rate Note, 11/25/46 (144A) 663,728 2,010,000 3.95 FREMF Mortgage Trust Class B, Floating Rate Note, 6/25/47 (144A) 2,085,992 5,816,157 Government National Mortgage Association REMICS, 2.1%, 2/16/48 5,852,420 1,482,422 Government National Mortgage Association, 3.0%, 4/20/41 1,538,455 17,081 Government National Mortgage Association, 4.973%, 4/16/42 17,077
The accompanying notes are an integral part of these financial statements. 34 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Government -- (continued) 753,231 Government National Mortgage Association, 5.25%, 8/16/35 $ 845,517 ----------------- $ 32,390,682 ----------------- Total Government $ 32,390,682 ------------------------------------------------------------------------------------------------------ TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $558,504,024) $ 556,767,695 ------------------------------------------------------------------------------------------------------ CORPORATE BONDS -- 39.3% ENERGY -- 4.9% Oil & Gas Drilling -- 0.4% 4,725,000 Ensco Plc, 4.5%, 10/1/24 $ 4,514,062 1,025,000 Pride International, Inc., 6.875%, 8/15/20 1,172,262 6,185,000 Rowan Companies, Inc., 4.75%, 1/15/24 5,910,485 ----------------- $ 11,596,809 ------------------------------------------------------------------------------------------------------ Oil & Gas Equipment & Services -- 0.4% 2,250,000 Halliburton Co., 7.6%, 8/15/96 (144A) $ 3,010,885 6,050,000 Helmerich & Payne International Drilling Co., 4.65%, 3/15/25 (144A) 6,245,342 675,000 Weatherford International, Ltd., Bermuda, 5.95%, 4/15/42 570,576 2,815,000 Weatherford International, Ltd., Bermuda, 9.625%, 3/1/19 3,286,721 ----------------- $ 13,113,524 ------------------------------------------------------------------------------------------------------ Integrated Oil & Gas -- 0.6% 4,175,000 BP Capital Markets Plc, 3.062%, 3/17/22 $ 4,164,116 5,350,000 ConocoPhillips Co., 3.35%, 11/15/24 5,294,082 1,000,000 Rosneft Finance SA, 7.875%, 3/13/18 (144A) 1,045,000 10,050,000 Sinopec Group Overseas Development 2015, Ltd., 2.5%, 4/28/20 (144A) 9,898,647 ----------------- $ 20,401,845 ------------------------------------------------------------------------------------------------------ Oil & Gas Exploration & Production -- 0.4% 1,500,000 Approach Resources, Inc., 7.0%, 6/15/21 $ 1,350,000 2,230,000 Canadian Natural Resources, Ltd., 6.5%, 2/15/37 2,533,224 1,800,000 EP Energy LLC, 9.375%, 5/1/20 1,923,660 901,000 Marathon Oil Corp., 5.9%, 3/15/18 989,470 2,360,000 Newfield Exploration Co., 5.375%, 1/1/26 2,336,400 1,400,000 Newfield Exploration Co., 5.625%, 7/1/24 1,414,000 483,747 Ras Laffan Liquefied Natural Gas Co., Ltd., III, 5.832%, 9/30/16 (144A) 499,517 ----------------- $ 11,046,271 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund | Annual Report | 6/30/15 35 Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Oil & Gas Refining & Marketing -- 0.6% 7,040,000 EnLink Midstream Partners LP, 4.4%, 4/1/24 $ 7,058,945 3,800,000 Motiva Enterprises LLC, 6.85%, 1/15/40 (144A) 4,333,056 2,825,000 Valero Energy Corp., 6.625%, 6/15/37 3,190,586 2,890,000 Valero Energy Corp., 9.375%, 3/15/19 3,556,683 ----------------- $ 18,139,270 ------------------------------------------------------------------------------------------------------ Oil & Gas Storage & Transportation -- 2.2% 5,550,000 Boardwalk Pipelines LP, 4.95%, 12/15/24 $ 5,442,680 5,425,000 Buckeye Partners LP, 4.15%, 7/1/23 5,287,585 2,900,000 DCP Midstream LLC, 9.75%, 3/15/19 (144A) 3,365,215 3,950,000 5.85 DCP Midstream LLC, Floating Rate Note, 5/21/43 (144A) 3,130,375 500,000 Energy Transfer Partners LP, 4.05%, 3/15/25 471,495 1,200,000 3.30 Energy Transfer Partners LP, Floating Rate Note, 11/1/66 1,020,000 3,825,000 Enterprise Products Operating LLC, 3.7%, 2/15/26 3,703,606 5,310,000 Enterprise Products Operating LLC, 3.9%, 2/15/24 5,332,052 4,675,000 Kinder Morgan Energy Partners LP, 4.25%, 9/1/24 4,553,146 3,250,000 Kinder Morgan Energy Partners LP, 5.95%, 2/15/18 3,551,506 5,300,000 Plains All American Pipeline LP, 4.9%, 2/15/45 4,996,957 3,500,000 Sabine Pass LNG LP, 6.5%, 11/1/20 3,622,500 2,475,000 Spectra Energy Capital LLC, 6.2%, 4/15/18 2,703,873 1,500,000 Spectra Energy Capital LLC, 6.75%, 7/15/18 1,676,988 5,825,000 Sunoco Logistics Partners Operations LP, 4.25%, 4/1/24 5,656,291 2,200,000 Sunoco Logistics Partners Operations LP, 6.1%, 2/15/42 2,254,529 5,980,000 The Williams Companies, Inc., 5.75%, 6/24/44 5,549,279 2,475,000 The Williams Companies, Inc., 7.75%, 6/15/31 2,762,474 4,425,000 TransCanada PipeLines, Ltd., 1.875%, 1/12/18 4,454,249 ----------------- $ 69,534,800 ------------------------------------------------------------------------------------------------------ Other Diversified Financial Services -- 0.3% 5,275,000 CNOOC Nexen Finance 2014 ULC, 4.25%, 4/30/24 $ 5,387,083 4,750,000 Sinopec Group Overseas Development 2014, Ltd., 4.375%, 4/10/24 (144A) 4,981,895 ----------------- $ 10,368,978 ----------------- Total Energy $ 154,201,497 ------------------------------------------------------------------------------------------------------ MATERIALS -- 2.4% Commodity Chemicals -- 0.1% 2,625,000 Methanex Corp., 4.25%, 12/1/24 $ 2,602,535 40,000 NOVA Chemicals Corp., 5.0%, 5/1/25 (144A) 40,150 ----------------- $ 2,642,685 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 36 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Diversified Chemicals -- 0.2% 4,845,000 CF Industries, Inc., 5.15%, 3/15/34 $ 4,785,431 980,000 Eastman Chemical Co., 4.8%, 9/1/42 939,978 1,130,000 WR Grace & Co-Conn, 5.125%, 10/1/21 (144A) 1,138,475 ----------------- $ 6,863,884 ------------------------------------------------------------------------------------------------------ Fertilizers & Agricultural Chemicals -- 0.4% 2,800,000 Agrium, Inc., 4.125%, 3/15/35 $ 2,503,690 7,600,000 Agrium, Inc., 5.25%, 1/15/45 7,675,331 2,675,000 Monsanto Co., 3.375%, 7/15/24 2,554,949 ----------------- $ 12,733,970 ------------------------------------------------------------------------------------------------------ Specialty Chemicals -- 0.1% 3,025,000 The Valspar Corp., 3.3%, 2/1/25 $ 2,911,260 ------------------------------------------------------------------------------------------------------ Construction Materials -- 0.4% 3,328,000 CEMEX Espana SA, 9.875%, 4/30/19 (144A) $ 3,641,498 10,600,000 CRH America, Inc., 3.875%, 5/18/25 (144A) 10,503,996 475,000 Holcim US Finance S.a.r.l. & Cie SCS, 6.0%, 12/30/19 (144A) 536,485 ----------------- $ 14,681,979 ------------------------------------------------------------------------------------------------------ Metal & Glass Containers -- 0.2% 2,275,000 Ball Corp., 4.0%, 11/15/23 $ 2,110,062 4,000,000 Ball Corp., 5.25%, 7/1/25 3,955,000 ----------------- $ 6,065,062 ------------------------------------------------------------------------------------------------------ Diversified Metals & Mining -- 0.2% 1,850,000 Freeport-McMoRan, Inc., 3.875%, 3/15/23 $ 1,680,590 1,650,000 Freeport-McMoRan, Inc., 4.55%, 11/14/24 1,537,424 4,000,000 Gold Fields Orogen Holdings BVI, Ltd., 4.875%, 10/7/20 (144A) 3,660,000 ----------------- $ 6,878,014 ------------------------------------------------------------------------------------------------------ Steel -- 0.3% 3,550,000 Commercial Metals Co., 4.875%, 5/15/23 $ 3,337,000 1,175,000 Glencore Funding LLC, 4.125%, 5/30/23 (144A) 1,136,713 1,385,000 Steel Dynamics, Inc., 5.125%, 10/1/21 1,387,770 3,135,000 Worthington Industries, Inc., 4.55%, 4/15/26 3,217,780 ----------------- $ 9,079,263 ------------------------------------------------------------------------------------------------------ Paper Products -- 0.5% 1,285,000 Clearwater Paper Corp., 4.5%, 2/1/23 $ 1,217,538 6,975,000 International Paper Co., 3.65%, 6/15/24 6,874,616 1,025,000 International Paper Co., 3.8%, 1/15/26 1,004,283 2,400,000 International Paper Co., 6.0%, 11/15/41 2,587,505
The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund | Annual Report | 6/30/15 37 Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Paper Products -- (continued) 3,930,000 Resolute Forest Products, Inc., 5.875%, 5/15/23 $ 3,576,300 ----------------- $ 15,260,242 ----------------- Total Materials $ 77,116,359 ------------------------------------------------------------------------------------------------------ CAPITAL GOODS -- 1.9% Aerospace & Defense -- 0.4% 2,600,000 DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) $ 2,544,750 10,250,000 United Technologies Corp., 1.778%, 5/4/18 (Step) 10,281,519 ----------------- $ 12,826,269 ------------------------------------------------------------------------------------------------------ Building Products -- 0.7% 7,225,000 Fortune Brands Home & Security, Inc., 3.0%, 6/15/20 $ 7,232,601 1,050,000 Masco Corp., 4.45%, 4/1/25 1,052,625 825,000 Masco Corp., 5.95%, 3/15/22 926,062 4,260,000 Masco Corp., 7.125%, 3/15/20 4,941,600 5,150,000 Owens Corning, 4.2%, 12/1/24 5,055,075 3,600,000 5.75 Stanley Black & Decker, Inc., Floating Rate Note, 12/15/53 3,879,000 ----------------- $ 23,086,963 ------------------------------------------------------------------------------------------------------ Industrial Conglomerates -- 0.3% 5,000,000 Siemens Financieringsmaatschappij NV, 4.4%, 5/27/45 (144A) $ 4,939,615 2,950,000 Tyco Electronics Group SA, 6.55%, 10/1/17 3,273,267 ----------------- $ 8,212,882 ------------------------------------------------------------------------------------------------------ Construction & Farm Machinery & Heavy Trucks -- 0.1% 3,727,000 Cummins, Inc., 5.65%, 3/1/98 $ 3,917,983 910,000 Cummins, Inc., 6.75%, 2/15/27 1,118,453 ----------------- $ 5,036,436 ------------------------------------------------------------------------------------------------------ Industrial Machinery -- 0.0%+ 604,000 Valmont Industries, Inc., 6.625%, 4/20/20 $ 697,006 ------------------------------------------------------------------------------------------------------ Trading Companies & Distributors -- 0.4% 2,800,000 Aircastle, Ltd., 6.75%, 4/15/17 $ 2,982,000 2,260,000 GATX Corp., 5.2%, 3/15/44 2,285,495 5,660,000 GATX Corp., 6.0%, 2/15/18 6,185,429 ----------------- $ 11,452,924 ----------------- Total Capital Goods $ 61,312,480 ------------------------------------------------------------------------------------------------------ COMMERCIAL SERVICES & SUPPLIES -- 0.2% Environmental & Facilities Services -- 0.0%+ 1,700,000 Waste Management, Inc., 3.125%, 3/1/25 $ 1,649,267 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 38 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Research & Consulting Services -- 0.2% 5,275,000 Verisk Analytics, Inc., 5.5%, 6/15/45 $ 5,187,952 ----------------- Total Commercial Services & Supplies $ 6,837,219 ------------------------------------------------------------------------------------------------------ TRANSPORTATION -- 1.4% Airlines -- 0.4% 4,642,292 Air Canada 2013-1 Class A Pass Through Trust, 4.125%, 11/15/26 (144A) $ 4,746,744 4,025,000 Air Canada 2015-1 Class A Pass Through Trust, 3.6%, 9/15/28 (144A) 3,954,562 2,350,000 Southwest Airlines Co., 2.75%, 11/6/19 2,384,312 1,405,580 US Airways 2013-1 Class A Pass Through Trust, 3.95%, 5/15/27 1,412,607 ----------------- $ 12,498,225 ------------------------------------------------------------------------------------------------------ Railroads -- 0.6% 13,825,000 Burlington Northern Santa Fe LLC, 4.15%, 4/1/45 $ 12,750,867 6,650,000 TTX Co., 3.6%, 1/15/25 (144A) 6,675,809 ----------------- $ 19,426,676 ------------------------------------------------------------------------------------------------------ Trucking -- 0.3% 529,000 Asciano Finance, Ltd., 4.625%, 9/23/20 (144A) $ 561,084 8,850,000 Penske Truck Leasing Co., Lp, 3.375%, 2/1/22 (144A) 8,578,686 ----------------- $ 9,139,770 ------------------------------------------------------------------------------------------------------ Highways & Railtracks -- 0.1% 4,600,000 ERAC USA Finance LLC, 4.5%, 2/15/45 (144A) $ 4,227,501 ----------------- Total Transportation $ 45,292,172 ------------------------------------------------------------------------------------------------------ AUTOMOBILES & COMPONENTS -- 0.7% Auto Parts & Equipment -- 0.2% 5,400,000 Delphi Corp., 4.15%, 3/15/24 $ 5,582,104 ------------------------------------------------------------------------------------------------------ Automobile Manufacturers -- 0.5% 4,975,000 Ford Motor Credit Co., LLC, 2.24%, 6/15/18 $ 4,978,363 6,425,000 Ford Motor Credit Co., LLC, 3.219%, 1/9/22 6,352,950 5,000,000 Toyota Motor Credit Corp., 2.125%, 7/18/19 5,016,045 ----------------- $ 16,347,358 ----------------- Total Automobiles & Components $ 21,929,462 ------------------------------------------------------------------------------------------------------ CONSUMER DURABLES & APPAREL -- 0.0%+ Home Furnishings -- 0.0%+ 800,000 Mohawk Industries, Inc., 3.85%, 2/1/23 $ 798,865 ----------------- Total Consumer Durables & Apparel $ 798,865 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund | Annual Report | 6/30/15 39 Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ CONSUMER SERVICES -- 0.4% Casinos & Gaming -- 0.2% 1,010,000 GLP Capital LP, 4.375%, 11/1/18 $ 1,036,512 3,550,000 MGM Resorts International, 6.0%, 3/15/23 3,594,375 ----------------- $ 4,630,887 ------------------------------------------------------------------------------------------------------ Education Services -- 0.2% 1,000,000 Bowdoin College, 4.693%, 7/1/12 $ 836,403 2,600,000 President and Fellows of Harvard College, 2.3%, 10/1/23 2,443,163 3,550,000 Tufts University, 5.017%, 4/15/12 3,564,530 ----------------- $ 6,844,096 ------------------------------------------------------------------------------------------------------ Specialized Consumer Services -- 0.0%+ 1,300,000 Sotheby's, 5.25%, 10/1/22 (144A) $ 1,274,000 ----------------- Total Consumer Services $ 12,748,983 ------------------------------------------------------------------------------------------------------ MEDIA -- 1.0% Broadcasting -- 0.5% 6,125,000 CBS Corp., 3.7%, 8/15/24 $ 5,985,025 2,250,000 CBS Corp., 4.6%, 1/15/45 2,009,030 6,200,000 DIRECTV Holdings LLC, 3.8%, 3/15/22 6,235,662 1,850,000 Discovery Communications LLC, 3.45%, 3/15/25 1,735,936 ----------------- $ 15,965,653 ------------------------------------------------------------------------------------------------------ Cable & Satellite -- 0.2% 4,900,000 DIRECTV Holdings LLC, 3.95%, 1/15/25 $ 4,804,029 1,900,000 Intelsat Jackson Holdings SA, 7.25%, 4/1/19 1,928,500 ----------------- $ 6,732,529 ------------------------------------------------------------------------------------------------------ Movies & Entertainment -- 0.3% 8,300,000 Time Warner, Inc., 4.7%, 1/15/21 $ 8,969,071 ----------------- Total Media $ 31,667,253 ------------------------------------------------------------------------------------------------------ RETAILING -- 1.0% Catalog Retail -- 0.2% 7,300,000 QVC, Inc., 4.45%, 2/15/25 $ 7,044,091 ------------------------------------------------------------------------------------------------------ Internet Retail -- 0.5% 5,900,000 Expedia, Inc., 4.5%, 8/15/24 $ 5,950,893 800,000 Expedia, Inc., 5.95%, 8/15/20 891,693 7,375,000 The Priceline Group, Inc., 3.65%, 3/15/25 7,179,703 ----------------- $ 14,022,289 ------------------------------------------------------------------------------------------------------ Home Improvement Retail -- 0.1% 4,520,000 The Home Depot, Inc., 2.625%, 6/1/22 $ 4,445,479 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 40 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Automotive Retail -- 0.1% 2,575,000 AutoZone, Inc., 2.5%, 4/15/21 $ 2,522,995 ------------------------------------------------------------------------------------------------------ Homefurnishing Retail -- 0.1% 2,000,000 Bed Bath & Beyond, Inc., 3.749%, 8/1/24 $ 1,995,012 ----------------- Total Retailing $ 30,029,866 ------------------------------------------------------------------------------------------------------ FOOD & STAPLES RETAILING -- 0.3% Drug Retail -- 0.1% 650,000 CVS Health Corp., 2.25%, 8/12/19 $ 647,048 648,221 CVS Pass-Through Trust, 5.298%, 1/11/27 (144A) 716,284 1,378,393 CVS Pass-Through Trust, 5.773%, 1/10/33 (144A) 1,549,323 ----------------- $ 2,912,655 ------------------------------------------------------------------------------------------------------ Food Retail -- 0.2% 7,472,000 The Kroger Co., 2.95%, 11/1/21 $ 7,424,209 ----------------- Total Food & Staples Retailing $ 10,336,864 ------------------------------------------------------------------------------------------------------ FOOD, BEVERAGE & TOBACCO -- 0.5% Distillers & Vintners -- 0.0%+ 630,000 Constellation Brands, Inc., 3.75%, 5/1/21 $ 617,400 ------------------------------------------------------------------------------------------------------ Agricultural Products -- 0.2% 5,175,000 Viterra, Inc., 5.95%, 8/1/20 (144A) $ 5,689,343 ------------------------------------------------------------------------------------------------------ Packaged Foods & Meats -- 0.3% 4,200,000 Grupo Bimbo SAB de CV, 3.875%, 6/27/24 (144A) $ 4,186,014 3,240,000 Kraft Foods Group, Inc., 3.5%, 6/6/22 3,247,944 ----------------- $ 7,433,958 ------------------------------------------------------------------------------------------------------ Tobacco -- 0.0%+ 1,050,000 RJ Reynolds Tobacco Co., 3.75%, 5/20/23 $ 1,020,524 ----------------- Total Food, Beverage & Tobacco $ 14,761,225 ------------------------------------------------------------------------------------------------------ HEALTH CARE EQUIPMENT & SERVICES -- 0.7% Health Care Equipment -- 0.5% 10,525,000 Becton Dickinson and Co., 3.734%, 12/15/24 $ 10,489,594 7,300,000 Medtronic, Inc., 4.625%, 3/15/45 (144A) 7,390,148 ----------------- $ 17,879,742 ------------------------------------------------------------------------------------------------------ Health Care Services -- 0.1% 2,600,000 Catholic Health Initiatives, 4.35%, 11/1/42 $ 2,377,632 ------------------------------------------------------------------------------------------------------ Health Care Facilities -- 0.1% 2,400,000 NYU Hospitals Center, 4.428%, 7/1/42 $ 2,278,392 ----------------- Total Health Care Equipment & Services $ 22,535,766 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund | Annual Report | 6/30/15 41 Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 0.8% Biotechnology -- 0.6% 11,025,000 Baxalta, Inc., 3.6%, 6/23/22 (144A) $ 11,018,187 7,550,000 Gilead Sciences, Inc., 4.5%, 2/1/45 7,520,902 ----------------- $ 18,539,089 ------------------------------------------------------------------------------------------------------ Pharmaceuticals -- 0.1% 520,000 Endo, Ltd., 6.0%, 2/1/25 (144A) $ 528,450 3,150,000 Johnson & Johnson, 4.375%, 12/5/33 3,337,979 ----------------- $ 3,866,429 ------------------------------------------------------------------------------------------------------ Life Sciences Tools & Services -- 0.1% 894,000 Agilent Technologies, Inc., 6.5%, 11/1/17 $ 987,073 ----------------- Total Pharmaceuticals, Biotechnology & Life Sciences $ 23,392,591 ------------------------------------------------------------------------------------------------------ BANKS -- 5.0% Diversified Banks -- 4.0% 5,215,000 Australia & New Zealand Banking Group, Ltd., 4.5%, 3/19/24 (144A) $ 5,244,011 1,150,000 Bank of America Corp., 4.2%, 8/26/24 1,147,231 1,100,000 Bank of America Corp., 7.75%, 8/15/15 1,108,098 3,950,000 6.10 Bank of America Corp., Floating Rate Note (Perpetual) 3,900,625 6,975,000 6.50 Bank of America Corp., Floating Rate Note, 10/23/49 7,219,125 2,200,000 6.25 Bank of America Corp., Floating Rate Note, 9/29/49 2,190,386 3,515,000 Barclays Bank Plc, 6.05%, 12/4/17 (144A) 3,824,457 5,250,000 Barclays Plc, 3.65%, 3/16/25 4,965,440 2,400,000 BBVA Bancomer SA Texas, 4.375%, 4/10/24 (144A) 2,428,800 3,815,000 BBVA Bancomer SA Texas, 6.5%, 3/10/21 (144A) 4,129,738 2,850,000 5.90 Citigroup, Inc., Floating Rate Note (Perpetual) 2,807,250 2,925,000 5.88 Citigroup, Inc., Floating Rate Note (Perpetual) 2,931,435 2,295,000 5.95 Citigroup, Inc., Floating Rate Note (Perpetual) 2,260,575 3,435,000 Cooperatieve Centrale Raiffeisen-Boerenleenbank BA Netherlands, 3.875%, 2/8/22 3,573,455 6,425,000 Cooperatieve Centrale Raiffeisen-Boerenleenbank BA Netherlands, 3.95%, 11/9/22 6,424,139 5,075,000 6.62 Credit Agricole SA, Floating Rate Note (Perpetual) (144A) 4,953,200 7,475,000 Export-Import Bank of Korea, 2.25%, 1/21/20 7,402,649 5,425,000 First Tennessee Bank NA, 2.95%, 12/1/19 5,422,304 1,305,000 HSBC Bank Plc, 7.65%, 5/1/25 1,661,518 3,940,000 HSBC Holdings Plc, 4.25%, 3/14/24 3,979,341
The accompanying notes are an integral part of these financial statements. 42 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Diversified Banks -- (continued) 3,476,000 Intesa Sanpaolo S.p.A., 3.625%, 8/12/15 (144A) $ 3,484,614 1,400,000 Intesa Sanpaolo S.p.A., 6.5%, 2/24/21 (144A) 1,597,105 5,125,000 Macquarie Bank, Ltd., 4.875%, 6/10/25 (144A) 5,043,102 840,000 Macquarie Bank, Ltd., 6.625%, 4/7/21 (144A) 962,151 4,500,000 Nordea Bank AB, 4.25%, 9/21/22 (144A) 4,608,878 5,600,000 6.12 Nordea Bank AB, Floating Rate Note (Perpetual) (144A) 5,521,247 736,842 3.04 SBP DPR Finance Co., Floating Rate Note, 3/15/17 (144A) 736,564 2,600,000 4.50 Scotiabank Peru SAA, Floating Rate Note, 12/13/27 (144A) 2,554,500 2,200,000 Standard Chartered Bank, 6.4%, 9/26/17 (144A) 2,397,481 4,800,000 Standard Chartered Plc, 3.95%, 1/11/23 (144A) 4,684,253 1,800,000 Sumitomo Mitsui Banking Corp., 1.75%, 1/16/18 1,806,395 11,675,000 The Bank of Tokyo-Mitsubishi UFJ, Ltd., 2.3%, 3/5/20 (144A) 11,625,253 3,400,000 5.88 Wells Fargo & Co., Floating Rate Note (Perpetual) 3,480,920 ----------------- $ 126,076,240 ------------------------------------------------------------------------------------------------------ Regional Banks -- 0.9% 1,190,000 CoBank ACB, 7.875%, 4/16/18 (144A) $ 1,373,302 7,000,000 Credit Suisse New York NY, 1.75%, 1/29/18 6,972,784 3,350,000 HSBC Bank USA NA New York NY, 6.0%, 8/9/17 3,642,944 7,378,000 KeyCorp, 5.1%, 3/24/21 8,185,721 1,435,000 PNC Bank NA, 6.0%, 12/7/17 1,576,491 1,025,000 SunTrust Banks, Inc., 3.5%, 1/20/17 1,055,540 890,000 6.75 The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual) 985,675 3,540,000 Wells Fargo Bank NA, 6.0%, 11/15/17 3,899,455 ----------------- $ 27,691,912 ------------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- 0.1% 2,300,000 Astoria Financial Corp., 5.0%, 6/19/17 $ 2,414,487 ----------------- Total Banks $ 156,182,639 ------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIALS -- 4.5% Other Diversified Financial Services -- 0.8% 3,000,000 Alterra Finance LLC, 6.25%, 9/30/20 $ 3,445,251 5,930,000 Carlyle Holdings II Finance LLC, 5.625%, 3/30/43 (144A) 6,160,790 4,860,000 General Electric Capital Corp., 5.3%, 2/11/21 5,464,740 1,384,187 Grain Spectrum Funding II LLC, 3.29%, 10/10/19 (144A) 1,370,345 1,890,000 6.12 JPMorgan Chase & Co., Floating Rate Note, 12/29/49 1,897,749 6,215,000 6.75 JPMorgan Chase & Co., Floating Rate Note, 8/29/49 6,640,292
The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund | Annual Report | 6/30/15 43 Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Other Diversified Financial Services -- (continued) 1,250,000 0.00 Tiers Trust, Floating Rate Note, 10/15/97 (144A) (e) $ 1,099,140 ----------------- $ 26,078,307 ------------------------------------------------------------------------------------------------------ Specialized Finance -- 0.6% 3,725,000 Aviation Capital Group Corp., 6.75%, 4/6/21 (144A) $ 4,254,565 3,200,000 BM&FBovespa SA -- Bolsa de Valores Mercadorias e Futuros, 5.5%, 7/16/20 (144A) 3,392,000 2,980,000 Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) 3,278,510 1,475,000 LeasePlan Corp., NV, 2.5%, 5/16/18 (144A) 1,477,168 2,000,000 National Rural Utilities Cooperative Finance Corp., 5.45%, 2/1/18 2,191,678 5,480,000 Nationstar Mortgage LLC, 6.5%, 6/1/22 5,007,350 ----------------- $ 19,601,271 ------------------------------------------------------------------------------------------------------ Consumer Finance -- 1.1% 1,500,000 Ally Financial, Inc., 3.6%, 5/21/18 $ 1,501,875 800,000 Ally Financial, Inc., 4.625%, 3/30/25 762,000 5,050,000 Ally Financial, Inc., 5.125%, 9/30/24 5,062,625 5,985,000 American Honda Finance Corp., 1.2%, 7/14/17 5,989,806 1,465,000 Capital One Bank USA NA, 8.8%, 7/15/19 1,797,149 6,650,000 Capital One Financial Corp., 3.75%, 4/24/24 6,619,403 6,525,000 General Motors Financial Co, Inc., 4.0%, 1/15/25 6,402,526 2,245,000 Hyundai Capital America, 1.45%, 2/6/17 (144A) 2,237,838 3,125,000 Hyundai Capital America, 2.0%, 3/19/18 (144A) 3,126,116 ----------------- $ 33,499,338 ------------------------------------------------------------------------------------------------------ Asset Management & Custody Banks -- 1.0% 2,525,000 Affiliated Managers Group, Inc., 4.25%, 2/15/24 $ 2,601,785 1,725,000 Blackstone Holdings Finance Co., LLC, 5.0%, 6/15/44 (144A) 1,729,307 4,950,000 Blackstone Holdings Finance Co., LLC, 4.75%, 2/15/23 (144A) 5,301,420 1,975,000 Blackstone Holdings Finance Co., LLC, 6.25%, 8/15/42 (144A) 2,305,400 733,000 Eaton Vance Corp., 6.5%, 10/2/17 807,995 5,025,000 KKR Group Finance Co., II LLC, 5.5%, 2/1/43 (144A) 5,086,230 2,400,000 Legg Mason, Inc., 3.95%, 7/15/24 2,427,050 4,290,000 Legg Mason, Inc., 5.625%, 1/15/44 4,577,177 4,250,000 Neuberger Berman Group LLC, 4.875%, 4/15/45 (144A) 3,853,552 1,250,000 4.50 The Bank of New York Mellon Corp., Floating Rate Note (Perpetual) 1,156,250 ----------------- $ 29,846,166 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 44 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Investment Banking & Brokerage -- 1.0% 1,650,000 KKR Group Finance Co., III LLC, 5.125%, 6/1/44 (144A) $ 1,581,942 2,730,000 Macquarie Group, Ltd., 6.0%, 1/14/20 (144A) 3,067,575 5,100,000 Morgan Stanley, 4.1%, 5/22/23 5,109,532 300,000 Morgan Stanley, 4.875%, 11/1/22 319,112 2,900,000 5.55 Morgan Stanley, Floating Rate Note (Perpetual) 2,878,975 643,000 North American Development Bank, 2.3%, 10/10/18 654,388 6,025,000 TD Ameritrade Holding Corp., 3.625%, 4/1/25 6,118,671 6,875,000 The Goldman Sachs Group, Inc., 6.75%, 10/1/37 8,064,018 4,400,000 UBS AG, 7.625%, 8/17/22 5,156,796 ----------------- $ 32,951,009 ----------------- Total Diversified Financials $ 141,976,091 ------------------------------------------------------------------------------------------------------ INSURANCE -- 5.0% Insurance Brokers -- 0.1% 5,000,000 Brown & Brown, Inc., 4.2%, 9/15/24 $ 4,935,405 ------------------------------------------------------------------------------------------------------ Life & Health Insurance -- 0.7% 7,000,000 Aflac, Inc., 3.625%, 11/15/24 $ 7,023,821 4,250,000 Protective Life Corp., 7.375%, 10/15/19 5,032,659 1,090,000 Prudential Financial, Inc., 4.5%, 11/16/21 1,187,130 1,500,000 5.62 Prudential Financial, Inc., Floating Rate Note, 6/15/43 1,554,750 2,140,000 8.88 Prudential Financial, Inc., Floating Rate Note, 6/15/68 2,503,800 1,800,000 5.88 Prudential Financial, Inc., Floating Rate Note, 9/15/42 1,902,240 3,205,000 Teachers Insurance & Annuity Association of America, 6.85%, 12/16/39 (144A) 4,013,150 ----------------- $ 23,217,550 ------------------------------------------------------------------------------------------------------ Multi-line Insurance -- 0.7% 5,985,000 AIG, 3.875%, 1/15/35 $ 5,405,850 3,900,000 Assurant, Inc., 4.0%, 3/15/23 3,902,005 2,335,000 AXA SA, 8.6%, 12/15/30 3,129,262 5,325,000 Liberty Mutual Insurance Co., 7.697% (Perpetual) (144A) 6,504,578 2,650,000 Loews Corp., 5.25%, 3/15/16 2,731,904 ----------------- $ 21,673,599 ------------------------------------------------------------------------------------------------------ Property & Casualty Insurance -- 0.3% 1,850,000 Delphi Financial Group, Inc., 7.875%, 1/31/20 $ 2,192,422 1,000,000 OneBeacon US Holdings, Inc., 4.6%, 11/9/22 1,019,542 5,455,000 6.50 The Allstate Corp., Floating Rate Note, 5/15/57 6,109,600 ----------------- $ 9,321,564 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund | Annual Report | 6/30/15 45 Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Reinsurance -- 3.2% 1,000,000 5.91 Alamo Re, Ltd., Floating Rate Note, 6/7/18 (Cat Bond) (144A) $ 993,800 937,930 Altair Re, Variable Rate Notes, 6/30/16 (g) 546,438 1,400,000 Altair Re, Variable Rate Notes, 6/30/17 (g) 1,442,000 1,800,000 6.38 Aquarius + Investments Plc for Swiss Reinsurance Co., Ltd., Floating Rate Note, 9/1/24 1,861,214 700,000 Arlington Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 8/1/15 (g) 797,510 900,000 Arlington Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 8/31/16 (g) 906,390 500,000 3.46 Atlas IX Capital, Ltd., Floating Rate Note, 1/17/19 (Cat Bond) (144A) 508,550 250,000 8.14 Atlas Reinsurance VII, Ltd., Floating Rate Note, 1/7/16 (Cat Bond) (144A) 250,075 800,000 Bersick Segregated Account (Kane SAC Ltd.), Variable Rate Note, 1/22/16 (g) 817,760 3,050,000 4.37 Blue Danube II, Ltd., Floating Rate Note, 5/23/16 (Cat Bond) (144A) 3,032,615 1,250,000 5.27 Caelus Re, Ltd., Floating Rate Note, 3/7/16 (Cat Bond) (144A) 1,226,000 1,850,000 6.86 Caelus Re, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A) 1,855,550 3,000,000 Carnoustie Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 2/19/16 (g) 3,189,900 250,000 4.26 Citrus Re, Ltd., Floating Rate Note, 4/18/17 (Cat Bond) (144A) 242,875 550,000 3.76 Citrus Re, Ltd., Floating Rate Note, 4/24/17 (Cat Bond) (144A) 535,425 1,200,000 Clarendon Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 6/15/16 (g) 1,151,760 1,100,000 0.00 Compass Re II, Ltd., Floating Rate Note, 12/8/15 (Cat Bond) 1,047,640 250,000 9.00 East Lane Re V, Ltd., Floating Rate Note, 3/16/16 (Cat Bond) (144A) 252,150 700,000 3.76 East Lane Re VI, Ltd., Floating Rate Note, 3/13/20 (Cat Bond) (144A) 687,540 2,500,000 Eden Re II, Ltd., 4/19/18 (144A) (d) (g) 2,560,000 2,650,000 5.01 Embarcadero Reinsurance, Ltd., Floating Rate Note, 2/7/17 (Cat Bond) (144A) 2,649,735 3,654,000 Exeter Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 1/7/16 (g) 3,686,521 1,000,000 Fairfield Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 2/2/16 (g) 956,500 1,200,000 7.43 Galileo Re, Ltd., Floating Rate Note, 1/9/19 (Cat Bond) (144A) 1,207,920 1,600,000 Gloucester Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 6/12/15 (g) 1,600,000
The accompanying notes are an integral part of these financial statements. 46 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Reinsurance -- (continued) 2,800,000 2.22 Golden State Re II, Ltd., Floating Rate Note, 1/8/19 (Cat Bond) (144A) $ 2,778,160 3,700,000 Gullane Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 1/22/17 (g) 3,887,960 1,009,200 Hereford Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 1/7/16 (g) 1,021,411 1,150,000 4.00 Ibis Re II, Ltd., Floating Rate Note, 6/28/16 (Cat Bond) (144A) 1,145,400 1,000,000 4.51 Ibis Re II, Ltd., Floating Rate Note, 6/28/16 (Cat Bond) (144A) 990,900 1,700,000 3.77 Kilimanjaro Re, Ltd., Floating Rate Note, 11/25/19 (Cat Bond) (144A) 1,677,730 350,000 4.52 Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 335,440 3,700,000 4.77 Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 3,562,360 500,000 Lahinch Re, Variable Rate Notes, 6/15/16 (g) 487,450 250,000 8.28 Loma Reinsurance, Ltd., Bermuda, Floating Rate Note, 1/8/18 (Cat Bond) (144A) 256,375 1,800,000 3.97 Longpoint Re, Ltd. III, Floating Rate Note, 5/18/16 (Cat Bond) (144A) 1,793,160 1,300,000 Lorenzo Re, Ltd., Variable Rate Notes, 3/31/18 (g) 1,324,440 1,000,000 2.02 Merna Re V, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A) 995,300 750,000 0.00 Merna Reinsurance, Ltd., Floating Rate Note, 4/9/18 (Cat Bond) (144A) (d) 747,450 1,956,533 Muirfield Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 1/12/16 (g) 1,972,186 1,000,000 8.60 Mythen Re, Ltd., Series 2012-2 Class A, Floating Rate Note, 1/5/17 (Cat Bond) (144A) 1,004,400 2,100,000 8.03 Mythen Re, Ltd., Series 2013-1 Class B, Floating Rate Note, 7/9/15 (Cat Bond) (144A) 2,100,210 1,100,000 7.27 Northshore Re, Ltd., Floating Rate Note, 7/5/16 (Cat Bond) (144A) 1,114,300 3,600,000 Pangaea Re, Series 2015-1, Principal at Risk Notes, 2/1/19 (g) 3,809,160 4,000,000 Pangaea Re, Series 2015-2, Principal at Risk Notes, 11/30/19 (g) 4,019,600 1,000,000 Prestwick Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 7/1/16 (g) 1,022,200 1,650,000 8.61 Queen Street VII Re, Ltd., Floating Rate Note, 4/8/16 (Cat Bond) (144A) 1,659,900 1,000,000 8.91 Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A) 984,700 2,800,000 4.51 Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 2,827,440 1,650,000 5.76 Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 1,677,720
