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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-02864
Pioneer Bond Fund
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: June 30
Date of reporting period: July 1, 2009 through June 30, 2010
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO SHAREOWNERS.
Pioneer Bond Fund
- --------------------------------------------------------------------------------
Annual Report | June 30, 2010
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Ticker Symbols:
Class A PIOBX
Class B PBOBX
Class C PCYBX
Class R PBFRX
Class Y PICYX
Class Z PIBZX
[LOGO] PIONEER
Investments(R)
visit us: pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 8
Prices and Distributions 9
Performance Update 10
Comparing Ongoing Fund Expenses 16
Schedule of Investments 18
Financial Statements 52
Notes to Financial Statements 62
Report of Independent Registered Public Accounting Firm 71
Trustees, Officers and Service Providers 73
Pioneer Bond Fund | Annual Report | 6/30/10 1
President's Letter
Dear Shareowner,
Stock and bond markets around the globe have begun to recover over the past
year from one of their most tumultuous periods in history. This is a welcome
relief, and we are generally optimistic about the prospects for the economy
going forward. Still, challenges remain. Unemployment is high; consumer demand
and loan growth are weak; and housing has not returned to normal.
At Pioneer, we have long advocated the benefits of investing for the long term.
This strategy has generally performed well for many investors. Those who
remained invested in the market during the downturn have most likely seen their
portfolios start to recover over the past year, as the Dow Jones Industrial
Average climbed back from the depressed levels we saw in early 2009. Many bond
investors have similarly seen a strong rebound, with a broad-based recovery
occurring across many different fixed-income asset classes. The riskiest asset
classes, such as high-yield bonds, outperformed other fixed-income asset
classes during most of 2009.
At Pioneer, we are not changing the approach to investing that we have used for
more than 80 years. We remain focused on company fundamentals and risk
management. Our investment process is based on careful research into individual
companies, quantitative analysis, and active portfolio management. This
three-pillared process, which we apply to each of our portfolios, is supported
by an integrated team approach and is designed to carefully balance risk and
reward. While we see potential opportunities for making money in many corners
of the markets around the globe, it takes research and experience to separate
solid investment opportunities from speculation.
Following this difficult period, many investors are rethinking their approach
to investing and risk management. Some are questioning whether the basic
investment principles they were taught in the past are still useful in today's
markets. Complicating matters is that financial markets remain unpredictable.
Our advice, as always, is to work closely with a trusted financial advisor to
discuss your goals and work together to develop an investment strategy that
meets your individual needs. There is no single best strategy that works for
every investor.
2 Pioneer Bond Fund | Annual Report | 6/30/10
We invite you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
www.pioneerinvestments.com. We greatly appreciate your trust in us and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
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 the opinion of Fund management 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 | 6/30/10 3
Portfolio Management Discussion | 6/30/10
The domestic fixed-income market delivered solid, positive returns for the 12
months ended June 30, 2010, led by the strong performance of corporate
securities, which rebounded from the distressed price levels to which they had
fallen in late 2008 and early 2009. In the following interview, Kenneth J.
Taubes discusses the factors that influenced the performance of Pioneer Bond
Fund during the 12-month period. Mr. Taubes, Executive Vice President and Chief
Investment Officer at Pioneer Investments, is responsible for the daily
management of the Fund.
Q How did the Fund perform during the 12 months ended June 30, 2010?
A Pioneer Bond Fund Class A shares generated a total return of 14.71% at net
asset level over the 12 months ended June 30, 2010, compared with a return
of 9.50% for the Fund's benchmark, the Barclays Capital Aggregate Bond
Index (the Barclays Index). Over the same period, the average return of the
134 funds in Lipper's Corporate Debt, A-rated category, was 13.45%. On June
30, 2010, at the end of the fiscal year, the Fund's 30-day SEC yield on
Class A shares was 4.51%.
Q What were the principal factors affecting the Fund's strong relative
performance during the 12 months ended June 30, 2010?
A Corporate bonds and non-government asset-backed securities produced strong
gains over the full 12 months ended June 30, 2010, even after
underperforming late in the period when new concerns arose about the
strength of the economic recovery. Low-yielding Treasuries and government
agency securities lagged the performance of higher-credit-risk bonds
offering greater yield, as for most of the period investors anticipated
that a strengthening economy would boost corporate profits. The Fund's
strong performance relative to the benchmark Barclays Index was the result
of underweight positions in Treasury and government agency securities and a
greater emphasis on corporate bonds and non-agency mortgage-backed
securities, most of which rose in value as the yield spreads between
corporate debt and government debt tightened. In addition, the Fund
benefited from very good security selection in its corporate debt and
non-agency holdings. The Fund's yield-curve positioning also supported
results, as a heavy weighting in intermediate-term securities paid off when
the yield curve steepened and yields of longer-term securities declined
less than those of intermediate-term debt.
The Fund's results were achieved during a period when investors' worst
fears about an economic collapse receded and bond prices reflected a
spreading belief that the economy would enjoy modest growth. The Federal
4 Pioneer Bond Fund | Annual Report | 6/30/10
Reserve Board (the Fed) kept short-term lending rates at near historically
low levels, which resulted in very low yields offered by investments such
as money market funds, bank deposit accounts and certificates of deposit.
Those low-yielding alternatives encouraged investors to seek out
alternatives offering more current income, such as corporate bonds, which
were positioned to benefit from a recovering economy.
Q How was the Fund positioned over the 12 months ended June 30, 2010?
A In light of our view that the economy would recover and business conditions
would improve, we overweighted the Fund to corporate debt and non-agency
mortgage-backed securities. We thought Treasuries and government agency
debt were priced relatively expensively and so we de-emphasized them. At
the end of the fiscal year, on June 30, 2010, approximately 35% of Fund
assets were invested in investment-grade debt with BBB or A ratings, and
16.3% of assets were invested in high-yield, lower-rated corporate debt.
While 39% of total Fund assets were invested in pass-through securities,
such as mortgage-backed debt, much of that was allocated to non-agency
mortgages and asset-backed securities. At June 30, 2010, the portfolio's
effective duration, which is a measure of price sensitivity to
interest-rate changes, was 4.09 years.
Q What individual investments most affected the Fund's performance during the
12 months ended June 30, 2010?
A Security selection had a very positive impact on overall performance during
the period, especially in some of the Fund's investments in the debt of
companies that were able to strengthen their financial balance sheets and
lower their overall indebtedness. The Fund's investment in securities
issued by Forest City Enterprises, a corporation engaged in commercial and
residential real estate, gained in value as the economy improved and the
company was able to stabilize its capital structure. The asset-backed
securities of the Domino's Pizza chain also appreciated as the corporation
bought back and retired some of its existing debt. In addition, securities
issued by Lear, an automotive component manufacturer, bounced back in value
as the automobile industry rebounded at the same time the company succeeded
in restructuring its finances.
Nevertheless, the Fund did have some holdings that produced disappointing
results. An investment in securities backed by Local Insight Regatta
Holdings, which produces the yellow pages in phone directories, declined in
value as investors worried that the yellow-page business was losing market
share to internet-based media. In addition, the debt of commercial real
estate lender CIT performed poorly over the 12-month period, despite
recovering somewhat late in the Fund's fiscal year.
Pioneer Bond Fund | Annual Report | 6/30/10 5
Q What is your investment outlook?
A We are cautious. As we look ahead to the second half of 2010, short-term
interest rates remain about as low as they can be expected to go, with
overnight lending rates approaching zero and the 5-year Treasury yielding
just 1.8%.We believe Treasury securities offer very little investment
value, even in a period of positive economic growth. Nevertheless,
investors remain apprehensive about the direction of the economy and
Treasuries do have some appeal to those concerned primarily about
preserving value.
We continue to overweight the Fund to corporate bonds, especially as the
economy appears to continue to expand, even though the pace of the recovery
may be slowing. To be sure, we are watching economic trends very carefully.
Investors remain worried about the predictability of corporate earnings and
only small gains in the overall employment picture appear to have
discouraged expectations of a robust economic revival in the near term.
Moreover, there also is some uncertainty about the effects of tighter
financial regulations and the risk that higher Federal income taxes could
raise the cost of doing business, which would likely take money out of the
economy. In addition, investors also are uncertain about the potential
fall-outs from the debt crisis in Europe.
On the positive side, there are many reasons to retain confidence in the
corporate bond sector. Corporations, in general, have been managing their
finances very prudently and keeping their overall debt levels under
control, encouraging expectations that they will be able to meet their
obligations, particularly in an expanding economy. We expect to continue to
emphasize corporate debt, although we are watching conditions carefully and
continuing to pay very close attention to individual security selection.
Please refer to the Schedule of Investments on pages 18-51 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 issuers of
underlying securities and their inability to meet their debt obligations.
Prepayment 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., 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
6 Pioneer Bond Fund | Annual Report | 6/30/10
increase or decrease more than other fixed-income securities. 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.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
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 the opinion of Fund management as of the date of this report.
These opinions should not be relied upon for any other purposes.
Pioneer Bond Fund | Annual Report | 6/30/10 7
Portfolio Summary | 6/30/10
Portfolio Diversification
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(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Corporate Bonds 38.2%
U.S. Government Securities 22.9%
Collateralized Mortgage Obligations 17.4%
Senior Secured Loans 7.5%
Asset Backed Securities 5.7%
Temporary Cash Investments 5.1%
Preferred Stocks 1.4%
Municipal Bonds 1.0%
Convertible Corporate Bonds 0.6%
U.S. Common Stocks 0.1%
Foreign Government Bonds 0.1%
Portfolio Quality
- --------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
A 11.9%
AA 3.5%
AAA 1.7%
BBB 23.0%
BB 9.8%
B & Lower 6.5%
Commercial Paper 1.9%
Treasury/Agency 41.7%
10 Largest Holdings
- --------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. Federal National Mortgage Association, 5.0%, 7/1/39 2.15%
- --------------------------------------------------------------------------------
2. U.S. Treasury Bonds, 2.75%, 2/15/19 1.82
- --------------------------------------------------------------------------------
3. U.S. Treasury Notes, 4.625%, 2/15/40 1.01
- --------------------------------------------------------------------------------
4. U.S. Treasury Notes, 4.5%, 8/15/39 0.81
- --------------------------------------------------------------------------------
5. U.S. Treasury Notes, 4.5%, 5/15/38 0.76
- --------------------------------------------------------------------------------
6. Wachovia Bank Commercial Mortgage Trust, 4.368%, 8/15/41 0.73
- --------------------------------------------------------------------------------
7. Goldman Sachs Capital, Floating Rate Note, 12/29/49 0.68
- --------------------------------------------------------------------------------
8. U.S. Treasury Notes, 4.5%, 2/15/36 0.66
- --------------------------------------------------------------------------------
9. U.S. Treasury Notes, 4.25%, 5/15/39 0.66
- --------------------------------------------------------------------------------
10. Forest City Enterprises, Inc., 7.0%, 12/31/49 0.61
- --------------------------------------------------------------------------------
* 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.
8 Pioneer Bond Fund | Annual Report | 6/30/10
Prices and Distributions | 6/30/10
Net Asset Value per Share
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Class 6/30/10 6/30/09
- --------------------------------------------------------------------------------
A $ 9.44 $ 8.63
- --------------------------------------------------------------------------------
B $ 9.38 $ 8.58
- --------------------------------------------------------------------------------
C $ 9.34 $ 8.54
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R $ 9.52 $ 8.71
- --------------------------------------------------------------------------------
Y $ 9.36 $ 8.55
- --------------------------------------------------------------------------------
Z $ 9.46 $ 8.67
- --------------------------------------------------------------------------------
Distributions per Share: 7/1/09-6/30/10
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
- --------------------------------------------------------------------------------
A $ 0.4374 $ -- $ --
- --------------------------------------------------------------------------------
B $ 0.3398 $ -- $ --
- --------------------------------------------------------------------------------
C $ 0.3479 $ -- $ --
- --------------------------------------------------------------------------------
R $ 0.4051 $ -- $ --
- --------------------------------------------------------------------------------
Y $ 0.4542 $ -- $ --
- --------------------------------------------------------------------------------
Z $ 0.4596 $ -- $ --
- --------------------------------------------------------------------------------
Pioneer Bond Fund | Annual Report | 6/30/10 9
Performance Update | 6/30/10 Class A Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Bond Fund at public offering price, compared to that
of the Barclays Capital Aggregate Bond Index.
Average Annual Total Returns
(As of June 30, 2010)
- --------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
- --------------------------------------------------------------------------------
10 Years 6.74% 6.25%
5 Years 5.48 4.52
1 Year 14.71 9.51
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2009)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
1.09% 0.85%
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MTN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Barclays
Pioneer Capital Aggregate
Bond Fund Bond Index
--------- ----------
6/00 9550 10000
10571 11123
6/02 11369 12082
12663 13339
6/04 13040 13382
14038 14292
6/06 13863 14177
14599 15044
6/08 15568 16116
15980 17091
6/10 18330 18714
Call 1-800-225-6292 or visit www.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, 2013, 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.
The Barclays Capital Aggregate Bond Index is a 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. You
cannot invest directly in an index.
10 Pioneer Bond Fund | Annual Report | 6/30/10
Performance Update | 6/30/10 Class B Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Bond Fund, compared to that of the Barclays Capital
Aggregate Bond Index.
Average Annual Total Returns
(As of June 30, 2010)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
10 Years 5.77% 5.77%
5 Years 4.45 4.45
1 Year 13.47 9.47
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2009)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
1.99% 1.90%
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MTN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Barclays
Pioneer Capital Aggregate
Bond Fund Bond Index
--------- ----------
6/00 10000 10000
10971 11123
6/02 11715 12082
12938 13339
6/04 13202 13382
14089 14292
6/06 13787 14177
14375 15044
6/08 15194 16116
15440 17091
6/10 17519 18714
Call 1-800-225-6292 or visit www.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.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If redeemed"
returns reflect the deduction of applicable contingent deferred sales charge
(CDSC). Effective December 1, 2004, the period during which a CDSC is applied
to withdrawals was shortened to 5 years. The maximum CDSC for Class B shares
continues to be 4%. For more complete information, please see the prospectus.
Note: Shares purchased prior to December 1, 2004, remain subject to the CDSC in
effect at the time you purchased those shares. For performance information for
shares purchased prior to December 1, 2004, please visit
www.pioneerinvestments.com.
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, 2011, for Class B 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.
The Barclays Capital Aggregate Bond Index is a 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. You
cannot invest directly in an index.
Pioneer Bond Fund | Annual Report | 6/30/10 11
Performance Update | 6/30/10 Class C Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Bond Fund, compared to that of the Barclays Capital
Aggregate Bond Index.
Average Annual Total Returns
(As of June 30, 2010)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
10 Years 5.75% 5.75%
5 Years 4.54 4.54
1 Year 13.63 13.63
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2009)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
1.83% 1.83%
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MTN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Barclays
Pioneer Capital Aggregate
Bond Fund Bond Index
--------- ----------
6/00 10000 10000
10946 11123
6/02 11662 12082
12860 13339
6/04 13132 13382
14009 14292
6/06 13717 14177
14320 15044
6/08 15149 16116
15395 17091
6/10 17493 18714
Call 1-800-225-6292 or visit www.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). The performance shown for Class C shares does not
reflect the 1% front-end sales charge in effect prior to February 1, 2004. 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 net expense ratio reflects contractual expense limitations currently in
effect through November 1, 2011, for Class C shares. There can be no assurance
that Pioneer will extend the expense limitations 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.
The Barclays Capital Aggregate Bond Index is a 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. You
cannot invest directly in an index.
12 Pioneer Bond Fund | Annual Report | 6/30/10
Performance Update | 6/30/10 Class R Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Bond Fund, compared to that of the Barclays Capital
Aggregate Bond Index.
Average Annual Total Returns
(As of June 30, 2010)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
10 Years 6.40% 6.40%
5 Years 5.13 5.13
1 Year 14.18 14.18
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2009)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
1.30% 1.25%
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MTN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Barclays
Pioneer Capital Aggregate
Bond Fund Bond Index
--------- ----------
6/00 10000 10000
11015 11123
6/02 11788 12082
13084 13339
6/04 13502 13382
14483 14292
6/06 14276 14177
14996 15044
6/08 15919 16116
16293 17091
6/10 18603 18714
Call 1-800-225-6292 or visit www.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 R shares for the period prior to the
commencement of operations of Class R shares on April 1, 2003, is based on the
performance of Class A shares, reduced to reflect the higher distribution and
service fees of Class R shares. For the period after April 1, 2003, the actual
performance of Class R shares is reflected. The performance shown for Class R
shares does not reflect the 1% CDSC that was in effect prior to July 1, 2004.
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, 2011, 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.
The Barclays Capital Aggregate Bond Index is a 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. You
cannot invest directly in an index.
Pioneer Bond Fund | Annual Report | 6/30/10 13
Performance Update | 6/30/10 Class Y Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Bond Fund, compared to that of the Barclays Capital
Aggregate Bond Index.
Average Annual Total Returns
(As of June 30, 2010)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
10 Years 7.09% 7.09%
5 Years 5.83 5.83
1 Year 15.06 15.06
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2009)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
0.64% 0.64%
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MTN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Barclays
Pioneer Capital Aggregate
Bond Fund Bond Index
--------- ----------
6/00 10000 10000
11070 11123
6/02 11945 12082
13363 13339
6/04 13827 13382
14943 14292
6/06 14827 14177
15665 15044
6/08 16748 16116
17242 17091
6/10 19839 18714
Call 1-800-225-6292 or visit www.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 the Fund's Class Y
shares on September 20, 2001, 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 Y shares, the performance for Class Y
shares prior to their inception would have been higher than that shown. Class Y
shares are not subject to sales charges and are available for limited groups of
eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through June 1, 2012, for Class Y shares. There can be no assurance that
Pioneer will extend the expense limitations 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.
The Barclays Capital Aggregate Bond Index is a 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. You
cannot invest directly in an index.
14 Pioneer Bond Fund | Annual Report | 6/30/10
Performance Update | 6/30/10 Class Z Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Bond Fund, compared to that of the Barclays Capital
Aggregate Bond Index.
Average Annual Total Returns
(As of June 30, 2010)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
10 Years 6.74% 6.74%
5 Years 5.49 5.49
1 Year 14.68 14.68
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2009)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
0.67% 0.65%
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MTN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Barclays
Pioneer Capital Aggregate
Bond Fund Bond Index
--------- ----------
6/00 10000 10000
11070 11123
6/02 11906 12082
13261 13339
6/04 13656 13382
14701 14292
6/06 14517 14177
15137 15044
6/08 16194 16116
16748 17091
6/10 19206 18714
Call 1-800-225-6292 or visit www.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, 2013, 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.
The Barclays Capital Aggregate Bond Index is a 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. You
cannot invest directly in an index.
Pioneer Bond Fund | Annual Report | 6/30/10 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, 2010 through June 30, 2010.
- ---------------------------------------------------------------------------------------------------------------------
Share Class A B C R Y Z
- ---------------------------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 1/1/10
- ---------------------------------------------------------------------------------------------------------------------
Ending Account Value $1,147.10 $1,134.70 $1,136.30 $1,141.80 $1,150.60 $1,146.80
(after expenses)
on 6/30/10
- ---------------------------------------------------------------------------------------------------------------------
Expenses Paid $4.34 $9.66 $9.11 $6.37 $3.11 $3.21
During Period*
- ---------------------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.85%, 1.90%,
1.79%, 1.25%, 0.61%, and 0.63% for Class A, Class B, Class C, 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).
