Pioneer Bond Fund. Performance Analysis & Commentary September Fund Ticker Symbols: PIOBX (Class A); PICYX (Class Y) us.pioneerinvestments.

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1 Pioneer Bond Fund COMMENTARY Performance Analysis & Commentary September 2015 Fund Ticker Symbols: PIOBX (Class A); PICYX (Class Y) us.pioneerinvestments.com Third Quarter Review Pioneer Bond Fund s Class A shares returned 0.06% at net asset value in the third quarter, and Class Y shares returned 0.13%, while the Fund s benchmark, the Barclays Aggregate Bond Index (the Barclays Index), returned 1.23%. The Fund s underperformance of its benchmark, the Barclays Index, in the third quarter was driven mainly by security selection, the portfolio s relative quality, and duration positioning. We continue to expect solid gross domestic product (GDP) growth of 2.7% to 3.0% over the next year in the U.S., led by consumption, improved government spending, and the housing sector. Employment continues to be strong and the labor market is nearing what is considered to be full employment at which point, wage inflation may increase. Market sentiment in the third quarter was dominated by concerns about slower economic growth in China and the impact it would have on demand for oil and hard commodities; and, with that, the spillover effects weaker demand could have on emerging markets and global growth. The market s concerns were exacerbated by the Federal Reserve s (the Fed s) decision in September to defer any rate increases, and the more-dovish-than-expected minutes from the Federal Open Market Committee (FOMC) meeting. U.S. Treasuries rallied during the period, with the 10-year Treasury yield and 30-year Treasury yield declining to 2.06% and 2.88%, respectively, by the end of the third quarter. High-yield corporates underperformed significantly in the third quarter, returning 4.90%, as the asset class was dragged down by oil and metals and mining issuers, as well as by heavy new issuance of both investment-grade and high-yield securities in the telecom sector. Bank loans performed better than high-yield bonds, but still registered negative returns. Investment-grade corporates returned 0.83% this quarter, rising on a flight to quality within credit. Emerging markets sovereigns returned 1.19% for the threemonth period. Structured credit held its own this quarter, benefiting from the strong U.S. housing and commercial real estate markets. Agency mortgage-backed securities (MBS) returned 1.31% in the third quarter, while commercial MBS returned 1.56%. The U.S. dollar outperformed most developed and emerging markets currencies over the three-month period; many emerging markets securities, particularly the sovereign debt of commodities exporters, sold off sharply. Sector Allocation and Security Selection The Fund s underperformance of its benchmark, the Barclays Index, in the third quarter was driven mainly by security selection, the portfolio s relative quality, and duration positioning (duration is a measure of the sensitivity of the price, or the value of principal, of a fixed-income investment to a change in interest rates, expressed as a number of years). The Fund s security selection results relative to the Barclays Index were hurt by holdings of energy credits and financials, while selection results among the portfolio s U.S. Treasury positions were negatively affected by exposure to U.S. Treasury Inflation Protected Securities (TIPS), as inflation expectations fell during the three-month period. The Fund s relative-quality underperformance reflected the negative impact of a portfolio overweight to high-yield industrials. The portfolio s average duration was approximately 1.2 years short of the Barclays Index during the quarter, and the duration positioning detracted from the Fund s benchmark-relative results. The duration-related underperformance was primarily attributable to the cost of carrying the short-duration position, but the portfolio s underweight to the five-year key-rate duration segment of the yield curve also was a factor. Within asset allocation, the portfolio s overweights to insurance-linked securities and non-agency collateralized mortgage obligations (CMOs) helped benchmark-relative returns, but those benefits were offset by the Fund s underweight to U.S. Treasuries and an overweight to high-yield industrials.