The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund | Annual Report | 6/30/15 47 Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Reinsurance -- (continued) 800,000 8.01 Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) $ 834,480 275,000 10.01 Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 283,965 250,000 9.27 Residential Reinsurance 2013, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A) 257,475 800,000 3.02 Sanders Re, Ltd., Floating Rate Note, 5/25/18 (Cat Bond) (144A) 770,960 1,250,000 4.02 Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A) 1,220,875 1,200,000 3.54 Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A) 1,169,040 2,000,000 3.91 Sanders Re, Ltd., Floating Rate Note, 6/7/17 (Cat Bond) (144A) 1,978,000 3,000,000 Sector Re V, Ltd., Variable Rate Notes, 3/1/20 (144A) (g) 3,016,800 400,000 Sector Re V, Ltd., Variable Rate Notes, 3/1/20 (144A) (g) 404,320 250,000 Silverton Re, Ltd., Variable Rate Notes, 9/16/16 (144A) (g) 9,750 1,000,000 Silverton Re, Ltd., Variable Rate Notes, 9/18/17 (144A) (g) 1,110,400 1,300,000 St. Andrews Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 1/22/16 (g) 1,326,520 250,000 11.26 Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 247,950 300,000 8.51 Tar Heel Re, Ltd., Floating Rate Note, 5/9/16 (Cat Bond) (144A) 305,190 2,018,867 Troon Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 1/12/16 (g) 2,030,374 1,012,000 Turnberry Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 1/15/16 (g) 1,021,310 2,500,000 Versutus Ltd., Series 2015-A, Variable Rate Notes, 12/31/2017 (g) 2,619,500 1,500,000 2.76 Vita Capital V, Ltd., Floating Rate Note, 1/15/17 (Cat Bond) (144A) 1,519,350 500,000 2.77 Vitality Re IV, Ltd., Floating Rate Note, 1/9/17 (Cat Bond) (144A) 506,350 500,000 1.77 Vitality Re V, Ltd., Floating Rate Note, 1/7/19 (Cat Bond) (144A) 496,250 1,400,000 5.88 Wilton Re Finance LLC, Floating Rate Note, 3/30/33 (144A) 1,452,966 ----------------- $ 99,783,045 ----------------- Total Insurance $ 158,931,163 ------------------------------------------------------------------------------------------------------ REAL ESTATE -- 1.5% Diversified REIT -- 0.8% 4,225,000 Brixmor Operating Partnership LP, 3.85%, 2/1/25 $ 4,060,487
The accompanying notes are an integral part of these financial statements. 48 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Diversified REIT -- (continued) 1,475,000 DCT Industrial Operating Partnership LP, 4.5%, 10/15/23 $ 1,501,692 2,175,000 Duke Realty LP, 3.625%, 4/15/23 2,150,003 5,300,000 Duke Realty LP, 3.75%, 12/1/24 5,266,032 9,125,000 Essex Portfolio LP, 3.5%, 4/1/25 8,837,307 1,715,000 WP Carey, Inc., 4.6%, 4/1/24 1,721,970 ----------------- $ 23,537,491 ------------------------------------------------------------------------------------------------------ Office REIT -- 0.4% 75,000 Alexandria Real Estate Equities, Inc., 2.75%, 1/15/20 $ 74,237 1,093,000 Alexandria Real Estate Equities, Inc., 3.9%, 6/15/23 1,088,439 2,670,000 Alexandria Real Estate Equities, Inc., 4.6%, 4/1/22 2,812,671 1,250,000 DuPont Fabros Technology LP, 5.875%, 9/15/21 1,265,625 2,032,000 Highwoods Realty LP, 3.2%, 6/15/21 2,022,082 2,100,000 Highwoods Realty LP, 3.625%, 1/15/23 2,071,870 2,550,000 Piedmont Operating Partnership LP, 3.4%, 6/1/23 2,408,763 ----------------- $ 11,743,687 ------------------------------------------------------------------------------------------------------ Health Care REIT -- 0.3% 3,750,000 Healthcare Realty Trust, Inc., 3.875%, 5/1/25 $ 3,616,958 3,945,000 Omega Healthcare Investors, Inc., 4.95%, 4/1/24 4,035,045 2,485,000 Senior Housing Properties Trust, 6.75%, 4/15/20 2,790,610 ----------------- $ 10,442,613 ------------------------------------------------------------------------------------------------------ Specialized REIT -- 0.0%+ 730,000 CubeSmart LP, 4.8%, 7/15/22 $ 785,162 ----------------- Total Real Estate $ 46,508,953 ------------------------------------------------------------------------------------------------------ SOFTWARE & SERVICES -- 1.2% Internet Software & Services -- 0.1% 1,875,000 Equinix, Inc., 5.75%, 1/1/25 $ 1,856,250 ------------------------------------------------------------------------------------------------------ Data Processing & Outsourced Services -- 0.1% 3,000,000 Cardtronics, Inc., 5.125%, 8/1/22 (144A) $ 2,932,500 ------------------------------------------------------------------------------------------------------ Application Software -- 0.7% 8,100,000 Adobe Systems, Inc., 3.25%, 2/1/25 $ 7,820,113 10,450,000 Autodesk, Inc., 3.125%, 6/15/20 10,463,177 2,875,000 Igloo Holdings Corp., 8.25%, 12/15/17 (8.25% Cash, 9.00% PIK) (144A) (PIK) 2,910,938 ----------------- $ 21,194,228 ------------------------------------------------------------------------------------------------------ Systems Software -- 0.3% 10,600,000 Oracle Corp., 2.5%, 5/15/22 $ 10,292,685 ------------------------------------------------------------------------------------------------------ Home Entertainment Software -- 0.0%+ 650,000 Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) $ 697,125 ----------------- Total Software & Services $ 36,972,788 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund | Annual Report | 6/30/15 49 Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ TECHNOLOGY HARDWARE & EQUIPMENT -- 1.1% Communications Equipment -- 0.3% 2,860,000 Brocade Communications Systems, Inc., 4.625%, 1/15/23 $ 2,767,050 3,800,000 Cisco Systems, Inc., 3.0%, 6/15/22 3,817,974 3,485,000 Cisco Systems, Inc., 3.625%, 3/4/24 3,595,771 ----------------- $ 10,180,795 ------------------------------------------------------------------------------------------------------ Computer Hardware Storage & Peripherals -- 0.6% 4,600,000 NCR Corp., 4.625%, 2/15/21 $ 4,611,500 1,425,000 NCR Corp., 6.375%, 12/15/23 1,510,500 3,450,000 Seagate HDD Cayman, 4.75%, 6/1/23 3,504,055 3,700,000 Seagate HDD Cayman, 4.875%, 6/1/27 (144A) 3,596,644 4,350,000 Seagate HDD Cayman, 5.75%, 12/1/34 (144A) 4,283,101 ----------------- $ 17,505,800 ------------------------------------------------------------------------------------------------------ Electronic Components -- 0.1% 3,675,000 Amphenol Corp., 3.125%, 9/15/21 $ 3,677,631 ------------------------------------------------------------------------------------------------------ Electronic Manufacturing Services -- 0.1% 2,750,000 Flextronics International, Ltd., 4.75%, 6/15/25 (144A) $ 2,728,550 ----------------- Total Technology Hardware & Equipment $ 34,092,776 ------------------------------------------------------------------------------------------------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.4% Semiconductor Equipment -- 0.1% 2,500,000 Entegris, Inc., 6.0%, 4/1/22 (144A) $ 2,568,750 ------------------------------------------------------------------------------------------------------ Semiconductors -- 0.3% 11,075,000 Intel Corp., 4.8%, 10/1/41 $ 11,109,776 ----------------- Total Semiconductors & Semiconductor Equipment $ 13,678,526 ------------------------------------------------------------------------------------------------------ TELECOMMUNICATION SERVICES -- 1.3% Integrated Telecommunication Services -- 0.8% 2,250,000 AT&T, Inc., 4.75%, 5/15/46 $ 2,047,442 4,300,000 Frontier Communications Corp., 7.125%, 1/15/23 3,816,250 4,800,000 GTP Acquisition Partners I LLC, 2.35%, 6/15/20 (144A) 4,774,512 773,645 GTP Cellular Sites LLC, 3.721%, 3/15/17 (144A) 783,211 2,750,000 Telefonica Emisiones SAU, 6.221%, 7/3/17 2,989,077 1,500,000 Unison Ground Lease Funding LLC, 2.981%, 3/16/43 (144A) 1,488,969 1,938,000 Verizon Communications, Inc., 5.012%, 8/21/54 1,778,284 5,100,000 Verizon Communications, Inc., 5.15%, 9/15/23 5,583,689 1,934,000 Verizon Communications, Inc., 6.55%, 9/15/43 2,262,304 ----------------- $ 25,523,738 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 50 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Wireless Telecommunication Services -- 0.5% 1,675,000 Altice Financing SA, 7.875%, 12/15/19 (144A) $ 1,762,938 3,015,000 Crown Castle Towers LLC, 4.883%, 8/15/20 (144A) 3,272,339 1,625,000 Crown Castle Towers LLC, 6.113%, 1/15/20 (144A) 1,850,248 6,975,000 SBA Tower Trust, 3.869%, 10/15/49 (144A) 7,023,023 1,500,000 Sprint Corp., 7.125%, 6/15/24 1,391,400 1,500,000 Sprint Corp., 7.25%, 9/15/21 1,462,500 ----------------- $ 16,762,448 ----------------- Total Telecommunication Services $ 42,286,186 ------------------------------------------------------------------------------------------------------ UTILITIES -- 3.1% Electric Utilities -- 2.0% 980,000 Commonwealth Edison Co., 6.15%, 9/15/17 $ 1,079,785 539,093 Crockett Cogeneration LP, 5.869%, 3/30/25 (144A) 566,048 8,700,000 Duke Energy Progress, Inc., 4.15%, 12/1/44 8,407,784 4,250,000 Electricite de France SA, 6.0%, 1/22/14 (144A) 4,525,268 2,150,000 5.25 Electricite de France SA, Floating Rate Note (Perpetual) (144A) 2,152,688 2,825,000 Empresa Electrica Angamos SA, 4.875%, 5/25/29 (144A) 2,778,246 3,365,000 Enel Finance International NV, 5.125%, 10/7/19 (144A) 3,689,026 2,320,000 8.13 Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 2,662,200 4,250,000 Exelon Corp., 2.85%, 6/15/20 4,274,663 573,458 FPL Energy American Wind LLC, 6.639%, 6/20/23 (144A) 589,328 65,461 FPL Energy Wind Funding LLC, 6.876%, 6/27/17 (144A) 65,625 4,475,000 Iberdrola International BV, 6.75%, 7/15/36 5,484,368 1,925,000 Israel Electric Corp., Ltd., 7.25%, 1/15/19 (144A) 2,170,438 610,000 Israel Electric Corp., Ltd., 9.375%, 1/28/20 (144A) 757,925 910,000 Nevada Power Co., 6.5%, 8/1/18 1,038,440 542,991 Orcal Geothermal, Inc., 6.21%, 12/30/20 (144A) 564,711 2,690,000 Public Service Co. of New Mexico, 7.95%, 5/15/18 3,130,288 6,200,000 Southern California Edison Co., 1.845%, 2/1/22 6,193,881 2,200,000 6.25 Southern California Edison Co., Floating Rate Note (Perpetual) 2,428,800 10,800,000 Southwestern Electric Power Co., 3.9%, 4/1/45 9,401,940 ----------------- $ 61,961,452 ------------------------------------------------------------------------------------------------------ Gas Utilities -- 0.1% 2,125,000 DCP Midstream Operating LP, 5.6%, 4/1/44 $ 1,895,279 2,178,211 Nakilat, Inc., 6.267%, 12/31/33 (144A) 2,513,111 ----------------- $ 4,408,390 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund | Annual Report | 6/30/15 51 Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Multi-Utilities -- 0.6% 5,475,000 Consolidated Edison Co. of New York, Inc., 4.625%, 12/1/54 $ 5,331,079 5,170,000 Dominion Resources, Inc., Virginia, 3.625%, 12/1/24 5,126,551 5,055,000 New York State Electric & Gas Corp., 6.15%, 12/15/17 (144A) 5,576,196 238,480 Ormat Funding Corp., 8.25%, 12/30/20 243,249 3,150,000 San Diego Gas & Electric Co., 1.914%, 2/1/22 3,163,091 ----------------- $ 19,440,166 ------------------------------------------------------------------------------------------------------ Independent Power Producers & Energy Traders -- 0.4% 546,570 Alta Wind Holdings LLC, 7.0%, 6/30/35 (144A) $ 635,334 4,300,000 Colbun SA, 4.5%, 7/10/24 (144A) 4,289,534 1,605,797 Kiowa Power Partners LLC, 5.737%, 3/30/21 (144A) 1,733,779 2,000,000 NRG Energy, Inc., 8.25%, 9/1/20 2,095,000 2,203,620 Panoche Energy Center LLC, 6.885%, 7/31/29 (144A) 2,538,292 ----------------- $ 11,291,939 ----------------- Total Utilities $ 97,101,947 ------------------------------------------------------------------------------------------------------ TOTAL CORPORATE BONDS (Cost $1,238,583,390) $ 1,240,691,671 ------------------------------------------------------------------------------------------------------ U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- 27.0% 46,841,286 Fannie Mae, 3.0%, 7/16/15-7/1/43 $ 47,266,321 58,075,840 Fannie Mae, 3.5%, 7/14/15-9/1/44 60,147,205 143,049,311 Fannie Mae, 4.0%, 8/13/15-2/1/45 151,876,686 83,474,317 Fannie Mae, 4.5%, 10/1/35-1/1/44 90,386,550 35,343,639 Fannie Mae, 5.0%, 12/1/17-2/1/45 39,089,167 2,641,896 Fannie Mae, 5.5%, 9/1/17-6/1/36 2,929,560 3,075,934 Fannie Mae, 6.0%, 6/1/16-7/1/38 3,507,924 667,701 Fannie Mae, 6.5%, 7/1/29-11/1/37 766,796 96,546 Fannie Mae, 7.0%, 12/1/30-1/1/32 110,295 12,461 Fannie Mae, 8.0%, 2/1/29-5/1/31 14,775 4,490,661 Federal Home Loan Mortgage Corp., 3.0%, 8/1/29 4,664,591 21,885,010 Federal Home Loan Mortgage Corp., 3.5%, 11/1/28-3/1/45 22,601,111 66,178,594 Federal Home Loan Mortgage Corp., 4.0%, 11/1/41-12/1/44 70,282,079 16,729,374 Federal Home Loan Mortgage Corp., 4.5%, 3/1/20-11/1/43 18,092,194 2,471,827 Federal Home Loan Mortgage Corp., 5.0%, 10/1/20-10/1/38 2,680,714
The accompanying notes are an integral part of these financial statements. 52 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- (continued) 3,104,734 Federal Home Loan Mortgage Corp., 5.5%, 12/1/18-6/1/41 $ 3,465,600 2,897,943 Federal Home Loan Mortgage Corp., 6.0%, 5/1/17-12/1/36 3,300,878 139,766 Federal Home Loan Mortgage Corp., 6.5%, 11/1/30-4/1/34 161,529 336,162 Federal Home Loan Mortgage Corp., 7.0%, 8/1/22-11/1/30 368,984 456,290 Federal National Mortgage Association, 4.0%, 11/1/34 488,464 1,347,140 Federal National Mortgage Association, 5.0%, 8/1/40 1,489,720 32,333,018 Government National Mortgage Association I, 3.5%, 1/15/45-7/15/42 33,589,206 39,681,543 Government National Mortgage Association I, 4.0%, 5/15/39-9/15/44 42,256,561 12,101,477 Government National Mortgage Association I, 4.5%, 7/15/33-8/15/41 13,173,374 1,201,501 Government National Mortgage Association I, 5.0%, 10/15/18-4/15/35 1,337,624 4,673,881 Government National Mortgage Association I, 5.5%, 10/15/17-10/15/35 5,244,143 5,339,162 Government National Mortgage Association I, 6.0%, 1/15/17-10/15/36 6,180,455 2,703,834 Government National Mortgage Association I, 6.5%, 2/15/29-7/15/35 3,160,109 478,164 Government National Mortgage Association I, 7.0%, 4/15/28-5/15/32 559,971 89,247 Government National Mortgage Association I, 7.5%, 2/15/26-12/15/31 94,075 2,389 Government National Mortgage Association I, 7.75%, 2/15/30 2,449 4,059,051 Government National Mortgage Association II, 4.0%, 10/20/44 4,304,716 2,930,384 Government National Mortgage Association II, 4.5%, 12/20/34-9/20/41 3,199,726 925,759 Government National Mortgage Association II, 5.5%, 10/20/19-4/20/34 1,023,618 41,008 Government National Mortgage Association II, 6.5%, 2/20/29-4/20/29 47,972 180,937 Government National Mortgage Association II, 7.0%, 11/20/28-12/20/30 217,168 31,575,000 U.S. Treasury Bonds, 2.5%, 2/15/45 27,788,526 6,865,000 U.S. Treasury Bonds, 4.375%, 11/15/39 8,443,950 4,500,000 U.S. Treasury Bonds, 4.375%, 5/15/40 5,540,976 1,150,000 U.S. Treasury Bonds, 4.375%, 5/15/41 1,421,329