16 Pioneer Bond Fund | Annual Report | 6/30/10
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, 2010 through June 30, 2010.
- ---------------------------------------------------------------------------------------------------------------------------
Share Class A B C R Y Z
- ---------------------------------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 1/1/10
- ---------------------------------------------------------------------------------------------------------------------------
Ending Account Value $1,020.58 $1,015.37 $1,015.92 $1,018.60 $1,021.77 $1,021.67
(after expenses)
on 6/30/10
- ---------------------------------------------------------------------------------------------------------------------------
Expenses Paid $4.26 $9.49 $8.95 $6.26 $3.06 $3.16
During Period*
- ---------------------------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.85%, 1.90%,
1.79%, 1.25%, 0.61%, and 0.63% for Class A, Class B, Class C, Class R, Class
Y, and Class Z shares, respectively, multiplied by the average account value
over the period, multiplied by 181/365 (to reflect the one-half year
period).
Pioneer Bond Fund | Annual Report | 6/30/10 17
Schedule of Investments | 6/30/10
- ------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 0.6%
ENERGY -- 0.3%
Coal & Consumable Fuels -- 0.2%
2,680,000 BB-/NR Massey Energy Co., 3.25%, 8/1/15 $ 2,227,750
- ------------------------------------------------------------------------------------------------------
Oil & Gas Drilling -- 0.1%
1,275,000 BBB+/Baa2 Transocean Sedco, 1.625%, 12/15/37 (b) $ 1,235,156
--------------
Total Energy $ 3,462,906
- ------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.2%
Health Care Services -- 0.2%
2,570,000 B+/B1 Omnicare, Inc., 3.25%, 12/15/35 $ 2,126,675
--------------
Total Health Care Equipment & Services $ 2,126,675
- ------------------------------------------------------------------------------------------------------
BANKS -- 0.1%
Regional Banks -- 0.1%
2,100,000 A/A3 National City Corp., 4.0%, 2/1/11 $ 2,115,750
--------------
Total Banks $ 2,115,750
- ------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $6,424,198) $ 7,705,331
- ------------------------------------------------------------------------------------------------------
Shares
- ------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 1.3%
BANKS -- 0.2%
Diversified Banks -- 0.2%
4,000 7.19 U.S. Bancorp, Floating Rate Note,
12/31/99 (Perpetual)* $ 2,932,750
--------------
Total Banks $ 2,932,750
- ------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.3%
Diversified Financial Services -- 0.3%
4,600 Bank of America Corp., 7.25%, 12/31/49 $ 4,176,800
--------------
Total Diversified Financials $ 4,176,800
- ------------------------------------------------------------------------------------------------------
INSURANCE -- 0.2%
Life & Health Insurance -- 0.2%
153,800 Delphi Financial Group, 7.376%, 5/15/37 $ 3,037,550
--------------
Total Insurance $ 3,037,550
- ------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.6%
Real Estate Operating Companies -- 0.6%
150,400 Forest City Enterprises, Inc.,
7.0%, 12/31/49* $ 7,510,600
--------------
Total Real Estate $ 7,510,600
- ------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $17,876,850) $ 17,657,700
- ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Bond Fund | Annual Report | 6/30/10
- ----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (d) Ratings
Shares (unaudited) (unaudited) Value
- ----------------------------------------------------------------------------------------------------
COMMON STOCKS -- 0.1%
AUTOMOBILES & COMPONENTS -- 0.1%
Auto Parts & Equipment -- 0.1%
19,050 Lear Corp.* $ 1,261,110
--------------
Total Automobiles & Components $ 1,261,110
- ----------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $765,117) $ 1,261,110
- ----------------------------------------------------------------------------------------------------
Principal
Amount ($)
- ----------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 5.9%
MATERIALS -- 0.1%
Steel -- 0.1%
1,488,737 0.55 AAA/Aaa Ameriquest Mortgage Securities, Floating
Rate Note, 5/25/35 $ 1,449,647
--------------
Total Materials $ 1,449,647
- ----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 1.2%
Restaurants -- 1.2%
2,895,000 BBB-/Baa3 Dominos Pizza Master Issuer LLC,
5.261%, 4/25/37 $ 2,674,863
5,325,000 BB/Aaa Dominos Pizza Master Issuer LLC,
7.629%, 4/25/37 4,661,401
3,100,000 BB+/Baa3 Dunkin Brands Master Finance LLC,
5.779%, 6/20/31 3,020,454
4,535,000 BB-/Ba3 Dunkin Brands Master Finance LLC,
8.28%, 6/20/31 (144A) 4,151,793
--------------
$ 14,508,511
--------------
Total Consumer Services $ 14,508,511
- ----------------------------------------------------------------------------------------------------
BANKS -- 3.3%
Diversified Banks -- 0.1%
1,722,625 0.44 AAA/Aa1 Wells Fargo Home Equity, Floating Rate
Note, 4/25/37 $ 1,650,957
- ----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 3.2%
737,339 0.40 AAA/Baa1 Carrington Mortgage Loan Trust, Floating
Rate Note, 1/25/37 $ 701,315
2,150,000 0.33 A/B3 Carrington Mortgage Loan Trust, Floating
Rate Note, 10/25/36 1,660,277
476,130 0.84 AA/Aa1 Carrington Mortgage Loan Trust, Floating
Rate Note, 2/25/35 470,278
592,800 0.75 AAA/Baa3 Carrington Mortgage Loan Trust, Floating
Rate Note, 9/25/35 520,486
1,133,200 5.94 AAA/B1 Citicorp Residential Mortgage, Floating
Rate Note, 7/25/36 1,061,677
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/10 19
Schedule of Investments | 6/30/10 (continued)
- -------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- -------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,096,797 BBB/Baa3 Citigroup Mortgage Loan Trust,
0.34606%, 1/25/37 $ 1,042,732
378,199 0.45 AAA/Aa3 Citigroup Mortgage Loan Trust, Floating
Rate Note, 10/25/36 373,343
1,470,000 0.76 AA+/Aa1 Citigroup Mortgage Loan Trust, Floating
Rate Note, 7/25/35 1,381,394
1,234,991 0.50 B/Caa1 CMLTI 2006-WFH2 A2A, Floating Rate
Note, 8/25/36 882,967
1,692,193 0.97 AA+/Aa1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 1/25/35 1,613,842
2,575,000 0.74 AA+/A3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 11/25/35 2,247,782
3,007,886 5.07 AAA/Ba2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 12/25/35 2,944,083
1,047,000 0.65 AA+/Aa2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 8/25/35 927,246
1,843,718 0.77 AA+/Aa1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 8/25/35 1,796,810
2,625,402 5.56 AAA/A2 CRMSI 2006-2 A3, Floating Rate Note,
9/25/36 2,633,354
2,163,110 AAA/Aaa FBR Securitization Trust,
2.76188%, 9/25/35 2,024,924
754,999 0.89 AAA/Aaa First Franklin Mortgage Loan Asset-Backed
Certificate, Floating Rate Note, 9/24/34 698,818
1,909,340 0.63 AAA/NR First Franklin Mortgage Loan Asset-Backed
Certificate, Floating Rate Note, 10/25/35 1,839,873
1,091,523 0.46 A/A2 Fremont Home Loan Trust, Floating Rate
Note, 2/25/36 1,064,261
156,970 0.61 AAA/Aa2 GSAMP Trust, Floating Rate Note,
11/25/35 154,420
741,065 0.78 A/A2 GSAMP Trust, Floating Rate Note,
3/25/35 701,126
470,589 0.72 AAA/Aaa GSAMP Trust, Floating Rate Note,
8/25/36 454,320
1,260,657 0.73 AAA/Aa1 GSAMP Trust, Floating Rate Note,
9/25/35 1,215,477
4,984,394 BB/Baa3 Local Insight Media Finance LLC,
5.88%, 10/23/37 2,841,104
580,273 0.39 AAA/Aaa Morgan Stanley ABS Capital, Inc., Floating
Rate Note, 10/25/36 573,399
639,577 0.41 B/A2 Morgan Stanley ABS Capital, Inc., Floating
Rate Note, 12/25/36 596,121
1,722,636 BB-/A2 Morgan Stanley Home Equity Loan,
0.28125%, 12/25/36 1,666,024
1,283,274 0.45 BB-/A2 Morgan Stanley Home Equity Loan,
Floating Rate Note, 4/25/37 1,190,904
The accompanying notes are an integral part of these financial statements.
20 Pioneer Bond Fund | Annual Report | 6/30/10
- ------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
112,403 A-/Aa2 Morgan Stanley IXIS Real Estate,
1.445%, 11/25/36 $ 110,304
729,020 0.47 A/Aaa Option One Mortgage Loan Trust, Floating
Rate Note, 2/25/38 708,617
292,755 0.44 BBB+/Aa2 Option One Mortgage Loan Trust, Floating
Rate Note, 5/25/37 280,831
1,500,000 0.67 AA+/A3 RASC 2005-KS7 M1, Floating Rate Note,
8/25/35 1,184,117
1,674,586 0.60 BB/Baa1 SASC 2007-BC4 A3, Floating Rate Note,
11/25/37 1,562,869
1,397,027 BB-/Ba3 Saxon Asset Securities,
0.34594%, 11/25/36 1,314,309
--------------
$ 40,439,404
--------------
Total Banks $ 42,090,361
- ------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.3%
Consumer Finance -- 0.0%
321,855 BBB-/A2 Indymac Residential Asset Backed
Securities, 0.32375%, 7/25/37 $ 318,941
- ------------------------------------------------------------------------------------------------------
Diversified Financial Services -- 0.4%
408,536 0.79 AA/Aa2 Asset Backed Securities Corp., Floating
Rate Note, 4/25/35 $ 390,705
1,344,346 AA/NR DT Auto Owner Trust, 5.92%, 10/15/15 1,345,777
482,037 0.59 AAA/Aaa JPMorgan Mortgage Acquisition, Floating
Rate Note, 12/25/35 439,880
3,300,000 0.84 AA-/A3 Long Beach Mortgage Loan Trust, Floating
Rate Note, 4/25/35 2,901,938
--------------
$ 5,078,300
- ------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.9%
661,670 0.65 AA+/NR ARSI 2005-W4 A2C, Floating Rate Note,
2/25/36 $ 645,915
3,169,186 5.32 NR/Baa1 Irwin Home Equity Corp., Floating Rate
Note, 6/25/35 3,029,831
573,834 AA+/Aa1 Master Asset Backed Securities Trust,
0.67375%, 5/25/35 547,946
908,073 0.70 AAA/Aaa New Century Home Equity Loan, Floating
Rate Note, 3/25/35 871,337
4,994,639 0.82 AA+/Aa3 Nomura Home Equity Loan, Inc., Floating
Rate Note, 5/25/35 4,787,761
126,788 0.47 AAA/Aa2 Nomura Home Equity Trust, Floating Rate
Note, 3/25/36 125,659
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/10 21
Schedule of Investments | 6/30/10 (continued)
- ----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ----------------------------------------------------------------------------------------------------
Specialized Finance -- (continued)
900,000 0.63 AAA/Aaa SLMA 2004-10 A6B, Floating Rate Note,
4/27/26 $ 872,100
--------------
$ 10,880,549
--------------
Total Diversified Financials $ 16,277,790
- ----------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $77,127,439) $ 74,326,309
- ----------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 17.9%
MATERIALS -- 0.5%
Forest Products -- 0.5%
1,435,000 AA/Aa3 T SRAR 2006-1 B, 5.7467%, 10/15/36 $ 1,496,984
4,470,000 AAA/Aa1 TSTAR 2006-1A A, 5.668%, 10/15/36 4,867,613
--------------
$ 6,364,597
--------------
Total Materials $ 6,364,597
- ----------------------------------------------------------------------------------------------------
BANKS -- 11.0%
Thrifts & Mortgage Finance -- 11.0%
3,460,941 NR/Aaa Banc of America Alternative Loan Trust,
5.0%, 7/25/19 $ 3,514,904
2,700,394 NR/Aaa Banc of America Alternative Loan Trust,
5.5%, 9/25/33 2,821,528
3,088,302 A/A Banc of America Funding Corp.,
0.4013%, 9/25/36 2,918,446
1,526,066 AAA/NR Banc of America Funding Corp.,
5.5%, 1/25/36 1,517,575
1,778,689 AAA/Aaa Bayview Commercial Asset Trust,
0.67375%, 4/25/34 1,444,689
3,100,000 5.00 AAA/Aa1 BCAP LLC 2006-RR1 PB, Floating Rate
Note, 11/25/36 3,119,651
922,000 AAA/Aa2 BCAP LLC Trust, 5.0%, 11/25/36 939,377
4,307,062 AAA/Aaa Bear Stearns Adjustable Rate Mortgage,
4.754%, 10/25/33 4,417,958
2,207,705 2.56 AAA/Aaa Bear Stearns Adjustable Rate Mortgage,
Floating Rate Note, 8/25/33 2,216,773
1,586,357 NR/Aaa Chase Commercial Mortgage Securities
Corp., 6.275%, 2/12/16 1,626,380
1,307,717 AAA/Aaa Chase Mortgage Finance Corp.,
5.0%, 10/25/33 1,349,288
2,963,072 NR/Ba3 Chase Mortgage Finance Corp.,
5.5%, 5/25/35 2,893,715
2,680,147 CCC/Caa1 Chase Mortgage Finance Corp.,
5.5%, 5/25/37 2,516,819
2,287,685 AAA/Aaa Citigroup Commercial Mortgage,
4.639%, 5/15/43 2,335,682
The accompanying notes are an integral part of these financial statements.
22 Pioneer Bond Fund | Annual Report | 6/30/10
- ----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,053,429 NR/Aaa Citigroup Commercial Mortgage,
5.273%, 10/15/49 $ 1,070,616
1,068,172 AAA/AAA Countrywide Alternative Loan Trust,
5.0%, 7/25/18 1,091,239
2,624,539 AAA/A1 Countrywide Alternative Loan Trust,
5.0%, 8/25/19 2,657,716
1,072,000 AAA/Aa2 Countrywide Alternative Loan Trust,
5.125%, 3/25/34 1,071,893
1,774,493 AAA/Aa1 Countrywide Alternative Loan Trust,
5.5%, 4/25/34 1,772,411
6,916,783 BBB/NR Countrywide Alternative Loan Trust,
5.5%, 4/25/35 4,310,601
2,083,230 B-/Ba1 Countrywide Home Loan Mortgage,
4.5%, 9/25/35 1,593,259
504,610 NR/B2 CWHL 2005-16 A22, 5.5%, 9/25/35 482,077
180,948 NR/Aaa DLJ Commercial Mortgage Corp.,
7.18%, 11/10/33 180,871
662,492 AAA/Aaa Downey Savings & Loan, 0.83625%,
7/19/44 484,190
3,375,000 AAA/Aaa GMAC Commercial Mortgage Securities,
Inc., 4.864%, 12/10/41 3,522,993
2,572,030 AAA/Aaa GS Mortgage Securities Corp. II,
7.12%, 11/18/29 2,743,802
1,209,438 0.75 NR/Aaa Impac CMB Trust, Floating Rate Note,
11/25/35 989,676
360,184 1.15 AAA/Aaa Impac Securities Assets Corp., Floating
Rate Note, 11/25/34 315,282
1,510,009 0.70 AAA/Aaa Impac Securities Assets Corp., Floating
Rate Note, 5/25/36 1,226,820
1,750,000 AAA/Aaa JPMCC 2002-C3 B, 5.146%, 7/12/35 1,804,163
189,285 AAA/Aaa JPMorgan Chase Commercial Mortgage,
4.79%, 10/15/42 189,183
2,600,000 AAA/Aaa JPMorgan Mortgage Trust, 4.5%, 8/25/19 2,644,598
3,336,111 AAA/Aa3 JPMorgan Mortgage Trust, 6.0%, 8/25/34 3,404,525
5,298,455 AAA/Aaa LB-UBS Commercial Mortgage,
6.51%, 12/15/26 5,334,920
2,179,352 BB+/B3 Master Adjustable Rate Mortgage,
5.194229%, 1/25/35 1,895,222
2,225,423 AAA/NR Master Alternative Loans Trust,
4.5%, 1/25/15 2,182,435
1,616,202 AA/NR Master Alternative Loans Trust,
5.5%, 10/25/19 1,634,435
3,046,421 AAA/NR Master Alternative Loans Trust,
5.5%, 2/25/35 2,993,471
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/10 23
Schedule of Investments | 6/30/10 (continued)
- ----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
4,145,566 AAA/AAA Master Alternative Loans Trust,
6.0%, 7/25/34 $ 4,043,055
1,191,504 AAA/Aaa Master Asset Securitization Trust,
5.5%, 11/25/33 1,231,820
634,660 AAA/Aaa Merrill Lynch Mortgage Trust,
4.556%, 6/12/43 634,296
2,800,000 5.44 AAA/Aaa Merrill Lynch/Countrywide Commercial
Mortgage, Floating Rate Note, 3/12/11 2,843,370
1,433,413 BBB/Baa1 RAAC Series, 6.0%, 1/25/32 1,444,652
1,617,501 CCC/B2 Residential Funding Mortgage Securities,
5.5%, 11/25/35 1,453,317
8,510,000 5.54 B+/B3 SASC 2007 BHC1 A1, Floating Rate Note,
12/18/49 1,693,490
2,890,000 5.58 CCC-/NR SASC 2007 BHC1 A2, Floating Rate Note,
12/18/49 (f) 232,963
1,990,375 0.97 AAA/Aaa Sequoia Mortgage Trust, Floating Rate
Note, 9/20/33 1,745,801
8,768,833 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust, 4.368%, 8/15/41 8,970,489
324,199 AAA/NR Wachovia Bank Commercial Mortgage
Trust, 4.516%, 5/15/44 324,121
3,787,250 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust, 4.803%, 10/15/41 3,927,266
3,000,000 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust, 4.957%, 8/15/35 3,037,839
940,994,744 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust, 0.015222%, 6/15/45 1,494,958
2,050,000 AAA/Baa1 WAMU 2003-S1 A5, 5.5%, 4/25/33 2,108,023
809,852 BB/NR WAMU Mortgage Pass-Through Certificate,
4.82069%, 9/25/35 812,776
2,463,073 0.58 AAA/Aa1 WAMU Mortgage Pass-Through Certificate,
Floating Rate Note, 4/25/45 1,903,724
1,450,000 AAA/Aaa WBCMT 2003-C9 B, 5.109%, 12/15/35 1,371,344
1,972,534 AAA/A1 Wells Fargo Mortgage Backed Securities,
5.0%, 11/25/36 2,054,986
2,162,620 NR/B2 Wells Fargo Mortgage Backed Securities,
5.0%, 3/25/21 2,116,239
1,159,556 AAA/Aaa Wells Fargo Mortgage Backed Securities,
5.25%, 12/25/33 1,187,208
2,463,347 AAA/Baa1 Wells Fargo Mortgage Backed Securities,
5.5%, 5/25/35 2,481,455
863,705 2.95 AAA/Aa1 Wells Fargo Mortgage Backed Securities,
Floating Rate Note, 10/25/34 857,585
868,993 3.00 AAA/Aa1 Wells Fargo Mortgage Backed Securities,
Floating Rate Note, 10/25/35 852,254
The accompanying notes are an integral part of these financial statements.