2 Current Outlook and Positioning We continue to expect solid GDP growth of 2.7% to 3.0% over the next year in the U.S., led by consumption, improved government spending, and the housing sector. Employment continues to be strong and the labor market is nearing what is considered to be full employment at which point, wage inflation may increase. While investors may see a short-term flight to quality in the future with spread sectors suffering some outflows we believe that the effects on the broader market will be transitory and that supportive global monetary policies and, in the U.S. in particular, improving economic fundamentals will drive market performance. With that said, renewed uncertainty surrounding the timing of the Fed s interest-rate hike may create additional market volatility. We continue to position the Fund s portfolio for a rising interest-rate environment, with an underweight to government securities and an overweight to the spread sectors. (Spread sectors represent non-governmental fixed-income investments with higher yields at greater risk than governmental investments.) Regarding spread sectors, we are generally positive on our credit outlook and believe that valuations have recently become more interesting. As of quarter end, the Fund is overweight in U.S. high-yield and investment-grade corporates relative to the Barclays Index benchmark, as default rates remain low and U.S. companies continue to maintain strong margins and healthy balance sheets. However, recent market volatility and domestic economic data have driven us to take a more cautious approach with regard to corporates, and we have increased the relative credit quality of the portfolio as a result. The portfolio is underweight agency MBS, while maintaining overweights to non-agency CMOs and commercial MBS. We remain selective with regard to the Fund s energy exposure, choosing to focus on what we believe to be higher-quality issuers that have manageable cost structures primarily higherquality midstream (pipeline) credits with relatively stable revenue streams. Given the market volatility witnessed in the latter half of August and into September, and a more cautious Fed in the wake of the September FOMC meeting where no action was taken, we have increased the Fund s duration, but it remains significantly short relative to the Barclays Index. As of September 30, 2015, the portfolio s duration relative to the benchmark was short 0.89 years. We continue to hold a bar-bell flattener on the yield curve, with portfolio underweights to the five-year and two-year key-rate durations. We believe short Treasury yields are most vulnerable to a sell-off if economic growth surprises on the upside. In that circumstance, we would expect the market to price in a quicker increase in the Federal funds rate by the Fed, which would typically manifest itself via higher two- and five-year Treasury rates.

3 Performance Review Pioneer Bond Fund s Class A shares returned 0.06% at net asset value in the third quarter, and Class Y shares returned 0.13%, while the Fund s benchmark, the Barclays Aggregate Bond Index, returned 1.23%. Average Annual Total Return (Class A shares) Average Annual Total Return (Class Y shares) September 30, 2015 (at NAV) (at POP) Barclays Aggregate Bond Index September 30, 2015 (at NAV) Barclays Aggregate Bond Index 1 year 1.15% 3.37% 2.94% 1 year 1.43% 2.94% 3 years 2.53% 0.96% 1.71% 3 years 2.77% 1.71% 5 years 4.01% 3.04% 3.10% 5 years 4.23% 3.10% 10 years 5.18% 4.70% 4.64% 10 years 5.47% 4.64% Expense Ratios (As of prospectus dated October 1, 2014) Class A shares: Gross, 0.92% Class Y shares: Gross, 0.58% Call 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 NAV results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. The POP performance data reflects deduction of the maximum 4.50% sales charge at the beginning of the period. 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. 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 for more information. A Word about Risk: 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 underlying securities and their inability to meet their debt obligations. Pre-payment risk is the chance that mortgage-backed bonds will be paid off early if falling interest rates prompt homeowners to refinance their mortgages. 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 associated with falling interest rates. Investments in high-yield or lower-rated securities are subject to greater-than-average risk. The securities issued by U.S. Government sponsored entities (i.e., FNMA, Freddie Mac) are neither guaranteed nor issued by the U.S. Government. The Fund 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 it more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. These risks may increase share price volatility. The Barclays Aggregate Bond Index is an unmanaged, market value-weighted measure of Treasury and agency issues, corporate bond issues and mortgage-backed securities. Index returns are calculated monthly, assume reinvestment of dividends and, unlike mutual fund returns, do not reflect any fees or expenses associated with a mutual fund. It is not possible to invest directly in an index. The views expressed in this commentary are those of the portfolio manager, and are subject to change at any time. These views do not necessarily reflect the views of Pioneer or others in the Pioneer organization, and should not be relied upon as investment advice, as securities recommendations, or as an indication of trading intent on behalf of any Pioneer investment product.

4 Top 10 Holdings % of Portfolio as of September 30, U.S. Treasury Inflation Indexed Bonds, 0.125%, 7/15/ % 2. U.S. Treasury Inflation Indexed Bonds, 0.75%, 2/15/ % 3. United States Treasury Floating Rate Note, 7/31/ % 4. Government National Mortgage Association I, 3.50%, 10/21/ % 5. Fannie Mae, 5.00%, 2/1/ % 6. Fannie Mae, 3.00%, 8/1/ % 7. Government National Mortgage Association I, 3.50%, 1/15/ % 8. United States Treasury Floating Rate Note, 1/31/ % 9. United States Treasury Floating Rate Note, 4/30/ % 10. Government National Mortgage Association II, 4.00%, 7/20/ % The portfolio is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any security listed. Before investing, consider the Fund 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. Neither Pioneer, nor its representatives are legal or tax advisors. In addition, Pioneer does not provide advice or recommendations. The investments you choose should correspond to your needs, goals, and risk tolerance. For assistance in determining your financial situation, please consult an investment professional.

5 Not FDIC insured May lose value No bank guarantee Securities offered through Pioneer Funds Distributor, Inc., 60 State Street, Boston, MA Underwriter of Pioneer mutual funds, Member SIPC 2015 Pioneer Investments us.pioneerinvestments.com

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