The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund | Annual Report | 6/30/15 53 Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- (continued) 30,000,000 U.S. Treasury Bonds, 4.5%, 2/15/36 $ 37,720,320 64,349,449 U.S. Treasury Inflation Indexed Bonds, 0.125%, 7/15/24 62,755,773 11,325,000 0.06 U.S. Treasury Note, Floating Rate Note, 1/31/16 11,324,909 11,325,000 0.08 U.S. Treasury Note, Floating Rate Note, 4/30/16 11,327,174 11,325,000 0.08 U.S. Treasury Note, Floating Rate Note, 7/31/16 11,327,639 16,435,000 0.09 U.S. Treasury Note, Floating Rate Note, 1/31/17 16,443,661 16,395,000 0.09 U.S. Treasury Note, Floating Rate Note, 4/30/17 16,393,541 4,400,000 U.S. Treasury Notes, 2.0%, 2/15/25 4,274,873 ----------------- $ 852,844,981 ------------------------------------------------------------------------------------------------------ TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost $851,646,715) $ 852,844,981 ------------------------------------------------------------------------------------------------------ FOREIGN GOVERNMENT BOND -- 0.1% 4,550,000 Africa Finance Corp., 4.375%, 4/29/20 (144A) $ 4,595,500 ------------------------------------------------------------------------------------------------------ TOTAL FOREIGN GOVERNMENT BOND (Cost $4,507,102) $ 4,595,500 ------------------------------------------------------------------------------------------------------ MUNICIPAL BONDS -- 2.6% Municipal Airport -- 0.0%+ 1,000,000 Indianapolis Airport Authority, 5.1%, 1/15/17 $ 1,062,110 ------------------------------------------------------------------------------------------------------ Municipal Development -- 0.5% 2,925,000 California Statewide Communities Development Authority, 6.0%, 8/15/42 $ 3,466,096 2,350,000 Louisiana Local Government Environmental Facilities & Community Development Authority, 6.5%, 11/1/35 2,797,346 4,500,000 New Jersey Economic Development Authority, 2/15/18 (d) 4,153,365 2,560,000 Parish of St. John the Baptist Louisiana, 5.125%, 6/1/37 2,685,030 2,310,000 Selma Industrial Development Board, 5.8%, 5/1/34 2,631,390 ----------------- $ 15,733,227 ------------------------------------------------------------------------------------------------------ Municipal Education -- 0.0%+ 525,000 Amherst College, 3.794%, 11/1/42 $ 493,486 ------------------------------------------------------------------------------------------------------ Municipal General -- 0.6% 4,075,000 JobsOhio Beverage System, 3.985%, 1/1/29 $ 4,213,794 1,035,000 JobsOhio Beverage System, 4.532%, 1/1/35 1,076,048 2,750,000 New Jersey Transportation Trust Fund Authority, Transportation System-Series A, 5.5%, 6/15/41 2,874,080 2,400,000 New York City Transitional Finance Authority Future Tax Secured Revenue, 5.0%, 11/1/33 2,732,592
The accompanying notes are an integral part of these financial statements. 54 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Municipal General -- (continued) 1,050,000 Texas Municipal Gas Acquisition & Supply Corp., III, 5.0%, 12/15/30 $ 1,132,562 2,100,000 Texas Municipal Gas Acquisition & Supply Corp., III, 5.0%, 12/15/31 2,259,474 2,200,000 Virginia Commonwealth Transportation Board, 4.0%, 5/15/31 2,302,036 2,210,000 Virginia Commonwealth Transportation Board, 4.0%, 5/15/32 2,300,455 ----------------- $ 18,891,041 ------------------------------------------------------------------------------------------------------ Municipal Higher Education -- 0.7% 1,025,000 Baylor University, 4.313%, 3/1/42 $ 1,015,006 1,980,000 California Educational Facilities Authority, 5.0%, 6/1/43 2,494,067 1,425,000 Massachusetts Health & Educational Facilities Authority, Massachusetts Institute of Technology -Series K, 5.5%, 7/1/32 1,874,331 1,100,000 Massachusetts Institute of Technology, 5.6%, 7/1/11 1,321,047 3,100,000 New Jersey Educational Facilities Authority, 4.0%, 7/1/45 3,192,876 800,000 Permanent University Fund, 5.0%, 7/1/30 940,408 3,095,000 President and Fellows of Harvard College, 6.3%, 10/1/37 3,226,528 1,900,000 The George Washington University, 1.827%, 9/15/17 1,925,631 525,000 The University of Texas System, 5.0%, 8/15/43 589,386 2,600,000 University of California, 3.38%, 5/15/28 2,545,296 3,100,000 University of Virginia, 5.0%, 4/1/45 3,544,602 ----------------- $ 22,669,178 ------------------------------------------------------------------------------------------------------ Municipal Medical -- 0.1% 325,000 Massachusetts Development Finance Agency, 5.25%, 4/1/37 $ 363,890 550,000 Massachusetts Development Finance Agency, Broad Institute -Series A, 5.375%, 4/1/41 607,354 1,765,000 Ohio Higher Educational Facility Commission, 5.0%, 1/1/42 1,918,943 ----------------- $ 2,890,187 ------------------------------------------------------------------------------------------------------ Municipal Pollution -- 0.2% 3,965,000 Port Freeport Texas, 5.95%, 5/15/33 $ 4,433,941 ------------------------------------------------------------------------------------------------------ Municipal School District -- 0.1% 2,700,000 Frisco Independent School District, 4.0%, 8/15/40 $ 2,721,384 1,700,000 Frisco Independent School District, 4.0%, 8/15/45 1,706,681 ----------------- $ 4,428,065 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund | Annual Report | 6/30/15 55 Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Municipal Transportation -- 0.1% 600,000 Port Authority of New York & New Jersey, 4.458%, 10/1/62 $ 574,374 1,000,000 Texas Transportation Commission State Highway Fund, 5.0%, 4/1/33 1,147,110 ----------------- $ 1,721,484 ------------------------------------------------------------------------------------------------------ Municipal Obligation -- 0.3% 3,000,000 State of Texas, 4.0%, 10/1/44 $ 3,062,760 560,000 State of Washington, 3.0%, 7/1/28 557,183 1,600,000 State of Washington, 5.0%, 7/1/30 1,854,272 1,620,000 Washington Suburban Sanitary Commission, 4.0%, 6/1/43 1,651,655 1,565,000 Washington Suburban Sanitary Commission, 4.0%, 6/1/44 1,594,391 ----------------- $ 8,720,261 ------------------------------------------------------------------------------------------------------ TOTAL MUNICIPAL BONDS (Cost $77,067,483) $ 81,042,980 ------------------------------------------------------------------------------------------------------ SENIOR FLOATING RATE LOAN INTERESTS -- 3.0%** ENERGY -- 0.0%+ Integrated Oil & Gas -- 0.0%+ 598,085 4.50 Glenn Pool Oil & Gas Trust, Term Loan, 5/2/16 $ 596,590 ----------------- Total Energy $ 596,590 ------------------------------------------------------------------------------------------------------ MATERIALS -- 0.2% Commodity Chemicals -- 0.0%+ 764,864 4.25 Tronox Pigments Holland BV, New Term Loan, 3/19/20 $ 766,394 ------------------------------------------------------------------------------------------------------ Diversified Chemicals -- 0.0%+ 194,134 4.25 OXEA Sarl, Tranche B-2 Term Loan (First Lien), 1/15/20 $ 188,067 ------------------------------------------------------------------------------------------------------ Specialty Chemicals -- 0.1% 154,286 3.50 Chemtura Corp., New Term Loan, 8/29/16 $ 154,543 252,086 2.73 Huntsman International LLC, Extended Term B Loan, 4/19/17 252,242 911,524 4.50 MacDermid, Inc., Tranche B Term Loan (First Lien), 6/7/20 914,847 477,500 4.25 OMNOVA Solutions, Inc., Term B-1 Loan, 5/31/18 477,948 238,745 2.75 WR Grace & Co-Conn, Term Loan, 1/23/21 238,809 663,448 2.75 WR Grace & Co-Conn, U.S. Term Loan, 1/23/21 663,626 ----------------- $ 2,702,015 ------------------------------------------------------------------------------------------------------ Construction Materials -- 0.1% 1,043,696 4.25 CeramTec Service GmbH, Initial Dollar Term B-1 Loan, 8/30/20 $ 1,045,653 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 56 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Metal & Glass Containers -- 0.0%+ 198,000 5.50 BWay Intermediate, Initial Term Loan, 8/14/20 $ 199,268 ------------------------------------------------------------------------------------------------------ Aluminum -- 0.0%+ 700,000 4.00 Novelis, Inc., 1st Lien Term Loan 5/28/22 $ 697,375 ------------------------------------------------------------------------------------------------------ Diversified Metals & Mining -- 0.0%+ 417,005 3.75 Fortescue Metals Group, Ltd., Bank Loan, 6/30/19 $ 371,265 ----------------- Total Materials $ 5,970,037 ------------------------------------------------------------------------------------------------------ CAPITAL GOODS -- 0.2% Aerospace & Defense -- 0.2% 1,204,479 6.25 DAE Aviation Holdings, Inc., Replacement Tranche B-1 Loan, 11/2/18 $ 1,207,792 2,569,902 3.75 DigitalGlobe, Inc., Term Loan, 1/25/20 2,575,525 425,419 6.25 DynCorp International, Inc., Term Loan, 7/7/16 421,342 544,335 5.00 Standard Aero, Ltd., Replacement Tranche B-2 Loan, 11/2/18 546,203 641,293 7.00 TASC, Inc., First Lien Term Loan, 2/28/17 649,042 ----------------- $ 5,399,904 ------------------------------------------------------------------------------------------------------ Building Products -- 0.0%+ 1,375,946 3.50 Nortek, Inc., Term Loan, 10/30/20 $ 1,370,212 ------------------------------------------------------------------------------------------------------ Industrial Conglomerates -- 0.0%+ 105,893 4.25 CeramTec Acquisition Corp., Initial Dollar Term B-2 Loan, 8/30/20 $ 106,091 314,222 4.25 CeramTec GmbH, Dollar Term B-3 Loan, 8/30/20 314,811 ----------------- $ 420,902 ------------------------------------------------------------------------------------------------------ Trading Companies & Distributors -- 0.0%+ 590,405 3.75 WESCO Distribution, Inc., Tranche B-1 Loan, 12/12/19 $ 591,143 ----------------- Total Capital Goods $ 7,782,161 ------------------------------------------------------------------------------------------------------ COMMERCIAL SERVICES & SUPPLIES -- 0.0%+ Security & Alarm Services -- 0.0%+ 202,752 4.00 Garda World Security Corp., Term B Loan, 11/8/20 $ 202,414 792,577 4.00 Garda World Security Corp., Term B Loan, 11/1/20 791,256 ----------------- $ 993,670 ----------------- Total Commercial Services & Supplies $ 993,670 ------------------------------------------------------------------------------------------------------ TRANSPORTATION -- 0.1% Airlines -- 0.1% 1,641,451 3.25 Delta Air Lines, Inc., Term Loan, 4/20/17 $ 1,641,040 ------------------------------------------------------------------------------------------------------ Marine -- 0.0%+ 653,165 5.25 Navios Maritime Partners LP, Term Loan, 6/27/18 $ 652,757 ----------------- Total Transportation $ 2,293,797 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund | Annual Report | 6/30/15 57 Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ AUTOMOBILES & COMPONENTS -- 0.4% Auto Parts & Equipment -- 0.2% 532,336 3.50 Allison Transmission, Inc., Term B-3 Loan, 8/23/19 $ 1,135,144 1,131,432 4.00 Cooper Standard Intermediate Holdco 2 LLC, Term Loan, 3/28/21 1,736,481 1,736,842 4.25 Remy International, Inc., Term B Loan 2013, 3/5/20 1,717,140 1,714,996 0.00 TI Group Automotive Systems LLC, 1st Lien Term Loan B, 6/25/22 (f) 531,671 ----------------- $ 5,120,436 ------------------------------------------------------------------------------------------------------ Tires & Rubber -- 0.1% 3,491,667 3.75 The Goodyear Tire & Rubber Co., Term Loan (Second Lien), 3/27/19 $ 3,502,578 ------------------------------------------------------------------------------------------------------ Automobile Manufacturers -- 0.1% 3,758,400 3.50 Chrysler Group LLC, Term Loan B, 5/24/17 $ 3,758,723 ----------------- Total Automobiles & Components $ 12,381,737 ------------------------------------------------------------------------------------------------------ CONSUMER DURABLES & APPAREL -- 0.0%+ Apparel, Accessories & Luxury Goods -- 0.0%+ 498,750 3.25 Hanesbrands Inc., US, 1st Lien Term Loan, 4/15/22 $ 502,179 384,612 3.25 PVH Corp., Tranche B Term Loan, 12/19/19 386,856 ----------------- $ 889,035 ----------------- Total Consumer Durables & Apparel $ 889,035 ------------------------------------------------------------------------------------------------------ CONSUMER SERVICES -- 0.2% Casinos & Gaming -- 0.2% 688,943 3.75 Pinnacle Entertainment, Inc., Tranche B-2 Term Loan, 8/13/20 $ 689,619 4,328,250 6.00 Scientific Games, Initial Term B-2, 10/1/21 4,330,462 ----------------- $ 5,020,081 ------------------------------------------------------------------------------------------------------ Restaurants -- 0.0%+ 364,309 3.75 1011778 BC ULC, Term B-2 Loan, 12/12/21 $ 364,537 ----------------- Total Consumer Services $ 5,384,618 ------------------------------------------------------------------------------------------------------ MEDIA -- 0.3% Advertising -- 0.0%+ 1,059,566 6.75 Affinion Group, Inc., Tranche B Term Loan, 4/30/18 $ 1,021,157 ------------------------------------------------------------------------------------------------------ Broadcasting -- 0.1% 2,253,902 4.00 Univision Communications, Inc., Replacement First- Lien Term Loan, 3/1/20 $ 2,242,319 ------------------------------------------------------------------------------------------------------ Cable & Satellite -- 0.1% 1,690,500 3.00 Charter Communications Operating LLC, Term F Loan, 1/1/21 $ 1,672,011 147,202 4.50 WideOpenWest Finance LLC, Replacement Term B Loan, 4/1/19 147,276 ----------------- $ 1,819,287 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 58 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Movies & Entertainment -- 0.1% 318,163 3.75 Cinedigm Digital Funding 1 LLC, Term Loan, 2/28/18 $ 318,561 1,400,063 3.50 Live Nation Entertainment, Inc., Term B-1 Loan, 8/17/20 1,402,093 ----------------- $ 1,720,654 ------------------------------------------------------------------------------------------------------ Publishing -- 0.0%+ 743,042 4.75 Interactive Data Corp., Tranche B Term Loan (First Lien), 4/24/21 $ 746,138 ----------------- Total Media $ 7,549,555 ------------------------------------------------------------------------------------------------------ RETAILING -- 0.1% General Merchandise Stores -- 0.0%+ 666,667 3.50 Dollar Tree, Inc., 1st Lien Term Loan-B1 3/9/22 $ 667,778 ------------------------------------------------------------------------------------------------------ Specialty Stores -- 0.1% 1,925,000 3.50 Staples, Inc., 1st Lien Term Loan B, 4/24/21 $ 1,925,133 ----------------- Total Retailing $ 2,592,911 ------------------------------------------------------------------------------------------------------ FOOD, BEVERAGE & TOBACCO -- 0.0%+ Agricultural Products -- 0.0%+ 1,239,313 3.25 Darling International, Inc., Term B USD Loan, 12/19/20 $ 1,246,672 ------------------------------------------------------------------------------------------------------ Packaged Foods & Meats -- 0.0%+ 20,755 3.00 Pinnacle Foods Finance LLC, New Term Loan G, 4/29/20 $ 20,692 ----------------- Total Food, Beverage & Tobacco $ 1,267,364 ------------------------------------------------------------------------------------------------------ HOUSEHOLD & PERSONAL PRODUCTS -- 0.1% Personal Products -- 0.1% 1,422,330 4.75 Federal-Mogul Corp., Tranche C Term, 4/15/21 $ 1,408,462 861,429 3.50 NBTY, Inc., Term B-2 Loan, 10/1/17 857,121 977,058 4.00 Revlon Consumer Products Corp., Acquisition Term Loan, 8/19/19 978,737 ----------------- $ 3,244,320 ----------------- Total Household & Personal Products $ 3,244,320 ------------------------------------------------------------------------------------------------------ HEALTH CARE EQUIPMENT & SERVICES -- 0.4% Health Care Equipment -- 0.1% 1,988,646 4.50 Kinetic Concepts, Inc., Term DTL-E1 loan, 5/4/18 $ 1,998,899 ------------------------------------------------------------------------------------------------------ Health Care Supplies -- 0.1% 2,123,082 5.00 Immucor, Inc., Term B-2 Loan, 8/19/18 $ 2,133,698 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund | Annual Report | 6/30/15 59 Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Health Care Services -- 0.0%+ 498,319 6.75 Ardent Medical Services, Inc., 1st Lien Term Loan, 5/2/18 $ 499,980 251,141 3.50 DaVita HealthCare Partners, Inc., Tranche B Loan (First Lien), 6/19/21 251,534 ----------------- $ 751,514 ------------------------------------------------------------------------------------------------------ Health Care Facilities -- 0.2% 338,300 