24 Pioneer Bond Fund | Annual Report | 6/30/10
- --------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- --------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,019,981 4.52 AAA/Aaa Wells Fargo Mortgage Backed Securities,
Floating Rate Note, 11/25/33 $ 1,039,712
407,671 4.54 AAA/Aa1 Wells Fargo Mortgage Backed Securities,
Floating Rate Note, 6/25/34 401,898
3,271,593 3.13 AAA/Aaa Wells Fargo Mortgage Backed Securities,
Floating Rate Note, 9/25/34 3,245,161
1,484,287 4.57 AAA/Aaa WFMBS 2003-N-1A1, Floating Rate Note,
12/25/33 1,498,656
4,200,000 4.76 AAA/Aaa WFMBS 2004-L A6, Floating Rate Note,
7/25/34 4,287,717
--------------
$ 138,525,358
--------------
Total Banks $ 138,525,358
- --------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 3.3%
Consumer Finance -- 0.1%
1,802,143 AAA/Aaa GMAC Mortgage Corp. Loan Trust, 5.5%,
11/25/33 $ 1,886,375
- --------------------------------------------------------------------------------------------------------
Diversified Financial Services -- 2.7%
4,314,692 NR/Aaa Banc of America Mortgage Securities,
3.613991%, 11/25/33 $ 4,148,611
3,300,000 AAA/NR Banc of America Mortgage Securities,
5.0%, 8/25/33 3,308,719
816,483 AAA/NR Banc of America Mortgage Securities,
5.75%, 1/25/35 820,543
2,777,303 2.94 NR/Ba3 Banc of America Mortgage Securities,
Floating Rate Note, 5/25/35 2,624,888
1,392,514 5.12 AAA/NR Banc of America Mortgage Securities,
Floating Rate Note, 9/25/35 1,396,434
2,750,000 NR/Ba2 Citicorp Mortgage Securities, 5.5%,
4/25/35 2,748,083
1,769,375 NR/B1 CMSI 2006-1 3A1, 5.0%, 2/25/36 1,674,102
2,435,000 NR/Aa2 Crown Castle Towers LLC, 5.362%,
11/15/36 2,519,165
296,757 AAA/Aaa First Horizon Mortgage Pass-Through Trust,
5.0%, 3/25/18 306,654
2,206,088 CCC/NR JPMorgan Alternative Loan Trust, 6.0%,
3/25/36 1,584,580
249,080 AAA/Aaa Morgan Stanley Capital I, 7.0%, 7/25/33 255,327
1,658,373 CCC/Caa3 RALI 2005-QA10 A41, 5.7412%,
9/25/35 1,139,189
1,691,895 NR/Aa1 Residential Accredit Loans, Inc., 5.0%,
3/25/19 1,706,299
5,247,311 NR/Aaa Residential Accredit Loans, Inc., 5.0%,
5/25/19 5,400,936
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/10 25
Schedule of Investments | 6/30/10 (continued)
- -------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- -------------------------------------------------------------------------------------------------------
Diversified Financial Services -- (continued)
2,615,400 NR/Aaa Residential Accredit Loans, Inc., 5.0%,
8/25/18 $ 2,689,758
1,099,123 B-/B3 Residential Accredit Loans, Inc.,
0.49875%, 5/25/47 565,107
888,377 NR/NR Vericrest Opportunity Loan Trust, 4.25%,
5/25/39 884,646
------------
$ 33,773,041
- -------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.4%
1,463,666 AAA/Aaa Banc of America Commercial Mortgage,
Inc., 4.05%, 11/10/38 $ 1,483,545
1,440,000 AAA/Aaa Banc of America Commercial Mortgage,
Inc., 4.877%, 7/10/42 1,508,113
1,850,000 5.46 NR/Aaa Bear Stearns Commercial Mortgage,
Floating Rate Note, 4/12/38 1,867,766
132,372 NR/Aaa Morgan Stanley Dean Witter, 7.2%,
10/15/33 132,467
------------
$ 4,991,891
- -------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
881,864 AAA/NR CW Capital Cobalt, Ltd., 5.174%,
8/15/48 $ 920,925
------------
Total Diversified Financials $ 41,572,232
- -------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.0%
Mortgage Real Estate Investment Trusts -- 1.0%
2,857,945 AAA/Aaa Credit Suisse First Boston Mortgage
Securities, 3.5%, 7/25/18 $ 2,766,977
674,488 AA/Aa2 Credit Suisse First Boston Mortgage
Securities, 7.0%, 5/25/32 416,702
2,904,274 1.70 AA+/Aa2 Credit Suisse First Boston Mortgage
Securities, Floating Rate Note, 12/25/33 2,766,443
1,612,183 1.75 AA+/WR Credit Suisse First Boston Mortgage
Securities, Floating Rate Note, 8/25/33 1,505,785
5,680,499 AAA/Aaa Credit Suisse First Boston, 6.51%,
2/15/34 5,716,460
------------
$ 13,172,367
------------
Total Real Estate $ 13,172,367
- -------------------------------------------------------------------------------------------------------
GOVERNMENT -- 2.1%
919,589 AAA/Aaa Fannie Mae Remics, 0.58125%, 9/25/20 $ 919,349
2,700,000 NR/NR Fannie Mae Remics, 5.0%, 3/25/24 2,900,947
5,000,000 NR/NR Fannie Mae Remics, 5.0%, 7/25/33 5,426,392
313,108 AAA/Aaa Fannie Mae Remics, 5.69%, 1/25/32 327,071
254,920 AAA/Aaa Federal Home Loan Bank, 6.0%, 4/15/32 264,096
The accompanying notes are an integral part of these financial statements.
26 Pioneer Bond Fund | Annual Report | 6/30/10
- -----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- -----------------------------------------------------------------------------------------------------
Government -- (continued)
1,181 NR/NR Federal National Mortgage Association,
10.3%, 4/25/19 $ 1,206
7,751 NR/NR Federal National Mortgage Association,
10.3%, 4/25/19 9,010
3,400,000 AAA/Aaa FHR 3211 PB, 5.5%, 2/15/33 3,613,545
5,000,000 NR/NR Freddie Mac Remics, 5.0%, 6/15/33 5,398,209
1,368,201 AAA/Aaa Freddie Mac, 5.0%, 8/15/35 1,401,699
752,610 AAA/Aaa Freddie Mac, 6.1%, 9/15/18 752,340
84,192,996 0.71 NR/NR Government National Mortgage
Association, Floating Rate Note,
11/16/51 3,644,993
1,402,457 AAA/A2 GSR Mortgage Loan Trust,
4.1408%, 6/25/34 1,383,526
--------------
$ 26,042,383
--------------
Total Government $ 26,042,383
- -----------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $233,972,590) $ 225,676,937
- -----------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 39.2%
ENERGY -- 4.4%
Integrated Oil & Gas -- 0.2%
1,200,000 A/A2 BP Capital Markets Plc,
5.25%, 11/7/13 (b) $ 1,103,107
990,000 BBB+/Baa1 Marathon Oil Corp., 5.9%, 3/15/18 1,092,612
45,000 BBB+/Baa2 Petro-Canada, 4.0%, 7/15/13 47,172
--------------
$ 2,242,891
- -----------------------------------------------------------------------------------------------------
Oil & Gas Drilling -- 0.3%
5,150,000 BBB+/Baa2 Transocean Sedco, 1.5%, 12/15/37 $ 4,570,625
- -----------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.3%
900,000 3.62 NR/NR Sevan Marine ASA, Floating Rate Note,
5/14/13 (144A) $ 720,000
2,815,000 BBB/Baa1 Weatherford International, Ltd.,
9.625%, 3/1/19 3,389,798
--------------
$ 4,109,798
- -----------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 1.1%
2,180,000 BBB/Baa2 Canadian Natural Resource,
5.9%, 2/1/18 $ 2,441,650
1,020,000 BB/Ba3 Chesapeake Energy Corp., 9.5%, 2/15/15 1,127,100
2,292,000 BB/B1 Denbury Resources, Inc., 8.25%, 2/15/20 2,395,140
160,000 BB/B1 Denbury Resources, Inc., 9.75%, 3/1/16 172,800
1,730,115 BBB+/NR Gazprom International SA,
7.201%, 2/1/20 1,786,344
250,000 B+/B3 Mariner Energy, Inc., 11.75%, 6/30/16 311,250
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/10 27
Schedule of Investments | 6/30/10 (continued)
- --------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- --------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- (continued)
1,605,000 A/Aa2 Ras Laffan Liquefied Natural Gas Co., Ltd.
III, 5.832%, 9/30/16 (144A) $ 1,726,178
200,000 BBB-/Baa2 TNK-BP Finance SA, 6.625%, 3/20/17 197,000
1,000,000 BBB-/Baa2 TNK-BP Finance SA, 6.625%,
3/20/17 (144A) 985,000
2,080,000 BBB-/Baa2 TNK-BP Finance SA, 7.5%,
7/18/16 (144A) 2,152,800
1,000,000 BBB-/Baa2 TNK-BP Finance SA, 7.875%,
3/13/18 (144A) 1,042,000
--------------
$ 14,337,262
- --------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.6%
1,150,000 B+/B1 Holly Energy Partners LP, 6.25%, 3/1/15 $ 1,098,250
100,000 B/B2 Petroplus Finance, 7.0%,
5/1/17 (144A) (b) 81,500
2,475,000 BBB/Baa2 Spectra Energy Capital, 6.2%, 4/15/18 2,743,107
2,890,000 BBB/Baa2 Valero Energy Corp., 9.375%, 3/15/19 3,500,619
--------------
$ 7,423,476
- --------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 1.9%
435,000 BBB-/Baa2 Boardwalk Pipelines LLC, 5.5%, 2/1/17 $ 449,793
1,535,000 BBB/Baa2 Buckeye Partners LP, 6.05%, 1/15/18 1,697,147
2,900,000 BBB/Baa2 DCP Midstream, 9.75%, 3/15/19 3,729,768
3,250,000 BBB/Baa2 Kinder Morgan Energy, 5.95%, 2/15/18 3,510,124
1,450,000 BBB-/Baa3 NGPL Pipeco LLC, 6.514%,
12/15/12 (144A) 1,443,906
3,500,000 BBB-/Baa3 Plains All America Pipeline,
6.125%, 1/15/17 3,799,138
3,885,000 BBB+/A3 Questar Pipeline Co., 5.83%, 2/1/18 4,383,826
3,345,000 BB/Ba1 Southern Union Co., 7.2%, 11/1/66 2,964,506
1,500,000 BBB/Baa2 Spectra Energy Capital LLC,
6.75%, 7/15/18 1,681,008
--------------
$ 23,659,216
--------------
Total Energy $ 56,343,268
- --------------------------------------------------------------------------------------------------------
MATERIALS -- 2.4%
Aluminum -- 0.2%
2,290,000 B-/Caa1 Novelis, Inc., 7.25%, 2/15/15 $ 2,209,850
- --------------------------------------------------------------------------------------------------------
Commodity Chemicals -- 0.1%
1,700,000 B+/B1 Nova Chemicals Corp., 8.375%, 11/1/16 $ 1,691,500
- --------------------------------------------------------------------------------------------------------
Construction Materials -- 0.2%
2,260,000 6.64 B-/NR C8 Capital SPV, Ltd., Floating Rate Note,
12/31/49 $ 1,467,664
475,000 BBB/Baa2 Holcim, Ltd., 6.0%, 12/30/19 (144A) 506,713
--------------
$ 1,974,377
- --------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Bond Fund | Annual Report | 6/30/10
- --------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- --------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.6%
1,865,000 BBB/Baa1 Anglo American Capital Plc,
9.375%, 4/8/14 $ 2,229,484
2,725,000 BBB+/Baa1 Rio Tinto Finance Plc, 8.95%, 5/1/14 3,305,251
1,655,000 BBB/Baa3 Teck Resources, Ltd., 10.25%, 5/15/16 1,952,900
--------------
$ 7,487,635
- --------------------------------------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 0.5%
4,368,000 BBB/Baa2 Agrium, Inc., 6.75%, 1/15/19 $ 5,066,487
1,500,000 BB+/B1 CF Industries Holdings, Inc.,
6.875%, 5/1/18 1,526,250
45,000 A-/Baa1 Potash Corp. Saskatchewan,
4.875%, 3/1/13 48,400
--------------
$ 6,641,137
- --------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.2%
2,400,000 BBB-/Baa3 Cytec Industries, Inc., 8.95%, 7/1/17 $ 2,932,334
- --------------------------------------------------------------------------------------------------------
Steel -- 0.6%
3,900,000 BBB/Baa3 ArcelorMittal, 6.125%, 6/1/18 $ 4,078,936
2,805,000 BBB-/Baa2 Commercial Metals Co., 7.35%, 8/15/18 2,944,159
--------------
$ 7,023,095
--------------
Total Materials $ 29,959,928
- --------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 2.7%
Aerospace & Defense -- 0.2%
3,020,000 BB/Ba2 Esterline Technology, 6.625%, 3/1/17 $ 2,974,700
- --------------------------------------------------------------------------------------------------------
Building Products -- 0.4%
2,225,000 6.72 B-/BBB- C10 Capital SPV, Ltd., Floating Rate Note,
12/31/49 $ 1,447,919
3,510,000 BBB/Ba2 Masco Corp., 7.125%, 3/15/20 3,408,161
--------------
$ 4,856,080
- --------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 0.2%
1,200,000 A/A2 Caterpillar, Inc., 7.9%, 12/15/18 (b) $ 1,542,396
910,000 BBB/Baa3 Cummins, Inc., 6.75%, 2/15/27 975,094
600,000 B-/B3 Oshkosh Corp., 8.5%, 3/1/20 624,000
--------------
$ 3,141,490
- --------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.4%
2,665,000 BB/Ba2 Anixter International Corp.,
5.95%, 3/1/15 $ 2,541,744
2,670,000 B+/Ba2 Belden CDT, Inc., 7.0%, 3/15/17 2,579,888
--------------
$ 5,121,632
- --------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/10 29
Schedule of Investments | 6/30/10 (continued)
- ------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.3%
2,950,000 BBB-/Baa2 Tyco Electronics Group SA,
6.55%, 10/1/17 $ 3,387,815
525,000 A-/Baa1 Tyco International Finance SA,
8.5%, 1/15/19 678,670
--------------
$ 4,066,485
- ------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.4%
2,150,000 BBB+/Baa1 Ingersoll-Rand Global Holding,
9.5%, 4/15/14 $ 2,663,820
1,810,000 BBB-/Ba1 Valmont Industries, Inc.,
6.625%, 4/20/20 1,854,879
--------------
$ 4,518,699
- ------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.8%
495,000 BB-/Ba2 Ace Hardware Corp., 9.125%,
6/1/16 (144A) $ 518,513
5,660,000 BBB+/Baa1 GATX Financial Corp., 6.0%, 2/15/18 (b) 6,027,589
3,450,000 BBB-/Baa2 Glencore Funding LLC, 6.0%,
4/15/14 (144A) 3,450,638
--------------
$ 9,996,740
--------------
Total Capital Goods $ 34,675,826
- ------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.3%
Office Services & Supplies -- 0.3%
3,110,000 A/A1 Pitney Bowes, Inc., 5.6%, 3/15/18 $ 3,468,661
--------------
Total Commercial Services & Supplies $ 3,468,661
- ------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.0%
Airlines -- 0.1%
799,825 BBB+/Baa2 Southwest Airlines Co., 7.67%, 1/2/14 $ 833,178
- ------------------------------------------------------------------------------------------------------
Railroads -- 0.9%
2,140,000 BBB+/A3 Burlington Northern Santa Fe Corp.,
5.75%, 3/15/18 $ 2,403,443
3,400,000 BB-/B2 Kansas City Southern Mexico,
7.625%, 12/1/13 3,468,000
5,125,000 BBB/Baa2 Union Pacific Corp., 5.7%, 8/15/18 5,740,969
--------------
$ 11,612,412
--------------
Total Transportation $ 12,445,590
- ------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.1%
Automobile Manufacturers -- 0.1%
655,000 BBB-/Baa3 Hyundai Motor Manufacturers,
4.5%, 4/15/15 $ 649,550
--------------
Total Automobiles & Components $ 649,550
- ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Bond Fund | Annual Report | 6/30/10
- ------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.4%
Household Appliances -- 0.4%
4,235,000 BBB-/Baa3 Whirlpool Corp., 5.5%, 3/1/13 $ 4,535,893
--------------
Total Consumer Durables & Apparel $ 4,535,893
- ------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.8%
Casinos & Gaming -- 0.0%
1,160,000 D/WR Station Casinos, Inc.,
6.625%, 3/15/18 (e) $ 870
- ------------------------------------------------------------------------------------------------------
Education Services -- 0.7%
2,160,000 AAA/Aaa Leland Stanford Junior University,
4.75%, 5/1/19 $ 2,353,039
2,470,000 AAA/Aaa President & Fellows of Harvard,
3.7%, 4/1/13 2,615,928
3,095,000 AAA/Aaa President & Fellows of Harvard,
6.3%, 10/1/37 3,504,128
--------------
$ 8,473,095
- ------------------------------------------------------------------------------------------------------
Restaurants -- 0.1%
1,200,000 A/A3 McDonald's Corp., 5.35%, 3/1/18 $ 1,374,346
--------------
Total Consumer Services $ 9,848,311
- ------------------------------------------------------------------------------------------------------
MEDIA -- 0.7%
Broadcasting -- 0.6%
2,620,000 BBB+/Baa1 Grupo Telivisa SA, 6.0%, 5/15/18 (144A) $ 2,814,221
500,000 BBB+/Baa1 News America, Inc., 5.65%, 8/15/20 552,251
4,250,000 B+/B3 Intelsat Subsidiary Holding Co.,
8.5%, 1/15/13 4,281,875
--------------
$ 7,648,347
- ------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.1%
800,000 BBB/Baa2 Time Warner Cable, Inc., 8.25%, 4/1/19 $ 983,842
425,000 BBB/Baa2 Time Warner Cable, Inc., 8.75%, 2/14/19 536,239
--------------
$ 1,520,081
--------------
Total Media $ 9,168,428
- ------------------------------------------------------------------------------------------------------
RETAILING -- 0.5%
General Merchandise Stores -- 0.2%
2,000,000 A+/A2 Target Corp., 5.375%, 5/1/17 $ 2,277,536
- ------------------------------------------------------------------------------------------------------
Internet Retail -- 0.2%
3,000,000 BBB-/Ba1 Expedia, Inc., 8.5%, 7/1/16 (144A) $ 3,225,000
- ------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.1%
1,105,000 BB-/B3 Sally Holdings, 9.25%, 11/15/14 (144A) $ 1,146,438
--------------
Total Retailing $ 6,648,974
- ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/10 31
Schedule of Investments | 6/30/10 (continued)
- -----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- -----------------------------------------------------------------------------------------------------
FOOD & DRUG RETAILING -- 0.2%
Hypermarkets & Supercenters -- 0.2%
2,000,000 AA/Aa2 Wal-Mart Stores, Inc., 5.875%, 4/5/27 $ 2,258,300
--------------
Total Food & Drug Retailing $ 2,258,300
- -----------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.0%
Agricultural Products -- 0.3%
3,500,000 A/A2 Cargill, Inc., 5.2%, 1/22/13 (144A) $ 3,769,224
- -----------------------------------------------------------------------------------------------------
Brewers -- 0.3%
2,930,000 BBB+/Baa2 Anheuser-Busch InBev Worldwide, Inc.,
7.75%, 1/15/19 (144A) $ 3,556,323
55,000 BBB+/Baa1 Miller Brewing Co., 5.5%, 8/15/13
(144A) 60,170
--------------
$ 3,616,493
- -----------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.3%
3,725,000 BBB-/Baa2 Kraft Foods, Inc., 6.5%, 2/9/40 $ 4,165,776
- -----------------------------------------------------------------------------------------------------
Tobacco -- 0.1%
1,535,000 BBB/WR UST, Inc., 5.75%, 3/1/18 $ 1,598,013
--------------
Total Food, Beverage & Tobacco $ 13,149,506
- -----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.4%
Health Care Facilities -- 0.1%
1,050,000 BB/Ba3 HCA, Inc., 7.875%, 2/15/20 $ 1,080,188
385,000 BB/Ba3 HCA, Inc., 8.5%, 4/15/19 408,100
310,000 BB-/NR HCA, Inc., 9.875%, 2/15/17 333,250
--------------
$ 1,821,538
- -----------------------------------------------------------------------------------------------------
Managed Health Care -- 0.3%
3,275,000 A-/Baa1 United Health Group, 4.875%, 2/15/13 $ 3,519,105
--------------
Total Health Care Equipment & Services $ 5,340,643
- -----------------------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 0.5%
Biotechnology -- 0.4%
5,055,000 BBB+/Baa3 Biogen Idec, Inc., 6.0%, 3/1/13 $ 5,560,262
- -----------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.1%
1,000,000 AA/A1 Abbott Laboratories, 5.125%, 4/1/19 $ 1,115,769
--------------
Total Pharmaceuticals & Biotechnology $ 6,676,031
- -----------------------------------------------------------------------------------------------------
BANKS -- 4.3%
Diversified Banks -- 1.1%
3,515,000 A/Baa1 Barclays Plc, 6.05%, 12/4/17 $ 3,547,493
3,400,000 AA-/Aa3 BNP Paribas SA, 1.34438%, 4/27/17 3,244,307
3,230,000 A-/A3 Credit Agricole SA, 8.375%, 12/13/49 3,052,350
1,855,000 A/A1 Industrial Bank of Korea,
7.125%, 4/23/14 2,085,354
The accompanying notes are an integral part of these financial statements.
32 Pioneer Bond Fund | Annual Report | 6/30/10
- --------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- --------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
2,000,000 3.29 A-/NR Scotiabank Peru SA, Floating Rate Note,
3/15/17 (144A) $ 2,002,600
--------------
$ 13,932,104
- --------------------------------------------------------------------------------------------------------
Regional Banks -- 3.2%
1,870,000 BBB+/A2 American Express Bank FSB,
5.5%, 4/16/13 $ 2,020,595
2,000,000 A/Aa3 Branch Banking & Trust Co.,
4.875%, 1/15/13 (b) 2,124,114
1,190,000 A/NR Cobank ACB, 7.875%, 4/16/18 (144A) 1,372,855
2,425,000 BBB+/A3 KeyBank NA, 5.8%, 7/1/14 2,588,937
2,030,000 BBB+/Baa1 Keycorp, 6.5%, 5/14/13 2,220,558
2,505,000 A+/Aa3 Mellon Funding Corp., 5.5%, 11/15/18 2,684,042
1,435,000 A/A2 PNC Bank NA, 6.0%, 12/7/17 1,564,896
6,273,000 8.25 BBB/Baa3 PNC Funding Corp., Floating Rate Note,
5/29/49 6,439,385
2,755,000 A-/Baa1 Sovereign Bancorp, 8.75%, 5/30/18 3,158,112
6,670,000 BBB+/Baa1 State Street Capital, 8.25%, 3/15/42 6,679,338
3,520,000 AA-/Aa3 Wachovia Bank NA, 6.0%, 11/15/17 3,835,649
5,470,000 7.70 A-/Ba1 Wells Fargo & Co., Floating Rate Note,
12/29/49 5,524,700
--------------
$ 40,213,181
--------------
Total Banks $ 54,145,285
- --------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 7.2%
Asset Management & Custody Banks -- 1.0%
2,000,000 A+/Aa3 Bank of New York, 4.95%, 3/15/15 $ 2,161,274
3,945,000 A-/A3 Eaton Vance Corp., 6.5%, 10/2/17 4,486,274
5,400,000 BB+/Baa3 Janus Capital Group, Inc., 6.95%, 6/15/17 5,420,887
--------------
$ 12,068,435
- --------------------------------------------------------------------------------------------------------
Consumer Finance -- 1.9%
4,435,000 B/B2 American General Finance, 6.9%,
12/15/17 $ 3,531,369
3,875,000 A+/A1 American Honda Finance,
6.7%, 10/1/13 (144A) 4,410,479
1,765,000 BBB/A3 Capital One Bank U.S.A. NA, 8.8%, 7/15/19 2,203,445
3,335,000 BB/Baa3 Capitial One Capital VI, 8.875%, 5/15/40 3,472,979
2,575,000 A/A2 Caterpillar Financial, 7.05%, 10/1/18 3,106,004
3,750,000 AAA/Aaa John Deere Capital Corp.,
2.875%, 6/19/12 3,899,573
790,000 BBB/Baa2 Nissan Motor Acceptance Corp., 4.5%,
1/30/15 (144A) 815,139
3,155,000 4.00 BBB-/Ba1 SLM Corp., Floating Rate Note, 7/25/14 2,680,362
--------------
$ 24,119,350
- --------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/10 33
Schedule of Investments | 6/30/10 (continued)
- -----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- -----------------------------------------------------------------------------------------------------
Diversified Financial Services -- 1.7%
3,085,000 BBB-/Baa3 AngloGold Ashanti Holdings,
5.375%, 4/15/20 $ 3,132,080
625,000 0.00 BB+/NR Caelus Re II, Ltd., Floating Rate Note,
5/24/13 610,313
1,625,000 NR/A2 Crown Castle Towers LLC,
6.113%, 1/15/20 1,783,525
1,840,000 BBB/Baa2 Hyundai Capital Services, Inc.,
6.0%, 5/5/15 1,971,277
2,575,000 A+/Aa3 JPMorgan Chase & Co., 6.0%, 1/15/18 2,843,405
5,750,000 BBB+/Baa1 JPMorgan Chase & Co., 7.9%, 4/29/49 5,926,698
1,400,000 BB+/NR Lodestone Re, Ltd.,
0.0%, 5/17/13 (144A) 1,331,540
1,100,000 A-/A3 Nationsbank Corp., 7.75%, 8/15/15 1,236,578
887,640 A-/Baa1 PF Export Receivable Master Trust,
6.436%, 6/1/15 (144A) 934,241
1,051,451 BBB/Baa2 Power Receivables Finance LLC,
6.29%, 1/1/12 (144A) 1,072,207
1,250,000 0.00 BB/NR Residential Reinsurance 2010, Floating
Rate Note, 6/6/13 (144A) 1,211,500
--------------
$ 22,053,364
- -----------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 2.0%
2,000,000 A/A1 Goldman Sachs, 5.5%, 11/15/14 $ 2,117,444
11,040,000 5.79 BBB/Baa2 Goldman Sachs Capital, Floating Rate
Note, 12/29/49 8,335,200
3,125,000 BBB/Baa2 Jefferies Group, Inc., 6.875%, 4/15/21 3,133,106
2,730,000 A-/A2 Macquarie Group, Ltd., 6.0%, 1/14/20 2,766,882
3,325,000 A/A2 Merrill Lynch & Co., 5.45%, 2/5/13 3,488,051
3,125,000 A/A2 Morgan Stanley, 5.5%, 1/26/20 3,023,125
2,765,000 A/A2 Morgan Stanley Dean Witter,
6.625%, 4/1/18 2,898,091
--------------
$ 25,761,899
- -----------------------------------------------------------------------------------------------------
Specialized Finance -- 0.6%
4,680,000 BBB/Baa3 Cantor Fitzgerald LP, 7.875%, 10/15/19 $ 4,842,419
2,000,000 A+/A1 National Rural Utilities Corp.,
5.45%, 2/1/18 2,219,004
--------------
$ 7,061,423
--------------
Total Diversified Financials $ 91,064,471
- -----------------------------------------------------------------------------------------------------
INSURANCE -- 3.7%
Insurance Brokers -- 0.1%
1,560,000 BB+/B1 Leucadia National,
7.125%, 3/15/17 (144A) $ 1,505,400
- -----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Bond Fund | Annual Report | 6/30/10
- ---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------------------
Life & Health Insurance -- 1.6%
850,000 BBB/Baa3 Delphi Financial Group, Inc.,
7.875%, 1/31/20 $ 929,061
3,380,000 BBB/Ba1 Lincoln National Corp., 6.05%, 4/20/67 2,535,000
1,690,000 A-/Baa2 Lincoln National Corp., 8.75%, 7/1/19 2,071,244
4,200,000 BBB/Baa2 MetLife, Inc., 10.75%, 8/1/39 4,991,826
4,250,000 A-/Baa2 Protective Life Corp., 7.375%, 10/15/19 4,614,438
2,800,000 A/Baa2 Prudential Financial, Inc., 5.15%, 1/15/13 2,963,327
2,140,000 BBB+/Baa3 Prudential Financial, Inc., 8.875%, 6/15/38 2,257,700
--------------
$ 20,362,596
- ---------------------------------------------------------------------------------------------------------
Multi-Line Insurance -- 0.8%
4,620,000 BB/Baa3 Liberty Mutual Group,
7.0%, 3/15/37 (144A) $ 3,626,515
3,035,000 BBB-/Baa2 Liberty Mutual Group,
7.3%, 6/15/14 (144A) 3,299,710
650,000 10.75 BB/Baa3 Liberty Mutual Group, Floating Rate Note,
6/15/58 (144A) 702,000
2,650,000 A/A3 Loew Corp., 5.25%, 3/15/16 2,875,793
--------------
$ 10,504,018
- ---------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.7%
5,000,000 BBB-/Baa3 Hanover Insurance Group,
7.625%, 10/15/25 $ 5,145,910
700,000 BBB-/Baa3 The Hanover Insurance Group, Inc.,
7.5%, 3/1/20 756,141
2,000,000 A-/A2 The Travelers Co., Inc., 6.25%, 6/15/37 2,212,428
--------------
$ 8,114,479
- ---------------------------------------------------------------------------------------------------------
Reinsurance -- 0.5%
600,000 0.00 BB+/A2 Foundation Re III, Ltd., Floating Rate Note,
2/3/14 $ 574,080
5,048,000 BBB+/BBB+ Platinum Underwriters HD, 7.5%, 6/1/17 5,409,704
--------------
$ 5,983,784
--------------
Total Insurance $ 46,470,277
- ---------------------------------------------------------------------------------------------------------
REAL ESTATE -- 3.1%
Diversified Real Estate Activities -- 0.4%
4,125,000 A-/A2 WEA Finance LLC, 7.125%, 4/15/18 $ 4,654,357
- ---------------------------------------------------------------------------------------------------------
Diversified Real Estate Investment Trusts -- 0.7%
5,125,000 BBB+/Baa1 Dexus Finance Pty, Ltd.,
7.125%, 10/15/14 $ 5,581,120
1,765,000 BBB/Baa2 Digital Realty Trust LP,
4.5%, 7/15/15 (144A) 1,765,212
725,000 BBB/Baa2 Digital Realty Trust LP,
5.875%, 2/1/20 (144A) 739,679
--------------
$ 8,086,011
- ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/10 35
Schedule of Investments | 6/30/10 (continued)
- -------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- -------------------------------------------------------------------------------------------------------
Office Real Estate Investment Trusts -- 0.2%
692,000 BBB/Baa2 Mack-Cali Realty LP, 5.125%, 1/15/15 $ 707,067
1,607,000 BBB/Baa2 Mack-Cali Realty LP, 5.125%, 2/15/14 1,679,543
------------
$ 2,386,610
- -------------------------------------------------------------------------------------------------------
Real Estate Operating Companies -- 0.0%
180,000 B-/B3 Forest City Enterprises, 7.625%, 6/1/15 $ 165,600
- -------------------------------------------------------------------------------------------------------
Retail Real Estate Investment Trusts -- 0.2%
2,905,000 BB/Baa3 Developers Diversified Realty,
7.5%, 4/1/17 $ 2,850,923
- -------------------------------------------------------------------------------------------------------
Specialized Real Estate Investment Trusts -- 1.6%
4,125,000 BBB-/Baa2 Health Care Real Estate Investment Trusts,
Inc., 6.2%, 6/1/16 $ 4,480,592
860,000 BBB-/Baa2 Health Care, Inc., 6.0%, 11/15/13 934,658
2,425,000 BBB-/Baa3 Healthcare Realty Trust, Inc.,
6.5%, 1/17/17 2,535,764
5,325,000 BBB/Baa2 Hospitality Properties Trust,
7.875%, 8/15/14 5,870,722
4,285,000 BBB-/Ba1 Senior Housing Properties Trust,
6.75%, 4/15/20 4,231,438
540,000 BBB-/Baa3 Ventas Realty LP Capital Corp.,
6.75%, 4/1/17 546,524
1,910,000 BBB-/Baa3 Ventas Realty LP/V, 6.5%, 6/1/16 1,944,890
------------
$ 20,544,588
------------
Total Real Estate $ 38,688,089
- -------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.7%
Data Processing & Outsourced Services -- 0.2%
3,095,000 B-/Caa1 First Data Corp., 9.875%, 9/24/15 $ 2,352,200
- -------------------------------------------------------------------------------------------------------
Internet Software & Services -- 0.3%
3,950,000 NR/A2 GTP Towers Issuer LLC,
4.436%, 2/15/15 (144A) $ 3,989,479
- -------------------------------------------------------------------------------------------------------
Systems Software -- 0.2%
1,800,000 A/A2 Oracle Corp., 5.75%, 4/15/18 $ 2,083,813
------------
Total Software & Services $ 8,425,492
- -------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.7%
Communications Equipment -- 0.1%
497,000 BBB-/Ba2 Brocade Communications,
6.625%, 1/15/18 $ 493,273
497,000 BBB-/Ba2 Brocade Communications,
6.875%, 1/15/20 (144A) (b) 493,273
------------
$ 986,546
- -------------------------------------------------------------------------------------------------------
Computer Hardware -- 0.2%
1,700,000 A/A2 Hewlett-Packard Co., 4.5%, 3/1/13 $ 1,834,985
- -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Bond Fund | Annual Report | 6/30/10
- --------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- --------------------------------------------------------------------------------------------------------
Electronic Equipment & Instruments -- 0.4%
5,070,000 BBB-/Baa3 Agilent Technologies, Inc., 6.5%, 11/1/17 $ 5,599,582
--------------
Total Technology Hardware & Equipment $ 8,421,113
- --------------------------------------------------------------------------------------------------------
SEMICONDUCTORS -- 0.2%
Semiconductor Equipment -- 0.2%
3,140,000 BBB/Baa1 Klac Instruments Corp., 6.9%, 5/1/18 $ 3,512,702
--------------
Total Semiconductors $ 3,512,702
- --------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.5%
Integrated Telecommunication Services -- 0.5%
1,200,000 A/A2 AT&T, Inc., 5.6%, 5/15/18 $ 1,334,896
2,530,000 B-/B2 Cincinnati Bell, Inc., 8.25%, 10/15/17 2,365,550
1,990,000 BBB-/Baa3 Embarq Corp., 7.082%, 6/1/16 2,121,457
--------------
$ 5,821,903
--------------
Total Telecommunication Services $ 5,821,903
- --------------------------------------------------------------------------------------------------------
UTILITIES -- 3.4%
Electric Utilities -- 2.1%
1,275,000 BBB+/Baa1 CenterPoint Energy Houston Electric LLC,
7.0%, 3/1/14 $ 1,480,344
980,000 A-/Baa1 Commonwealth Edison, 6.15%, 9/15/17 1,124,799
774,410 BBB-/Baa3 Crocket Cogeneration,
5.869%, 3/30/25 (144A) 785,112
3,365,000 A-/A2 Enel Finance International SA,
5.125%, 10/7/19 (144A) 3,379,991
454,000 BBB+/A3 Entergy Gulf States, 5.7%, 6/1/15 454,676
1,330,308 BBB-/Baa3 FPL Energy America Wind LLC,
6.639%, 6/20/23 (144A) 1,414,689
457,800 B+/Ba2 FPL Energy Wind Funding,
6.876%, 6/27/17 (144A) 452,078
1,925,000 BBB/Baa2 Israel Electric Corp., Ltd.,
7.25%, 1/15/19 (144A) 2,127,918
610,000 BBB/Baa2 Israel Electric Corp., Ltd.,
9.375%, 1/28/20 (144A) 767,112
910,000 BBB/Baa3 Nevada Power Co., 6.5%, 8/1/18 1,041,714
5,055,000 BBB+/Baa2 New York State Gas and Electric,
6.15%, 12/15/17 (144A) 5,267,957
1,081,700 NR/WR Orcal Geothermal,
6.21%, 12/30/20 (144A) 1,031,499
2,690,000 BB+/Baa3 Public Service of New Mexico,
7.95%, 5/15/18 2,833,307
3,550,000 BBB+/A3 West Penn Power Co., 5.95%, 12/15/17 3,825,139
--------------
$ 25,986,335
- --------------------------------------------------------------------------------------------------------
Gas Utilities -- 0.2%
2,450,000 A/Aa3 Nakilat, Inc., 6.267%, 12/31/33 (144A) $ 2,377,186
- --------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/10 37
Schedule of Investments | 6/30/10 (continued)
- -------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- -------------------------------------------------------------------------------------------------------------------
Independent Power Producer & Energy Traders -- 1.0%
5,553,290 NR/Ba1 Coso Geothermal Power Holdings,
7.0%, 7/15/26 (144A) $ 5,327,327
2,675,000 BB-/Ba3 Intergen NV, 9.0%, 6/30/17 (b) 2,661,625
2,105,000 BBB-/Baa3 Kiowa Power Partners LLC,
5.737%, 3/20/21 (144A) 2,133,754
2,597,126 BBB-/Baa3 Panoche Energy Center LLC,
6.88%, 7/31/29 (144A) 2,762,589
--------------
$ 12,885,295
- -------------------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.1%
1,365,000 BB/Ba2 NSG Holdings, Inc., 7.75%, 12/15/25 $ 1,201,200
417,490 NR/NR Ormat Funding Corp., 8.25%, 12/30/20 396,616
--------------
$ 1,597,816
--------------
Total Utilities $ 42,846,632
- -------------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $455,671,403) $ 494,564,873
- -------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 23.5%
4,386,654 AAA/Aaa Federal Home Loan Mortgage Corp.,
4.5%, 3/1/20 - 10/1/20 $ 4,669,516
11,142,724 AAA/Aaa Federal Home Loan Mortgage Corp.,
5.0%, 10/1/20 - 6/1/35 11,907,026
6,512,307 AAA/Aaa Federal Home Loan Mortgage Corp.,
5.5%, 12/1/18 - 11/1/35 7,026,984
14,684,320 AAA/Aaa Federal Home Loan Mortgage Corp.,
6.0%, 5/1/17 - 12/1/36 16,076,234
1,082,903 AAA/Aaa Federal Home Loan Mortgage Corp.,
6.5%, 3/1/13 - 4/1/34 1,199,794
770,028 AAA/Aaa Federal Home Loan Mortgage Corp.,
7.0%, 8/1/22 - 11/1/30 834,071
4,213 AAA/Aaa Federal Home Loan Mortgage Corp.,
8.0%, 8/1/31 4,689
216,215 AAA/Aaa Federal National Mortgage Association,
4.0%, 7/1/18 228,644
7,545,151 AAA/Aaa Federal National Mortgage Association,
4.5%, 11/1/20 - 10/1/35 7,946,667
32,392,320 AAA/Aaa Federal National Mortgage Association,
5.0%, 12/1/17 - 7/1/39 34,395,073
17,823,384 AAA/Aaa Federal National Mortgage Association,
5.5%, 9/1/17 - 6/1/36 19,211,769
17,271,934 AAA/Aaa Federal National Mortgage Association,
6.0%, 6/1/16 - 7/1/38 18,923,637
1,566,389 AAA/Aaa Federal National Mortgage Association,
6.5%, 7/1/29 - 7/1/34 1,748,597
681,598 AAA/Aaa Federal National Mortgage Association,
7.0%, 3/1/12 - 1/1/32 755,886
The accompanying notes are an integral part of these financial statements.