5.25 Capella Healthcare, Inc., Tranche B Term Loan (First Lien), 12/31/21 $ 339,146 592,659 3.53 CHS, Incremental 2018 Term F Loans, 12/31/18 592,870 1,119,878 3.03 CHS, Incremental 2019 Term G Loan, 12/31/19 1,121,278 2,060,545 4.00 CHS, Incremental 2021 Term H Loan, 1/27/21 2,065,839 734,812 3.03 HCA, Inc., Tranche B-4 Term Loan, 5/1/18 735,628 1,762,225 2.94 HCA, Inc., Tranche B-5 Term Loan, 3/31/17 1,763,437 ----------------- $ 6,618,198 ------------------------------------------------------------------------------------------------------ Health Care Technology -- 0.0%+ 451,525 3.50 IMS Health, Inc., Term B Dollar Loan, 3/17/21 $ 449,197 ----------------- Total Health Care Equipment & Services $ 11,951,506 ------------------------------------------------------------------------------------------------------ PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 0.2% Biotechnology -- 0.0%+ 746,164 3.50 Alkermes, Inc., 2019 Term Loan, 9/25/19 $ 747,252 ------------------------------------------------------------------------------------------------------ Pharmaceuticals -- 0.2% 2,012,986 3.25 Endo Luxembourg Finance I Co., S.a.r.l., Tranche B Term Loan (First Lien), 11/5/20 $ 2,017,390 385,125 3.19 Grifols Worldwide Operations USA, Inc., U.S. Tranche B Term Loam, 4/1/21 385,626 1,648,573 3.50 RPI Finance Trust, Term B-4 Term Loan, 11/9/20 1,651,870 532,996 3.04 Valeant Pharmaceuticals International, Inc., Series C-2 Tranche B Term Loan, 12/11/19 532,589 997,500 4.00 Valeant Pharmaceuticals, Series F-1, 3/11/22 998,180 ----------------- $ 5,585,655 ------------------------------------------------------------------------------------------------------ Life Sciences Tools & Services -- 0.0%+ 1,637,121 4.25 Catalent Pharma Solutions, Dollar Term Loan, 5/20/21 $ 1,642,237 ----------------- Total Pharmaceuticals, Biotechnology & Life Sciences $ 7,975,144 ------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIALS -- 0.1% Other Diversified Financial Services -- 0.0%+ 795,333 5.25 WorldPay, Facility B2A Term Loan, 8/6/17 $ 800,801 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 60 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Specialized Finance -- 0.1% 1,492,443 3.75 Trans Union LLC, 1st Lien Term Loan-B2 4/9/21 $ 1,482,183 ----------------- Total Diversified Financials $ 2,282,984 ------------------------------------------------------------------------------------------------------ INSURANCE -- 0.2% Insurance Brokers -- 0.2% 1,161,227 4.50 National Financial Partners Corp., Tranche B Term Loan (First Lien), 7/1/20 $ 1,162,679 6,177,456 4.25 USI Insurance Services LLC, Term B Loan, 12/30/19 6,189,039 ----------------- $ 7,351,718 ----------------- Total Insurance $ 7,351,718 ------------------------------------------------------------------------------------------------------ SOFTWARE & SERVICES -- 0.1% IT Consulting & Other Services -- 0.0%+ 953,650 3.93 SunGard Data Systems, Inc., Tranche C Term Loan, 2/28/17 $ 955,284 ------------------------------------------------------------------------------------------------------ Application Software -- 0.0%+ 368,859 2.94 Nuance Communications, Inc., Term C Loan, 8/7/19 $ 366,323 ------------------------------------------------------------------------------------------------------ Systems Software -- 0.0%+ 606,950 5.75 AVG Technologies NV, Term Loan, 10/15/20 $ 609,985 ------------------------------------------------------------------------------------------------------ Home Entertainment Software -- 0.1% 1,146,608 3.25 Activision Blizzard, Inc., Term Loan, 7/26/20 $ 1,150,907 ----------------- Total Software & Services $ 3,082,499 ------------------------------------------------------------------------------------------------------ TECHNOLOGY HARDWARE & EQUIPMENT -- 0.0%+ Communications Equipment -- 0.0%+ 342,733 3.25 Commscope, Inc., Tranche 4 Term Loan, 1/14/18 $ 343,074 ----------------- Total Technology Hardware & Equipment $ 343,074 ------------------------------------------------------------------------------------------------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.1% Semiconductor Equipment -- 0.1% 1,166,202 2.53 Sensata Technologies, 1st Lien Term Loan, 10/14/21 $ 1,171,513 ------------------------------------------------------------------------------------------------------ Semiconductors -- 0.0%+ 324,504 3.75 Avago Technologies, Ltd., Tranche B Term Loan (First Lien), 4/16/21 $ 325,426 350,189 2.78 Microsemi Corp., Term Loan (First Lien), 3/14/21 350,714 ----------------- $ 676,140 ----------------- Total Semiconductors & Semiconductor Equipment $ 1,847,653 ------------------------------------------------------------------------------------------------------ TELECOMMUNICATION SERVICES -- 0.2% Integrated Telecommunication Services -- 0.1% 1,920,788 4.00 Cincinnati Bell, Inc., Tranche B Term Loan, 9/10/20 $ 1,921,187 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund | Annual Report | 6/30/15 61 Schedule of Investments | 6/30/15 (continued)
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Wireless Telecommunication Services -- 0.1% 1,492,424 3.00 Crown Castle International Corp., Tranche B-2 Term Loan (First Lien), 1/31/21 $ 1,486,268 1,211,963 4.75 GCI Holdings, Inc., Tranche B Term Loan (First Lien), 12/22/21 1,219,537 333,333 4.00 Syniverse Holdings, Inc., Initial Term Loan, 4/23/19 315,833 666,667 4.00 Syniverse Holdings, Inc., Tranche B Term Loan, 4/23/19 631,667 ----------------- $ 3,653,305 ----------------- Total Telecommunication Services $ 5,574,492 ------------------------------------------------------------------------------------------------------ UTILITIES -- 0.1% Electric Utilities -- 0.0%+ 1,285,660 3.75 Texas Competitive Electric Holdings Co., LLC, DIP Term Loan (2014), 5/5/16 $ 1,291,285 ------------------------------------------------------------------------------------------------------ Independent Power Producers & Energy Traders -- 0.1% 1,018,588 4.00 Dynegy, Inc., Tranche B-2 Term Loan, 4/23/20 $ 1,021,665 1,315,739 2.75 NRG Energy, Inc., Term Loan (2013), 7/1/18 1,306,941 746,113 3.75 NSG Holdings LLC, New Term Loan, 12/11/19 744,248 ----------------- $ 3,072,854 ----------------- Total Utilities $ 4,364,139 ------------------------------------------------------------------------------------------------------ TOTAL SENIOR FLOATING RATE LOAN INTERESTS (Cost $94,414,419) $ 95,719,004 ------------------------------------------------------------------------------------------------------ TEMPORARY CASH INVESTMENTS -- 0.5% Repurchase Agreements -- 0.5% 3,800,000 $3,800,000 Bank of Nova Scotia, 0.14%, dated 6/30/15 plus accrued interest on 7/1/15 collateralized by the following: $603,037 Freddie Mac Giant, 3.0%-4.0%, 8/1/27 - 1/1/45 $3,272,978 Federal National Mortgage Association, 3.0%, 12/1/29 $ 3,800,000 11,220,000 $11,220,000 RBC Capital Markets, Inc., 0.10%, dated 6/30/15 plus accrued interest on 7/1/15 collateralized by the following: $4,368,411 Federal National Mortgage Association, 3.0-5.5%, 2/1/26-1/1/45 $4,601,828 Federal Home Loan Mortgage Corp., 2.157-2.68%, 5/1/42-11/1/42 $2,474,162 Federal National Mortgage Association (ARM), 2.694-4.867%, 9/1/33-6/1/45 11,220,000 ----------------- $ 15,020,000 ------------------------------------------------------------------------------------------------------ TOTAL TEMPORARY CASH INVESTMENTS (Cost $15,020,000) $ 15,020,000 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 62 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ TOTAL INVESTMENT IN SECURITIES -- 96.6% (Cost $3,043,245,224) (a) $ 3,052,717,217 ------------------------------------------------------------------------------------------------------ OTHER ASSETS & LIABILITIES -- 3.4% $ 107,711,216 ------------------------------------------------------------------------------------------------------ TOTAL NET ASSETS -- 100.0% $ 3,160,428,433 ======================================================================================================
REIT Real Estate Investment Trust. + Rounds to less than 0.01%. (PIK) Represents a pay-in kind security. (Perpetual) Security with no stated maturity date. (Cat Bond) Catastrophe or Event Linked Bond. At June 30, 2015, the value of these securities amounted to $49,730,705, or 1.6% of total net assets. See Notes to Financial Statements -- Note 1F. REMICS Real Estate Mortgage Investment Conduits. ARM Adjustable Rate Mortgage. (Step) Bond issued with an initial coupon rate which converts to a higher rate at a later date. (144A) Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At June 30, 2015, the value of these securities amounted to $825,022,179 or 26.1% of total net assets. ** Senior floating rate loan interests in which the Fund invests generally pay interest at rates that are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate offered by one or more major U.S. banks, (iii) the rate of a certificate of deposit or (iv) other base lending rates used by commercial lenders. The rate shown is the coupon rate at period end. (a) At June 30, 2015, the net unrealized appreciation on investments based on cost for federal income tax purposes of $3,047,848,363 was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost $ 42,909,739 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value (38,040,885) ------------- Net unrealized appreciation $ 4,868,854 =============
(b) Debt obligation with a variable interest rate. Rate shown is rate at end of period. (c) Security represents the interest only portion of payments on a pool of underlying mortgages or mortgage-backed securities. (d) Security issued with a zero coupon. Income is earned through accretion of discount. (e) Security is valued using fair value methods (other than prices supplied by independent pricing services or broker-dealers). See Notes to Financial Statements -- Note 1A. (f) Rate to be determined. (g) Structured reinsurance investment. At June 30, 2015, the value of these securities amounted to $46,774,160 or 1.5% of total net assets. See Notes to Financial Statements -- Note 1F. The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund | Annual Report | 6/30/15 63 Schedule of Investments | 6/30/15 (continued) Purchases and sales of securities (excluding temporary cash investments) for the year ended June 30, 2015 were as follows:
-------------------------------------------------------------------- Purchases Sales -------------------------------------------------------------------- Long-Term U.S. Government Securities 1,929,259,090 1,494,775,263 Other Long-Term Securities 1,532,994,714 443,900,716
CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS -- SELL PROTECTION
------------------------------------------------------------------------------------------------------ Notional Obligation Credit Expiration Premiums Net Unrealized Principal ($)(1) Counterparty Entity/Index Coupon Rating(2) Date Paid Appreciation ------------------------------------------------------------------------------------------------------ 25,000,000 Chicago MARKIT CDX Mercentile North America Exchange Investment Grade Index 1.00% BBB+ 12/20/19 $316,361 $34,098 ------------------------------------------------------------------------------------------------------
(1) The notional amount is the maximum amount that a seller of credit protection would be obligated to pay upon occurrence of a credit event. (2) Based on Standard & Poor's rating of the issuer or weighted average of all the underlying securities of the index. Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below. Level 1 -- quoted prices in active markets for identical securities. Level 2 -- other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) See Notes to Financial Statements -- Note 1A. Level 3 -- significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments) See Notes to Financial Statements -- Note 1A. Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued using fair value methods (other than prices supplied by independent pricing services or broker-dealers) as Level 3. See Notes to Financial Statements -- Note 1A. The accompanying notes are an integral part of these financial statements. 64 Pioneer Bond Fund | Annual Report | 6/30/15 The following is a summary of the inputs used as of June 30, 2015, in valuing the Fund's assets:
------------------------------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total ------------------------------------------------------------------------------------------------------- Preferred Stocks Banks Regional Banks $ 2,541,166 $ 2,884,876 $ -- $ 5,426,042 Diversified Financials Consumer Finance -- 1,269,336 -- 1,269,336 Insurance Property & Casualty Insurance 4,957,198 3,854,612 -- 8,811,810 Reinsurance -- -- 36,000 36,000 All Other Preferred Stocks 22,959,209 -- -- 22,959,209 Convertible Preferred Stock 6,591,750 -- -- 6,591,750 Asset Backed Securities -- 160,941,239 -- 160,941,239 Collateralized Mortgage Obligations -- 556,767,695 -- 556,767,695 Corporate Bonds Diversified Financials Other Diversified Financial Services -- 24,979,167 1,099,140 26,078,307 Insurance Reinsurance -- -- 44,178,160 44,178,160 All Other Corporate Bonds -- 1,170,435,204 -- 1,170,435,204 U.S. Government Agency Obligations -- 852,844,981 -- 852,844,981 Foreign Government Bond -- 4,595,500 -- 4,595,500 Municipal Bonds -- 81,042,980 -- 81,042,980 Senior Floating Rate Loan Interests -- 95,719,004 -- 95,719,004 Repurchase Agreements -- 15,020,000 -- 15,020,000 ------------------------------------------------------------------------------------------------------- Total $37,049,323 $ 2,970,354,594 $ 45,313,300 $3,052,717,217 ======================================================================================================= Other Financial Instruments Net unrealized appreciation on Futures Contracts $ 4,828,656 $ -- $ -- $ 4,828,656 Net unrealized appreciation on Centrally Cleared Swap Contracts -- 34,098 -- 34,098 ------------------------------------------------------------------------------------------------------- Total Other Financial Instruments $ 4,828,656 $ 34,098 $ -- $ 4,862,754 =======================================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund | Annual Report | 6/30/15 65 Schedule of Investments | 6/30/15 (continued) Following is a reconciliation of assets using significant unobservable inputs (Level 3):
------------------------------------------------------------------------------------------------------- Preferred Corporate Stocks Bonds Total ------------------------------------------------------------------------------------------------------- Balance as of 6/30/14 $ 2,081,052 $ 4,383,603 $ 6,464,655 Realized gain (loss)(1) -- 361 361 Change in unrealized appreciation (depreciation)(2) -- 1,584,729 1,584,729 Net purchases 36,000 40,914,524 40,950,524 Net sales -- (3,686,969) (3,686,969) Transfers in to Level 3* -- -- -- Transfers out of Level 3* -- -- -- Transfers in and out of Level 3 activity (2,081,052) 2,081,052 -- ------------------------------------------------------------------------------------------------------- Balance as of 6/30/15 $ 36,000 $45,277,300 $45,313,300 =======================================================================================================
1 Realized gain (loss) on these securities is included in the net realized gain (loss) from investments in the Statement of Operations. 2 Unrealized appreciation (depreciation) on these securities is included in the change in unrealized appreciation (depreciation) on investments in the Statement of Operations. * Transfers are calculated on the beginning of period values. During the year ended June 30, 2015, there were no transfers between Levels 1, 2 and 3.
Net change in unrealized appreciation (depreciation) of investments still held as of 6/30/15 $ 1,584,729 -----------
The following is a summary of the valuation of certain Fund's assets and liabilities as of June 30, 2015.