38 Pioneer Bond Fund | Annual Report | 6/30/10
- -------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- -------------------------------------------------------------------------------------------------------------------
U.S. Government Agency Obligations -- (continued)
4,235 AAA/Aaa Federal National Mortgage Association,
7.5%, 8/1/20 - 4/1/30 $ 4,780
36,127 AAA/Aaa Federal National Mortgage Association,
8.0%, 4/1/20 - 5/1/31 41,816
8,769,422 AAA/Aaa Government National Mortgage
Association, 4.5%, 7/15/33 - 4/15/38 9,193,599
2,598,302 AAA/Aaa Government National Mortgage
Association, 5.0%, 10/15/18 - 4/15/35 2,791,059
17,597,352 AAA/Aaa Government National Mortgage
Association, 5.5%, 10/15/17 - 2/15/37 19,136,804
17,063,565 AAA/Aaa Government National Mortgage
Association, 6.0%, 4/15/13 - 10/15/36 18,761,461
7,901,387 AAA/Aaa Government National Mortgage
Association, 6.5%, 8/15/11 - 7/15/35 8,818,671
1,161,081 AAA/Aaa Government National Mortgage
Association, 7.0%, 9/15/11 - 5/15/32 1,317,063
148,884 AAA/Aaa Government National Mortgage
Association, 7.5%, 8/15/11 - 12/15/31 169,831
9,774 AAA/Aaa Government National Mortgage
Association, 7.75%, 2/15/30 11,267
267,607 AAA/Aaa Government National Mortgage
Association I, 6.0%, 2/15/29 296,149
77,560 AAA/Aaa Government National Mortgage
Association I, 7.0%, 12/15/30 - 3/15/31 88,092
12,550 AAA/Aaa Government National Mortgage
Association I, 7.5%, 10/15/29 14,292
1,869,624 AAA/Aaa Government National Mortgage
Association II, 4.5%,
12/20/34 - 1/20/35 1,963,768
1,667,434 AAA/Aaa Government National Mortgage
Association II, 5.5%,
10/20/19 - 11/20/34 1,810,455
92,257 AAA/Aaa Government National Mortgage
Association II, 6.5%, 2/20/29 - 4/20/29 104,548
408,190 AAA/Aaa Government National Mortgage
Association II, 7.0%, 11/20/28 - 12/20/30 456,864
22,500,000 AAA/Aaa U.S. Treasury Bonds, 2.75%, 2/15/19 22,415,625
1,980,000 AAA/Aaa U.S. Treasury Bonds, 4.5%, 11/15/10 2,011,478
5,100,000 AAA/Aaa U.S. Treasury Bonds, 5.25%, 11/15/28 6,138,329
4,750,000 AAA/Aaa U.S. Treasury Bonds, 6.25%, 8/15/23 6,157,188
3,980,000 AAA/Aaa U.S. Treasury Notes, 1.25%, 11/30/10 3,997,102
6,380,000 AAA/Aaa U.S. Treasury Notes, 3.125%, 5/15/19 6,513,080
2,500,000 AAA/Aaa U.S. Treasury Notes, 3.625%, 8/15/19 2,643,555
7,620,000 AAA/Aaa U.S. Treasury Notes, 4.25%, 5/15/39 8,056,961
1,365,000 NR/Aaa U.S. Treasury Notes, 4.375%, 11/15/39 1,473,560
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/10 39
Schedule of Investments | 6/30/10 (continued)
- -------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- -------------------------------------------------------------------------------------------------------------------
U.S. Government Agency Obligations -- (continued)
5,450,000 AAA/Aaa U.S. Treasury Notes, 4.375%, 2/15/38 $ 5,892,813
7,340,000 AAA/Aaa U.S. Treasury Notes, 4.5%, 2/15/36 8,108,410
8,435,000 AAA/Aaa U.S. Treasury Notes, 4.5%, 5/15/38 9,303,544
9,068,000 AAA/Aaa U.S. Treasury Notes, 4.5%, 8/15/39 9,987,550
11,000,000 NR/Aaa U.S. Treasury Notes, 4.625%, 2/15/40 12,364,682
840,000 AAA/Aaa U.S. Treasury Notes, 5.5%, 8/15/28 1,038,450
450,000 AAA/Aaa U.S. Treasury Notes, 7.875%, 2/15/21 644,133
--------------
$ 296,655,566
- -------------------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $277,817,134) $ 296,655,566
- -------------------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 0.1%
BANKS -- 0.1%
Diversified Banks -- 0.1%
625,000 A/A1 Bank of Korea Export-Import,
5.875%, 1/14/15 $ 677,199
- -------------------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $621,956) $ 677,199
- -------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 1.0%
Municipal General -- 0.3%
2,095,000 A+/A1 State of Illinois, 1.395%, 2/1/11 $ 2,091,878
1,470,000 A+/A1 State of Illinois, 3.321%, 1/1/13 1,464,443
--------------
$ 3,556,321
- -------------------------------------------------------------------------------------------------------------------
Municipal Higher Education -- 0.7%
4,380,000 AAA/Aa2 California State University Revenue,
5.0%, 11/1/39 $ 4,407,375
4,600,000 AAA/Aaa Connecticut State Health & Education,
5.0%, 7/1/42 4,808,380
--------------
$ 9,215,755
- -------------------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $12,405,077) $ 12,772,076
- -------------------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN INTERESTS -- 7.7%**
ENERGY -- 0.2%
Oil & Gas Equipment & Services -- 0.1%
1,527,546 8.50 B+/NR Hudson Products Holdings, Inc., Term
Loan, 8/24/15 $ 1,382,429
- -------------------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.1%
1,750,000 0.00 NR/Ba2 Pilot Travel Centers, Initial Tranche B Term
Loan, 11/24/15 $ 1,748,119
--------------
Total Energy $ 3,130,548
- -------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
40 Pioneer Bond Fund | Annual Report | 6/30/10
- ------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ------------------------------------------------------------------------------------------------------
MATERIALS -- 0.7%
Aluminum -- 0.1%
631,275 2.54 BB-/Ba3 Novelis Corp., U.S. Term Loan, 7/6/14 $ 598,002
214,379 2.35 BB-/Ba3 Novelis, Inc., Canadian Term Loan,
7/6/14 203,079
--------------
$ 801,081
- ------------------------------------------------------------------------------------------------------
Commodity Chemicals -- 0.0%
573,522 2.04 BB+/Ba2 Celanese Holdings LLC, Term Loan, 4/2/14 $ 544,846
- ------------------------------------------------------------------------------------------------------
Diversified Chemical -- 0.2%
358,847 2.11 BB-/Ba2 Huntsman Corp., New Term B Dollar Loan,
4/21/14 $ 333,600
960,000 7.50 NR/NR Ineos U.S. Finance Corp., Senior Credit
Facility Term B2 Loan, 12/16/13 907,500
960,000 8.00 NR/NR Ineos U.S. Finance Corp., Senior Credit
Facility Term C2 Loan, 12/16/14 907,500
--------------
$ 2,148,600
- ------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.2%
502,857 5.50 B+/Ba3 BWAY Holding Co., Term B Loan, 3/28/17 $ 503,383
194,793 2.68 B+/B2 Graham Packaging Co., Term B Loan,
10/7/11 193,210
1,840,750 6.75 B+/B2 Graham Packaging Co., Term C Loan,
4/5/14 1,850,818
47,143 5.50 B+/Ba3 ICL Industrial Containers, Term C Loan,
3/28/17 47,192
--------------
$ 2,594,603
- ------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.2%
2,631,148 3.04 BB/Ba2 Graphic Packaging International, Inc.,
Incremental Term Loan, 5/16/14 $ 2,544,225
- ------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.0%
385,000 6.00 NR/NR Chemtura Corp., Term Facility Loan,
3/22/11 $ 386,444
--------------
Total Materials $ 9,019,799
- ------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.8%
Aerospace & Defense -- 0.6%
987,521 4.09 NR/NR DAE Aviation Holdings, Tranche B1 Term
Loan, 7/31/14 $ 893,706
2,900,000 0.00 BB/Ba1 DynCorp International LLC, Term B Loan,
6/30/16 2,885,500
958,706 4.09 NR/NR Standard Aero, Ltd., Tranche B2 Term
Loan, 7/31/14 867,629
587,508 5.50 NR/Ba2 Tasc, Inc., Tranche A Term Loan,
12/18/14 588,242
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/10 41
Schedule of Investments | 6/30/10 (continued)
- -------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- -------------------------------------------------------------------------------------------------------------------
Aerospace & Defense -- (continued)
242,531 5.75 NR/Ba2 Tasc, Inc., Tranche B Term Loan,
12/18/15 $ 243,138
2,000,000 3.50 NR/NR Triumph Group, Inc., Term Loan, 3/23/16 2,002,501
--------------
$ 7,480,716
- -------------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 0.2%
912,849 9.75 D/Caa1 Accuride Corp., U.S. Advance Term Loan,
6/30/13 $ 913,419
897,788 4.50 BB/Ba2 Bucyrus International, Inc., Tranche C U.S.
Dollar Term Loan, 12/21/15 897,414
764,654 6.54 BB-/Ba3 Oshkosh Corp., Term B Loan, 12/6/13 766,392
--------------
$ 2,577,225
--------------
Total Capital Goods $ 10,057,941
- -------------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.3%
Diversified Support Services -- 0.1%
530,391 2.06 BB+/Ba1 Iron Mountain, Inc., Initial Term Loan,
4/16/14 $ 525,087
- -------------------------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 0.2%
298,500 6.00 NR/Ba3 Advanced Disposal Services, Inc., Term B
Loan, 12/23/14 $ 298,127
2,924,623 2.35 D/B2 Synagro Technologies, Inc., 1st Lien Term
Loan, 4/2/14 2,529,799
--------------
$ 2,827,926
--------------
Total Commercial Services & Supplies $ 3,353,013
- -------------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.2%
Air Freight & Couriers -- 0.1%
462,700 3.29 B-/B1 Ceva Group Plc, Additional Pre-Funded
Term Loan, 11/4/13 $ 403,705
1,191,369 3.35 NR/B1 Ceva Group Plc, U.S. Dollar Term Loan,
11/4/13 1,040,959
--------------
$ 1,444,664
- -------------------------------------------------------------------------------------------------------------------
Marine -- 0.1%
721,875 3.79 NR/NR Horizon Lines, Inc., Term Loan, 8/8/12 $ 656,004
--------------
Total Transportation $ 2,100,668
- -------------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.6%
Auto Parts & Equipment -- 0.2%
1,089,982 3.10 BB-/B2 Allison Transmission, Term Loan, 8/7/14 $ 995,631
1,080,405 2.29 NR/NR Federal Mogul Corp., Tranche B Term Loan,
12/29/14 944,004
551,227 2.29 NR/NR Federal Mogul Corp., Tranche C Term Loan,
12/28/15 481,635
--------------
$ 2,421,270
- -------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
42 Pioneer Bond Fund | Annual Report | 6/30/10
- ---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.1%
1,742,880 3.33 CCC/Ba3 Ford Motor Co., Tranche B1 Term Loan,
12/15/13 $ 1,650,471
- ---------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.3%
4,190,000 2.24 BB/Ba1 Goodyear Tire & Rubber Co., 2nd Lien
Term Loan, 4/30/14 $ 3,872,260
--------------
Total Automobiles & Components $ 7,944,001
- ---------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.1%
Housewares & Specialties -- 0.1%
651,827 3.03 BB+/Ba1 Jarden Corp., Term B3 Loan, 1/24/12 $ 642,186
--------------
Total Consumer Durables & Apparel $ 642,186
- ---------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.2%
Casinos & Gaming -- 0.2%
393,153 2.80 NR/NR Gateway Casinos & Entertainment,
Delayed Draw Term Advance Loan,
9/30/14 $ 372,840
1,941,067 2.80 NR/NR Gateway Casinos & Entertainment, Term
Advance Loan, 9/30/14 1,840,778
--------------
$ 2,213,618
- ---------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.0%
333,304 7.00 NR/NR Web Service Center, Term Loan, 8/28/14 $ 330,387
--------------
Total Consumer Services $ 2,544,005
- ---------------------------------------------------------------------------------------------------------
MEDIA -- 0.6%
Broadcasting -- 0.2%
3,279,181 2.54 B-/Baa2 Univision Communication, Inc., Initial Term
Loan, 9/29/14 $ 2,760,433
- ---------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.2%
421,409 2.35 NR/NR Charter Communications, Inc., Term B1
Loan, 3/5/14 $ 391,617
924,297 2.60 B/B1 Knology, Inc., Term Loan, 6/30/12 911,588
621,651 2.84 CCC/B2 WideOpenWest LLC, 1st Lien Term Loan,
6/30/14 569,277
--------------
$ 1,872,482
- ---------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.2%
1,433,083 5.25 NR/NR Christie/AIX, Inc., Term Loan, 3/31/16 $ 1,424,126
1,695,750 4.50 B+/NR Live Nation Entertainment, Term B Loan,
10/20/16 1,684,445
--------------
$ 3,108,571
--------------
Total Media $ 7,741,486
- ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/10 43
Schedule of Investments | 6/30/10 (continued)
- -------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- -------------------------------------------------------------------------------------------------------
RETAILING -- 0.1%
Automotive Retail -- 0.1%
1,250,000 0.00 NR/NR Autotrader.com, Inc., Tranche B Term
Loan, 5/30/16 $ 1,252,344
--------------
Total Retailing $ 1,252,344
- -------------------------------------------------------------------------------------------------------
FOOD & DRUG RETAILING -- 0.0%
Food Retail -- 0.0%
354,076 2.85 BB-/Ba3 Pinnacle Foods, Inc., Term Loan, 4/19/14 $ 332,641
--------------
Total Food & Drug Retailing $ 332,641
- -------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.2%
Health Care Facilities -- 0.7%
1,655,850 6.50 B+/B1 Ardent Health Services LLC, Term Loan,
7/19/15 $ 1,612,901
111,403 2.79 BB-/Ba3 CHS/Community Health Systems, Inc.,
Delayed Draw Term Loan, 7/25/14 104,176
2,171,359 2.79 BB-/Ba3 CHS/Community Health Systems, Inc.,
Funded Term Loan, 7/25/14 2,030,492
572,021 2.35 B+/Ba2 Hanger Orthopedic Group, Inc., Tranche B
Term Loan, 5/26/13 555,575
747,900 2.78 BB+/Ba2 HCA, Inc., Tranche B1 Term Loan,
11/18/13 706,978
1,793,613 3.78 BB+/Ba2 HCA, Inc., Tranche B2 Term Loan,
3/17/17 1,717,805
529,292 2.20 B+/Ba2 Psychiatric Solutions, Inc., Term Loan,
7/2/12 524,329
170,690 2.29 B+/Ba2 Sun Health Care Group, Inc., Synthetic
Term Loan, 4/19/14 165,334
1,182,337 2.45 B+/Ba2 Sun Health Care Group, Inc., Term Loan,
4/19/14 1,145,241
--------------
$ 8,562,831
- -------------------------------------------------------------------------------------------------------
Health Care Services -- 0.2%
2,786,624 2.60 NR/NR Catalent Pharma Solutions, Inc., Dollar
Term Loan, 4/10/14 $ 2,513,187
- -------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.3%
544,670 3.60 BB-/B1 Bausch & Lomb, Inc., Delayed Draw Term
Loan, 4/24/15 $ 514,107
2,248,835 3.65 BB-/B1 Bausch & Lomb, Inc., Parent Term Loan,
4/24/15 2,122,645
1,507,477 3.51 BB/Ba2 Biomet, Inc., Dollar Term Loan, 3/25/15 1,452,171
--------------
$ 4,088,923
- -------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.0%
470,364 5.25 NR/NR IMS Health, Inc., Tranche B Dollar Term
Loan, 11/9/16 $ 467,963
--------------
Total Health Care Equipment & Services $ 15,632,904
- -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
44 Pioneer Bond Fund | Annual Report | 6/30/10
- ------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ------------------------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 0.2%
Biotechnology -- 0.2%
702,034 5.50 NR/B1 Warner Chilcott Corp., Term A Loan,
10/30/14 $ 701,683
330,790 5.75 NR/B1 Warner Chilcott Corp., Term B1 Loan,
4/30/15 330,414
550,825 5.75 NR/B1 Warner Chilcott Corp., Term B2 Loan,
4/30/15 550,199
910,425 5.75 NR/B1 Warner Chilcott Corp., Term B3 Loan,
4/30/15 910,197
--------------
$ 2,492,493
--------------
Total Pharmaceuticals & Biotechnology $ 2,492,493
- ------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.5%
Diversified Financial Services -- 0.1%
496,231 3.35 B-/B1 Ceva Group Plc, EGL Term Loan, 11/4/13 $ 433,582
700,875 3.60 NR/Ba1 Metavante Corp., Term Loan, 11/3/14 696,787
--------------
$ 1,130,369
- ------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.4%
4,121,006 3.79 NR/NR Charter Communications Operations, Term
C Loan, 9/8/16 $ 3,847,251
985,000 4.75 BBB-/Ba2 MSCI, Inc., Term Loan, 6/1/16 985,821
--------------
$ 4,833,072
--------------
Total Diversified Financials $ 5,963,441
- ------------------------------------------------------------------------------------------------------
INSURANCE -- 0.1%
Insurance Brokers -- 0.1%
330,480 3.03 B/NR HUB International Holdings, Delayed Draw
Term Loan, 6/13/14 $ 295,780
1,470,243 3.03 B/NR HUB International Holdings, Initial Term
Loan, 6/13/14 1,315,868
--------------
$ 1,611,648
--------------
Total Insurance $ 1,611,648
- ------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.3%
Application Software -- 0.0%
388,000 2.35 B/Ba3 Nuance Communications, Inc.,
Incremental Term Loan, 3/29/13 $ 369,328
- ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/10 45
Schedule of Investments | 6/30/10 (continued)
- ---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.3%
87,834 2.79 BB/B1 Keane International, Inc., Synthetic Term
Loan, 6/4/13 $ 80,588
1,125,798 2.79 BB/B1 Keane International, Inc., Closing Date
Term Loan, 6/4/13 1,032,920
2,388,131 2.10 BB/Ba3 Sungard Data Systems, Inc., Tranche A
U.S. Term Loan, 2/28/14 2,253,799
--------------
$ 3,367,307
- ---------------------------------------------------------------------------------------------------------
Systems Software -- 0.0%
381,319 5.25 BB-/Ba3 Dealer Computer Service, Term Loan,
4/1/17 $ 378,062
--------------
Total Software & Services $ 4,114,697
- ---------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.3%
Electronic Components -- 0.3%
505,034 2.55 NR/Ba1 Flextronics Semiconductor, A1A Delayed
Draw Term Loan, 10/1/14 $ 469,261
321,429 2.60 NR/Ba1 Flextronics Semiconductor, A2 Delayed
Draw Term Loan, 10/1/14 298,929
375,000 2.60 NR/Ba1 Flextronics Semiconductor, A3 Delayed
Draw Term Loan, 10/1/14 348,750
2,732,504 2.54 NR/Ba1 Flextronics Semiconductor, Closing Date
Loan, 10/1/14 2,538,953
--------------
$ 3,655,893
--------------
Total Technology Hardware & Equipment $ 3,655,893
- ---------------------------------------------------------------------------------------------------------
SEMICONDUCTORS -- 0.4%
Semiconductor Equipment -- 0.3%
3,985,704 3.69 B+/Ba3 Aeroflex, Inc., Tranche B1 Term Loan,
8/15/14 $ 3,736,597
- ---------------------------------------------------------------------------------------------------------
Semiconductors -- 0.1%
1,535,000 4.75 BB/Ba2 Intersil Corp., Term Loan, 4/27/16 $ 1,533,841
--------------
Total Semiconductors $ 5,270,438
- ---------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.4%
Integrated Telecommunication Services -- 0.3%
428,925 6.50 BB/Ba3 Cincinnati Bell, Inc., Tranche B Term Loan,
5/12/17 $ 417,398
2,976,268 3.35 NR/NR Telesat Canada, Inc., U.S. Term I Loan,
10/31/14 2,847,296
255,650 3.35 NR/NR Telesat Canada, Inc., U.S. Term II Loan,
10/31/14 244,572
--------------
$ 3,509,266
- ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
46 Pioneer Bond Fund | Annual Report | 6/30/10
- ------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ------------------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.1%
1,180,000 3.29 B+/B3 Intelsat Jackson Holdings, Ltd., Term Loan,
2/1/14 $ 1,089,730
--------------
Total Telecommunication Services $ 4,598,996
- ------------------------------------------------------------------------------------------------------------------
UTILITIES -- 0.5%
Electric Utilities -- 0.2%
397,000 3.85 BBB-/Ba1 Texas Competitive Electric Holdings,
Delayed Draw Term Loan, 10/10/14 $ 291,866
3,831,766 3.98 BBB-/Ba1 Texas Competitive Electric Holdings, Initial
Tranche B2 Term Loan, 10/10/14 2,842,692
--------------
$ 3,134,558
- ------------------------------------------------------------------------------------------------------------------
Independent Power Producer & Energy Traders -- 0.3%
3,461,508 3.42 B+/B1 Calpine Corp., 1st Priority Term Loan,
3/29/14 $ 3,175,453
--------------
Total Utilities $ 6,310,011
- ------------------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN
INTERESTS
(Cost $99,468,771) $ 97,769,153
- ------------------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 5.2%
Repurchase Agreement -- 4.6%
19,430,000 BNP Paribas SA, 0.03%, dated 6/30/10,
repurchase price of $19,430,000 plus
accrued interest on 7/1/10 collateralized
by the following:
$14,359,755 Freddie Mac Giant,
5.5%, 1/1/36
$5,458,845 Federal National Mortgage
Association, 6.0%, 12/1/37 $ 19,430,000
19,430,000 JPMorgan, Inc., 0.03%, dated 6/30/10,
repurchase price of $19,430,000 plus
accrued interest on 7/1/10 collateralized
by $19,818,964 Federal National
Mortgage Association, 5.5 - 7.5%,
2/1/29 - 6/1/38 19,430,000
19,430,000 Societe Generale SA, 0.03%, dated
6/30/10, repurchase price of
$19,430,000 plus accrued interest on
7/1/10 collateralized by the following:
$14,841,021 Federal National
Mortgage Association, 4.5 - 5.0%,
1/1/25 - 12/1/36
$4,977,579 Federal National Mortgage
Association (ARM), 4.82%, 7/1/35 19,430,000
--------------
$ 58,290,000
- ------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/10 47
Schedule of Investments | 6/30/10 (continued)
- ---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------------------
SECURITIES LENDING COLLATERAL -- 0.6% (c)
Certificates of Deposit:
212,756 Bank of Nova Scotia, 0.47%, 9/7/10 $ 212,756
212,756 Barclays, 0.30%, 7/23/10 212,756
234,031 CBA Financial, 0.56%, 1/3/11 234,031
212,756 Deutschebank, 0.30%, 7/19/10 212,756
127,653 DnB NOR Bank ASA NY, 0.49%, 8/26/10 127,653
212,756 Rabobank Nederland NY, 0.23%, 7/6/10 212,756
212,756 Royal Bank of Canada, 0.26%, 1/21/11 212,756
212,756 Svenska NY, 0.265%, 7/19/10 212,756
--------------
$ 1,638,220
- ---------------------------------------------------------------------------------------------------------
Commercial Paper:
127,653 American Honda Finance, 0.38%, 5/4/11 $ 127,653
85,102 American Honda Finance,
0.38%, 4/15/11 85,102
28,147 Caterpillar Financial Services,
0.47%, 8/20/10 28,147
212,795 Federal Home Loan Bank, 0.31%, 6/1/11 212,795
85,090 NABPP, 0.28%, 7/19/10 85,090
106,331 PARFIN, 0.39%, 8/11/10 106,331
212,747 SOCNAM, 0.28%, 7/6/10 212,747
170,089 CHARF, 0.46%, 8/23/10 170,089
127,555 CLIPPR, 0.45%, 9/1/10 127,555
88,552 FAIRPP, 0.50%, 8/16/10 88,552
106,292 FASCO, 0.46%, 9/2/10 106,292
97,782 FASCO, 0.45%, 9/9/10 97,782
148,923 SRCPP, 0.26%, 7/7/10 148,923
149,277 STRAIT, 0.43%, 8/23/10 149,277
102,640 TBLLC, 0.40%, 8/9/10 102,640
212,713 Varfun, 0.29%, 7/26/10 212,713
192,355 CME, Inc., 1.00%, 8/6/10 192,355
63,839 GE Capital Corp., 0.64%, 8/20/10 63,839
23,030 GE Capital Corp., 0.40%, 10/21/10 23,030
23,189 GE Capital Corp., 0.35%, 10/6/10 23,189
106,367 GE, 0.37%, 1/26/11 106,367
21,257 GE Capital Corp., 0.33%, 6/6/11 21,257
23,723 John Deere Capital Corp.,
0.32%, 7/16/10 23,723
179,916 JPMorgan Chase & Co., 0.57%, 9/24/10 179,916
241,205 Santander, 0.30%, 7/23/10 241,205
212,756 Toyota Motor Credit Corp.,
0.35%, 1/10/11 212,756
127,661 Wachovia, 0.64%, 3/22/11 127,661
The accompanying notes are an integral part of these financial statements.
48 Pioneer Bond Fund | Annual Report | 6/30/10
- ---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------------------
Commercial Paper -- (continued)
59,578 Wal-Mart Stores, Inc., 0.22%, 7/1/10 $ 59,578
85,088 WFC, 0.60%, 12/2/10 85,088
212,756 WESTPAC, 0.39%, 11/5/10 212,756
---------------
$ 3,634,408
- ---------------------------------------------------------------------------------------------------------
Tri-party Repurchase Agreements:
266,923 Barclays, 0.1%, 7/1/10 $ 266,923
531,889 Deutsche Bank, 0.3%, 7/1/10 531,889
638,267 RBS Securities, Inc., 0.5%, 7/1/10 638,267
---------------
$ 1,437,079
- ---------------------------------------------------------------------------------------------------------
Shares
- ---------------------------------------------------------------------------------------------------------
Money Market Mutual Funds
319,134 Blackrock Liquidity Temp Cash Fund $ 319,134
319,134 Dreyfus Preferred Money Market Fund 319,134
---------------
$ 638,268
---------------
Total Securities Lending Collateral $ 7,347,975
- ---------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $65,637,975) $ 65,637,975
- ---------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 102.5%
(Cost $1,247,788,510) (a) $1,294,704,229
- ---------------------------------------------------------------------------------------------------------
OTHER ASSETS AND
LIABILITIES -- (2.5)% $ (31,990,067)
- ---------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $1,262,714,162
=========================================================================================================
* Non-income producing security.
NR Not rated by either S&P or Moody's.
WR Withdrawn rating.
(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, 2010, the value of these securities amounted to $88,449,458 or 7.0%
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 certificate of deposit
or (iv) other base lending rates used by commercial lenders. The rate
shown is the coupon rate at period end.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/10 49
Schedule of Investments | 6/30/10 (continued)
(a) At June 30, 2010, the net unrealized gain on investments based on cost
for federal income tax purposes of $1,248,074,919 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $76,741,320
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (30,112,010)
-----------
Net unrealized gain $46,629,310
===========
(b) At June 30, 2010, the following securities were out on loan:
- ----------------------------------------------------------------------------------------------
Principal
Amount ($) Security Value
- ----------------------------------------------------------------------------------------------
1,100,000 BP Capital Markets Plc, 5.25%, 11/7/13 $1,011,230
850,000 Branch Banking & Trust Co., 4.875%, 1/15/13 902,785
400,000 Brocade Communications, 6.875%, 1/15/20 (144A) 397,000
1,000,000 Caterpillar, Inc., 7.9%, 12/15/18 1,285,300
1,719,000 GATX Financial Corp., 6.0%, 2/15/18 1,830,563
400,000 Intergen NV, 9.0%, 6/30/17 398,000
90,000 Petroplus Finance, 7.0%, 5/1/17 (144A) 73,350
1,262,000 Transocean Sedco, 1.625%, 12/15/37 1,222,499
- ----------------------------------------------------------------------------------------------
Total $7,120,727
==============================================================================================
(c) Securities lending collateral is managed by Credit Suisse AG, New York
Branch.
(d) Debt obligation with a variable interest rate. Rate shown is rate at end
of period.
(e) Security is in default and is non-income producing.
(f) Security is valued using fair value methods (other than prices supplied
by independent pricing services).
Purchases and sales of securities (excluding temporary cash investments) for
the year ended June 30, 2010 were as follows:
- --------------------------------------------------------------------------------
Purchases Sales
- --------------------------------------------------------------------------------
Long-Term U.S. Government $177,119,970 $270,125,305
Other Long-Term Securities $406,317,585 $188,503,578
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Highest priority is given to Level 1 inputs and lowest priority is given to
Level 3.
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.)
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments)
The accompanying notes are an integral part of these financial statements.
50 Pioneer Bond Fund | Annual Report | 6/30/10
The following is a summary of the inputs used as of June 30, 2010, in valuing
the Fund's assets:
- -----------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
- -----------------------------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $ 7,705,331 $ -- $ 7,705,331
Preferred Stocks
(Diversified Financials) 4,176,800 -- -- 4,176,800
Preferred Stocks (Insurance) 3,037,550 -- -- 3,037,550
Preferred Stocks (Banks) -- 2,932,750 -- 2,932,750
Preferred Stocks (Real Estate) -- 7,510,600 -- 7,510,600
Common Stock 1,261,110 -- -- 1,261,110
Asset Backed Securities -- 74,326,309 -- 74,326,309
Collateralized Mortgage Obligations -- 225,443,974 232,963 225,676,937
Corporate Bonds -- 494,564,873 -- 494,564,873
U.S. Government Agency Obligations -- 296,655,566 -- 296,655,566
Foreign Government Bonds -- 677,199 -- 677,199
Municipal Bonds -- 12,772,076 -- 12,772,076
Senior Floating Rate Loan Interests -- 97,769,153 -- 97,769,153
Rights/Warrants -- -- -- --
Temporary Cash Investments -- 64,999,707 -- 64,999,707
Money Market Mutual Funds 638,268 -- -- 638,268
- -----------------------------------------------------------------------------------------------------------
Total $9,113,728 $1,285,357,538 $232,963 $1,294,704,229
===========================================================================================================
Following is a reconciliation of assets using significant unobservable inputs
(Level 3):
- ----------------------------------------------------------------------------------------------------------
Collateralized
Asset Backed Mortgage
Securities Obligations
- ----------------------------------------------------------------------------------------------------------
Balance as of 6/30/09 $ 3,070,286 $132,478
Realized gain (loss)(1) 1,483 --
Change in unrealized appreciation (depreciation)(2) (833,563) 100,485
Net purchases (sales) (66,376) --
Transfers in and out of Level(3) (2,171,830) --
- ----------------------------------------------------------------------------------------------------------
Balance as of 6/30/10 $ -- $232,963
==========================================================================================================
(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 gain (loss) on investments in the Statement of
Operations.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/10 51
Statement of Assets and Liabilities | 6/30/10
ASSETS:
Investment in securities (including securities loaned of $7,120,727)
(cost $1,247,788,510) $1,294,704,229
Cash 8,063,047
Receivables --
Investment securities sold 16,116,678
Fund shares sold 10,532,515
Dividends and interest 11,213,233
Due from Pioneer Investment Management, Inc. 96,668
Other 25,185
- -----------------------------------------------------------------------------------------
Total assets $1,340,751,555
- -----------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 54,201,090
Fund shares repurchased 14,139,220
Dividends 2,042,692
Upon return of securities loaned 7,347,975
Due to affiliates 200,775
Accrued expenses 105,641
- -----------------------------------------------------------------------------------------
Total liabilities $ 78,037,393
- -----------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $1,247,557,895
Distributed in excess of net investment income (236,147)
Accumulated net realized loss on investments (31,523,305)
Net unrealized gain on investments 46,915,719
- -----------------------------------------------------------------------------------------
Total net assets $1,262,714,162
=========================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $420,706,210/44,554,593 shares) $ 9.44
Class B (based on $27,341,517/2,913,400 shares) $ 9.38
Class C (based on $81,891,734/8,767,461 shares) $ 9.34
Class R (based on $18,185,532/1,909,242 shares) $ 9.52
Class Y (based on $713,868,727/76,271,989 shares) $ 9.36
Class Z (based on $720,442/76,116 shares) $ 9.46
MAXIMUM OFFERING PRICE:
Class A ($9.44 [divided by] 95.5%) $ 9.88
=========================================================================================
The accompanying notes are an integral part of these financial statements.