------------------------------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total ------------------------------------------------------------------------------------------------------- Assets: Futures collateral $ -- $5,608,450 $ -- $5,608,450 Centrally cleared swap collateral -- 500,000 -- 500,000 Credit default swaps, premiums paid -- 316,361 -- 316,361 Variation margin for futures contracts 133,025 -- -- 133,025 Liabilities: Variation margin for centrally cleared swap contracts -- 21,705 -- 21,705 ------------------------------------------------------------------------------------------------------- Total: $ 133,025 $6,446,516 $ -- $6,579,541 =======================================================================================================
The accompanying notes are an integral part of these financial statements. 66 Pioneer Bond Fund | Annual Report | 6/30/15 Statement of Assets and Liabilities | 6/30/15
ASSETS: Investment in securities (cost $3,043,245,224) $3,052,717,217 Cash 122,141,983 Futures Collateral 5,608,450 Centrally cleared swap collateral 500,000 Receivables -- Investment securities sold 1,362,072 Fund shares sold 32,597,934 Dividends 189,231 Interest 19,317,034 Due from Pioneer Investment Management, Inc. 298,645 Variation margin for futures contracts 133,025 Credit default swaps, premiums paid 316,361 Variation margin for centrally cleared swap contracts 21,705 Net unrealized appreciation on futures contracts 4,828,656 Net unrealized appreciation on centrally cleared swap contracts 34,098 Other assets 94,773 ------------------------------------------------------------------------------------------------------- $3,240,161,184 ======================================================================================================= LIABILITIES: Payables -- Investment securities purchased $ 70,709,403 Fund shares repurchased 6,509,481 Dividends 1,560,199 Due to affiliates 674,217 Accrued expenses 279,451 ------------------------------------------------------------------------------------------------------- $ 79,732,751 ======================================================================================================= NET ASSETS: Paid-in capital $3,146,745,747 Distributions in excess of net investment income (189,809) Accumulated net realized loss on investments, swap contracts and futures contracts (462,252) Net unrealized appreciation on investments 9,471,993 Net unrealized appreciation on futures contracts 4,828,656 Net unrealized appreciation on swap contracts 34,098 ------------------------------------------------------------------------------------------------------- $3,160,428,433 ======================================================================================================= NET ASSET VALUE PER SHARE: (No par value, unlimited number of shares authorized) Class A (based on $1,044,659,065/107,894,688 shares) $ 9.68 Class C (based on $114,222,374/11,929,960 shares) $ 9.57 Class K (based on $179,134,738/18,507,861 shares) $ 9.68 Class R (based on $116,815,429/11,957,070 shares) $ 9.77 Class Y (based on $1,644,160,972/171,413,890 shares) $ 9.59 Class Z (based on $61,435,855/6,337,200 shares) $ 9.69 MAXIMUM OFFERING PRICE: Class A ($9.68 / 95.5%) $ 10.14 =======================================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund | Annual Report | 6/30/15 67 Statement of Operations For the Year Ended 6/30/15
INVESTMENT INCOME: Interest $ 84,177,416 Dividends 2,997,180 ------------------------------------------------------------------------------------------------------- Total investment income $ 87,174,596 ======================================================================================================= EXPENSES: Management fees $ 9,885,812 Transfer agent fees Class A 279,967 Class B* 11,204 Class C 35,526 Class K 1,767 Class R 10,209 Class Y 50,721 Class Z 4,893 Distribution fees Class A 2,277,564 Class B* 18,499 Class C 959,478 Class R 393,957 Shareholder communications expense 3,406,026 Administrative reimbursements 693,950 Custodian fees 153,745 Registration fees 258,150 Professional fees 134,571 Printing expense 56,349 Fees and expenses of nonaffiliated Trustees 90,772 Miscellaneous 257,475 ------------------------------------------------------------------------------------------------------- Total expenses $ 18,980,635 Less fees waived and expenses reimbursed by Pioneer Investment Management, Inc. (799,315) ------------------------------------------------------------------------------------------------------- Net expenses $ 18,181,320 ------------------------------------------------------------------------------------------------------- Net investment income $ 68,993,276 ------------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND SWAP CONTRACTS: Net realized gain (loss) on: Investments $ 32,158,762 Futures contracts (9,267,380) Swap contracts 504,374 $ 23,395,756 ------------------------------------------------------------------------------------------------------- Change in net unrealized appreciation (depreciation) on: Investments $ (69,946,701) Futures contracts 3,870,594 Swap contracts 134,072 $ (65,942,035) ------------------------------------------------------------------------------------------------------- Net loss on investments, futures contracts and swap contracts $ (42,546,279) ------------------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $ 26,446,997 =======================================================================================================
* Class B shares converted to Class A shares on November 10, 2014. The accompanying notes are an integral part of these financial statements. 68 Pioneer Bond Fund | Annual Report | 6/30/15 Statements of Changes in Net Assets
------------------------------------------------------------------------------------------------------- Year Ended Year Ended 6/30/15 6/30/14 ------------------------------------------------------------------------------------------------------- FROM OPERATIONS: Net investment income $ 68,993,276 $ 55,183,804 Net realized gain on investments, futures contracts and swap contracts 23,395,756 14,043,931 Change in net unrealized appreciation (depreciation) on investments, futures contracts and swap contracts (65,942,035) 23,696,606 ------------------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $ 26,446,997 $ 92,924,341 ------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREOWNERS: Net investment income: Class A ($0.29 and $0.38 per share, respectively) $ (26,434,196) $ (22,667,902) Class B ($0.07 and $0.27 per share, respectively)* (34,683) (193,002) Class C ($0.21 and $0.29 per share, respectively) (2,016,609) (2,298,637) Class K ($0.32 and $0.40 per share, respectively) (2,711,408) (38,942) Class R ($0.26 and $0.34 per share, respectively) (2,060,446) (1,255,219) Class Y ($0.31 and $0.39 per share, respectively) (39,612,426) (32,906,308) Class Z ($0.31 and $0.40 per share, respectively) (1,526,702) (162,131) Net realized gains Class A ($0.04 and $0.00 per share, respectively) (3,819,881) -- Class C ($0.04 and $0.00 per share, respectively) (406,576) -- Class K ($0.04 and $0.00 per share, respectively) (45,156) -- Class R ($0.04 and $0.00 per share, respectively) (285,304) -- Class Y ($0.04 and $0.00 per share, respectively) (4,943,141) -- Class Z ($0.04 and $0.00 per share, respectively) (218,854) -- ------------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (84,115,382) $ (59,522,141) ------------------------------------------------------------------------------------------------------- FROM FUND SHARE TRANSACTIONS Net proceeds from sale or exchange of shares $2,251,662,439 $ 666,056,558 Reinvestment of distributions 65,229,520 47,974,430 Cost of shares repurchased (813,633,836) (647,980,831) ------------------------------------------------------------------------------------------------------- Net increase in net assets resulting from Fund share transactions $1,503,258,123 $ 66,050,157 ------------------------------------------------------------------------------------------------------- Net increase in net assets $1,445,589,738 $ 99,452,357 NET ASSETS: Beginning of year $1,714,838,695 $1,615,386,338 ------------------------------------------------------------------------------------------------------- End of year $3,160,428,433 $1,714,838,695 ======================================================================================================= Distributions in excess of net investment income $ (189,809) $ (1,372,548) =======================================================================================================
* Class B shares converted to Class A shares on November 10, 2014. The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund | Annual Report | 6/30/15 69 Statements of Changes in Net Assets (continued)
------------------------------------------------------------------------------------------------------- '15 Shares '15 Amount '14 Shares '14 Amount ------------------------------------------------------------------------------------------------------- Class A Shares sold 73,397,739 $ 722,362,397 33,575,403 $ 326,968,655 Reinvestment of distributions 2,437,923 23,964,170 2,135,282 20,747,926 Less shares repurchased (39,490,108) (388,662,183) (22,630,052) (219,467,397) ------------------------------------------------------------------------------------------------------- Net increase 36,345,554 $ 357,664,384 13,080,633 $ 128,249,184 ======================================================================================================= Class B* Shares exchanged 12,531 $ 122,811 17,772 $ 171,327 Reinvestment of distributions 2,761 27,063 16,903 162,846 Less shares repurchased (561,244) (5,495,479) (404,531) (3,892,942) ------------------------------------------------------------------------------------------------------- Net decrease (545,952) $ (5,345,605) (369,856) $ (3,558,769) ======================================================================================================= Class C Shares sold 6,453,693 $ 62,788,125 1,238,186 $ 11,902,291 Reinvestment of distributions 159,439 1,549,668 176,433 1,692,531 Less shares repurchased (2,176,700) (21,155,723) (3,094,712) (29,662,070) ------------------------------------------------------------------------------------------------------- Net increase (decrease) 4,436,432 $ 43,182,070 (1,680,093) $ (16,067,248) ======================================================================================================= Class K Shares sold 19,313,507 $ 189,643,402 459,929 $ 4,490,799 Reinvestment of distributions 110,358 1,081,971 3,958 38,794 Less shares repurchased (1,361,429) (13,348,774) (19,469) (191,302) ------------------------------------------------------------------------------------------------------- Net increase 18,062,436 $ 177,376,599 444,418 $ 4,338,291 ======================================================================================================= Class R Shares sold 8,339,063 $ 82,666,234 2,689,792 $ 26,402,096 Reinvestment of distributions 217,675 2,158,016 119,608 1,172,422 Less shares repurchased (1,440,815) (14,287,736) (1,161,793) (11,353,848) ------------------------------------------------------------------------------------------------------- Net increase 7,115,923 $ 70,536,514 1,647,607 $ 16,220,670 ======================================================================================================= Class Y Shares sold 116,221,047 $1,131,771,954 30,497,633 $ 293,771,461 Reinvestment of distributions 3,565,174 34,708,672 2,494,174 24,002,560 Less shares repurchased (37,432,755) (364,339,899) (39,540,727) (379,763,123) ------------------------------------------------------------------------------------------------------- Net increase (decrease) 82,353,466 $ 802,140,727 (6,548,920) $ (61,989,102) ======================================================================================================= Class Z Shares sold 6,317,443 $ 62,307,516 241,257 $ 2,349,929 Reinvestment of distributions 176,815 1,739,960 16,156 157,351 Less shares repurchased (644,582) (6,344,042) (377,159) (3,650,149) ------------------------------------------------------------------------------------------------------- Net increase (decrease) 5,849,676 $ 57,703,434 (119,746) $ (1,142,869) =======================================================================================================
* Class B shares converted to Class A shares on November 10, 2014. The accompanying notes are an integral part of these financial statements. 70 Pioneer Bond Fund | Annual Report | 6/30/15 Financial Highlights
--------------------------------------------------------------------------------------------------------------------- Year Year Year Year Year Ended Ended Ended Ended Ended 6/30/15 6/30/14 6/30/13 6/30/12 6/30/11 --------------------------------------------------------------------------------------------------------------------- Class A Net asset value, beginning of period $ 9.88 $ 9.67 $ 9.73 $ 9.66 $ 9.44 --------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (loss) $ 0.27 $ 0.35 $ 0.38 $ 0.42 $ 0.45 Net realized and unrealized gain (loss) on investments (0.14) 0.24 (0.07) 0.13 0.21 --------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 0.13 $ 0.59 $ 0.31 $ 0.55 $ 0.66 --------------------------------------------------------------------------------------------------------------------- Distribution to shareowners: Net investment income $ (0.29) $ (0.38) $ (0.37) $ (0.43) $ (0.44) Net realized gain (0.04) -- -- (0.05) -- --------------------------------------------------------------------------------------------------------------------- Total distributions $ (0.33) $ (0.38) $ (0.37) $ (0.48) $ (0.44) --------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (0.20) $ 0.21 $ (0.06) $ 0.07 $ 0.22 --------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 9.68 $ 9.88 $ 9.67 $ 9.73 $ 9.66 ===================================================================================================================== Total return* 1.32% 6.19% 3.21% 5.91% 7.08% Ratio of net expenses to average net assets 0.85% 0.85% 0.85% 0.85% 0.85% Ratio of net investment income (loss) to average net assets 2.68% 3.52% 3.77% 4.35% 4.63% Portfolio turnover rate 81% 41% 28% 21% 36% Net assets, end of period (in thousands) $1,044,659 $706,962 $565,569 $453,772 $500,905 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses to average net assets 0.93% 1.00% 1.01% 1.03% 1.06% Net investment income (loss) to average net assets 2.60% 3.37% 3.61% 4.17% 4.42% =====================================================================================================================
* Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund | Annual Report | 6/30/15 71 Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------- Year Year Year Year Year Ended Ended Ended Ended Ended 6/30/15 6/30/14 6/30/13 6/30/12 6/30/11 --------------------------------------------------------------------------------------------------------------------- Class C Net asset value, beginning of period $ 9.77 $ 9.57 $ 9.63 $ 9.55 $ 9.34 --------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (loss) $ 0.19 $ 0.26 $ 0.29 $ 0.33 $ 0.36 Net realized and unrealized gain (loss) on investments (0.14) 0.23 (0.06) 0.15 0.20 --------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 0.05 $ 0.49 $ 0.23 $ 0.48 $ 0.56 --------------------------------------------------------------------------------------------------------------------- Distribution to shareowners: Net investment income $ (0.21) $ (0.29) $ (0.29) $ (0.35) $ (0.35) Net realized gain (0.04) -- -- (0.05) -- --------------------------------------------------------------------------------------------------------------------- Total distributions $ (0.25) $ (0.29) $ (0.29) $ (0.40) $ (0.35) --------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (0.20) $ 0.20 $ (0.06) $ 0.08 $ 0.21 --------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 9.57 $ 9.77 $ 9.57 $ 9.63 $ 9.55 ===================================================================================================================== Total return* 0.49% 5.20% 2.33% 5.12% 6.06% Ratio of net expenses to average net assets 1.63% 1.73% 1.72% 1.73% 1.73% Ratio of net investment income (loss) to average net assets 1.89% 2.69% 2.93% 3.47% 3.75% Portfolio turnover rate 81% 41% 28% 21% 36% Net assets, end of period (in thousands) $114,222 $73,224 $87,763 $93,737 $82,915 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses to average net assets 1.63% 1.73% 1.72% 1.73% 1.73% Net investment income (loss) to average net assets 1.89% 2.69% 2.93% 3.47% 3.75% =====================================================================================================================
* Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. The accompanying notes are an integral part of these financial statements. 72 Pioneer Bond Fund | Annual Report | 6/30/15
--------------------------------------------------------------------------------------------------------------------- 12/20/12 Year Ended Year Ended to 6/30/15 6/30/14 6/30/13 --------------------------------------------------------------------------------------------------------------------- Class K Net asset value, beginning of period $ 9.87 $ 9.67 $ 9.94 --------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (loss) $ 0.30 $ 0.40 $ 0.20 Net realized and unrealized gain (loss) on investments (0.13) 0.20 (0.26) --------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 0.17 $ 0.60 $ (0.06) --------------------------------------------------------------------------------------------------------------------- Distribution to shareowners: Net investment income $ (0.32) $ (0.40) $ (0.21) Net realized gain (0.04) -- -- --------------------------------------------------------------------------------------------------------------------- Total distributions $ (0.36) $ (0.40) $ (0.21) --------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (0.19) $ 0.20 $ (0.27) --------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 9.68 $ 9.87 $ 9.67 ===================================================================================================================== Total return* 1.80% 6.37% (0.61)%(a) Ratio of net expenses to average net assets 0.47% 0.56% 0.57%** Ratio of net investment income (loss) to average net assets 3.03% 3.59% 3.86%** Portfolio turnover rate 81% 41% 28% Net assets, end of period (in thousands) $179,135 $ 4,398 $ 10 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses 0.47% 0.56% 0.57%** Net investment income (loss) 3.03% 3.59% 3.86%** =====================================================================================================================
* Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period. ** Annualized. (a) Not Annualized. The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund | Annual Report | 6/30/15 73 Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------- Year Year Year Year Year Ended Ended Ended Ended Ended 6/30/15 6/30/14 6/30/13 6/30/12 6/30/11 --------------------------------------------------------------------------------------------------------------------- Class R Net asset value, beginning of period $ 9.97 $ 9.76 $ 9.82 $ 9.74 $ 9.52 --------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (loss) $ 0.25 $ 0.32 $ 0.34 $ 0.39 $ 0.41 Net realized and unrealized gain (loss) on investments (0.15) 0.23 (0.06) 0.14 0.22 --------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 0.10 $ 0.55 $ 0.28 $ 0.53 $ 0.63 --------------------------------------------------------------------------------------------------------------------- Distribution to shareowners: Net investment income $ (0.26) $ (0.34) $ (0.34) $ (0.40) $ (0.41) Net realized gain (0.04) -- -- (0.05) -- --------------------------------------------------------------------------------------------------------------------- Total distributions $ (0.30) $ (0.34) $ (0.34) $ (0.45) $ (0.41) --------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (0.20) $ 0.21 $ (0.06) $ 0.08 $ 0.22 --------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 9.77 $ 9.97 $ 9.76 $ 9.82 $ 9.74 ===================================================================================================================== Total return* 1.06% 5.75% 2.80% 5.58% 6.67% Ratio of net expenses to average net assets 1.10% 1.25% 1.25% 1.25% 1.24% Ratio of net investment income (loss) to average net assets 2.43% 3.12% 3.36% 3.94% 4.25% Portfolio turnover rate 81% 41% 28% 21% 36% Net assets, end of period (in thousands) $116,815 $48,264 $31,169 $23,892 $20,508 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses to average net assets 1.21% 1.32% 1.35% 1.35% 1.24% Net investment income (loss) to average net assets 2.32% 3.05% 3.26% 3.84% 4.25% =====================================================================================================================
* Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period. The accompanying notes are an integral part of these financial statements. 74 Pioneer Bond Fund | Annual Report | 6/30/15
--------------------------------------------------------------------------------------------------------------------- Year Year Year Year Year Ended Ended Ended Ended Ended 6/30/15 6/30/14 6/30/13 6/30/12 6/30/11 --------------------------------------------------------------------------------------------------------------------- Class Y Net asset value, beginning of period $ 9.79 $ 9.58 $ 9.65 $ 9.57 $ 9.36 --------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (loss) $ 0.30 $ 0.36 $ 0.39 $ 0.44 $ 0.47 Net realized and unrealized gain (loss) on investments (0.15) 0.24 (0.07) 0.14 0.20 --------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 0.15 $ 0.60 $ 0.32 $ 0.58 $ 0.67 --------------------------------------------------------------------------------------------------------------------- Distribution to shareowners: Net investment income $ (0.31) $ (0.39) $ (0.39) $ (0.45) $ (0.46) Net realized gain (0.04) -- -- (0.05) -- --------------------------------------------------------------------------------------------------------------------- Total distributions $ (0.35) $ (0.39) $ (0.39) $ (0.50) $ (0.46) --------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (0.20) $ 0.21 $ (0.07) $ 0.08 $ 0.21 --------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 9.59 $ 9.79 $ 9.58 $ 9.65 $ 9.57 ===================================================================================================================== Total return* 1.59% 6.41% 3.34% 6.27% 7.25% Ratio of net expenses to average net assets 0.58% 0.66% 0.66% 0.65% 0.61% Ratio of net investment income (loss) to average net assets 2.95% 3.72% 3.97% 4.55% 4.88% Portfolio turnover rate 81% 41% 28% 21% 36% Net assets, end of period (in thousands) $1,644,161 $871,801 $916,182 $847,072 $717,433 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses to average net assets 0.58% 0.66% 0.66% 0.65% 0.61% Net investment income (loss) to average net assets 2.95% 3.72% 3.97% 4.55% 4.88% =====================================================================================================================
* Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period. The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund | Annual Report | 6/30/15 75 Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------- Year Year Year Year Year Ended Ended Ended Ended Ended 6/30/15 6/30/14 6/30/13 6/30/12 6/30/11 --------------------------------------------------------------------------------------------------------------------- Class Z Net asset value, beginning of period $ 9.90 $ 9.70 $ 9.76 $ 9.68 $ 9.46 --------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (loss) $ 0.28 $ 0.38 $ 0.40 $ 0.45 $ 0.47 Net realized and unrealized gain (loss) on investments (0.14) 0.22 (0.06) 0.14 0.21 --------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 0.14 $ 0.60 $ 0.34 $ 0.59 $ 0.68 --------------------------------------------------------------------------------------------------------------------- Distribution to shareowners: Net investment income $ (0.31) $ (0.40) $ (0.40) $ (0.46) $ (0.46) Net realized gain (0.04) -- -- (0.05) -- --------------------------------------------------------------------------------------------------------------------- Total distributions $ (0.35) $ (0.40) $ (0.40) $ (0.51) $ (0.46) --------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (0.21) $ 0.20 $ (0.06) $ 0.08 $ 0.22 --------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 9.69 $ 9.90 $ 9.70 $ 9.76 $ 9.68 ===================================================================================================================== Total return* 1.47% 6.29% 3.41% 6.23% 7.30% Ratio of net expenses to average net assets 0.65% 0.65% 0.65% 0.65% 0.65% Ratio of net investment income (loss) to average net assets 2.89% 3.70% 3.95% 4.50% 4.82% Portfolio turnover rate 81% 41% 28% 21% 36% Net assets, end of period (in thousands) $61,436 $ 4,828 $ 5,889 $ 2,196 $ 787 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses 0.65% 0.82% 0.87% 0.83% 0.72% Net investment income (loss) 2.89% 3.53% 3.73% 4.32% 4.75% =====================================================================================================================
* Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period. The accompanying notes are an integral part of these financial statements. 76 Pioneer Bond Fund | Annual Report | 6/30/15 Notes to Financial Statements | 6/30/15 1. Organization and Significant Accounting Policies Pioneer Bond Fund (the Fund) is a Delaware statutory trust. The Fund is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The investment objective of the Fund is to seek current income consistent with preservation of capital. The Fund offers six classes of shares designated as Class A, Class C, Class K, Class R, Class Y and Class Z shares. Class K shares commenced operations on December 20, 2012. The Fund ceased to offer Class B shares on November 10, 2014. Class B shares were converted to Class A shares as of the close of business on November 10, 2014. Each class of shares represents an interest in the same portfolio of investments of the Fund and has identical rights (based on relative net asset values) to assets and liquidation proceeds. Share classes can bear different rates of class-specific fees and expenses such as transfer agent and distribution fees. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different dividends from net investment income earned by each class. The Amended and Restated Declaration of Trust of the Fund gives the Board the flexibility to specify either per-share voting or dollar-weighted voting when submitting matters for shareholder approval. Under per-share voting, each share of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a shareholder's voting power is determined not by the number of shares owned, but by the dollar value of the shares on the record date. Each share class has exclusive voting rights with respect to matters affecting only that class, including with respect to the distribution plan for that class. There is no distribution plan for Class K, Class Y or Class Z shares. The Fund's financial statements have been prepared in conformity with U.S. generally accepted accounting principles that require the management of the Fund to, among other things, make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income, expenses and gains and losses on investments during the reporting period. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements, which are consistent with those policies generally accepted in the investment company industry: Pioneer Bond Fund | Annual Report | 6/30/15 77 A. Security Valuation Security transactions are recorded as of trade date. The net asset value of the Fund is computed once daily, on each day the New York Stock Exchange (NYSE) is open, as of the close of regular trading on the NYSE. Fixed income securities are valued at prices supplied by independent pricing services, which consider such factors as market prices, market events, quotations from one or more brokers, Treasury spreads, yields, maturities and ratings. Valuations may be supplemented by dealers and other sources, as required. Senior floating rate loan interests (senior loans) are valued in accordance with guidelines established by the Board of Trustees at the mean between the last available bid and asked prices from one or more brokers or dealers as obtained from Loan Pricing Corporation, an independent pricing service. If price information is not available from Loan Pricing Corporation, or if the price information is deemed to be unreliable, price information will be obtained from an alternative loan interest pricing service. If no reliable price quotes are available from either the primary or alternative pricing service, broker quotes will be solicited. Event-linked bonds are valued at the bid price obtained from an independent third party pricing service. Other insurance-linked securities may be valued at the bid price obtained from an independent pricing service, or through a third party using a pricing matrix, insurance industry valuation models, or other fair value methods or techniques to provide an estimated value of the instrument. Credit default swaps are valued by an independent pricing service based upon valuation models incorporating default probabilities, estimated recovery rates, actual reported transactions, and other available market data. Equity securities that have traded on an exchange are valued at the last sale price on the principal exchange where they are traded. Equity securities that have not traded on the date of valuation, or securities for which sale prices are not available, generally are valued using the mean between the last bid and asked prices. Shares of money market mutual funds are valued at such funds' net asset value. Cash may include overnight time deposits at approved financial institutions. Securities for which independent pricing services are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of Pioneer Investment Management, Inc. (PIM), the Fund's investment adviser, pursuant to procedures adopted by the Fund's Board of Trustees. PIM's fair valuation team uses fair value methods approved by the Valuation Committee of the Board of Trustees. PIM's fair valuation team is responsible for monitoring developments that may impact fair valued securities and for discussing and assessing fair values on an ongoing basis, and at least quarterly, with the Valuation Committee of the Board of Trustees. 79 Pioneer Bond Fund | Annual Report | 6/30/15 Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Fund may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Fund's net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Fund's securities may differ significantly from exchange prices and such differences could be material. At June 30, 2015, one security was valued using fair value methods (in addition to securities valued using prices supplied by independent pricing services, broker-dealers or using a third party insurance industry pricing model) amounting to 0.03% of net assets. B. Investment Income and Transactions Principal amounts of mortgage-backed securities, asset-backed securities and corporate bonds are adjusted for monthly paydowns. Premiums and discounts related to certain mortgage-backed securities are amortized or accreted in proportion to the monthly paydowns. All discounts/premiums on purchase prices of debt securities are accreted/amortized for financial reporting purposes over the life of the respective securities, and such accretion/amortization is included in interest income. Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund becomes aware of the ex-dividend data in the exercise of reasonable diligence. Interest income, including interest on income bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes. C. Federal Income Taxes It is the Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income and net realized capital gains, if any, to its shareowners. Therefore, no provision for federal income taxes is required. As of June 30, 2015, the Fund did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as Pioneer Bond Fund | Annual Report | 6/30/15 79 an income tax expense in the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by Federal and State tax authorities. Distributions in excess of net investment income or net realized gains are temporary overdistributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences. At June 30, 2015, the Fund reclassified $6,585,933 to decrease distributions in excess of net investment income and $6,585,933 to decrease accumulated net realized loss on investments, swap contracts and futures contracts to reflect permanent book/tax differences. These adjustments have no impact on net assets or the results of operations. At June 30, 2015, a capital loss carryforward of $4,795,956 was utilized to offset gains incurred by the Fund. The tax character of distributions paid during the years ended June 30, 2015 and June 30, 2014 were as follows:
--------------------------------------------------------------------------- 2015 2014 --------------------------------------------------------------------------- Distributions paid from: Ordinary income $74,396,470 $59,522,141 Long-term capital gain 9,718,912 -- --------------------------------------------------------------------------- Total $84,115,382 $59,522,141 ===========================================================================
The following shows the components of distributable earnings on a federal income tax basis at June 30, 2015:
--------------------------------------------------------------------------- 2015 --------------------------------------------------------------------------- Distributable earnings: Undistributed ordinary income $ 3,028,838 Undistributed long-term capital gain 7,303,607 Dividends payable (1,560,199) Net unrealized appreciation 4,910,440 --------------------------------------------------------------------------- Total $13,682,686 ===========================================================================
The difference between book-basis and tax-basis net unrealized appreciation is attributable to the tax deferral of losses on wash sales, adjustments relating to catastrophe bonds, the tax treatment of premium and amortization, the mark-to-market of futures contracts and credit default swaps. 80 Pioneer Bond Fund | Annual Report | 6/30/15 D. Fund Shares The Fund records sales and repurchases of its shares as of trade date. Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the Fund and a wholly owned indirect subsidiary of UniCredit S.p.A. (UniCredit), earned $71,839 in underwriting commissions on the sale of Class A shares during the year ended June 30, 2015. E. Class Allocations Income, common expenses, and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day. Distribution fees are calculated based on the average daily net asset value attributable to Class A, Class C, and Class R shares of the Fund, respectively (see Note 4). Class K, Class Y and Class Z shares do not pay distribution fees. All expenses and fees paid to the transfer agent, Pioneer Investment Management Shareholder Services, Inc. (PIMSS), for its services are allocated among the classes of shares based on the number of accounts in each class and the ratable allocation of related out-of-pocket expenses (see Note 3). The Fund declares as daily dividends substantially all of its net investment income. All dividends are paid on a monthly basis. Short-term capital gain distributions, if any, may be declared with the daily dividends. Distributions to shareowners are recorded as of the ex-dividend date. Distributions paid by the Fund with respect to each class of shares are calculated in the same manner and at the same time, except that net investment income dividends to Class A, Class C, Class K, Class R, Class Y and Class Z shares can reflect different transfer agent and distribution expense rates. F. Risks At times, the Fund's investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. The Fund's prospectus contains unaudited information regarding the Fund's principal risks. Please refer to that document when considering the Fund's principal risks. The Fund invests in event-linked bonds. Event-linked bonds are floating rate debt obligations for which the return of principal and the payment of interest are contingent on the non-occurrence of a pre-defined "trigger" event, such as a hurricane or an earthquake of a specific magnitude. The trigger event's magnitude may be based on losses to a company or industry, industry indexes or readings of scientific instruments, or may be based on specified actual losses. If a trigger event, as defined within the terms of an event-linked bond occurs, the Fund may lose a portion or all of its accrued interest and/or Pioneer Bond Fund | Annual Report | 6/30/15 81 principal invested in such event-linked bond. The Fund is entitled to receive principal and interest payments so long as no trigger event occurs of the description and magnitude specified by the instrument. In addition to the specified trigger events, event-linked bonds may expose the Fund to other risks, including but not limited to issuer (credit) default, adverse regulatory or jurisdictional interpretations and adverse tax consequences. In addition to event-linked bonds, the Fund also may invest in other insurance-linked securities ("ILS"). The Fund's investments in ILS may include special purpose vehicles ("SPVs") or similar instruments structured to comprise a portion of a reinsurer's catastrophe-oriented business, known as quota share instruments (sometimes referred to as reinsurance sidecars), or to provide reinsurance relating to specific risks to insurance or reinsurance companies through a collateralized instrument, known as collateralized reinsurance. Structured reinsurance investments also may include industry loss warranties ("ILWs"), are subject to the same risks as event-linked bonds. In addition, because quota share instruments represent an interest in a basket of underlying reinsurance contracts, the Fund has limited transparency into the individual underlying contracts and therefore must rely upon the risk assessment and sound underwriting practices of the issuer. Accordingly, it may be more difficult for PIM to fully evaluate the underlying risk profile of the Fund's investment in quota share instruments and therefore place the Fund's assets at greater risk of loss than if PIM had more complete information. These securities may be difficult to purchase, sell or unwind and may be difficult to value. G. Futures Contracts The Fund may enter into futures transactions in order to attempt to hedge against changes in interest rates, securities prices and currency exchange rates or to seek to increase total return. Futures contracts are types of derivatives. All futures contracts entered into by the Fund are traded on a futures exchange. Upon entering into a futures contract, the Fund is required to deposit with a broker an amount of cash or securities equal to the minimum "initial margin" requirements of the associated futures exchange. The amount of cash deposited with the broker as collateral at June 30, 2015 was $5,608,450. Subsequent payments for futures contracts ("variation margin") are paid or received by the Fund, depending on the daily fluctuation in the value of the contracts, and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund realizes a gain or loss equal to the difference between the opening and closing value of the contract as well as any fluctuation in foreign currency exchange rates where applicable. The use of futures contracts are subject to market risk, interest rate risk and currency exchange rate risk. Changes in value of the 82 Pioneer Bond Fund | Annual Report | 6/30/15 contracts may not directly correlate to the changes in value of the underlying securities. The average value of contracts open during the year ended June 30, 2015 was $426,354,761. At June 30, 2015, open futures contracts were as follows:
-------------------------------------------------------------------------------- Number of Unrealized Contracts Settlement Appreciation Type Long/(Short) Month Value (Depreciation) -------------------------------------------------------------------------------- U.S. Long Bond (CBT) (575) 9/15 $ (86,735,156) $1,889,531 U.S. Ultra Bond (CBT) 492 9/15 75,798,750 (104,043) U.S. 10 Year Note (CBT) (3,573) 9/15 (450,812,109) 3,145,000 U.S. 2 Year Note (CBT) (331) 9/15 (72,468,313) (98,096) U.S. 5 Year Note (CBT) (17) 9/15 (2,027,383) (3,736) -------------------------------------------------------------------------------- $ (536,244,211) $4,828,656 --------------------------------------------------------------------------------
H. Repurchase Agreements With respect to repurchase agreements entered into by the Fund, the value of the underlying securities (collateral), including accrued interest, is required to be equal to or in excess of the repurchase price. The collateral for all repurchase agreements is held in safekeeping in the customer-only account of the Fund's custodian or a subcustodian of the Fund. PIM is responsible for determining that the value of the collateral remains at least equal to the repurchase price. I. Credit Default Swap Agreements A credit default swap is a contract between a buyer of protection and a seller of protection against a pre-defined credit event. The Fund may buy or sell credit default swap contracts to seek to increase the Fund's income, or to attempt to hedge the risk of default on portfolio securities. A credit default swap index is used to hedge risk or take a position on a basket of credit entities or indices. As a seller of protection, the Fund would be required to pay the notional (or other agreed-upon) value of the referenced debt obligation to the counterparty in the event of a default by a U.S. or foreign corporate issuer of a debt obligation, which would likely result in a loss to the Fund. In return, the Fund would receive from the counterparty a periodic stream of payments during the term of the contract provided that no event of default occurred. The maximum exposure of loss to the seller would be the notional value of the credit default swaps outstanding. If no default occurs, the Fund would keep the stream of payments and would have no payment obligation. The Fund may also buy credit default swap contracts in order to hedge against the risk of default of debt securities, in which case the Fund would function as the counterparty referenced above. When the Fund enters into a credit default swap contract, the protection buyer makes an upfront or periodic payment to the protection seller in exchange for the right to receive a contingent payment. An upfront payment Pioneer Bond Fund | Annual Report | 6/30/15 83 made by the Fund, as the protection buyer, is recorded as an asset in the Statement of Assets and Liabilities. Periodic payments received or paid by the Fund are recorded as realized gains or losses in the Statement of Operations. Credit default swap contracts are marked-to-market daily using valuations supplied by independent sources and the change in value, if any, is recorded as unrealized appreciation or depreciation in the Statement of Assets and Liabilities. Payments received or made as a result of a credit event or upon termination of the contract are recognized, net of the appropriate amount of the upfront payment, as realized gains or losses in the Statement of Operations. Credit default swap contracts involving the sale of protection may involve greater risks than if the Fund had invested in the referenced debt instrument directly. Credit default swap contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Fund is a protection buyer and no credit event occurs, it will lose its investment. If the Fund is a protection seller and a credit event occurs, the value of the referenced debt instrument received by the Fund, together with the periodic payments received, may be less than the amount the Fund pays to the protection buyer, resulting in a loss to the Fund. Certain swap contracts that are cleared through a central clearinghouse are referred to as centrally cleared swaps. All payments made or received by the Fund are pursuant to a centrally cleared swap contract with the central clearing party rather than the original counterparty. Upon entering into a centrally cleared swap contract, the Fund is required to make an initial margin deposit, either in cash or in securities. The daily change in value on open centrally cleared contracts is recorded as variation margin on centrally cleared swaps on the Statement of Assets and Liabilities. Open credit default swap contracts at June 30, 2015 are listed in the Schedule of Investments. The average value of swap contracts open during the year ended June 30, 2015 was $407,297. 2. Management Agreement PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's portfolio. Management fees are calculated daily at the annual rate of 0.40% of the Fund's average daily net assets. Prior to July 1, 2014, the annual fee paid by the fund was 0.50% of the fund's average daily net assets up to $1 billion, 0.45% of the fund's average daily net assets between $1 billion and $2 billion, and 0.40% of the fund's average daily net assets over $2 billion. For the year ended June 30, 2015, the effective management fee (excluding waivers and/or assumption of expenses) was equal to 0.40% of the Fund's average daily net assets. 84 Pioneer Bond Fund | Annual Report | 6/30/15 PIM has contractually agreed to limit ordinary operating expenses to the extent required to reduce Fund expenses to 0.85%, 1.90%, 1.10%, 0.58% and 0.65% of the average daily net assets attributable to Class A, Class C, Class R, Class Y and Class Z shares, respectively. Fees waived and expenses reimbursed during the year ended June 30, 2015 are reflected on the Statement of Operations. These expense limitations are in effect through November 1, 2016 for Class A, Class R, Class Y and Class Z shares and November 1, 2015 for Class C shares. There can be no assurance that PIM will extend the expense limitation agreement for a class of shares beyond the dates referred to above. In addition, under the management and administration agreements, certain other services and costs, including accounting, regulatory reporting, and insurance premiums, are paid by the Fund as administrative reimbursements. Included in "Due to affiliates" reflected on the Statement of Assets and Liabilities is $145,099 in management fees, administrative costs and certain other reimbursements payable to PIM at June 30, 2015. 3. Transfer Agent PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially all transfer agent and shareowner services to the Fund at negotiated rates. In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by PIMSS related to shareholder communications activities such as proxy and statement mailings, outgoing phone calls and omnibus relationship contracts. For the year ended June 30, 2015, such out-of-pocket expenses by class of shares were as follows:
-------------------------------------------------------------------------------- Shareholder Communications: -------------------------------------------------------------------------------- Class A $1,652,247 Class B 3,967 Class C 122,320 Class K 596 Class R 181,101 Class Y 1,361,096 Class Z 84,699 -------------------------------------------------------------------------------- Total $3,406,026 ================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and Liabilities is $481,586 in transfer agent fees and out-of-pocket reimbursements payable to PIMSS at June 30, 2015. 4. Distribution and Service Plans The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the Investment Company Act of 1940 with respect to its Class A, Class C and Class R shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net Pioneer Bond Fund | Annual Report | 6/30/15 85 assets attributable to Class A shares as compensation for personal services and/or account maintenance services or distribution services with regard to Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the average daily net assets attributable to Class C shares. The fee for Class C shares consists of a 0.25% service fee and a 0.75% distribution fee paid as compensation for personal services and/or account maintenance services or distribution services with regard to Class C shares. Pursuant to the Plan, the Fund further pays PFD 0.50% of the average daily net assets attributable to Class R shares for distribution services. Included in "Due to affiliates" reflected on the Statement of Assets and Liabilities is $47,532 in distribution fees payable to PFD at June 30, 2015. The Fund also has adopted a separate service plan for Class R shares (Service Plan). The Service Plan authorizes the Fund to pay securities dealers, plan administrators or other service organizations that agree to provide certain services to retirement plans or plan participants holding shares of the Fund a service fee of up to 0.25% of the Fund's average daily net assets attributable to Class R shares held by such plans. In addition, redemptions of each class of shares (except Class K, Class R, Class Y and Class Z shares) may be subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be imposed on redemptions of certain net asset value purchases of Class A shares within 12 months of purchase. Redemptions of Class C shares within 12 months of purchase are subject to a CDSC of 1.00%, based on the lower of cost or market value of shares being redeemed. Shares purchased as part of an exchange remain subject to any CDSC that applied to the original purchase of those shares. There is no CDSC for Class R, Class Y or Class Z shares. Proceeds from the CDSC are paid to PFD. For the year ended June 30, 2015, CDSC in the amount of $17,558 were paid to PFD. 5. Expense Offset Arrangements The Fund has entered into certain expense offset arrangements with PIMSS which may result in a reduction in the Fund's total expenses due to interest earned on cash held by PIMSS. For the year ended June 30, 2015, the Fund's expenses were not reduced under such arrangements. 6. Line of Credit Facility The Fund, along with certain other funds in the Pioneer Family of Funds (the Funds), participates in a committed, unsecured revolving line of credit facility. Borrowings are used solely for temporary or emergency purposes. The Fund may borrow up to the lesser of the amount available under the facility or the limits set for borrowing by the Fund's prospectus and the 1940 Act. The credit facility in effect until June 9, 2015 was in the amount of $215 million. As of June 9, 2015, the facility is in the amount of $240 million. Under such facility, depending on the type of loan, interest on borrowings is payable at the London 86 Pioneer Bond Fund | Annual Report | 6/30/15 Interbank Offered Rate (LIBOR) plus 0.85% (0.90% prior to February 12, 2014) on an annualized basis, or the Alternate Base Rate, which is the greater of (a) the facility's administrative agent's daily announced prime rate on the borrowing date, (b) 2% plus the Federal Funds Rate on the borrowing date and (c) 2% plus the overnight Eurodollar rate on the borrowing date. The Funds pay an annual commitment fee to participate in a credit facility. The commitment fee is allocated among participating Funds based on an allocation schedule set forth in the credit agreement. For the year ended June 30, 2015, the Fund had no borrowings under a credit facility. 7. Additional Disclosures about Derivative Instruments and Hedging Activities: Values of derivative instruments as of June 30, 2015, were as follows:
------------------------------------------------------------------------------------------- Derivatives Not Accounted for as Asset Derivatives 2015 Liabilities Derivatives 2015 Hedging Instruments ------------------------------ ------------------------------ Under Accounting Statement of Assets Statement of Assets Standards Codification and Liabilities and Liabilities (ASC) 815 Location Value Location Value ------------------------------------------------------------------------------------------- Futures contracts Net unrealized Net unrealized appreciation on depreciation on futures contracts $4,828,656 futures contracts $ -- Swap Contracts Net unrealized Net unrealized appreciation on depreciation on swap contracts $ 34,098 swap contracts $ -- ------------------------------------------------------------------------------------------- Total $4,862,754 $ -- ===========================================================================================
The effect of derivative instruments on the Statement of Operations for the year ended June 30, 2015 was as follows:
------------------------------------------------------------------------------------------- Change in Derivatives Not Realized Unrealized Accounted for as Gain or Appreciation or Hedging Instruments Loss on (Depreciation) Under Accounting Location of Gain or (Loss) Derivatives on Derivatives Standards Codification on Derivatives Recognized Recognized Recognized (ASC) 815 in Income in Income in Income ------------------------------------------------------------------------------------------- Futures contracts Net realized gain (loss) on futures contracts $(9,267,380) Futures contracts Change in unrealized appreciation (depreciation) on futures contracts $3,870,594 Swap Contracts Net realized gain (loss) on swap contracts $ 504,374 Swap Contracts Change in unrealized appreciation (depreciation) on swap contracts $ 134,072
Pioneer Bond Fund | Annual Report | 6/30/15 87 8. Bridge Loan Commitments As of June 30, 2015, the Portfolio had one bridge loan commitment of $3,685,000, which could be extended at the option of the borrower, pursuant to the following loan agreement:
------------------------------------------------------------------------------------------- Unrealized Loan Principal Cost Value Appreciation ------------------------------------------------------------------------------------------- Charter Communications Operating Co., Bridge Loan 3,685,000 $3,685,000 $3,685,000 $-- ------------------------------------------------------------------------------------------- Total $-- ===========================================================================================
9. Conversion of Class Z Shares As of the close of business on August 7, 2015 (the "Conversion Date"), all outstanding Class Z shares of the Fund were converted to Class Y shares. Additional Information PIM, the Fund's investment adviser, is currently an indirect, wholly-owned subsidiary of UniCredit. On April 23, 2015, UniCredit announced that it signed a preliminary and exclusive agreement with Banco Santander and affiliates of Warburg Pincus and General Atlantic (the "Private Equity Firms") with respect to Pioneer Investments ("Pioneer") and Santander Asset Management ("SAM") (the "Transaction"). The Transaction, as described in the UniCredit announcement, will entail the establishment of a holding company, with the name Pioneer Investments, to be owned by UniCredit (50%) and the Private Equity Firms (50% between them). The holding company will control Pioneer's U.S. operations, including the Adviser. The holding company also will own 66.7% of Pioneer's and SAM's combined operations outside the U.S., while Banco Santander will own directly the remaining 33.3% stake. The completion of the Transaction is subject to the signing of a definitive agreement, as well as certain regulatory and corporate approvals, and other conditions. Under the Investment Company Act of 1940, completion of the Transaction will cause the Fund's investment advisory agreement with the Adviser to terminate. In connection with the Transaction, the Fund's Board of Trustees will be asked to approve a new investment advisory agreement for the Fund. If approved by the Board, the Fund's new investment advisory agreement will be submitted to the shareholders of the Fund for their approval. 88 Pioneer Bond Fund | Annual Report | 6/30/15 Report of Independent Registered Public Accounting Firm To the Board of Trustees and the Shareowners of Pioneer Bond Fund: -------------------------------------------------------------------------------- We have audited the accompanying statement of assets and liabilities of Pioneer Bond Fund (the "Fund"), including the schedule of investments, as of June 30, 2015, and the related statements of operations for year then ended, and the statement of changes in net assets and the financial highlights for each of the two years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for the years ended June 30, 2013, 2012, and 2011 were audited by other auditors. Those auditors expressed an unqualified opinion on those financial statements and financial highlights in their report dated August 22, 2013. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of June 30, 2015, by correspondence with the custodian, brokers and agent banks; where replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Pioneer Bond Fund as of June 30, 2015, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. /s/ Diloitte & Touch LLP Boston, Massachusetts August 21, 2015 Pioneer Bond Fund | Annual Report | 6/30/15 89 ADDITIONAL INFORMATION (unaudited) The percentage of the Fund's ordinary income distributions that are exempt from nonresident alien (NRA) tax withholding resulting from qualified interest income was 80.89%. 90 Pioneer Bond Fund | Annual Report | 6/30/15 Trustees, Officers and Service Providers Investment Adviser Pioneer Investment Management, Inc. Custodian and Sub-Administrator Brown Brothers Harriman & Co. Independent Registered Public Accounting Firm Deloitte & Touche LLP Principal Underwriter Pioneer Funds Distributor, Inc. Legal Counsel Morgan, Lewis & Bockius LLP Shareowner Services and Transfer Agent Pioneer Investment Management Shareholder Services, Inc. Proxy Voting Policies and Procedures of the Fund are available without charge, upon request, by calling our toll free number (1-800-225-6292). Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is publicly available to shareowners at us.pioneerinvestments.com. This information is also available on the Securities and Exchange Commission's web site at www.sec.gov. Trustees and Officers The Fund's Trustees and officers are listed below, together with their principal occupations during at least the past five years. Trustees who are interested persons of the Fund within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the Fund are referred to as Independent Trustees. Each of the Trustees serves as a Trustee of each of the 51 U.S. registered investment portfolios for which Pioneer serves as investment adviser (the "Pioneer Funds"). The address for all Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts 02109. The Statement of Additional Information of the Fund includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-225-6292. Pioneer Bond Fund | Annual Report | 6/30/15 91 Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Trustee ------------------------------------------------------------------------------------------------------------------------------------ Thomas J. Perna (64) Trustee since 2006. Private investor (2004 - 2008 and 2013 - Director, Broadridge Financial Chairman of the Board Serves until a present); Chairman (2008 - 2013) and Chief Solutions, Inc.(investor and Trustee successor trustee Executive Officer (2008 - 2012), Quadriserv, Inc. communications and securities is elected or (technology products for securities lending processing provider for earlier retirement industry); and Senior Executive Vice President, financial services industry) or removal. The Bank of New York (financial and securities (2009 - present); Director, services) (1986 - 2004) Quadriserv, Inc. (2005 - 2013); and Commissioner, New Jersey State Civil Service Commission (2011 - present) ------------------------------------------------------------------------------------------------------------------------------------ David R. Bock (71) Trustee since 2005. Managing Partner, Federal City Capital Advisors Director of New York Mortgage Trustee Serves until a (corporate advisory services company) (1997 - Trust (publicly-traded successor trustee is 2004 and 2008 - present); Interim Chief Executive mortgage REIT) (2004 - 2009, elected or earlier Officer, Oxford Analytica, Inc. (privately-held 2012 - present); Director of retirement or research and consulting company) (2010); The Swiss Helvetia Fund, Inc. removal. Executive Vice President and Chief Financial (closed-end fund) (2010 - Officer, I-trax, Inc. (publicly traded health present); Director of Oxford care services company) (2004 - 2007); and Analytica, Inc. (2008 - Executive Vice President and Chief Financial present); and Director of Officer, Pedestal Inc. (internet-based mortgage Enterprise Community trading company) (2000 - 2002); Private Investment, Inc. consultant (1995-1997), Managing Director, Lehman (privately-held affordable Brothers (investment banking firm) (1992-1995); housing 3nance company) (1985 and Executive, The World Bank (1979-1992) - 2010) ------------------------------------------------------------------------------------------------------------------------------------ Benjamin M. Friedman (70) Trustee since 2008. William Joseph Maier Professor of Political Trustee, Mellon Institutional Trustee Serves until a Economy, Harvard University (1972 - present) Funds Investment Trust and successor trustee is Mellon Institutional Funds elected or earlier Master Portfolio (oversaw 17 retirement or portfolios in fund complex) removal. (1989-2008) ------------------------------------------------------------------------------------------------------------------------------------
92 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Trustee ------------------------------------------------------------------------------------------------------------------------------------ Margaret B.W. Graham (68) Trustee since 1996. Founding Director, Vice President and Corporate None Trustee Serves until a Secretary, The Winthrop Group, Inc. (consulting successor trustee is firm) (1982 - present); Desautels Faculty of elected or earlier Management, McGill University (1999 - present); retirement or and Manager of Research Operations and removal. Organizational Learning, Xerox PARC, Xerox's advance research center (1990-1994) ------------------------------------------------------------------------------------------------------------------------------------ Marguerite A. Piret (67) Trustee since 1996. President and Chief Executive Officer, Newbury, Director of New America High Trustee Serves until a Piret & Company, Inc. (investment banking firm) Income Fund, Inc. (closed-end successor trustee is (1981 - present) investment company) (2004 - elected or earlier present); and Member, Board retirement or of Governors, Investment removal. Company Institute (2000 - 2006) ------------------------------------------------------------------------------------------------------------------------------------ Fred J. Ricciardi (68) Trustee since 2014. Consultant (investment company services) (2012 - None Trustee Serves until a present); Executive Vice President, BNY Mellon successor trustee is (financial and investment company services) (1969 elected or earlier - 2012); Director, BNY International Financing retirement or Corp. (financial services) (2002 - 2012); and removal. Director, Mellon Overseas Investment Corp. (financial services) (2009 - 2012) ------------------------------------------------------------------------------------------------------------------------------------
Pioneer Bond Fund | Annual Report | 6/30/15 93 Interested Trustee
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Trustee ------------------------------------------------------------------------------------------------------------------------------------ Kenneth J. Taubes (57)* Trustee since 2014. Director and Executive Vice President (since None Trustee Serves until a 2008) and Chief Investment Officer, U.S. (since successor trustee is 2010) of PIM-USA; Executive Vice President of elected or earlier Pioneer (since 2008); Executive Vice President retirement or of Pioneer Institutional Asset Management, Inc. removal. (since 2009); and Portfolio Manager of Pioneer (since 1999) ------------------------------------------------------------------------------------------------------------------------------------
* Mr. Taubes is an Interested Trustee because he is an officer of the Fund's investment adviser and certain of its affiliates. 94 Pioneer Bond Fund | Annual Report | 6/30/15 Advisory Trustee
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Trustee ------------------------------------------------------------------------------------------------------------------------------------ Lorraine Monchak (59)** Advisory Trustee Chief Investment Officer, 1199 SEIU Funds None Advisory Trustee since 2014. (healthcare workers union pension funds) (2001 - present); Vice President - International Investments Group, American International Group, Inc. (insurance company) (1993 - 2001); Vice President Corporate Finance and Treasury Group, Citibank, N.A. (1980 - 1986 and 1990 - 1993); Vice President - Asset/Liability Management Group, Federal Farm Funding Corporation (government-sponsored issuer of debt securities) (1988 - 1990); Mortgage Strategies Group, Shearson Lehman Hutton, Inc. (investment bank) (1987 - 1988); and Mortgage Strategies Group, Drexel Burnham Lambert, Ltd. (investment bank) (1986 - 1987) ------------------------------------------------------------------------------------------------------------------------------------
** Ms. Monchak is a non-voting advisory trustee. Pioneer Bond Fund | Annual Report | 6/30/15 95 Fund Officers
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Officer ------------------------------------------------------------------------------------------------------------------------------------ Lisa M. Jones (53) Since 2014. Serves Chair, Director, CEO and President of Pioneer None President and Chief at the discretion Investment Management-USA (since September 2014); Executive Officer of the Board. Chair, Director, CEO and President of Pioneer Investment Management, Inc. (since September 2014); Chair, Director, CEO and President of Pioneer Funds Distributor, Inc. (since September 2014); Chair, Director, CEO and President of Pioneer Institutional Asset Management, Inc. (since September 2014); and Chair, Director, and CEO of Pioneer Investment Management Shareholder Services, Inc. (since September 2014); Managing Director, Morgan Stanley Investment Management (2010 - 2013); and Director of Institutional Business, CEO of International, Eaton Vance Management (2005 - 2010) ------------------------------------------------------------------------------------------------------------------------------------ Christopher J. Kelley (50) Since 2003. Serves Vice President and Associate General Counsel of None Secretary and at the discretion Pioneer since January 2008; Secretary and Chief Legal Chief Legal Officer of the Board. Officer of all of the Pioneer Funds since June 2010; Assistant Secretary of all of the Pioneer Funds from September 2003 to May 2010; and Vice President and Senior Counsel of Pioneer from July 2002 to December 2007 ------------------------------------------------------------------------------------------------------------------------------------ Carol B. Hannigan (54) Since 2010. Serves Fund Governance Director of Pioneer since December None Assistant Secretary at the discretion 2006 and Assistant Secretary of all the Pioneer Funds of the Board. since June 2010; Manager - Fund Governance of Pioneer from December 2003 to November 2006; and Senior Paralegal of Pioneer from January 2000 to November 2003 ------------------------------------------------------------------------------------------------------------------------------------ Thomas Reyes (52) Since 2010. Serves Senior Counsel of Pioneer since May 2013 and None Assistant Secretary at the discretion Assistant Secretary of all the Pioneer Funds since of the Board. June 2010; and Counsel of Pioneer from June 2007 to May 2013 ------------------------------------------------------------------------------------------------------------------------------------ Mark E. Bradley (55) Since 2008. Serves Vice President - Fund Treasury of Pioneer; Treasurer None Treasurer and Chief at the discretion of all of the Pioneer Funds since March 2008; Deputy Financial and of the Board. Treasurer of Pioneer from March 2004 to February Accounting Officer 2008; and Assistant Treasurer of all of the Pioneer Funds from March 2004 to February 2008 ------------------------------------------------------------------------------------------------------------------------------------
96 Pioneer Bond Fund | Annual Report | 6/30/15
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Officer ------------------------------------------------------------------------------------------------------------------------------------ Luis I. Presutti (50) Since 2000. Serves Director - Fund Treasury of Pioneer; and Assistant None Assistant Treasurer at the discretion of Treasurer of all of the Pioneer Funds the Board. ------------------------------------------------------------------------------------------------------------------------------------ Gary Sullivan (57) Since 2002. Serves Fund Accounting Manager - Fund Treasury of Pioneer; None Assistant Treasurer at the discretion of and Assistant Treasurer of all of the Pioneer Funds the Board. ------------------------------------------------------------------------------------------------------------------------------------ David F. Johnson (35) Since 2009. Serves Fund Administration Manager - Fund Treasury of Pioneer None Assistant Treasurer at the discretion of since November 2008; Assistant Treasurer of all of the the Board. Pioneer Funds since January 2009; and Client Service Manager - Institutional Investor Services at State Street Bank from March 2003 to March 2007 ------------------------------------------------------------------------------------------------------------------------------------ Jean M. Bradley (62) Since 2010. Serves Chief Compliance Officer of Pioneer and of all the None Chief Compliance Officer at the discretion of Pioneer Funds since March 2010; Chief Compliance the Board. Officer of Pioneer Institutional Asset Management, Inc. since January 2012; Chief Compliance Officer of Vanderbilt Capital Advisors, LLC since July 2012: Director of Adviser and Portfolio Compliance at Pioneer since October 2005; and Senior Compliance Officer for Columbia Management Advisers, Inc. from October 2003 to October 2005 ------------------------------------------------------------------------------------------------------------------------------------ Kelly O'Donnell (44) Since 2006. Serves Director - Transfer Agency Compliance of Pioneer and None Anti-Money at the discretion of Anti-Money Laundering Officer of all the Pioneer Funds Laundering Officer the Board. since 2006 ------------------------------------------------------------------------------------------------------------------------------------
Pioneer Bond Fund | Annual Report | 6/30/15 97 This page for your notes. 98 Pioneer Bond Fund | Annual Report | 6/30/15 This page for your notes. Pioneer Bond Fund | Annual Report | 6/30/15 99 This page for your notes. 100 Pioneer Bond Fund | Annual Report | 6/30/15 How to Contact Pioneer We are pleased to offer a variety of convenient ways for you to contact us for assistance or information. Call us for: -------------------------------------------------------------------------------- Account Information, including existing accounts, new accounts, prospectuses, applications and service forms 1-800-225-6292 FactFone(SM) for automated fund yields, prices, account information and transactions 1-800-225-4321 Retirement plans information 1-800-622-0176 Write to us: -------------------------------------------------------------------------------- PIMSS, Inc. P.O. Box 55014 Boston, Massachusetts 02205-5014 Our toll-free 1-800-225-4240 Our internet e-mail address ask.pioneer@pioneerinvestments.com (for general questions about Pioneer only) Visit our web site: us.pioneerinvestments.com This report must be preceded or accompanied by a prospectus. The Fund files a complete schedule of investments with the Securities and Exchange Commission for the first and third quarters for each fiscal year on Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's web site at http://www.sec.gov. The filed form may also be viewed and copied at the Commission's Public Reference Room in Washington, DC. Information regarding the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330. [LOGO] PIONEER Investments(R) Pioneer Investment Management, Inc. 60 State Street Boston, MA 02109 us.pioneerinvestments.com Securities offered through Pioneer Funds Distributor, Inc. 60 State Street, Boston, MA 02109 Underwriter of Pioneer Mutual Funds, Member SIPC (C) 2015 Pioneer Investments 19398-09-0815