52 Pioneer Bond Fund | Annual Report | 6/30/10
Statement of Operations
For the Year Ended 6/30/10
INVESTMENT INCOME:
Dividends $ 632,332
Interest 65,665,834
Income from securities loaned, net 76,066
- -----------------------------------------------------------------------------------------
Total investment income $ 66,374,232
- -----------------------------------------------------------------------------------------
EXPENSES:
Management fees $5,710,769
Transfer agent fees
Class A 374,697
Class B 97,538
Class C 67,657
Class R 4,101
Class Y 129,934
Class Z 249
Distribution fees
Class A 883,986
Class B 305,496
Class C 688,633
Class R 88,313
Shareholder communications expense 752,870
Administrative reimbursements 377,327
Custodian fees 45,073
Registration fees 153,649
Professional fees 118,180
Printing expense 95,922
Fees and expenses of nonaffiliated trustees 28,768
Miscellaneous 125,960
- -----------------------------------------------------------------------------------------
Total expenses $ 10,049,122
Less fees waived and expenses reimbursed by Pioneer
Investment Management, Inc. (811,656)
- -----------------------------------------------------------------------------------------
Net expenses $ 9,237,466
- -----------------------------------------------------------------------------------------
Net investment income $ 57,136,766
- -----------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments $ 5,747,467
- -----------------------------------------------------------------------------------------
Change in net unrealized gain on investments $ 93,558,179
- -----------------------------------------------------------------------------------------
Net gain on investments $ 99,305,646
- -----------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $156,442,412
=========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/10 53
Statements of Changes in Net Assets
For the Years Ended 6/30/10 and 6/30/09, respectively
- ----------------------------------------------------------------------------------------------------
Year Ended Year Ended
6/30/10 6/30/09
- ----------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 57,136,766 $ 53,558,886
Net realized gain (loss) on investments 5,747,467 (4,267,378)
Change in net unrealized gain (loss) on investments 93,558,179 (23,773,754)
- ----------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 156,442,412 $ 25,517,754
- ----------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.44 and $0.55 per share, respectively) $ (16,791,891) $ (17,975,138)
Class B ($0.34 and $0.47 per share, respectively) (1,152,065) (1,730,327)
Class C ($0.35 and $0.48 per share, respectively) (2,598,981) (2,394,084)
Class R ($0.41 and $0.53 per share, respectively) (773,008) (800,978)
Class Y ($0.45 and $0.58 per share, respectively) (34,242,342) (36,661,955)
Class Z ($0.46 and $0.58 per share, respectively) (27,059) (12,170)
Net realized gain:
Class A ($0.00 and $0.11 per share, respectively) -- (3,453,124)
Class B ($0.00 and $0.11 per share, respectively) -- (396,155)
Class C ($0.00 and $0.11 per share, respectively) -- (501,217)
Class R ($0.00 and $0.11 per share, respectively) -- (153,607)
Class Y ($0.00 and $0.11 per share, respectively) -- (6,405,050)
Class Z ($0.00 and $0.11 per share, respectively) -- (1,237)
- ----------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (55,585,346) $ (70,485,042)
- ----------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 512,301,758 $ 384,747,141
Shares issued in reorganization -- 108,889,002
Reinvestment of distributions 24,975,542 34,561,507
Cost of shares repurchased (385,687,490) (530,397,256)
- ----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from Fund
share transactions $ 151,589,810 $ (2,199,606)
- ----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ 252,446,876 $ (47,166,894)
NET ASSETS:
Beginning of year 1,010,267,286 1,057,434,180
- ----------------------------------------------------------------------------------------------------
End of year $1,262,714,162 $1,010,267,286
- ----------------------------------------------------------------------------------------------------
Distributions in excess of net investment income $ (236,147) $ (2,829,782)
- ----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
54 Pioneer Bond Fund | Annual Report | 6/30/10
- ---------------------------------------------------------------------------------------------------
'10 Shares '10 Amount '09 Shares '09 Amount
- ---------------------------------------------------------------------------------------------------
Class A
Shares sold 21,985,150 $203,489,130 15,553,093 $132,784,018
Shares issued in reorganization -- -- 4,425,282 37,482,135
Reinvestment of distributions 1,317,083 12,121,485 1,731,953 14,470,158
Less shares repurchased (15,830,311) (145,512,861) (13,868,617) (117,130,438)
- ---------------------------------------------------------------------------------------------------
Net increase 7,471,922 $ 70,097,754 7,841,711 $ 67,605,873
===================================================================================================
Class B
Shares sold 726,217 $ 6,600,255 1,505,037 $ 12,681,671
Reinvestment of distributions 99,213 904,650 194,697 1,616,128
Less shares repurchased (1,612,539) (14,702,859) (1,768,893) (14,896,110)
- ---------------------------------------------------------------------------------------------------
Net decrease (787,109) $ (7,197,954) (69,159) $ (598,311)
===================================================================================================
Class C
Shares sold 4,303,908 $ 39,005,155 4,636,458 $ 38,745,573
Reinvestment of distributions 180,063 1,639,251 201,354 1,663,357
Less shares repurchased (1,928,805) (17,523,873) (2,594,613) (21,719,772)
- ---------------------------------------------------------------------------------------------------
Net increase 2,555,166 $ 23,120,533 2,243,199 $ 18,689,158
===================================================================================================
Class R
Shares sold 904,665 $ 8,267,967 1,668,291 $ 14,324,093
Reinvestment of distributions 57,659 534,364 94,300 794,045
Less shares repurchased (821,575) (7,571,493) (1,220,449) (10,440,197)
- ---------------------------------------------------------------------------------------------------
Net increase 140,749 $ 1,230,838 542,142 $ 4,677,941
===================================================================================================
Class Y
Shares sold 28,285,000 $254,508,292 22,039,575 $185,940,489
Shares issued in reorganization -- -- 8,500,817 71,406,867
Reinvestment of distributions 1,070,227 9,769,546 1,925,529 16,016,659
Less shares repurchased (22,010,808) (200,233,538) (42,239,439) (366,207,372)
- ---------------------------------------------------------------------------------------------------
Net increase (decrease) 7,344,419 $ 64,044,300 (9,773,518) $(92,843,357)
===================================================================================================
Class Z
Shares sold 46,777 $ 430,959 33,110 $ 271,297
Reinvestment of distributions 673 6,246 136 1,160
Less shares repurchased (15,424) (142,866) (404) (3,367)
- ---------------------------------------------------------------------------------------------------
Net increase 32,026 $ 294,339 32,842 $ 269,090
===================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/10 55
Financial Highlights
- -----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
6/30/10 6/30/09 6/30/08 6/30/07 6/30/06
- -----------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 8.63 $ 9.10 $ 8.95 $ 8.89 $ 9.40
- -----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.45 $ 0.50 $ 0.43 $ 0.40 $ 0.35
Net realized and unrealized gain (loss) on investments 0.80 (0.31) 0.16 0.07 (0.47)
- -----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.25 $ 0.19 $ 0.59 $ 0.47 $ (0.12)
Distributions to shareowners:
Net investment income (0.44) (0.55) (0.44) (0.41) (0.39)
Net realized gain -- (0.11) -- -- --
- -----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.81 $ (0.47) $ 0.15 $ 0.06 $ (0.51)
- -----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.44 $ 8.63 $ 9.10 $ 8.95 $ 8.89
=============================================================================================================================
Total return* 14.71% 2.65% 6.64% 5.31% (1.25)%
Ratio of net expenses to average net assets+ 0.85% 0.89%(a) 1.00% 1.00% 1.00%
Ratio of net investment income to average net assets+ 4.86% 5.88% 4.60% 4.48% 3.91%
Portfolio turnover rate 41% 34% 73% 31% 60%
Net assets, end of period (in thousands) $420,706 $320,036 $265,959 $284,592 $208,454
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Net expenses 1.07% 1.09% 1.04% 1.00% 1.11%
Net investment income 4.64% 5.68% 4.56% 4.48% 3.80%
Ratios with waiver of fees and assumption of expenses
by the Adviser and reduction for fees paid indirectly:
Net expenses 0.85% 0.89%(a) 1.00% 1.00% 1.00%
Net investment income 4.86% 5.88% 4.60% 4.48% 3.91%
=============================================================================================================================
* 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.
+ Ratio with no reduction for fees paid indirectly.
(a) On October 1, 2008, Pioneer contractually lowered Class A shares' expense
limitation from 1.00% to 0.85% of the average daily net assets attributable
to Class A shares. The expense limit will be in effect through November 1,
2013.
The accompanying notes are an integral part of these financial statements.
56 Pioneer Bond Fund | Annual Report | 6/30/10
- -------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
6/30/10 6/30/09 6/30/08 6/30/07 6/30/06
- -------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 8.58 $ 9.05 $ 8.90 $ 8.85 $ 9.36
- -------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.35 $ 0.42 $ 0.34 $ 0.33 $ 0.27
Net realized and unrealized gain (loss) on investments 0.79 (0.31) 0.16 0.05 (0.47)
- -------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.14 $ 0.11 $ 0.50 $ 0.38 $ (0.20)
Distributions to shareowners:
Net investment income (0.34) (0.47) (0.35) (0.33) (0.31)
Net realized gain -- (0.11) -- -- --
- -------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.80 $ (0.47) $ 0.15 $ 0.05 $ (0.51)
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.38 $ 8.58 $ 9.05 $ 8.90 $ 8.85
=========================================================================================================================
Total return* 13.47% 1.62% 5.70% 4.26% (2.14)%
Ratio of net expenses to average net assets+ 1.90% 1.90% 1.90% 1.92% 1.90%
Ratio of net investment income to average net assets+ 3.89% 4.90% 3.72% 3.55% 3.06%
Portfolio turnover rate 41% 34% 73% 31% 60%
Net assets, end of period (in thousands) $27,342 $31,738 $34,106 $36,366 $49,552
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Net expenses 1.98% 1.99% 1.90% 2.02% 1.99%
Net investment income 3.81% 4.81% 3.72% 3.45% 2.97%
Ratios with waiver of fees and assumption of expenses
by the Adviser and reduction for fees paid indirectly:
Net expenses 1.90% 1.90% 1.89% 1.90% 1.90%
Net investment income 3.89% 4.90% 3.73% 3.57% 3.06%
=========================================================================================================================
* 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.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/10 57
Financial Highlights (continued)
- ------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
6/30/10 6/30/09 6/30/08 6/30/07 6/30/06
- ------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 8.54 $ 9.02 $ 8.87 $ 8.81 $ 9.32
- ------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.37 $ 0.42 $ 0.35 $ 0.33 $ 0.28
Net realized and unrealized gain (loss) on investments 0.78 (0.31) 0.16 0.06 (0.47)
- ------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.15 $ 0.11 $ 0.51 $ 0.39 $ (0.19)
Distributions to shareowners:
Net investment income (0.35) (0.48) (0.36) (0.33) (0.32)
Net realized gain -- (0.11) -- -- --
- ------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.80 $ (0.48) $ 0.15 $ 0.06 $ (0.51)
- ------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.34 $ 8.54 $ 9.02 $ 8.87 $ 8.81
========================================================================================================================
Total return* 13.63% 1.62% 5.80% 4.39% (2.08)%
Ratio of net expenses to average net assets+ 1.79% 1.83% 1.82% 1.85% 1.89%
Ratio of net investment income to average net assets+ 3.91% 4.93% 3.79% 3.62% 3.07%
Portfolio turnover rate 41% 34% 73% 31% 60%
Net assets, end of period (in thousands) $81,892 $53,045 $35,784 $30,934 $35,942
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Net expenses 1.79% 1.83% 1.82% 1.85% 1.89%
Net investment income 3.91% 4.93% 3.79% 3.62% 3.07%
Ratios with waiver of fees and assumption of expenses
by the Adviser and reduction for fees paid indirectly:
Net expenses 1.79% 1.83% 1.82% 1.84% 1.89%
Net investment income 3.91% 4.93% 3.79% 3.63% 3.07%
========================================================================================================================
* 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.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
58 Pioneer Bond Fund | Annual Report | 6/30/10
- -----------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
6/30/10 6/30/09 6/30/08 6/30/07 6/30/06
- -----------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 8.71 $ 9.18 $ 9.05 $ 8.99 $ 9.50
- -----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.42 $ 0.48 $ 0.40 $ 0.39 $ 0.34
Net realized and unrealized gain (loss) on investments 0.80 (0.31) 0.15 0.06 (0.47)
- -----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.22 $ 0.17 $ 0.55 $ 0.45 $(0.13)
Distributions to shareowners:
Net investment income (0.41) (0.53) (0.42) (0.39) (0.38)
Net realized gain -- (0.11) -- -- --
- -----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.81 $ (0.47) $ 0.13 $ 0.06 $(0.51)
- -----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.52 $ 8.71 $ 9.18 $ 9.05 $ 8.99
=======================================================================================================================
Total return* 14.18% 2.35% 6.15% 5.04% (1.43)%
Ratio of net expenses to average net assets+ 1.25% 1.25% 1.25% 1.25% 1.25%
Ratio of net investment income to average net assets+ 4.50% 5.53% 4.35% 4.24% 3.50%
Portfolio turnover rate 41% 34% 73% 31% 60%
Net assets, end of period (in thousands) $18,186 $15,404 $11,263 $6,511 $3,042
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Net expenses 1.26% 1.30% 1.31% 1.44% 1.46%
Net investment income 4.49% 5.48% 4.30% 4.05% 3.29%
Ratios with waiver of fees and assumption of expenses
by the Adviser and reduction for fees paid indirectly:
Net expenses 1.25% 1.25% 1.25% 1.25% 1.25%
Net investment income 4.50% 5.53% 4.35% 4.24% 3.50%
=======================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, and the complete redemption of
the investment at net asset value at the end of each period.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/10 59
Financial Highlights (continued)
- -------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
6/30/10 6/30/09 6/30/08 6/30/07 6/30/06
- -------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 8.55 $ 9.02 $ 8.88 $ 8.83 $ 9.33
- -------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.47 $ 0.53 $ 0.45 $ 0.44 $ 0.39
Net realized and unrealized gain (loss) on investments 0.79 (0.31) 0.16 0.06 (0.46)
- -------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.26 $ 0.22 $ 0.61 $ 0.50 $ (0.07)
Distributions to shareowners:
Net investment income (0.45) (0.58) (0.47) (0.45) (0.43)
Net realized gain -- (0.11) -- -- --
- -------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.81 $ (0.47) $ 0.14 $ 0.05 $ (0.50)
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.36 $ 8.55 $ 9.02 $ 8.88 $ 8.83
=========================================================================================================================
Total return* 15.06% 2.95% 6.91% 5.65% (0.77)%
Ratio of net expenses to average net assets+ 0.61% 0.63% 0.59% 0.57% 0.58%
Ratio of net investment income to average net assets+ 5.13% 6.10% 5.02% 4.89% 4.20%
Portfolio turnover rate 41% 34% 73% 31% 60%
Net assets, end of period (in thousands) $713,869 $589,661 $710,219 $613,523 $521,480
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Net expenses 0.61% 0.64% 0.61% 0.57% 0.58%
Net investment income 5.13% 6.09% 5.00% 4.89% 4.20%
Ratios with waiver of fees and assumption of expenses
by the Adviser and reduction for fees paid indirectly:
Net expenses 0.61% 0.63% 0.59% 0.57% 0.58%
Net investment income 5.13% 6.10% 5.02% 4.89% 4.20%
=========================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, and the complete redemption of
the investment at net asset value at the end of each period.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
60 Pioneer Bond Fund | Annual Report | 6/30/10
- -----------------------------------------------------------------------------------------
Year Year
Ended Ended 7/6/07 (a)
6/30/10 6/30/09 to 6/30/08
- -----------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $ 8.67 $ 9.10 $ 8.89
- -----------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.48 $ 0.54 $ 0.45
Net realized and unrealized gain (loss) on investments 0.77 (0.28) 0.22
- -----------------------------------------------------------------------------------------
Net increase from investment operations $ 1.25 $ 0.26 $ 0.67
Distributions to shareowners:
Net investment income (0.46) (0.58) (0.46)
Net realized gain -- (0.11) --
- -----------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.79 $ (0.43) $ 0.21
- -----------------------------------------------------------------------------------------
Net asset value, end of period $ 9.46 $ 8.67 $ 9.10
=========================================================================================
Total return* 14.68% 3.42% 7.63%(b)
Ratio of net expenses to average net assets+ 0.63% 0.65% 0.58%**
Ratio of net investment income to average net assets+ 5.00% 5.91% 5.00%**
Portfolio turnover rate 41% 34% 73%
Net assets, end of period (in thousands) $ 720 $ 382 $ 102
Ratios with no waiver of fees and assumption of
expenses by the Adviser and no reduction for fees
paid indirectly:
Net expenses 0.63% 0.67% 0.58%**
Net investment income 5.00% 5.89% 5.00%**
Ratios with waiver of fees and assumption of expenses
by the Adviser and reduction for fees paid indirectly:
Net expenses 0.63% 0.65% 0.58%**
Net investment income 5.00% 5.91% 5.00%**
=========================================================================================
(a) Class Z shares were first publicly offered on July 6, 2007.
(b) Not annualized.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
+ Ratios with no fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/10 61
Notes to Financial Statements | 6/30/10
1. Organization and Significant Accounting Policies
Pioneer Bond Fund (the Fund) is a Delaware statutory trust registered under the
Investment Company Act of 1940 as a diversified, open-end management investment
company. The investment objectives of the Fund are to seek current income
consistent with preservation of capital.
The Fund offers five classes of shares designated as Class A, Class C, Class R,
Class Y and Class Z shares. Class Z shares were first publicly offered on July
6, 2007. Effective as of the close of business on December 31, 2009, Class B
shares are no longer offered to new or existing shareholders, except that
dividends and/or capital gain distributions may continue to be reinvested in
Class B shares, and shareholders may exchange their Class B shares for Class B
shares of other Pioneer funds, as permitted by existing exchange privileges.
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 Y or Class Z shares. Class B shares convert to
Class A shares approximately eight years after the date of purchase.
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. 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'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
62 Pioneer Bond Fund | Annual Report | 6/30/10
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:
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. 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. For the limited number of senior
loans for which no reliable price quotes are available, such senior loans
will be valued by Loan Pricing Corporation through the use of pricing
matrices to determine valuations. Fixed income securities with remaining
maturity of more than sixty days 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. 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. Securities
or loans for which independent third party 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 using fair value
methods pursuant to procedures adopted by the Board of Trustees and may
include yield equivalents or a pricing matrix.
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.
Thus, the valuation of the Fund's securities may differ from exchange prices.
At June 30, 2010, there was one security that was valued using fair value
methods (other than securities that were valued using prices supplied by
independent pricing services) representing 0.02% of net assets. Inputs used
in the valuation of a security using fair value methods include credit
ratings, the financial condition of the company, current market conditions
and comparable securities. Short-term
Pioneer Bond Fund | Annual Report | 6/30/10 63
fixed income securities with remaining maturities of sixty days or less
generally are valued at amortized cost. Money market mutual funds are valued
at net asset value.
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on 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.
B. 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 federal income tax provision is required. Tax
years for the prior three fiscal years remain subject to examination by tax
authorities.
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal
income tax rules. Therefore, the sources of the Fund's distributions may be
shown in the accompanying financial statements as from or in excess of net
investment income or as from net realized gain on investment transactions,
or as from paid-in capital, depending on the type of book/tax differences
that may exist.
At June 30, 2010, the Fund had a net capital loss carryforward of
$33,533,387, of which the following amounts will expire between 2011 and
2017 if not utilized: $1,504,506 in 2011, $209,164 in 2012, $3,069,321 in
2013, $11,368,423 in 2014, $7,681,574 in 2015, $7,590,952 in 2016 and
$2,109,447 in 2017.
At June 30, 2010, the Fund has reclassified $1,042,215 to decrease
distributions in excess of net investment income, $959,467 to increase
accumulated net realized loss on investments and $82,748 to decrease paid-in
capital, to reflect permanent book/tax differences. The reclassification has
no impact
64 Pioneer Bond Fund | Annual Report | 6/30/10
on the net assets of the Fund and presents the Fund's capital accounts on a
tax basis.
The tax character of distributions paid during the years ended June 30, 2010
and June 30, 2009 was as follows:
- --------------------------------------------------------------------------------
2010 2009
- --------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $55,585,346 $59,574,652
Long-term capital gain -- 10,910,390
- --------------------------------------------------------------------------------
Total $55,585,346 $70,485,042
================================================================================
The following shows the components of distributable earnings on a federal
income tax basis at June 30, 2010.
- --------------------------------------------------------------------------------
2010
- --------------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 1,903,129
Capital loss carryforward (33,533,387)
Dividends payable (2,042,692)
Unrealized appreciation 48,829,217
- --------------------------------------------------------------------------------
Total $ 15,156,267
================================================================================
The difference between book-basis and tax-basis unrealized appreciation is
attributable to the tax deferral of losses on wash sales, adjustments
relating to catastrophe bonds, interest on defaulted bonds, and the tax
treatment of premium and amortization.
C. 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 approximately $163,286 in underwriting commissions on the sale of
Class A shares during the year ended June 30, 2010.
D. 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 B, Class C, and Class R shares of the Fund,
respectively (see Note 4). Class Y and Class Z shares do not pay
distribution fees. Shareowners of each class participate in all expenses and
fees paid to the transfer agent, Pioneer Investment Management Shareholder
Services,
Pioneer Bond Fund | Annual Report | 6/30/10 65
Inc. (PIMSS), for its services, which 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 B, Class C, Class R, Class Y
and Class Z shares can reflect different transfer agent and distribution
expense rates.
E. 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. The Fund's
investment adviser, Pioneer Investment Management, Inc. (PIM), is
responsible for determining that the value of the collateral remains at
least equal to the repurchase price.
F. Securities Lending
The Fund lends securities in its portfolio to certain broker-dealers or
other institutional investors. When entering into a securities loan
transaction, the Fund typically receives cash collateral from the borrower
equal to at least the fair value of the securities loaned, which is invested
in temporary investments. Credit Suisse AG, New York Branch, as the Fund's
securities lending agent, manages the Fund's securities lending collateral.
The income earned on the investment of collateral is shared with the
borrower and the lending agent in payment of any rebate due to the borrower
with respect to the securities loan, and in compensation for the lending
agent's services to the Fund. The Fund also continues to receive payments in
lieu of dividends or interest on the securities loaned. Gain or loss on the
fair value of the loaned securities that may occur during the term of the
loan will be for the account of the Fund. The amount of the collateral is
required to be adjusted daily to reflect any price fluctuation in the fair
value of the loaned securities. If the required market value of the
collateral is less than the fair value of the loaned securities, the
borrower is required to deliver additional collateral for the account of the
Fund prior to the close of the next business day. The Fund has the right,
under the lending agreement, to terminate the loan and recover the
securities from the borrower with prior notice. The Fund is required to
return the cash collateral to the borrower and could suffer a loss if the
value of the collateral, as invested, has declined.
66 Pioneer Bond Fund | Annual Report | 6/30/10
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 0.50% of
the Fund's average daily net assets up to $1 billion; 0.45% of the next $1
billion; and 0.40% of the excess over $2 billion. For the year ended June 30,
2010, the effective management fee (excluding waivers and/or assumption of
expenses) was equal to 0.49% of the Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 0.85%, 1.90%, 1.90%, 1.25%, 0.76% and 0.65%
of the average daily net assets attributable to Class A, Class B, Class C,
Class R, Class Y and Class Z shares, respectively. These expense limitations
are in effect through November 1, 2013 for Class A and Class Z shares, through
November 1, 2011 for Class B, Class C and Class R shares and through June 1,
2012 for Class Y shares. There can be no assurance that PIM will extend the
expense limitation agreement for a class of shares beyond the date referred to
above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting, and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to Affiliates" reflected on the Statement of Assets and Liabilities is
$18,078 in management fees, administrative costs and certain other
reimbursements payable to PIM at June 30, 2010.
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, 2010, such out-of-pocket expenses by class of
shares were as follows:
- --------------------------------------------------------------------------------
Shareholder Communications:
- --------------------------------------------------------------------------------
Class A $496,220
Class B 25,974
Class C 81,129
Class R 29,441
Class Y 120,010
Class Z 96
- --------------------------------------------------------------------------------
Total: $752,870
================================================================================
Pioneer Bond Fund | Annual Report | 6/30/10
67
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $176,560 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at June 30, 2010.
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 B, Class C
and Class R shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the
average daily net assets attributable to Class A shares as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class A shares. Pursuant to the Plan, the Fund also pays PFD
1.00% of the average daily net assets attributable to Class B and Class C
shares. The fee for Class B and 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 B
and 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 $6,137 in distribution fees payable to PFD at June 30, 2010.
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 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 18 months of purchase (within 12 months for
purchases made on or after April 1, 2009). Class B shares that are redeemed
within five years of purchase are subject to a CDSC at declining rates
beginning at 4.00%, based on the lower of cost or market value of shares being
redeemed. Redemptions of Class C shares within one year 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 CDSCs are paid to PFD.
For the year ended June 30, 2010, CDSCs in the amount of $114,500 were paid to
PFD.
68 Pioneer Bond Fund | Annual Report | 6/30/10
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS
resulting in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the year ended June 30, 2010, the Fund's expenses were
not reduced under such arrangements.
6. Reorganization Information
On May 8, 2009, beneficial owners of Regions Morgan Keegan Select Fixed Income
Fund approved a proposed Agreement and Plan of Reorganization that provided for
the reorganization listed below. The purpose of this transaction was to combine
two funds with similar investment objectives and strategies. This tax-free
reorganization was accomplished on May 15, 2009 ("Closing Date"), by exchanging
the assets and stated liabilities of Regions Morgan Keegan Select Fixed Income
Fund for shares of Pioneer Bond Fund. Shareowners holding Class A, Class C and
Class I shares of Regions Morgan Keegan Select Fixed Income Fund received Class
A, Class C and Class Y shares, respectively, of Pioneer Bond Fund in the
reorganization. The investment portfolio of Regions Morgan Keegan Select Fixed
Income Fund, with a fair value of $103,155,802 and an identified cost of
$104,563,375 at May 15, 2009, was the principal asset acquired by Pioneer Bond
Fund. For financial reporting purposes, assets received and shares issued by
Pioneer Bond Fund were recorded at fair value; however, the cost basis of the
investments received from Regions Morgan Keegan Select Fixed Income Fund was
carried forward to align ongoing reporting of Pioneer Bond Fund's realized and
unrealized gains and losses with amounts distributable to shareowners for tax
purposes. The following charts show the details of the reorganization as of
that Closing Date:
- ---------------------------------------------------------------------------------------------
Regions Morgan
Pioneer Keegan Select Pioneer
Bond Fund Fixed Income Fund Bond Fund
(Pre-Reorganization) (Pre-Reorganization) (Post-Reorganization)
- ---------------------------------------------------------------------------------------------
Net Assets
Class A $276,477,901 $ 36,518,366 $313,960,037
Class B $ 31,100,916 $ -- $ 31,100,916
Class C $ 48,515,093 $ 963,769 $ 48,515,093
Class R $ 15,664,037 $ -- $ 15,664,037
Class Y/I $518,695,851 $ 71,406,867 $590,102,718
Class Z $ 373,324 $ -- $ 373,324
- ---------------------------------------------------------------------------------------------
Total Net Assets $890,827,123 $108,889,002 $999,716,125
- ---------------------------------------------------------------------------------------------
Shares Outstanding
Class A 32,629,637 4,117,511 37,054,919
Class B 3,692,276 -- 3,692,276
Class C 5,783,455 108,700 5,783,455
Class R 1,830,795 -- 1,830,795
Class Y/I 61,769,449 8,054,285 70,270,266
Class Z 43,870 -- 43,870
Pioneer Bond Fund | Annual Report | 6/30/10
69
- --------------------------------------------------------------------------------------
Regions Morgan
Pioneer Keegan Select Pioneer
Bond Fund Fixed Income Fund Bond Fund
(Pre-Reorganization) (Pre-Reorganization) (Post-Reorganization)
- --------------------------------------------------------------------------------------
Shares Issued in
Reorganization
Class A 4,425,282
Class Y 8,500,817
- ---------------------------------------------------------------------------------------
Unrealized Accumulated
Depreciation On Loss On
Closing Date Closing Date
- ---------------------------------------------------------------------------------------
Regions Morgan Keegan
Select Fixed Income Fund $(1,407,573) $(7,590,952)
Since the combined investment portfolios have been managed as a single
integrated portfolio since the reorganization was completed, it is not
practical to separate the amounts of revenue and earnings of Regions Morgan
Keegan Select Fixed Income Fund that have been included in Pioneer Bond Fund's
statement of operations since May 15, 2009.
7. Subsequent Events
In preparing these financial statements, PIM has evaluated the impact of all
events and transactions for potential recognition or disclosure and has
determined that there were no subsequent events requiring recognition or
disclosure in the financial statements.
70 Pioneer Bond Fund | Annual Report | 6/30/10
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,
2010, and the related statement of operations for the year then ended, the
statements of changes in net assets for each of the two years in the period
then ended, and the financial highlights for each of the periods indicated
therein. 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.
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. We were not engaged to perform an audit of the Fund's 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 and financial highlights, assessing the accounting
principles used and significant estimates made by management, and evaluating
the overall financial statement presentation. Our procedures included
confirmation of securities owned as of June 30, 2010, by correspondence with
the custodian, brokers and agents or by other appropriate auditing procedures
where replies from brokers were not received. 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, 2010, the results of its operations for the
year then ended, the changes in its net assets for each of the two years in the
period then ended, and the financial highlights for each of the periods
indicated therein, in conformity with U.S. generally accepted accounting
principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
August 24, 2010
Pioneer Bond Fund | Annual Report | 6/30/10 71
ADDITIONAL INFORMATION (unaudited)
The percentages of the Fund's ordinary income distributions that are exempt
from nonresident alien (NRA) tax withholding resulting from qualified interest
income and qualified short-term gains were 90.79% and 0%, respectively.
72 Pioneer Bond Fund | Annual Report | 6/30/10
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
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 58 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.
Pioneer Bond Fund | Annual Report | 6/30/10 73
Interested Trustees
- ------------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Position Held Length of Service and Held by this Trustee
Name and Age With the Fund Term of Office Principal Occupation During Past Five Years
- ------------------------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (84)* Chairman of the Board, Trustee since 1996. Non-Executive Chairman None
Trustee and President Serves until a successor and a director of
trustee is elected or Pioneer Investment
earlier retirement or Management USA Inc.
removal. ("PIM-USA"); Chairman
and a director of
Pioneer; Chairman and
Director of Pioneer
Institutional Asset
Management, Inc. (since
2006); Director of
Pioneer Alternative
Investment Management
Limited (Dublin);
President and a Director
of Pioneer Alternative
Investment Management
(Bermuda) Limited and
affiliated funds; Deputy
Chairman and a Director
of Pioneer Global Asset
Management S.p.A.
("PGAM") (until April
2010); Director of
PIOGLOBAL Real Estate
Investment Fund (Russia)
(until June 2006);
Director of Nano-C, Inc.
(since 2003); Director
of Cole Management Inc.
(since 2004); Director
of Fiduciary Counseling,
Inc.; President and
Director of Pioneer
Funds Distributor, Inc.
("PFD") (until May
2006); President of all
of the Pioneer Funds;
and Of Counsel, Wilmer
Cutler Pickering Hale
and Dorr LLP
- ------------------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (51)* Trustee and Executive Trustee since 2008. Director, CEO and None
Vice President Serves until a successor President of PIM-USA
trustee is elected or (since February 2007);
earlier retirement or Director and President
removal. of Pioneer and Pioneer
Institutional Asset
Management, Inc. (since
February 2007);
Executive Vice President
of all of the Pioneer
Funds (since March
2007); Director of PGAM
(2007 - 2010); Head of
New Europe Division,
PGAM (2000 - 2005); and
Head of New Markets
Division, PGAM (2005 -
2007)
- ------------------------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are officers or directors of the Fund's investment adviser and
certain of its affiliates.
74 Pioneer Bond Fund | Annual Report | 6/30/10
Independent Trustees
- ------------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Position Held Length of Service and Held by this Trustee
Name and Age With the Fund Term of Office Principal Occupation During Past Five Years
- ------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (66) Trustee Trustee since 2005. Interim Chief Executive Director of
Serves until a successor Officer, Oxford Enterprise Community
trustee is elected or Analytica, Inc. Investment, Inc.
earlier retirement or (privately-held research (privately-held
removal. and consulting company) affordable housing
(2010 - present); finance com- pany)
Managing Partner, (1985 - present);
Federal City Capital Director of Oxford
Advisors (corporate Analytica, Inc. (2008
advisory services - present); and
company) (1997 - 2004 Director of New York
and 2008 - present); Mortgage Trust
Executive Vice President (publicly-traded
and Chief Financial mortgage REIT) (2004
Officer, I-trax, Inc. - 2009)
(publicly traded health
care services company)
(2004 - 2007); and
Executive Vice President
and Chief Financial
Officer, Pedestal Inc.
(internet-based mortgage
trading company) (2000 -
2002)
- ------------------------------------------------------------------------------------------------------------------------------------
Pioneer Bond Fund | Annual Report | 6/30/10 75
- ------------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Position Held Length of Service and Held by this Trustee
Name and Age With the Fund Term of Office Principal Occupation During Past Five Years
- ------------------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (62) Trustee Trustee since 1997. President, Bush Director of Marriott
Serves until a successor International, LLC International, Inc.
trustee is elected or (international financial (2008 - present);
earlier retirement or advisory firm) (1991 - Director of Discover
removal. present); Managing Financial Services
Director, Federal (credit card issuer
Housing Finance Board and electronic
(oversight of Federal payment services)
Home Loan Bank system) (2007 - present);
(1989 - 1991); Vice Former Director of
President and Head of Briggs & Stratton Co.
International Finance, (engine manufacturer)
Federal National (2004 - 2009);
Mortgage Association Director of UAL
(1988 - 1989); U.S. Corporation (airline
Alternate Executive holding company)
Director, International (2006 - present);
Monetary Fund (1984 - Director of ManTech
1988); Executive International
Assistant to Deputy Corporation (national
Secretary of the U.S. security, defense,
Treasury, U.S. and intelligence
Treasury Department technology firm)
(1982 - 1984); and Vice (2006 - present);
President and Team Member, Board of
Leader in Corporate Governors, Investment
Banking, Bankers Trust Company Institute
Co. (1976 - 1982) (2007 - present);
Former Director of
Brady Corporation
(2000 - 2007); Former
Director of Mortgage
Guaranty Insurance
Corporation (1991 -
2006); Former Director
of Millennium
Chemicals, Inc.
(commodity chemicals)
(2002 - 2005); Former
Director, R.J.
Reynolds Tobacco
Holdings, Inc.
(tobacco) (1999 -
2005); and Former
Director of Texaco,
Inc. (1997 - 2001)
- ------------------------------------------------------------------------------------------------------------------------------------
76 Pioneer Bond Fund | Annual Report | 6/30/10
Independent Trustees (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Position Held Length of Service and Held by this Trustee
Name and Age With the Fund Term of Office Principal Occupation During Past Five Years
- ------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (65) Trustee Trustee since 2008. William Joseph Maier Trustee, Mellon
Serves until a successor Professor of Political Institutional Funds
trustee is elected or Economy, Harvard Investment Trust and
earlier retirement or University (1972 - Mellon Institutional
removal. present) Funds Master Portfolio
(oversaw 17 portfolios
in fund complex) (1989
- 2008)
- ------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (63) Trustee Trustee since 1996. Founding Director, None
Serves until a successor Vice-President and
trustee is elected or Corporate Secretary,
earlier retirement or The Winthrop Group, Inc.
removal. (consulting firm) (1982
- present); Desautels
Faculty of Management,
McGill University
(1999 - present); and
Manager of Research
Operations and
Organizational Learning,
Xerox PARC, Xerox's
Advance Research Center
(1990 - 1994)
- ------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (59) Trustee Trustee since 2006. Chief Executive Officer, Director, Broadridge
Serves until a successor Quadriserv, Inc. Financial Solutions,
trustee is elected or (technology products Inc. (investor
earlier retirement or for securities lending communications and
removal. industry) (2008 - securities processing
present); Private provider for
investor (2004 - 2008); financial services
and Senior Executive industry) (2009 -
Vice President, The Bank present); and
of New York (financial Director, Quadriserv,
and securities services) Inc. (2005 - present)
(1986 - 2004)
- ------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (62) Trustee Trustee since 1996. President and Chief Director of New
Serves until a successor Executive Officer, America High Income
trustee is elected or Newbury, Piret & Fund, Inc.
earlier retirement or Company, Inc. (closed-end
removal. (investment banking investment company)
firm) (1981 - present) (2004 - present); and
Member, Board of
Governors, Investment
Company Institute
(2000 - 2006)
- ------------------------------------------------------------------------------------------------------------------------------------
Pioneer Bond Fund | Annual Report | 6/30/10 77
Fund Officers
- ------------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Position Held Length of Service and Held by this Officer
Name and Age With the Fund Term of Office Principal Occupation During Past Five Years
- ------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (45) Secretary Since 2010. Serves at Vice President and None
the discretion of the Associate General
Board. Counsel of Pioneer since
January 2008 and
Secretary 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 (49) Assistant Secretary Since 2010. Serves at Fund Governance Director None
the discretion of the of Pioneer since
Board. December 2006 and
Assistant Secretary of
all the Pioneer Funds
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 (47) Assistant Secretary Since 2010. Serves at Counsel of Pioneer since None
the discretion of the June 2007 and Assistant
Board. Secretary of all the
Pioneer Funds since June
2010; Vice President
and Counsel at State
Street Bank from October
2004 to June 2007
- ------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (50) Treasurer Since 2008. Serves at Vice President -- Fund None
the discretion of the Accounting,
Board. Administration and
Controllership Services
of Pioneer; and
Treasurer of all of the
Pioneer Funds since
March 2008; Deputy
Treasurer of Pioneer
from March 2004 to
February 2008; Assistant
Treasurer of all of the
Pioneer Funds from March
2004 to February 2008;
and Treasurer and Senior
Vice President, CDC IXIS
\ Asset Management
Services from 2002 to
2003
- ------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (45) Assistant Treasurer Since 2000. Serves at Assistant Vice President None
the discretion of the -- Fund Accounting,
Board. Administration and
Controllership Services
of Pioneer; and
Assistant Treasurer of
all of the Pioneer Funds
- ------------------------------------------------------------------------------------------------------------------------------------
78 Pioneer Bond Fund | Annual Report | 6/30/10
Fund Officers (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Position Held Length of Service and Held by this Officer
Name and Age With the Fund Term of Office Principal Occupation During Past Five Years
- ------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (52) Assistant Treasurer Since 2002. Serves at Fund Accounting Manager None
the discretion of the -- Fund Accounting,
Board. Administration and
Controllership Services
of Pioneer; and
Assistant Treasurer of
all of the Pioneer Funds
- ------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (30) Assistant Treasurer Since 2009. Serves at Fund Administration None
the discretion of the Manager -- Fund
Board. Accounting, Administration
and Controllership Services
since November 2008 and
Assistant Treasurer of
all of the 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 (57) Chief Compliance Since 2010. Serves at Chief Compliance Officer None
Officer the discretion of the of Pioneer and of all
Board. the Pioneer Funds since
March 2010; 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
- ------------------------------------------------------------------------------------------------------------------------------------
Pioneer Bond Fund | Annual Report | 6/30/10 79
This page for your notes.
80 Pioneer Bond Fund | Annual Report | 6/30/10
This page for your notes.
Pioneer Bond Fund | Annual Report | 6/30/10 81
This page for your notes.
82 Pioneer Bond Fund | Annual Report | 6/30/10
This page for your notes.
Pioneer Bond Fund | Annual Report | 6/30/10 83
This page for your notes.
84 Pioneer Bond Fund | Annual Report | 6/30/10
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
FactFoneSM 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 fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: 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
pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2010 Pioneer Investments 19398-04-0810
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 10(a), a copy of its code
of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller,
or persons performing similar functions, as an exhibit to its annual
report on this Form N-CSR;
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
Audit Fees
Fees for audit services provided to the Fund,
including fees associated with the filings of its Form
N-1A, totaled approximately $44,286 in 2010 and
approximately $44,286 in 2009.
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
Audit-Related Fees
There were no audit-related services in 2010 or
2009.
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
Tax Fees
Fees for tax compliance services, primarily for tax
returns, totaled $8,290 in 2010 and $8,290 in 2009.
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
Other Fees
There were no other services provided to the Fund
during the fiscal years ended June 30, 2010 and
2009.
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
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SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
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I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
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II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
- ---------------- -------------------------------- -------------------------------------------------
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AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
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o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
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o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
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SECTION III - POLICY DETAIL, CONTINUED
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SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
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III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
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- ------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
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- ------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
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SECTION III - POLICY DETAIL, CONTINUED
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SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
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IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
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- --------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
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SECTION III - POLICY DETAIL, CONTINUED
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SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
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PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
- ----------------------- ------------------------- -----------------------------------------------
- ------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
- ------------------------------------------- ------------------------------
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GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
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(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Beginning with non-audit service contracts entered
into on or after May 6, 2003, the effective date of the
new SEC pre-approval rules, the Fund's audit
committee is required to pre-approve services to
affiliates defined by SEC rules to the extent that the
services are determined to have a direct impact on
the operations or financial reporting of the Fund.
For the years ended June 30, 2010 and 2009, there
were no services provided to an affiliate that
required the Fund's audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
The aggregate non-audit fees for the Fund and
affiliates, as previously defined, totaled
approximately $8,290 in 2010 and $8,290 in 2009.
(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees has
considered whether the provision of non-audit services that
were rendered to the Affiliates (as defined) that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal
accountant's independence.
Item 5. Audit Committee of Listed Registrants
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrants audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
Item 6. Schedule of Investments.
File Schedule I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment
Companies.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.
Not applicable to open-end management investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in
its definitive proxy statement, or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on their evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Bond Fund
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date August 27, 2010
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date August 27, 2010
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date August 27, 2010
* Print the name and title of each signing officer under his or her signature.